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By Nitya Chakraborty The resounding victory of the Gen Z supported Rashtriya Swatantra Party (RSP) in the March 5 general elections in Nepal is a game changer not only in the political history of this tiny Himalayan nation but also in the evolving polity of South Asia. Nepal is now the second country in South […]

The article Gen Z Supported RSP’s Resounding Win In Nepal Elections Is A Gamechanger appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

Eight years after the EC (European Commission) issued its “yellow card” warning over Illegal, Unreported and Unregulated (IUU) fishing, Vietnam’s entire political system is executing comprehensive measures with unprecedented resolve. The campaign to remove the IUU yellow card transcends mere commercial calculations; it has become inextricably linked to national prestige, the livelihoods of fishing communities, and the sustainable future of the fisheries sector.

HANOI, VIETNAM – Media OutReach Newswire – 6 March 2026 – Combating IUU fishing represents a critical and urgent national mission with enduring implications for sustainable fisheries development. This mission constitutes a collective mandate that rests with the entire political system and society, presenting a pivotal opportunity to restructure, modernise, and transform the fisheries sector’s sustainable development strategy while ensuring social equity.

Removing the EC’s yellow card warning embodies Vietnam’s honour, responsibility, and national interest, essential elements for enhancing the reputation and global competitiveness of Vietnamese seafood products. Simultaneously, combating IUU fishing and developing a responsible, internationally integrated fisheries sector stands as a cornerstone of the blue economy agenda, ranking among the Vietnamese Government’s highest priorities in recent years.

Institutional Reform in Fisheries Management

Vietnam’s commitment manifests through sweeping legislative reforms. Decree 26/2019 established comprehensive traceability requirements, mandating that every kilogram of seafood must carry verifiable proof of legal origin from the moment of harvest until reaching international buyers.

Subsequent decrees (No. 42/2019, 37/2024, 38/2024, 301/2025) have progressively clarified liability, extending sanctions to both vessel owners and captains, substantially increasing penalties for specific violations, and introducing supplementary sanctions and remedial measures to ensure rigorous enforcement. These enhanced penalties strengthen deterrence capabilities against IUU violations.

The amended Fisheries Law 2017, effective January 1, 2026, incorporates crucial provisions including: (i) transferring certain authorities from the National Assembly to the Government/Ministries to ensure responsive IUU enforcement; (ii) delegating authority to establish fishing permit conditions to the Government (Article 50, Clause 2); (iii) expanding regulatory authority over vessel deregistration cases (Article 50, Clause 5); (iv) transferring authority to establish fishing port criteria and the procedures for opening and closing fishing ports to the Minister of Agriculture and Environment (Article 78); and (v) incorporating requirements for export vessels to meet Government-prescribed conditions (Article 66).

Integrated Technology for Vessel Management and Monitoring

Central to implementing the EC inspection team’s fourth-round recommendations is the deployment of a comprehensive fishing vessel management and monitoring system. Bolstered by the Politburo’s Resolution 57 on scientific-technological breakthroughs, innovation, and national digital transformation, technology has become indispensable to the yellow card removal campaign.

The eCDT system now enables end-to-end data digitisation for monitoring vessel port entries and departures, while the Vessel Monitoring System (VMS) tracks all vessels exceeding 15 meters operating offshore.

Fishing vessels may only register for local operations when allocated fishing permit quotas remain available. Registered vessels are comprehensively catalogued in the national fisheries database (VNFishbase), with ownership information verified against the national population database (VNeID), enabling effective management, operational control, and administrative violation processing while ensuring seamless coordination between central and local authorities.

Establishing Traceability Mechanisms for Domestic and Imported Fisheries Products

As of December 31, 2025, Vietnam has declared 86 operational fishing ports, with continued investment in planned ports to enhance vessel monitoring capacity. The nationally deployed eCDT system now manages complete fishing vessel operations while ensuring transparent traceability of harvested aquatic products. System participation among vessels, fishermen, and enterprises continues growing, with mandatory eCDT and electronic logbook implementation scheduled for all operational fishing vessels.

In 2025, the eCDT system recorded 158,885 port departures (an increase of 81,158 vessels, up 104.41% from 2024) and 154,657 port arrivals (up 88,032 vessels, a 132.13% increase from 2024). Certification and confirmation of harvested aquatic product origins now strictly adhere to legal requirements.

