WH Group (288) Q3 2025 earnings summary

Executive summary

• Revenue for the first three quarters of 2025 reached $20.477 billion, up 8.5% year-over-year, with EBITDA up 10.7% and operating profit up 7.3%.

• Net profit attributable to owners was $1.168 billion, up 8% year-over-year, and basic EPS rose to 9.10 US cents.

• Packaged meats accounted for about 50% of revenue and 83% of operating profit, while pork contributed about 41% of revenue and 20% of profit.

• North America generated 54% of revenue and about 51% of operating profit; China and Europe contributed 30.8% and 15.2% of revenue, respectively.

• Packaged meats sales volume declined 2.2% year-over-year, while pork sales volume increased 8.4%.

Financial highlights

• EBITDA reached $2,496 million, up 10.7% year-over-year.

• Operating profit was $1,926 million, a 7.3% increase year-over-year.

• Basic EPS rose to 9.47 US cents (before adjustments), up from 8.98 US cents.

• U.S. hog production achieved $15 per head operating profit in the first three quarters, with full-year segment profit guidance raised to $125–$150 million.

• China packaged meats profit per metric ton hit a record ¥5,200 in Q3, with full-year guidance at ¥4,700 per ton.

Outlook and guidance

• Dividend payout policy raised to no less than 50% of net profit; interim dividend of HK$0.20 paid, with no current plans for further special dividends.

• U.S. hog production expected to remain strong into Q4 and early 2026, with positive outlook supported by hedging strategies.

• China packaged meats profit per ton expected to remain stable at ¥4,700 in 2026, with focus on volume growth.

• Fresh pork in China to maintain stable profit per ton, with double-digit volume growth expected in Q4.

• Continued expansion in protein diversification and global business footprint to mitigate risks.