Charoen Pokphand Foods Public Co. Ltd. · SET:CPF
Charoen Pokphand Foods Public — Q1 2026 Earnings Presentation
46 slides from Charoen Pokphand Foods Public's earnings presentation, May 15, 2026
Slide 1: Q1/2026 Results Briefing
Q1/2026 Results Briefing Investor Presentation, May 15, 2026
Slide 2: Table of Content
Table of Content Business Overview 03 - 10 Q1/2026 Financial Results 11 - 17 FY2026 Outlook 18 Appendix A: 3Yr Historical Results B: Products & Raw Materials Price Trend C: Group of Associate Companies & Joint Ventures D: Product Sample & Retail Outlet Format Charoen Pokphand Foods Public Company Li
Slide 3: Business Overview
Business Overview “CPF is one of the world's leaders in the agro-industrial and food business, dedicated to generating sustainable returns for shareholders while benefiting all stakeholders.”
Slide 4: Why Invest in CPF
One of the World’s Leaders • World’s leader in Animal feed manufacturing and Why Invest in CPF swine production • Leading player in livestock business in many countries • Distribute to more than 50 countries, reaching over 4 “CPF is one of the world's leaders in the billion people agro-industrial an
Slide 5: Sustainable Kitchen of the World
Sustainable Kitchen of the World Recognized by CPF’s Net-Zero Target by 2050 Charoen Pokphand Foods Public Company Limited | Results Briefing Q1/2026 < 5 >
Slide 6: Company Highlight
Company Highlight At a Glance Sales in FY2025 Sales Breakdown Market Cap (or ~USD18.4 billion) Livestock THB 168 billion 89% Feed 23% TH-Domestic 33% TH-Export 5% (or ~USD 5.2 billion) as of May 14, 2026 THB 571 Farm Aquaculture Food International Book Value 11% 23% 54% 62% billion THB 28.56* per sh
Slide 7: Vertically Integrated Business Model
Feed business Vertically Integrated Feed milling Feed Pet Snack Business Model Our integrated food process is designed to deliver top-quality products in nutrition, taste, food safety, Farm business and traceability with "Sustainovation" concept, Breeding Breeder leveraging technology and innovation
Slide 8: CPF Geographical Footprints
CPF’s manufacturing bases worldwide Feed Farm and Processing Food CPF Geographical Footprints Swine Poultry Aquaculture Asia CPF has operations and investments in 17 countries, with distribution Thailand ● ● ● ● ● reaching over 50 countries and serving more than 4 billion people. China ●* ●* ● ● ● R
Slide 9: Our Strategy for Growth
Our Strategy for Growth Fully integrated Digital Value-Added Business Business Model Transformation Expand portfolio towards innovative From upstream midstream to Utilize digital tools to improve products and services to serve downstream operation efficiency and to rising demands better serve needs
Slide 10: CPF Operation Structure
CPF Operation Structure as of Mar 31, 2026 % % to Sales Revenue(3) 35% 65% CPF Thailand 1 CPF International Associates & Joint Ventures (1) 34% Domestic 18% Vietnam 7% China 40% CP Meiji (59.99%) 2 3 5% UK 4 HyLife (Canada) (50.10%) 15 1% Export 5% Taiwan Ross (49.99%) 5% Russia 5 Arbor (49.98%) 5%
Slide 11: 1Q/2026 Financial Results
1Q/2026 Financial Results
Slide 12: Performance Summary
Performance Summary YoY Q1/25 vs Q1/26 . Unit: THB, m Q1/2025 Q1/2026 %Change (QoQ) 1 Sales revenue decreased 5% due to FX translation Sales Revenue 144,175 136,697 -5% Sales revenue in local currency Gross Profit Margin 18.3% 15.6% decreased 1.6% Selling & administrative expenses 12,241 11,868 -3%
