Monde Nissin Corp. · PSE:MONDE
Monde Nissin — FY2024 Earnings Presentation
37 slides from Monde Nissin's earnings presentation, Mar 27, 2025
Slide 1: FY 2024 Unaudited Earnings Presentation
FY 2024 Unaudited Earnings Presentation March 27, 2025
Slide 2: Full Year 2024 Business Performance
Full Year 2024 Business Performance APAC BFB & Meat Alternative
Slide 3: APAC BFB: Initiatives to sustain strong shares in Noodles and Others, address Biscuits
APAC BFB: Initiatives underway to sustain strong shares in Noodles and Others categories, and address share challenges in Biscuits Noodles Biscuits #1 #2 67.3% 68.7% 29.2% 28.5% 4Q23 4Q24 4Q23 4Q24 Lucky Me! Kasalo Pack as a % of Market Leader in the Bigger Pack Segment Total Philippines 82% Mindana
Slide 4: APAC BFB: Initiatives to sustain strong shares; Oyster Sauce, Yogurt Drinks, Cultured Milk
APAC BFB: Initiatives underway to sustain strong shares in Noodles and Others categories, and address share challenges in Biscuits Oyster Sauce Yogurt Drinks Cultured Milk #1 #1 #2 91.2% 92.2% 59.3% 59.7% 25.1% 23.6% 4Q23 4Q24 4Q23 4Q24 4Q23 4Q24 4 Source: Nielsen Retail Audit (past 12 weeks as of D
Slide 5: Meat Alternative: David Flochel appointed as new CEO
Meat Alternative: David Flochel appointed as new CEO Roles • Haleon NRT carve-out CEO • Heineken UK MD • Selecta Group CEO • Mars and Unilever various roles Track Record • Transformation • Turnaround • Return to sustainable growth • Value creation 5
Slide 6: Full Year 2024 Financial Performance
Full Year 2024 Financial Performance Consolidated & APAC BFB
Slide 7: Consolidated core net income growth of +28.5% for the full year
Consolidated core net income growth of +28.5% for the full year supported by improvements in core gross profit Reported Comparable4 Reported Comparable4 • FY revenue growth with PHP mn Q4 2024 FY 2024 Change YoY Change YoY Change YoY Change YoY volume increase across all APAC BFB categories in Net S
Slide 8: Operating cash flow stable at PHP 12.8 billion; retained earnings available for dividend
Operating cash flow stable at PHP 12.8 billion, retained earnings available for dividend at PHP 4.2 billion in FY 2024 Operating Cash Flow Retained Earnings Available for Dividend In PHP mn In PHP mn 13,291 12,837 Unappropriated Retained Earnings as of 31 5,023 December 2024 Deferred Tax Asset, Endi
Slide 9: PHP 2.7 billion return of capital, PHP 0.15 per share
Strong operating cash flow enables PHP 2.7 billion return of capital, or PHP 0.15 per share, to shareholders as of April 2025 payable in May 2025 Total Dividends in PHP bn & Dividends per Share in PHP PHP 0.15 PHP 0.14 PHP 0.14 per Share per Share PHP 0.12 PHP 0.12 per Share per Share per Share 2.7
Slide 10: 2025 CapEx plan to focus on building capacity and capability for APAC BFB
2025 CapEx plan to focus on building capacity and capability for APAC BFB In PHP mn 7,554 976 5,216 4,860 4,432 703 3,753 1,817 3,660 3,641 2,373 1,031 6,578 1,522 1,784 4,157 3,399 2,610 2,138 1,969 2,059 2019 2020 2021 2022 2023 2024 2025E APAC BFB Meat Alternative 10
Slide 11: APAC BFB: Revenue growth from volumes; core gross margin improvement
APAC BFB: Revenue growth from volumes; full year core gross margin improvement of +414 bps year-on-year resulting in record core net income • FY revenue growth with PHP mn Q4 2024 Reported Change YoY FY 2024 Reported Change YoY volume increase across all categories in Q4; Q4 revenue grew +4.3% compa
Slide 12: APAC BFB: FY sales growth with volume growth across all categories in Q4