Regarding imported harvest traceability: 14 designated seaports have been announced for foreign vessel arrivals, fully implementing PSMA, compliant control measures for imported harvested aquatic materials and container-shipped products. Domestic and imported harvest traceability mechanisms now operate with rigorous oversight, ensuring full compliance with Vietnamese and international legal frameworks. Notably, no violations have been detected in shipments to European markets since the fourth inspection mission (October 2023).

Legal Enforcement and Violation Processing

A unified vessel monitoring system operates consistently from central to local levels, tracking all vessels exceeding 15 meters in offshore waters. By December 31, 2025, all remaining cases of VMS signal loss and unauthorised boundary crossings have been resolved, with continued strict enforcement against emerging violations.

Coastal provincial authorities conduct regular reviews of vessel registration, surveying, and fishing permit issuance to eliminate unregistered, unlicensed, and VMS-deficient vessels and deregistered vessels still operating. These measures have significantly reduced foreign waters violations.

Sanctions against vessels and fishermen violating foreign waters have intensified, producing measurable improvements. In 2025, 20 vessels detained by foreign authorities underwent investigation, with 17 cases (85%) now resolved. Overall detention figures since 2017 show marked reduction, with complete cessation of violations in Pacific island nations. Currently, only six localities report vessel detentions compared to ten previously.
Vietnam maintains an unequivocal zero-tolerance stance toward IUU violations, committing to continued rigorous processing of remaining cases upon receiving complete vessel and captain information from detaining nations.

Analysts suggest the finish line is approaching. “Vietnam has accomplished more in eight years than many nations achieve in decades,” observers note. “Yellow card removal would not merely boost GDP, it would demonstrate Vietnam’s capacity for ocean governance leadership.”
Vietnam presents a transformed reality: bustling ports equipped with digital inspection infrastructure, vessels monitored by satellite tracking systems, and a fishing community actively upholding government mandates.

The issuer is solely responsible for the content of this announcement.

By Dr. Gyan Pathak Chief Minister Nitish Kumar’s exit from Bihar politics not only marks the most consequential political transition in Bihar but also has greater implications on BJP’s national strategy and realization of its dream that it may appear at first glance. With negotiated removal of the CM Nitish Kumar, a significant regional political […]

The article Nitish’s Exit Marks The Most Consequential Political Transition In Bihar appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

The first OWA dates back to 1999, 3 years after HKWPEA was inaugurated, and has been running at a few years’ interval since. The 2026 OWA is the 9^th to be organized to recognize outstanding Hong Kong women professionals and entrepreneurs, to celebrate excellence, spotlight role models and to showcase the continuous contribution made by women in the current age and New Economy.

The press conference was hosted by HKWPEA represented by office bearers including Ms. Julianne Doe, President; Partner of Hui Doe & Sum Law Firm LLP; Ms. Jennifer Tan, Chairperson, Organizing Committee of 2026 OWA; Senior Advisor of Ant Digital Technologies – International Business and Partner of 01F Group; Ms. Marina Wong, JP, Chartered President; Ms. Helen Kan, Immediate Past President, HKWPEA; Ms. Sandra Mak, Director, Ms. Angel Hon, Director, and Ms. Agnes Koon, Director, HKWPEA.

Ms. Jennifer Tan, Chairperson, Organizing Committee of 2026 OWA, said: “Coming out of the challenging pandemic years, we found ourselves faced with global economic uncertainties and severe geopolitical issues calling for strong leadership and audacity to innovate and advance. Against this backdrop, we find it even more meaningful to celebrate outstanding women professionals and entrepreneurs in Hong Kong and thank them for their tireless contributions to society. Their accomplishments are leading lights for the younger generation. By highlighting their success, we encourage future leaders to chase their dreams and pursue sustainable initiatives to benefit communities and mankind.”

Nomination for the 2026 OWA recognising achievements in professions and business categories begins today until April 30, 2026. Six awardees will be selected by an eminent judging panel. The nomination form can be downloaded from HKWPEA website: https://www.hkwpea.org/

47 outstanding women have been selected in the past 8 OWA events. A few past OWA awardees were present at the press conference for a brief fire-side chat at the media conference. They are Dr. Eliza Yi Wah HO FOK, Winner, 2021 OWA, Chairman of the Hong Kong Breast Cancer Foundation; Prof. Helen MENG, Winner, 2017 OWA, Patrick Huen Wing Ming Professor of Systems Engineering & Engineering Management, The Chinese University of Hong Kong and Dr. Rebecca LEE, Winner, 1999 OWA, Founder of Polar Museum Foundation. While sharing their key to success, they also encourage women from different fields to come forward and join the award scheme.

