Olam Group Limited · SGX:VC2
Olam — Olam Group Ltd Basis Eg — FY2025 Earnings Presentation
51 slides from Olam's earnings presentation, Feb 27, 2026
Slide 1: 2025 Results Briefing
2025 Results Briefing February 27, 2026 | Singapore
Slide 2: Notice
Notice This presentation should be read in conjunction with Olam Group Limited’s Financial Statements and Management Discussion and Analysis for the Year ended December 31, 2025 (“2025”) lodged on SGXNET on February 27, 2026. Olam Group Limited Results for the Year ended December 31, 2025 | February
Slide 3: Cautionary note on forward-looking statements
Cautionary note on forward-looking statements This presentation and announcement entitled “2025 Results Briefing” may contain statements regarding the business of Olam Group Limited and its subsidiaries (“the Group”) that are of a forward-looking nature and are therefore based on management’s assump
Slide 4: Presenters
Presenters Sunny Verghese N. Muthukumar A. Shekhar Co-Founder and Group CEO Group CFO CEO Olam Group Limited Olam Group Limited ofi Olam Olam Group Group Limited Limited Results Results for Year for the the Year ended ended December December 31, |2025 31, 2025 | February February 27, 2026 27, 2026
Slide 5: Agenda
Agenda 1 2 3 4 5 Group 2025 Segmental Re-organisation Business Key takeaways financial performance by update prospects and highlights operating group outlook Olam Group Limited Results for the Year ended December 31, 2025 | February 27, 2026
Slide 6: Group financial highlights
1 Group 2025 financial highlights Olam Group Limited Results for the Year ended December 31, 2025 | February 27, 2026
Slide 7: Changes to the presentation of 2025 Group financial highlights
Changes to the presentation of 2025 Group financial highlights 1. The Group announced on February 24, 2025 that it has agreed to sell its remaining 64.57% interest in Olam Agri to SALIC in two tranches – 44.58% (Tranche 1) and 19.99% (Tranche 2) at the end of 3 years post Tranche 1 completion. 2. Gi
Slide 8: At a glance (1/2): 2025 Reported vs 2024 Re-presented
At a glance (1/2): 2025 Reported vs 2024 Re-presented Volume & 4.4 M MT S$29.6 B Operational S$510.9 M Revenue -3.0% +28.8% PATMI¹ +136.2% S$1,267.2 M Free Cash +S$359.6 M EBIT¹ Flow to +37.9% Equity +S$6.3 B S$444.1 M From 2.79x to PATMI Gearing +414.0% 1.87x 1 Excludes exceptional items. 8 Olam Gr
Slide 9: At a glance (2/2): 2025 Adjusted vs 2024 Reported
At a glance (2/2): 2025 Adjusted vs 2024 Reported Volume & 58.1 M MT S$67.0 B Operational S$510.9 M Revenue +17.1% +19.3% PATMI¹ +136.2% S$2.2 B Free Cash +S$359.6 M EBIT¹ Flow to +13.2% Equity +S$6.3 B S$444.1 M From 2.79x to PATMI Gearing +414.0% 2.69x 1 Excludes exceptional items. 9 Olam Group Li
Slide 10: Consolidated results by operating group
2025 Adjusted vs 2024 Reported: Consolidated results by operating group ofi Olam Agri (Discontinuing Operations) Remaining Olam Group Invested Capital Volume ('000 MT) Revenue (S$ billion) EBIT (S$ million) (S$ million) 1.9% 1.7% 5.7% 9.0% 9.3% 42.5% 29.3% 48.8% 58,091.9 67.0 2,190.7 25,479.7 +17.1%
Slide 11: Consolidated 2025 results: Profit & Loss
Consolidated 2025 results: Profit & Loss 2024 2025 S$ million 2025 % Change 2024 % Change Re-Presented Adjusted Volume ('000 MT) 4,384.9 4,519.9 (3.0) 58,091.9 49,596.6 17.1 EBITDA^ 1,839.2 1,483.6 24.0 2,956.9 2,691.4 9.9 EBIT^ 1,267.2 919.2 37.9 2,190.7 1,935.8 13.2 PATMI 444.1 86.4 414.0 444.1 86
Slide 12: Consolidated 2025 Adjusted results: Sales volume growth
Consolidated 2025 Adjusted results: Sales volume growth Volume growth by operating group ('000 MT) +17.1% 8,630 58,092 49,597 -52 -83 2024 ofi Remaining Olam Agri 2025 Adjusted Olam Group (Discontinuing Operations) Olam Group Limited Results for the Year ended December 31, 2025 | February 27, 2026 1
