Wilmar International Limited · SGX:F34
Wilmar International — H1 2025 Earnings Presentation
21 slides from Wilmar International's earnings presentation, Aug 12, 2025
Slide 1: Wilmar International Limited 1H2025 Results Briefing
WILMAR INTERNATIONAL LIMITED 1H2025 Results Briefing August 12, 2025
Slide 2: Important Notice
IMPORTANT NOTICE Information in this presentation may contain projections and forward looking statements that reflect the Company’s current views with respect to future events and financial performance. These views are based on current assumptions which are subject to various risks and which may cha
Slide 3: Agenda
Agenda 1 1H2025 Financial Performance – Key Takeaways 2 Business Outlook 3 Appendix 2
Slide 4: 1H2025 Financial Performance – Key Takeaways
1H2025 Financial Performance – Key Takeaways
Slide 5: Earnings Highlights
Earnings Highlights vs 1H2024 1H2025 (US$m) Revenue 32,892 6% EBITDA 2,003 12% Profit Before Tax 938 26% Net Profit 595 3% Core Net Profit 584 -4% Earnings per share 9.5 2% in US cents (fully diluted) Dividends per share 4.0 -33% in Singapore cents 4
Slide 6: Earnings Highlights – Segment Results (PBT US$m)
Earnings Highlights – Segment Results (PBT US$m) 1H2025 1H2024 ∆ Food Products 195.7 146.3 34% Feed and Industrial Products 381.6 534.0 -29% Plantation and Sugar Milling 202.0 53.9 >100% Others (16.8) (59.0) 72% Joint Ventures & Associates 196.5 83.2 >100% Unallocated expenses# (21.3) (16.2) -31% Pr
Slide 7: Sales Volume by Business Segment ('000 MT)
Sales Volume by Business Segment (‘000 MT) 2Q2025 2Q2024 ∆ 1H2025 1H2024 ∆ Food Products 7,871 7,449 6% 16,264 15,636 4% Consumer Products 1,802 1,660 9% 4,312 4,089 5% Medium Pack and Bulk 6,069 5,789 5% 11,952 11,547 4% Feed and Industrial Products 17,447 15,610 12% 31,675 30,247 5% Tropical Oils
Slide 8: Cash Flow Highlights
Cash Flow Highlights US$ million 1H2025 1H2024 FY2024 Operating cash flow before working capital changes 1,872 1,421 3,801 Add/(less): Changes in working capital, interest (paid)/received (72) 369 (2,429) and income taxes paid Acquisition of subsidiaries, joint ventures and (20) (40) (66) associates
Slide 9: Gearing
Gearing US$ million As at As at Jun 30, 2025 Dec 31, 2024 Debt/Equity (x) 0.87 0.94 - Net debt * 17,899 18,638 - Shareholders’ funds 20,671 19,861 Adjusted debt/Equity (x) 0.35 0.33 - Liquid working capital ** 10,571 12,088 - Adjusted net debt 7,328 6,550 - EBITDA *** 4,100 3,886 Net debt/EBITDA***
Slide 10: Business Outlook
Business Outlook • The Group’s results for 1H2025 improved despite the difficult operating conditions. Refining margins for the tropical oils business are expected to remain challenged, while the plantations business should be favourable for the rest of the year. Our crushing operations are expected
Slide 11: Appendix
Appendix
Slide 12: Business Segment results: Food Products
Business Segment results: Food Products (Consumer Products, Medium Pack and Bulk) 1H2025 1H2024 ∆ Revenue (US$ million) 14,321.8 13,660.2 5% Consumer Products 5,417.9 5,250.1 3% Medium Pack and Bulk 8,903.9 8,410.1 6% Sales volume (‘000 MT) 16,264 15,636 4% Consumer Products 4,312 4,089 5% M
Slide 13: Business Segment results: Feed and Industrial Products
Business Segment results: Feed and Industrial Products (Tropical Oils, Oilseeds and Grains and Sugar) 1H2025 1H2024 ∆ Revenue (US$ million) 20,273.2 18,987.7 7% Tropical Oils 12,902.1 10,580.4 22% Oilseeds and Grains 4,808.3 4,620.2 4% Sugar 2,562.8 3,787.1 -32% Sales volume (‘000 MT) 31,675 3
Slide 14: Business Segment results: Plantation and Sugar Milling
Business Segment results: Plantation and Sugar Milling 1H2025 1H2024 ∆ Revenue (US$ million) 1,528.5 1,317.4 16% Oil Palm Plantation 1,106.8 946.2 17% Sugar Milling 421.7 371.2 14% Sales volume (‘000 MT)# 874 759 15% Sugar Milling Profit before tax (US$ million) 202.0 53.9 >100% # Excludes oil
Slide 15: Oil Palm Plantation Statistics
Business Segment results: Plantation and Sugar Milling (Oil Palm Plantation Statistics) 1H2025 1H2024 ∆ FY2024 Planted area (ha) 229,765 230,239 -0% 230,951 Mature area harvested (ha) 208,483 211,211 -1% 211,053 FFB production (MT) 2,042,802 1,947,213 5% 4,109,244 FFB Yield (MT/ha) 9.8 9.2 7% 19.5 M
Slide 16: Plantation Age Profile
Plantation Age Profile in hectares Average Age of Plantation 30 Jun 2025 0 - 3 yrs 4 - 6 yrs 7 - 14 yrs 15 - 18 yrs >18 yrs Total Indonesia 9,257 10,741 31,933 32,625 64,598 149,154 Malaysia 7,370 10,459 26,788 2,837 11,308 58,762 Africa 1,626 1,543 15,716 788 2,176 21,849 Total planted area 18,253
Slide 17: Non-Operating Items
Non-Operating Items US$ million 1H2025 1H2024 FY2024 Foreign exchange gain/(loss) in respect of intercompany loans to subsidiaries 0.1 (18.4) (16.3) Net fair value gain/(loss) on investment securities at fair value through profit 16.8 (10.4) 5.6 or loss Gain on disposal of investment securities at f
Slide 18: Cash Flow
Cash Flow US$ million 1H2025 1H2024 FY2024 Operating cash flow before working capital changes 1,872 1,421 3,801 Add/(less): Changes in working capital, interest (paid)/received (72) 369 (2,429) and income taxes paid Acquisition of subsidiaries, joint ventures and (20) (40) (66) associates Capital ex
Slide 19: Cash Flow – Cont.
Cash Flow – Cont. • Inventories decreased by 10% to US$11.64 billion as of 30 June 2025, largely due to the post-Chinese Spring Festival seasonal impact, leading to lower inventory stockholding in China compared to December 2024. However, this was partially offset by longer inventory turnover during
Slide 20: Funding and Liquidity
Funding and Liquidity As at Jun 30, 2025 US$ million Available Utilised Balance Credit facilities : Committed 11,099 8,841 2,258 Trade finance 52,808 19,537 33,271 Short term 1,632 729 903 Total credit facilities 65,539 29,107 36,432 Available facilities 36,432 Available cash not pledged 2,772 Total
Slide 21: Key Indicators
Key Indicators As at As at Jun 30, 2025 Dec 31, 2024 Return on Average Equity#,* 5.8% 5.8% Return on Invested Capital#,* 4.1% 4.3% in US cents EPS (fully diluted) 9.5 18.7 NAV per share 331.1 318.1 in Singapore cents Dividends (interim & final) 4.0** 16.0 # Formulas : Return on Average Equity = Net