News related to
deeper

  Cybersecurity researchers have uncovered a series of critical vulnerabilities affecting Google’s Looker data analytics platform that could have enabled attackers to execute malicious code, move between cloud environments and extract sensitive corporate data. The flaws highlight growing security concerns surrounding widely used cloud-based analytics tools that sit at the centre of many organisations’ data infrastructure. Security specialists from the cybersecurity firm Tenable identified two major vulnerabilities—collectively […]

Arabian Post Staff -Dubai UAE-based venture capital firm Shorooq has joined a $1.03 billion funding round for French artificial intelligence startup AMI Labs, a company founded by prominent AI researcher Yann LeCun, as investors intensify backing for technologies designed to give machines a deeper understanding of the physical world. The financing round also drew participation from technology and investment heavyweights including Nvidia, Temasek and entrepreneur Mark Cuban, […]

Microsoft chief executive Satya Nadella has reaffirmed the company’s long-term commitment to video games, declaring that the technology giant will “always” invest in gaming as part of its broader strategy, even as the Xbox division undergoes a significant leadership transition and faces questions about its future direction. The assurance came during an internal discussion with the newly appointed head of Microsoft’s gaming business, Asha Sharma, as the […]

Israeli forces struck an apartment in central Beirut on Wednesday, Lebanese state media reported, marking another escalation in a widening conflict that has drawn Lebanon deeper into regional hostilities and heightened fears of further urban strikes in the capital. Lebanon’s official National News Agency said the attack targeted a residential unit in the city centre, sending smoke rising above one of Beirut’s densely populated districts. Initial reports […]

By R. Suryamurthy Few economic variables carry the political volatility of oil prices in India. When global crude rises, inflation anxieties spread quickly across households, transport costs ripple through supply chains, and governments scramble to contain the political fallout. Yet the latest oil shock — triggered by tensions involving the US-Israel-Iran war— has exposed a […]

The article Oil Volatility Before Polls Exposes India’s Political Windfall Trap On Fuel Taxes appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

A few sentences from Donald Trump erased roughly $30 from the price of oil and lifted global equities. The US president told reporters the war involving Iran could end “very soon,” although he also indicated the conflict would likely continue beyond the coming week. Financial markets reacted immediately. Brent crude, which had surged toward $120 a barrel during the height of escalation fears, dropped sharply and slipped […]

Arabian Post Staff -Dubai Apple appears poised to expand its smart home ambitions with a new device widely referred to as the “HomePad”, a screen-equipped hub designed to place voice control, automation and communication at the centre of connected households. Industry leaks and supply-chain reports indicate that the product will feature a roughly seven-inch display powered by an A18-series processor, combining elements of the HomePod speaker with […]

Advertisements

A critical security weakness affecting several surveillance and video management products manufactured by Hikvision has triggered alarm among cybersecurity agencies after authorities confirmed that attackers are exploiting the vulnerability to gain elevated access to targeted systems. Federal cybersecurity officials added the flaw to the Known Exploited Vulnerabilities catalogue maintained by the Cybersecurity and Infrastructure Security Agency, a list used by government and private-sector defenders to prioritise urgent […]

Heavy selling by large Bitcoin holders while smaller investors accumulate has raised concern among market analysts that the cryptocurrency’s price decline could extend further, highlighting a divergence that has often signalled deeper volatility in past market cycles. Blockchain data shows large holders, commonly referred to as “whales,” have been reducing positions while smaller investors continue to buy during price dips. Analysts monitoring wallet activity say the pattern […]

Circle moved about $68 million within half an hour using its own stablecoin infrastructure, offering a glimpse of how digital assets could reshape internal corporate payments traditionally handled through banks. The payments were carried out through the company’s Mint platform, a system designed to allow businesses to create and redeem the USDC stablecoin while managing liquidity across accounts. Chief executive Jeremy Allaire said the transfers took roughly […]

