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Financials
DFI Retail Group Holdings Limited Annual Report 2025
Explore the statements
13 tablesConsolidated Profit and Loss Account
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Underlying business performance (US$m) | 2025Non-trading items (US$m) | 2025Total (US$m) | 2024Underlying business performance (US$m) | 2024Non-trading items (US$m) | 2024Total (US$m) | Source |
|---|---|---|---|---|---|---|---|
| Profit and loss | |||||||
| RevenueUS$m | 8,868.9 | – | 8,868.9 | 8,868.9 | – | 8,868.9 | PDF p. 140 |
| Cost of salesUS$m | (5,613.9) | – | (5,613.9) | (5,639.8) | – | (5,639.8) | PDF p. 140 |
| Other operating incomeUS$m | 10.2 | 4.9 | 15.1 | 5.8 | 57.5 | 63.3 | PDF p. 140 |
| Selling and distribution costsUS$m | (2,362.1) | – | (2,362.1) | (2,375.7) | – | (2,375.7) | PDF p. 140 |
| Administration and other operating expensesUS$m | (534.6) | (11.8) | (546.4) | (516.1) | (201.5) | (717.6) | PDF p. 140 |
| Net operating costsUS$m | (8,500.4) | (6.9) | (8,507.3) | (8,525.8) | (144.0) | (8,669.8) | PDF p. 140 |
| Operating profitUS$m | 368.5 | (6.9) | 361.6 | 343.1 | (144.0) | 199.1 | PDF p. 140 |
| Gain on divestment of Singapore Food businessUS$m | – | 124.6 | 124.6 | – | – | – | PDF p. 140 |
| Impairment charge on interests in associatesUS$m | – | (13.5) | (13.5) | – | (231.3) | (231.3) | PDF p. 140 |
| Loss on divestments of associatesUS$m | – | (143.2) | (143.2) | – | (114.4) | (114.4) | PDF p. 140 |
| Financing chargesUS$m | (136.6) | – | (136.6) | (155.5) | – | (155.5) | PDF p. 140 |
| Financing incomeUS$m | 12.0 | – | 12.0 | 4.7 | – | 4.7 | PDF p. 140 |
| Net financing chargesUS$m | (124.6) | – | (124.6) | (150.8) | – | (150.8) | PDF p. 140 |
| Share of results of associates and joint venturesUS$m | 87.7 | 4.5 | 92.2 | 42.5 | 42.1 | 84.6 | PDF p. 140 |
| Profit/(loss) before taxUS$m | 331.6 | (34.5) | 297.1 | 234.8 | (447.6) | (212.8) | PDF p. 140 |
| TaxUS$m | (57.9) | (0.5) | (58.4) | (29.5) | 2.9 | (26.6) | PDF p. 140 |
| Profit/(loss) after taxUS$m | 273.7 | (35.0) | 238.7 | 205.3 | (444.7) | (239.4) | PDF p. 140 |
| Attributable to | |||||||
| Shareholders of the CompanyUS$m | 270.3 | (35.6) | 234.7 | 200.6 | (445.1) | (244.5) | PDF p. 140 |
| Non-controlling interestsUS$m | 3.4 | 0.6 | 4.0 | 4.7 | 0.4 | 5.1 | PDF p. 140 |
| Attributable to subtotal | |||||||
| SubtotalUS$m | 273.7 | (35.0) | 238.7 | 205.3 | (444.7) | (239.4) | PDF p. 140 |
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Definitions & sources
Original report: PDF p. 140 ↗
Consolidated Earnings/(loss) per share
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group basic and diluted (US¢ per share) | 2024Group basic and diluted (US¢ per share) | Source |
|---|---|---|---|
| Earnings/(loss) per share | |||
| – basicUS¢ per share | 17.41 | (18.17) | PDF p. 140 |
| – dilutedUS¢ per share | 17.34 | (18.17) | PDF p. 140 |
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Definitions & sources
Original report: PDF p. 140 ↗
Consolidated Statement of Comprehensive Income
25 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group (US$m) | 2024Group (US$m) | Source |
|---|---|---|---|
| Comprehensive income | |||
| Profit/(loss) for the yearUS$m | 238.7 | (239.4) | PDF p. 141 |
| Other comprehensive income/(expense); items that will not be reclassified to profit or loss | |||
| Net exchange translation loss arising during the yearUS$m | (0.3) | (0.3) | PDF p. 141 |
| Remeasurements of defined benefit plansUS$m | 10.2 | 4.6 | PDF p. 141 |
| Remeasurements of statutory employee entitlementsUS$m | (2.0) | (1.4) | PDF p. 141 |
| Net revaluation surplus on right-of-use assets before transfer to investment propertiesUS$m | – | 5.7 | PDF p. 141 |
| Tax relating to items that will not be reclassifiedUS$m | (1.7) | (0.3) | PDF p. 141 |
| Other comprehensive income/(expense); items that will not be reclassified subtotal | |||
| SubtotalUS$m | 6.2 | 8.3 | PDF p. 141 |
| Other comprehensive income/(expense) | |||
