Charoen Pokphand Foods Public Co. Ltd. · SET:CPF
Charoen Pokphand Foods Public — FY2025 Earnings Presentation
51 slides from Charoen Pokphand Foods Public's earnings presentation, Mar 2, 2026
Slide 1: FY2025 Results Briefing
FY2025 Results Briefing Investor Presentation, March 2, 2026
Slide 2: Table of Content
Table of Content Business Overview 03 - 10 FY2025 Financial Results 11 - 17 FY2026 Outlook 18 Appendix A: 3Yr Historical Results B: Products & Raw Materials Price Trend C: Highlights Q4/2025 Results D: Group of Associate Companies & Joint Ventures E: Product Sample & Retail Outlet Format Charoen Pok
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 FY2025 < 5 >
Slide 6: Company Highlight
Company Highlight At a Glance Sales in FY2025 Sales Breakdown Market Cap (or ~USD18.4 billion) Livestock THB 182 billion 89% Feed 23% TH-Domestic 33% TH-Export 5% (or ~USD 5.9 billion) as of Feb 26, 2026 THB 571 Farm Aquaculture Food International Book Value 11% 23% 54% 62% billion THB 26.91* 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 Dec 31, 2025 % % to Sales Revenue 38% 62% CPF Thailand 1 CPF International Associates & Joint Ventures (1) 33% Domestic 18% Vietnam 8% China 36% CP Meiji (59.99%) 2 3 5% Taiwan HyLife (Canada) (50.10%) 15 Export Ross (49.99%) 5% 3% of Sales export 5% Russia 4 through Su
Slide 11: FY2025 Financial Results
FY2025 Financial Results
Slide 12: Performance Summary
Performance Summary YoY QoQ FY2024 vs FY2025 Unit: THB, m %Change %Change Sales revenue decreased 2% FY2024 FY2025 Q4/2024 Q4/2025 (YoY) (QoQ) due to FX translation Sales Revenue 580,747 571,135 -2% 148,509 140,800 -5% Sales revenue in local currency Gross Profit Margin 14.6% 16.9% 15.7% 12.9% incre
Slide 13: Industry overview (Thailand)
Industry overview (Thailand) FY24 FY25 %Chg THB/kg Corn 10.8 10.4 -3% o Raw material costs in FY25 lower than 35.0 30.0 SBM 20.9 15.8 -24% FY24 due to high overall output 22.7 21.5 20.5 25.0 18.9 20.0 17.1 16.6 14.7 14.7 15.5 15.0 o Expected raw material costs in FY26 10.0 continue at average price
Slide 14: Industry overview (Overseas)
Industry overview (Overseas) Vietnam FY24 FY25 %Chg China FY24 FY25 %Chg Swine 59,572 61,649 +3% 17.0 14.4 -15% VND/kg Broiler 33,059 33,262 +1% RMB/kg 80,000.0 65,409 68,449 25.0 62,848 61,708 58,812 19.6 60,333 53,924 20.0 16.2 17.4 60,000.0 53,400 14.9 16.0 15.0 14.4 15.0 12.4 40,000.0 10.0 36,72
Slide 15: FY2025: Sales & Profit Margin by Business
FY2025: Sales & Profit Margin by Business Unit: THB, m -2% FY2024 FY2025 580,747 571,135 -2% +1% 322,064 315,406 194,789 192,384 -7% -9% 24,932 23,206 41,367 37,734 Thai-Livestock Thai-Aqua Overseas-Livestock Overseas-Aqua TOTAL GMP 14.8% 19.3% 12.4% 15.8% 15.3% 16.5% 10.5% 8.8% 14.6% 16.9% OPM** 6.
