Slides
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0 2025 First Quarter Results
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1 • This presentation and the accompanying slides (the "Presentation") have been prepared by WH Group Limited ("WH Group" or the "Company") solely for information purposes. • This Presentation does not constitute or form part of and should not be construed as, an offer or invitation to acquire, purchase or subscribe for any securities of the Company nor is it calculated to invite any such offer or invitation nor shall it constitute any offer or sale of such securities in any jurisdiction. No part of this Presentation shall form the basis of or be relied upon in connection with any investment decision, contract or commitment whatsoever. • This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, on the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. The Company reserves the right to amend or update all or any part of this Presentation at any time, but the Company shall not be under any obligation to provide the recipient of this Presentation with any such amended or updated information or correct any inaccuracies herein unless otherwise required by the Rules Governing The Listing Of Securities On The Stock Exchange Of Hong Kong Limited or any applicable law. • This Presentation may not be all-inclusive and may not contain all of the information that you may consider material. Neither the Company nor any of its affiliates or representatives make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein or any other written or oral communication transmitted or made available to any recipient. The Company and its affiliates and representatives expressly disclaim any and all responsibility or liability based, in whole or in part, on any of the information contained herein, errors herein or omissions here from. In all cases, interested parties should conduct their own investigations and analyses of the Company, its businesses, assets, financial conditions and prospects, and of the information set forth in this Presentation. • This Presentation contains statements that reflect the Company's intentions, beliefs or expectations about the future or future events (the "forward-looking statements"). These forward-looking statements are based on a number of assumptions about the Company's operations, its future development plans, market (financial and otherwise) conditions, growth prospects and certain plans and objects of the management of the Company, and are subject to significant risks, uncertainties and other factors beyond the Company's control, and accordingly, actual results may differ materially from these forward-looking statements. You should not take any forward-looking statements contained in this Presentation regarding past trends or activities as a representation that such trends or activities will continue in the future. The Company expressly disclaims any obligation to update these forward-looking statements. Disclaimer
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2 Table of Contents 01 02 03 2025 Q1 Financial Summary Strategies and Outlook Appendix
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2025 Q1 Financial Summary
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4 . 2025 Q1 2024 Q1 Y-o-Y Change Packaged meats sold (000 metric tons) 714 786 -9.2% Pork sold (000 metric tons) 982 941 +4.4% US$ Million 2025 Q1 2024 Q1 Y-o-Y Change Revenue 6,554 6,181 +6.0% EBITDA (1) 786 674 +16.6% Operating profit 598 501 +19.4% Profit attributable to owners of the Company (1) 364 301 +20.9% Basic earnings per share (US$ cents) (1) 2.84 2.35 +20.9% Consolidated Financial Overview Key Operating Data Key Financial Data Note： 1. Before biological asset fair value adjustments
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5 China 36.0% North America 55.2% Europe 8.8%% % % Results by Segment 2025 Q1 Revenue by Business Segments (1) 2025 Q1 Revenue by Region (1) 2025 Q1 Operating Profit by Region (2) 2025 Q1 Operating Profit by Business Segments (2) US$ million US$ million US$ million US$ million Note： 1. External sales 2. Before biological fair value adjustments % Total 6,554 Total 6,554 Total 598 2,234 2,404 2,234 2,404 Packaged Meats 49.5% Pork 42.9% Others 7.6% China 30.6% North America 56.1% Europe 13.3% Packged Meats Pork Others Total Operating Profit 501 131 -34 598 83.8% 21.9% 100%-5.7%
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6 0.0 1.0 2.0 3.0 4.0 5.0 6.0 0 5 10 15 20 25 30 35 40 China U.S. EU • The average hog price in China was RMB15.99 per kilogram ("kg"), up 7.3% Y-o-Y in the first quarter of 2025. • In the U.S., the average hog price was US$1.44 per kg, up 14.1% Y-o-Y. • In EU, the average hog price was Euro 1.41 per kg, down 11.8% Y-o-Y. • In the first quarter of 2025, the number of slaughtered hogs in China increased by 0.1% Y-o-Y to 195 million heads. Hog inventory in China increased by 2.2% Y-o-Y to 417 million heads at the end of the period. • The number of slaughtered hogs in the U.S. decreased by 1.0% Y-o-Y to 32.3 million heads. US$/Kg RMB/Kg Hog PricesNumber of Hogs Produced Million heads Source: National Bureau of Statistics of China and USDA Source: Chicago Mercantile Exchange and Ministry of Agriculture of the People’s Republic of China EU hog prices = European Commission carcass prices * 0755 Hog Market Update 171.4 166.0 154.5 179.4 195.7 170.2 154.4 179.7 199.0 176.5 161.8 189.4 194.6 169.4 156.4 182.3 194.8 33.9 30.9 30.7 32.5 32.0 30.4 30.4 31.9 32.5 30.6 31.0 33.2 32.7 31.1 31.5 32.9 32.3 20 30 40 50 60 70 80 0 50 100 150 200 250 China U.S. In the first quarter of 2025, China’s hog supply and demand was relatively balanced, the supply and demand balance in the U.S. improved significantly year-on-year, and the hog prices increased from the low levels of the same period last year. In EU, hog prices fell year-on-year as hog supplies recovered.