Ms. Marina Wong, Founding President of HKWPEA, announced the 2026 OWA Judging Panel composition:

• Mr. Benjamin HUNG Pi Cheng, BBS, JP, President, International for Standard Chartered (Head Judge)
• Ms. Agnes CHAN Sui Kuen, BBS, Chairman, Hong Kong General Chamber of Commerce
• Ms. Teresa KO Yuk Yin, BBS, JP, Former Senior Partner, Hong Kong and China Chairman, Freshfields
• Hon. Jeffrey LAM Kin Fung, GBM, GBS, JP, Member of the Executive Council
• Professor Charles NG Wang Wai, PhD, Vice-President for Institutional Advancement, The Hong Kong University of Science and Technology
• Dr. Rosanna WONG Yick Ming, DBE, JP, Senior Advisor, The Hong Kong Federation of Youth Groups

Independent Advisor:

Professor Andrew CHAN Chi-fai, SBS, JP, Emeritus Professor, Department of Marketing, The Chinese University of Hong Kong Business School

Since the inception in 1999, the award has achieved recognition in selecting women who provide outstanding examples to business leaders, peers and youth alike, in their high standard of integrity and ethical values. HKWPEA was established in 1996 as a non-profit organization by a group of local women professionals and entrepreneurs. They have come together to develop a strong support network, to create practical and innovative learning and business opportunities for themselves and for others, to promote high professional standards, and to respond to consultations of the HKSAR Government on various policy issues.

HKWPEA website: https://www.hkwpea.org/

Special thanks to Hong Kong Economic Times, our Media Partner

Hashtag: #HKWPEA

The issuer is solely responsible for the content of this announcement.

Outstanding Women Professionals and Entrepreneurs Award

Past Winners of Outstanding Women Professionals and Entrepreneurs Award

1999

Professor Rosie Young, Dr. Polly Cheung Suk-yee, Ms. Rebecca Lee Lok-sze,
Ms. Augusta Chui, Ms. Chong Kin-wo, Mrs. Anna Sohmen

2002

Professor Felice Lieh Mak, Professor Hu Shiu-ying, Ms. Rita Chan Pui-kwan,
Ms. Ella Cheong Shuk-ki, Ms. Mary Ma Xue-zheng, Dr. Magdalena Wong Man-kun

2005

Professor Nancy Y Ip, Ms. Vivien Chen, Professor Grace W K Tang, Ms. Sandy Yip Fung-ying, Ms. Vivienne Tam, Ms. Chiang Lai-yuen

2008

Professor Karen Lam Siu-Ling, Professor Vivian Yam Wing-Wah, Ms. Yao Jue,
Ms. Eleanor Law Kwai Chun, Ms. Bianca Ma Kin San, Ms. Deborah Wan Lai Yau

2011

Dr. Edith Mok Kwan Ngan Hing, Ms. Starry Lee Wai King, Mrs. Margaret Leung,
Dr. Margaret Chung Wai Ling, Ms. Gao An Feng, Ms. Wong Siu Ling

2014

Ms. Susanna Chiu Lai-kuen, Professor Leung Suet-yi, Ms. Nancy Sit Ka-yin,
Ms. Daisy Poon, Mrs. Annie Tse Yau On-yee, Mrs. Viola Wong Ho Suk-ying

2017

Professor Pascale Fung Ngan, Professor Helen Meng Mei-ling, Ms. Judy Chan, Professor Karen Chan Ka-yin and Dr. Jane Lee Ching-yee

2021

Ms. Ashley Galina DUDARENOK, Dr. Eliza Yi Wah HO FOK, Ms. Vivian Ying Shih LEE, Prof. Christine Kung-wai LOH, Ms. Winnie Wan Chi TAM, Ms. Jennifer Yuen Chun TAN

The event marked the rollout of new on-device AI capabilities, progress on the jointly developed Omni Model, and advances in cross-ecosystem connectivity — outlining a shared vision for the next generation of AI Phones.

