Monde Nissin Corp. · PSE:MONDE
Monde Nissin — FY2025 Earnings Presentation
37 slides from Monde Nissin's earnings presentation, Mar 26, 2026
Slide 1: FY 2025 Unaudited Earnings Presentation
FY 2025 Unaudited Earnings Presentation March 26, 2026
Slide 2: Full Year 2025 Business Performance
Full Year 2025 Business Performance 2
Slide 3: Key Takeaways
Key Takeaways 1 2 3 APAC BFB Meat Alternative Dividends Growth continues to be Continuing positive Declared cash dividend driven by Biscuits and trajectory driven by UK retail of PHP0.24 per share Others categories snacking, frozen ingredients, and foodservice performance Robust cash and retained Ea
Slide 4: APAC BFB: Noodles softness in dry pouch partially offset by gains in cups
APAC BFB : Noodles softness in dry pouch partially offset by gains in cups and stable wet pouch 4Q25 Performance & Drivers Macro #1 K Curve / Underperformed Competition 68.8% 67.8% New flavors category stable / increasing Brand Building 4Q24 4Q25 Market Share 4Q25 by Segment 4Q24 Wet Pouch 62.0% 62.
Slide 5: APAC BFB: Biscuits reclaimed market leadership
APAC BFB : Biscuits reclaimed market leadership driven by broad -based gains across crackers, sandwiches, wafers, and cookies 4Q25 Performance & Drivers Macro #1 Holiday Outperformed Competition season category stable 28.7% 30.0% Brand Building 4Q24 4Q25 5 Source: Nielsen Retail Audit (past 12 weeks
Slide 6: APAC BFB: Oyster sauce and cultured milk continue to grow
APAC BFB : Oyster sauce and cultured milk continue to grow due to increased in-home cooking and distribution footprint, respectively; measures in place to address challenges in yogurt drinks Oyster Sauce Yogurt Drinks Cultured Milk Others #1 #1 #2 90.5% 88.2% 60.8% 58.8% 24.3% 26.0% 4Q24 4Q25 4Q24 4
Slide 7: Meat Alternative: Successful first year of multi-year transformation
Meat Alternative : Successful first year of multi - year transformation Financial Commitment Delivered Stronger Business Fundamentals Quorn Foods 4Q25 market share growth at +111 bps year - on- year 1 Slowed sales decline Quorn buyers in growth 1 4Q25 growth engines: Quorn snacking (+36%) and Quorn
Slide 8: Full Year 2025 Financial Performance
Full Year 2025 Financial Performance 8
Slide 9: Consolidated: Revenue grew 4.0% in full year 2025
Consolidated : Revenue grew 4.0% in full year 2025, Q4 revenue grew 5.7% year -on - year Net Sales Consolidated 86,483 By Business as of 83,120 4Q25 & FY25 +4.0% In PHP millions 21,971 23,220 Meat Alternative +5.7% 16% 4Q24 4Q25 FY24 FY25 APAC BFB Meat Alternative 72,824 69,528 +0.5% +4.7% 13,592 13
Slide 10: Consolidated: Core net income attributable to shareholders increased 8.1% in Q4
Consolidated : Core net income attributable to shareholders increased 8.1% in Q4 due to higher gross profit Gross Profit Core Net Income Reported Net Income • FY gross margin decline driven Attributable to Shareholders 1 by APAC BFB due to higher edible oil prices, partially 34.5% 33.3% offset by Me
Slide 11: Consolidated: Declared cash dividend of PHP 0.24 per share
Consolidated : Declared c ash dividend of PHP 0.24 per share; robust cash and retained earnings support further dividends in 2026 Operating Cash Flow Total Dividends in PHP bn & Dividends per Share in PHP In PHP mn Retained earnings available for dividend at PHP 9.9 billion as of December 31, 2025 1
Slide 12: Consolidated: 2026 CapEx plan to focus on building capacity for APAC BFB
Consolidated : 2026 CapEx plan to focus on building capacity and capability for APAC BFB In PHP mn 7,531 988 5,216 4,860 4,719 4,432 703 3,753 1,817 881 3,660 3,641 2,373 1,031 6,543 1,522 1,784 4,157 3,838 3,399 2,610 2,138 1,969 2,059 2019 2020 2021 2022 2023 2024 2025 2026E APAC BFB Meat Alternat
Slide 13: APAC BFB: Revenue growth largely from volume increase in Biscuits and Others
