Monde Nissin Corp. · PSE:MONDE
Monde Nissin — 9M 2025 Earnings Presentation
34 slides from Monde Nissin's earnings presentation, Nov 5, 2025
Slide 1: 9M 2025 Earnings Presentation
9M 2025 Earnings Presentation November 5, 2025
Slide 2: Nine Months 2025 Business Performance
Nine Months 2025 Business Performance 2
Slide 3: Key Takeaways
Key Takeaways 1 2 3 APAC BFB Meat Alternative Guidance Growth continues to be UK retail sales stable year- Sequential APAC BFB driven by Biscuits and on-year in 2Q25 and 3Q25, gross margin Others categories marking improvement from improvement from 4Q25 prior declines; gross margin through 2Q26 Miti
Slide 4: APAC BFB: Noodles driven by growth in modern trade and cups
APAC BFB: Noodles driven by growth in modern trade and cups 3Q25 Performance & Drivers Macro #1 K Outperformed Competition 67.2% 67.6% Curve category stable / declining Brand Building 3Q24 3Q25 Market Share 3Q25 by Segment 3Q24 Wet Pouch 60.1% 61.4% Dry Pouch 82.5% 81.2% Cups 37.7% 40.2% 4 Source: N
Slide 5: APAC BFB: Biscuits market share stable
APAC BFB: Biscuits market share stable driven by MY San Grahams, Nissin Butter Coconut, Nissin Bread Stix, and Nissin Eggnog Cookies brands 3Q25 Performance & Drivers Macro Slightly Back to Competition #2 underperformed school stable category 28.8% 28.3% Brand Building 3Q24 3Q25 5 Source: Nielsen Re
Slide 6: APAC BFB: Oyster sauce continues to grow
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 90.0% 88.1% 58.8% 59.2% 26.6% 25.4% 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 6 Source: Nielsen Retail Au
Slide 7: Meat Alternative: UK retail sales stable year-on-year
Meat Alternative: UK retail sales stable year-on-year in 2Q25 and 3Q25, marking improvement from prior declines; gross margin improvement; and EBITDA positive UK Retail Gross Margin UK retail sales value stable year-on- +5.5ppts in Q3 +3.6ppts in 9M year in 2Q25 and 3Q25, marking 25.0% 26.7% improve
Slide 8: Nine Months 2025 Financial Performance
Nine Months 2025 Financial Performance 8
Slide 9: Consolidated: Revenue grew 3.5% in the first nine months
Consolidated: Revenue grew 3.5% in the first nine months, Q3 revenue grew 3.8% year-on-year Net Sales Consolidated By Business as of 63,263 61,149 3Q25 & 9M25 +3.5% In PHP millions 21,013 21,806 Meat Alternative +3.8% 16% 3Q24 3Q25 9M24 9M25 APAC BFB Meat Alternative 51,051 53,284 -1.2% APAC BFB 18,
Slide 10: Consolidated: Core net income at ownership increased 4.6% in Q3
Consolidated: Core net income at ownership increased 4.6% in Q3 due to higher gross profit and lower operating costs in Meat Alternative, and foreign exchange gain, despite edible oils headwind • 9M and Q3 gross margin decline Gross Profit Core Net Income at Ownership 1 Reported Net Income driven by
Slide 11: Consolidated: Cash dividend of PHP 0.16 per share
Consolidated: Total unappropriated retained earnings of PHP 10.4 billion, giving confidence to provide cash dividend of PHP 0.16 per share, an increased dividend per share of 7% compared to the previous dividend, to shareholders as of December 4, 2025, payable on January 7, 2026 Operating Cash Flow
Slide 12: APAC BFB: Revenue growth largely from volume increase
APAC BFB: Revenue growth largely from volume increase in Biscuits and Others categories Net Sales By Business as of 3Q25 & 9M25 APAC BFB Noodles Biscuits Others2 Others Q3 Year-on-Year +4.0% -2.2% +7.9% +11.0% 23% 3Q25 22% 9M25 Noodles 42% 3Q25 Net Price1 -0.9% -1.2% +0.6% -2.6% 43% 9M25 Biscuits 35
Slide 13: APAC BFB: Wheat and palm oil fully secured through 4Q25
APAC BFB: Wheat and palm oil fully secured through 4Q25, partially secured through 2Q26; palm oil upcharges in 1H mitigated by lower 2H lock-ins Wheat (15% of 9M APAC BFB COGS) Percent Locked In: Q4 2025: 100% Q1 2026: c.50% Q2 2026: c.50% External (Bloomberg) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 14: APAC BFB: Coconut oil experienced a +109% surge in Q3
APAC BFB: Coconut oil experienced a +109% surge year-on-year in Q3; gross margin mitigations underway with pricing actions taken and formulations under review Coconut Oil & Coconut Oil-Related Input Costs (7% of 9M APAC BFB COGS) Coconut Oil • Volatile trends Quarterly from Q1 2016 to Q3 2025 driven
Slide 15: APAC BFB: Sequential gross margin improvement
APAC BFB: Sequential gross margin improvement due to pricing actions and cost saving initiatives; core net income decline due to lower gross profit year-on-year Gross Profit A&P to Sales • 9M and Q3 gross margin 38.0% 37.6% decline due to higher edible 34.4% 34.8% oil costs; +153 bps sequential -3.6