| Share of other comprehensive income/(expense) of associates and joint venturesUS$m | 0.8 | (0.8) | PDF p. 141 |
| Other comprehensive income/(expense); items that will not be reclassified subtotal | |||
| SubtotalUS$m | 7.0 | 7.5 | PDF p. 141 |
| Other comprehensive income/(expense); items that may be reclassified subsequently to profit or loss | |||
| Net exchange translation differences – net loss arising during the yearUS$m | (1.1) | (40.4) | PDF p. 141 |
| Other comprehensive income/(expense); Net exchange translation differences | |||
| – transfer to profit and lossUS$m | 117.4 | 8.4 | PDF p. 141 |
| Other comprehensive income/(expense); exchange translation subtotal | |||
| SubtotalUS$m | 116.3 | (32.0) | PDF p. 141 |
| Other comprehensive income/(expense); items that may be reclassified subsequently to profit or loss | |||
| Cash flow hedges – net (loss)/gain arising during the yearUS$m | (1.1) | 6.6 | PDF p. 141 |
| Other comprehensive income/(expense); Cash flow hedges | |||
| – transfer to profit and lossUS$m | (4.9) | (12.9) | PDF p. 141 |
| Other comprehensive income/(expense); cash flow hedge subtotal | |||
| SubtotalUS$m | (6.0) | (6.3) | PDF p. 141 |
| Other comprehensive income/(expense); items that may be reclassified subsequently to profit or loss | |||
| Tax relating to items that may be reclassifiedUS$m | 1.2 | (0.2) | PDF p. 141 |
| Share of other comprehensive income/(expense) of associates and joint ventures | |||
| – exchange translation gain/(loss) and other arising during the yearUS$m | 30.6 | (17.0) | PDF p. 141 |
| – exchange translation loss transfer to profit and lossUS$m | 45.3 | 0.4 | PDF p. 141 |
| Other comprehensive income/(expense); share of associates and joint ventures subtotal | |||
| SubtotalUS$m | 75.9 | (16.6) | PDF p. 141 |
| Other comprehensive income/(expense); items that may be reclassified subtotal | |||
| SubtotalUS$m | 187.4 | (55.1) | PDF p. 141 |
| Comprehensive income | |||
| Other comprehensive income/(expense) for the year, net of taxUS$m | 194.4 | (47.6) | PDF p. 141 |
| Total comprehensive income for the yearUS$m | 433.1 | (287.0) | PDF p. 141 |
| Attributable to | |||
| Shareholders of the CompanyUS$m | 429.5 | (292.4) | PDF p. 141 |
| Non-controlling interestsUS$m | 3.6 | 5.4 | PDF p. 141 |
| Attributable to subtotal | |||
| SubtotalUS$m | 433.1 | (287.0) | PDF p. 141 |
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Definitions & sources
Original report: PDF p. 141 ↗
Consolidated Balance Sheet
38 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group (US$m) | 2024Group (US$m) | Source |
|---|---|---|---|
| Net operating assets | |||
| Intangible assetsUS$m | 132.0 | 137.5 | PDF p. 142 |
| Tangible assetsUS$m | 559.8 | 618.4 | PDF p. 142 |
| Right-of-use assetsUS$m | 2,086.1 | 2,542.1 | PDF p. 142 |
| Investment propertiesUS$m | 90.4 | 100.8 | PDF p. 142 |
| Associates and joint venturesUS$m | 624.6 | 839.1 | PDF p. 142 |
| Other investmentsUS$m | 11.7 | 20.3 | PDF p. 142 |
| Non-current debtorsUS$m | 87.6 | 97.9 | PDF p. 142 |
| Deferred tax assetsUS$m | 31.7 | 38.7 | PDF p. 142 |
| Pension assetsUS$m | 16.5 | 7.6 | PDF p. 142 |
| Non-current assetsUS$m | 3,640.4 | 4,402.4 | PDF p. 142 |
| Current assets | |||
| StocksUS$m | 645.9 | 686.3 | PDF p. 142 |
| Current debtorsUS$m | 182.7 | 222.7 | PDF p. 142 |
| Current tax assetsUS$m | 10.2 | 13.3 | PDF p. 142 |
| Cash and bank balancesUS$m | 168.7 | 273.8 | PDF p. 142 |
| Current assets subtotal before assets held for sale | |||
| SubtotalUS$m | 1,007.5 | 1,196.1 | PDF p. 142 |
| Current assets | |||
| Assets held for saleUS$m | 4.2 | 1,673.5 | PDF p. 142 |
| Net operating assets | |||
| Current assetsUS$m | 1,011.7 | 2,869.6 | PDF p. 142 |
| Current liabilities | |||
| Current creditorsUS$m | (1,772.1) | (2,949.8) | PDF p. 142 |
| Current borrowingsUS$m | (99.2) | (504.9) | PDF p. 142 |
| Current lease liabilitiesUS$m | (509.1) | (560.4) | PDF p. 142 |
| Current tax liabilitiesUS$m | (40.5) | (33.7) | PDF p. 142 |
| Current provisionsUS$m | (42.3) | (42.2) | PDF p. 142 |
| Net operating assets | |||
| Current liabilitiesUS$m | (2,463.2) | (4,091.0) | PDF p. 142 |
