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Vinpearl has officially been named the strongest hotel brand globally in 2026 by Brand Finance, the world’s leading brand valuation consultancy, with its brand value surging 86% to US$381 million. This marks the first time a Vietnamese brand has claimed the No. 1 position in global hotel brand strength and entered the Top 50 Most Valuable Hotel Brands in the World. Vinpearl’s remarkable breakthrough not only elevates the stature of the company, but also helps establish a new position for Vietnamese tourism on the international stage.

With a Brand Strength Index (BSI) score of 95.4/100 and an AAA+ rating, Vinpearl has surpassed a host of renowned hospitality names to rank No. 1 globally in hotel brand strength.

The Brand Strength Index (BSI) score reflects a brand’s overall strength, encompassing investment performance, customer and partner consideration, and its ability to generate business value.

The AAA+ rating is the highest level in Brand Finance’s brand strength rating system.

Alongside its No. 1 ranking, Vinpearl’s brand value also recorded a record increase of 86% to US$381 million year on year, enabling the company to enter the Top 50 Most Valuable Hotel Brands in the World for the first time.

Vinpearl’s position in brand strength has been driven by accelerated growth across all areas of its operations.

Specifically, in terms of financial strength, in 2026, VPL shares were included in the VN30 Index. Vinpearl also successfully raised US$255 million from SeaTown Holdings, Oman Investment Authority and Vietnam Oman Investment.

In terms of market development, Vinpearl has continued to expand its global connectivity in 2026, signing strategic cooperation agreements with leading international and regional partners, including Agoda, AirAsia MOVE, BeMyGuest, GlobalTix, Klook, CAITO, Thomas Cook India, SOTC Travel, MakeMyTrip, IHG Hotels & Resorts and Marriott International, among others. These partnerships aim to increase international visitor flows and enhance service quality across Vinpearl’s system.

In terms of products and services, Vinpearl has continued to expand its multi-segment tourism, hospitality and entertainment ecosystem in 2026. Key initiatives include the launch of Vinpearl Legendlux, a six-star ultra-luxury hotel brand; the introduction of VinFun, a new-generation hotel brand designed to cater to a broader range of guests; the development of Vin New Horizon, a wellness and senior living offering; the premiere of the spectacular stage production “The Grand Epic of Vietnam”; and the launch of The Vietnam Grand WeddX 2026, a new-generation platform for exhibitions and industry connections in Vietnam’s wedding sector.

The collective efforts of the entire ecosystem in 2026 have driven Vinpearl’s remarkable rise in rankings, from being the leading hotel brand in Southeast Asia to becoming the strongest hotel brand globally .

Beyond Brand Finance, the strength of the Vinpearl ecosystem has also been continuously recognized by leading global tourism organizations and platforms. In 2026, VinWonders Nha Trang became the only representative from Vietnam to be included in the Top 100 Global Best Family-Friendly Attractions; Vinpearl Resort & Golf Nam Hoi An received the ASEAN Green Hotel Award 2026; while Vinpearl’s hotels and resorts and VinWonders properties have continued to receive recognition from Booking.com, Agoda and Trip.com, among others, through rankings and awards.

Recognition from the world’s leading tourism rating organizations serves as an important source of motivation for Vinpearl to further elevate its ecosystem, bringing destinations and experiences imbued with Vietnamese identity closer to domestic and international travelers. The company is moving toward its goal of becoming a leading global tourism and hospitality brand, while contributing to elevating Vietnam’s position on the world tourism map.

Hashtag: #Vinpearl

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

About Brand Finance

Brand Finance Plc is the world’s leading brand valuation consultancy, founded in 1996 in London, United Kingdom. It is the only company with a brand valuation methodology that complies with the ISO 10668 international standard for brand valuation, with a presence in more than 20 countries worldwide. Brand Finance reports are used by numerous countries, governments and leading global corporations.

Every year, Brand Finance conducts valuations of more than 70,000 brands worldwide. This marks the 10th year that Vietnam has been included among the countries whose brands are valued by Brand Finance, with Brand Finance Asia-Pacific, headquartered in Singapore, responsible for publishing the rankings.