Slide 13: Consolidated 2025 Adjusted results: Core operating profits growth
Consolidated 2025 Adjusted results: Core operating profits growth EBIT² by operating group (S$ million) 349 2,191 1,936 -93 -1 2024 ofi Remaining Olam Agri 2025 Adjusted Olam Group (Discontinuing Operations) Adjusted EBIT² 1,989 +249 2,238 (S$ M) ² EBIT and Adjusted EBIT exclude exceptional items. O
Slide 14: Operational PATMI at S$510.9 million
Consolidated 2025 Adjusted results: Operational PATMI at S$510.9 million PATMI increased from S$86.4 million to S$444.1 million on EBIT growth and lower net finance costs PATMI (S$ million) +414.0% 22 444 63 53 255 -35 86 2024 EBIT^ Net Finance Taxation^ Exceptional Non-controlling 2025 Adjusted Cos
Slide 15: Marginal decrease in invested capital
Consolidated 2025 Adjusted results: Marginal decrease in invested capital Invested Capital³ (IC, S$ million) Gearing (times) Net gearing -4.0% Adjusted net gearing 26,553 25,480 2.79 2.69 Working Capital Fixed Capital 16,354 1.87 15,523 0.68 0.55 0.58 10,199 9,957 Dec-24 Dec-25 Adjusted Dec-24 Dec-2
Slide 16: Free cash flow
Free cash flow Reduction in working capital requirements and modest Capex rise improved FCFE Free Cash Flow to Equity (FCFE) (S$ million) +6,297 6,119 29 3 360 -88 234 -5,937 2024 Operating Changes in Tax Paid Capex / Net Interest 2025 Cash Flow Working Investments Paid (before Capital Interest & Ta
Slide 17: Sufficient liquidity with diversified pools of capital
Sufficient liquidity with diversified pools of capital Total borrowings and available liquidity (S$ million) as at December 31, 2025 4,068 15,591 8,855 487 +7,618 7,973 2,181 Cash and RMI Secured Unutilised Available Short-term Short-term Receivables Bank Lines Liquidity Borrowings Fixed Deposits •
Slide 18: Segmental performance by operating group
2 Segmental performance by operating group Olam Group Limited Results for the Year ended December 31, 2025 | February 27, 2026
Slide 19: ofi 2025 results
afi 2025 results ofi
Slide 20: Recap: What brings ofi together
Recap: What brings ofi together Confectionery d & Beverage Solutio Integrated platforms o ns Fo ents & Solutio combining a strong Beverages g redi ns Culinary n Global Sourcing network I and delivering value- Spices Cocoa added Ingredients & al Sourcin Bakery lob Snacking Solutions to customers G g
Slide 21: ofi 2025 results
ofi 2025 results S$ Million S$ Million EBIT -0.1% Invested Capital Global Sourcing 1,071 1,070 Ingredients & Solutions 29% 31% -9.9% 17,361 15,644 36% 36% 71% 69% 64% 64% 2024 2025 Dec-24 Dec-25 EBIT/MT (S$) 319 324 EBIT/Avg IC 7.4% 6.5% -0.7% Adjusted EBIT (S$) 1,115 1,107 • ofi delivered a resilie
Slide 22: ofi: Global Sourcing
ofi: Global Sourcing S$ Million S$ Million EBIT +6.5% Invested Capital -11.1% Working Capital 313 333 6,295 Fixed Capital 5,597 4,550 3,990 1,745 1,607 2024 2025 Dec-24 Dec-25 EBIT/MT (S$) 115 136 EBIT/Avg IC 6.0% 5.6% +4.8% Adjusted EBIT (S$) 319 334 • Segment EBIT increased 6.5% to S$333.4 million
Slide 23: ofi: Ingredients & Solutions
ofi: Ingredients & Solutions S$ Million S$ Million EBIT Invested Capital -2.8% Working Capital -9.2% 758 736 Fixed Capital 11,066 10,047 6,942 5,894 4,124 4,153 2024 2025 Dec-24 Dec-25 EBIT/MT (S$) 587 517 EBIT/Avg IC 8.1% 7.0% -2.9% Adjusted EBIT (S$) 796 773 • Segment EBIT declined marginally by 2
Slide 24: Olam Agri 2025 results
AA Olam Agri Transforming food, feed & fibre 2025 results
Slide 25: Food & Feed - Origination & Merchandising