Arabian Post Staff -Dubai SoftBank Group’s digital payments subsidiary PayPay has secured backing from major Middle Eastern sovereign wealth funds as anchor investors for its planned Nasdaq listing, signalling growing Gulf interest in Asian fintech assets and global digital payments infrastructure. PayPay Corporation is preparing to raise about $1.1 billion through an initial public offering in the United States, with the Abu Dhabi Investment Authority and a […]

Arabian Post Staff -Dubai United Arab Emirates and Japan have agreed on the final provisions of a Comprehensive Economic Partnership Agreement, marking a significant step toward expanding trade and investment ties between the Gulf state and Asia’s third-largest economy. The agreement, the first such partnership Japan has concluded with an Arab country, aims to reduce tariffs, ease market access and deepen cooperation across sectors ranging from energy […]

Artificial intelligence designed to audit software security has identified 22 vulnerabilities in Mozilla’s Firefox browser within a two-week testing period, highlighting the growing role of automated systems in discovering complex flaws in widely used digital infrastructure. The findings emerged from experiments involving the Claude artificial intelligence model, developed by the company Anthropic, which was tasked with analysing the Firefox codebase for weaknesses. Security researchers said the AI […]

Arabian Post Staff -Dubai Rome hosted high-level talks between the United Arab Emirates and Italy as both sides explored ways to expand economic cooperation and deepen strategic ties across trade, energy, investment and technology sectors. Discussions centred on strengthening an already growing partnership between the Gulf state and one of Europe’s largest economies, reflecting a broader push by both governments to widen collaboration in a shifting geopolitical […]

Cybersecurity researchers have identified a sharp rise in attempts to compromise internet-connected surveillance cameras across the Middle East, attributing the activity to groups believed to be linked with infrastructure associated with Iran. Analysts say the attacks coincide with heightened geopolitical tensions in the region and appear aimed at gathering intelligence and potentially disrupting critical operations. Security specialists monitoring global network traffic reported that thousands of connected cameras […]

Speculation around a possible Windows 12 release is intensifying as the global PC industry confronts a major transition triggered by the end of support for Windows 10, leaving millions of computers facing an uncertain upgrade path. Technology analysts and industry leaks suggest Microsoft is developing a new generation of its operating system that could debut around 2026, emphasising artificial intelligence integration, improved hardware acceleration through neural processing […]

Global Hotel Alliance has strengthened its footprint in East Asia after signing a partnership with Tokyu Hotels & Resorts, bringing a major Japanese hospitality operator into the alliance’s loyalty and distribution network and marking a significant expansion into one of the world’s most established travel markets.

The agreement integrates Tokyu Hotels & Resorts, which manages the TOKYU HOTELS chain and several affiliated brands across Japan, into Global Hotel Alliance’s GHA DISCOVERY loyalty ecosystem. The move allows travellers staying at Tokyu properties to earn and redeem rewards across the alliance’s international portfolio, while offering Tokyu access to millions of loyalty members and a wider global marketing platform.

Headquartered in Dubai, Global Hotel Alliance represents a consortium of independent hotel brands that cooperate on loyalty programmes, distribution systems and shared technology platforms while retaining operational independence. The alliance counts dozens of hospitality brands spanning hundreds of properties worldwide. By welcoming Tokyu Hotels & Resorts, GHA gains an important presence in Japan’s domestic and inbound tourism sector, an area that has drawn increasing interest from international hospitality networks.

Tokyu Hotels & Resorts operates more than 40 hotels across Japan under brands including TOKYU HOTELS, Tokyu REI Hotel and other affiliated concepts. Many of its properties are located in key urban and resort destinations such as Tokyo, Yokohama, Kyoto, Osaka and Sapporo. Through the partnership, the group will connect its hotels to GHA DISCOVERY, a loyalty programme that offers members benefits such as room upgrades, flexible rewards and local experiences tied to destination culture.