About Vinpearl

Established in 2003, Vinpearl is Vietnam’s leading brand in tourism, hospitality, entertainment and experiential travel. After more than two decades of development, Vinpearl currently operates 62 properties across 20 provinces and cities.

Its ecosystem comprises 35 five-star hotels and resorts with more than 17,500 rooms; 15 VinWonders theme parks featuring a diverse range of attractions suitable for guests of all ages; six world-class golf courses; and four international-standard VinPalace convention centers and theaters.

The ecosystem also includes two semi-wildlife animal conservation and care parks and one equestrian academy, among other offerings. Particularly notable are Vinpearl’s impressive and distinctive “million-dollar” live shows, staged at destinations including Nha Trang and Phu Quoc, which attract millions of visitors each year.

Chief Sales Officer Visits Hong Kong, Partners with VSC Building Products Company Limited to Mark a New Chapter

Championing Design Excellence, Innovation and Sustainable Water Technologies

HONG KONG SAR – Media OutReach Newswire – 11 August 2026 – Hansgrohe Group, one of the world’s leading premium bathroom and kitchen brands, celebrates its 125th anniversary with an official visit to Hong Kong by Christophe Gourlan, Member of the Executive Board and Chief Sales Officer of Hansgrohe Group. As a key stop in the Group’s Asia anniversary programme, the visit reaffirms Hansgrohe’s long-term commitment to the Hong Kong market and formally introduces VSC Building Products Company Limited as the brand’s newly authorised distributor in Hong Kong, marking the beginning of a new phase of growth and collaboration.

The anniversary celebrations in Hong Kong also mark a significant milestone for the premium hansgrohe brand locally — the grand opening of a dedicated hansgrohe display at the VSC A&D Centre, located at 1/F, East Town Building, 41 Lockhart Road, Wanchai. The newly unveiled showroom showcases multiple award-winning collections and the latest innovations, offering architects, designers, developers and consumers an immersive experience of the brand philosophy: “Life is Waterful.”

125 Years of Heritage: Where Design Meets Innovation

Founded in 1901 in Schiltach, Germany, in the Black Forest, Hansgrohe has evolved from a small workshop into a globally renowned premium brand with a presence in over 150 countries. For 125 years, the company has been synonymous with German engineering excellence, technological innovation and award-winning design, earning prestigious international accolades including the iF Design Award, Red Dot Design Award and German Design Award.

Among its most iconic and celebrated product innovations are:

Raindance series, including the new Raindance Alive, redefining showering with distinctive spray technology and elegant aesthetics;
Rainfinity, offering a new dimension of immersive showering with ultra-soft PowderRain spray and avant-garde design;
Pulsify, a compact shower solution ideal for urban living, featuring water-saving PowderRain technology;
Finoris faucet collection, equipped with a pull-out spray and dual spray modes, combining flexibility with contemporary design;
Kitchen innovations such as Talis M54 and Metris M71, enhancing kitchen functionality with precision engineering and premium materials.

Hansgrohe’s pioneering technologies include Select technology, enabling intuitive control of water flow at the touch of a button, alongside sustainability-driven innovations such as EcoSmart, AirPower and CoolStart, significantly reducing water and energy consumption without compromising comfort.

Under its ambitious “ECO 2030” initiative, Hansgrohe aims to equip all products with water-saving technologies by 2030, embedding sustainability at the core of product development.

Today, approximately 200 employees worldwide are dedicated to research, development and innovation management. The Group operates innovation centres in the Black Forest and, since 2023, in Shanghai, strengthening localisation and responsiveness to the China and Asia-Pacific markets. Products launched within the past three years account for approximately 30% of the Group’s total revenue — a testament to its dynamic innovation pipeline and market competitiveness.

Deepening Presence in Hong Kong: A New Milestone with VSC

Looking ahead, the collaboration between Hansgrohe and VSC will focus on enhancing customer touchpoints and brand visibility across Hong Kong. Key initiatives include strengthening point-of-sale presentation, elevating experiential showroom displays, and supporting trade partners through comprehensive product training, marketing activations and after-sales excellence.