APAC BFB: FY sales growth with volume growth across all categories in Q4 Revenue Growth Breakdown APAC BFB Noodles Biscuits Others2 Q4 Year-on-Year +8.7% +6.9% +9.2% +12.0% Net Price1 -0.4% -0.1% +1.1% -3.7% Volume/Mix +9.1% +7.0% +8.1% +15.8% FY Year-on-Year +5.4% +3.9% +3.8% +11.8% Net Price1 +0.6
Slide 13: APAC BFB: Commodity price lock ins sustain gross margin recovery
APAC BFB: Commodity price lock ins in 2024 sustain gross margin recovery year-on-year; wheat and palm oil substantially secured through 4Q25 Wheat (16% of FY APAC BFB COGS) Year-on-Year Gross Margin Percent Locked In: Q1 2025: >80% Q2 2025: >80% Q3 2025: >80% Q4 2025: 20% +154 bps YoY Q1 Q2 Q3 Q4 Q1
Slide 14: Full Year 2024 Financial Performance: Meat Alternative
Full Year 2024 Financial Performance Meat Alternative
Slide 15: 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 Principles Applied • Consumer insights and voice of the customer 2025 Outlook • People engagement and HPT management team • Clear priorit
Slide 16: Meat Alternative: Full year EBITDA neutral and cash positive
Meat Alternative: Full year EBITDA neutral and cash positive, with +158bps gross margin expansion in Q2 to Q4; top line pressure continues • Q4 comparable 3 sales declined by -16.4% on a constant Reported Comparable4 Reported Comparable4 currency basis on volumes that PHP mn Q4 2024 FY 2024 Change Y
Slide 17: Meat Alternative: Cost and cash discipline remains a key focus
Meat Alternative: Cost and cash discipline remains a key focus; restructuring in line with expectations; capex and working capital discipline deliver cash positive 2024 performance Restructuring* on track Cash Positive in FY24 In GPB mn CapEx in PHP mn Closing Inventory in PHP mn >8 2,373 4,786 4,68
Slide 18: Meat Alternative: Reduction in carrying value through lower cash flow projection and higher WACC
Meat Alternative: Reduction in carrying value through lower cash flow projection and higher WACC Carrying Value in GBP mn Carrying value reduced by GBP 104 million through: • Higher WACC: GBP c.20 million • Cashflow projection: GBP c.84 million 242 -18 224 -86 138 2023 Trading changes 2024 before im
Slide 19: FY 2025 Guidance
FY 2025 Guidance
Slide 20: FY 2025 Guidance
FY 2025 Guidance APAC BFB Meat Alternative Top Line Tapering top line Mid-single-digit growth challenges APAC BFB margin broadly in line versus prior year, with Profitability trends varying quarter to quarter based on cost savings plans, commodity lock ins, and base comparisons; mid- single-digit co
Slide 21: Appendix
Appendix 21
Slide 22: Key takeaways
Key takeaways 1 Consolidated revenue for the full year increased by 3.7% to Php 83.1 bn, with Q4 comparable1 growth at 5.1%. APAC BFB net sales for the full year grew by 5.4% to Php 69.5 bn, and rose by 8.7% in Q4, largely driven by volume growth in all categories. 2 APAC BFB revenues in Q4 grew by
Slide 23: Consolidated P&L Summary
Consolidated P&L Summary PHP mn Reported Reported FY 2023 FY 2024 Q4 2023 Q4 2024 Change YoY Change YoY Revenue 80,170 83,120 +3.7% 20,524 21,971 +7.1% Cost of Goods Sold 55,442 54,430 -1.8% 14,355 14,637 +2.0% Gross Profit 24,728 28,690 +16.0% 6,169 7,334 +18.9% Core Operating Expenses1 14,298 15,6
Slide 24: Reported net income figures include one-off items
Reported net income figures include one-off items PHP mn FY 2023 FY 2024 Reported Change YoY Core Net Income 7,626 9,796 +28.5% Other Income (Expenses) (11,511) (9,293) N/M Fair Value Gain (Loss) on Guaranty Asset 1,302 (2,649) N/M Fair Value Gain (Loss) on Financial Assets (FVTPL) 93 82 -11.8% Fore
