Fraser & Neave Ltd. · SGX:F99
Fraser & Neave — FY2025 Earnings Presentation
20 slides from Fraser & Neave's earnings presentation, November 2025
Slide 1: Financial Highlights for full year ended 30 September 2025
Financial Highlights for full year ended 30 September 2025 (“FY2025”)
Slide 2: Important Notice
IMPORTANT NOTICE Certain statements in this Presentation constitute “forward-looking statements”, including forward-looking financial information. Such forward- looking statements and financial information involve known and unknown risks, uncertainties and other factors which may cause the actual re
Slide 3: F&N Delivers Steady Earnings Growth on Strong F&B Momentum
F&N DELIVERS STEADY EARNINGS GROWTH ON STRONG F&B MOMENTUM All divisions within the F&B segment contributed to the Group’s growth $2,322.8M $308.1M 13.3% (+ 7.4%) (+ 3.7%) (- 47 bps) REVENUE PBIT PBIT MARGIN $210.4M $150.4M 10.3 (- 4.0%) (+ 0.1%) - PAT ATTRIBUTABLE PROFIT1 EARNINGS PER SHARE1 Full y
Slide 4: F&B Led Group Revenue Growth of 7%
F&B LED GROUP REVENUE GROWTH OF 7% Beverages & Dairies saw a +9% increase in sales FY2024 $2,162.1M Beverages + 16% FY2025 REVENUE (BY BUSINESS) F&B (+9%) KEY HIGHLIGHTS Dairies + 6% + $160.7M (+ 7%) • F&B grew by 9%. P&P - 2% • Beverages: Growth was driven by stronger beer sales, Others -9% higher
Slide 5: Revenue Growth in Malaysia, Thailand and Myanmar
REVENUE GROWTH IN MALAYSIA , THAILAND FY2025 REVENUE (by Geography) AND MYANMAR Driven by higher soft drinks, beer and dairy sales 13% FY2025 REVENUE (BY GEOGRAPHY) 18% KEY TAKEAWAYS Malaysia: Revenue grew, lifted by higher dairy and bottled $2,322.8M water volumes, and favourable forex translation.
Slide 6: Profit Grew 4%
PROFIT GREW 4% Supported by higher F&B sales, and a more favourable commodity and currency environment FY2024 $297.0M Beverages + 6% FY2025 PBIT (BY BUSINESS) F&B (+ 6%) KEY POINTS Dairies + 6% $11.1M (+ 4%) • F&B earnings increased 6%. P&P NM • Beverages: Earnings grew 6% on the back of stronger Ot
Slide 7: Malaysia & Thailand Contributed to Earnings Growth
MALAYSIA &THAILAND CONTRIBUTEDTO FY2025 PBIT EARNINGS GROWTH (by Geography) Higher sales, lower input costs and positive forex impact supported -1% -1% growth FY2025 PBIT (BY GEOGRAPHY) 27% 27% KEY TAKEAWAYS $308.1M Malaysia: Earnings increased due to higher Dairies sales and lower input costs, desp
Slide 8: Financial Highlights: FY2025 Balance Sheet
FINANCIAL HIGHLIGHTS FY2025 Balance Sheet ASSETS LIABILITIES & EQUITY Cash & Bank $363.5M $1,088.5M Borrowings Balances Other Current $789.7M $625.1M Other Liabilities Assets Non-Current $3,880.9M $3,320.4M Total Equity Assets Total Total Liabilities Assets $5,034.0M $5,034.0M & Equity Full year end
Slide 9: Strong Capital Structure
STRONG CAPITAL STRUCTURE Maturity Profile of Group Debt FY2024 FY2025 Floating Rates $736.9m $351.6m Cash $529.6M $363.5M 19% Borrowings $1,165.1M $1,088.5M Fixed Rates Gearing1 18.8% 21.8% 81% MATURING < 1YR MATURING > 1YR Dividend 59.8% Interim (cents) 56.2% 3.5 4.0 4.0 4.0 Final (cents) 3.5 50.0%
Slide 10: Corporate Development
CORPORATE DEVELOPMENT Full Year Ended 30 September 2025 10
