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WH Group (288) investor relations material

WH Group Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary28 Oct, 2025

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.

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Frequently asked questions

WH Group Limited is a Hong Kong-based multinational company specializing in pork production and processing. The company operates across the pork value chain, including hog farming, fresh pork processing, and the production of packaged meats. WH Group serves consumers and food service providers in China, the United States, and other international markets through its subsidiaries, which include prominent brands. The company emphasizes food safety, quality, and supply chain integration to deliver a wide range of fresh and processed pork products. The company is headquartered in Hong Kong, and its shares are listed on the Hong Kong Stock Exchange.

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