{
 "company": "Food Empire Holdings Limited",
 "ticker": "SGX:F03",
 "source_page": "https://smidresearch.com/companies/food-empire/",
 "information_cutoff": "21 September 2026",
 "licence": "Public evidence-library figures as filed by the issuer and recomputed by SMID Research; cite the page and its information cut-off. No rating, fair value, price target or recommendation is included. Not investment advice.",
 "tables": [
  {
   "index": 1,
   "section": "FY2025 growth carried into 1H2026",
   "caption": "Reported figures, US$ million unless stated",
   "headers": [
    "Line",
    "FY2024",
    "FY2025",
    "1H2025",
    "1H2026",
    "Change"
   ],
   "rows": [
    [
     "Revenue",
     "476.347",
     "576.917",
     "274.060",
     "315.073",
     "+15.0% 1H"
    ],
    [
     "Gross profit",
     "144.392",
     "193.518",
     "90.170",
     "103.978",
     "+15.3% 1H"
    ],
    [
     "Operating profit",
     "63.281",
     "93.368",
     "42.757",
     "47.131",
     "+10.2% 1H"
    ],
    [
     "Profit / (loss) attributable to owners",
     "52.869",
     "35.966",
     "(1.452)",
     "35.381",
     "prior-year fair-value effect"
    ],
    [
     "Normalised EBITDA",
     "78.275",
     "113.475",
     "52.215",
     "58.831",
     "+12.7% 1H"
    ],
    [
     "Operating cash flow",
     "—",
     "87.063",
     "32.378",
     "26.056",
     "reported"
    ]
   ]
  },
  {
   "index": 2,
   "section": "Russia remained the largest named region in FY2025",
   "caption": "FY2025 regional revenue, US$ million; shares calculated from group revenue",
   "headers": [
    "Region",
    "Revenue",
    "Share",
    "Issuer movement"
   ],
   "rows": [
    [
     "Russia",
     "191.0",
     "33.1%",
     "+34.8%"
    ],
    [
     "Southeast Asia",
     "147.8",
     "25.6%",
     "+14.3%"
    ],
    [
     "Central Asia",
     "102.0",
     "17.7%",
     "+25.6%"
    ],
    [
     "South Asia",
     "71.0",
     "12.3%",
     "+15.7%"
    ],
    [
     "Europe",
     "48.6",
     "8.4%",
     "+7.6%"
    ],
    [
     "Other / residual",
     "16.517",
     "2.9%",
     "calculated, not assigned"
    ],
    [
     "Group revenue",
     "576.917",
     "100.0%",
     ""
    ]
   ]
  },
  {
   "index": 3,
   "section": "New factories turn growth into a utilisation question",
   "caption": "Issuer-stated project milestones in the evidence set",
   "headers": [
    "Location / asset",
    "Disclosure",
    "Timing stated by issuer",
    "Evidence to watch"
   ],
   "rows": [
    [
     "Kazakhstan coffee-mix facility",
     "Construction completed; production commenced",
     "Earlier in 2026",
     "Ramp, utilisation and cash cost"
    ],
    [
     "Malaysia snack factory expansion",
     "Expansion completed",
     "Completed in FY2025",
     "Post-completion utilisation and volume mix"
    ],
    [
     "India soluble coffee facility expansion",
     "Existing facility expansion to increase capacity by about 60%",
     "Targeted by end-2027",
     "Remaining capex, commissioning and utilisation"
    ],
    [
     "Vietnam freeze-dried coffee facility",
     "New facility project",
     "Projected by 2028",
     "Capex, approvals and utilisation"
    ]
   ]
  },
  {
   "index": 4,
   "section": "Cash stayed positive, but the waterfall matters",
   "caption": "Selected balance-sheet and cash-flow evidence, US$ million",
   "headers": [
    "Measure",
    "FY2025",
    "1H2026",
    "Reading"
   ],
   "rows": [
    [
     "Cash and short-term deposits",
     "181.537",
     "151.342",
     "filed balance-sheet line"
    ],
    [
     "Inventory",
     "126.686",
     "123.070",
     "working-capital exposure"
    ],
    [
     "Trade receivables",
     "55.541",
     "71.423",
     "collection exposure"
    ],
    [
     "Loans",
     "45.989",
     "63.511",
     "current plus non-current"
    ],
    [
     "REN liability",
     "36.793",
     "37.153",
     "terms not fully retrieved"
    ],
    [
     "Lease liabilities",
     "11.447",
     "11.548",
     "current plus non-current"
    ],
    [
     "Group gross debt diagnostic",
     "94.229",
     "112.212",
     "loans + REN + leases"
    ],
    [
     "Group net cash diagnostic",
     "87.308",
     "39.130",
     "cash less diagnostic debt; does not measure parent-accessible cash"
    ]
   ]
  }
 ]
}