Slide 25: Meat Alternative additional impairment in 2024
Meat Alternative additional impairment in 2024 due to lower projected cash flow and slightly higher WACC Monde Nissin (UK) Ltd. (MNUK) Value in Use (VIU) & Impairment Loss VIU Breakdown After Impairment In GBP mn 2023 2024 2023 2024 in GBP mn VIU 242 138 Goodwill 0 0 Brand 115 65 PPE 85 42 Others 42
Slide 26: Listed company 2024 retained earnings intact at PHP 5.0 billion
Listed company 2024 retained earnings intact at PHP 5.0 billion Monde Nissin Singapore Pte. Ltd. (MNSPL) Monde Nissin Corporation (MNC / Listed Company) Total Impairment at MNSPL Books in GBP mn (101) In GBP mn In PHP mn Total Impairment at MNC Books (129) (9,392) MNUK Impairment (86) Restructuring
Slide 27: APAC BFB P&L Summary
APAC BFB P&L Summary PHP mn Reported Reported FY 2023 FY 2024 Q4 2023 Q4 2024 Change YoY Change YoY Revenue 65,942 69,528 +5.4% 16,992 18,477 +8.7% Cost of Goods Sold 44,227 43,755 -1.1% 11,202 11,898 +6.2% Gross Profit 21,715 25,773 +18.7% 5,790 6,579 +13.6% Core Operating Expenses1 10,448 12,045 +
Slide 28: Meat Alternative P&L Summary
Meat Alternative P&L Summary PHP mn Reported Reported FY 2023 FY 2024 Q4 2023 Q4 2024 Change YoY Change YoY Revenue 14,228 13,592 -4.5% 3,532 3,494 -1.1% Cost of Goods Sold 11,215 10,675 -4.8% 3,153 2,739 -13.1% Gross Profit 3,013 2,917 -3.2% 379 755 +99.2% Core Operating Expenses1 3,850 3,638 -5.5%
Slide 29: Meat Alternative: Quorn Foods market share down versus 4Q23
Meat Alternative: Quorn Foods market share down -100 bps versus 4Q23 driven by Cauldron brand losses; meat alternative market trajectory unchanged UK Retail Meat Alternative Market2 Total Market Growth Total Market Share1 32.2% 32.3% 32.0%32.0% Quorn Cauldron Other Brands Private Label 31.9% 31.6% 3
Slide 30: Cash Flow Summary
Cash Flow Summary PHP mn FY 2023 FY 2024 Income before Income Tax (1,847) 3,511 Impairment Loss 13,272 6,796 Depreciation & Amortization 2,772 2,688 Fair Value Loss (Gain) on Guaranty Asset (1,302) 2,649 Finance Costs 681 739 Finance Income (428) (579) Working Capital Adjustments 2,279 162 Others (1
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 30D 31D 20D 14D 11,658 10,806 7,710 6,410 FY23 FY24 FY23 FY24 Inventory & Days Inventory Outstanding Accounts Payable1 & Days Payables Outstanding PHP mn PHP mn 66D 78D 61
Slide 32: Balance Sheet Summary
Balance Sheet Summary PHP mn FY 2023 FY 2024 PHP mn FY 2023 FY 2024 Cash and Cash Equivalents 16,679 14,158 Trade and Other Payables 11,684 12,550 Inventories 9,187 8,921 Loans Payable - Current 1,200 364 Trade and Other Receivables 6,410 7,710 Long-Term Loan 3,734 2,842 Others 3,814 3,138 Others 8,
Slide 33: Ratios Summary
Ratios Summary Current Ratio Net Debt-to-Equity Ratio Core Net Margin 2.18 2.03 11.8% 9.5% 0.15 0.15 Dec 2023 Dec 2024 Dec 2023 Dec 2024 FY 2023 FY 2024 Current ratio = Current assets / Current liabilities Net debt-to-equity ratio = (Total liabilities – Cash and cash equivalents) / Equity attributab
Slide 34: Making Better Possible
» Making Better Possible Making Better Food | MakingEco-efficiency | Making inclusivity Making Collective Accessibility Possible Possible Possible Action Possible Monde Nissin develops — Monde Nissin cares for the Monde Nissin nurtures Monde Nissin forms STRATEGIC healthier great-tasting, planet by
Slide 35: JU GOREURATE:
JU GOREURATE: ASEIRATION
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/