Monde Nissin Corp. · PSE:MONDE
Monde Nissin — Q1 2026 Earnings Presentation
31 slides from Monde Nissin's earnings presentation, May 6, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation May 6, 2026
Slide 2: First Quarter 2026 Business Performance
First Quarter 2026 Business Performance 2
Slide 3: Key Takeaways
Key Takeaways 1 2 APAC BFB Meat Alternative Growth driven by Continuing positive trajectory driven by volume across all categories growing Quorn UK retail chilled and frozen, and a more stable performance across much Pricing actions and cost management of the portfolio initiatives reflected in seque
Slide 4: APAC BFB: Noodles gains in cups offset by softness in dry pouch
APAC BFB : Noodles gains in cups offset by softness in dry pouch 1Q26 Performance & Drivers Macro #1 K Curve / Underperformed Stabilizing 68.4% cups & premium category wet pouch 68.7% dry pouch Brand Building 1Q25 1Q26 Market Share 1Q26 by Segment 1Q25 Wet Pouch 62.5% 62.7% Dry Pouch 82.6% 82.3% Cup
Slide 5: APAC BFB: Biscuits maintained market leadership driven by broad-based gains
APAC BFB : Biscuits maintained market leadership driven by broad -based gains across crackers, sandwiches, wafers, and cookies 1Q26 Performance & Drivers Macro Multi - brand Flavor - led / Outperformed #1 & segment - Treat - oriented category led growth 29.0% 29.9% Brand Building 1Q25 1Q26 5 Source:
Slide 6: APAC BFB: Oyster sauce continues to grow; yogurt drinks and cultured milk challenges
APAC BFB : Oyster sauce continues to grow due to increased in -home cooking; measures in place to address challenges in yogurt drinks and cultured milk Oyster Sauce Yogurt Drinks Cultured Milk Others #1 #1 #2 90.7% 88.5% 60.2% 63.9% 24.2% 23.4% 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 6 Source: Nielsen Retail
Slide 7: Meat Alternative: Sales continue to stabilize with strong profit delivery
Meat Alternative : Sales continue to stabilize with strong profit delivery in Q1 2026 Sales & Profit Business Fundamentals Core EBITDA up +131% Highest brand consideration year - on- year, positive EBIT since Q4 2022 at 69% 2 Sales - 0.8% year - on- year Quorn buyers up +0.2% driven on like - for -
Slide 8: First Quarter 2026 Financial Performance
First Quarter 2026 Financial Performance 8
Slide 9: Consolidated: Revenue grew 9.1% year-on-year
Consolidated : Revenue grew 9.1% year -on -year with growth from both APAC BFB and Meat Alternative Net Sales Consolidated By Business as of 1Q26 22,777 20,881 In PHP millions +9.1% Meat Alternative 16% 1Q25 1Q26 APAC BFB Meat Alternative 19,094 17,583 +11.7% APAC BFB 84% +8.6% 3,298 3,683 1Q25 1Q26
Slide 10: Consolidated: Core net income attributable to shareholders increased 11.3% to record high
Consolidated : Core net income attributable to shareholders increased 11.3% to record high, due to top line growth and margin improvement Gross Profit Core Net Income Reported Net Income • Gross margin increase driven Attributable to Shareholders 1 by stable APAC BFB and improved Meat Alternative 36
Slide 11: APAC BFB: Revenue growth largely from volume increase across all categories
APAC BFB : Revenue growth largely from volume increase across all categories Net Sales By Business as of 1Q26 APAC BFB Noodles Biscuits Others 2 Others 23% Noodles 41% Q1 Year - on- Year +8.6% +4.5% +9.3% +15.5% Biscuits 36% 19,094 Net Price 1 +2.3% +1.7% +4.5% - 0.1% 17,583 In PHP millions +8.6% Vo
Slide 12: APAC BFB: Wheat and palm oil partially secured through 3Q26 and 4Q26
APAC BFB : Wheat and palm oil partially secured through 3Q26 and 4Q26 , respectively Wheat (14% of Q1 APAC BFB COGS) Percent Locked In: Q2 2026: c .95% Q3 2026: c .75% 1 External (Bloomberg) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Internal (MONDE) 2021 2022 2023 2024
Slide 13: APAC BFB: Coconut oil dipped sequentially but still up 34% year-on-year
APAC BFB : Coconut oil dipped sequentially but still up +34% year -on -year in Q1; pricing actions and reformulations taken Coconut Oil & Coconut Oil - Related Input Costs (7% of Q1 APAC BFB COGS) Coconut Oil • Volatile trends Quarterly from Q1 2016 to Q1 2026 driven by climate effects on - 8% produ
Slide 14: APAC BFB: Continued sequential gross margin improvement
APAC BFB : Continued sequential gross margin improvement from pricing actions and cost management initiatives supported core net income growth of 5.6% Gross Profit A&P to Sales • Gross margin decreased - 10 37.1% 37.0% bps year - on- year; +236 bps sequential improvement as - 0.1ppts pricing actions
Slide 15: Meat Alternative: Core EBITDA doubled, positive EBIT, gross margin expanded