From Chip to Experience: Advancing On-Device AI

As mobile experiences become increasingly AI-driven, OPPO is advancing its AI strategy centered on “New Computing, New Perception, and New Ecosystem.” At the core of this strategy is “On-device Compute”, enabling low-latency, privacy-preserving, and personalized AI experiences. As Jason Liao emphasized, “On-device Compute is a cornerstone of OPPO’s AI strategy, making AI a perceptible, real-time experience integrated into everyday usage.” This shared vision underpins the deep collaboration between OPPO and MediaTek on flagship chip platforms, accelerating the transition of on-device AI from technical concept to scalable deployment.

Powered by the MediaTek Dimensity 9500 platform, OPPO’s self-developed on-device AI Translate and AI Portrait Glow now deliver performance comparable to cloud-based solutions. These features will soon roll out to OPPO Find X9 Series through the upcoming ColorOS 16 software update.

The on-device AI Translate can run directly on the device, achieving an average 15% improvement in accuracy over conventional approaches while supporting seamless multilingual translation. It maintains stable output even without internet connectivity or under weak signal conditions, enabling reliable translation across diverse scenarios.

Meanwhile, on-device AI Portrait Glow enhances portraits captured in challenging lighting environments. By intelligently analyzing and reconstructing scene illumination, it improves results in dim or backlit conditions while maintaining natural rendering — all without network reliance. Demonstrations have showcased exceptional performance in both visual realism and adaptability to various scenes.

OPPO and MediaTek also unveiled a technology preview of Omni, the industry’s first on-device full-modal AI model designed for multi-modal understanding and interaction. Supporting voice, video, and text inputs, Omni enables live scene understanding and interactive Q&A directly on a smartphone. This advancement strengthens on-device AI’s ability to perceive and interpret the physical world, laying the foundation for more proactive and natural human–computer interaction.

Demonstrating Ecosystem Integration and Innovation

The collaboration was further showcased in the interactive experience zone at the MediaTek booth, where attendees explored Find X9 Pro’s on-device AI capabilities alongside its telephoto imaging with the OPPO Hasselblad Teleconverter. Reno15 Pro was also featured, presenting creative AI imaging tools including AI Motion Photo Eraser, AI Motion Photo Popout, and the AI Flash Photography.

Coming soon, OPPO’s Find X9 Series will bring Android™ Quick Share, enabled in close collaboration with MediaTek and Google. Without installing third-party applications, users can conveniently and securely transfer files between OPPO smartphones and iOS, iPadOS and macOS devices, improving cross-platform interoperability. The feature is expected to begin rolling out via software update starting in March.

At MWC 2026, OPPO Find X9 Pro was shortlisted for the “Best Smartphone” award at the GLOMO Awards, gaining recognition for its innovation across performance, imaging, and AI integration.

Looking ahead, OPPO and MediaTek will continue strengthening collaboration in frontier areas such as on-device AI to advance user experience. Together, the two companies remain committed to delivering more powerful and reliable AI experiences to users worldwide.

* Google, Android and Quick Share are trademarks of Google LLC.

Hashtag: #OPPO

The issuer is solely responsible for the content of this announcement.

About OPPO

OPPO is a leading global smart device brand. Since the launch of its first mobile phone – “Smiley Face” – in 2008, OPPO has been in relentless pursuit of the perfect synergy of aesthetic satisfaction and innovative technology. Today, OPPO provides a wide range of smart devices spearheaded by the Find and Reno series. Beyond devices, OPPO also provides its users with ColorOS operating system and internet services. OPPO has footprints in more than 70 countries and regions, with more than 40,000 employees dedicated to creating a better life for customers around the world.

The yuan rebounded in both onshore and offshore trading after the People’s Bank of China lifted its daily midpoint setting by the largest margin in more than six months. The central bank fixed the yuan at 6.9088 per dollar, roughly 148 pips firmer than the previous guidance level, a move interpreted by traders as a deliberate effort to anchor expectations following two sessions of depreciation.

China operates a managed floating exchange rate system in which the yuan is permitted to trade within a band of two per cent above or below the daily midpoint set by the central bank. The fixing therefore serves as a powerful signal to markets about the authorities’ preferred direction for the currency.

Following the adjustment, the onshore yuan strengthened to around 6.88 per dollar during Asian trading hours, while its offshore counterpart posted similar gains. Currency dealers said the stronger guidance helped calm investors after geopolitical tensions and shifts in global risk sentiment had unsettled foreign-exchange markets earlier in the week.

Prior to the short-lived decline, the yuan had been on a sustained upward trajectory for several months, supported by a weaker US dollar, resilient export performance and continued capital inflows into China’s financial markets. The currency reached its strongest level since April 2023 during that rally, prompting concerns among policymakers that rapid appreciation could erode exporters’ competitiveness.

