Presentation at AGM held on 23 April 2026

ANNUAL GENERAL MEETING

23 April 2026

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1. FY2025 Financial Performance

   By Charles Loo Cheau Leong

   Deputy Chief Operating Officer and Chief Financial Officer

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   Vertically Integrated Business Model

   Origination Processing Products

   Trading, Merchandising & Distribution

   Customers

   FY2025 4

   
   
   2025 Results at a Glance

   vs 2024

   Total Revenue	US$ 70.42 billion	5%
   EBITDA	US$ 4.27 billion	10%
   Net Profit	US$ 1.41 billion	21%
   One-off Non-core Adjustments*	US$ 103.8 million	-
   Core Net Profit	US$ 1.28 billion	10%
   Earnings per share (fully diluted)	US$ 0.226	21%
   Dividends per share	S$ 0.140	-13%
   Net Debt/Equity	0.91x	0.94x

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

   
   
   

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   One-off Non-core Adjustments

   FY2025 (US$m)

   Gain on remeasurement arising from changes in interest in AWL Agri Business Limited (AWL)	1,140.2
   Compensation payments and provisions made on Indonesia operations	(782.3)
   Provision made on ongoing legal cases in China	(104.1)
   Provision for losses in relation to an associated company in Pakistan	(150.0)
   Total	103.8

   
   
   

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   Key Segment Results

   US$ million unless otherwise stated		2025	2024
   Food Products (Consumer Products, Medium Pack and Bulk)	Volume (m MT)	34.7	33.0
   	Revenue	30,885.8	28,829.3
   	PBT	449.7	502.1
   Feed and Industrial Products (Tropical Oils, Oilseeds and Grains, Sugar)	Volume (m MT)	68.0	68.7
   	Revenue	42,871.8	42,254.0
   	PBT	861.0	829.5
   Plantation and Sugar Milling	Volume (m MT) (1)	3.1	3.1
   	Revenue	3,521.5	3,360.8
   	PBT	356.5	269.1
   Others	Revenue	429.8	405.0
   	PBT	19.7	(38.1)
   Share of Results of Associates & Joint Ventures	PBT	339.4	219.9
   Unallocated#	PBT	63.5	(37.4)
   	Total PBT	2,089.8	1,745.1

   
   
   

   # 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.

   (1) Excludes oil palm plantation volume. 7

   Cash Flow
   US$ million	FY2025	FY2024
   Operating cash flow before working capital changes Add/(less): Changes in working capital, interest (paid)/received and income taxes paid	2,791 (429)	3,801 (2,429)
   Acquisition of subsidiaries, joint ventures and associates	(448)	(66)
   Capital expenditure	(1,081)	(1,572)
   Net increase/(decrease) from bank borrowings* (Increase)/decrease in other deposits and financial products with financial institutions	951 (1,097)	(1,774) 1,427
   Dividends	(717)	(866)
   Others	(390)	141
   Net cash flow	(420)	(1,338)

   Highlights

   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.

   
   
   

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   Internally Funded
   US$ million	FY2025	FY2024	FY2023#	FY2022	FY2021	FY2020	FY2019
   EBITDA	4,270	3,886	3,963	4,734	4,172	3,609	3,024
   Less: net tax paid	(578)	(436)	(499)	(685)	(687)	(407)	(247)
   Less: net interest paid (including lease payments)	(861)	(779)	(893)	(471)	(266)	(213)	(450)
   Less: dividend (ordinary)	(717)	(866)	(848)	(803)	(741)	(699)	(555)
   Less: special dividend	-	-	-	-	(309)	-	-
   Less: share buyback	-	-	-	(200)	(98)	(141)	-
   Less: non-cash gain on share swap of Luhua	-	(102)	-	-	-	-	-

   CAPEX

   -	-	-	(176)	-	-	-
   (1,140)	-	-	-	-	-	-

   Less: non-cash gain on dilution of interest in AWL Agri Business Limited

   Less: non-cash gain on remeasurement gain on AWL Agri Business Limited

   Add: funds from IPO used to purchase Capex	62	110	212	364	414	621	-
   	1,036	1,813	1,935	2,763	2,485	2,770	1,772
   Less: CAPEX spent	(1,081)	(1,572)	(2,211)*	(2,483)	(2,527)	(1,976)	(1,813)
   Surplus/(deficit) funds	(45)	241	(276)	280	(42)	794	(41)

   * Restated

   # Excludes the additional cash flow of US$592 million from the divestment of the 30% stake in our Moroccan associate, Cosumar.

