Charoen Pokphand Foods Public Co. Ltd. · SET:CPF
Charoen Pokphand Foods Public — Q1 2025 Earnings Presentation
43 slides from Charoen Pokphand Foods Public's earnings presentation, May 15, 2025
Slide 1: Investor Presentation
CPF Investor Presentation May 15, 2025 7 Pe os i
Slide 2: Table of Content
Table of Content • Business Overview………………………….. 03-09 • Q1/2025 Financial Results………….... 10-16 • FY2025 Outlook……………………….……. 17 Appendix A: 3Yr Historical Results B: Products & Raw Materials Price Trend C: Group of Associate Companies & Joint Ventures D: Product Sample & Retail Outlet Format 2
Slide 3: Why Invest in CPF
Why Invest in CPF “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. Through our commitment to “Sustainovation“, CPF leverages technology, science, and innovation to improve effi
Slide 4: Sustainable Kitchen of the World
Sustainable Kitchen of the World Philosophy of Sufficient Economy Three-Benefits Principle GRC Protecting our Climate “Take action towards positive environmental impact throughout our value chain ” Food Security Biodiversity & Improving Quality Living of People Ecosystems “Create positive social imp
Slide 5: Company Highlight
Company Highlight Market Cap THB 221 billion Sales in FY2024 THB 581 billion (or ~USD 6.6 billion) as of May 14, 2024 (or ~USD17.2 billion) • 8,407 million shares Sales Breakdown Livestock, TH-Domestic, (paid-up) with par THB 1.00 per share 89% Feed, 31% TH-Export, 23% 6% • Book Value THB 30.25* per
Slide 6: Vertically Integrated Business Model
Vertically Integrated Business Model Our integrated food process is designed to deliver top-quality products in nutrition, taste, food safety, and traceability with "Sustainovation" concept, leveraging technology and innovation to improve efficiency and minimize the environmental impact of our opera
Slide 7: CPF Geographical Footprints
CPF Geographical Footprints Russia UK Belgium Türkiye Poland • Livestock feed Food & Trading Ready to eat foods Livestock feed • Broiler farm & Hatchery • Swine farming business business • Food processing plants • Chicken integrated • Seafood business Operations and investment in business • Plant-ba
Slide 8: Our Strategy for Growth
Our Strategy for Growth Globalization Digital expand market in 17 Transformation existing countries by utilize digital tools to establishing a proper improve operation business model suitable efficiency and to better for each strategic serve needs of customer. market • Agri-Tech • Smart Farm • Smart
Slide 9: CPF Operation Structure
CPF Operation Structure as of Mar 31, 2025 % % to Sales Revenue 38% 62% CPF Thailand 1 CPF International Associates & Joint Ventures (1) % holding by CPF 35% direct & indirect CP Meiji 33% Domestic 19% Vietnam (83.18%) 8% China (59.99%) (2) TW:1215 CPE Taiwan (39.00%) 2 CPP ( 76.24%) HyLife (Canada)
Slide 10: Performance Summary
Performance Summary YoY Unit: THB, m Q1/2024 Q1/2025 %Change Sales Revenue 140,037 144,175 3% Gross Profit Margin 12.0% 18.5% Selling and administrative expenses 12,019 12,147 1% EBIT 5,601 15,341 174% EBIT Margin 4.0% 10.6% EBITDA 13,858 23,547 70% EBITDA Margin 9.9% 16.3% G/L on FV of Biological A
Slide 11: Q1/2025: Sales & Profit Margin by Business
Q1/2025: Sales & Profit Margin by Business In THB, m +3% Q1/2024 Q1/2025 140,037 144,175 +5% +6% 80,455 76,869 -14% 46,798 49,597 -14% 9,945 6,425 5,526 8,597 Thai-Livestock Thai-Aqua Overseas-Livestock Overseas-Aqua TOTAL GPM 12.3% 20.4% 14.1% 15.7% 11.9% 18.3% 9.7% 11.5% 12.0% 18.5% OPM** 4.5% 12.