APAC BFB : Revenue growth largely from volume increase in Biscuits and Others categories Net Sales By Business as of 4Q25 & FY25 APAC BFB Noodles Biscuits Others 2 Others Q4 Year - on- Year +5.8% - 0.1% +8.4% +13.7% 22% 4Q25 22% FY25 Noodles 41% 4Q25 Net Price 1 +1.6% +0.7% +1.6% +3.2% 43% FY25 Bisc
Slide 14: APAC BFB: Wheat and palm oil partially secured through 4Q26
APAC BFB : Wheat and palm oil partially secured through 4Q26 Wheat (15% of FY APAC BFB COGS) Percent Locked In: Q2 2026: c.7 0% Q3 2026: c.60% 1 Q4 2026: c.60% 1 External (Bloomberg) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Internal (MONDE) 2021 2022 2023 2024 2025 202
Slide 15: APAC BFB: Coconut oil dipped sequentially but still up 72% year-on-year
APAC BFB : Coconut oil dipped sequentially but still up +72% year -on -year in Q4; pricing actions and reformulations taken Coconut Oil & Coconut Oil - Related Input Costs (7% of FY APAC BFB COGS) Coconut Oil • Volatile trends Quarterly from Q1 2016 to Q4 2025 driven by climate effects on - 3% produ
Slide 16: APAC BFB: Continued sequential gross margin improvement
APAC BFB : Continued sequential gross margin improvement from pricing actions and cost management initiatives; Q4 core net income grew due to higher gross profit and lower SG&A • FY and Q4 gross margin decline Gross Profit A&P to Sales due to higher edible oil costs; 37.1% +30 bps sequential 35.6% 3
Slide 17: Meat Alternative: Multi-year transformation underway
Meat Alternative : Multi-year transformation underway to return to growth and profitability; strengthening our core business through focus on execution, efficiency, and brand Transform to Win Together 2025 Transform to Win Together 2026+ THE ACTION THE NEXT STAGE OF THE PLAN • Transformed commercial
Slide 18: Meat Alternative: 4Q25 constant currency sales decline slowed further
Meat Alternative : 4Q25 constant currency sales decline slowed further and FY25 EBITDA at the top end of guidance range 1 • Q4 sales grew year - on- year by Net Sales Gross Profit Core EBITDA 5.3% on a reported basis, and 0.3% on a constant currency basis on volumes that were down by - 0.1%; continu
Slide 19: Meat Alternative: Transformation underway to return to growth and profitability
Meat Alternative : Transformation underway to return to growth and profitability; strengthening our core business through focus on execution, efficiency, and brand Sales Growth (Constant Currency) Gross Margin Core EBITDA Others Cash FY24 1Q25 2Q25 3Q25 4Q25 495 26.7% 27.4% 0.3% 25.1% 21.5% 23.0% -
Slide 20: Meat Alternative: Increase in carrying value through higher cash flow projection
Meat Alternative : Increase in carrying value through higher cash flow projection despit e higher WACC Carrying Value in GBP Millions 13 149 138 136 -2 -86 2024 Trading Changes 2025 Before Impairment Reversal of Impairment 2025 5- Year CAGR 1.80% 5- Year CAGR 4.00% WACC 8.97% WACC 9.64% 20
Slide 21: Management Approach to Macroeconomic Headwinds
Management Approach to Macroeconomic Headwinds 21
Slide 22: Strong fundamentals to navigate extreme input cost volatility
Strong fundamentals to navigate extreme input cost volatility Our APAC BFB products Strong cash profile Substantial lock ins for major are largely staples Others ingredients Beverage & Others 15.9% Noodles & Culinary 49.1% ₽15.4 bn December 2025 Cash & Cash Equivalent APAC BFB • Wheat and palm oil p
Slide 23: Appendix
Appendix 23
Slide 24: Key financial takeaways
Key financial takeaways Consolidated revenue for the full year increased by 4.0% to Php 86.5 bn, while Q4 revenues grew by 5.7% year - on- year to Php 23.2 bn. 1 APAC BFB net sales for the full year grew by 4.7% to Php 72.8 bn, with fourth quarter net sales up 5.8%, largely driven by volume growth 2
Slide 25: Consolidated P&L Summary
Consolidated P&L Summary PHP mn Reported Reported FY 2024 FY 2025 Q4 2024 Q4 2025 Change YoY Change YoY Revenue 83,120 86,483 +4.1% 21,971 23,220 +5.7% Cost of Goods Sold 54,430 57,665 +5.9% 14,637 15,438 +5.5% Gross Profit 28,690 28,818 +0.5% 7,334 7,782 +6.1% Core Operating Expenses 1 15,683 16,17