Authorities have responded with a series of calibrated measures aimed at smoothing the pace of currency gains rather than reversing them entirely. Among the most notable steps was the decision to remove a 20 per cent risk-reserve requirement on certain foreign-exchange forward contracts, effectively lowering the cost of betting against the yuan and encouraging market participants to buy dollars.

Analysts say such adjustments illustrate the central bank’s balancing act between maintaining exchange-rate stability and allowing market forces to play a greater role. Officials have repeatedly emphasised the importance of preventing excessive volatility while ensuring the currency reflects underlying economic fundamentals.

Currency strategists note that Beijing has a wide toolkit for influencing the yuan’s trajectory. These tools include modifying the daily reference rate, adjusting foreign-exchange reserve requirements for banks, and guiding state-owned financial institutions to participate in the market when volatility intensifies.

Despite the latest intervention through the midpoint setting, the fixing remained weaker than many market forecasts, highlighting the cautious stance adopted by policymakers. The approach suggests authorities are comfortable with moderate appreciation but wary of rapid movements that could unsettle financial markets or complicate domestic economic management.

China’s export-oriented companies have been particularly sensitive to exchange-rate fluctuations. A stronger yuan reduces the value of overseas earnings when converted into the local currency, potentially squeezing margins for manufacturers and technology firms whose revenues are denominated largely in dollars.

Market participants say the central bank’s latest move aims to reinforce stability while avoiding a signal that authorities intend to drive the currency significantly higher. Such signalling is important in an environment where global investors remain alert to geopolitical developments and shifts in US monetary policy.

The broader international context has also played a role in shaping currency movements. Escalating tensions in the Middle East have fuelled demand for traditional safe-haven assets, including the US dollar, prompting fluctuations across major currency pairs. For China, which relies heavily on imported energy, volatility in global markets can quickly translate into financial-market turbulence.

Attention among investors is now turning to the annual meetings of China’s national legislature and political advisory body, where policymakers are expected to outline economic priorities for the year ahead. The gatherings typically provide guidance on growth targets, fiscal policy and structural reforms that influence expectations for the yuan and other financial assets.

Economists are closely watching signals on monetary policy as well. Some analysts anticipate modest policy easing in the months ahead, including a potential reduction in benchmark lending rates and a cut to banks’ reserve requirement ratios aimed at supporting domestic demand.

“Effective execution of our strategy drove strong financial performance and higher shareholder returns in 2025, despite a challenging retail environment. Our significant progress made in portfolio simplification creates investment capacity for strategic priorities, enabling greater value for our customers and accretive inorganic opportunities to drive sustainable growth and returns.”

Lincoln Pan

Chairman

DFI RETAIL GROUP HOLDINGS LIMITED

PRELIMINARY ANNOUNCEMENT OF RESULTS

FOR THE YEAR ENDED 31 DECEMBER 2025

INTRODUCTION

It is my honour and privilege to join DFI Retail Group (‘DFI’ or the ‘Group’) as Chairman of the Board, supporting Group Chief Executive, Scott Price, and his leadership team in executing its strategic priorities and delivering shareholder returns. On behalf of the Board, I would also like to express our gratitude to John Witt for his invaluable contributions to DFI over many years.

As Asia’s leading multi-format retail platform, DFI has a unique set of assets – strong customer trust, an extensive store network across markets, deep data insights from a powerful loyalty programme, and a strengthening Own Brand portfolio – that will serve as a foundation for growth over the coming years.

Amid macroeconomic volatility and evolving consumer needs, the Group has been responding effectively through a stronger value proposition and enhanced omnichannel capabilities. This strategy is yielding early and encouraging results, demonstrated by a 35% increase in underlying profit in 2025. We remain particularly optimistic about the growth prospects in Health & Beauty and Convenience, as well as the opportunities emerging in digital.

I am confident that under the capable leadership of Scott and his team, DFI will continue to deliver retail excellence to customers across Asia while driving long-term value creation and growth.

Under a new 70% dividend payout policy announced in December 2025, the Board recommends a final dividend of US¢10.50 per share (2024 final dividend: US¢7.00).

STRATEGIC HIGHLIGHTS

Over the course of 2025, the Group executed effectively against its strategic framework of Customer First, People Led, Shareholder Driven. This approach enables DFI to navigate market challenges while capturing opportunities that build on its strong platform for sustainable growth.

