JB Foods (BEW) investor relations material

FY2026 performance

• Revenue was US$1.386bn, down 16.4% reported YoY as shipment volumes fell; 12M-normalised revenue rose 4.5% after cocoa prices eased from FY2025 highs.

• EBITDA reached a record US$139.8m, up 82.3%; PBT was US$107.1m, up 237.5%, and PAT was US$79.9m, up 245.4%.

• Gross profit increased 63.8% to US$170.8m and gross margin rose to 12.3% from 6.3%, despite a US$79.3m inventory NRV write-down.

• Results reflected improved contractual margins, hedging gains, disciplined commercial execution and prudent commodity risk management.

Financial position and cash flow

• Shareholders’ equity rose 41.5% to US$281.7m; net gearing was 0.79x and return on equity was 33.2%.

• Inventories fell US$172.8m and trade and other receivables fell US$108.3m following lower cocoa prices; trade and other payables declined US$404.4m as reliance on supplier credit decreased.

• Working-capital cash outflow was US$244.4m, mainly from lower payables; year-end cash and cash equivalents increased US$12.1m to US$45.5m.

• FY2026 dividend totaled 7.50 Singapore cents per share, including a proposed final dividend of 4.50 Singapore cents, subject to shareholder approval.

Markets and product platform

• Cocoa bean production for 2025/26 was estimated at 5.145m tonnes; Africa represented 68.8%, the Americas 25.1%, and Asia and Oceania 6.2%.

• Cocoa prices remained volatile in 2026 amid West African weather risks and changing macroeconomic conditions; softer demand and expected supply improvement drove the 2H2025 price correction.

• Cocoa powder and cocoa butter generated more than 90% of revenue; products also include cocoa mass and cocoa beans.

• Sales were diversified: Asia contributed 44.1% of FY2026 revenue, North America 26.3%, Europe 16.5%, and other regions 13.1%.