24 slides from First Resources Ltd. (singapore)'s earnings presentation, Feb 27, 2026
Slide 1: First Resources Limited Full Year and Second Half 2025 Results Presentation
First Resources Limited Full Year and Second Half 2025 Results Presentation 27 February 2026 Delivering Growth and Returns
Slide 2: Table of Contents
Table of Contents Executive Summary 3 Financial Performance 5 Operational Performance 13 Group Updates 19 -2-
Slide 3: Executive Summary – FY2025
Executive Summary – FY2025 Robust financial performance and production ◼ Financial Performance ➢ EBITDA of US$614.9 million, an increase of 54.1% ➢ Underlying net profit of US$358.2 million, an increase of 56.5% ➢ Strong financial performance underpinned by higher output and palm oil prices ➢ Increa
Slide 4: Dividend Proposal
Dividend Proposal ◼ Proposing final dividend of 10.20 Singapore cents per share ➢ Interim dividend of 4.50 Singapore cent per share paid in September 2025, bringing full- year ordinary dividends to 14.70 Singapore cents per share ◼ Revising dividend policy with effect from FY2026 ➢ To distribute up
Slide 5: Financial Performance
Financial Performance
Slide 6: Income Statement Highlights
Income Statement Highlights US$’ million FY2025 FY2024 Change 2H2025 2H2024 Change Sales 1,661.1 1,038.8 59.9% 987.2 581.5 69.8% Cost of sales (965.4) (593.1) 62.8% (572.4) (322.5) 77.5% Gross profit 695.7 445.7 56.1% 414.9 259.0 60.2% (Loss)/gain arising from changes in (5.8) 22.7 n.m. (2.2) 5.6 n.
Slide 7: Segmental Results
Segmental Results US$’ million FY2025 FY2024 Change 2H2025 2H2024 Change Sales Plantations and Palm Oil Mills 1,322.7 923.5 43.2% 762.0 552.3 38.0% • Crude Palm Oil 1,106.0 804.0 37.6% 636.7 475.3 34.0% • Palm Kernel 209.2 113.0 85.2% 121.0 73.6 64.3% • Fresh Fruit Bunches 7.4 6.5 14.1% 4.3 3.4 26.2
Slide 8: Segmental Sales Volume
Segmental Sales Volume FY2025 FY2024 Change 2H2025 2H2024 Change Sales Volume (tonnes) Plantations and Palm Oil Mills(1) • Crude Palm Oil 1,278,591 983,196 30.0% 740,774 558,585 32.6% • Palm Kernel 284,670 216,367 31.6% 164,017 123,923 32.4% Refinery and Processing 1,584,873 986,605 60.6% 928,480 54
Slide 9: Review of Key Performance Metrics
Review of Key Performance Metrics Performance Metrics FY2025 FY2024 Change Unit Cash Cost of Production, Ex-Mill(1) US$298 US$310 - Per tonne of Nucleus CPO produced Unit EBITDA(2) US$691 US$565 - Per tonne of Nucleus CPO sold Unit EBITDA(2) US$2,978 US$2,476 - Per mature Nucleus Hectare (1) Derived
Slide 10: Key Performance Metrics
Key Performance Metrics EBITDA and Cash Cost of Production US$/tonne 1,400 1,239 1,179 1,200 1,077 1,092 1,006 1,000 936 900 874 860 790 769 800 686 693 696 691 651 671 667 658 646 599 604 570 565 565 600 539 521 482 471 445 369 381 376 366 366 400 266 200 327 310 298 240 255 237 250 276 198 221 221
Slide 11: Key Performance Metrics
Key Performance Metrics EBITDA per Mature Nucleus Hectare(1) US$/ha 4,000 3,586 3,601 3,095 2,969 3,007 2,978 3,000 2,818 2,476 2,330 2,030 2,000 1,914 1,878 1,846 1,612 1,552 1,544 1,395 1,059 1,000 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (1) Refe
Slide 12: Balance Sheet Highlights
Balance Sheet Highlights US$’ million 31 Dec 2025 31 Dec 2024 Total Assets 2,892.6 1,951.8 Cash and bank balances 292.2 157.2 Total Liabilities 1,224.9 464.3 Borrowings and debt securities(1) 954.4 270.1 Total Equity 1,667.6 1,487.5 Net Debt(2) 662.2 112.9 Gross gearing ratio 0.57x 0.18x Net gearing