Executives from both organisations describe the partnership as strategically aligned with rising demand for travel to Japan. Tourism to the country has surged as international travel continues to rebound, with visitor arrivals climbing sharply and hospitality groups seeking deeper engagement with global distribution networks and loyalty platforms.

GHA’s leadership said the addition of Tokyu Hotels & Resorts strengthens the alliance’s reach in Asia while offering travellers greater access to accommodation options in Japan. Access to the GHA DISCOVERY platform also opens new channels for Tokyu properties to reach travellers from Europe, the Middle East and North America who are already members of the programme.

Tokyu Hotels & Resorts sees the collaboration as a way to enhance international visibility for its hotels while preserving the local identity that defines many of its properties. Japanese hospitality operators have historically relied heavily on domestic demand, though international partnerships have gained momentum as inbound tourism expands and travellers seek more diverse accommodation experiences.

Japan’s tourism sector has undergone major changes in the past decade as the government and private sector push to attract more overseas visitors. Infrastructure upgrades, expanded air connectivity and marketing campaigns have helped position the country as a leading travel destination in Asia. Hospitality companies are responding by strengthening international alliances, investing in technology platforms and adapting loyalty programmes to compete with global hotel chains.

Global Hotel Alliance’s model differs from traditional hotel groups that operate under a single brand portfolio. Instead, it links independent brands that share a common loyalty and technology framework while maintaining separate identities and management structures. This structure appeals to regional hotel companies that want global exposure without surrendering brand control.

Industry analysts note that loyalty ecosystems have become central to hospitality competition. Major international chains rely heavily on large membership bases to drive repeat bookings and reduce reliance on online travel agencies. Independent hotel brands, which often lack such scale individually, have increasingly turned to alliances such as GHA to achieve similar reach.

GHA DISCOVERY now includes millions of members worldwide who accumulate rewards known as DISCOVERY Dollars when staying at participating properties. These digital rewards can be spent on future hotel stays, dining or experiences across the alliance network. The programme also focuses on destination-based benefits designed to highlight local culture and activities.

For Tokyu Hotels & Resorts, integration into the programme allows guests to participate in the broader network while still experiencing Japanese hospitality traditions often associated with domestic hotel operators. Many Tokyu properties emphasise regional design, culinary offerings and proximity to transport hubs, particularly within major metropolitan areas.

The alliance has pursued steady expansion in Asia as travel demand shifts across the region. Partnerships with hospitality companies in markets such as Thailand, Singapore and the Gulf have broadened its reach, while collaborations with regional hotel groups help introduce new destinations to global travellers.

Japan represents a particularly attractive addition to that network. The country hosts some of Asia’s busiest cities, internationally recognised cultural landmarks and a thriving domestic travel culture. Hotel demand has remained strong across urban centres and resort areas, drawing interest from global investors and hospitality brands.

  Iran’s sweeping digital shutdown has crossed the 100-hour mark, cutting tens of millions of people off from the global internet and intensifying fears of deeper isolation as military tensions and internal unrest grip the country. Connectivity across Iran has plunged to only a fraction of normal levels, leaving citizens unable to communicate freely with the outside world and severely restricting the flow of information. Network monitoring […]

Arabian Post Staff -Dubai Competition in the premium smartphone market has intensified as Samsung’s Galaxy S26 series arrives with upgraded artificial intelligence features, faster processors and improved camera systems, setting up a direct contest with Apple’s iPhone 17 Pro Max. Both devices represent the most advanced offerings from their respective ecosystems, targeting users seeking high-end performance, photography capabilities and extended software support. Samsung unveiled the Galaxy S26 […]

The following announcement was issued today to a Regulatory Information Service approved by the Financial Conduct Authority in the United Kingdom.