Slide 12: Q1/2025: Sales Structure by Business
Q1/2025: Sales Structure by Business Sales Breakdown Livestock Aquaculture TOTAL Q1'24 Q1'25 %Change Q1'24 Q1'25 %Change Q1'24 Q1'25 %Change Thailand 46,798 49,597 6% 6,425 5,526 -14% 53,223 55,123 4% Domestic 39,218 42,618 9% 5,343 4,710 -12% 44,561 47,328 6% Export 7,580 6,979 -8% 1,082 816 -25% 8
Slide 13: Q1/2025: Sales Structure by Products
Q1/2025: Sales Structure by Products Feed Farm Food 55% 56% Thailand Vietnam 68% 44% China 29% Others 55% 22% TOTAL 23% 21% 19% 26% 9% 27% 25% 22% THB 55,123 m THB 27,624 m THB 11,530 m THB 49,898 m THB 144,175 m % to sales 38% % to sales 19% % to sales 8% % to sales 35% % to sales 100% Sales Breakd
Slide 14: Financial Status (As of Mar 31, 2025)
Financial Status (As of Mar 31, 2025) Interest Bearing Debt: THB 461,575 m* Net Debt to Equity & Net Debt to EBITDA (THB, m) Net D/E 1.59x 485,050 1.51x 479,748 1.48x 1.38x 461,575 458,251 2022 2023 2024 Q1'25 2022 2023 2024 Q1'25 Net D/EBITDA 9.5x Cash and Cash Equivalent 6.8x (THB, m) 5.7x 5.0x 32
Slide 15: FY2025 Investment and Financing Activities
FY2025 Investment and Financing Activities January Thai Baht Debenture THB 16,500 m by CPF Tenor 5,10 yrs. February (Weighted Avg. 3.5%) Thai Baht Debenture THB 11,500 m by CPF TH Tenor 4,7,10 yrs. April (Weighted Avg. 3.4%) Acquisition of stake in C.P. Pokphand Co., Ltd. 23.8% April (USD 1.1 billio
Slide 16: CPF's Investment in Listed Companies
CPF’s Investment in Listed Companies As of Mar 31, 2025 Stock Price Market Cap. CPF Holding Holding Value (Local Curr.) (THB mm) (%) (THB mm) CPALL THB 49.50 444,663 34.50% 153,409 (SET:CPALL) CP AXTRA THB 26.00 275,088 8.85% 24,345 (SET:CPAXT) TRUE THB 11.70 404,260 1.28% 5,175 (SET:TRUE) CPE TWD 9
Slide 17: FY2025 Outlook
FY2025 Outlook Expand distribution channels GROWTH TARGETS • • Strategically increase production capacity • Foster innovation in products and processes • Strengthen market presence DRIVERS & FOCUS • • Continue to improve operation efficiency Expand market presence, include international trading • Ut
Slide 18: Appendix A: 3Yr Historical Results
Appendix A Highlights : 3Yr Historical Results Charoen Pokphand Foods Public Company Limited 18 Results Briefing Q1/2025
Slide 19: Gross Profit Margin & Operating Profit Margin
Gross Profit Margin & Operating Profit Margin GPM GPM Thai-Livestock OPM** Thai-Aqua OPM** 25.0% 21.3% 19.4% 20.4% 23.0% 19.1% 20.0% 16.4% 16.0% 15.7% 15.4% 14.4% 18.0% 14.1% 13.8% 14.2% 11.8% 11.4% 15.0% 13.0% 12.3% 12.5% 13.0% 9.9% 10.4%11.0% 9.8% 11.1% 9.9% 10.9% 6.8% 8.9% 10.0% 9.5% 8.7% 7.1% 7.
