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DFI Retail Group Holdings Limited 2025 Preliminary Announcement Of Results

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The following announcement was issued today to a Regulatory Information Service approved by the Financial Conduct Authority in the United Kingdom.

DFI RETAIL GROUP HOLDINGS LIMITED
2025 PRELIMINARY ANNOUNCEMENT OF RESULTS

Highlights
  • Underlying profit reached the high-end of guidance at US$270 million, up 35% year-on-year
  • Reported profit of US$235 million, up US$480 million year-on-year
  • Health and Beauty delivered strong like-for-like (LFL) sales and profit growth
  • Convenience returned to profit growth in the second half of 2025, supported by a favourable mix shift towards higher-margin, non-cigarette categories
  • Strengthening value-driven, omnichannel proposition in Food and Home Furnishings
  • Divestments of Yonghui, Robinsons Retail and Singapore Food underscored the Group’s transition from a portfolio to a focused operating company and strengthened balance sheet to a net cash position
  • Returned approximately US$740 million to shareholders for the full year 2025, including a US$600 million special dividend
  • Final dividend of US¢10.50 per share based on a new 70% payout policy announced in December 2025

“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.

In Hong Kong and Macau, LFL sales increased by 5%, driven by strong growth in tourist store sales from higher arrivals. Own Brand strategy reset resulted in a 35% improvement in gross profit per SKU through a refined product range that better aligns with customer needs. Sales of Mannings China declined due to the closure of majority of its offline store network as the business pivots towards a cross-border e-commerce model.

Guardian in Southeast Asia reported 5% LFL sales increase, driven by growth in basket sizes across key markets and an expanding e-commerce presence, including the Guardian Malaysia loyalty programme launched in March 2025 and a new Guardian Singapore app in July 2025. Indonesia and Vietnam delivered LFL sales growth exceeding 10%, supported by strong traffic gains. Gross margin expansion and operating leverage contributed to operating profit growth of 16% in the region.

CONVENIENCE
Total Convenience sales were US$2.3 billion, representing a decline of 2% year-on-year or 3% on an LFL basis, due to lower-margin cigarette volume reductions following tax increases in Hong Kong in February 2024. Excluding cigarettes, overall Convenience sales grew 1% compared to 2024 and were marginally lower on an LFL basis. Underlying operating profit was US$97 million, down 6% year-on-year. Favourable sales mix shift towards higher-margin non-cigarette categories drove a return to a positive profit growth in the second half of 2025.

In Hong Kong, the Group expects to mitigate financial impact from declining cigarette sales in 2026 and beyond through continued growth in higher-margin non-cigarette categories, including RTE which accounted for 18% of sales for the full year, up from 16% in 2024.

7-Eleven Singapore reported robust LFL sales growth driven by a stronger RTE proposition and effective promotional campaigns. In South China, continued store network expansion through a capex-light franchise model, including 99 net increase in store number, contributed to 3% sales growth. LFL sales, however, were down 2% largely due to intense subsidy competition from food delivery platforms, primarily in the first half of the year. The focus remains on driving footfall through innovative RTE and Food Bar expansion to 1,250 stores by the end of 2028, compared to 325 as of year-end. Both markets saw meaningful profit growth, supported by a favourable product mix shift and disciplined cost control.

FOOD
Reported sales for the Food division were US$3.0 billion, remaining stable compared to 2024 on an LFL basis. Underlying operating profit reached US$62 million for the year, up 6% year-on-year, driven by earnings recovery in Singapore Food following the distribution of government consumption vouchers in 2025.

In Hong Kong, the Wellcome team strengthened its fresh and value proposition through pricing reinvestment supported by strategic direct sourcing. These efforts included a new partnership with Dingdong Maicai (DDL) since May 2025 for a wider selection of price-competitive fresh produce, as well as the Everyday Value campaign launched in September 2025, offering up to 40% savings on 100 core basket items. The team also accelerated omnichannel growth through broader digital channels – including a quick-commerce partnership with foodpanda and click-and-collect services – and a shortened delivery time to same or next day delivery, driving a more than 20% sales growth in Hong Kong Food online sales. Despite a 1% LFL sales decline compared to the prior year, total volume grew 2% driven by increased transactions and items per basket.