VSC has also outlined a strategic development plan encompassing showroom enhancements, PR and digital marketing campaigns, product portfolio alignment and sales team training, reinforcing the brand’s position in Hong Kong’s high-end residential and commercial project segments.

Commenting on the occasion, Mr. Christophe Gourlan, Member of the Executive Board and Chief Sales Officer of Hansgrohe Group, said:

“Hong Kong remains an important market for Hansgrohe, and our 125th anniversary is a meaningful moment to reaffirm our long-term commitment to the region. With VSC as our new authorised distributor for the hansgrohe brand, we are strengthening our ability to bring premium German quality, innovation and sustainable water experiences closer to customers, designers and trade professionals. We also deeply appreciate the continued support of our long-term partners, including H2O, as we build the next chapter of Hansgrohe’s growth in Hong Kong together.”

Hashtag: #HansgroheGroup

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

About Hansgrohe

Founded in 1901 in the Black Forest, Germany, Hansgrohe stands for holistic bathroom and kitchen experiences that combine water- and energy-saving technologies, intelligent functionality and long-lasting quality. With timeless design and innovative premium products, the brand supports sustainable lifestyles and transforms everyday water routines into extraordinary experiences.

About VSC Building Products Company Limited

Established in 1997, VSC Building Products Company Limited specialises in supplying sanitary ware, fittings and kitchen cabinet solutions for commercial buildings, shopping malls, hotels, hospitals, residential developments and airports. The company provides free consultation and design services, logistics coordination, technical support and kitchen installation.

In April 2013, VSC opened its first Architectural & Design Centre in Hong Kong. The company has also recently introduced integrated Smart Toilet IoT solutions, enhancing both user experience and property management efficiency.

Enquiries:
VSC A&D Centre
1/F, East Town Building, 41 Lockhart Road, Wanchai, Hong Kong
Tel: (852) 2238 2628
Fax: (852) 2169 2980
Email: showroom@vschk.com

Highlights

• Underlying profit from continuing businesses¹ grew 44% to US$117 million
• Reported profit was US$118 million, compared to a US$38 million loss in the prior year period
• Like-for-like (LFL) subsidiary sales growth from continuing businesses² improved to 3%
• Health & Beauty sustained strong LFL sales; Convenience and Home Furnishings returned to growth
• E-commerce and DFIQ Media contributed to approximately 35% of sales growth
• Return on capital employed improved to 12%, up from 9% as of December 2025
• Interim dividend of US¢6.20 per share, up 77% year-on-year. Maintain full-year dividend payout of 70%
• Raised full-year organic revenue³ growth guidance to be between 3.0% and 4.0%, and underlying profit to be between US$285 million and US$305 million
• Announced 100% interest acquisition of Cody Hong Kong (Cody HK), one of the leading outdoor advertising solution providers in Hong Kong

Group Chief Executive

DFI RETAIL GROUP HOLDINGS LIMITED

HALF-YEAR RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026

OVERVIEW

The Group delivered strong performance in an evolving macroeconomic climate, underpinned by disciplined execution and a focus on driving higher returns. A portfolio built on everyday essentials, combined with a strong value proposition with convenience, continues to resonate with customers against the backdrop of oil price volatility. For the first half of 2026, subsidiary LFL sales growth from continuing businesses⁴ further improved to 3%. This was driven by sustained strong momentum in the Health & Beauty segment, as well as a return to growth in both the Convenience and Home Furnishings businesses. Price reinvestment, supported by a reset in sourcing strategy, drove Food volume growth with Wellcome’s basket price now trading at a discount relative to the Greater Bay Area⁵, compared to a premium in the prior year.

The Group’s commitment to retail excellence, a lean overhead structure and expanded omnichannel touchpoints enables us to serve our customers with better pricing and better experience. The DFI Omni Platform further strengthens this by seamlessly integrating our extensive store network with digital capabilities, delivering greater convenience and personalisation while unlocking new value pools through rich, cross-format data insights. Developing and scaling high-margin revenue streams, including retail media (DFIQ Media) and insights monetisation (DFIQ Insights), will diversify our profit base and support long-term value creation.