Slide 20: Thailand Operations – Export Destination
Thailand Operations – Export Destination FY2023 FY2024 Q1/2025 80% ASIA ASIA 85% ASIA 86% Farm Farm Farm 1% 11% 8% EU 1% 11% 1% 14% OTHERS OTHERS 2% EU OTHERS EU USA USA THB 8,568 million -9% THB 7,886 million -8% THB 1,663 million -19% ASIA ASIA ASIA EU EU 42% 38% EU 38% Food 51% Food 52% Food 53%
Slide 21: Consolidated Income Statement Highlight
Consolidated Income Statement Highlight Full Year FY2022 FY2023 % Change FY2024 % Change Net sales 614,197 585,844 -5% 580,747 -1% Gross Profit Margin (%) 13.3% 9.7% 14.6% Selling and Administrative Expenses 54,879 50,866 -7% 50,239 -1% Gain / (Loss) from FX 93 1,023 1000% 547 -47% EBIT 30,778 10,06
Slide 22: CAPEX & EBITDA
CAPEX & EBITDA CAPEX EBITDA Unit: THB, m Unit: THB, m EBITDA Margin% 90000 20.0% CPP CPF 76,264 80000 16.3% 18.0% 66,043 16.0% 70000 13.1% 27,256 14.0% 60000 10.8% 47,578 12.0% 6,091 21,496 50000 15,569 10.0% 3,560 40000 8.1% 8.0% 1,035 30000 23,547 6.0% 21,165 17,936 3,296 20000 4.0% 14,534 384 100
Slide 23: Consolidated Net Profit, ROA and ROE
Consolidated Net Profit, ROA and ROE Net Profit ROA & ROE Gain on one time transaction Unit: THB, m Divestment and Dividend ROA Equity (Share in Profit of Associates) EBIT 7.0% 6.0% 4.6% 192 2.6% 12,699 145 2022 2023 2024 Q1'25 2,613 3,745 ROA = Total Profit before Income tax and Financial costs/Ave
Slide 24: Consolidated Net Profit- Quarterly
Consolidated Net Profit- Quarterly Unit : THB, m Q1 Q2 Q3 Q4 FY2022 FY2023 FY2024 FY2025 10,000 8,549 8,000 7,309 6,925 6,000 5,108 4,208 4,172 4,000 2,842 1,812 2,000 1,152 121 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 -2,000 (793) (1,810) -4,000 (2,725) -6,000 -8,000 -10,000 Full Year : 13,970 (5,2
Slide 25: EPS & Dividends per Share
EPS & Dividends per Share Earnings Per Share Dividends Unit : THB Per Share Unit : THB Per Share Final Dividend Interim Dividend Dividend Semi-annually, not less than 30% of Policy consolidated annual net profit 2.39 1.69 1.00 0.75 0.55 1.07 0.35 (0.75) 0.40 0.45 Non- Dividend Payment 2022 2023 2024
Slide 26: Appendix B: Products & Raw Materials Price Trend
Appendix B Products & Raw Materials Price Trend Charoen Pokphand Foods Public Company Limited 26 Results Briefing Q1/2025
Slide 27: Average Farm Prices - Thailand
Average Farm Prices - Thailand Thailand’s Broiler price (THB/kg) Average Price 43.8 43.6 Y23 Y24 Y25 50.0 39.2 41.7 42.7 40.3 40.0 46.0 36.6 37.9 38.1 39.4 41.5 40.3 42.0 38.0 34.0 % Chg +5% -3% 30.0 26.0 22.0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Current Price Thailand’s Pork price
Slide 28: Average Raw material Prices - Thailand
Average Raw material Prices - Thailand Thailand’s Corn price (THB/kg) Average Price 20.0 Y23 Y24 Y25 13.3 12.8 11.7 12.1 15.0 10.4 10.4 10.8 10.0 10.8 10.7 12.1 10.8 10.8 10.0 % Chg -10% -1% 5.0 0.0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Current Price Thailand’s Soybean Meal price (TH
Slide 29: Vietnam: Average Market Price and Major Feed Raw Materials
Vietnam: Average Market Price and Major Feed Raw Materials 100,000 80,000 62,848 61,708 60,333 65,409 50,045 55,095 57,023 53,400 60,000 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 50,000 33,710 34,378 36,720 34,338 40,000 30,468 30,816 26,179 27,098 26,
Slide 30: India: Average Market Price and Major Feed Raw Materials
