Monde Nissin Corp. · PSE:MONDE
Monde Nissin — H1 2025 Earnings Presentation
35 slides from Monde Nissin's earnings presentation, Aug 6, 2025
Slide 1: 1H 2025 Earnings Presentation
1H 2025 Earnings Presentation August 6, 2025
Slide 2: First Half 2025 Business Performance
First Half 2025 Business Performance 2
Slide 3: Key Takeaways
Key Takeaways 1 2 3 APAC BFB Meat Alternative Guidance Growth continues to UK retail business positive, Top line on track versus be driven by Biscuits gross margin improvement, full year guidance and Culinary and EBITDA positive after funding A&P investment in Updated gross margin Improving Noodles
Slide 4: APAC BFB: Noodles
APAC BFB: Noodles 2Q25 Performance & Drivers Macro #1 K Outperformed Competition 67.4% 69.0% curve category stable / declining Brand Building 2Q24 2Q25 Market Share 2Q25 by Segment 2Q24 Wet Pouch 60.9% 62.5% Dry Pouch 81.7% 82.5% Cups 38.7% 40.6% 4 Source: Nielsen Retail Audit (past 12 weeks as of J
Slide 5: APAC BFB: Lucky Me! Kasalo Pack
APAC BFB: Lucky Me! Kasalo Pack #1 in Greater Manila Area, Aggressive above-the-line Kasalo’s growth propels dry South Luzon, Mindanao, and grassroots efforts* pouch market share upward Supermarkets, Groceries/CV fueled Kasalo’s growth Kasalo Competitor Value Share Value Share 80.5% 81.1% 81.2% 81.7
Slide 6: APAC BFB: Biscuits
APAC BFB: Biscuits 2Q25 Performance & Drivers Macro Snacking habits / #2 back to school / new Outperformed Competition usage occasions category stable 28.6% 29.0% Brand Building 2Q24 2Q25 6 Source: Nielsen Retail Audit (past 12 weeks as of June 2025)
Slide 7: APAC BFB: Others
APAC BFB: Others Oyster Sauce Yogurt Drinks Cultured Milk #1 #1 #2 89.4% 88.4% 59.3% 60.0% 29.7% 26.6% 2Q24 2Q25 2Q24 2Q25 2Q24 2Q25 7 Source: Nielsen Retail Audit (past 12 weeks as of June 2025)
Slide 8: Meat Alternative: Snacking, Gross Margin, Core EBITDA
Meat Alternative Snacking Gross Margin Core EBITDA +42% +2.0ppts in Q2 25.1% Positive after funding A&P investment UK Quorn Snacking Business Growth1 23.1% 14% of Meat Alternative business2 2Q24 2Q25 28.2% +2.6ppts in 1H Total UK Retail 24.1% Chilled Market Share3 21.5% with Quorn chilled at highest
Slide 9: First Half 2025 Financial Performance
First Half 2025 Financial Performance 9
Slide 10: Consolidated: Revenue grew 3.3% in the first half
Consolidated: Revenue grew 3.3% in the fi rst half, driven by 5.0% Q2 growth in APAC BFB Net Sales Consolidated By Business as of 41,457 2Q25 & 1H25 40,136 19,824 20,576 +3.3% In PHP millions Meat Alternative +3.8% 16% 2Q24 2Q25 1H24 1H25 APAC BFB Meat Alternative 33,341 34,865 16,458 17,282 -3.0% +
Slide 11: Consolidated: Core net income at ownership decline due to lower APAC BFB gross margin
Consolidated: Core net income at ownership decline due to lower APAC BFB gross margin and core net income • 1H gross margin declined year- Gross Profit Core Net Income at Ownership 1 Reported Net Income on-year, driven by APAC BFB gross margin decline, partially 34.0% 34.7% 33.3% offset by Meat Alte
Slide 12: Consolidated: Retained earnings, operating cash flow and cash