To enhance operational efficiency and improve productivity of team members, the Group introduced GenAI-powered tools in the first half of 2026, with plans to scale deployment across operating markets in the coming months. In parallel, AI capabilities are increasingly embedded across core retail functions, including assortment optimisation, promotion planning and demand forecasting, to drive better, more data-driven decisions.

The Group undertook a thorough review of the cost structure with the aim of driving sustainable savings and improving long-term cost efficiency. This has led to a reallocation of resources and costs toward format-level operations, driving greater agility and responsiveness to evolving market conditions, while continuing to reduce central selling, general and administrative (SG&A) costs through overhead optimisation. Combined with improving digital economics, underlying operating profit from continuing businesses⁶ grew 14% year-on-year in the first half of 2026. Improved operating performance and lower financing costs contributed to an 11% increase in underlying profit attributable to shareholders, or 44% from continuing businesses⁷ only.

The Group maintained a healthy balance sheet with a net debt position of US$22 million as of 30 June 2026. Return on capital employed further improved to 12%, up from 9% as of December 2025.

The Group declared an interim dividend of US¢6.20 per share, representing a significant increase of 77% compared to the same period last year. This enhanced interim dividend distribution underscored the Board’s confidence in the Group’s underlying business momentum and strong cash flow generation, while ensuring sufficient capital for future growth in line with our 70% payout policy.

OPERATING PERFORMANCE

Overall
For the first half of 2026, underlying subsidiary revenue from continuing businesses⁶ was US$4.1 billion, up 4% year-on-year and 3% on a LFL basis. The growth was driven by strong performance in the Health & Beauty division, as well as a return to growth in the Convenience and Home Furnishings segments. Total revenue, including Maxim’s, was US$5.6 billion. Excluding divestments⁷, total revenue increased by approximately 4%.

Overall underlying profit attributable to shareholders from continuing businesses⁷ grew 44% year-on-year to US$117 million, primarily driven by improved operating profit and lower financing costs.

Underlying subsidiary profit from continuing businesses⁶ was US$101 million, reflecting a 49% year-on-year increase, primarily driven by earnings recovery in the Home Furnishings and Food segment with lower SG&A expenses as a result of overhead reduction.

Underlying profit from associates was US$16 million, down from US$30 million in the prior comparable period, which included share of profits from Robinsons Retail ahead of its disposal. Excluding this, profit contribution from associates was up 22% year-on-year due to robust sales growth and effective cost optimisation at Maxim’s.

The Group reported operating cash flow after lease payments of US$178 million, 16% higher than the prior year period, driven by underlying operating profit growth. Free cash flow for the period was a net inflow of US$85 million, down 5% year-on-year, due to increased capex investment in priorities that will further strengthen the Group’s competitive position while driving long-term value for shareholders.

Digital
Capturing a significant share of daily essential customer missions in Hong Kong, the DFI Omni Platform – powered by yuu – enables deeper customer engagement across offline and online touchpoints, maximises data capture and unlocks incremental margin opportunities beyond core retail through DFIQ Media and DFIQ Insights. Overall digital turned profitable, with e-commerce and DFIQ Media contributing to approximately 35% of total revenue growth in the first half of 2026. This was supported by improved underlying e-commerce economics, a rising online sales penetration⁸ to 6.9% and 3 times in DFIQ Media revenue compared to first half of 2025. As of June 2026, more than 10,000 digital media-ready screens were available across DFI outlets.

Subsidiaries
Sales for the Health & Beauty division were US$1.4 billion, up 8% year-on-year from continuing businesses⁹, 7% in constant currency, or 6% on a LFL basis, with continued market share gains across key operating markets. Mannings and Guardian deepened their leadership as the trusted advisors for wellness through an enhanced, wellness-focused assortment and continued roll-out of skin and scalp assessment services across a wider store network. The recently announced exclusive distribution partnership with Holland & Barrett, a leading UK health and wellness retailer, will further expand customer access to trusted wellness solutions in Hong Kong and Singapore, followed by a broader rollout across selected Asia markets in the coming years. In Hong Kong and Macau, Mannings delivered 5% LFL sales growth, driven by increased basket size and robust tourist store sales amid higher visitor arrivals. In Southeast Asia, Guardian achieved strong LFL sales growth of 9%, supported by higher basket sizes and improved promotional efficiency, with Indonesia and Vietnam delivering close to 20% LFL growth. Excluding the impact of cost reallocation and closure of Mannings China offline stores, divisional profit increased moderately by 2% to US$109 million. Margin declined primarily due to increased strategic promotions to drive stronger sales and market share in Southeast Asia, particularly in Malaysia where health & beauty retailers did not benefit from the SARA Cash Aid Programme.