Slide 13: Industry overview (Thailand)
Industry overview (Thailand) THB/kg Average Raw material Prices Q1/25 Q1/26 %Chg Corn 10.8 9.9 -8% o Raw material costs in Q1/26 lower than 35.0 30.0 SBM 17.1 15.8 -8% Q1/25 due to high overall output 25.0 20.0 17.1 16.6 14.7 14.7 15.8 15.0 o Expected raw material costs in FY26 10.0 increasing due t
Slide 14: Industry overview (Overseas)
Industry overview (Overseas) Vietnam Q1/25 Q1/26 %Chg China Q1/25 Q1/26 %Chg Swine 65,409 68,815 +5% 16.0 12.4 -23% VND/kg Broiler 34,338 32,612 -5% RMB/kg 80,000.0 65,409 68,449 68,815 25.0 58,812 60,000.0 53,924 20.0 16.0 15.0 14.4 15.0 12.4 12.4 40,000.0 10.0 34,338 31,875 36,042 32,612 20,000.0
Slide 15: Q1/2026: Sales Structure by Products
Q1/2026: Sales Structure by Products 57% 48% 53% 32% 32% 23% Total Thailand Vietnam 64% China 20% Others 27% 22% 21% 9% 36% 32% 24% Feed THB 47,277 m THB 24,706 m THB 9,398 m THB 55,316 m THB 136,697 m Farm Food % to sales 35% % to sales 18% % to sales 7% % to sales 40% % to sales 100% Sales Breakdo
Slide 16: Financial Status (As of Mar 31, 2026)
Financial Status (As of Mar 31, 2026) Balance Sheet Interest Bearing Debt: THB 486,983 m* unit: THB, m FY2025 Q1/2026 %Change (THB, m) 480,183 486,983 479,748 Total Assets 861,796 883,730 3% Cash & Cash Equivalent 23,371 22,934 -2% 458,251 Property, Plant & Equipment 251,750 253,636 1% Total Liabili
Slide 17: Investment and Financing Activities
Investment and Financing Activities 2026 January February April Thai Baht Debenture Participation as a The completion of the share repurchase Cornerstone Investor in the THB 13,070 m by CPF IPO of H-Shares of Total of 83,682,700 shares, Tenor 4,6,8 yrs. (@ 2.6%) representing 1.00% of total Muyuan Fo
Slide 18: CPF's Investment in Listed Companies
CPF’s Investment in Listed Companies As of Mar 31, 2026 Stock Price Market Cap. CPF Holding Holding Value (Local Curr.) (THB mm) (%) (THB mm) CPALL THB 45.50 408,731 34.84% 142,402 (SET:CPALL) CP AXTRA THB 16.00 169,285 8.85% 14,982 (SET:CPAXT) TRUE THB 14.40 497,550 1.28% 6,369 (SET:TRUE) CPE TWD 1
Slide 19: FY2026 Outlook
FY2026 Outlook
Slide 20: FY2026 Outlook
Growth Target • Target 5% increase in sales volume • Value added innovation in the business • Strengthen market presence • Partnering to explore and expand Key Drivers & Focus FY2026 • Agri-Tech integration to optimize operational efficiency Outlook • Strategic market penetration • Localized busines
Slide 21: Appendix A: 3Yr Historical Results
Appendix A Highlights : 3Yr Historical Results
Slide 22: Gross Profit Margin & Operating Profit Margin
Gross Profit Margin & Operating Profit Margin GPM GPM Thai-Livestock OPM** Thai-Aqua OPM** 25.0% 22.5% 22.5% 23.0% 20.6% 20.4% 18.8% 19.0% 15.7% 20.0% 18.0% 14.1% 16.4% 16.0% 16.1% 13.8% 13.0% 12.6% 15.5% 15.3% 11.4% 11.4% 14.2% 13.0% 10.0% 15.0% 12.3% 12.5% 13.1% 8.9% 7.2% 8.0% 3.6% 4.9% 10.0% 1.6%
Slide 23: Thailand Operations – Export Destination
Thailand Operations – Export Destination FY2024 FY2025 Q1/26 96% 100% THB 4,015 million THB 2,765 million 100% THB 437 million Farm Farm -37% Farm -31% Farm -30% Asia EU Asia EU Asia EU 4% USA Others USA Others USA Others 98% THB 6,640 million 97% THB 6,201 million 96% THB 1,430 million -5% -7% -13%