Southeast Asia Food sales performance benefited from multiple rounds of government consumption voucher distribution in Singapore during the year, including S$800 vouchers for each household and S$600 vouchers for individuals in celebration of the nation’s 60th anniversary. These vouchers, which were redeemable at supermarkets and heartland merchants, drove stronger sales in the Food segment. Convenience and Health & Beauty did not see a similar uplift in sales as the vouchers were not applicable to these outlets. Divestment of Singapore Food business was completed in early December 2025. Post-completion, the Group continues to serve the Singapore market through its Guardian and 7-Eleven brands. As the only nationwide modern trade operator in Cambodia, Lucky reported robust LFL sales growth with strong margin expansion on scale benefits.

HOME FURNISHINGS
IKEA reported sales of US$677 million, down 3% year-on-year and 5% on an LFL basis, compared to an 11% LFL sales decline in 2024. Operating profit was US$26 million, representing a meaningful improvement from US$16 million in the prior year, driven by effective cost control measures across markets.

Amid a challenging macro environment and reduced consumer demand for big-ticket items due to subdued real estate market activity, the IKEA team has prioritised enhancing its value proposition and omnichannel presence. Key initiatives include price reductions on high-volume products, rationalisation of non-core assortment, and a broader range of entry price points. In Indonesia, the team has further expanded digital partnerships with third-party marketplaces to improve accessibility, supporting continued progress towards its overall online sales penetration target of 18-20% by 2028. IKEA Food remains a critical traffic and revenue driver, representing 14% of total sales.

These combined with significant cost optimisation efforts in labour, supply chain and infrastructure across markets contributed to a US$10 million improvement in overall profitability.

RESTAURANTS
The Group’s share of Maxim’s underlying profits was US$72 million in 2025, an increase of 9% year-on-year, supported by resilient sales of US$3.1 billion, up 0.4% year-on-year, and ongoing cost optimisation. Improved mooncake sales during the mid-autumn festival and stronger restaurant performance in Southeast Asia was offset by challenging trading environment in Hong Kong and the Chinese mainland. Cost management in these markets also supported overall profit growth. During the year, Maxim’s continued to expand its Southeast Asia network with 84 net new stores added, mainly in Thailand and Vietnam.

OUTLOOK
2025 marked a year of strong progress for DFI, with the strategic reset across our businesses driving improved underlying profitability in both subsidiaries and associates, a stronger ROCE and enhanced shareholder returns. Our strengthened balance sheet and disciplined use of capital provides capacity to reinvest for growth both organically and inorganically, laying a strong foundation as we pursue our financial ambitions of achieving a US$310-350 million underlying profit (+11% CAGR at midpoint compared to 20257) and a 7-10% online sales mix by 2028.

At our inaugural Investor Day, we outlined clear strategic priorities which include strengthening our value proposition, enhancing omnichannel capabilities, accelerating Own Brand innovation, deepening digital monetisation, and leveraging data to deliver better outcomes for both customers and supplier partners.

For the full year of 2026, the Group expects organic revenue growth of approximately 2-3%8 and underlying profit attributable to shareholders to be between US$270 million and US$300 million. Excluding the divestment impact of Singapore Food and Robinsons Retail, this would represent a year-on-year growth of 13-25%.

Looking into 2026 and beyond, I am confident that DFI has developed a renewed foundation as we execute against our strategic priorities to deliver sustained, profitable growth, drive market share gains across our formats and generate long-term returns for our shareholders.

Scott Price
Group Chief Executive

—————–
1 Excluding Singapore Food business and minority stake in Robinsons Retail upon completion of divestment in 2025
2 Based on a third-party assured price comparison of a 200-item comparable basket between DFI and Greater Bay Area

3 Excluding Singapore Food. Divestment of business was completed in early December 2025.
4 Excluding Singapore Food, cigarettes under Convenience and IKEA food
5 Excluding financial contribution from Singapore Food (December 2024) and Hero Supermarket (2024) for comparison purpose
6 Free cash flow is equivalent to cash flows from operating activities after lease payments minus normal capital expenditure

7 Excluding Singapore Food business and minority stake in Robinsons Retail upon completion of divestment in 2025
8 Excluding Singapore Food business

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 31 December 2025, the Group and its associates operated 7,580 outlets across 12 markets, of which 5,529 stores were operated by subsidiaries. The Group, together with associates, employed over 79,000 people, with some 42,000 people employed by subsidiaries. The Group had reported revenue of US$8.9 billion in 2025.