Total Convenience sales were US$1.2 billion, up 4% year-on-year or 2% on a LFL basis, as continued growth in higher-margin categories, including ready-to-eat (RTE) and exclusive collectibles, more than offset the decline in lower-margin cigarette volumes. Hong Kong LFL sales returned to growth in the second quarter following ten consecutive quarters of decline, supported by RTE and an expanded non-food assortment, including limited-edition collectibles and K-pop merchandise. Excluding cigarettes, LFL sales were up 3% for the period. In Singapore, effective promotional campaigns and collectible product launches drove strong LFL sales growth of 8%. In South China, continued store network expansion through a capex-light franchise model – including a net addition of 112 stores since June 2025 to nearly 1,980 locations – contributed to 12% sales growth year-on-year or 6% on constant currency basis. LFL sales were 1% higher compared to the prior year period, driven by the successful launch of Own Brand in key categories of frozen products and packaged drinks. The team remains focused on driving footfall and sales through further expansion of the RTE offering across both offline and online channels. This includes a broader rollout of the Food Bar to 453 stores as of June 2026, up from 325 at year-end 2025, and strong overall online sales growth of more than 35%. Excluding cost reallocation impact, profit for the division increased by 2% to reach US$37 million.

Reported sales for the Food division from continuing businesses¹⁰ were US$1.1 billion, up 1% year-on-year. LFL sales returned to positive growth of 0.5% in the second quarter of 2026. In Hong Kong, investment in reduced pricing on core basket items, a stronger fresh proposition, and Own Brand offering drove 2% increase in total volume and 0.5% LFL sales growth in the first half of 2026. As of June 2026, Wellcome’s “Everyday Value” range has expanded to nearly 500 items, offering savings of up to 40%, bringing its basket price down from a premium to a discount relative to the Greater Bay Area. The team also accelerated omnichannel growth with more than 35% growth in online order volume. In Cambodia, Lucky reported strong double-digit sales growth, with profit more than doubling year-on-year. The plan to open 50 new stores over the next few years remains on track. Macau Food sales remained challenging as a result of cross-border grocery shopping. Excluding the impact of cost reallocation and the divestment of Singapore Food, overall divisional profit increased by 27% year-on-year to US$17 million.

The Home Furnishings division delivered strong recovery in performance during the first half of 2026, with LFL sales growth of 4%, compared to a decline of 6% in the prior year period. Price reinvestment in core value SKUs, a stronger focus on locally relevant ranges and IKEA Food innovation drove increased footfall and items per baskets, resulting in a 3% LFL sales growth in Hong Kong and 5% in Taiwan. IKEA Food remains a critical traffic and revenue driver, accounting for 15% of total sales. In Indonesia, while offline sales momentum remained soft, LFL sales trend improved on a strengthening IKEA’s omnichannel proposition with online sales penetration reaching 24%. Sales recovery and effective cost optimisation measures contributed to 85% growth in overall divisional profit, excluding cost reallocation impact.

Associates
The Group’s share of Maxim’s underlying profits was US$16 million for the first half of 2026, up 15% year-on-year, underpinned by continued cost optimisation and operational efficiency measures. Sales for the period increased by 4%, driven by strong restaurant performance in Southeast Asia and a return to growth in the Chinese mainland, partially offset by weaker sales in Hong Kong.

RECENT BUSINESS DEVELOPMENTS

On 30 June 2026, the Group announced the acquisition of 100% interest in Cody Hong Kong (Cody HK), one of the leading outdoor advertising solution providers in Hong Kong, for a cash consideration of HK$30.2 million (approximately US$3.8 million) from ARN Media Network Limited (ASX: A1N), subject to customary adjustments.

