Fraser & Neave Ltd. · SGX:F99
Fraser & Neave — H1 2026 Earnings Presentation
18 slides from Fraser & Neave's earnings presentation, May 6, 2026
Slide 1: Financial Highlights
FINANCIAL HIGHLIGHTS for six months ended 31 March 2026 (“1H2026”) (Unaudited)
Slide 2: Important Notice
IMPORTANT NOTICE Certain statements in this Presentation constitute “forward-looking statements”, including forward-looking financial information. Such forward-looking statements and financial information involve known and unknown risks, uncertainties and other factors which may cause the actual res
Slide 3: Resilient 1H2026 Performance Amid Challenging Market Conditions
RESILIENT 1H2026 PERFORMANCE AMID CHALLENGING MARKET CONDITIONS • Revenue declined, largely impacted by forex and broader external headwinds. • Soft Drinks growth and Dairies Malaysia topline resilience offset by forex-driven impact in Beer and geopolitical headwinds in Thailand. • PBIT grew on impr
Slide 4: F&N Achieved 6% PBIT Growth
F&N ACHIEVED 6% PBIT GROWTH Lifted by strong Beverages performance and higher share of profit from Vinamilk REVENUE PBIT (-6.4%) (+5.8%) PBIT MARGIN PROFIT AFTER TAX (+178 bps) (-9.4%) ATTRIBUTABLE PROFIT1 EARNINGS PER SHARE1 (-2.9%) (-3.4%) Half-year ended 31 March 2026 1. Before exceptional items
Slide 5: Group Revenue Fell 6%
1H2026 Revenue 9% 4% GROUP REVENUE FELL 6% 33% P&P improving; F&B impacted by lower Beer and Dairies sales $1,135.4M KEY TAKEAWAYS (BY BUSINESS) 54% 1H2025 1H2026 $1,212.6M $1,135.4M • F&B sales declined 7%. Beverages 35% 33% • Beverages: Impacted by the decline in Beer which arose Dairies 53% 54% f
Slide 6: Malaysia Recorded Revenue Growth
1H2026 REVENUE (by Geography) MALAYSIA RECORDED REVENUE GROWTH Growth in Malaysia was supported by higher Soft Drinks and Dairies sales, and favourable forex translation 10% KEY TAKEAWAYS (BY GEOGRAPHY) 18% Malaysia: Revenue grew, driven by higher Soft Drinks sales on 27% stronger festive demand, al
Slide 7: Profit Grew 6%
1H2026 PBIT -2% 5% PROFIT GREW 6% 30% Driven by stronger Beverages earnings, despite weaker Dairies performance $174.8M KEY TAKEAWAYS (BY BUSINESS) 67% 1H2025 1H2026 $165.1M $174.8M • 1H2026 earnings grew 6% to $174.8M. Beverages 18% 30% • Beverages: Strong festive sales and lower input costs Dairie
Slide 8: Myanmar & Vietnam Supported Earnings Growth
MYANMAR & VIETNAM SUPPORTED 1H2026 PBIT (by Geography) EARNINGS GROWTH Myanmar saw margin improvement driven by Beer while Vietnam 3% benefitted from higher Vinamilk contribution 4% KEY TAKEAWAYS (BY GEOGRAPHY) 27% 29% Malaysia: Earnings declined due to unfavourable sales mix, start-up $174.8M costs
Slide 9: Financial Highlights: 1H2026 Balance Sheet
FINANCIAL HIGHLIGHTS 1H2026 Balance Sheet ASSETS LIABILITIES & EQUITY Cash & Bank $334.7M $1,358.3M Borrowings Balances Other Current $836.7M $667.4M Other Assets Liabilities Non-Current $4,222.5M $3,368.2M Total Equity Assets Total Total Assets $5,393.9M $5,393.9M Liabilities & Equity Half-year end
Slide 10: Strong Capital Structure
STRONG CAPITAL STRUCTURE Maturity Profile of Group Debt Generous debt headroom for acquisitions FY2025 1H2026 $1,055.0m Floating Cash $363.5M $334.7M Rates $303.2m 15% Fixed Borrowings $1,088.5M $1,358.3M Rates 85% Gearing1 21.8% 30.4% MATURING < 1YR MATURING > 1YR Dividend Interim Dividend of 1.5 C
Slide 11: Corporate Development
CORPORATE DEVELOPMENT Half-year ended 31 March 2026
Slide 12: F&N to Invest in Comvita, Strengthening Health and Wellness Portfolio
F&N TO INVEST IN COMVITA, STRENGTHENING HEALTH AND WELLNESS PORTFOLIO Partnering a trusted wellness brand to support long-term portfolio growth • F&N announced as a cornerstone investor in a proposed equity capital raising by Comvita Limited (“Comvita”), a New Zealand- listed company globally recogn
Slide 13: Increased Vinamilk Stake Strengthens F&N's Regional Dairy Presence
INCREASED VINAMILK STAKE STRENGTHENS F&N’S REGIONAL DAIRY PRESENCE • F&N increased its stake in Vinamilk, strengthening its position in Southeast Asia’s dairy sector. • On 22 December 2025, the Group acquired an additional 4.6% stake, bringing its aggregate shareholding to 24.99% from 20.39%. • The
Slide 14: Brand Collaborations Driving Demand and Consumer Engagement
BRAND COLLABORATIONS DRIVING DEMAND AND CONSUMER ENGAGEMENT • Expanded reach through complementary, limited-edition brand collaborations. • Drove trial and mix improvement through differentiated formats and promotions. • Scalable model deployed across markets to support growth. Half-year ended 31 Ma
Slide 15: 100PLUS Evolves to Meet Everyday Hydration Occasions
100PLUS EVOLVES TO MEET EVERYDAY HYDRATION OCCASIONS Entering new formats and consumption occasions to broaden reach 100PLUS Effervescent Tablets Beverages Only available in Singapore Ice Confection Isotonic Powder Half-year ended 31 March 2026 15
Slide 16: 100PLUS Steps Up Its Festive Collaborations with New Flavour
100PLUS STEPS UP ITS FESTIVE COLLABORATIONS WITH NEW FLAVOUR Expanding product activations across key markets 100PLUS Zero Golden Tangerine Flavour (limited-edition) Can 240ml Only available in Singapore & Malaysia 946ml Half-year ended 31 March 2026 16
Slide 17: Analyst & Media Contact
Analyst & Media Contact Ms. Jennifer Yu Director, Investor Relations +65 6318 9231 jenniferyu@fngroup.com.sg Website: https://fraserandneave.com 17
Slide 18: 1H2026 Group Financial Highlights (Unaudited)
1H2026 GROUP FINANCIAL HIGHLIGHTS (UNAUDITED) 1H2025 1H2026 Change ($’M) ($’M) (%) Revenue 1,212.6 1,135.4 - 6.4 Gross profit 376.6 378.6 + 0.5 Profit before interest and tax 165.1 174.8 + 5.8 PBIT margin (%) 13.6% 15.4% + 178 bps Profit after tax 124.8 113.0 - 9.4 Profit attributable to shareholder