The retail landscape is rapidly evolving, driven by shifting consumer behaviour and digitalisation. The Group remains focused on strategic priorities that place customers first – delivering quality, value and convenience in everyday moments. Across its businesses, the Group made good progress in strengthening value propositions, expanding customer reach in growth markets, driving deeper customer engagement with data-driven insights and accelerating digital monetisation. These initiatives enhance its ability to better serve customers and supplier partners while delivering returns to shareholders.

Investing in talent development remains at the top of the agenda. During the year, the Group achieved an improved team member engagement score. Inclusive leadership, a purpose-driven culture and engaged team members are critical to driving stronger performance and delivering exceptional customer experience. In parallel, the Group continues to enhance its organisational agility in meeting customer needs while reducing overhead costs.

In 2025, the Group completed the divestments of minority stakes in Yonghui and Robinsons Retail, as well as Singapore Food business, enabling reinvestment in subsidiary businesses and strategic priorities with stronger growth and return potential. This approach, combined with a sharpened business focus and a strengthened balance sheet, delivered a total shareholder return exceeding 90% in 2025, including the distribution of a US$600 million special dividend in October.

PROSPECTS

Transformation is an ongoing journey for today’s retailers. Serving diverse communities across Asia, where economic conditions and consumer expectations vary widely, the Group must stay agile and locally relevant guided by a customer-first mindset and a disciplined focus on growth opportunities that further build on its competitive advantages. Over the year, DFI has invested in delivering better outcomes for customers through price reinvestment, Own Brand innovation, omnichannel expansion and data-driven personalisation – focus areas that will remain central to its growth plans in the years ahead. An expanded digital ecosystem also unlocks new avenues to drive deeper value for supplier partners and enhance shareholder returns.

I would like to end by expressing the Board’s appreciation to our team members. We could not be more proud of the work they have done over the year, particularly in responding to the deeply tragic Tai Po fire in Hong Kong. Their unwavering dedication to serving our customers across Asia is what will continue to drive our business forward and build long-term value for shareholders.

Lincoln Pan

Chairman

GROUP CHIEF EXECUTIVE’S REVIEW

INTRODUCTION

We are pleased to close 2025 on a strong note, with underlying profit attributable to shareholders up 35% year-on-year to US$270 million, reaching the high end of our guidance range. This strong performance was driven by a recovery in LFL subsidiary sales, improved margins and proactive portfolio actions, including the divestment of our minority stake in Yonghui.

Customers across Asia, including in our home market of Hong Kong, are increasingly seeking quality and convenience at great value. While macro challenges remain, we are encouraged to see early signs of recovery in key retail segments, including 3% growth in health and beauty sales in Hong Kong, supported by a 12% increase in tourist arrivals. As Asia’s leading multi-format omnichannel retail platform, we are uniquely positioned to meet customers’ evolving needs effectively across all channels through relevant and compelling customer propositions.

With a renewed focus on balancing profitability with capital discipline, the Group ended the year in a net cash position, after distributing a US$600 million special dividend, and delivered a significantly improved return on capital employed (ROCE) of 9.4%. Our strengthened balance sheet allows us to reinvest for growth as we deepen our focus on higher-return subsidiary businesses and strategic priorities that sustain value creation for shareholders. For the full year 2025, we returned a total of approximately US$740 million to shareholders, including the special dividend.

In December, we held our inaugural Investor Day where DFI announced a new dividend policy with an increased payout ratio of 70%. Dividends paid during the year, combined with a share price increase of more than 70%, resulted in a total shareholder return exceeding 90% in 2025. We also outlined our three-year plan for realising our financial ambitions and accelerated growth goals, including a target of US$310-350 million in underlying profit (representing 11% CAGR at the mid-point compared to 2025¹) and an improved ROCE of at least 15% by 2028.

As we enter the new financial year, we remain firmly focused on executing our strategic priorities to drive sustained, profitable growth.

STRATEGIC DELIVERABLES – KEY PROGRESS

Over the past year, we have made significant progress in our transformation from a portfolio business into a strategically focused operating company. We have been advancing our strategy across five key deliverables to create greater value for our customers, supplier partners and shareholders.

Retail Excellence

By delivering best-in-class customer propositions, we see a wide range of opportunities for driving higher store sales density and market share gain across all business segments.