The acquisition advances DFI’s strategy to build a full-funnel advertising solution in Hong Kong through DFIQ Media. By integrating Cody HK’s strategic assets – including multi-year exclusive advertising rights with Kowloon Motor Bus (KMB) and Hong Kong Tramways (HKT) – with DFI’s extensive store network, growing online user base, and closed-loop measurement capabilities, DFIQ Media strengthens its ability to deliver high-impact advertising solutions to a broader advertiser base across online, in-store, and outdoor channels.

Subject to satisfaction of third-party consents, the transaction is expected to complete in the second half of 2026.

PEOPLE

On 6 July 2026, the Group announced four senior leadership appointments effective from 1 August 2026. These moves reflect the Group’s continued focus on strengthening its leadership pipeline and driving the next phase of growth with experienced, proven leaders.

Andrew Wong will be appointed Chief Executive Officer, DFI IKEA. Formerly CEO of Health & Beauty, Andrew brings extensive experience in driving customer-led growth, operational discipline and in-store digitalisation across multiple markets. His earlier leadership of franchise operations at Jardine Restaurant Group positions him well to lead the IKEA business into its next phase of development.

Curtis Liu, having most recently served as Chief Executive Officer of Food, will be appointed Chief Executive Officer, Health & Beauty. His proven leadership in driving customer value repositioning in Hong Kong, combined with deep operational retail knowledge and digital experience at JD.com, positions him well to drive continued momentum and omnichannel growth in Health & Beauty.

Tom van der Lee will be appointed Chief Executive Officer, Food. Tom has played an instrumental role as Group Chief Financial Officer, driving financial discipline and supporting key strategic decisions across the Group. His prior experience at FrieslandCampina, a global food company, and his broad financial leadership across DFI banners in Southeast Asia supported his strong commercial grounding to lead the Food business.

Kaizhi Wu will succeed Tom as Group Chief Financial Officer. Kaizhi currently serves as Group Finance Director, Planning & Reporting, based in Hong Kong. Prior to joining DFI, he served as Executive Vice President and Chief Financial Officer of Yonghui Superstores Co., and earlier held senior roles at Jardine Matheson, Fosun Group and PwC in London. Kaizhi will join the Group’s Management Committee upon assuming his new role.

OUTLOOK

The Group remains confident in our ability to navigate the evolving trading environment, supported by sharpened business priorities, a strong balance sheet and low-cost operating model. Financial outlook outlined at the Investor Day in December 2025 remains intact as DFI continues to execute our multi-year strategic initiatives that are critical to driving sustainable revenue and earnings growth. These initiatives include strengthening our value proposition, strategically expanding store network, enhancing omnichannel capabilities and accelerating digital asset monetisation through data-driven insights. In particular, the growing DFI Omni Platform will deepen our customer engagement, further reinforce our core retail strength and enhance overall earnings resilience in the long term.

Despite an elevated oil price outlook for the remainder of the year, the Group expects to deliver stronger profitability supported by enhanced operational efficiency. As a result, the Group revises up its full-year organic revenue growth¹¹ outlook to be between 3.0% and 4.0% (up from previously 2.0% to 3.0%), and underlying profit attributable to shareholders to be between US$285 million and US$305 million (up from previously US$270 million and US$300 million).

Scott Price
Group Chief Executive

—————–
¹ Excluding impacts of divestment of Singapore Food business, closure of Mannings China and disposal of minority stake of Robinsons Retail
² Excluding impacts of divestment of Singapore Food business and closure of Mannings China
³ Excluding Singapore Food and Mannings China
⁴ Excluding impacts of divestment of Singapore Food business and closure of Mannings China
⁵ Based on a third-party assured price comparison of a 200-item comparable basket between DFI and Shenzhen
⁶ Excluding impacts of divestment of Singapore Food business and closure of Mannings China
⁷ Excluding impacts of divestment of Singapore Food business, closure of Mannings China and disposal of minority stake of Robinsons Retail
⁸ Excluding cigarettes under Convenience and IKEA Food
⁹ Excluding Mannings China
¹⁰ Excluding Singapore Food business
¹¹ Excluding Singapore Food and Mannings China
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 30 June 2026, the Group and its associates operated 7,659 outlets across 12 markets, of which 5,593 stores were operated by subsidiaries. The Group, together with its associates, employed over 81,000 people, with more than 43,000 people employed by subsidiaries. The Group had reported revenue of US$8.9 billion in 2025.