| Net current liabilitiesUS$m | (1,451.5) | (1,221.4) | PDF p. 142 |
| Long-term borrowingsUS$m | – | (236.5) | PDF p. 142 |
| Non-current lease liabilitiesUS$m | (1,762.4) | (2,202.6) | PDF p. 142 |
| Deferred tax liabilitiesUS$m | (13.5) | (25.8) | PDF p. 142 |
| Pension liabilitiesUS$m | (4.5) | (4.4) | PDF p. 142 |
| Non-current creditorsUS$m | (10.1) | (5.3) | PDF p. 142 |
| Non-current provisionsUS$m | (101.9) | (111.7) | PDF p. 142 |
| Non-current liabilitiesUS$m | (1,892.4) | (2,586.3) | PDF p. 142 |
| Net operating assets subtotal | |||
| SubtotalUS$m | 296.5 | 594.7 | PDF p. 142 |
| Total equity | |||
| Share capitalUS$m | 75.2 | 75.2 | PDF p. 143 |
| Share premium and capital reservesUS$m | 83.6 | 75.6 | PDF p. 143 |
| Revenue and other reservesUS$m | 119.3 | 430.6 | PDF p. 143 |
| Shareholders’ fundsUS$m | 278.1 | 581.4 | PDF p. 143 |
| Non-controlling interestsUS$m | 18.4 | 13.3 | PDF p. 143 |
| SubtotalUS$m | 296.5 | 594.7 | PDF p. 143 |
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Definitions & sources
Original report: PDF p. 142 ↗ PDF p. 143 ↗
Company Summarised Balance Sheet
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company (US$m) | 2024Company (US$m) | Source |
|---|---|---|---|
| Company summarised balance sheet | |||
| Subsidiaries, at costUS$m | 92.4 | 92.4 | PDF p. 197 |
| Current assets*US$m | 116.5 | 345.9 | PDF p. 197 |
| Current liabilities*US$m | (12.7) | (10.4) | PDF p. 197 |
| Net operating assetsUS$m | 196.2 | 427.9 | PDF p. 197 |
| Shareholders’ funds | |||
| Share capitalUS$m | 75.2 | 75.2 | PDF p. 197 |
| Share premium and capital reservesUS$m | 83.6 | 75.6 | PDF p. 197 |
| Revenue and other reservesUS$m | 37.4 | 277.1 | PDF p. 197 |
| Company summarised balance sheet | |||
| Shareholders’ fundsUS$m | 196.2 | 427.9 | PDF p. 197 |
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Definitions & sources
Original report: PDF p. 197 ↗
* Included intercompany balances due from/(to) subsidiaries.
Consolidated Statement of Changes in Equity — 2025
13 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Share capital | 2025Share premium | 2025Capital reserves | 2025Revenue reserves | 2025Other reserves | 2025Attributable to shareholders of the Company | 2025Attributable to non-controlling interests | 2025Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2025 opening balance | |||||||||
| At 1 JanuaryUS$m | 75.2 | 39.6 | 36.0 | 742.9 | (312.3) | 581.4 | 13.3 | 594.7 | PDF p. 144 |
| 2025 movements | |||||||||
| Total comprehensive incomeUS$m | – | – | – | 243.3 | 186.2 | 429.5 | 3.6 | 433.1 | PDF p. 144 |
| Dividends paid by the Company (note 27)US$m | – | – | – | (738.9) | – | (738.9) | – | (738.9) | PDF p. 144 |
| Dividends paid to non-controlling interestsUS$m | – | – | – | – | – | – | (0.5) | (0.5) | PDF p. 144 |
| Unclaimed dividends forfeitedUS$m | – | – | – | 0.8 | – | 0.8 | – | 0.8 | PDF p. 144 |
| Share-based long-term incentive plans (note 25)US$m | – | – | 15.1 | – | – | 15.1 | – | 15.1 | PDF p. 144 |
| Repurchase of shares for a share-based long-term incentive planUS$m | – | – | – | (14.6) | – | (14.6) | – | (14.6) | PDF p. 144 |
| Capital contribution from non-controlling interestsUS$m | – | – | – | – | – | – | 0.7 | 0.7 | PDF p. 144 |
| Untraceable sharesUS$m | – | – | – | 4.5 | – | 4.5 | – | 4.5 | PDF p. 144 |
| New subsidiary (note 29(d))US$m | – | – | – | – | – | – | 1.3 | 1.3 | PDF p. 144 |
| Change in interests in associates and joint venturesUS$m | – | – | – | 0.3 | – | 0.3 | – | 0.3 | PDF p. 144 |
| TransferUS$m | – | – | (7.1) | 14.1 | (7.0) | – | – | – | PDF p. 144 |
| 2025 closing balance | |||||||||
| At 31 DecemberUS$m | 75.2 | 39.6 | 44.0 | 252.4 | (133.1) | 278.1 | 18.4 | 296.5 | PDF p. 144 |
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Definitions & sources
Original report: PDF p. 144 ↗
Consolidated Statement of Changes in Equity — 2024