Slide 16: Meat Alternative: 3Q25 constant currency sales decline slowed further
Meat Alternative: 3Q25 constant currency sales decline slowed further and EBITDA was positive Net Sales Gross Profit Core EBITDA1 • Q3 sales grew year-on-year by 2.5% on a reported basis and declined by 1.1% on a constant currency basis on volumes that were down by 3.2%; continuing positive trajecto
Slide 17: Full Year 2025 Guidance
Full Year 2025 Guidance 17
Slide 18: Updated Full Year 2025 Guidance
Updated Full Year 2025 Guidance APAC BFB Meat Alternative Tapering top line Top Line Mid-single-digit growth challenges Sequential gross margin Mid-single-digit core Profitability improvement from EBITDA in GBP million 4Q25 through 2Q26 18
Slide 19: 2025 CapEx plan to focus on building capacity and capability 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 4,460 703 3,753 1,817 3,660 3,641 1,003 2,373 1,031 1,522 1,784 4,157 3,399 3,457 2,610 2,138 1,969 2,059 2019 2020 2021 2022 2023 2024 2025E APAC BFB Meat Alternative 19
Slide 20: Appendix
Appendix 20
Slide 21: Key financial takeaways
Key financial takeaways Consolidated revenue for the first nine months increased by 3.5% to Php 63.3 bn, while Q3 revenues grew by 3.8% year-on-year to 1 Php 21.8 bn. APAC BFB net sales for the first nine months of the year grew 4.4% to Php 53.3 bn, with third quarter revenues up 4.0%, largely drive
Slide 22: Consolidated P&L Summary
Consolidated P&L Summary PHP mn Reported Reported 9M 2024 9M 2025 Q3 2024 Q3 2025 Change YoY Change YoY Revenue 61,149 63,263 +3.5% 21,013 21,806 +3.8% Cost of Goods Sold 39,793 42,227 +6.1% 13,593 14,566 +7.2% Gross Profit 21,356 21,036 -1.5% 7,420 7,240 -2.4% Core Operating Expenses1 11,324 11,610
Slide 23: Reported net income figures include one-off items
Reported net income figures include one-off items PHP mn Reported Reported 9M 2024 9M 2025 Q3 2024 Q3 2025 Change YoY Change YoY Core Net Income 7,460 7,197 -3.5% 2,349 2,460 +4.7% Other Income (Expenses) (1,359) (454) -66.6% (275) (291) +5.8% Fair Value Gain (Loss) on Guaranty (723) (590) -18.4% 49
Slide 24: APAC BFB P&L Summary
APAC BFB P&L Summary PHP mn Reported Reported 9M 2024 9M 2025 Q3 2024 Q3 2025 Change YoY Change YoY Revenue 51,051 53,284 +4.4% 17,710 18,419 +4.0% Cost of Goods Sold 31,857 34,739 +9.1% 10,989 12,083 +10.0% Gross Profit 19,194 18,545 -3.4% 6,721 6,336 -5.7% Core Operating Expenses1 8,547 9,040 +5.8
Slide 25: Meat Alternative P&L Summary
Meat Alternative P&L Summary PHP mn Reported Reported 9M 2024 9M 2025 Q3 2024 Q3 2025 Change YoY Change YoY Revenue 10,098 9,979 -1.2% 3,303 3,387 +2.5% Cost of Goods Sold 7,936 7,488 -5.7% 2,604 2,483 -4.7% Gross Profit 2,162 2,491 +15.2% 699 904 +29.3% Core Operating Expenses1 2,777 2,570 -7.5% 86
Slide 26: Meat Alternative: Quorn Foods market share up +154 bps
Meat Alternative: Quorn Foods market share up +154 bps versus 3Q24 driven by strong gains in Quorn chilled and frozen partially offset by Cauldron; meat alternative market decline slowed substantially driven by Quorn UK Retail Meat Alternative Market Total Market Share1 Total Market Growth2 32.3% Qu
Slide 27: Cash Flow Summary
Cash Flow Summary PHP mn 9M 2024 9M 2025 Income before Income Tax 8,348 8,900 Depreciation & Amortization 1,957 2,079 Fair Value Loss (Gain) on Guaranty Asset 723 590 Finance Costs 583 331 Finance Income (418) (320) Impairment Loss 542 57 Working Capital Adjustments (735) (412) Others (39) (538) Net
Slide 28: 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 30D 33D 18D 15D 7,008 7,554 8,264 7,803 9M24 9M25 9M24 9M25 Inventory & Days Inventory Outstanding Accounts Payable1 & Days Payables Outstanding PHP mn PHP mn 62D 74D 78D
Slide 29: Balance Sheet Summary
Balance Sheet Summary PHP mn Dec 31, 2024 Sep 30, 2025 PHP mn Dec 31, 2024 Sep 30, 2025 Cash and Cash Equivalents 14,158 14,452 Trade and Other Payables 14,159 14,088 Inventories 8,921 9,480 Loans Payable – Current & Non-Current 3,207 1,446 Trade and Other Receivables 7,710 7,554 Others 5,182 5,208
Slide 30: Ratios Summary
Ratios Summary Current Ratio Net Debt-to-Equity Ratio Core Net Margin Others 2.34 2.18 12.2% 11.4% 0.15 0.10 Dec 2024 Sep 2025 Dec 2024 Sep 2025 9M 2024 9M 2025 Current ratio = Current assets / Current liabilities Net debt-to-equity ratio = (Total liabilities – Cash and cash equivalents) / Equity at
Slide 31: 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 32: 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 32
Slide 33: 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 34: 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/ 34