The Group is committed to delivering quality, value and service to consumers across the region through trusted brands, strong local market positions, and a broad retail ecosystem supported by extensive store networks, digital capabilities and efficient supply chains.

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

Health and Beauty

• Mannings in 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.

The Monetary Authority of Singapore said uncertainty over whether companies can sustain vast spending on data centres, advanced chips and computing infrastructure has become a significant risk to the economic outlook. The warning reflects growing scrutiny of whether revenue generated by AI services can justify the scale of capital committed by technology groups.

MAS Managing Director Chia Der Jiun said the global economy should continue to benefit from AI-related expenditure in the near term, but the longer-term impact remains difficult to assess. A sudden reduction in investment could affect manufacturing, trade and financial asset prices, particularly in economies closely linked to electronics supply chains.

The assessment carries particular significance for Singapore, where technology-related production has driven much of the economic expansion this year. The economy grew by about 6 per cent during the first half of 2026, while AI-linked electronics accounted for more than 70 per cent of export growth. Semiconductor production, data-centre equipment and related services have helped offset pressure from trade restrictions, higher energy costs and geopolitical instability.

MAS expects economic activity to remain firm during the second half of the year, supported by technology, construction and financial services. However, it cautioned that tighter global financing conditions or a reversal in AI expenditure could undermine the durability of that growth and ease inflation more rapidly than expected.

The warning comes as the world’s largest technology companies raise spending on processors, servers, power systems and data centres. Capital expenditure by major AI-linked companies is projected to rise by more than 75 per cent to around $700 billion in 2026. Large technology groups are also turning increasingly to debt markets to finance the buildout, strengthening the connection between AI investment, credit conditions and the wider economy.

Fitch Ratings has identified an AI market correction as an emerging global credit risk, citing elevated valuations, concentrated investment and uncertainty over future returns. Amazon and Alphabet are among companies whose combined bond issuance has reached about $182 billion, underlining the growing role of borrowed funds in supporting infrastructure spending.

Supporters of the investment surge argue that generative AI could raise productivity, reduce costs and create new markets comparable to earlier technological transformations. Demand for advanced chips and cloud capacity remains strong, while business investment data continue to show momentum. US orders for core capital goods rose 0.9 per cent in June, and shipments increased 1.9 per cent, their strongest gain in four and a half years, helped by spending on computers and electronic equipment.

Questions persist over how quickly that spending will generate sustainable profits. Data centres require large quantities of electricity, specialised chips and cooling infrastructure, while rapid improvements in computing equipment can shorten replacement cycles. Companies may face pressure to keep investing even before earlier projects achieve their expected returns.

Academic research indicates that the AI boom combines strong technological foundations with pockets of speculative vulnerability. Enterprise adoption, revenue growth and productivity improvements support parts of the valuation expansion, but investment has outpaced monetisation in some segments. Private-market valuations are also concentrated among a limited number of companies, increasing the risk that a reassessment of growth expectations could spread rapidly.

Global equity markets are already showing greater sensitivity to concerns about returns from AI spending. Semiconductor shares have faced selling pressure, while technology indices have retreated from earlier peaks. Investors are closely examining earnings from leading cloud and chip companies for evidence that demand remains strong enough to support infrastructure budgets.

Singapore is vulnerable to such shifts because of its position in global electronics, finance and trade networks. A decline in chip orders could affect factory output and exports, while a fall in technology valuations could weaken investment sentiment and household wealth. Financial institutions could also face losses through corporate lending, bond holdings and market exposure.

MAS has separately highlighted cybersecurity threats arising from AI and quantum-computing advances. AI tools can improve fraud detection and network monitoring, but they can also make phishing, impersonation and hacking attempts more convincing. The authority has established an industry task force to help financial institutions strengthen their defences as technology-driven risks become more sophisticated.