Fourth Quarter 2025 Briefing Presentation

WILMAR INTERNATIONAL LIMITED

FY2025 Results Briefing

February 26, 2026

* Refer to slide on "One-off Non-core Adjustments"

n.m. - not meaningful

# Unallocated segment refers to expenses in relation to the grant of share options to employees. For FY2025, the balance also includes gain on remeasurement arising from changes in interest in AWL Agri Business Limited (AWL), compensation payments and provisions made on the Group's Indonesia operations, provision for losses in relation to an associated company in Pakistan and provisions made on the two ongoing legal cases in China.

n.m. - not meaningful

# Excludes oil palm plantation volume

Total 103.8

Note :

* Net bank borrowings include proceeds/repayments of loans and borrowings net of fixed deposits pledged with financial institutions for bank facilities and unpledged fixed deposits with maturity more than 3 months.

* Net debt = Total borrowings - Cash and bank balances - Other deposits with financial institutions.

** Liquid working capital = Inventories (excl. consumables) + Trade receivables - Current liabilities (excl. borrowings).

• Net debt increased to US$19.96 billion as of 31 December 2025 due to the consolidation of AWL in 4Q2025. Excluding AWL, net debt declined compared to FY2024, in line with a decline in commodity prices. Nevertheless, net debt to equity ratio improved to 0.91x in FY2025 from 0.94x in FY2024, while adjusted net debt to equity ratio remained comparable at 0.34x.

  Business Outlook

• 2025 was a challenging year for the Group, as we operated in a complex global environment and faced issues in several markets. Geopolitical tensions, trade tariffs and evolving regulatory landscapes have required us to adapt our supply chain and business model. Leveraging on our global manufacturing and distribution network, and further supported by a dedicated and resilient workforce, we managed to overcome these challenges and reported a reasonable set of results for FY2025.

  
  
  

• Operating conditions for 2026 are expected to continue to remain challenging. Barring unforeseen circumstances, we expect results for FY2026 to be satisfactory.

  Appendix
  
  Food Products (Consumer Products, Medium Pack and Bulk)

  Revenue (US$ million)	2H2025 16,564.1	2H2024 15,169.1	∆ 9%	FY2025 30,885.8	FY2024 28,829.3	∆ 7%
  	5,785.3	5,336.6	8%	11,203.1	10,586.7	6%
  	10,778.8	9,832.5	10%	19,682.7	18,242.6	8%
  Sales volume ('000 MT)	18,436	17,364	6%	34,700	33,000	5%
  	4,530	4,243	7%	8,842	8,332	6%
  	13,906	13,121	6%	25,858	24,668	5%
  Profit before tax (US$ million)	254.0	355.8	-29%	449.7	502.1	-10%

  • Consumer Products

  • Medium Pack and Bulk

  • Consumer Products

  • Medium Pack and Bulk

• Profit decreased by 29% to US$254.0 million in 2H2025 mainly due to the absence of a pre-tax gain from the share swap exercise of the Group's China associates and joint venture (Luhua) that was recognised in 2H2024. Excluding the above pre-tax gain, profit for the segment in 2H2025 was comparable with 2H2024 and higher in 2025 compared to 2024. Improved profitability from the flour and rice businesses was offset by weaker results in the sugar business.

• Overall sales volume for the segment grew by 5% to 34.7 million MT in FY2025, aided by volume growth from the

  
  
  

  segment's existing businesses, as well as the consolidation of one month of AWL's results in 4Q2025.

  Feed and Industrial Products (Tropical Oils, Oilseeds and Grains and Sugar)

  Revenue (US$ million)	2H2025 22,598.6	2H2024 23,266.4	∆ -3%	FY2025 42,871.8	FY2024 42,254.0	∆ 1%
  	14,147.1	12,927.9	9%	27,049.2	23,508.3	15%
  	5,722.8	5,656.0	1%	10,531.1	10,276.1	2%
  	2,728.7	4,682.5	-42%	5,291.5	8,469.6	-38%
  Sales volume ('000 MT)	36,300	38,453	-6%	67,975	68,700	-1%
  	13,836	13,570	2%	26,430	25,585	3%
  	15,973	15,723	2%	30,002	27,453	9%
  	6,491	9,160	-29%	11,543	15,662	-26%
  Profit before tax (US$ million)	479.4	295.4	62%	861.0	829.5	4%

  • Tropical Oils

  • Oilseeds and Grains

  • Sugar

  • Tropical Oils

  • Oilseeds and Grains

  • Sugar

  • Profit improved by 62% to US$479.4 million in 2H2025 mainly on the back of higher crushing margins and improved contributions from sugar merchandising activities, even though volume of sugar sales declined during the period. However, overall performance for the segment was impacted by compressed margins in the tropical oils business.

    
    
    

  • For FY2025, profit before tax improved by 4% to US$861.0 million while overall sales volume for the segment decreased by 1% to 68.0 million MT.