DFI RETAIL GROUP HOLDINGS LIMITED
2025 PRELIMINARY ANNOUNCEMENT OF RESULTS

Highlights
  • Underlying profit reached the high-end of guidance at US$270 million, up 35% year-on-year
  • Reported profit of US$235 million, up US$480 million year-on-year
  • Health and Beauty delivered strong like-for-like (LFL) sales and profit growth
  • Convenience returned to profit growth in the second half of 2025, supported by a favourable mix shift towards higher-margin, non-cigarette categories
  • Strengthening value-driven, omnichannel proposition in Food and Home Furnishings
  • Divestments of Yonghui, Robinsons Retail and Singapore Food underscored the Group’s transition from a portfolio to a focused operating company and strengthened balance sheet to a net cash position
  • Returned approximately US$740 million to shareholders for the full year 2025, including a US$600 million special dividend
  • Final dividend of US¢10.50 per share based on a new 70% payout policy announced in December 2025

“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 FY2025 table.jpg

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.

In Hong Kong and Macau, LFL sales increased by 5%, driven by strong growth in tourist store sales from higher arrivals. Own Brand strategy reset resulted in a 35% improvement in gross profit per SKU through a refined product range that better aligns with customer needs. Sales of Mannings China declined due to the closure of majority of its offline store network as the business pivots towards a cross-border e-commerce model.

Guardian in Southeast Asia reported 5% LFL sales increase, driven by growth in basket sizes across key markets and an expanding e-commerce presence, including the Guardian Malaysia loyalty programme launched in March 2025 and a new Guardian Singapore app in July 2025. Indonesia and Vietnam delivered LFL sales growth exceeding 10%, supported by strong traffic gains. Gross margin expansion and operating leverage contributed to operating profit growth of 16% in the region.

CONVENIENCE
Total Convenience sales were US$2.3 billion, representing a decline of 2% year-on-year or 3% on an LFL basis, due to lower-margin cigarette volume reductions following tax increases in Hong Kong in February 2024. Excluding cigarettes, overall Convenience sales grew 1% compared to 2024 and were marginally lower on an LFL basis. Underlying operating profit was US$97 million, down 6% year-on-year. Favourable sales mix shift towards higher-margin non-cigarette categories drove a return to a positive profit growth in the second half of 2025.

In Hong Kong, the Group expects to mitigate financial impact from declining cigarette sales in 2026 and beyond through continued growth in higher-margin non-cigarette categories, including RTE which accounted for 18% of sales for the full year, up from 16% in 2024.

7-Eleven Singapore reported robust LFL sales growth driven by a stronger RTE proposition and effective promotional campaigns. In South China, continued store network expansion through a capex-light franchise model, including 99 net increase in store number, contributed to 3% sales growth. LFL sales, however, were down 2% largely due to intense subsidy competition from food delivery platforms, primarily in the first half of the year. The focus remains on driving footfall through innovative RTE and Food Bar expansion to 1,250 stores by the end of 2028, compared to 325 as of year-end. Both markets saw meaningful profit growth, supported by a favourable product mix shift and disciplined cost control.

FOOD
Reported sales for the Food division were US$3.0 billion, remaining stable compared to 2024 on an LFL basis. Underlying operating profit reached US$62 million for the year, up 6% year-on-year, driven by earnings recovery in Singapore Food following the distribution of government consumption vouchers in 2025.

In Hong Kong, the Wellcome team strengthened its fresh and value proposition through pricing reinvestment supported by strategic direct sourcing. These efforts included a new partnership with Dingdong Maicai (DDL) since May 2025 for a wider selection of price-competitive fresh produce, as well as the Everyday Value campaign launched in September 2025, offering up to 40% savings on 100 core basket items. The team also accelerated omnichannel growth through broader digital channels – including a quick-commerce partnership with foodpanda and click-and-collect services – and a shortened delivery time to same or next day delivery, driving a more than 20% sales growth in Hong Kong Food online sales. Despite a 1% LFL sales decline compared to the prior year, total volume grew 2% driven by increased transactions and items per basket.