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Share capital | 2024Share premium | 2024Capital reserves | 2024Revenue reserves | 2024Other reserves | 2024Attributable to shareholders of the Company | 2024Attributable to non-controlling interests | 2024Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2024 opening balance | |||||||||
| At 1 JanuaryUS$m | 75.2 | 39.6 | 33.2 | 1,088.3 | (256.1) | 980.2 | 7.9 | 988.1 | PDF p. 144 |
| 2024 movements | |||||||||
| Total comprehensive incomeUS$m | – | – | – | (241.0) | (51.4) | (292.4) | 5.4 | (287.0) | PDF p. 144 |
| Dividends paid by the Company (note 27)US$m | – | – | – | (114.3) | – | (114.3) | – | (114.3) | PDF p. 144 |
| Unclaimed dividends forfeitedUS$m | – | – | – | 0.1 | – | 0.1 | – | 0.1 | PDF p. 144 |
| Share-based long-term incentive plans (note 25)US$m | – | – | 11.1 | – | – | 11.1 | – | 11.1 | PDF p. 144 |
| Repurchase of shares for a share-based long-term incentive planUS$m | – | – | – | (2.7) | – | (2.7) | – | (2.7) | PDF p. 144 |
| Change in interests in associates and joint venturesUS$m | – | – | – | (0.6) | – | (0.6) | – | (0.6) | PDF p. 144 |
| TransferUS$m | – | – | (8.3) | 13.1 | (4.8) | – | – | – | PDF p. 144 |
| 2024 closing balance | |||||||||
| At 31 DecemberUS$m | 75.2 | 39.6 | 36.0 | 742.9 | (312.3) | 581.4 | 13.3 | 594.7 | PDF p. 144 |
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Definitions & sources
Original report: PDF p. 144 ↗
Consolidated Cash Flow Statement
36 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Operating activities | |||
| Operating profitUS$m | 361.6 | 199.1 | PDF p. 145 |
| Depreciation and amortisationUS$m | 839.4 | 837.4 | PDF p. 145 |
| Other non-cash itemsUS$m | 57.2 | 163.7 | PDF p. 145 |
| Increase in working capitalUS$m | (34.5) | (79.1) | PDF p. 145 |
| Interest receivedUS$m | 12.2 | 4.8 | PDF p. 145 |
| Interest and other financing charges paidUS$m | (136.7) | (153.9) | PDF p. 145 |
| Tax paidUS$m | (48.4) | (50.7) | PDF p. 145 |
| SubtotalUS$m | 1,050.8 | 921.3 | PDF p. 145 |
| Dividends from associates and joint venturesUS$m | 48.4 | 51.6 | PDF p. 145 |
| Cash flows from operating activitiesUS$m | 1,099.2 | 972.9 | PDF p. 145 |
| Investing activities | |||
| Reclassification of a joint venture as a subsidiaryUS$m | 6.1 | – | PDF p. 145 |
| Purchase of associates and joint venturesUS$m | – | (6.4) | PDF p. 145 |
| Purchase of other investmentsUS$m | – | (46.5) | PDF p. 145 |
| Purchase of intangible assetsUS$m | (35.7) | (19.7) | PDF p. 145 |
| Purchase of tangible assetsUS$m | (113.1) | (153.3) | PDF p. 145 |
| Sale of subsidiariesUS$m | 67.2 | 94.1 | PDF p. 145 |
| Sale of associates and joint venturesUS$m | 897.0 | 40.2 | PDF p. 145 |
| Sale of other investmentsUS$m | 11.3 | 0.2 | PDF p. 145 |
| Sale of supermarkets in IndonesiaUS$m | – | 7.3 | PDF p. 145 |
| Sale of propertiesUS$m | 15.3 | 18.9 | PDF p. 145 |
| Sale of other tangible assetsUS$m | 1.1 | 1.6 | PDF p. 145 |
| Cash flows from investing activitiesUS$m | 849.2 | (63.6) | PDF p. 145 |
| Financing activities | |||
| Sale of untraceable sharesUS$m | 4.5 | – | PDF p. 145 |
| Capital contribution from non-controlling interestsUS$m | 0.7 | – | PDF p. 145 |
| Repurchase of shares for a share-based long-term incentive planUS$m | (14.6) | (2.7) | PDF p. 145 |
| Drawdown of borrowingsUS$m | 732.3 | 1,490.0 | PDF p. 145 |
| Repayment of borrowingsUS$m | (1,206.7) | (1,617.1) | PDF p. 145 |
| Net decrease in other short-term borrowingsUS$m | (168.7) | (44.6) | PDF p. 145 |
| Principal elements of lease paymentsUS$m | (668.9) | (641.7) | PDF p. 145 |
| Dividends paid by the CompanyUS$m | (738.9) | (114.3) | PDF p. 145 |
| Dividends paid to non-controlling interestsUS$m | (0.5) | – | PDF p. 145 |
| Cash flows from financing activitiesUS$m | (2,060.8) | (930.4) | PDF p. 145 |
| Cash and cash equivalents | |||
| Net decrease in cash and cash equivalentsUS$m | (112.4) | (21.1) | PDF p. 145 |
| Cash and cash equivalents at 1 JanuaryUS$m | 273.8 | 298.2 | PDF p. 145 |
| Effect of exchange rate changesUS$m | 5.8 | (3.3) | PDF p. 145 |
| Cash and cash equivalents at 31 DecemberUS$m | 167.2 | 273.8 | PDF p. 145 |
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Definitions & sources