India: Average Market Price and Major Feed Raw Materials 150.0 115.0 102.8 98.9 94.2 77.5 78.6 85.2 83.2 79.1 100.0 50.0 Broiler (INR/kg) 0.0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 500.0 400.0 313 307 328 337 280 263 280 292 268 300.0 Shrimp 200.0 (60 pieces) (INR/kg) 100.0 Q1'23 Q2'2
Slide 31: Russia: Average Market Price and Major Feed Raw Materials
Russia: Average Market Price and Major Feed Raw Materials 140.0 122.6 118.6 120.5 125.9 109.7 115.0 114.8 116.6 120.0 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 Q1'25 180.0 159.6 168.0 150.9 146.2 146.8 160.0 143.9 138.4 130.3 140.0 115.5 120.0 100.0 Broiler
Slide 32: Cambodia: Average Market Price and Major Feed Raw Materials
Cambodia: Average Market Price and Major Feed Raw Materials 16,000 12,000 9,395 9,568 10,011 8,068 8,572 8,779 8,758 7,237 7,287 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 1,600 1,550 1,460 1,500 1,335 1,400 1,318 1,300 1,175 1,191 1,196 1,132 1,132 Corn 1,200 1
Slide 33: Philippines: Average Market Price and Major Feed Raw Materials
Philippines: Average Market Price and Major Feed Raw Materials 260.0 211.7 228.3 240.0 190.3 193.7 201.7 220.0 170.0 168.3 180.0 200.0 162.3 180.0 160.0 Swine 140.0 120.0 (RUB/kg) 100.0 80.0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 160.0 127.4 140.0 110.3 119.2 99.1 107.2 98.8 108.3 107
Slide 34: Malaysia: Average Market Price and Major Feed Raw Materials
Malaysia: Average Market Price and Major Feed Raw Materials 20.0 14.7 15.5 15.5 15.7 15.6 14.7 13.8 13.6 13.9 15.0 10.0 Swine (RUB/kg) 5.0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 10.0 8.0 6.3 6.2 5.7 5.7 5.9 6.2 5.8 5.9 5.1 6.0 Broiler 4.0 (RUB/kg) 2.0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'
Slide 35: China: Average Market Price and Major Feed Raw Materials
China: Average Market Price and Major Feed Raw Materials 40 19.6 17.4 15.2 14.4 16.1 15.3 14.9 16.2 16.0 20 Swine (RMB/kg) 0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 4 3.0 2.9 3.0 2.9 2.6 2.6 2.6 2.4 2.3 2 Corn (RMB/kg) 0 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 6 4.7 4.7 4
Slide 36: Appendix C: Group of Associate Companies & Joint Ventures
Appendix C Group of Associate Companies & Joint Ventures Charoen Pokphand Foods Public Company Limited Results Briefing Q1/2025
Slide 37: Group of Associate Companies & Joint Ventures
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 busin
Slide 38: Appendix D: Product Samples & Retail Outlet Formats
Appendix D Product Samples & Retail Outlet Formats Charoen Pokphand Foods Public Company Limited Results Briefing Q1/2025
Slide 39: Food Retail Products
Food Retail Products Charoen Pokphand Foods Public Company Limited Results Briefing Q1/2025 39
Slide 40: Food Retail Products
Food Retail Products Charoen Pokphand Foods Public Company Limited Results Briefing Q1/2025 40
Slide 41: Food Service : Five Stars Chain
Food Service : Five Stars Chain Vietnam India Cambodia Laos Philippines Charoen Pokphand Foods Public Company Limited Results Briefing Q1/2025 41
Slide 42: Food Service : Chester's
Food Service : Chester’s Charoen Pokphand Foods Public Company Limited Results Briefing Q1/2025 42
Slide 43: Disclaimer
Disclaimer This presentation contains some information from other sources that Investor Relations Office CPF does not make any representations regarding the use, validity, accuracy, or reliability of, or the results of the use of information, data Charoen Pokphand Foods Public Company Limited but no
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