Southeast Asia Food sales performance benefited from multiple rounds of government consumption voucher distribution in Singapore during the year, including S$800 vouchers for each household and S$600 vouchers for individuals in celebration of the nation’s 60th anniversary. These vouchers, which were redeemable at supermarkets and heartland merchants, drove stronger sales in the Food segment. Convenience and Health & Beauty did not see a similar uplift in sales as the vouchers were not applicable to these outlets. Divestment of Singapore Food business was completed in early December 2025. Post-completion, the Group continues to serve the Singapore market through its Guardian and 7-Eleven brands. As the only nationwide modern trade operator in Cambodia, Lucky reported robust LFL sales growth with strong margin expansion on scale benefits.

HOME FURNISHINGS
IKEA reported sales of US$677 million, down 3% year-on-year and 5% on an LFL basis, compared to an 11% LFL sales decline in 2024. Operating profit was US$26 million, representing a meaningful improvement from US$16 million in the prior year, driven by effective cost control measures across markets.

Amid a challenging macro environment and reduced consumer demand for big-ticket items due to subdued real estate market activity, the IKEA team has prioritised enhancing its value proposition and omnichannel presence. Key initiatives include price reductions on high-volume products, rationalisation of non-core assortment, and a broader range of entry price points. In Indonesia, the team has further expanded digital partnerships with third-party marketplaces to improve accessibility, supporting continued progress towards its overall online sales penetration target of 18-20% by 2028. IKEA Food remains a critical traffic and revenue driver, representing 14% of total sales.

These combined with significant cost optimisation efforts in labour, supply chain and infrastructure across markets contributed to a US$10 million improvement in overall profitability.

RESTAURANTS
The Group’s share of Maxim’s underlying profits was US$72 million in 2025, an increase of 9% year-on-year, supported by resilient sales of US$3.1 billion, up 0.4% year-on-year, and ongoing cost optimisation. Improved mooncake sales during the mid-autumn festival and stronger restaurant performance in Southeast Asia was offset by challenging trading environment in Hong Kong and the Chinese mainland. Cost management in these markets also supported overall profit growth. During the year, Maxim’s continued to expand its Southeast Asia network with 84 net new stores added, mainly in Thailand and Vietnam.

OUTLOOK
2025 marked a year of strong progress for DFI, with the strategic reset across our businesses driving improved underlying profitability in both subsidiaries and associates, a stronger ROCE and enhanced shareholder returns. Our strengthened balance sheet and disciplined use of capital provides capacity to reinvest for growth both organically and inorganically, laying a strong foundation as we pursue our financial ambitions of achieving a US$310-350 million underlying profit (+11% CAGR at midpoint compared to 20257) and a 7-10% online sales mix by 2028.

At our inaugural Investor Day, we outlined clear strategic priorities which include strengthening our value proposition, enhancing omnichannel capabilities, accelerating Own Brand innovation, deepening digital monetisation, and leveraging data to deliver better outcomes for both customers and supplier partners.

For the full year of 2026, the Group expects organic revenue growth of approximately 2-3%8 and underlying profit attributable to shareholders to be between US$270 million and US$300 million. Excluding the divestment impact of Singapore Food and Robinsons Retail, this would represent a year-on-year growth of 13-25%.

Looking into 2026 and beyond, I am confident that DFI has developed a renewed foundation as we execute against our strategic priorities to deliver sustained, profitable growth, drive market share gains across our formats and generate long-term returns for our shareholders.

