WH Group (288) investor relations material

Executive summary

• Revenue for Q1 2026 rose 6.7% year-over-year to $6,994 million, with EBITDA up 10.6% and operating profit up 7.5%.

• Profit attributable to owners increased 8.8% year-over-year to $396 million, and basic EPS rose 8.8% to 3.09 US cents.

• Packaged meats remained the largest segment, contributing 51.7% of revenue and 89.9% of operating profit.

• Sales volume of packaged meats rose 9.4% and pork 5.6% year-over-year for Q1 2026.

Financial highlights

• EBITDA reached US$869 million before biological fair value adjustments, up from US$786 million year-over-year.

• Basic EPS before biological fair value adjustments was 3.09 US cents, up from 2.84 US cents.

• Total assets increased to US$23,054 million as of March 31, 2026, from US$21,910 million at year-end 2025.

• Operating profit margins improved in China and North America, with China’s packaged meats margin at 11.6% and North America’s at 13.1%.

• Europe’s packaged meats operating profit margin rose to 7.9% despite a 15.1% decline in total operating profit.

Outlook and guidance

• Strategic focus remains on packaged meats growth, product and channel transformation in China, and cost optimization in the US.

• Plans to expand in Europe through organic growth and acquisitions, and to accelerate poultry business development.

• Emphasis on automation, AI, and process innovation to drive efficiency and competitiveness.

• Plans to strengthen pork business by improving hog production and enhancing processing value.

• Acknowledges global economic and political uncertainties may impact operations.