Food & Feed - Origination & Merchandising Food & Feed - Processing & Value-added Fibre, Agri-industrials & Ag Services S$ Million S$ Million EBIT Invested Capital EBIT declined 9.2% to S$923.5 million on lower commodity IC rose 11.0% to S$7.5 billion mainly due to the growth in prices and volatility
Slide 26: Food & Feed - Processing & Value-added
S$ Million S$ Million EBIT Invested Capital Working Capital Fixed Capital EBIT came down by 35.1% or S$75.3 million to S$139.2 million in IC increased by 44.9% to S$2.8 billion primarily on 2025 (2024: S$214.5 million) mainly due to a reduction in margins working capital growth from higher receivabl
Slide 27: Integrated Feed & Protein
S$ Million S$ Million EBIT Invested Capital Working Capital Fixed Capital The Naira had been stable and supportive of general consumption in IC down slightly at S$2.4 billion: There was marginal growth in Nigeria during the year – a tailwind for Wheat Milling & Pasta in Nigeria. Capex mainly for the
Slide 28: Fibre, Agri-industrials & Ag Services
S$ Million S$ Million EBIT Invested Capital Working Capital Fixed Capital The Fibre business continued to experience difficult market conditions and IC was flattish at S$2.3 billion with a modest increase in fixed capital margin pressures in an industry that has faced weak demand in key markets main
Slide 29: Remaining Olam Group 2025 Results
Remaining Olam Group 2025 Results Olam Group Limited Results for Half-Year ended June 30, 2022 | August 12, 2022 29
Slide 30: Remaining Olam Group
Remaining Olam Group4 S$ Million EBIT Invested Capital S$ Million Working Capital -4.0% 198 Fixed Capital 2,472 2,373 202 195 2,270 2,178 -152 2024 Re-Presented 2025 Dec-24 Dec-25 • EBIT for the segment was a positive S$197.7 million, a swing of S$349.2 • IC decreased 4.0% or S$99.5 million to S$2.4
Slide 31: Re-organisation update
3 Re-organisation update Olam Group Limited Results for the Year ended December 31, 2025 | February 27, 2026
Slide 32: Re-organisation Plan: Core elements
Re-organisation Plan: Core elements 1. Create focus by reducing complexity and simplifying the portfolio. Clear separation of Olam Group into three distinct operating entities – ofi (Olam Food Ingredients), Olam Agri and Remaining Olam Group. 2. Attract natural, long-term owners for each operating e
Slide 33: Updated 2025 Re-organisation Plan: Achieve key objectives
Updated 2025 Re-organisation Plan: Achieve 3 key objectives 1 2 3 De-lever Remaining Olam Invest US$500 million of equity into Responsibly divest and monetise Group’s balance sheet and make ofi all of the Remaining Olam it debt-free and self-sustaining • Continue to support various Group’s assets an
Slide 34: Progress from 2025 to-date
Progress from 2025 to-date • Feb 2025 – Proposed sale of 64.57% stake in Olam Agri: Approvals from all jurisdictions but one have been obtained; expect to close the sale of Tranche 1 as soon as all closing conditions and requisite regulatory approvals are met. • Apr 2025 – Proposed sale of remaining
Slide 35: Dividend
Dividend After having paid an interim dividend of 2.0 cents per share on August 29, 2025, the Board of Directors has decided not to recommend a final dividend for the financial year ended December 31, 2025. In view of the ongoing execution of the Updated 2025 Re-organisation Plan and pending complet
Slide 36: Business outlook and prospects
4 Business outlook and prospects Olam Group Limited Results for the Year ended December 31, 2025 | February 27, 2026
Slide 37: Business outlook and prospects
Business outlook and prospects 1 2 3 4 The Group expects the global ofi expects stabilisation in The Group expects the constituent Olam Agri economic outlook for 2026 to be market conditions for some of businesses of the Remaining Olam (Discontinuing affected by the continued its key input raw mater
