Wilmar International (F34) H1 2025 earnings summary

Executive summary

• Revenue rose 6.3% year-over-year to US$32.89 billion in 1H2025, with net profit up 2.6% to US$594.9 million and core net profit down 3.7% to US$583.7 million.

• Profit before tax increased 26.3% to US$937.7 million, driven by strong Plantation and Sugar Milling and Food Products segments.

• Share of profits from associates and joint ventures more than doubled, especially from Asian investments.

• Interim dividend per share was cut by 33% to S$0.04, declared for payment on 28 August 2025.

Financial highlights

• EBITDA grew 11.9% year-over-year to US$2.0 billion in 1H2025.

• Earnings per share (fully diluted) increased 2% to 9.5 US cents.

• Operating cash flow before working capital changes rose to US$1.87 billion from US$1.42 billion in 1H2024.

• Net debt to equity ratio improved to 0.87x from 0.94x at end-2024.

• Free cash flow for 1H2025 was US$1.25 billion; unutilised banking facilities stood at US$36.43 billion.

Outlook and guidance

• Results improved despite difficult operating conditions; refining margins for tropical oils expected to remain challenged.

• Plantations business outlook remains favorable for the rest of the year; crushing operations expected to be stable.

• Final 2025 results depend on resolution of operational issues in Indonesia; cautiously optimistic for core segment performance.