Consolidated: Retained earnings for Monde Nissin Corporation and Monde M.Y. San Corporation at PHP 8.1 billion as of June 30, 2025 Operating Cash Flow Retained Earnings In PHP mn In PHP mn 5,987 4,310 Monde Nissin Corporation (Parent) 6,153 1H24 1H25 Cash & Cash Equivalents Monde M.Y. San Corporatio
Slide 13: APAC BFB: Revenue growth largely from volume increase in Biscuits and Culinary
APAC BFB: Revenue growth largely from volume increase in Biscuits and Culinary Net Sales By Business as of 2Q25 & 1H25 APAC BFB Noodles Biscuits Others2 Others Q2 Year-on-Year +5.0% +0.0% +8.5% +10.8% 23% 2Q25 22% 1H25 Noodles 44% 2Q25 Net Price1 +0.0% +1.0% -1.7% +0.2% 44% 1H25 Biscuits 33% 2Q25 Vo
Slide 14: APAC BFB: Wheat and palm oil substantially secured through 4Q25
APAC BFB: Wheat and palm oil substantially secured through 4Q25; palm oil upcharges in 1H mitigated by lower 2H lock-ins Wheat (15% of 1H APAC BFB COGS) Percent Locked In: Q3 2025: >80% Q4 2025: >70% External (Bloomberg) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Internal (MONDE) 20
Slide 15: APAC BFB: Coconut oil surge; gross margin mitigations
APAC BFB: Coconut oil experienced a +109% surge year-on-year in Q2; gross margin mitigations underway with pricing actions taken and formulations under review Coconut Oil & Coconut Oil-Related Input Costs (7% of 1H APAC BFB COGS) Coconut Oil • Volatile trends driven by climate effects on +109% produ
Slide 16: APAC BFB: Core net income decline due to lower gross profit and FX loss
APAC BFB: Core net income decline due to lower gross profi t and foreign exchange loss versus a foreign exchange gain in the previous year Gross Profit A&P to Sales • 1H gross margin -239 bps 37.4% year-on-year; Q2 gross 35.0% margin declined year-on- - 2.4ppts 36.2% year, primary driven by 32.9% 12
Slide 17: Meat Alternative: Q2 sales decline slowed and EBITDA positive
Meat Alternative: Q2 sales decline slowed and EBITDA was positive after funding reinvestment for growth due to ongoing gross margin recovery Net Sales Gross Profit Core EBITDA1 • Q2 sales declined year-on- year by 2.1% on a reported basis and 4.8% on a constant currency basis on volumes that were do
Slide 18: Full Year 2025 Guidance
Full Year 2025 Guidance 18
Slide 19: Updated Full Year 2025 Guidance
Updated Full Year 2025 Guidance APAC BFB Meat Alternative Tapering top line Top Line Mid-single-digit growth challenges Gross margin -100bps to -200bps lower versus prior year, with 2H Mid-single-digit core Profitability 2025 margin at least +100bps EBITDA in GBP million higher than 1H 2025 (assumes
Slide 20: 2025 CapEx plan to focus on building capacity for APAC BFB
2025 CapEx plan to focus on building capacity and capability for APAC BFB In PHP mn 5,216 4,860 4,432 703 4,020 3,753 1,817 3,660 3,641 976 2,373 1,031 1,522 1,784 4,157 3,399 3,044 2,610 2,138 1,969 2,059 2019 2020 2021 2022 2023 2024 2025E APAC BFB Meat Alternative 20
Slide 21: Appendix
Appendix 21
Slide 22: Key financial takeaways
Key fi nancial takeaways 1 Consolidated revenue for the first half increased by 3.3% to Php 41.5 bn, with second quarter growth at 3.8%. APAC BFB net sales for the first half grew by 4.6% to Php 34.9 bn, while it rose by 5.0% in the second quarter, largely driven by volume 2 growth in biscuits and c