Meat Alternative : Core EBITDA doubled, achieved positive EBIT, gross margin expanded +881 bps, and sales trajectory stabilizing 1 • Sales grew year - on- year by Net Sales Gross Profit Core EBITDA 11.7% on a reported basis, grew by 1.4% on a constant currency, and declined by 0.8% on like - for- li
Slide 16: Consolidated: 2026 CapEx plan to focus on APAC BFB capacity
Consolidated : 2026 CapEx plan to focus on building capacity and capability for APAC BFB In PHP mn 6,489 988 5,216 4,860 4,719 4,432 703 3,753 1,817 881 3,660 3,641 2,373 1,031 1,522 1,784 5,501 4,157 3,838 3,399 2,610 2,138 1,969 2,059 2019 2020 2021 2022 2023 2024 2025 2026E APAC BFB Meat Alternat
Slide 17: Appendix
Appendix 17
Slide 18: Key financial takeaways
Key financial takeaways 1 Consolidated revenue for the first quarter increased by 9.1% to Php 22.8 bn. APAC BFB net sales for the first quarter grew by 8.6% to Php 19.1 bn, largely driven by volume growth across all categories. The domestic 2 business grew by 9.5% to Php 18.1 bn for the first quarte
Slide 19: Consolidated P&L Summary
Consolidated P&L Summary PHP mn Q1 2025 Q1 2026 Reported Change YoY Revenue 20,881 22,777 +9.1% Cost of Goods Sold 13,594 14,536 +6.9% Gross Profit 7,287 8,241 +13.1% Core Operating Expenses 1 3,443 4,123 +19.8% Core EBITDA 2 4,662 4,939 +5.9% Core Net Income 3 2,924 3,235 +10.6% Core Net Income Att
Slide 20: Reported net income figures include one-off items
Reported net income figures include one -off items PHP mn Q1 2025 Q1 2026 Reported Change YoY Core Net Income 2,924 3,235 +10.6% Other Income (Expenses) (144) 391 N/M Fair Value Gain (Loss) on Guaranty Asset (290) 210 N/M Fair Value Gain (Loss) on Financial Assets (FVTPL) 49 74 +51.0% Foreign Exchan
Slide 21: APAC BFB P&L Summary
APAC BFB P&L Summary PHP mn Q1 2025 Q1 2026 Reported Change YoY Revenue 17,583 19,094 +8.6% Cost of Goods Sold 11,055 12,025 +8.8% Gross Profit 6,528 7,069 +8.3% Core Operating Expenses 1 2,672 3,093 +15.8% Core EBITDA 2 4,522 4,614 +2.0% Core Net Income 3 2,982 3,148 +5.6% 1 Core operating expenses
Slide 22: Meat Alternative P&L Summary
Meat Alternative P&L Summary PHP mn Q1 2025 Q1 2026 Reported Change YoY Revenue 3,298 3,683 +11.7% Cost of Goods Sold 2,539 2,511 - 1.1% Gross Profit 759 1,172 +54.4% Core Operating Expenses 1 771 1,030 +33.6% Core EBITDA 2 140 325 +131.4% Core Net Income 3 (58) 87 N/M 1 Core operating expenses = se
Slide 23: Meat Alternative: Quorn Foods market share up versus 1Q25
Meat Alternative : Quorn Foods market share up +103 bps versus 1Q25 driven by strong gains in Quorn chilled and frozen partially offset by Cauldron UK Retail Meat Alternative Market 2 Total Market Share (%) 1 Total Market Growth 32.4 Quorn Cauldron Other Brands Private Label 32.0 32.1 31.9 31.8 31.1
Slide 24: Cash Flow Summary
Cash Flow Summary PHP mn Q1 2025 Q1 2026 Income before Income Tax 3,622 4,652 Depreciation & Amortization 672 706 Fair Value Loss (Gain) on Guaranty Asset 290 (210) Finance Costs 127 91 Finance Income (100) (123) Impairment Loss 58 - Working Capital Adjustments (2,091) 20 Others (24) (328) Net Cash
Slide 25: 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 32D 32D 17D 18D 7,133 7,884 4,040 2,071 1Q25 1Q26 1Q25 1Q26 Inventory & Days Inventory Outstanding Accounts Payable 1 & Days Payables Outstanding PHP mn PHP mn 74D 69D 60D
Slide 26: Balance Sheet Summary
Balance Sheet Summary PHP mn Dec 31, 2025 Mar 31, 2026 PHP mn Dec 31, 2025 Mar 31, 2026 Cash and Cash Equivalents 15,398 16,587 Trade and Other Payables 13,481 12,660 Inventories 8,972 8,602 Loans Payable – Current & Non - Current 1,638 1,737 Trade and Other Receivables 8,401 7,884 Others 7,814 10,1
Slide 27: Ratios Summary
Ratios Summary Current Ratio Net Debt - to- Equity Ratio Core Net Margin Others 2.11 1.98 14.0% 14.3% 0.13 0.13 Dec 2025 Mar 2026 Dec 2025 Mar 2026 Q1 2025 Q1 2026 Current ratio = Current assets / Current liabilities Net debt - to- equity ratio = (Total liabilities – Cash and cash equivalents) / Equ
Slide 28: Making Better Possible
» Making Better Possible Product Planet People Partnership Pillars Food Accessibility efficiency Possible Possible Action Possible Monde Nissin cares forthe planet nurtures peopleby _forms collaborations develops healthier, by managing its promoting better to foster great-tasting, environmental work
Slide 29: Our Corporate Aspiration
Our Corporate Aspiration We aspire to improve the well - being of people and the planet, and create sustainable solutions for food security 29
Slide 30: 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 31: 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 / 31