The Group is dedicated to delivering quality, value and service to Asian consumers through a compelling retail experience, supported by an extensive store network and highly efficient supply chains.

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

Health and Beauty
• Mannings on the Chinese mainland, 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.

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Cardumen Capital Strengthens Global Reach Through Its Taipei-Based APAC Partner Following NVIDIA’s Acquisition of Its Portfolio Company Illumex

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04/03/2026

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Building on the acquisition of Illumex by NVIDIA, the firm validates its Seed-to-Exit thesis and reinforces its mission to bridge Asian capital with world-class DeepTech.

TAIPEI, TAIWAN – Media OutReach Newswire – 4 March 2026 – Cardumen Capital, a leading European DeepTech venture capital firm, today marks a pivotal milestone in its international momentum following the acquisition of its portfolio company, Illumex, by NVIDIA. This landmark exit further solidifies the firm’s strategic presence in the Asia-Pacific region and cements its 2019 vintage fund’s position as a leading performer within its vintage cohort.

A Seed-to-Exit Success Story

Cardumen Capital was Illumex’s first investor and led its 2021 seed round, supporting the company from inception through to exit. General Partners Gonzalo Martínez de Azagra and Igor de la Sota identified the startup’s potential at the seed stage, guiding it toward this landmark milestone.

“This acquisition validates our DeepTech thesis,” said Gonzalo Martínez de Azagra. “By backing visionary founders early, we demonstrate our ability to identify the core building blocks of the AI era.”

Igor de la Sota added: “The success of the Illumex exit underscores the global demand for robust data infrastructure in the age of Generative AI. We are proud to have supported the team from day one in building a platform that now sits at the heart of the world’s AI computing network.”

Strengthening the Bridge to Asia-Pacific

Illumex joining NVIDIA serves as a powerful catalyst for Cardumen Capital’s mission in Asia. Led by Taipei-based APAC Venture Partner Stan Yu, a serial entrepreneur turned venture capitalist, the firm is intensifying its efforts to bridge Asian strategic capital with world-class innovation hubs in Europe, Israel, and global DeepTech ecosystems.

“Building on this milestone exit to NVIDIA, we are seeing unprecedented momentum for our strategy in the APAC region,” said Stan Yu. “The journey of Illumex proves the caliber of opportunities we bring to our partners. From our base in Asia, we are uniquely positioned to facilitate these high-stakes connections, ensuring that Asian institutional capital has exclusive access to the next wave of transformative DeepTech and frontier innovations.”

As a pioneering venture capital firm with a dedicated partner presence in Taipei bridging the EMEA tech ecosystem, Cardumen Capital is uniquely positioned to drive cross-border synergies and deliver the performance expected by the institutional investment landscape in Asia.

Hashtag: #CardumenCapital #Illumex #NVIDIA #DeepTech #AI #VentureCapital #M&A #Taiwan


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

About Cardumen Capital

Cardumen Capital, a leading global venture capital firm supervised by the CNMV (Spanish Securities Market Commission), was founded in 2018 by Gonzalo Martínez de Azagra and Igor de la Sota. With over 15 years of investment experience and a presence across Europe, the Middle East, and Asia, the firm specializes in investing in private market companies and funds, supporting innovation, disruptive technologies, and long-term value creation.

Backed by leading institutional investors, corporations, and family offices, Cardumen Capital focuses on generating sustainable long-term returns through its specialized DeepTech investment strategies and a demonstrated track record of connecting strategic capital with the global innovation frontier.

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Vinhomes Green Paradise Gains Traction as a Multigenerational Global Investment

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04/03/2026

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HANOI, VIETNAM – Media OutReach Newswire – 4 March 2026 – Can Gio is Ho Chi Minh City’s coastal district, a threshold where a metropolis of more than 10 million people meets the vast ecological reserve of mangrove forests and the open sea. Such geography cannot be replicated. Now, at this rare intersection of city and biosphere, Vinhomes Green Paradise is steadily transforming vision into reality, shaping a new coastal urban paradigm for the next generation.

Among hundreds of candidates from across the globe, Vinhomes Green Paradise has emerged as the first official participant in the global campaign New7Wonders’ “7 Wonders of Future Cities”. It signals that on the southern edge of Ho Chi Minh City, in Can Gio’s coastal expanse, a new urban thesis is being tested – one in which development is calibrated not by vertical ambition alone, but by the durability of its quality of life.