Slide 24: Consolidated Income Statement Highlight
Consolidated Income Statement Highlight Full Year FY2023 FY2024 % Change FY2025 % Change Net sales 585,844 580,747 -1% 571,135 -2% Gross Profit Margin (%) 9.7% 14.6% 16.9% Selling and Administrative Expenses 51,381 50,434 -2% 50,586 0% Gain / (Loss) from FX 1,023 547 -47% 247 -55% EBIT 10,069 37,948
Slide 25: Consolidated Net Profit- Quarterly
Consolidated Net Profit- Quarterly Unit: THB, m Q1 Q2 Q3 Q4 FY2023 FY2024 FY2025 FY2026 10,377 8,549 7,309 6,925 5,186 4,875 4,172 1,152 1,085 121 (793) (1,810) (2,725) Full Year : Net Profit (5,207) 19,558 25,197 4,875 * Note: Including one time gain from divestment of CPP ‘s broiler integrated com
Slide 26: CAPEX & EBITDA
CAPEX & EBITDA CAPEX EBITDA Unit: THB, m Unit: THB, m EBITDA = Revenue from Sales of Goods - Cost of Sales of Goods + Other Income - Selling Expense - Administrative Expense - Other Expense + Gain (Loss) from Foreign Exchange + Depreciation & Amortization + Depreciation of biological asset + Dividen
Slide 27: Consolidated Net Profit, ROA and ROE
Consolidated Net Profit, ROA and ROE Net Profit ROA & ROE Unit: THB, m ROA EBIT Equity (Share in Profit of Associates) 7.1% Sale of investments and Dividend Gain on one time transaction 6.0% 6.1% 1 2.6% 143 192 11,121 2023 2024 2025 Q1'26 12,699 Before Tax ROA = Total Profit before Income tax and Fi
Slide 28: EPS & Dividends per Share
EPS & Dividends per Share Earnings Per Share Dividends Unit: THB Per Share Unit: THB Per Share 3.12 2.39 1.25 1.00 0.25 0.60 0.55 Non-Dividend 1.00 Payment 0.45 2023 2024 2025 Interim Final (0.75) 2023 2024 2025 Q1'26 Dividend Policy Semi-annually, not less than 30% of consolidated annual net profit
Slide 29: Appendix B: Products & Raw Materials Price Trend
Appendix B Products & Raw Materials Price Trend
Slide 30: Average Farm Prices - Thailand
Average Farm Prices - Thailand Source: CPF Thailand’s Broiler price Unit: THB/kg Average Price Y24 Y25 Y26 41.7 43.6 42.7 38.1 40.3 40.1 39.3 37.6 40.6 38.0 41.5 39.3 40.6 % Chg -5% +3% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current Price Thailand’s Pork price Unit: THB/kg Average Pri
Slide 31: Average Raw material Prices - Thailand
Average Raw material Prices - Thailand Source: CPF Thailand’s Corn price Unit: THB/kg Average Price 20.0 Y24 Y25 Y26 15.0 10.8 12.1 10.8 10.9 11.2 10.8 10.4 9.9 10.4 10.0 10.3 9.8 9.9 10.0 % Chg -3% -5% 5.0 0.0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Current Price Thailand’s Soybean Me
Slide 32: Vietnam: Average Market Price and Major Feed Raw Materials
Vietnam: Average Market Price and Major Feed Raw Materials 100,000 Source: CPF 80,000 65,409 68,449 68,815 62,848 61,708 60,333 58,812 53,400 53,924 60,000 Swine 40,000 (VND/kg) 20,000 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 50,000 40,000 34,378 36,720 34,338 36,042 30,468 30,816 30,79
Slide 33: India: Average Market Price and Major Feed Raw Materials
India: Average Market Price and Major Feed Raw Materials Source: CPF 150.0 115.0 120.2 94.2 100.2 100.0 85.2 83.2 79.1 87.9 88.3 50.0 Broiler (INR/kg) 0.0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 500.0 400.0 328 337 338 292 307 302 310 315 300.0 268 Shrimp 200.0 (60 pieces) (INR/kg) 100
Slide 34: Russia: Average Market Price and Major Feed Raw Materials
