The Group is well-positioned to exceed its 2025-28 revenue CAGR guidance of 2-3% with the expected revenue consolidation in the amount of US$600-650 million from the Starbucks licensed business in 20271and approximately US$900 million in 2028. The Group also remains on track to deliver an underlying profit of US$310-350 million in 2028, as outlined at the 2025 Investor Day. This outlook is supported by continued solid momentum across its business segments as well as expected synergy benefits from the integration of Starbucks into DFI’s operations.
For the third quarter of 2026, the Group’s underlying subsidiary sales from continuing businesses to increased by 4% year-on-year and 2% on a like-for-like (LFL) basis. This was driven by strong performances in the Health & Beauty and Convenience segments.Underlying subsidiary profit from continuing businesses grew 17% year-on-year, representing a 40bps margin improvement. This was mainly due to higher profitability in Health & Beauty and Home Furnishings, as well as lower SG&A expenses from ongoing lean initiatives. Overall underlying profit growth from continuing businesses was supported by higher contribution from Maxim’s, primarily due to the earlier timing of the mid-autumn festival compared with last year.
The Group continued to maintain a strong balance sheet with US$128 million net cash as of
30 September 2026, compared to US$22 million net debt as of 30 June 2026. The Group
remains committed to enhancing total shareholder returns while maintaining financial flexibility to pursue inorganic opportunities that accelerate revenue growth and deliver long-term strategic value.
The Group raises its full-year 2026 guidance for underlying profit attributable to shareholders to be between US$295 million and US$305 million (up from the previous range of US$285 million to US$305 million), supported by organic revenue growth of approximately 2-3%, and a dividend payout ratio of 70%. The Group also announced an increase in its dividend payout ratio to 80% for the financial year 2027.
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