Slide 26: Reported net income figures include one-off items
Reported net income figures include one -off items PHP mn Reported Reported FY 2024 FY 2025 Q4 2024 Q4 2025 Change YoY Change YoY Core Net Income 9,796 9,702 - 1.0% 2,336 2,505 +7.2% Other Income (Expenses) (9,293) (93 5) N/M (7,934) (480) N/M Fair Value Gain (Loss) on Guaranty (2,649) (1,091) N/M (
Slide 27: APAC BFB P&L Summary
APAC BFB P&L Summary PHP mn Reported Reported FY 2024 FY 2025 Q4 2024 Q4 2025 Change YoY Change YoY Revenue 69,528 72,824 +4.7% 18,477 19,540 +5.8% Cost of Goods Sold 43,755 47,507 +8.6% 11,898 12,768 +7.3% Gross Profit 25,773 25,317 - 1.8% 6,579 6,772 +2.9% Core Operating Expenses 1 12,045 12,467 +
Slide 28: Meat Alternative P&L Summary
Meat Alternative P&L Summary PHP mn Reported Reported FY 2024 FY 2025 Q4 2024 Q4 2025 Change YoY Change YoY Revenue 13,592 13,659 +0.5% 3,494 3,680 +5.3% Cost of Goods Sold 10,675 10,158 - 4.8% 2,739 2,670 - 2.5% Gross Profit 2,917 3,501 +20.0% 755 1,010 +33.8% Core Operating Expenses 1 3,638 3,704
Slide 29: Meat Alternative: Quorn Foods market share up versus 4Q24
Meat Alternative : Quorn Foods market share up +111 bps versus 4Q24 driven by strong gains in Quorn chilled and frozen partially offset by Cauldron UK Retail Meat Alternative Market Total Market Share (%) 1 Total Market Growth 2 32.1 31.7 Quorn Cauldron Other Brands Private Label 31.5 31.4 30.7 30.7
Slide 30: Cash Flow Summary
Cash Flow Summary PHP mn FY 2024 FY 2025 Income before Income Tax 3,511 11,667 Depreciation & Amortization 2,688 2,827 Fair Value Loss (Gain) on Guaranty Asset 2,649 1,091 Finance Costs 739 447 Finance Income (579) (450) Impairment Loss 6,796 59 Working Capital Adjustments 173 (1,204) Others (111) (
Slide 31: Free Cash Flow & Working Capital
Free Cash Flow & Working Capital Free Cash Flow & Conversion Cycle Days Trade Receivables & Days Sales Outstanding PHP mn PHP mn 31D 34D 14D 16D 11,043 8,401 9,275 7,710 FY24 FY25 FY24 FY25 Inventory & Days Inventory Outstanding Accounts Payable 1 & Days Payables Outstanding PHP mn PHP mn 78D 74D 61
Slide 32: Balance Sheet Summary
Balance Sheet Summary PHP mn Dec 31, 2024 Dec 31, 2025 PHP mn Dec 31, 2024 Dec 31, 2025 Cash and Cash Equivalents 14,158 15,398 Trade and Other Payables 14,159 13,481 Inventories 8,921 8,972 Loans Payable – Current & Non - Current 3,207 1,638 Trade and Other Receivables 7,710 8,401 Others 5,182 7,81
Slide 33: Ratios Summary
Ratios Summary Current Ratio Net Debt - to- Equity Ratio Core Net Margin Others 2.18 2.11 11.8% 11.2% 0.15 0.13 Dec 2024 Dec 2025 Dec 2024 Dec 2025 FY 2024 FY 2025 Current ratio = Current assets / Current liabilities Net debt - to- equity ratio = (Total liabilities – Cash and cash equivalents) / Equ
Slide 34: Making Better Possible
» Making Better Possible Product Planet People Partnership Pillars Food Accessibility efficiency Possible Possible Action Possible Monde Nissin cares forthe planet nurtures peopleby _forms collaborations develops healthier, by managing its promoting better to foster great-tasting, environmental work
Slide 35: Our Corporate Aspiration
Our Corporate Aspiration We aspire to improve the well - being of people and the planet, and create sustainable solutions for food security 35
Slide 36: Legal Disclaimer
Legal Disclaimer Monde Nissin Corporation (“MONDE”) makes no warranties or representations with respect to the accuracy or completeness of the contents of this presentation, and disclaims any liability whatsoever for any loss arising from or in reliance, in full or in part, of the contents of this p
Slide 37: Investor relations contact details
investor.relations@mondenissin.com www.linkedin.com/company/monde - nissin - corporation/ +63 2 7759 7519 / +63 2 7759 7577 www.facebook.com/Monde - Nissin - Corporation https://mondenissin.com / Santa Rosa City, Laguna, Philippines https://edge.pse.com.ph / 37