Original report: PDF p. 145 ↗
Highlights — Results
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Reported | 2024Reported | 2025Change (%), 2025 vs 2024 | Source |
|---|---|---|---|---|
| Results | ||||
| RevenueUS$m | 8,869 | 8,869 | – | PDF p. 6 |
| Underlying profit attributable to shareholders*US$m | 270 | 201 | 35 | PDF p. 6 |
| Net non-trading items attributable to shareholdersUS$m | (36) | (445) | n/a | PDF p. 6 |
| Profit/(loss) attributable to shareholdersUS$m | 235 | (245) | n/a | PDF p. 6 |
| Net cash/(debt)US$m | 70 | (468) | n/a | PDF p. 6 |
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Definitions & sources
Original report: PDF p. 6 ↗
* The Group uses ‘underlying profit’ in its internal financial reporting to distinguish between ongoing business performance and non-trading items, as more fully described in note 36 to the financial statements. Management considers this to be a key measure which provides additional information to enhance understanding of the Group’s underlying business performance.
Highlights — Per-share data
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Reported | 2024Reported | 2025Change (%), 2025 vs 2024 | Source |
|---|---|---|---|---|
| Per-share data | ||||
| Underlying earnings per share*US¢ | 20.05 | 14.91 | 35 | PDF p. 6 |
| Earnings/(loss) per shareUS¢ | 17.41 | (18.17) | n/a | PDF p. 6 |
| Dividends per share | ||||
| Ordinary dividend per shareUS¢ | 14.00 | 10.50 | 33 | PDF p. 6 |
| Special dividend per shareUS¢ | 44.30 | – | n/a | PDF p. 6 |
| Per-share data | ||||
| Net asset value per share†US¢ | 20.54 | 42.95 | (52) | PDF p. 6 |
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Definitions & sources
Original report: PDF p. 6 ↗
† Net asset value per share is based on the book value of shareholders’ funds.
Five Year Summary
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Reported | 2024Reported | 2023Reported | 2022Reported | 2021Reported | Source |
|---|---|---|---|---|---|---|
| Profit and Loss | ||||||
| Revenue *US$m | 8,868.9 | 8,868.9 | 9,169.9 | 9,174.2 | 9,188.2 | PDF p. 231 |
| Profit/(loss) attributable to shareholdersUS$m | 234.7 | (244.5) | 32.2 | (114.6) | 102.9 | PDF p. 231 |
| Underlying profit attributable to shareholdersUS$m | 270.3 | 200.6 | 154.7 | 28.8 | 104.6 | PDF p. 231 |
| Per-share data | ||||||
| Underlying earnings per share (US¢)US¢ | 20.05 | 14.91 | 11.49 | 2.14 | 7.73 | PDF p. 231 |
| Earnings/(loss) per share (US¢)US¢ | 17.41 | (18.17) | 2.39 | (8.51) | 7.61 | PDF p. 231 |
| Dividends per share | ||||||
| Ordinary dividend per share (US¢)US¢ | 14.00 | 10.50 | 8.00 | 3.00 | 9.50 | PDF p. 231 |
| Special dividend per share (US¢)US¢ | 44.30 | – | – | – | – | PDF p. 231 |
| Balance Sheet | ||||||
| Total assetsUS$m | 4,652.1 | 7,272.0 | 7,111.1 | 7,326.3 | 7,604.8 | PDF p. 231 |
| Total liabilitiesUS$m | (4,355.6) | (6,677.3) | (6,123.0) | (6,384.9) | (6,337.6) | PDF p. 231 |
| Net operating assetsUS$m | 296.5 | 594.7 | 988.1 | 941.4 | 1,267.2 | PDF p. 231 |
| Shareholders’ fundsUS$m | 278.1 | 581.4 | 980.2 | 947.1 | 1,267.2 | PDF p. 231 |
| Non-controlling interestsUS$m | 18.4 | 13.3 | 7.9 | (5.7) | – | PDF p. 231 |
| Total equityUS$m | 296.5 | 594.7 | 988.1 | 941.4 | 1,267.2 | PDF p. 231 |
| Net cash/(debt)US$m | 69.5 | (467.6) | (617.8) | (865.5) | (843.9) | PDF p. 231 |
| Per-share data | ||||||
| Net asset value per share (US¢)US¢ | 20.54 | 42.95 | 72.41 | 69.98 | 93.67 | PDF p. 231 |
| Cash Flow | ||||||
| Cash flows from operating activitiesUS$m | 1,099.2 | 972.9 | 1,043.6 | 939.8 | 942.3 | PDF p. 231 |
| Cash flows from investing activitiesUS$m | 849.2 | (63.6) | (94.6) | (201.0) | (124.7) | PDF p. 231 |
| Cash flows before financing activitiesUS$m | 1,948.4 | 909.3 | 949.0 | 738.8 | 817.6 | PDF p. 231 |
| Cash flow per share from operating activities (US¢)US¢ | 81.20 | 71.87 | 77.10 | 69.45 | 69.65 | PDF p. 231 |
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Definitions & sources
Original report: PDF p. 231 ↗
* Figure in 2021 has been restated to include revenue from other sources.