   • Adequate internally generated funds used for capital expenditure.

     
     
     

   • Focus on consolidating past investments and driving efficiency improvements. 9

   Gearing

   US$ million		As at	As at
   		Dec 31, 2025	Dec 31, 2024
   Debt/Equity (x)		0.91	0.94
   - Net debt *		19,958	18,638
   - Shareholders' funds		21,865	19,861
   Adjusted debt/Equity (x)		0.34	0.33
   - Liquid working capital	**	12,615	12,088
   - Adjusted net debt		7,343	6,550
   - EBITDA		4,270	3,886
   Net debt/EBITDA (x)		4.67	4.80
   Adjusted net debt/EBITDA (x)		1.72	1.69

   * 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.

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     Dividends

     2,500

     2,420

     
     
     

     17.0

     17.0

     18.0

     17.0

     2,000

     US$m

     1,500

     1,000

     12.5

     500

     1,256

     1,486

     15.5

     1,842

     1,567

     16.0

     1,278

     13.0

     1,164

     16.0

     In Singapore cents

     15.0

     14.0

     14.0

     13.0

     12.0

     11.0

     -

     FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025

     Core Net Profit (US$m)

     Dividends per share (in Singapore cents)*
     
     

     10.0

     * Excludes special dividend of 6.5 Singapore cents paid out in FY2020.

     • Healthy returns to shareholders via dividends each year.

       
       
       

     • Despite ongoing economic headwinds, we remain committed to sustainable dividends, while carefully balancing reinvestment for long-term growth. This reflects our confidence in the Group's financial strength, underpinned by a prudent approach amid the year's challenges.

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2. Business Developments and Strategic Updates

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   Expanding our Consumer Foods Presence Across Key Growth Markets

   Africa1

   Ethiopia's Population: ~132 Million Ivory Coast's Population: ~32 Million Ghana's Population: ~ 34 Million Nigeria's Population: ~ 233 Million South Africa's Population: ~ 64 Million Tanzania's Population: ~ 69 Million Uganda's Population: ~ 50 Million Zimbabwe's Population: ~17 Million

   China1

   Population: ~1.41 Billion

   Indian Subcontinent1

   India's Population: ~1.45 Billion Bangladesh's Population: ~174 Million Sri Lanka's Population: ~22 Million

   ASEAN2

   
   
   

   Population: ~686 Million

   1Source: World Bank Group,2024 https://data.worldbank.org/indicator/SP.POP.TOTL

   2Source: Statista,2024 https://www.statista.com/statistics/796222/total-population-of-the-asean- 13

   countries/?srsltid=AfmBOorxuxwQeRLChlihy4LbB3blnRYA2GTgZ6R1zpf-BOj-8juV9_FR

   
   
   Recognised for its Leading Brands and Quality Products

   China: Arawana
   Indonesia: Sania
   Bangladesh: Rupchanda
   Vietnam: Simply
   Nigeria: Mamador
   Uganda: White Star Magic Detergent Fortune Butto Fortune Tambi
   Zimbabwe: Buttercup Margarine Jade

   • 2025年C-BPI食用油，大米和面粉品牌力榜首 by 中国北京-品牌评级机构Chnbrand

   • 上榜2025年亚洲品牌500强 by 世界品牌实验室(World Brand Lab)

   • 上榜2025年中国500最具价值品牌排行榜 by 世界品牌实验室(World Brand Lab)

   • 中国粮油领军品牌 by 粮油市场报

   • Superbrands Indonesia 2025 (Cooking Oil, Flour and Rice Categories) by Superbrands in collaboration with Grandindo Konsultama and Nielsen

   • Top Brand Award 2025 in Recognition of Outstanding Achievement in Building the Top Brand (Cooking Oil and Rice Categories) by Frontier Consulting Group and Majalah Marketing