Russia: Average Market Price and Major Feed Raw Materials Source: CPF 160.0 149.1 134.9 140.0 120.5 125.9 119.3 115.0 114.8 116.6 120.0 108.2 100.0 Swine 80.0 (RUB/kg) 60.0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2,25 Q3'25 Q4'25 Q1'26 200.0 180.0 161.7 165.5 143.9 150.9 146.2 146.8 153.5 151.6 160.0 138.4 1
Slide 35: Cambodia: Average Market Price and Major Feed Raw Materials
Cambodia: Average Market Price and Major Feed Raw Materials Source: CPF 16,000 12,000 11,117 10,604 9,568 10,011 8,779 8,758 9,074 7,287 7,724 Swine 8,000 (KHR/kg) 4,000 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 1,400 1,335 1,300 1,175 1,191 1,196 1,165 1,200 1,132 1,100 1,041 1,064 Corn
Slide 36: Philippines: Average Market Price and Major Feed Raw Materials
Philippines: Average Market Price and Major Feed Raw Materials Source: CPF 260.0 228.3 236.7 240.0 201.7 211.7 220.0 196.7 200.0 168.3 180.0 173.3 166.7 180.0 160.0 Swine 140.0 120.0 (PHP/kg) 100.0 80.0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 160.0 140.0 127.4 119.2 125.8 120.0 108.3 1
Slide 37: Malaysia: Average Market Price and Major Feed Raw Materials
Malaysia: Average Market Price and Major Feed Raw Materials Source: CPF 20.0 15.7 15.6 14.7 13.6 13.9 13.9 13.2 13.7 13.8 15.0 10.0 Swine (MYR/kg) 5.0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 10.0 8.0 5.9 6.2 5.8 5.9 5.8 5.8 5.7 6.0 5.1 5.1 Broiler 4.0 (MYR/kg) 2.0 Q1'24 Q2'24 Q3'24 Q4'
Slide 38: China: Average Market Price and Major Feed Raw Materials
China: Average Market Price and Major Feed Raw Materials Source: The Ministry of Agriculture of PRC 40 19.6 16.2 17.4 16.0 20 14.9 15.0 14.4 12.4 12.4 Swine (RMB/kg) 0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 4 2.6 2.6 2.6 2.4 2.5 2.4 2.5 2.4 2.3 2 Corn (RMB/kg) 0 Q1'24 Q2'24 Q3'24 Q4'2
Slide 39: Appendix C: Group of Associate Companies & Joint Ventures
Appendix C Group of Associate Companies & Joint Ventures
Slide 40: Group of Associate Companies & Joint Ventures
40 Group of Associate Companies & Joint Ventures Associates Type of Business CPF's Direct and Indirect Interest (%) Arbor Acres Thailand Company Limited Broiler Breeder business 49.98 Ross Breeders Siam Company Limited Broiler Breeder business 49.99 CP All Public Company Limited Convenience store bu
Slide 41: Appendix D: Product Samples & Retail Outlet Formats
Appendix D Product Samples & Retail Outlet Formats
Slide 42: Food Retail Products
Food Retail Products Charoen Pokphand Foods Public Company Limited | Results Briefing Q1/2026 < 42 >
Slide 43: Food Service: Five Stars Chain
Food Service: Five Stars Chain More Than Vietnam 7,000 Outlets India Cambodia Laos Philippines Charoen Pokphand Foods Public Company Limited | Results Briefing Q1/2026 < 43 >
Slide 44: Food Service: Chester's
Food Service : Chester’s Charoen Pokphand Foods Public Company Limited | Results Briefing Q1/2026 < 44 >
Slide 45: Food Service: Chickita
Food Service : Chickita Charoen Pokphand Foods Public Company Limited | Results Briefing Q1/2026 < 45 >
Slide 46: Disclaimer
Disclaimer This presentation contains some information from other sources that CPF does not make any Charoen Pokphand Foods representations regarding the use, validity, accuracy, or reliability of, or the results of the use Public Company Limited of information, data but not limited to, all text, an
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