Slides
Page 1
February 26, 2026 FY2025 Results Briefing WILMAR INTERNATIONAL LIMITED
Page 2
1 IMPORTANT NOTICE IMPORTANT NOTICE Information in this presentation may contain projections and forward looking statements that reflect the Company’s current views with respect to future events and financial performance. These views are based on current assumptions which are subject to various risks and which may change over time. No assurance can be given that future events will occur, that projections will be achieved, or that the Company’s assumptions are correct. Actual results may differ materially from those projected. This presentation does not constitute or form part of any opinion on any advice to sell, or any solicitation of any offer to purchase or subscribe for, any shares nor shall it or any part of it nor the fact of its presentation form the basis of, or be relied upon in connection with, any contract or investment decision.
Page 3
2 Agenda Agenda 1 FY2025 Financial Performance – Key Takeaways 2 Business Outlook 3 Appendix
Page 4
FY2025 Financial Performance – Key Takeaways
Page 5
4 2H2025 (US$m) vs 2H2024 FY2025 (US$m) vs FY2024 Revenue 37,524 3% 70,416 5% EBITDA 2,268 8% 4,270 10% Profit Before Tax 1,152 15% 2,090 20% Net Profit 816 38% 1,411 21% One-off Non-core Adjustments* 104 n.m. 104 n.m. Core Net Profit 694 24% 1,278 10% Earnings per share in US cents (fully diluted) 13.1 38% 22.6 21% Dividends per share in Singapore cents 10.0 0% 14.0 -13% Earnings Highlights * Refer to slide on “One-off Non-core Adjustments” n.m. – not meaningful
Page 6
5 2H2025 2H2024 ∆ FY2025 FY2024 ∆ Food Products 254.0 355.8 -29% 449.7 502.1 -10% Feed and Industrial Products 479.4 295.4 62% 861.0 829.5 4% Plantation and Sugar Milling 154.5 215.3 -28% 356.5 269.1 32% Others 36.6 20.9 75% 19.7 (38.1) n.m. Joint Ventures & Associates 142.9 136.7 5% 339.4 219.9 54% Unallocated# 84.8 (21.2) n.m. 63.5 (37.4) n.m. Profit Before Tax 1,152.2 1,002.9 15% 2,089.8 1,745.1 20% Earnings Highlights – Segment Results (PBT US$m) # Unallocated segment refers to expenses in relation to the grant of share options to employees. For FY2025, the balance also includes gain on remeasurement arising from changes in interest in AWL Agri Business Limited (AWL), compensation payments and provisions made on the Group’s Indonesia operations, provision for losses in relation to an associated company in Pakistan and provisions made on the two ongoing legal cases in China. n.m. – not meaningful
Page 7
6 2H2025 2H2024 ∆ FY2025 FY2024 ∆ Food Products 18,436 17,364 6% 34,700 33,000 5% Consumer Products 4,530 4,243 7% 8,842 8,332 6% Medium Pack and Bulk 13,906 13,121 6% 25,858 24,668 5% Feed and Industrial Products 36,300 38,453 -6% 67,975 68,700 -1% Tropical Oils 13,836 13,570 2% 26,430 25,585 3% Oilseeds and Grains 15,973 15,723 2% 30,002 27,453 9% Sugar 6,491 9,160 -29% 11,543 15,662 -26% Plantation and Sugar Milling# Sugar Milling 2,239 2,331 -4% 3,113 3,090 1% Total 56,975 58,148 -2% 105,788 104,790 1% Sales Volume by Business Segment (‘000 MT) # Excludes oil palm plantation volume
Page 8
7 FY2025 (US$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 One-off Non-core Adjustments
Page 9
Cash Flow Highlights Cash Flow Highlights 8 US$ million FY2025 FY2024 Operating cash flow before working capital changes 2,791 3,801 Add/(less): Changes in working capital, interest (paid)/received and income taxes paid (429) (2,429) Acquisition of subsidiaries, joint ventures and associates (448) (66) Capital expenditure (1,081) (1,572) Net increase/(decrease) from bank borrowings* 951 (1,774) (Increase)/decrease in other deposits and financial products with financial institutions (1,097) 1,427 Dividends (717) (866) Others (390) 141 Net cash flow (420) (1,338) 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.
Page 10
Gearing Gearing 9 US$ million As at Dec 31, 2025 As at 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 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. * 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).