2025 financial and operating infographics
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Reported infographic; exact printed numbers | Source |
|---|---|---|
| 2025 original infographic: revenue including Maxim’s | ||
| Revenue – Include Maxim’sUS$bn | 12.0 | PDF p. 7 |
| 2025 original infographic: 2025 underlying profit attributable to shareholders | ||
| Underlying Profit Attributable to ShareholdersUS$m | 270 | PDF p. 7 |
| 2025 original infographic: 2025 net cash/(debt) | ||
| Net Cash/ (Debt)US$m | 70 | PDF p. 7 |
| 2025 original infographic: 2025 underlying EPS | ||
| Underlying Earnings per ShareUS¢ | 20.05 | PDF p. 7 |
| 2025 original infographic: 2025 total dividends per share | ||
| Total Dividends per ShareUS¢ | 58.30 | PDF p. 7 |
| 2025 original infographic: Employee chart headline | ||
| Number of Employeespeople | 79,000 | PDF p. 7 |
| 2025 original infographic: 2025 versus 2024 change | ||
| Ordinary Dividend per Share% | +33 | PDF p. 7 |
| Underlying Profit% | +35 | PDF p. 7 |
| 2025 original infographic: 2025 number of stores | ||
| Number of Storesstores | 7,580 | PDF p. 7 |
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Definitions & sources
Original report: PDF p. 7 ↗
The employee headline says Over 79,000 people and includes subsidiaries, associates and joint ventures; this is a lower bound, not an exact headcount. Revenue includes Maxim’s.
Historical bars do not print exact values; no numbers are inferred from bar heights.
Store Network
6 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Reported stores | 2024Reported stores | 2025Net change from 2024 | Source |
|---|---|---|---|---|
| Store Network‡ | ||||
| Health and Beautystores | 1,533 | 1,524 | +9 | PDF p. 6 |
| Conveniencestores | 3,527 | 3,436 | +91 | PDF p. 6 |
| Foodstores | 443 | 429 | +14 | PDF p. 6 |
| Home Furnishingsstores | 26 | 26 | – | PDF p. 6 |
| Restaurantsstores | 2,051 | 2,023 | +28 | PDF p. 6 |
| Subtotalstores | 7,580 | 7,438 | +142 | PDF p. 6 |
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Definitions & sources
Original report: PDF p. 6 ↗
Including 2,051 associates and joint ventures stores in 2025 (2024: 2,023), on a comparable and continuing basis.
Where the money comes from
Segment information
By business
Revenue – Sales of goods by reportable segment 5 lines
| Item / unit | 2025US$m | 2024US$m | Source |
|---|---|---|---|
| Sales of goods – Analysis by reportable segments | |||
| Health and BeautyUS$m | 2,622.9 | 2,457.3 | PDF p. 147 |
| ConvenienceUS$m | 2,342.0 | 2,378.8 | PDF p. 147 |
| FoodUS$m | 3,040.0 | 3,130.6 | PDF p. 147 |
| Home FurnishingsUS$m | 676.8 | 701.2 | PDF p. 147 |
| Revenue | |||
| Revenue from other sourcesUS$m | 187.2 | 201.0 | PDF p. 147 |
Notes
Unlabelled subtotal row printed as 8,681.7 (2025) and 8,667.9 (2024); unlabelled total revenue 8,868.9 for both years.
