Delfi Limited (P34) Q2 2026 earnings summary

Executive summary

• Net sales rose 2.7% year-over-year to US$266.6 million for 1H 2026, with PATMI up 5.4% to US$12.9 million, despite macroeconomic and currency headwinds.

• Own Brands grew 13.3%, while Agency Brands declined 12.4% due to a strategic exit in 3Q 2025.

• Gross profit margin declined by 180 basis points to 25.7% due to higher raw material costs and currency volatility.

• EBITDA decreased 3.7% year-over-year to US$23.4 million, with margin at 8.8%.

• Interim dividend of 1.05 US cents per share declared, representing a 50% payout of PATMI, payable 11 September 2026.

Financial highlights

• Revenue: US$266.6 million (+2.7% YoY); Own Brands US$172.9 million (+13.3%), Agency Brands US$93.7 million (–12.4%).

• Gross profit margin: 25.7% (down 1.8 percentage points year-over-year).

• EBITDA: US$23.4 million (down 3.7% year-over-year); EBITDA margin: 8.8%.

• PATMI: US$12.9 million (up 5.4% year-over-year); annualized ROE: 9.4%.

• Operating cash flow: US$14.0 million; cash and cash equivalents at US$63.3 million as of 30 June 2026.

Outlook and guidance

• Cocoa prices remain volatile, with ongoing Middle East conflict and El Niño risks impacting costs and supply chains.

• Management is proactively managing material purchases and investing in core brands and innovation.

• Strong balance sheet and cash flow provide flexibility to navigate uncertainties.