“Vinhomes Green Paradise is a truly compelling model for the concept of a ‘future city,'” said Jean-Paul de la Fuente, Director of New7Wonders and President of the “7 Wonders of Future Cities” campaign. “Here, the benchmark of progress is measured in the quality of living across generations.”

That future is now materializing at pace. Construction advances with uncommon velocity. Infrastructure grids are being laid with the discipline of long-term urban choreography. At the center of this unfolding ecosystem lies a 50-meter-wide artery known as the “Future Boulevard” – planned as the district’s commercial spine and among the earliest components to be completed and activated.

To acquire a Boulevard Prime townhouse along this axis is, by many measures, to participate in the district’s economic overture before the crescendo. Can Gio is envisioned as a tourism capital welcoming up to 40 million visitors annually. As infrastructure scales and connectivity deepens, the pricing paradigm is expected to reset accordingly. Early ownership, therefore, is a position in an emerging consumption corridor.

The Irreplicable Value of a “Rare Axis”

In urban economics, frontage along a primary commercial axis carries a structural premium. In Can Gio, this logic is rendered tangible along the 50-meter Future Boulevard, the first commercial lifeline of Vinhomes Green Paradise.

Each segment of the street is anchored to a destination of international scale: a six-star luxury resort; the 5,000-seat Blue Waves Theater; the global entertainment complex VinWonders; a Safari park; the 24/7 retail and leisure hub Cosmo Bay; Landmark Harbour international marina; twin 18-hole golf courses; and a five-star Vinmec International Hospital.

According to development plans, these flagship amenities are slated for substantial completion by the third quarter of 2027. Once synchronized in operation, the boulevard will transcend its infrastructural role. It will function as a sustained “consumption corridor” – channeling a stable, continuous stream of visitors past the doors of Boulevard Prime properties.

The anticipated clientele arrives for resort stays, theatrical performances, golf tournaments, wellness programs, global events – activities that imply longer dwell times and elevated discretionary spending. The rhythm of commerce here is not circumscribed by office hours. It extends day and night, across all seasons.

Such an environment is naturally suited to structured, premium service models: fine-dining establishments; curated boutiques; concept stores; flagship showrooms; spa and wellness centers; branded hospitality hybrids. The boulevard’s design, retail interlaced with major attractions, ensures that each property benefits not from a single demand stream, but from layered and overlapping consumer flows.

This “amenity-adjacent” architecture confers resilience. When consumption is underwritten by an entire ecosystem rather than a solitary anchor, volatility is diffused. As the district matures and visitor patterns stabilize, assets positioned along the core axis are likely to see their competitive advantages sharpen.

It is this structural clarity, of connectivity, scarcity and projected demand, that positions Boulevard Prime as a focal point for international capital seeking long-horizon growth in Southeast Asia’s evolving urban markets.

Securing Capital Costs, Anticipating the Cycle

Urban planners often note that the intrinsic value of commercial property along a central axis derives from infrastructural singularity. A city may expand outward, layering additional amenities and residential clusters, but it rarely replicates its primary connective spine. Once established, such axes become enduring frameworks around which value consolidates.

In Can Gio, the 50-meter Future Boulevard is the sole route designed to link, directly and comprehensively, the district’s full spectrum of large-scale amenities. The supply of Boulevard Prime townhouses along this stretch is, by definition, finite. As the urban organism reaches operational maturity, that scarcity is expected to become increasingly pronounced.

If rarity underwrites long-term value, timing determines margin. At the present juncture, while the boulevard is advancing toward completion, pricing does not yet fully encode the district’s projected consumption capacity. Early investors retain latitude in site selection and stand to capture the repricing that typically accompanies infrastructural activation.

Complementing locational advantage is a financing structure engineered to minimize capital risk. The program “Buy a Vinhomes Home – No Worries About Interest Rates” offers 0% interest support for 36 months, followed by a capped maximum rate of 9% per annum for the subsequent 24 months. In effect, investors can model capital costs across a five-year horizon with unusual clarity.

This structure is calibrated to an entire economic cycle. Rather than remaining exposed to market rate volatility, investors can establish predictable cash-flow projections from the outset. In a climate where interest rates exhibit upward pressure and liquidity discipline tempers expansion plans, such insulation functions as a financial shield.

