Fraser & Neave Ltd. · SGX:F99

Fraser & Neave — Shareholder Meeting (January 2026)

31 slides from Fraser & Neave's shareholder meeting presentation, Jan 27, 2026

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Slide 3: 127th Annual General Meeting: CEO's Presentation
127th Annual General Meeting CHIEF EXECUTIVE OFFICER’S PRESENTATION
Slide 4: 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 re
Slide 5: Delivering Steady Performance in a Changing Environment
DELIVERING 1. FY2025 delivered stable earnings and cash flows. STEADY 2. Operating in a volatile macro and geopolitical environment. PERFORMANCE 3. Long-term focus on disciplined execution and IN A CHANGING value creation remains unchanged. ENVIRONMENT 3
Slide 6: Performance Was Stable, as Disciplined Execution Offset a Volatile Operating Environment
PERFORMANCE WAS STABLE, AS DISCIPLINED EXECUTION OFFSET A VOLATILE OPERATING ENVIRONMENT REVENUE PBIT APBE DIVIDEND $2,322.8M $308.1M $150.4M 5.5 Cents +7% (+4% in CC) +4% (+2% in CC) +0% (+0% in CC) Same as LY FY24 FY24 FY24 Dividend FY25 FY25 FY25 Payout Ratio (%) 60% 56% 53% 53% 50% Beverages Dai
Slide 7: What Drove Performance
WHAT DROVE PERFORMANCE What Went Well What Was Challenging How We Responded • Resilient performance from • Expiry of tax incentives in • Maintained margin Food & Beverages, led by the Thailand, resulting in a higher discipline and cost control to Dairies. effective tax rate and limiting protect prof
Slide 8: Portfolio Strength: Revenue Resilience and Regional Reach
PORTFOLIO STRENGTH: REVENUE RESILIENCE REGIONAL REACH Revenue resilience anchored by trusted brands Sold in +7% year-on-year; over 130+ Dairies remain the core countries and territories; revenue segment 80%+ of revenue outside SG 55% 39% 30% 33% 9% Revenue 18% Revenue 13% 3% $2,323M $2,323M Beverage
Slide 9: Investments for Long-Term Resilience
INVESTMENTS FOR LONG-TERM RESILIENCE 1 October 2024 to 30 September 2025
Slide 10: Brand Strength Supported by Disciplined Marketing & Innovation
BRAND STRENGTH SUPPORTED BY DISCIPLINED MARKETING & INNOVATION • Targeted marketing and consistent brand positioning across core markets • Ongoing, disciplined innovation with a focus on health and wellness • Selective limited-editions to sustain consumer engagement 8
Slide 11: New Dairy Manufacturing Facility in Cambodia
New dairy manufacturing facility in Cambodia • Strengthens regional production footprint to serve Indochina markets more efficiently • The facility to produce, distribute, and market F&N dairy products, initially Plant Construction Progress 90% focusing on canned milk, with plans to expand into othe
Slide 12: Butterworth Factory Cuts Costs with Lean, Capable Team
Smart Automation Meets Skilled Workforce: Butterworth Factory Cuts Costs with Lean, Capable Team Plant is now producing F&N ICE MOUNTAIN and F&N carbonated soft drinks Butterworth Plant Opening | 4 August 2025 10
Slide 13: F&N Agrivalley
F&N AGRIVALLEY I N T E G R AT E D DA I R Y FA R M TO S T R E N G T H E N LO N G - T E R M S U P P LY S E C U R I T Y, QUA L I T Y CONTROL AND COST EFFICIENCY
Slide 14: Dairy Farm at Agrivalley (Recap)
DAIRY FARM AT AGRIVALLEY (RECAP) 12
Slide 15: Building Momentum, Achieving Milestones
Building Momentum, Achieving Milestones... Our infrastructure is complete and fully operational, delivering efficiency across barns, milking parlours, dormitories, dairy factories, and crop fields. We have turned plans into reality and are ready for sustainable growth. BARN MILKING PARLOUR DORMITORY
Slide 16: F&N Agrivalley: A Fully Integrated, Large-Scale Dairy Farming Model
FRASER & NEAVE HOLDINGS BHD F&N Agrivalley: A Fully Integrated, Large-Scale Dairy Farming Model Target Achieved: Dairy Factory Feed Storage and Milking Parlour TMR System Ready Reservoir 1 Over 28 Liters Per Cow Daily Phase 1 will produce 100mil litres of fresh milk Dormitory Calf Barns 1&2 TOTAL LA
Slide 17: Slide 17