Operating Profit – Analysis by reportable segments 8 lines
| Item / unit | 2025US$m | 2024US$m | Source |
|---|---|---|---|
| Analysis by reportable segments* | |||
| Health and BeautyUS$m | 227.7 | 210.8 | PDF p. 148 |
| ConvenienceUS$m | 96.7 | 102.3 | PDF p. 148 |
| FoodUS$m | 61.5 | 57.8 | PDF p. 148 |
| Home FurnishingsUS$m | 25.9 | 16.1 | PDF p. 148 |
| Selling, general and administrative expensesUS$m | (142.7) | (138.7) | PDF p. 148 |
| Underlying operating profit before IFRS 16†US$m | 269.1 | 248.3 | PDF p. 148 |
| IFRS 16 adjustment‡US$m | 99.4 | 94.8 | PDF p. 148 |
| Underlying operating profitUS$m | 368.5 | 343.1 | PDF p. 148 |
Notes
* Underlying operating profit is calculated as revenue less underlying net operating costs. Underlying net operating costs before selling, general and administrative expenses and the IFRS 16 adjustment amounted to US$8,457.1 million (2024: US$8,481.9 million). These costs were attributable to Health and Beauty US$2,430.3 million (2024: US$2,281.8 million); Convenience US$2,312.5 million (2024: US$2,346.1 million); Food US$3,035.4 million (2024: US$3,139.6 million); and Home Furnishings US$678.9 million (2024: US$714.4 million).
† This measure of profit and loss is regularly provided to management. Property lease payments and depreciation of reinstatement costs under the lease contracts were included in the Group's analysis of reportable segments' results.
‡ Represented the reversal of lease payments which were accounted for on a straight-line basis, adjusted by the lease contracts recognised under IFRS 16 'Leases', primarily for the depreciation charge and impairment charge on right-of-use assets.
Unlabelled segment subtotal 411.8 (2025) and 387.0 (2024). Non-trading items follow, ending in operating profit of 361.6 (2025) and 199.1 (2024), not extracted as segment rows.
Share of Results of Associates and Joint Ventures – Analysis by reportable segments 4 lines
| Item / unit | 2025US$m (2025*) | 2024US$m (2024*) | Source |
|---|---|---|---|
| Analysis by reportable segments | |||
| Health and BeautyUS$m | 5.0 | 5.9 | PDF p. 151 |
| FoodUS$m | 15.0 | 11.4 | PDF p. 151 |
| RestaurantsUS$m | 69.8 | 63.9 | PDF p. 151 |
| Other RetailingUS$m | 2.4 | 3.4 | PDF p. 151 |
Notes
* In 2025, this included eight months results for Robinsons Retail from 1 October 2024 to 30 May 2025, the date of disposal (note 13). In 2024, it included 12 months results for both Yonghui and Robinsons Retail from 1 October 2023 to 30 September 2024, based on their latest published announcements.
Unlabelled total: 92.2 (2025) and 84.6 (2024).
Note 29(a) Depreciation and amortisation – Analysis by reportable segments 5 lines
| Item / unit | 2025US$m | 2024US$m | Source |
|---|---|---|---|
| (a) Depreciation and amortisation – Analysis by reportable segments | |||
| Health and BeautyUS$m | 186.8 | 164.2 | PDF p. 192 |
| ConvenienceUS$m | 246.4 | 243.9 | PDF p. 192 |
| FoodUS$m | 311.0 | 318.1 | PDF p. 192 |
| Home FurnishingsUS$m | 87.0 | 92.9 | PDF p. 192 |
| Selling, general and administrative expensesUS$m | 8.2 | 18.3 | PDF p. 192 |
Notes
Unlabelled total: 839.4 (2025) and 837.4 (2024).
By geography
Revenue – Analysis by geographical areas 2 lines
| Item / unit | 2025US$m | 2024US$m | Source |
|---|---|---|---|
| Analysis by geographical areas | |||
| North AsiaUS$m | 6,441.5 | 6,489.8 | PDF p. 147 |
| Southeast AsiaUS$m | 2,427.4 | 2,379.1 | PDF p. 147 |
Notes
The Group's geographical areas covering North Asia and Southeast Asia, are determined by the geographical location of customers. North Asia comprises the Chinese mainland, Hong Kong, Macau and Taiwan. Southeast Asia comprises Brunei, Cambodia, Indonesia, Malaysia, Singapore and Vietnam.
Total printed (unlabelled): 8,868.9 for both years.
Debt
Borrowings
Borrowing notes 4 tables
Borrowings
| Item / unit | 2025US$m | 2024US$m | Source |
|---|---|---|---|
| Current | |||
| – other bank advancesUS$m | 82.2 | 474.0 | PDF p. 184 |
| – current portion of long-term bank borrowingsUS$m | 17.0 | 30.9 | PDF p. 184 |
| Non-current | |||
| Long-term bank borrowingsUS$m | – | 236.5 | PDF p. 184 |
Notes
All borrowings are unsecured. The fair values of borrowings are not materially different from their carrying amounts.
Current subtotal 99.2 (2025) and 504.9 (2024); total borrowings 99.2 (2025) and 741.4 (2024).