Long-term fixed-rate commitments of this duration are not commonplace in the current market. They presuppose balance-sheet strength and a willingness on the part of the developer to absorb rate risk alongside buyers. For investors, particularly those navigating cross-border allocations, this arrangement reduces friction at the point of entry and fortifies holding strategy during the formative years of the district’s growth.

A City Measured in Generations

What distinguishes Vinhomes Green Paradise is not a singular building or amenity, but its integrative thesis. It proposes that tourism, culture, healthcare, recreation and commerce need not exist as disjointed clusters. When orchestrated deliberately, they can reinforce one another, creating both a lifestyle destination and a durable economic engine.

In that sense, the project’s participation in the New7Wonders campaign reads less as accolade and more as validation of intent. The aspiration is to cultivate a city where daily life, for residents, entrepreneurs and visitors alike, unfolds within a coherent, future-oriented framework.

If cities of the past were defined by fortifications or factories, and the cities of the 20th century by skylines, the cities of the future may well be judged by their capacity to harmonize infrastructure with human experience. In Can Gio, that experiment is already underway – not as speculation, but as construction steel rising against the coastal horizon.

Hashtag: #Vinhomes

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

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Media OutReach

VinEnergo Announces Global Strategy, Deploys First 10 GW International Renewable Energy Portfolio

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4 hours ago

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04/03/2026

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HANOI, VIETNAM – Media OutReach Newswire – 4 March 2026 – VinEnergo announces its large-scale global expansion plan, initially focusing on Asia and Europe with a renewable energy project portfolio totaling 10 GW that has officially secured development agreements. In addition to the capacity already approved in Vietnam, over the next three years VinEnergo will continue expanding its operations and increase its total deployed capacity to 100 GW, positioning itself as a leading global renewable energy enterprise and deepening its participation in the international energy transition.

Mr. Nguyen Anh Khoa, CEO of VinEnergo (left), and Mr. Karsten Nielsen, Founder and CEO of GreenGo Energy Group (right), at the partnership signing ceremony between the two parties.

Under its overall plan, VinEnergo targets the development of 100 GW of renewable energy over the next three years, including 50 GW in core international markets such as North America, Northern Europe, the Mediterranean, and Southeast Asia. These regions demonstrate rapidly-growing power demand, strong renewable energy promotion policies, and significant development headroom for international investors.

In parallel, VinEnergo will also explore expansion into other potential markets such as Central Asia and Africa, where electricity demand and emissions reduction requirements are rising rapidly. Through collaboration with governments and relevant stakeholders, VinEnergo will develop sustainable energy sources, support businesses in accessing clean electricity, contribute to Net Zero goals, and directly participate in shaping green energy policy.

To establish a solid foundation for the structured and long-term deployment of renewable energy projects, VinEnergo has signed partnerships with international financial institutions to access green credit. In addition, VinEnergo has reached agreements with multiple reputable foreign partners to develop a 10 GW project portfolio, with the overall objective of mastering all stages, from design, schedule management, and commercial structuring to long-term operations.

Specifically, in Northern Europe, VinEnergo partners with GreenGo Energy to develop a renewable energy project portfolio of 2 GW in Denmark and Sweden. In the long term, the company plans to expand its capacity in Northern Europe and across Europe to 6.2 GW.

In the Philippines, VinEnergo will develop projects totaling 1.3 GW with NKS Renewables Inc, 1.2 GW with URG Asia Corporation, and 1.3 GW with 11.11 Growth Properties, focusing on large-scale solar power projects in favorable areas such as Luzon, Visayas, and Mindanao.

In these co-development projects, VinEnergo holds over 80 percent ownership and acts as the primary developer, responsible for capital mobilization, construction, and long-term operations. Several projects commenced in early 2026 and are expected to begin operations during 2027 to 2028.

Mr. Andre Pablo G. Fausto, President of NKS Renewables (left), and Mr. Nguyen Anh Khoa, CEO of VinEnergo (right), at the partnership signing ceremony between the two parties.
Mr. Andre Pablo G. Fausto, President of NKS Renewables (left), and Mr. Nguyen Anh Khoa, CEO of VinEnergo (right), at the partnership signing ceremony between the two parties.

