WH Group (288) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $6.554 billion, up 6% year-over-year, with EBITDA at $786 million, up 16.6%, and operating profit at $598 million, up 19.4%.

• Net profit attributable to owners was $364 million, up 20.9% year-over-year; basic EPS was $2.84, also up 20.9%.

• Packaged meats sales volume declined 9.2% year-over-year, while pork sales volume increased 4.4%.

• Packaged meats revenue fell 2% year-over-year, with operating profit down 13.6%.

• Pork segment revenue increased 14.2%, with operating profit of $131 million versus a $27 million loss last year.

Segment performance

• Packaged meats contributed 49.5% of total revenue and 83.8% of operating profit; pork business contributed 42.9% of revenue and 21.9% of operating profit.

• North America accounted for 56.1% of revenue and 55.2% of operating profit; China contributed 30.6% of revenue and 36% of operating profit; Europe made up 13.3% of revenue and 8.8% of operating profit.

• In China, Q1 operating profit was $215 million, down 14.3% year-over-year; packaged meats profit was $203 million, down 22.5%, while pork business profit was $16 million, up 77.8%.

• North America Q1 operating profit rose 72.8% to $330 million; packaged meats profit fell 7.6% to $266 million, while pork business profit was $93 million, a $155 million year-over-year improvement.

• Europe Q1 operating profit was $53 million, down 10.2%; packaged meats profit rose 6.7% to $32 million, pork profit fell 15.4% to $22 million.

Financial highlights

• EBITDA margin improved year-over-year; operating profit margin in North America rose to 9.0%, while China and Europe margins declined.

• Total assets increased to $21,402 million as of March 31, 2025, from $19,841 million at year-end 2024.

• Equity attributable to owners stood at $11,008 million as of March 31, 2025.

• Packaged meat sales: 714,000 MT (-9.2% YoY); Pork sales: 982,000 MT (+4.4% YoY).

• China average hog price: ¥15.99/kg (+7.3% YoY); U.S. average hog price: $1.44/kg (+14.1% YoY); EU average hog price: €1.41/kg (-11.8% YoY).