Monde Nissin Corp. · PSE:MONDE
Monde Nissin — Q1 2025 Earnings Presentation
28 slides from Monde Nissin's earnings presentation, May 14, 2025
Slide 1: Q1 2025 Earnings Presentation
Q12025 Earnings Presentation May 14, 2025
Slide 2: First Quarter 2025 Business Performance
First Quarter 2025 Business Performance APAC BFB & Meat Alternative
Slide 3: APAC BFB: Initiatives to sustain strong shares in Noodles and Others, address Biscuits
APAC BFB: Initiatives underway to sustain strong shares in Noodles and Others categories, and address share challenges in Biscuits Noodles Biscuits #1 #2 67.0% 68.6% 29.1% 29.1% 1Q24 1Q25 1Q24 1Q25 Lucky Me! Kasalo Pack as a % of Market Leader in the Bigger Pack Segment Total Philippines 83% Mindana
Slide 4: APAC BFB: Oyster Sauce, Yogurt Drinks, Cultured Milk market shares
APAC BFB: Initiatives underway to sustain strong shares in Noodles and Others categories, and address share challenges in Biscuits Oyster Sauce Yogurt Drinks Cultured Milk #1 #1 #2 88.6% 90.1% 58.0% 59.1% 25.4% 24.8% 1Q24 1Q25 1Q24 1Q25 1Q24 1Q25 4 Source: Nielsen Retail Audit (past 12 weeks as of M
Slide 5: Meat Alternative: Sales decline slowed to -5.8%; EBITDA and cash positive
Meat Alternative: Sales decline slowed to -5.8% and Quorn outperformed the UK market; EBITDA and cash both positive with continued progress fuelled by transformation Sales & Market Share Profit Cash Challenges Meat Alternative Market Core EBITDA Core Net Loss Closing Inventory in PHP millions Before
Slide 6: First Quarter 2025 Financial Performance
First Quarter 2025 Financial Performance Consolidated & APAC BFB
Slide 7: Consolidated core net income after tax stable at PHP 2.9 billion
Consolidated core net income after tax stable at PHP 2.9 billion • Q1 revenue growth with volume PHP mn increase in Biscuits, Culinary, Q1 2025 Reported Change YoY and Packaged Cakes categories Net Sales 20,881 +2.8% APAC BFB 17,583 +4.1% • Q1 core gross margin stable year-on-year driven by APAC Mea
Slide 8: APAC BFB: Revenue growth from volume increase; core gross margin at 37.1%
APAC BFB: Revenue growth from volume increase in Biscuits, Culinary, and Packaged Cakes categories; core gross margin at 37.1%in line with FY24 despite pressure from higher commodity costs • Q1 revenue growth with PHP mn volume increase in Biscuits, Q1 2025 Reported Change YoY Culinary, and Packaged
Slide 9: APAC BFB: Q1 sales growth with volume growth in key categories
APAC BFB: Q1sales growth with volume growth in Biscuits, Culinary, and Packaged Cakes categories Revenue Growth Breakdown APAC BFB Noodles Biscuits Others2 Q1 Year-on-Year +4.1% -4.5% +13.3% +9.1% Net Price1 -1.0% -1.6% +0.1% -1.4% Volume/Mix +5.1% -2.9% +13.2% +10.6% 1 Price increase net of discoun
Slide 10: APAC BFB: Commodity price lock ins in 2025 to broadly sustain gross margin
APAC BFB: Commodity price lock ins in 2025 to broadly sustain gross margin year-on-year; wheat and palm oil substantially secured through 3Q25 and 4Q25, respectively Wheat (16% of Q1 APAC BFB COGS) Year-on-Year Gross Margin Percent Locked In: Q2 2025: >80% Q3 2025: >80% Q4 2025: >20% -144 bps YoY 38
Slide 11: Meat Alternative: Q1 EBITDA positive with -3.8% sales decline
Meat Alternative: Q1EBITDA positive with -3.8% sales decline and ongoing cash generation • Q1 sales declined by -5.8% on a constant currency PHP mn Q1 2025 Reported Change YoY basis on volumes that were down by -7.6% • Q1 gross margin Net Sales 3,298 -3.8% improvement of +304 bps year-on-year driven
Slide 12: FY 2025 Guidance
FY 2025 Guidance
Slide 13: FY 2025 Guidance
FY 2025 Guidance APAC BFB Meat Alternative Top Line Tapering top line Mid-single-digit growth challenges APAC BFB margin broadly in line versus prior year, with Profitability trends varying quarter to quarter based on cost savings plans, commodity lock ins, and base comparisons; mid- single-digit co
Slide 14: Appendix
Appendix 14
Slide 15: Key takeaways
Key takeaways 1 Consolidated revenue for the first quarter increased by 2.8% to Php 20.9 bn. APAC BFB net sales for the first quarter grew by 4.1% to Php 17.6 bn, largely driven by volume growth in biscuits, culinary, and packaged 2 cakes. The domestic business grew by 4.3% for the first quarter. Me