# Excludes oil palm plantation volume

• Profit for the segment was weaker at US$154.5 million in 2H2025 as a result of lower profit from both the palm plantation and sugar milling businesses. Palm oil prices ended lower at the end of FY2025, resulting in losses arising from changes in fair value of biological assets recognised in 2H2025. This was further impacted by lower volume of fresh fruit bunch production, which declined by 8% to 1,996,961 MT in 2H2025 as a result of unfavourable weather conditions in Indonesia. The weaker results from sugar milling business were mainly impacted by lower sugar prices during the period, coupled with a 4% decrease in sales volume to 2.2 million MT in 2H2025.

  
  
  

• For FY2025, overall profit for the segment improved by 32% to US$356.5 million, mainly backed by higher palm oil prices and stronger volume of sugar sales during the first half of the year. Nevertheless, overall fresh fruit bunch production for the year decreased by 2% to 4,039,764 MT.

  
  
  Plantation and Sugar Milling (Oil Palm Plantation Statistics)

  		2H2025	2H2024	∆	FY2025	FY2024	∆
  Planted area (ha)		234,334	230,951	1%	234,334	230,951	1%
  Mature area harvested (ha)		209,346	211,053	-1%	209,346	211,053	-1%
  FFB production (MT)		1,996,961	2,162,031	-8%	4,039,764	4,109,244	-2%
  FFB Yield (MT/ha)		9.5	10.2	-7%	19.3	19.5	-1%
  Mill Production
  		766,732	777,474	-1%	1,515,086	1,507,374	1%
  		182,332	177,323	3%	358,279	345,944	4%
  Extraction Rate		19.3%	19.2%	1%	19.5%	19.4%	1%
  	Palm Kernel	4.6%	4.4%	5%	4.6%	4.4%	5%
  New Planting (ha)		1,383	527	>100%	3,105	715	>100%
  Replanting (ha)		5,409	4,775	13%	7,050	7,589	-7%

  • Crude Palm Oil (MT)

  • Palm Kernel (MT)

  • Crude Palm Oil

  in hectares	Average Age of Plantation
  31 Dec 2025	0 - 3 yrs	4 - 6 yrs	7 - 14 yrs	15 - 18 yrs	>18 yrs	Total
  Indonesia	13,732	10,740	31,934	32,553	63,046	152,005
  Malaysia	7,558	11,494	26,786	2,837	10,967	59,642
  Africa	2,718	1,543	15,716	788	1,922	22,687
  Total planted area	24,008	23,777	74,436	36,178	75,935	234,334
  % of total planted area	10.2%	10.1%	31.8%	15.4%	32.5%	100.0%
  Included YTD new plantings of : 3,105
  Plasma/outgrower Programme	1,070	7,586	882	2,953	24,107	36,598
  31 Dec 2024

  Indonesia	12,006	9,846	31,006	58,797	40,043	151,698
  Malaysia	6,508	16,161	22,566	3,166	10,514	58,915
  Africa	-	5,709	12,004	658	1,967	20,338
  Total planted area	18,514	31,716	65,576	62,621	52,524	230,951
  % of total planted area	8.0%	13.7%	28.4%	27.1%	22.8%	100.0%
  Included YTD new plantings of :	715
  Plasma/outgrower Programme	2,353	6,236	754	5,194	21,493	36,030

  
  
  

• Weighted average age of our plantations is approximately 14 years.

Interest expense directly attributable to the funding of the Wilmar

Sugar Australia acquisition

(14.6) (17.0) (29.4) (34.5)

*Refer to slide on "One-off Non-core Adjustments"

Note :

* Net bank borrowings include proceeds/repayments of loans and borrowings net of fixed deposits pledged with financial institutions for bank facilities and unpledged fixed deposits with maturity more than 3 months.

Turnover days are calculated by averaging the monthly turnover days to better reflect the true turnover period in view of the seasonality of the Group's business. Monthly turnover days are computed using revenue and cost of sales for the month.

• Inventories increased by 13% to US$14.65 billion as at 31 December 2025 mainly due to the consolidation of AWL in 4Q2025. Average turnover days increased to 68 days in FY2025, mainly due to a later Chinese Spring Festival in 2026.

• Trade receivables decreased by 3% to US$7.35 billion as of 31 December 2025, due to timing of repayments. Nevertheless, average turnover days increased to 33 days for the year.

  
  
  

• Trade payables increased to US$4.89 billion as of 31 December 2025, impacted by both higher payables turnover days during the year and the consolidation of AWL in 4Q2025. Similar to 1H2025, average turnover days increased to 22 days during the year as the Group enjoyed higher credit terms for its payables through supplier financing arrangements with banks.

# Formulas :

Return on Average Equity = Net profit ÷ Average equity

Return on Invested Capital = (Earnings before interest - Fair value of biological assets) ÷ (Average long term assets excl Intangibles & DTA + Average net working capital excl cash and borrowings)