Health & Beauty

Mannings and Guardian continue to strengthen their position as the trusted advisor for wellness, unlocking strong cross-category growth opportunities through an assortment with high functional value across supplements, derma skin care and hair care. Customers across Asia are increasingly shifting to retailers that best fulfil their broad, diverse and unique wellness goals. Our technology-enabled personalised services – including skin, scalp and health assessments – drive higher purchase conversion and basket size by deepening customer understanding of their wellness needs. These capabilities will be expanded to 25% of our Health & Beauty store network to enhance our competitive differentiation and leadership in wellness.

Convenience
7-Eleven is broadening its shopper missions towards higher-margin, non-cigarette categories with a strategic focus on ready-to-eat (RTE) offerings, which accounted for 24% of Convenience sales in 2025. Across markets, consumers are seeking more convenient, high-quality and value-driven meal solutions. The expansion of Food Bars to 1,250 locations in South China and the rollout of RTE-focused store revamp across the entire Hong Kong network by 2028 will further strengthen 7-Eleven’s RTE proposition.

Food

Given consumers’ pivot towards value, continued northbound travel and increasing competition from Chinese mainland e-commerce platforms, the Wellcome team has focused on enhancing food basket value for customers by advancing our Everyday Low Price strategy. Investment in reduced pricing through strategic direct sourcing of core basket items, particularly in fresh, has resulted in a 2% growth in volume driven by higher footfall and increased items per basket. Direct sourcing allowed us to reduce prices while protecting gross profit, resulting in a 30-basis point gross margin improvement. These efforts further supported the narrowing basket price gap compared to the Greater Bay Area to a currently low single-digit price difference².

Home Furnishings

Similar to Food, IKEA has focused on enhancing its affordability and accessibility by reinvesting in the pricing of high-volume products, broadening the range of entry price points, rationalising the tail of slow-selling assortment, and further expanding digital touchpoints through third-party marketplaces. We are also strengthening IKEA Food as a key draw for customers seeking exciting and affordable food experiences as part of their store journey. These efforts are supported by significant cost transformation initiatives across our operating markets.

Own Brand

Our reset in Own Brand strategy across Food and Health & Beauty is driving higher customer loyalty and sales penetration through greater exclusivity and value. By refining our product range to align closely with customer needs and maximising cross-selling across our formats, we achieved meaningful improvements in margins and sales productivity.

Access to Customers

We continue to strategically expand our network in high-growth, profitable markets, primarily through a capex-light franchise model, with 114 net new openings³ in 2025. In particular, we will deepen 7-Eleven’s presence in Guangdong province to around 2,400 stores and expand Guardian’s footprint in Indonesia to approximately 750 stores by 2028.

Omnichannel and Data Ecosystem

DFI’s expanded omnichannel ecosystem is elevating our relevance and engagement with customers, providing us deep data insights across daily consumer needs that few peers in Asia can match. This ecosystem now allows our customers to engage with DFI brands across more than 90 digital channels, including apps, websites, third-party marketplaces, quick-commerce partnership with food delivery platforms and click-and-collect services. Our strengthened digital proposition was underpinned by a 140-basis point increase in online sales penetration to 6.4%⁴ as at year-end 2025, with order volume more than doubled year-on-year. Our overall digital ecosystem, comprising e-commerce, retail media, insights monetisation and yuu, continues to drive improved financial returns for the Group.

Retail Media (DFIQ Media)

Positioned to become Asia’s leading omnichannel retail media network, DFIQ Media offers a differentiated online and offline advertising proposition, enabling brands to execute cross-format campaigns through our digital assets and more than 10,000 in-store digital screens across markets. DFIQ Media delivered strong sales growth, albeit from a low starting base, achieving a fourfold increase in revenue over 2024, supported by proprietary data insights from over 7 million monthly active users across our growing digital portfolio.

DFIQ Portal

We aim to empower our supplier partners with actionable insights that drive greater business impact and better outcomes for customers. The DFIQ Portal – a vendor platform combining DFIQ Media, DFIQ Insights and trade capabilities – was launched in December 2025, providing suppliers real-time access to critical analytics that enables optimised inventory management and more effective strategic planning.

Retail Analytics

Leveraging cross-format data insights from over 5 million yuu Rewards members in Hong Kong, we continue to enhance our assortment and promotional decisions to help expand both in-store sales and gross profit.