Scott Price
Group Chief Executive

—————–
1 Excluding Singapore Food business and minority stake in Robinsons Retail upon completion of divestment in 2025
2 Based on a third-party assured price comparison of a 200-item comparable basket between DFI and Greater Bay Area

3 Excluding Singapore Food. Divestment of business was completed in early December 2025.
4 Excluding Singapore Food, cigarettes under Convenience and IKEA food
5 Excluding financial contribution from Singapore Food (December 2024) and Hero Supermarket (2024) for comparison purpose
6 Free cash flow is equivalent to cash flows from operating activities after lease payments minus normal capital expenditure

7 Excluding Singapore Food business and minority stake in Robinsons Retail upon completion of divestment in 2025
8 Excluding Singapore Food business

Hashtag: #DFIRetailGroup #Mannings #Guardian #7-Eleven #Wellcome #MarketPlace #IKEA #yuu #Maxim’s

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

DFI Retail Group

DFI Retail Group (the Group) is a leading Asian retailer, driven by its purpose to ‘Sustainably Serve Asia for Generations with Everyday Moments’.

At 31 December 2025, the Group and its associates operated 7,580 outlets across 12 markets, of which 5,529 stores were operated by subsidiaries. The Group, together with associates, employed over 79,000 people, with some 42,000 people employed by subsidiaries. The Group had reported revenue of US$8.9 billion in 2025.

The Group is dedicated to delivering quality, value and service to Asian consumers through a compelling retail experience, supported by an extensive store network and highly efficient supply chains.

The Group and its associates, operates a portfolio of well-known brands across five key divisions. The principal brands are:

Health and Beauty
• Mannings on the Chinese mainland, Hong Kong and Macau S.A.R.; Guardian in Brunei, Indonesia, Malaysia, Singapore and Vietnam.

Convenience
• 7-Eleven in Hong Kong and Macau S.A.R., Singapore and Southern China.

Food
• Wellcome and Market Place in Hong Kong S.A.R.; San Miu in Macau S.A.R.; Lucky in Cambodia.

Home Furnishings
• IKEA in Hong Kong and Macau S.A.R., Indonesia and Taiwan.

Restaurants
• Hong Kong Maxim’s group on the Chinese mainland, Hong Kong and Macau S.A.R., Cambodia, Laos, Malaysia, Singapore, Thailand and Vietnam.

The Group’s parent company, DFI Retail Group Holdings Limited, is incorporated in Bermuda and has a primary listing in the equity shares (transition) category of the London Stock Exchange, with secondary listings in Bermuda and Singapore. The Group’s businesses are managed from Hong Kong. DFI Retail Group is a member of the Jardine Matheson group.

Tether has appointed Deloitte to provide an independent attestation of reserves backing its new USAT stablecoin, marking a notable step in the issuer’s long-running effort to bolster transparency around its dollar-linked tokens. The engagement, confirmed by the company, will result in a third-party report verifying assets held against USAT at a specified date. Unlike a full financial audit, the attestation offers a point-in-time snapshot of reserves and […]

Crypto exchange OKX has launched a developer-focused toolkit designed to power autonomous artificial intelligence agents on blockchain networks, marking a decisive step in the race to merge decentralised finance with machine-driven decision-making. The new framework, branded OnchainOS, is positioned as a programmable layer that allows developers to stitch together wallets, token swaps and real-time data feeds into self-operating bots capable of executing transactions without continuous human input. […]

By Ashok Nilakantan Ayers NEW YORK: The war that began with a lightning decapitation strike has settled into something far more uncertain. President Donald Trump said Tuesday that U.S. military operations against Iran could last “four to five weeks” — and possibly “far longer.” Across the Atlantic, Prime Minister Benjamin Netanyahu defended Israel’s decision to […]

The article Trump-Netanyahu’s Iran War May Be Prolonged Involving More Countries appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

Vodafone will begin linking mobile base stations in Germany to Amazon’s low Earth orbit satellites this year, marking the first phase of a wider plan to extend coverage across parts of Europe and Africa where fibre and microwave backhaul remain patchy. The partnership centres on Amazon’s Project Kuiper constellation, a network of thousands of low Earth orbit satellites designed to deliver broadband connectivity from space. Vodafone said […]

VISHNU RAJA
RYO YAMADA
HITORI GOTOH
IKUYO KITA