Wh Group Ltd. (hk) · HKEX:288
Wh Group Ltd. (hk) — Wh Group Ltd Ord — FY2025 Earnings Presentation
25 slides from Wh Group Ltd. (hk)'s earnings presentation, Mar 24, 2026
Slide 1: 2025 Annual Results
Smithfield NASDAQ: SFD = MORLINY FOODS 2025 Annual Results
Slide 2: Disclaimer
Disclaimer • This presentation and the accompanying slides (the "Presentation") have been prepared by WH Group Limited ("WH Group" or the "Company") solely for information purposes. • This Presentation does not constitute or form part of and should not be construed as, an offer or invitation to acqu
Slide 3: Table of Contents
Table of Contents 01 2025 Financial Summary 02 2025 Business Review 03 Strategies and Outlook 04 Appendix 2
Slide 4: 2025 Financial Summary
2025 Financial Summary 3
Slide 5: Consolidated Financials Overview
Consolidated Financials Overview . Key Operating Data 2025 2024 Y-o-Y Change Packaged meats sold (000 metric tons) 3,054 3,100 -1.5% Pork sold (000 metric tons) 4,089 3,765 +8.6% Key Financial Data US$ Million 2025 (1) 2024 (1) Y-o-Y Change Revenue 28,026 25,941 +8.0% EBITDA (1) 3,377 3,078 +9.7% Op
Slide 6: Segment Revenue and Operating Profit
Segment Revenue and Operating Profit 2025 Revenue by Business Segments (1) 2025 Operating Profit by Business Segments (2) US$ million US$ million % Others 8.8% % 22.1% (4.1%) 100% (109) 82.0% 578 Total Packaged 2,612 28,026 2,143 Pork Meats 40.6% 50.6% Packaged Meats Pork Others Total Operating Prof
Slide 7: Cash Flow and Capital Structure
Cash Flow and Capital Structure Maintain Strong Operating Cash Flow Disciplined Capital Expenditure US$ million US$ million Total: 707 2,519 2,526 Total: 611 156 140 350 341 201 130 8.1% 8.1% 2024 2025 2024 Capex 2025 Capex China US Europe Increase Shareholder Returns(1) Conservative Leverage US$ mi
Slide 8: 2025 Business Review
2025 Business Review
Slide 9: Macro Operating Environment
Macro Operating Environment The global economy demonstrated resilience amid escalating trade tensions and policy uncertainties, with divergent trends across regions. The Chinese hog market was Hog prices in North America rebounded, In the European market，hog prices characterized by strong supply and
Slide 10: Hog Supplies and Prices
Hog Supplies and Prices Number of Hogs Produced Hog Prices Million heads USD/Kg RMB/Kg China U.S. China U.S. Europe 250 80 6.0 40 195.7 199.0 70 35 5.0 200 194.6 194.8 189.8 189.4 171.4 179.4 179.7 169.4 171.4 30 182.3 4.0 170.2 176.5 60 166.0 150 154.5 154.4 161.8 163.7 25 156.4 50 3.0 20 100 15 40
Slide 11: Pork Prices and Market Spread
Pork Prices and Market Spread U.S. Pork Prices U.S. Market Gross Spread US$/Kg US$/Kg 2.8 0.35 2.6 0.30 0.25 2.4 0.20 2.2 0.15 2.0 0.10 1.8 0.05 1.6 0.00 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 2024 2025 • The average pork cutout valu
Slide 12: Operating Profit – China
Operating Profit – China Operating Profit and Margin (1) Packaged Meats (2) Pork (2) US$ million US$ million US$ million -1.0% 943 934 924 891 27.1% 27.4% 11.2% 11.0% 55 44 1.0% 1.3% 2024 2025 2024 2025 2024 2025 Operating Profit Operating Profit Margin Note： 1. Percentage marked in white on the bar
Slide 13: Business Review – China
Business Review – China Implemented various innovative measures, continued to enhance the performance of underperforming segments, expanded sales network and optimized product mix amid a challenging market environment. Total meat sales volume reached a record high, while profitability remained stabl
Slide 14: Operating Profit – North America
Operating Profit – North America Operating Profit and Margin (1) Packaged Meats(2) Pork (2) US$ million US$ million US$ million 1393 1,174 1,097 1187 14.1% 12.5% 9.2% 444 8.6% 170 4.5% 2.0% 2024 2025 2024 2025 2024 2025 Operating Profit Operating Profit Margin Note： 1. Percentage marked in white on
Slide 15: Business Review – North America
Business Review – North America Capitalized on favorable market opportunities, leveraged the vertically integrated business model, optimized operational management and implemented cost-saving and efficiency-enhancing measures, resulting in record-high earnings. Packages • Total sales volume remained
Slide 16: Operating Profit – Europe
Operating Profit – Europe Operating Profit and Margin (1) Packaged Meats (2) Pork (2) US$ million US$ million US$ million 285 274 155 136 131 7.3% 90 6.6% 6.9% 7.0% 7.9% 5.3% 2024 2025 2024 2025 2024 2025 Operating Profit Operating Profit Margin Note： 1. Percentage marked in white on the bars repres
Slide 17: Business Review – Europe
Business Review – Europe Leveraged the strength of our business model to counter market fluctuations, focused on the development of packaged meats business, pursued synergistic M&As, leading to sustained growth in volume and profits. Packages • Expanded the scale, product offering, and geographic fo
Slide 18: Business Strategies
Business Strategies 17
Slide 19: Business Strategies
Business Strategies WH Group will continue to consolidate its global resources, leverage synergies, adhere to the business philosophy of "improve mix, adjust price, and control costs" and the strategy of "industrialization, diversification, internationalization and digitalization” to enhance our lea
Slide 20: Appendix
Appendix
Slide 21: Product Innovation – China
Product Innovation – China High Temperature Products Snacking Products Frozen Products Western Premium Products Low Temperature Products 20
Slide 22: Innovative Marketing – China
Innovative Marketing – China Deepening the multi-brand strategy to form a clearly tiered brand matrix • Lok Fook Chai focuses on the Chinese-style braised delicacies gifting sector; • Jian Song targets the healthy light meals sector, achieving a 590% year-over-year sales increase through product lau
Slide 23: Product Innovation – North America
Product Innovation – North America Pepperoni Enrobed Marinated Loin Half Filets Bacon Hams Nathan’s Beef Hot Dogs Deli Eckrich Smoked Brats Curly’s New Line Kretschmar Prime Fresh Slow Roasted Hot Honey Ham Turkey & Rotisserie Breast Chicken 22
Slide 24: Product Innovation – Europe
Product Innovation – Europe Animex Foods Argal Mecom Contim 23
Slide 25: Investor Relations
Investor Relations Tel: (852) 2922 0736 Email: investor@wh-group.com 24