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Energy consultancy FGE NexantECA indicates that Beijing is nearing a decision to utilise privately held and state-influenced reserves to cushion domestic markets against potential disruptions from escalating conflict in the Middle East. The move reflects growing concern that sustained tensions involving Iran could constrain exports through critical shipping routes, including the Strait of Hormuz, a chokepoint for a significant share of global oil flows.

China has accumulated vast inventories over the past decade, combining strategic petroleum reserves with commercial storage held by state-owned refiners and independent operators. Analysts estimate that total holdings run into hundreds of millions of barrels, giving authorities a substantial buffer to stabilise supply without immediately increasing imports at elevated prices.

The prospect of tapping these reserves comes as benchmark crude prices show heightened volatility, driven by fears of supply interruptions and insurance risks for tankers navigating Gulf waters. Traders have been pricing in the possibility of reduced Iranian exports, either through direct disruption or tighter enforcement of sanctions amid shifting geopolitical alignments.

Officials in Beijing have not publicly confirmed any imminent release, but market signals suggest preparatory steps are under way. Refining margins in Asia have narrowed, while import patterns indicate a degree of caution, with some buyers delaying cargoes or seeking alternative suppliers outside the Middle East. The strategic calculus appears focused on avoiding panic buying that could exacerbate price spikes.

China’s approach differs from coordinated releases led by the International Energy Agency, which typically involve government-controlled reserves. Instead, the country has increasingly relied on a hybrid system where commercial inventories can be mobilised through administrative guidance. This model allows for flexibility while maintaining a degree of opacity, limiting the market impact of official announcements.

Industry experts note that the scale of China’s stockpiles gives it a unique capacity to influence regional demand dynamics. A measured release could dampen immediate import requirements, easing pressure on global benchmarks. At the same time, sustained withdrawals would need to be balanced against the need to rebuild inventories, particularly if geopolitical risks persist.

The Iran factor remains central to the outlook. Despite sanctions, China has continued to import significant volumes of Iranian crude, often through indirect channels. Any escalation that disrupts these flows would force refiners to seek replacements from other producers, including Russia, Saudi Arabia and Iraq, potentially reshaping trade patterns across Asia.

Shipping constraints add another layer of complexity. Insurers have raised premiums for vessels operating in high-risk zones, while some operators are reconsidering routes to minimise exposure. These developments could tighten effective supply even if production levels remain unchanged, reinforcing the rationale for drawing on stored barrels.

Domestic considerations also play a role. China’s economic recovery has been uneven, with industrial activity and transport demand fluctuating. Authorities are keen to prevent energy costs from becoming a drag on growth, particularly as policymakers navigate broader challenges in the property sector and export markets. Using reserves offers a tool to smooth price shocks without resorting to aggressive monetary or fiscal measures.

The move aligns with a broader trend among major economies to reassess energy security strategies in an era of heightened geopolitical risk. Strategic stockpiles, once seen primarily as emergency buffers, are increasingly being deployed as active instruments of market management. China’s large-scale storage capacity positions it at the forefront of this shift.

Market participants are closely watching for signs of implementation. A sustained drawdown could influence price expectations, especially if combined with policy signals discouraging speculative buying. Conversely, a limited or symbolic release may have only a modest effect, serving more as a reassurance to domestic consumers than a decisive intervention.

Producers in the Middle East are also monitoring developments. Any reduction in Chinese import demand could affect export volumes and pricing strategies, particularly for grades competing directly with Iranian crude. At the same time, alternative suppliers may see opportunities to capture market share if disruptions intensify.

New Takaful travel product launched in same month to celebrate life’s journeys

SINGAPORE – Media OutReach Newswire – 18 March 2026 – Etiqa Insurance Singapore, a leading general and life insurer, returns to the National Association of Travel Agents Singapore (NATAS) Travel Fair 2026 as the Official Travel Insurer for the fifth consecutive year. Themed “Be A NATAS World Traveller”, Singapore’s largest premier travel fair will be held at the Singapore Expo Hall from 27 to 29 March 2026, offering exciting promotions for travellers.

Customers can enjoy special promotions exclusively available at the NATAS Fair. With up to 45 per cent off Etiqa Travel Infinite and a special $100 shopping voucher given to every 200^th customer, Etiqa continues to make travel insurance more rewarding to all valued customers.

In addition, every customer will receive a complimentary gift with every purchase. From must-have travel essentials such as a versatile sports duffel bag, to a portable cooling fan to keep you cool on holiday, every traveller can enhance their journey with added convenience.

Celebrating Life’s Journeys with the Launch of Travel Takaful

In the same celebratory month, Etiqa is simultaneously extending its “With You” brand promise to the wider community. Beyond the excitement at NATAS Travel Fair, Etiqa is proud to announce the launch of Travel Takaful, a Shariah-compliant travel protection plan designed to support world travellers across different life stages — whether travelling for leisure, family commitments, or Umrah journeys.

“At Etiqa Insurance Singapore, we are committed to being With You, at every stage of life and on every journey. Our continued partnership with NATAS reflects our commitment to helping travellers explore the world with confidence, while the launch of Travel Takaful extends inclusive, Shariah-compliant protection to customers seeking values-based coverage. Whether travelling for leisure, business, or faith-based journeys, we want Singaporeans to travel with complete peace of mind,” said Claudia Soh, Acting CEO and CFO of Etiqa Insurance Singapore.

Guided by Takaful principles of shared responsibility and mutual care, Travel Takaful provides comprehensive coverage for overseas medical needs and unexpected travel disruptions:

• Comprehensive Medical Support: Coverage for overseas medical expenses ranging from S$200,000 to S$2.5 million, supported by Etiqa’s 24-hour worldwide emergency assistance.
• Trip Cancellation Coverage: Trip cancellation coverage of up to S$20,000 to mitigate unexpected changes in travel plans.
• Tailored for All Stages: Optional add-ons for pre-existing medical conditions and senior protection, offering flexibility for multi-generational travel.