Slide 23: Consolidated P&L Summary
Consolidated P&L Summary PHP mn Reported Reported 1H 2024 1H 2025 Q2 2024 Q2 2025 Change YoY Change YoY Revenue 40,136 41,457 +3.3% 19,824 20,576 +3.8% Cost of Goods Sold 26,200 27,661 +5.6% 13,085 14,067 +7.5% Gross Profit 13,936 13,796 - 1.0% 6,739 6,509 - 3.4% Core Operating Expenses1 7,252 7,444
Slide 24: Reported net income figures include one-off items
Reported net income fi gures include one-off items PHP mn Reported Reported 1H 2024 1H 2025 Q2 2024 Q2 2025 Change YoY Change YoY Core Net Income 5,111 4,737 - 7.3% 2,231 1,813 - 18.7% Other Income (Expenses) (1,084) (163) N/M (1,654) (19) N/M Fair Value Gain (Loss) on Guaranty (1,218) (305) N/M (1,
Slide 25: APAC BFB P&L Summary
APAC BFB P&L Summary PHP mn Reported Reported 1H 2024 1H 2025 Q2 2024 Q2 2025 Change YoY Change YoY Revenue 33,341 34,865 +4.6% 16,458 17,282 +5.0% Cost of Goods Sold 20,868 22,656 +8.6% 10,497 11,601 +10.5% Gross Profit 12,473 12,209 - 2.1% 5,961 5,681 - 4.7% Core Operating Expenses1 5,338 5,693 +6
Slide 26: Meat Alternative P&L Summary
Meat Alternative P&L Summary PHP mn Reported Reported 1H 2024 1H 2025 Q2 2024 Q2 2025 Change YoY Change YoY Revenue 6,795 6,592 - 3.0% 3,366 3,294 - 2.1% Cost of Goods Sold 5,332 5,005 -6.1% 2,588 2,466 -4.7% Gross Profit 1,463 1,587 +8.5% 788 828 +6.4% Core Operating Expenses1 1,914 1,751 -8.5% 1,0
Slide 27: Meat Alternative: Quorn Foods market share up versus 2Q24
Meat Alternative: Quorn Foods market share up +90 bps versus 2Q24 driven by Quorn brand gains partially off set by Cauldron; meat alternative market decline slowed driven by Quorn chilled UK Retail Meat Alternative Market Total Market Share1 Total Market Growth2 31.6% 31.5% 31.5% Quorn Cauldron Othe
Slide 28: Cash Flow Summary
Cash Flow Summary PHP mn 1H 2024 1H 2025 Income before Income Tax 5,762 5,969 Impairment Loss - 55 Depreciation & Amortization 1,275 1,370 Fair Value Loss (Gain) on Guaranty Asset 1,218 305 Finance Costs 344 243 Finance Income (271) (197) Working Capital Adjustments (918) (2,051) Others (41) 5 Net C
Slide 29: 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 17D 29D 32D 17D 7,154 6,208 5,736 4,418 1H24 1H25 1H24 1H25 Inventory & Days Inventory Outstanding Accounts Payable1 & Days Payables Outstanding PHP mn PHP mn 65D 77D 73D
Slide 30: Balance Sheet Summary
Balance Sheet Summary PHP mn Dec 31, 2024 Jun 30, 2025 PHP mn Dec 31, 2024 Jun 30, 2025 Cash and Cash Equivalents 14,158 11,053 Trade and Other Payables 14,159 11,859 Inventories 8,921 8,762 Loans Payable – Current & Non-Current 3,207 1,180 Trade and Other Receivables 7,710 7,154 Dividends Payable -
Slide 31: Ratios Summary
Ratios Summary Current Ratio Net Debt-to-Equity Ratio Core Net Margin 2.44 2.18 12.7% 11.4% 0.15 0.12 Dec 2024 Jun 2025 Dec 2024 Jun 2025 1H 2024 1H 2025 Current ratio = Current assets / Current liabilities Net debt-to-equity ratio = (Total liabilities – Cash and cash equivalents) / Equity attributa
Slide 32: 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 33: 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 33
Slide 34: 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 35: 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/