Lean & Agile Model

Maintaining a lean and agile operating model is essential to ensuring efficient decision-making in a rapidly evolving retail landscape. Continued cost optimisation and better product sourcing will support both strategic price reinvestment and sustainable margin expansion in the coming years. Overhead reductions are expected to translate into lower SG&A costs beginning 2026. We remain disciplined in capex, driving network growth primarily through a franchise model with a strong focus on paybacks.

Strategic pivot from portfolio to a focused operating company

We conduct strategic reviews of our businesses guided by return on capital and total shareholder return priorities. During the year, we completed the divestment of our minority stakes in Yonghui and Robinsons Retail, as well as our Singapore Food business, generating total gross proceeds of approximately US$1 billion in cash consideration. In line with our capital allocation priorities, these proceeds were redeployed towards debt repayment, resulting in a net cash position of US$70 million as at year-end 2025. In addition, a special dividend of US$600 million was distributed to shareholders in October 2025. The Group remains focused on maximising total shareholder return while maintaining strategic flexibility for inorganic growth opportunities that are accretive to long-term shareholder value.

2025 PERFORMANCE

Total revenue from subsidiaries in 2025 was US$8.9 billion, up 1% on a LFL basis, excluding cigarettes. Organic revenue, excluding divested businesses⁵ for the comparable period, grew 0.5%. Strong sales growth in the Health & Beauty division was offset by lower contributions from other segments.

Excluding the impact of the minority stake divestments in Yonghui and Robinsons Retail completed in 2025, total revenue for the Group, including 100% of associates and joint ventures, remained broadly stable.

The Group reported total underlying profit attributable to shareholders of US$270 million for the year, up 35% year-on-year. This was supported by improved profitability from subsidiary businesses, lower financing costs and higher underlying profit from associates following the divestment of Yonghui.

Underlying profit from subsidiaries was US$183 million, 15% higher than the prior year. This was driven by strong Health & Beauty performance in addition to earnings recovery in Singapore Food and Home Furnishings segment, partially offset by lower contribution from Convenience due to reduced cigarette volume.

The Group’s share of underlying profit from associates was US$88 million, an improvement of US$45 million compared to the prior year, primarily due to the divestment of minority stake in loss-making Yonghui and higher contribution from Maxim’s as a result of improved mooncake sales and restaurant performance in Southeast Asia. Despite challenging trading conditions in Hong Kong and Chinese mainland, Maxim’s delivered profit growth in these regions through cost optimisation.

The Group reported operating cash flow after lease payments of US$430 million, 30% higher than the prior year, supported by underlying operating profit growth. Free cash flow⁶ for the period was US$281 million, up 78% year-on-year. As at 31 December 2025, the Group’s net cash was US$70 million, compared to US$468 million net debt at 31 December 2024.

SUSTAINABILITY

We remain firmly committed to our purpose to sustainably serve Asia for generations with everyday moments – with a focused, balanced, collaborative approach taking into account the macroeconomic environment and consumer sentiment. We are driving progress on our pathway to reduce our Scope 1 and 2 emissions by 50% by 2030 from a 2021 baseline, with our targeted investments in refrigerant emissions management, energy efficiency, and behaviour-change initiatives across our operations gaining momentum throughout the year. From 2025 to 2030, we will further increase the share of renewable energy use in our portfolio, helping to accelerate the energy transition in the key markets where we operate.

As advocates for our customers and the communities we serve, we are committed to delivering affordable, sustainable products. In 2025, we delivered 380 tonnes of Own Brand low-carbon rice to our Hong Kong markets and added multiple products through our Grounds to Green programme to our 7-Eleven RTE range. These award-winning initiatives demonstrate our ability to anticipate customer expectations and deliver on market demands. We maintained strong discipline in waste and packaging management, keeping us on track to meet our 2030 targets.

BUSINESS REVIEW

HEALTH AND BEAUTY

Sales for the Health and Beauty division grew 7% year-on-year or 5% on an LFL basis to US$2.6 billion. Underlying operating profit was US$228 million for the year, representing an increase of 8% compared to 2024.

Both Mannings and Guardian achieved strong LFL sales performance, supported by growing wellness sales penetration towards the mid-term target of over 35%. To further strengthen our leadership in wellness – a cross-category opportunity spanning health, beauty and personal care – Mannings and Guardian complemented their wellness-focused assortment with in-store health, skin and scalp assessments in selected outlets. Our personalised consultations and tailored product recommendations deepen our engagement with customers, supporting larger basket sizes and higher purchase conversion.

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The issuer is solely responsible for the content of this announcement.

DFI Retail Group