Slide 38: Key takeaways
5 Key takeaways Olam Group Limited Results for the Year ended December 31, 2025 | February 27, 2026
Slide 39: Key takeaways
Key takeaways 1 2 3 4 Strong PATMI growth on Completion of sale of Our plan to divest assets in Focuse on successfully the back of operating Olam Agri Tranche 1 and the Remaining Olam Group executing the growth profit growth in 2025 remaining stake in ARISE are on track with three of initiatives at
Slide 40: Appendix – Operating groups
Appendix – Operating groups Olam Group Limited Results for the Year ended December 31, 2025 | February 27, 2026
Slide 41: ofi in numbers
ofi in numbers F&B Cocoa Coffee Nuts Spices Dairy solutions 28.5 Billion revenue (S$) 1,504 Million EBITDA (S$) 1,070 Million EBIT (S$) 120+ manufacturing ~50 countries ~18,000 employees ~11,000 customers facilities Note: All financial metrics are for 2025. 41 Olam Group Limited Results for the Year
Slide 42: Olam Group Limited Results for the Year Ended December 31, 2025
42 Olam Group Limited Results for the Year Ended December 31, 2025 | February 27, 2026
Slide 43: Remaining Olam Group in numbers
Remaining Olam Group in numbers Olam Global Holdco Provides IT, digital and shared services to the operating groups, including ofi and Olam Agri Olam Palm Gabon | Olam Rubber Gabon | Rusmolco through long-term service agreements | Develops Sustainability and digital platforms: Jiva | Caraway | ARISE
Slide 44: Appendix – Financials
Appendix – Financials Olam Group Limited Results for the Year ended December 31, 2025 | February 27, 2026
Slide 45: P&L statement (1/2)
P&L statement (1/2) 2024 % H2 2024 S$ million 2025 H2 2025 % Change Re-presented Change Re-presented Volume (’000 MT) 4,384.9 4,519.9 (3.0) 2,166.5 2,317.8 (6.5) Revenue 29,599.9 22,986.6 28.8 14,333.2 12,798.7 12.0 EBITDA^ 1,839.2 1,483.6 24.0 851.8 823.2 3.5 EBIT^ 1,267.2 919.2 37.9 558.5 537.1 4.
Slide 46: P&L statement (2/2)
P&L statement (2/2) % H2 2025 S$ million 2025 Adjusted 2024 H2 2024 % Change Change Adjusted Volume (’000 MT) 58,091.9 49,596.6 17.1 30,293.2 25,324.6 19.6 Revenue^ 66,997.3 56,157.1 19.3 33,672.5 29,236.8 15.2 EBITDA^ 2,956.9 2,691.4 9.9 1,376.3 1,433.3 (4.0) EBIT^ 2,190.7 1,935.8 13.2 987.6 1,047.
Slide 47: Exceptional items (1/2)
Exceptional items (1/2) 2024 Re- H2 2024 Re- S$ million 2025 H2 2025 Presented Presented Re-organisation cost (9.9) (21.6) (6.6) (11.5) US Spices one-off charges - (30.8) - (30.8) US almonds one-off charges - (61.0) - (61.0) Funds Management Business closure - (3.2) - - Jiva closure (28.1) - (28.1)
Slide 48: Exceptional items (2/2)
Exceptional items (2/2) H2 2025 S$ million 2025 Adjusted 2024 H2 2024 Adjusted Re-organisation cost (9.9) (21.6) (6.6) (11.4) US Spices one-off charges - (30.8) - (30.8) US almonds one-off charges - (61.0) - (61.0) Funds Management Business closure - (16.5) - (1.3) Jiva closure (28.1) - (28.1) - Ter
Slide 49: Balance sheet
Balance sheet Dec-2025 Dec-2024 S$ million Dec-2025 Change Adjusted Restated Fixed Capital 7,444.1 9,328.8 9,531.7 (202.9) Right-of-use assets 746.9 882.1 905.0 (22.9) Uses of Working Capital 10,207.2 15,876.7 16,933.8 (1,057.1) Capital Cash 2,181.0 3,239.7 3,329.7 (90.0) Others (73.9) (105.2) (286.
Slide 50: Cash flow statement
Cash flow statement S$ million 2025 2024 Change H2 2025 H2 2024 Change Operating Cash flow (before Interest & Tax) 2,762.4 2,528.6 233.8 1,169.3 1,285.5 (116.2) Changes in Working Capital 45.5 (6,073.4) 6,118.9 1,362.6 (561.1) 1,923.7 Net Operating Cash Flow 2,807.9 (3,544.8) 6,352.7 2,531.9 724.4 1
Slide 51: 2025 Results Briefing
2025 Results Briefing olamgroup.com/investors.html ir@olamnet.com
Olam Group Ltd Basis Eg — FY2025 Earnings Presentation on 6ix