With in-house capability in the manufacturing and integration of battery energy storage systems (BESS), VinEnergo can standardize design, secure equipment supply proactively, and synchronize technical solutions across its entire portfolio. This ensures high operational stability, reduces schedule risk, and optimizes project economics, particularly in markets with high renewable penetration and increasingly stringent dispatch requirements.

According to the plan, in the first quarter of 2026, VinEnergo will increase its total international renewable energy portfolio to 20 GW, with at least 8 GW of additional projects in Southeast Asia and Africa to be signed during the period.

Mr. Nguyen Anh Khoa, Chief Executive Officer of VinEnergo, stated: “Entering 2026, VinEnergo moves into a new development phase with the aspiration to become a renewable energy enterprise with global scale and competitiveness. The simultaneous deployment of a large portfolio across multiple markets affirms our capacity for governance and execution of complex projects. VinEnergo believes we will make an important contribution to the global energy transition process, while elevating the stature of Vietnamese enterprises on the global green energy map.”

In 2025, VinEnergo broke ground on the Hai Phong LNG thermal power plant, with a total investment of approximately VND 178 trillion and a designed capacity of 4,800 MW, placing it among the largest LNG-to-power projects in Vietnam and globally. VinEnergo has also been assigned as the investor for two offshore wind power projects in Ha Tinh, totaling approximately 900 MW with a combined investment exceeding VND 39 trillion.

Most recently, VinEnergo also invested in Phase 1 of the Hon Trau Wind Power Plant project in Gia Lai, with a capacity of 750 MW, one of the largest renewable energy projects in the province. In addition, VinEnergo has been approved as the qualified investor for the Vinh Thuan Wind Power Project, with a capacity of 143 MW.

Co-operation agreements both domestically and internationally reflect partners’ confidence in VinEnergo’s financial strength, governance, and execution capability, while affirming the company’s increasingly established position in the international renewable energy value chain.

With a long-term development orientation and as part of the Vingroup ecosystem, VinEnergo pursues the mission of providing clean, stable, and efficient energy, aligned with disciplined investment, international governance standards, and sustainable value creation for the community, while proactively adopting the latest trends such as AI and big data applications in operations and smart power solution development.

Hashtag: #VinEnergo

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

About VinEnergo

As part of the Green Energy pillar of Vingroup, VinEnergo Energy Joint Stock Company envisions becoming a comprehensive green energy investor and developer, contributing to Vietnam’s net-zero emissions goal and strengthening the country’s position on the global energy map. VinEnergo focuses on developing large-scale solar and wind power projects, applying modern technologies and international standards in safety and quality.

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About GreenGo Energy

GreenGo Energy was founded in 2011 with the vision to accelerate the global shift to renewable energy. GreenGo Energy’s 360-degree full-services platform includes project origination, investment structuring, development, offtake, EPC management and asset management services.

GreenGo Energy has 40 GW of solar, wind, BESS, and Megaton PtX projects in various stages of development and construction in Europe, USA and Africa/MENA. GreenGo Energy is headquartered in Denmark.

About NKS Renewables Inc
NKS Renewables Inc., or NKSRI, is a subsidiary of NKS Corporation Group and focuses mainly on developing utility-size solar power projects, mostly with international investors, and is currently engaged with other Asian and European investors. Its President, being renowned as the pioneer of the first large-scale floating solar project in the Philippines, has been in the power industry for more than 35 years.

About URG Asia Corporation
URG Asia Corporation is the Philippine renewable energy development arm of URG Australasia, a diversified industrial group with proven execution across logistics, commodities, construction materials, and infrastructure. Leveraging its land consolidation advantage, URG is progressing up to ~800 MWp of utility‑scale solar projects (~550 ha) toward RTB by 2027, with over 1.2 GWp of additional long‑term capacity available across its land bank.

About 11.11 Growth Properties
11.11 Growth is a real estate platform in the Philippines that is currently expanding into the development of utility scale renewable energy projects. The company focuses on developing solar power projects in Luzon, Visayas, and Mindanao, supported by a land bank totaling more than 1,700 hectares. It has a well-structured and multidisciplinary team covering project development, technical services, land aggregation and acquisition, and regulatory compliance, enabling full-cycle project execution from start to finish. The platform is led by Alberto “Bert” Dalusung III, a seasoned renewable energy professional with extensive expertise and a broad industry network across the Philippines.

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