Borrowings by currency and interest rate
| Item / unit | 2025weighted average interest rate (%) | 2025weighted average period outstanding of fixed rate borrowings (Years) | 2025fixed rate borrowings (US$m) | 2025floating rate borrowings (US$m) | 2025total (US$m) | 2024weighted average interest rate (%) | 2024weighted average period outstanding of fixed rate borrowings (Years) | 2024fixed rate borrowings (US$m) | 2024floating rate borrowings (US$m) | 2024total (US$m) | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| By currencies | |||||||||||
| Hong Kong dollar% / Years / US$m | 4.0 | – | – | 31.1 | 31.1 | 4.7 | 0.1 | 100.5 | 229.2 | 329.7 | PDF p. 184 |
| Indonesian rupiah% / Years / US$m | 5.6 | – | – | 34.6 | 34.6 | 7.2 | – | – | 78.9 | 78.9 | PDF p. 184 |
| Malaysian ringgit% / Years / US$m | 3.9 | – | – | 33.5 | 33.5 | 4.1 | – | – | 33.0 | 33.0 | PDF p. 184 |
| Singapore dollar% / Years / US$m | 3.4 | – | – | 199.8 | 199.8 | PDF p. 184 | |||||
| United States dollar% / Years / US$m | 5.2 | – | – | 100.0 | 100.0 | PDF p. 184 | |||||
Notes
Total row: – 99.2 99.2. The weighted average interest rates and period of fixed rate borrowings were stated after taking into account hedging transactions.
Total row: 100.5 640.9 741.4.
Interest rate exposure and repricing of borrowings
| Item / unit | 2025US$m | 2024US$m | Source |
|---|---|---|---|
| Repricing profile | |||
| Floating rate borrowingsUS$m | 99.2 | 640.9 | PDF p. 185 |
| Fixed rate borrowings | |||
| – within one yearUS$m | – | – | PDF p. 185 |
| – between one and two yearsUS$m | – | – | PDF p. 185 |
| – between two and three yearsUS$m | – | 100.5 | PDF p. 185 |
Notes
Total 99.2 (2025) and 741.4 (2024). After taking into account hedging transactions.
Liquidity risk: contractual undiscounted cash flows for borrowings and lease liabilities, 31 December
| Item / unit | 2025Within one year | 2025Between one and two years | 2025Between two and three years | 2025Between three and four years | 2025Between four and five years | 2025Beyond five years | 2025Total undiscounted cash flows | 2024Within one year | 2024Between one and two years | 2024Between two and three years | 2024Between three and four years | 2024Between four and five years | 2024Beyond five years | 2024Total undiscounted cash flows | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| At 31 December | |||||||||||||||
| BorrowingsUS$m | 101.0 | 0.3 | – | – | – | – | 101.3 | 521.5 | 12.9 | 239.1 | – | – | – | 773.5 | PDF p. 213 |
| Lease liabilitiesUS$m | 599.4 | 468.2 | 350.5 | 258.5 | 196.7 | 705.9 | 2,579.2 | 668.0 | 534.0 | 411.5 | 326.7 | 250.8 | 991.9 | 3,182.9 | PDF p. 213 |
Notes
The amounts disclosed are the contractual undiscounted cash flows.
Payout
Dividends & distributions
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| A final dividend in respect of 2025 | 10.50 US cents per share | Group, FY2025, proposed | PDF p. 191 |
| A final dividend in respect of 2025 (comparative: 2024) | 7.00 US cents per share | Group, FY2024 final dividend (comparative) | PDF p. 191 |
| Interim dividend in respect of 2025 | 3.50 US cents per share | Group, FY2025 | PDF p. 191 |
| Special dividend | 44.30 US cents per share | Group, FY2025 | PDF p. 191 |
| Ordinary dividend per share | 14.00 US cents per share | Group, FY2025 (2024: 10.50; change 33%) | PDF p. 6 |
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividends currency election | Shareholders will ordinarily receive cash dividends in United States Dollars, save as provided below. | Group | PDF p. 233 |
Extracted from DFI Retail Group Holdings Limited Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| PricewaterhouseCoopers | PricewaterhouseCoopers | Group consolidated financial statements, year ended 31 December 2025 | PDF p. 230 |
| Engagement partner | James Noel Crockford | Group consolidated financial statements, year ended 31 December 2025 | PDF p. 230 |
| Our opinion | In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December 2025 | Group consolidated financial statements, year ended 31 December 2025 | PDF p. 222 |
Going concern
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Directors’ Responsibilities in respect of the Financial Statements | The financial statements have been prepared on a going concern basis. | Group | PDF p. 113 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| IT environment | IT environment | Group consolidated financial statements, year ended 31 December 2025 | PDF p. 226 |
Extracted from DFI Retail Group Holdings Limited Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow DFI Retail Group Holdings Limited Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
FY2025 official annual report. Original USD million, US cent, percentage and operating-count units are retained per source row.
The latest source contains FY2024 comparisons and a five-year summary for 2025–2021. Original historical-report backfill remains pending; this does not complete the all-company goal.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.