Slide 16: Consolidated P&L Summary
Consolidated P&L Summary PHP mn Q1 2024 Q1 2025 Reported Change YoY Revenue 20,312 20,881 +2.8% Cost of Goods Sold 13,115 13,594 +3.7% Gross Profit 7,197 7,287 +1.3% Core Operating Expenses1 3,428 3,443 +0.4% Core EBITDA2 4,508 4,662 +3.4% Core Net Income3 2,880 2,924 +1.5% Core Net Income at Owners
Slide 17: APAC BFB P&L Summary
APAC BFB P&L Summary PHP mn Q1 2024 Q1 2025 Reported Change YoY Revenue 16,883 17,583 +4.1% Cost of Goods Sold 10,371 11,055 +6.6% Gross Profit 6,512 6,528 +0.2% Core Operating Expenses1 2,530 2,672 +5.6% Core EBITDA2 4,568 4,522 -1.0% Core Net Income3 3,096 2,982 -3.7% 1 Core operating expenses = s
Slide 18: Meat Alternative P&L Summary
Meat Alternative P&L Summary PHP mn Q1 2024 Q1 2025 Reported Change YoY Revenue 3,429 3,298 -3.8% Cost of Goods Sold 2,744 2,539 -7.5% Gross Profit 685 759 +10.8% Core Operating Expenses1 898 771 -14.1% Core EBITDA2 (60) 140 N/M Core Net Income3 (216) (58) N/M 1 Core operating expenses = selling, ge
Slide 19: Meat Alternative: Quorn Foods market share up +40 bps versus 1Q24
Meat Alternative: Quorn Foods market share up +40 bps versus 1Q24 driven by Quorn gains partially offset by Cauldron; meat alternative market trajectory unchanged UK Retail Meat Alternative Market Total Market Share1 Total Market Growth2 Quorn Cauldron Other Brands Private Label 32.2 32.3 32.0 32.0
Slide 20: Cash Flow Summary
Cash Flow Summary PHP mn Q1 2024 Q1 2025 Income before Income Tax 4,418 3,622 Impairment Loss 17 58 Depreciation & Amortization 629 672 Fair Value Loss (Gain) on Guaranty Asset (324) 290 Finance Costs 154 127 Finance Income (137) (100) Working Capital Adjustments (1,838) (2,091) Others (43) (24) Net
Slide 21: Free Cash Flow & Working Capital
Free Cash Flow & Working Capital Free Cash Flow & Conversion Cycle Days Trade Receivables & Days Sales Outstanding PHP mn PHP mn 29D 32D 16D 17D 6,564 7,133 2,105 2,071 1Q24 1Q25 1Q24 1Q25 Inventory & Days Inventory Outstanding Accounts Payable1 & Days Payables Outstanding PHP mn PHP mn 64D 60D 77D
Slide 22: Balance Sheet Summary
Balance Sheet Summary PHP mn Dec 31, 2024 Mar 31, 2025 PHP mn Dec 31, 2024 Mar 31, 2025 Cash and Cash Equivalents 14,158 14,238 Trade and Other Payables 12,550 11,005 Inventories 8,921 9,061 Loans Payable – Current & Non-Current 3,207 2,943 Trade and Other Receivables 7,710 7,133 Dividends Payable -
Slide 23: Ratios Summary
Ratios Summary Current Ratio Net Debt-to-Equity Ratio Core Net Margin 2.18 2.12 14.2% 14.0% 0.15 0.16 Dec 2024 Mar 2025 Dec 2024 Mar 2025 Q1 2024 Q1 2025 Current ratio = Current assets / Current liabilities Net debt-to-equity ratio = (Total liabilities – Cash and cash equivalents) / Equity attributa
Slide 24: 2025 CapEx plan to focus on building capacity and capability for APAC BFB
2025 CapEx plan to focus on building capacity and capability for APAC BFB In PHP mn 7,554 976 5,216 4,860 4,432 703 3,753 1,817 3,660 3,641 2,373 1,031 6,578 1,522 1,784 4,157 3,399 2,610 2,138 1,969 2,059 2019 2020 2021 2022 2023 2024 2025E APAC BFB Meat Alternative 24
Slide 25: Making Better Possible
» Making Better Possible Making Better Food | MakingEco-efficiency | Making inclusivity Making Collective Accessibility Possible Possible Possible Action Possible Monde Nissin develops — Monde Nissin cares for the Monde Nissin nurtures Monde Nissin forms STRATEGIC healthier great-tasting, planet by
Slide 26: JU GOREURATE:
JU GOREURATE: ASEIRATION
Slide 27: Legal Disclaimer
Legal Disclaimer Monde Nissin Corporation (“MONDE”) makes no warranties or representations with respect to the accuracy or completeness of the contents of this presentation, and disclaims any liability whatsoever for any loss arising from or in reliance, in full or in part, of the contents of this p
Slide 28: Investor relations contact details
investor.relations@mondenissin.com www.linkedin.com/company/monde-nissin-corporation/ +63 2 7759 7519 / +63 2 7759 7577 www.facebook.com/Monde-Nissin-Corporation https://mondenissin.com/ Santa Rosa City, Laguna, Philippines https://edge.pse.com.ph/