Slide 16: FY2025: Sales Structure by Products
FY2025: Sales Structure by Products 53% 54% 53% 39% 33% 23% Total Thailand Vietnam 67% China 22% Others 25% 20% 27% 8% 28% 25% 23% Feed THB 217,995 m THB 101,341 m THB 43,959 m THB 207,840 m THB 571,135 m Farm Food % to sales 38% % to sales 18% % to sales 8% % to sales 36% % to sales 100% Sales Brea
Slide 17: Financial Status (As of Dec 31, 2025)
Financial Status (As of Dec 31, 2025) Balance Sheet Interest Bearing Debt: THB 480,183 m* unit: THB, m FY2024 FY2025 %Change (THB, m) 479,748 480,183 Total Assets 876,724 861,796 -2% Cash & Cash Equivalent 24,944 23,371 -6% 458,251 Property, Plant & Equipment 255,585 251,750 -2% Total Liabilities 58
Slide 18: Investment and Financing Activities
Investment and Financing Activities 2025 2026 January April October January Thai Baht Debenture The cancellation of Thai Baht Debenture Thai Baht Debenture THB 16,500 m by CPF repurchased shares by THB 9,890 m by CPF THB 13,070 m by CPF Tenor 5,10 yrs. reducing the paid-up Tenor 7,10 yrs. Tenor 4,6,
Slide 19: CPF's Investment in Listed Companies
CPF’s Investment in Listed Companies As of Dec 31, 2025 Stock Price Market Cap. CPF Holding Holding Value (Local Curr.) (THB mm) (%) (THB mm) CPALL THB 43.50 390,765 34.77% 135,869 (SET:CPALL) CP AXTRA THB 15.70 166,111 8.85% 14,701 (SET:CPAXT) TRUE THB 10.90 376,618 1.28% 4,821 (SET:TRUE) CPE TWD 1
Slide 20: FY2026 Outlook
FY2026 Outlook
Slide 21: 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 22: Appendix A
Appendix A Highlights : 3Yr Historical Results
Slide 23: Gross Profit Margin & Operating Profit Margin
Gross Profit Margin & Operating Profit Margin GPM GPM Thai-Livestock OPM** Thai-Aqua OPM** 25.0% 22.5% 20.4% 23.0% 20.6% 19.0% 18.8% 20.0% 16.4% 16.0% 18.0% 15.7% 15.3% 14.1% 13.8% 13.0% 12.6% 14.4% 14.2% 11.4% 11.4% 15.0% 12.3% 12.5% 13.1% 13.0% 10.4% 11.0% 9.8% 10.0% 10.9% 10.0% 8.9% 7.2% 9.5% 8.7
Slide 24: Thailand Operations – Export Destination
Thailand Operations – Export Destination FY2023 FY2024 FY2025 80% 86% 85% THB 8,568 million THB 7,886 million THB 6,596 million Farm -9% Farm Farm -8% Farm -16% Asia EU Asia EU Asia EU 1%11% 8% USA Others 1% USA Others USA Others 2% 11% 15% THB 26,201 million THB 26,126 million THB 25,089 million 42
Slide 25: 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 50,866 50,239 -1% 50,298 0% Gain / (Loss) from FX 1,023 547 -47% 247 -55% EBIT 10,069 37,948
Slide 26: Consolidated Net Profit- Quarterly
Consolidated Net Profit- Quarterly Unit: THB, m Q1 Q2 Q3 Q4 FY2023 FY2024 FY2025 10,377 8,549 7,309 6,925 5,186 4,172 1,152 1,085 121 (793) (1,810) (2,725) Full Year : Net Profit (5,207) 19,558 25,197 * Note: Including one time gain from divestment of CPP ‘s broiler integrated company in an amount o
Slide 27: CAPEX & EBITDA
CAPEX & EBITDA CAPEX EDITDA 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 + Gain (Loss) on sales of property, plant & equipment+ Depreciation & Amor
Slide 28: 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% 1 2.6% 143 192 11,121 2023 2024 2025 12,699 Before Tax ROA = Total Profit before Income tax and Financial cos
Slide 29: 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 0.55 Non-Dividend 1.00 Payment 0.45 2023 2024 2025 Interim Final (0.75) 2023 2024 2025 Dividend Policy Semi-annually, not less than 30% of consolidated annual net profit Charoen Po
Slide 30: Appendix B
Appendix B Products & Raw Materials Price Trend
Slide 31: Average Farm Prices - Thailand
Average Farm Prices - Thailand Source: CPF Thailand’s Broiler price Unit: THB/kg Average Price Y23 Y24 Y25 39.2 43.8 36.6 37.9 41.7 43.6 42.7 38.1 40.3 40.1 39.3 37.6 40.0 39.4 41.5 39.3 % Chg +5% -5% Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Current Price Thailand’s Po
Slide 32: Average Raw material Prices - Thailand
Average Raw material Prices - Thailand Source: CPF Thailand’s Corn price Unit: THB/kg Average Price 20.0 Y23 Y24 Y25 13.3 12.8 12.1 15.0 11.7 10.4 10.4 10.8 10.0 10.8 10.9 10.3 10.0 12.1 10.8 10.4 9.8 10.0 % Chg -10% -3% 5.0 0.0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25