Page 11
Business Outlook 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. 10
Page 12
Appendix
Page 13
Business Segment results: Food Products (Consumer Products, Medium Pack and Bulk) Business Segment results: Food Products (Consumer Products, Medium Pack and Bulk) 12 • Profit decreased by 29% to US$254.0 million in 2H2025 mainly due to the absence of a pre-tax gain from the share swap exercise of the Group’s China associates and joint venture (Luhua) that was recognised in 2H2024. Excluding the above pre-tax gain, profit for the segment in 2H2025 was comparable with 2H2024 and higher in 2025 compared to 2024. Improved profitability from the flour and rice businesses was offset by weaker results in the sugar business. • Overall sales volume for the segment grew by 5% to 34.7 million MT in FY2025, aided by volume growth from the segment’s existing businesses, as well as the consolidation of one month of AWL’s results in 4Q2025. 2H2025 2H2024 ∆ FY2025 FY2024 ∆ Revenue (US$ million) 16,564.1 15,169.1 9% 30,885.8 28,829.3 7% ➢ Consumer Products 5,785.3 5,336.6 8% 11,203.1 10,586.7 6% ➢ Medium Pack and Bulk 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% ➢ Consumer Products 4,530 4,243 7% 8,842 8,332 6% ➢ Medium Pack and Bulk 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%
Page 14
Business Segment results: Feed and Industrial Products (Tropical Oils, Oilseeds and Grains and Sugar) Business Segment results: Feed and Industrial Products (Tropical Oils, Oilseeds and Grains and Sugar) 13 2H2025 2H2024 ∆ FY2025 FY2024 ∆ Revenue (US$ million) 22,598.6 23,266.4 -3% 42,871.8 42,254.0 1% ➢ Tropical Oils 14,147.1 12,927.9 9% 27,049.2 23,508.3 15% ➢ Oilseeds and Grains 5,722.8 5,656.0 1% 10,531.1 10,276.1 2% ➢ Sugar 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% ➢ Tropical Oils 13,836 13,570 2% 26,430 25,585 3% ➢ Oilseeds and Grains 15,973 15,723 2% 30,002 27,453 9% ➢ Sugar 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% • 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.
Page 15
Business Segment results: Plantation and Sugar Milling Business Segment results: Plantation and Sugar Milling • 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$356.5 million, mainly backed by higher palm oil prices and stronger volume of sugar sales during the first half of the year. Nevertheless, overall fresh fruit bunch production for the year decreased by 2% to 4,039,764 MT. # Excludes oil palm plantation volume 14 2H2025 2H2024 ∆ FY2025 FY2024 ∆ Revenue (US$ million) 1,993.1 2,043.4 -2% 3,521.5 3,360.8 5% ➢ Oil Palm Plantation 1,224.0 1,129.4 8% 2,330.7 2,075.6 12% ➢ Sugar Milling 769.1 914.0 -16% 1,190.8 1,285.2 -7% Sales volume (‘000 MT)# ➢ Sugar Milling 2,239 2,331 -4% 3,113 3,090 1% Profit before tax (US$ million) 154.5 215.3 -28% 356.5 269.1 32%
Page 16
Business Segment results: Plantation and Sugar Milling (Oil Palm Plantation Statistics) Business Segment results: Plantation and Sugar Milling (Oil Palm Plantation Statistics) 15 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 ➢ Crude Palm Oil (MT) 766,732 777,474 -1% 1,515,086 1,507,374 1% ➢ Palm Kernel (MT) 182,332 177,323 3% 358,279 345,944 4% Extraction Rate ➢ Crude Palm Oil 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%
Page 17
Plantation Age Profile Plantation Age Profile 16 • Weighted average age of our plantations is approximately 14 years. 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
Page 18
Non-Operating Items Non-Operating Items 17 US$ million 2H2025 2H2024 FY2025 FY2024 Foreign exchange (loss)/gain in respect of intercompany loans to subsidiaries (11.4) 2.0 (11.2) (16.3) Net fair value gain on investment securities at fair value through profit or loss 31.5 16.1 48.3 5.6 Gain on disposal of investment securities at fair value through profit or loss 1.2 0.2 1.7 3.5 Investment income from investment securities 11.4 15.3 21.5 28.2 Interest expense directly attributable to the funding of the Wilmar Sugar Australia acquisition (14.6) (17.0) (29.4) (34.5) Decrease in fair value of investment properties (0.2) (1.7) (0.2) (1.7) One-off non-core adjustments* 103.8 - 103.8 - Total non-operating items 121.7 14.9 134.5 (15.2) Net (loss)/gain arising from changes in fair value of biological assets (17.2) 25.4 (17.2) 25.4 Total 104.5 40.3 117.3 10.2 Net profit 815.9 590.2 1,410.9 1,169.8 Core net profit 693.9 558.2 1,277.6 1,164.4 *Refer to slide on “One-off Non-core Adjustments”
Page 19
Cash Flow Cash Flow 18 US$ million FY2025 FY2024 Operating cash flow before working capital changes 2,791 3,801 Add/(less): Changes in working capital, interest (paid)/received and income taxes paid (429) (2,429) Acquisition of subsidiaries, joint ventures and associates (448) (66) Capital expenditure (1,081) (1,572) Net increase/(decrease) from bank borrowings* 951 (1,774) (Increase)/decrease in other deposits and financial products with financial institutions (1,097) 1,427 Dividends (717) (866) Others (390) 141 Net cash flow (420) (1,338) Turnover days - Inventories 68 65 - Trade Receivables 33 30 - Trade Payables 22 16 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.
Page 20
Cash Flow – Cont. 19 • 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.
Page 21
Key Indicators Key Indicators As at Dec 31, 2025 As at Dec 31, 2024 Return on Average Equity# 6.8% 5.8% Return on Invested Capital# 4.9% 4.3% in US cents EPS (fully diluted) 22.6 18.7 NAV per share 350.3 318.1 in Singapore cents Dividends (interim & final) 14.0 16.0 # 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) 20