Slide 11: F&N Achieves Key Milestone with Arrival of Dairy Cattle at AgriValley
F&N ACHIEVES KEY MILESTONE WITH THE ARRIVAL OF DAIRY CATTLE AT F&N AGRIVALLEY Commercial production commenced in June • In April 2025, F&N received its first commercial shipment of 2,500 dairy cattle at F&N AgriValley, Malaysia’s largest integrated dairy farm. • The farm currently houses over 6,500
Slide 12: F&N AgriValley Taking Shape
Dairy Packaging Feed Storage and F&N AgriValley 2 x 80 Bail Milking Parlour Factory TMR System Ready Taking Shape Delivery Barn Cow Barn Bio-digester & Manure 50 Bail Milking 1-10 Treatment & Biogas Generator Parlour Full year ended 30 September 2025
Slide 13: New Dairy Facility in Cambodia Progressing as Planned
NEW DAIRY FACILITY IN CAMBODIA PROGRESSING AS PLANNED Facility will enhance supply chain efficiency and reduce import dependency • Construction of the new dairy facility is progressing as planned, with operations expected to begin in the first quarter of 2026. • The facility will produce, distribute
Slide 14: F&N's New Beverage Facility in Malaysia
F&N‘S NEW BEVERAGE FACILITY IN MALAYSIA Expanding production capacity & enhancing operational agility • The Group’s new beverage manufacturing facility in Butterworth, Penang was commissioned in August 2025 and has commenced operations. • The plant produces carbonated soft drinks and drinking water
Slide 15: Strategic Collaborations to Drive Consumer Appeal
STRATEGIC COLLABORATIONS TO DRIVE CONSUMER APPEAL • These strategic partnerships enhanced our product differentiation, broadened our consumer reach, and injected freshness into our portfolio. • Successfully captured consumer attention, created buzz in the market, and reinforced our position as an in
Slide 16: Expanding Our Health-Focused Portfolio
EXPANDING OUR HEALTH-FOCUSED PORTFOLIO Tapping into health and wellness with F&N MAGNOLIA Cholest Care F&N MAGNOLIA Cholest Care Tetra 946ml Only available in Singapore Front Side Full year ended 30 September 2025 16
Slide 17: Expanding Our Health-Focused Portfolio
EXPANDING OUR HEALTH-FOCUSED PORTFOLIO Expanding the 100PLUS range with Power Peach Zero Sugar 100PLUS Power Peach Zero PET 500ml & 1.5L Only available in Singapore & Malaysia 500ml 1.5L Full year ended 30 September 2025 17
Slide 18: Driving Premiumisation and Innovation
DRIVING PREMIUMISATION AND INNOVATION Flavour innovation – F&N MAGNOLIA Earl Grey F&N MAGNOLIA Earl Grey Low Fat Flavoured Milk Tetra 475ml & 946ml Only available in Singapore 475ml 946ml Full year ended 30 September 2025 18
Slide 19: Thank You
Website: https://fraserandneave.com Thank You Analyst and media contact: Ms. Jennifer Yu Director, Investor Relations T: (65) 6318 9231 E: jenniferyu@fngroup.com.sg 19
Slide 20: FY2025 Group Financial Highlights
FY2025 GROUP FINANCIAL HIGHLIGHTS FY2024 FY2025 Change ($’M) ($’M) (%) Revenue 2,162.1 2,322.8 + 7.4 Gross Profit 688.8 727.5 + 5.6 Profit before interest and tax 297.0 308.1 + 3.7 PBIT margin (%) 13.7% 13.3% - 47 bps Profit after tax 219.1 210.4 - 4.0 Profit attributable to shareholders 150.2 150.4