By expanding its portfolio with this new offering, Etiqa reinforces its commitment to serving Singapore’s diverse community with inclusive and meaningful protection solutions, that aligns with values-driven financial planning.

Enjoy journeys with Etiqa Insurance Singapore this March:

• Visit the NATAS Fair (Booth 4H49 at Singapore Expo Hall 4 and 5): For exclusive Travel Infinite discounts, complimentary travel gifts, and the chance to win special shopping vouchers.
• Explore the full suite of travel insurance products online: To learn more about the newly launched Travel Takaful and secure Shariah-compliant protection for your next journey, visit us at etiqa.com.sg.

*Terms and Conditions
This policy is underwritten by Etiqa Insurance Pte. Ltd. (Company Reg. No. 201331905K), a member of Maybank Group. This content is for reference only and is not a contract of insurance. Full details of the policy terms and conditions can be found in the policy contract. Protected up to specified limits by SDIC.

Hashtag: #EtiqaSingapore #EtiqaSG

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

About Etiqa Insurance Pte. Ltd (Etiqa Insurance Singapore)

Protecting customers since 1961, Etiqa Insurance Singapore is a licensed life and general insurance company regulated by the Monetary Authority of Singapore (MAS) and governed by the Insurance Act 1966. The local insurer is the Singapore operating entity of Etiqa Insurance Group – a leading insurance and Takaful business in ASEAN offering life and general insurance and family and general Takaful products through its agents, branches, offices and bancassurance network in the region. Etiqa Insurance Singapore is rated ‘A’ by credit rating agency Fitch for the group’s ‘Favorable’ business profile and ‘Very Strong’ capitalisation.

Etiqa Insurance Singapore is owned by Maybank Ageas Holdings Berhad, a joint venture company that combines local market knowledge with international insurance expertise. The company is 69% owned by Maybank, the fourth largest banking group in Southeast Asia, and 31% by Ageas, an international insurance group with footprints across 13 countries and a heritage that spans over 190 years.

The contribution was presented during a mock cheque presentation ceremony by Tan Sri Mohd Annuar Zaini, Chairman of 7-Eleven Malaysia Holdings Berhad, accompanied by Co-CEO of 7-Eleven Malaysia, Mr. Tan U-Ming.

The contribution will support the preparation and distribution of moreh meals at Masjid Negara following nightly tarawih prayers. Each evening during Ramadan, hundreds of congregants gather at the mosque not only to perform their prayers but also to share simple meals together, reflecting the values of generosity, togetherness and gratitude that define the sacred month.

Masjid Negara has long been a spiritual and community landmark where Malaysians from all walks of life come together during Ramadan. From families and students to workers and travellers passing through the city, the mosque becomes a place where people reconnect with their faith while experiencing the warmth of a community that looks after one another.

Through the Ramadan programme organised by the Persatuan Kebajikan Kakitangan Masjid Negara Kuala Lumpur, food packs are prepared and distributed nightly to congregants to ensure that worshippers who stay for evening prayers can enjoy a meal together before returning home. The initiative reflects the mosque’s ongoing commitment to serving the needs of the community during the holy month.

Tan Sri Mohd Annuar Zaini, Chairman of 7-Eleven Malaysia Holdings Berhad said that Ramadan is a meaningful time for communities to come together and support one another, and the company is honoured to play a small part in supporting the efforts of Masjid Negara in serving its congregants.

“Ramadan reminds us of the importance of compassion, humility and sharing our blessings with the community. We are honoured to support the efforts of Masjid Negara in bringing people together through their Ramadan moreh programme and hope that this contribution will help create meaningful moments of togetherness among worshippers.”

Beyond providing food, the moreh programme plays an important role in strengthening the bonds among congregants who gather nightly at the mosque. These shared moments of fellowship reflect the true spirit of Ramadan where acts of kindness and generosity help bring communities closer together.

This contribution is also part of Semurni Kasih, 7-Eleven Malaysia’s annual community initiative during the Ramadan period, which focuses on supporting meaningful programmes that uplift communities and promote the spirit of care and generosity. Through Semurni Kasih, the company continues to work with various community partners to extend assistance to those in need while encouraging Malaysians to share kindness with one another.

Through this contribution, 7-Eleven Malaysia hopes to play a meaningful role in supporting initiatives that uplift local communities and ensure that the spirit of giving continues to be shared throughout Ramadan.

Hashtag: #7ElevenMalaysia

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

About 7-Eleven Malaysia

7-Eleven Malaysia Holdings Berhad through its subsidiary 7-Eleven Malaysia Sdn. Bhd. is the owner and operator of 7-Eleven stores in Malaysia. Incorporated on 4 June 1984, 7-Eleven Malaysia has made its mark in the retailing scene and has been a prominent icon for over 40 years. 7-Eleven Malaysia is the pioneer and largest 24-hour standalone convenience store operator in Malaysia with over 2,700 outlets nationwide and serves more than 1 million customers daily. 7-Eleven stores can be found across bustling commercial districts to serene suburban residential compounds throughout Malaysia, from petrol stations and LRT stations to shopping malls and medical institutions. My7E loyalty app boasted an impressive membership of 3.6 million users. As we forge ahead, our commitment remains steadfast in enriching the experience for our valued members, offering an array of rewards that enhance their journey as My7E enthusiasts. 7-Eleven is Always There For You. To learn more, please visit our website at www.7eleven.com.my

“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.

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