Slide 33: 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 62,848 61,708 60,333 58,812 55,095 57,023 53,400 53,924 60,000 50,045 47,082 Swine 40,000 (VND/kg) 20,000 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 50,000 40,000 34,378 3
Slide 34: India: Average Market Price and Major Feed Raw Materials
India: Average Market Price and Major Feed Raw Materials Source: CPF 150.0 115.0 102.8 98.9 94.2 100.2 85.2 83.2 79.1 87.9 88.3 100.0 77.5 78.6 50.0 Broiler (INR/kg) 0.0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 500.0 400.0 328 337 313 292 307 302 310 315 280 263 280 26
Slide 35: Russia: Average Market Price and Major Feed Raw Materials
Russia: Average Market Price and Major Feed Raw Materials Source: CPF 160.0 149.1 134.9 140.0 122.6 120.5 125.9 119.3 118.6 115.0 114.8 116.6 120.0 109.7 96.6 100.0 Swine 80.0 (RUB/kg) 60.0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2,25 Q3'25 Q4'25 200.0 180.0 159.6 168.0 161.7 165.5 14
Slide 36: 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 9,568 10,011 9,395 9,074 8,572 8,779 8,758 8,068 7,237 7,287 7,724 Swine 8,000 (KHR/kg) 4,000 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 1,600 1,550 1,460 1,500 1,400 1,318 1,335
Slide 37: Philippines: Average Market Price and Major Feed Raw Materials
Philippines: Average Market Price and Major Feed Raw Materials Source: CPF 260.0 228.3 236.7 240.0 201.7 211.7 220.0 190.3 193.7 196.7 200.0 170.0 168.3 180.0 173.3 180.0 162.3 160.0 Swine 140.0 120.0 (PHP/kg) 100.0 80.0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 160.0 1
Slide 38: Malaysia: Average Market Price and Major Feed Raw Materials
Malaysia: Average Market Price and Major Feed Raw Materials Source: CPF 20.0 14.7 15.5 15.5 15.7 15.6 14.7 13.8 13.6 13.9 13.9 13.2 13.7 15.0 10.0 Swine (MYR/kg) 5.0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 10.0 8.0 6.3 6.2 5.9 6.2 5.8 5.9 5.8 5.8 5.7 5.7 6.0 5.1 5.1 B
Slide 39: 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 16.1 16.2 17.4 16.0 20 15.2 14.4 15.3 14.9 15.0 14.4 12.4 Swine (RMB/kg) 0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 4 3.0 2.9 3.0 2.9 2.6 2.6 2.6 2.4 2.5 2.4 2.4
Slide 40: Appendix C
Appendix C Highlights : Q4/2025 Results
Slide 41: Q4/2025 Results Highlights
Q4/2025 Results Highlights Consolidated Revenue Gross Profit Net Profit Unit: THB millions Unit: THB millions Unit: THB millions -5% YoY -22% YoY -74% YoY 23,274 148,509 4,172 140,800 18,100 1,085 Q4/24 Q4/25 Q4/24 Q4/25 Q4/24 Q4/25 Consolidated sales -5% Y-o-Y Gross profit margin Net profit margin
Slide 42: Q4/2025: Sales & Profit Margin by Business
42 Q4/2025: Sales & Profit Margin by Business In THB, m -5% Q4/24 Q4/25 148,509 140,800 -7% 84,223 78,532 -2% 49,379 48,202 -2% -10% 8,705 8,508 6,202 5,558 Thai-Livestock Thai-Aqua Overseas-Livestock Overseas-Aqua TOTAL GPM 16.0% 15.3% 10.0% 11.4% 16.6% 12.6% 8.8% 2.9% 15.7% 12.9% OPM** 7.1% 4.7% 0
Slide 43: Q4/2025: Sales Structure by Products
43 Q4/2025: Sales Structure by Products Sales Breakdown by Products Feed Farm Food TOTAL Q4/24 Q4/25 %Change Q4/24 Q4/25 %Change Q4/24 Q4/25 %Change Q4/24 Q4/25 %Change Thailand 11,055 10,744 -3% 29,608 28,177 -5% 14,918 14,839 -1% 55,581 53,760 -3% Domestic 11,009 10,667 -3% 27,691 26,437 -5% 8,415
Slide 44: Appendix D
Appendix D Group of Associate Companies & Joint Ventures
Slide 45: Group of Associate Companies & Joint Ventures
45 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 46: Appendix E
Appendix E Product Samples & Retail Outlet Formats
Slide 47: Food Retail Products
Food Retail Products Charoen Pokphand Foods Public Company Limited | Results Briefing FY2025 < 47 >
Slide 48: 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 FY2025 < 48 >
Slide 49: Food Service: Chester's
Food Service : Chester’s Charoen Pokphand Foods Public Company Limited | Results Briefing FY2025 < 49 >
Slide 50: Food Service: Chickita
Food Service : Chickita Charoen Pokphand Foods Public Company Limited | Results Briefing FY2025 < 50 >
Slide 51: 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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