Wilmar International Limited · SGX:F34
Wilmar International — FY2025 Earnings Presentation
21 slides from Wilmar International's earnings presentation, Feb 26, 2026
Slide 1: WILMAR INTERNATIONAL LIMITED FY2025 Results Briefing
WILMAR INTERNATIONAL LIMITED FY2025 Results Briefing February 26, 2026
Slide 2: Important Notice
IMPORTANT NOTICE IMPORTANT NOTICE Information in this presentation 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 current assumptions which are subject to various risks
Slide 3: Agenda
Agenda Agenda 1 FY2025 Financial Performance – Key Takeaways 2 Business Outlook 3 Appendix 2
Slide 4: FY2025 Financial Performance – Key Takeaways
FY2025 Financial Performance – Key Takeaways
Slide 5: Earnings Highlights
Earnings Highlights 2H2025 vs 2H2024 FY2025 vs FY2024 (US$m) (US$m) Revenue 37,524 3% 70,416 5% EBITDA 2,268 8% 4,270 10% Profit Before Tax 1,152 15% 2,090 20% Net Profit 816 38% 1,411 21% One-off Non-core Adjustments* 104 n.m. 104 n.m. Core Net Profit 694 24% 1,278 10% Earnings per share 13.1 3
Slide 6: Earnings Highlights – Segment Results (PBT US$m)
Earnings Highlights – Segment Results (PBT US$m) 2H2025 2H2024 ∆ FY2025 FY2024 ∆ Food Products 254.0 355.8 -29% 449.7 502.1 -10% Feed and Industrial Products 479.4 295.4 62% 861.0 829.5 4% Plantation and Sugar Milling 154.5 215.3 -28% 356.5 269.1 32% Others 36.6 20.9 75% 19.7 (38.1) n.m. Joint Ventu
Slide 7: Sales Volume by Business Segment ('000 MT)
Sales Volume by Business Segment (‘000 MT) 2H2025 2H2024 ∆ FY2025 FY2024 ∆ Food Products 18,436 17,364 6% 34,700 33,000 5% Consumer Products 4,530 4,243 7% 8,842 8,332 6% Medium Pack and Bulk 13,906 13,121 6% 25,858 24,668 5% Feed and Industrial Products 36,300 38,453 -6% 67,975 68,700 -1% Tropical
Slide 8: One-off Non-core Adjustments
One-off Non-core Adjustments FY2025 (US$m) Gain on remeasurement arising from changes in interest in AWL Agri Business Limited (AWL) 1,140.2 Compensation payments and provisions made on Indonesia operations (782.3) Provision made on ongoing legal cases in China (104.1) Provision for losses in relati
Slide 9: Cash Flow Highlights
Cash Flow Highlights Cash Flow Highlights US$ million FY2025 FY2024 Operating cash flow before working capital changes 2,791 3,801 Add/(less): Changes in working capital, interest (paid)/received (429) (2,429) and income taxes paid Acquisition of subsidiaries, joint ventures and associates (448) (66
Slide 10: Gearing
Gearing Gearing US$ million As at As at Dec 31, 2025 Dec 31, 2024 Debt/Equity (x) 0.91 0.94 - Net debt * 19,958 18,638 - Shareholders’ funds 21,865 19,861 Adjusted debt/Equity (x) 0.34 0.33 - Liquid working capital ** 12,615 12,088 - Adjusted net debt 7,343 6,550 - EBITDA 4,270 3,886 Net debt/EBITDA
Slide 11: Business Outlook
Business Outlook Business Outlook • 2025 was a challenging year for the Group, as we operated in a complex global environment and faced issues in several markets. Geopolitical tensions, trade tariffs and evolving regulatory landscapes have required us to adapt our supply chain and business model. Le
Slide 12: Appendix
Appendix
Slide 13: Business Segment results: Food Products (Consumer Products, Medium Pack and Bulk)
Business Segment results: Food Products (Consumer Products, Medium Pack and Bulk) Business Segment results: Food Products (Consumer Products, Medium Pack and Bulk) 2H2025 2H2024 ∆ FY2025 FY2024 ∆ Revenue (US$ million) 16,564.1 15,169.1 9% 30,885.8 28,829.3 7% ➢ Consumer Products 5,785.3 5,336.6 8% 1
Slide 14: Business Segment results: Feed and Industrial Products
Business Segment results: Feed and Industrial Products (Tropical Oils, Oilseeds and Grains and Sugar) Business Segment results: Feed and Industrial Products (Tropical Oils, Oilseeds and Grains and Sugar) 2H2025 2H2024 ∆ FY2025 FY2024 ∆ Revenue (US$ million) 22,598.6 23,266.4 -3% 42,871.8 42,254.0 1%
Slide 15: Business Segment results: Plantation and Sugar Milling
Business Segment results: Plantation and Sugar Milling Business Segment results: Plantation and Sugar Milling 2H2025 2H2024 ∆ FY2025 FY2024 ∆ Revenue (US$ million) 1,993.1 2,043.4 -2% 3,521.5 3,360.8 5% ➢ Oil Palm Plantation 1,224.0 1,129.4 8% 2,330.7 2,075.6 12% ➢ Sugar Milling 769.1 914.0 -16% 1,1
Slide 16: Plantation and Sugar Milling (Oil Palm Plantation Statistics)
Business Segment results: Plantation and Sugar Milling (Oil Palm Plantation Statistics) Business Segment results: Plantation and Sugar Milling (Oil Palm Plantation Statistics) 2H2025 2H2024 ∆ FY2025 FY2024 ∆ Planted area (ha) 234,334 230,951 1% 234,334 230,951 1% Mature area harvested (ha) 209,346 2
Slide 17: Plantation Age Profile
Plantation Age Profile Plantation Age Profile in hectares Average Age of Plantation 31 Dec 2025 0 - 3 yrs 4 - 6 yrs 7 - 14 yrs 15 - 18 yrs >18 yrs Total Indonesia 13,732 10,740 31,934 32,553 63,046 152,005 Malaysia 7,558 11,494 26,786 2,837 10,967 59,642 Africa 2,718 1,543 15,716 788 1,922 22,687 To
Slide 18: Non-Operating Items
Non-Operating Items Non-Operating Items US$ million 2H2025 2H2024 FY2025 FY2024 Foreign exchange (loss)/gain in respect of intercompany loans to (11.4) 2.0 (11.2) (16.3) subsidiaries Net fair value gain on investment securities at fair value through profit 31.5 16.1 48.3 5.6 or loss Gain on disposal
Slide 19: Cash Flow
Cash Flow Cash Flow US$ million FY2025 FY2024 Operating cash flow before working capital changes 2,791 3,801 Add/(less): Changes in working capital, interest (paid)/received (429) (2,429) and income taxes paid Acquisition of subsidiaries, joint ventures and associates (448) (66) Capital expenditure
Slide 20: Cash Flow – Cont.
Cash Flow – Cont. • Inventories increased by 13% to US$14.65 billion as at 31 December 2025 mainly due to the consolidation of AWL in 4Q2025. Average turnover days increased to 68 days in FY2025, mainly due to a later Chinese Spring Festival in 2026. • Trade receivables decreased by 3% to US$7.35 bi
Slide 21: Key Indicators
Key Indicators Key Indicators As at As at Dec 31, 2025 Dec 31, 2024 Return on Average Equity# 6.8% 5.8% Return on Invested Capital# 4.9% 4.3% in US cents EPS (fully diluted) 22.6 18.7 NAV per share 350.3 318.1 in Singapore cents Dividends (interim & final) 14.0 16.0 # Formulas : Return on Average Eq