• Making headway – Q1-3 FY3/26 results underlined the robust and sustained performance at the Food Group, and indications of improvement at the Direct Selling Group. While it is too early to state that Duskin has two stable earnings pillars in place, we believe progress is being made. The Direct Selling Group remains under scrutiny, with the core Clean Service continuing to experience declining sales YoY. However, strength across Care Service and Others more than offset the decline, driving overall sales growth. Q3 FY3/26 segment profitability was also flat YoY, despite investment costs. Overall, the performance supports the latest strategy for acquiring and retaining customers.