Slide 13: Operational Performance
Operational Performance
Slide 14: Production Highlights
Production Highlights FY2025 FY2024 Change 2H2025 2H2024 Change Production FFB harvested (tonnes) 4,678,063 3,797,756 23.2% 2,651,009 2,149,301 23.3% • Nucleus 4,030,741 3,266,856 23.4% 2,287,859 1,851,754 23.6% • Plasma 647,322 530,900 21.9% 363,150 297,547 22.0% CPO (tonnes) 1,303,493 1,003,922 29
Slide 15: Production Highlights (FR exc. ANJ)
Production Highlights (FR exc. ANJ) FY2025 FY2024 Change 2H2025 2H2024 Change Production FFB harvested (tonnes) 4,113,994 3,797,756 8.3% 2,243,155 2,149,301 4.4% • Nucleus 3,524,684 3,266,856 7.9% 1,921,064 1,851,754 3.7% • Plasma 589,310 530,900 11.0% 322,092 297,547 8.2% CPO (tonnes) 1,133,858 1,0
Slide 16: Production Trends
Production Trends ‘000 tonnes FFB Production 1,400 1,129 1,159 1,200 992 1,000 909 935 916 836 747 751 800 701 669 625 600 400 149 147 150 160 174 189 200 107 124 134 110 123 124 0 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 3Q2024 4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 FFB Nucleus FFB Plasma ‘000 tonnes
Slide 17: Oil Palm Plantation Area
Oil Palm Plantation Area As at 31 Dec 2025 As at 31 Dec 2024 Area (ha) % of Total Area (ha) % of Total Planted Nucleus 231,759 85% 178,854 83% - Mature 193,198 71% 158,931 73% - Immature 38,561 14% 19,923 10% Planted Plasma 40,857 15% 36,274 17% - Mature 39,745 15% 35,433 17% - Immature 1,112 0% 841
Slide 18: Plantation Age Profile
Plantation Age Profile As at 31 Dec 2025 Age Age Profile Area (ha) % of Total Old Immature 0-3 years (Immature) 39,673 15% 30% 15% Young 4-7 years (Young) 22,048 8% 8% 8-17 years (Prime) 129,808 47% ≥ 18 years (Old) 81,087 30% Prime 47% Total 272,616 100% Weighted average age of 13.8 years - 18 -
Slide 19: Group Updates
Group Updates
Slide 20: Capital Investments in 2026
Capital Investments in 2026 ◼ Plantation Development ➢ Replanting of oil palms ➢ Conversion from rubber to oil palms ➢ Maintenance of immature oil palm plantations ◼ Property, Equipment and Others ➢ Infrastructure for plantation management ◼ CPO Mills ➢ Upgrading and maintenance of existing CPO mill
Slide 21: Updates: RSPO Certifications
Updates ◼ RSPO Certifications ➢ In 2025, the Group received RSPO (Roundtable on Sustainable Palm Oil) certification for four additional subsidiaries, covering four mills and 28,676 hectares of plantations in Riau. ➢ Following the completion of the ANJ acquisition in May 2025, the existing RSPO certi
Slide 22: Updates: Outlook
Updates ◼ Outlook ➢ CPO prices averaged higher year-on-year in 2025, supported in part by Indonesia’s expansion of its biodiesel mandate from B35 to B40. The B40 mandate has been, and is expected to remain, a key pillar of palm oil demand. While Indonesian exporters have had to contend with higher e
Slide 23: Disclaimer
Disclaimer This presentation has been prepared by First Resources Limited (“Company”) for informational purposes, and may contain projections and forward-looking statements that reflect the Company’s current views with respect to future events and financial performance. These views are based on curr
Slide 24: Contact Information
Contact Information If you need further information, please contact: Investor Relations investor@first-resources.com First Resources Limited 8 Temasek Boulevard #41-02 Suntec Tower Three Singapore 038988 Tel: +65 6602 0200 Fax: +65 6333 6711 Website: www.first-resources.com - 24 -