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7 US$/Kg Source: USDA US$/Kg U.S. Market Gross SpreadU.S. Pork Prices Pork Prices and Market Spread • The average pork cutout value in the U.S. was US$2.09 per kg in the first quarter of 2025, an increase of 5.9% Y-o-Y. • Industry market spread narrowed as hog prices increased more than pork values. 0.0 0.1 0.1 0.2 0.2 0.3 0.3 0.4 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 1.6 1.8 2.0 2.2 2.4 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025
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8 Operating Profit and Margin (1) Packaged Meats (2) Pork (2) US$ million US$ million Note： 1. Percentage marked in white on the bars represent Operating Profit Margin = operating profit / external sales 2. Percentage marked in white on the bars represent Operating Profit Margin = operating profit / internal and external sales US$ million Operating Profit – China 262 203 28.0% 26.7% 2024 Q1 2025 Q1 251 215 12.4% 10.7% 2024 Q1 2025 Q1 Operating Profit Operating Profit Margin 9 16 1.0% 1.6% 2024 Q1 2025 Q1
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9 Operating Profit and Margin (1) Packaged Meats (2) Pork (2) US$ million US$ millionUS$ million Operating Profit – North America 288 266 14.4% 13.1% 2024 Q1 2025 Q1 191 330 5.7% 9.0% 2024 Q1 2025 Q1 Operating Profit Operating Profit Margin -62 93 -2.9% 3.7% 2024 Q1 2025 Q1 Note： 1. Percentage marked in white on the bars represent Operating Profit Margin = operating profit / external sales 2. Percentage marked in white on the bars represent Operating Profit Margin = operating profit / internal and external sales
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10 59 53 7.3% 6.1% 2024 Q1 2025 Q1 Operating Profit Operating Profit Margin Operating Profit and Margin (1) Note： 1. Percentage marked in white on the bars represent Operating Profit Margin = operating profit / external sales 2. Percentage marked in white on the bars represent Operating Profit Margin = operating profit / internal and external sales Packaged Meats (2) Pork (2) US$ million US$ millionUS$ million Operating Profit – Europe 30 32 7.7% 6.7% 2024 Q1 2025 Q1 26 22 6.3% 6.1% 2024 Q1 2025 Q1
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11 Business Strategies
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12 Business Strategies WH Group will continue to consolidate its global resources, leverage synergies, adhere to the business philosophy of “improve mix, adjust price, and control costs” and the strategy of “industrialization, diversification, internationalization and digitalization” to enhance our leading position in the global meat industry. Business Priorities: ▪ Continue to improve pork business: grow the volume and strengthen its market competitiveness, to support continuous growth of the Company. ▪ Adhere to the “two adjustments and one control” strategy for packaged meats business, expand market network, adapt to market changes, strengthen competitive edges, to drive steady improvement in sales volume and results. ▪ Continue to optimize our business portfolio, steadily achieve diversification, further strengthen its global business footprint, mitigate risks, improve quality and enhance efficiency, and promote sustainable development and value creation. With the joint effort of the entire management team, we will strive to continue the positive business momentum in 2025 and lay a solid foundation for the steady development of the Group in the future.
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Appendix
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14 High Temperature Products Frozen Products Ready-to-eat Meal Product Innovation – China Western Style Chicken Products Snacking Products
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15 Product Innovation – North America Enrobed Pretzel Dog Fully Cooked Ribs Marinated Loin FiletSalami Low Sodium Ham Steak Boneless Hams Deli Eckrich Andouille and Sliced & Ready Smoked Sausage
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16 Product Innovation – Europe Spanish Charcuterie Dry Sausage Ham Slices Csabai Snacks Deli Counter Products Grill Sausages Canned Goods Convenience
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17 Investor Relations Tel: (852) 2922 0736 Email: investor@wh-group.com