Delfi's stock price fell 3.08% during intraday trading on Thursday, reflecting investor concerns about the chocolate confectionery company's profitability outlook.

The decline follows the publication of analysis highlighting Delfi's recent financial challenges. The company reported that its gross profit margin fell 140 basis points year-on-year to 26.6% in its first quarter of 2026, squeezed by the weaker Indonesian Rupiah and higher cocoa costs from earlier forward contracts.

While Delfi's net sales rose 6.2% year-on-year to US$159.1 million, investors appear focused on whether the company can maintain its pricing power and pass rising input costs through to consumers without losing market share. The margin compression raises questions about Delfi's ability to sustain its dividend payout, which totaled S$0.0343 per share for FY2025.