Earnings release
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Wilmar International Limited (“Wilmar” or the “Company”) For the period ended 30 September 2025 Executive Summary Key highlights of Wilmar Group results for the period ended 30 September 2025 (“3Q2025”): 3Q2025 3Q2024 9M2025 9M2024 US$'000 US$'000 Change US$'000 US$'000 Change Revenue 19,065,746 17,749,372 7.4% 51,957,653 48,683,982 6.7% Net (Loss)/Profit (347,669) 254,363 n.m. 247,266 833,990 -70.4% Core Net Profit 357,243 208,134 71.6% 940,940 814,385 15.5% EBITDA 426,016 913,318 -53.4% 2,428,574 2,702,521 -10.1% Sales volume ('000MT) Food Products - Consumer Products 2,300 2,239 2.7% 6,612 6,328 4.5% - Medium Pack and Bulk 6,955 6,450 7.8% 18,908 17,997 5.1% 9,255 8,689 6.5% 25,520 24,325 4.9% Feed & Industrial Products - Tropical Oils 7,023 6,598 6.4% 19,617 18,613 5.4% - Oilseeds and Grains 8,549 7,662 11.6% 22,578 19,392 16.4% - Sugar 3,257 3,982 -18.2% 8,309 10,484 -20.7% 18,829 18,242 3.2% 50,504 48,489 4.2% Operating cash flows before working capital changes 262,530 1,329,399 -80.3% 2,134,173 2,750,053 -22.4% Cash flows from operating activities 2,144,228 1,260,948 70.0% 3,943,408 3,050,693 29.3% 30.09.2025 31.12.2024 Net debt 16,480,876 18,638,369 -11.6% Equity attributable to owners of the Company 20,086,104 19,860,734 1.1% n.m. - not meaningful Performance for 3Q2025 Core net profit improved by 71.6% to US$357.2 million in 3Q2025 (3Q2024: US$208.1 million) on the back of stronger operational results across all the Group’s core segments, coupled with higher contributions from its joint ventures and associates. The improvement in Food Products segment results was largely aided by better performance in China’s oil, flour and rice businesses, and was further supported by steady sales volume growth during the quarter. Abundant South American soybean harvests and higher demand from the livestock industry allowed our soybean business to achieve higher crushing margins and volume in 3Q2025. In addition, higher sales volume in the tropical oils business led our Feed & Industrial Products segment to record favourable results. Our palm plantation business also continued to contribute favourably during the quarter as palm oil prices remained steady, boosting overall performance for the Group. Overall sales volume for Food Products segment grew by 6.5% to 9.3 million MT in 3Q2025 (3Q2024: 8.7 million MT) while sales volume for Feed and Industrial Products segment grew by 3.2% to 18.8 million MT in 3Q2025 (3Q2024: 18.2 million MT).
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The Group reported a net loss of US$347.7 million in 3Q2025 (3Q2024: US$254.4 million profit) as a result of a IDR 11.88 trillion (approximately US$712.3 million) payment arising from a decision of the Indonesia Supreme Court in relation to actions taken by the Group in FY2021 during a shortage of cooking oil in the Indonesian market. For 9M2025, the Group reported core net profit of US$940.9 million (9M2024: US$814.4 million) and net profit of US$247.3 million (9M2024: US$834.0 million). Cash Flow The continued softening of soybean and sugar prices led to lower working capital requirements for the Group, reducing net debt to US$16.48 billion as of 30 September 2025 (31 December 2024: US$18.64 billion). Consequently, net gearing ratio for the Group improved to 0.82x as of 30 September 2025 (FY2024: 0.94x). Together with higher operating results during the period, the Group generated stable cash flows from operating activities of US$3.94 billion. At the end of the reporting period, the Group also had unutilised banking facilities amounting to US$36.94 billion. Outlook Operating results for 3Q2025 have improved from last year but the Group’s overall results were unfortunately impacted by the compensation imposed on our Indonesia operations during the quarter. Nevertheless, we expect our business to remain resilient for the rest of the year, barring any adverse change in international government policies that could impact our operations. Overall, we are cautiously optimistic that performance for the rest of the year will be satisfactory. 30 October 2025