WH Group (288) H2 2025 earnings summary

Executive summary

• Achieved record-high profits in 2025, driven by improved operational efficiency, cost control, and revenue growth of 8.0% year-over-year to $28,026 million.

• EBITDA increased 9.7% to $3,352 million, and operating profit rose 8.7% to $2,612 million.

• Profit attributable to owners rose 8.2% year-over-year to $1,591 million, with basic EPS up 8.2%.

• The business is diversified across China (30.3% of revenue), North America (54.3%), and Europe (15.4%).

• Smithfield IPO and secondary offering raised over $1 billion, with special cash dividends and a distribution in specie of Smithfield shares declared in 2025.

Financial highlights

• Packaged meats sales volume decreased 1.5%, while pork sales volume increased 8.6% year-over-year.

• EBITDA margin reached 12.0%, and net profit margin improved to 6.8%.

• Interim and proposed final dividends per share increased, with total annual dividend HK$0.61 per share and additional special dividends declared.

• Operating cash flow remained strong at $2,519 million, and disciplined capital expenditure totaled $611 million, focused on plant modernization and automation.

• Cash and bank balances at year-end were $2,388 million, with a current ratio of 1.9.

Outlook and guidance

• Focus on core packaged meats business for steady growth in volume and profitability, with continued emphasis on cost control, efficiency, and digital transformation.

• Plans to expand in Europe through organic growth and acquisitions, and to optimize pork processing capacity.

• Leverage technology and acquisitions for growth and to enhance returns to shareholders.