Slide 18: 500+ Hectares Ready for Planting, We Are on the Move
500+ Hectares Ready for Planting, We are on the Move Reducing feed costs is our key success driver, with over 500 hectares in Padang Besar ready for planting by March, we are moving full speed ahead towards sustainable growth. 16
Slide 19: More Land, Lower Feed Costs, Londah Development Underway
FRASER & NEAVE HOLDINGS BHD More Land, Lower Feed Costs, Londah Development Underway With over 500 hectares in Padang Besar ready for planting by March and an additional 500 hectares secured in Londah, we are accelerating efforts to lower feed costs and strengthen sustainability. 17
Slide 20: Freshness Perfected: Commercial Run Starts January 2026
Freshness Perfected: Commercial Run Starts January 2026 Our dairy factory is fully licensed and equipped with advanced production lines, ensuring readiness for seamless operations and high-quality output 18
Slide 21: Publishing & Printing: From Structural Decline to Focused, Sustainable Operations
PUBLISHING & PRINTING From Structural Decline to Focused, Sustainable Operations
Slide 22: Structural Challenges Required Decisive Change
Structural Challenges Required Decisive Change R E D E P LOY Publishing Print Retail & Distribution • Structural shifts in consumer behaviour and technology reshaped R E S I Z E parts of the portfolio • Certain businesses no longer met our return and sustainability thresholds REFOCUS • • Delay would
Slide 23: Capital Redeployed to Growth Areas
Capital Redeployed to Growth Areas Trade Publishing (Reduced to core) EDUCATION PRINT Business Directories (Reduced to core) Direct Selling - ’ (Closed) - - - Magazine Distribution (Rationalised) 21
Slide 24: Education: Higher-Margin Growth Beyond Textbooks
Education: Higher-Margin Growth Beyond Textbooks EXPANSION BEYOND PRINT DIGITAL RESOURCES ARTIFICIAL INTELLIGENCE Print ASSESSMENTS PROFESSIONAL DEVELOPMENT Non-Print EDUCATION CONSULTANCY 2022 2025 22
Slide 25: Education: Reduced Reliance on Singapore & US
Education: Reduced Reliance on Singapore & US STRONG INTERNATIONAL GROWTH Central Asia South Korea Indonesia India South Korea India Indonesia Central Asia 2022 2025 23
Slide 26: Sustainable Packaging: A High-Growth, Scalable Platform
Sustainable Packaging: A High-Growth, Scalable Platform 1. 3-year exponential growth Packaging has emerged as a high- 2. Food-safety certified, clean-room facility growth, margin-accretive business 3. Entry into US market (tariff & supply chain tailwinds) Year 4 (2025-2026) Sales Trend 2022-2025 Yea
Slide 27: From Pilots to Scaled International Platform in 3 Years
From Pilots to Scaled International Platform in 3 Years 2022 2023 -2024 2025 Recurring Orders Kraft Bags as Core Credibility & Pilots & Contracted Product Line Volumes Kraft Bags Kraft Bags Kraft Bags Cassa180 2024 : Kraft bags Cassa180 became a repeat, Folding Cartons Folding Cartons Folding scalab
Slide 28: A More Balanced Portfolio
A More Balanced Portfolio COMBINING STABLE CASH FLOWS WITH SELECTIVE GROWTH AREAS Growth Engines • Education • Packaging (Green Lab) • Book Distribution Stable Cash Generators • Selective Commercial Print • Market & Product Diversification Risk Mitigation Controls • Disciplined Cost Control • Exit N
Slide 29: Looking Ahead
LOOKING AHEAD FRASER AND NEAVE, LIMITED
Slide 30: Focused on Long-Term Value Creation
Purpose & Portfolio We own leading brands in attractive categories, anchored by a clear purpose FOCUSED ON LONG-TERM Capabilities We continue to execute with discipline VALUE at scale across the value chain CREATION People Experienced leadership, strong governance, long-term mindset 28
Slide 31: Thank you for your continued trust and partnership
Thank you for your continued trust and partnership. Together, we build a brighter future for F&N. <a href="https://www.vecteezy.com/free-vector/year-of-the-horse">Year Of The Horse Vectors by Vecteezy</a>

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