   • Number One Edible Oil Brand 2025 by Bangladesh Brand Forum

   • Superbrands Award 2025 (Edible Oil Category) by Superbrands Bangladesh

   • Top 20 Most Chosen Brands in Vietnam by Kantar's Brand Footprint Report 2025

   • 2025 Micronutrient Fortification Index Top Five Excellence Award by Millers for Nutrition

   • Best Laundry Soap by People's Choice Quality Awards

   • Best Manufacturer of Laundry Soap and Washing Detergent in East Africa by East Africa Brand Quality Awards 2025

   • Best Detergent by People's Choice Quality Awards

   • Best Oil by People's Choice Quality Awards

   • Most Preferred Edible Vegetable Oil in East Africa by East Africa Brand Quality Awards 2025

   • Best Manufacturer of Pasta/Spaghetti in East Africa by East Africa Brand Quality Awards 2025

   • Winner (FMCG Spreads Sector) Superbrand of the Year 2025 by Marketers Association of Zimbabwe (MAZ)

   • Winner - Leading Soap Brands Award by Buy Zimbabwe

   
   
   
   
   
   
   
   
   

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   Strengthening our Food Ecosystem in China
   
   

   Expanding our Health and Wellness Portfolio

   • Launched nearly 50 new health and wellness products and

     variants.

   • Rolled out across both retail and e-commerce platforms.

   • Supported by multi-channel marketing to broaden customer reach.

     Building High-Quality Food Infrastructure

   • Continued investment in safer, more efficient food

     production.

   • Three new food parks commenced partial operations in 2025, bringing our network to nine food parks nationwide.

     Health and wellness products from China Food park in Kunshan, China.

     
     
     

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     Deepening Nationwide

     Distribution Reach

     • Distribution expanded to over 123 million households.

     • Presence extended to about 58,000 rural towns, broadening reach.

     • Strengthened access to everyday food products across urban and rural markets

     Scaling Consumer Brands in India

     Strategic Ownership and Alignment

     • Acquired additional 13% stake in AWL Agri Business Limited from Adani Group, increasing our ownership to approximately 57%.

     • AWL became a subsidiary of Wilmar.

     • Enhances our agility in decision-making and stronger alignment with Wilmar's long-term objectives in the Indian market.

       Expanding our Consumer Brand

       Portfolio

   • Fortune marked its 25th year in India, maintaining leading positions in food staples.

   • Acquired G.D. Foods, the owner of the Tops brand to broaden the FMCG portfolio.

   • Added over 80 complementary products across sauces, condiments and convenience foods.

   
   
   

   Tops products from India.

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   Business Developments in Africa and Vietnam

   Country/Region	Highlights
   Africa
   Vietnam

   • Commissioned a refinery and fractionation plant in South Africa.

   • Commissioned new condiment production lines in Zimbabwe.

   • Expanded our shea fractionation plant in Ghana.

   • Deepened our distribution footprint by introducing new categories - rice, sunflower oil and yeast in Ethiopia.

   • Secured additional land in Cross River State, Nigeria, to support the expansion of palm plantations.

   • Expanded our joint venture's soybean crushing plant, making it the largest in Southeast Asia.

   Our JV's soybean crushing plant in Bà Ria-Vũng Tàu, Vietnam.

   
   
   

   Our new refinery and fractionation plant in South Africa.

   
   
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3. Sustainability

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to Support Long-term Value Creation

In 2025, we

• Ranked 1st and recognised as a "Leader" in the Children's

  Rights Benchmark by Global Child Forum.

• Maintained inclusion in the Dow Jones Best-in-Class Asia Pacific & World Indices, and the FTSE4Good index series.

• Received an "AA" rating in the Morgan Stanley Capital International (MSCI) ESG rating report.

• Ranked 59th out of 467 companies on the Singapore

Governance and Transparency Index.

Pupils at Qingtang Yihai Primary School, operated by YKA, China.

• We also strengthened child protection measures through expanded assessments, training and closer supplier engagement.

• Our schools in China, Malaysia and Indonesia provide free, quality education to more than 29,000 children of school-going age in rural and plantation areas where access is limited.

• In Nigeria, we upgraded local schools and built accommodation for teachers within school campuses.

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