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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
WH Group
WH Group (288) investor relations material
WH Group Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary27 Oct, 2026
Executive summary
9M 2026 revenue rose 0.6% YoY to $20,610M, while operating profit fell 11.9% to $1,696M and attributable profit before biological fair-value adjustments declined 12.9% to $1,017M.
Packaged-meat and pork volumes grew 3.9% and 3.0%, respectively, but weak demand, lower hog prices and narrower pork spreads pressured profitability.
Financial highlights
Revenue was $20,610M, up 0.6% YoY; operating profit was $1,696M, down 11.9%.
Attributable profit was $1,017M before and $881M after biological fair-value adjustments, versus $1,168M and $1,215M, respectively, in 9M 2025.
EBITDA was $2,340M before and $2,160M after biological fair-value adjustments, versus $2,496M and $2,565M, respectively, in 9M 2025.
Diluted EPS was 7.91 US cents before and 6.85 US cents after biological fair-value adjustments, versus 9.09 and 9.46 cents, respectively, in 9M 2025.
Segment performance
Packaged-meat volume rose 3.9% to 2.319M metric tons, revenue grew 4.7% and operating profit increased 3.8%; China and Europe profit rose 5.7% and 36.9%, while North America fell 2.5%.
Pork volume rose 3.0% to 3.057M metric tons, but revenue declined 7.1% and operating profit fell 71.4% amid falling pork prices and narrower hog-pork spreads.
China operating profit rose 1.0% to $730M; pork recorded a $4M loss. North America profit fell 18.1% to $803M, including a 52.4% drop in pork profit to $131M.
Europe operating profit fell 26.2% to $163M; packaged-meat profit rose 36.9% to $152M, while pork moved from $78M profit to a $16M loss.
Regional revenue was $6,509M in China, $10,636M in North America and $3,465M in Europe; operating profit was $730M, $803M and $163M, respectively.
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Latest events from WH Group
- Profit fell sharply as pork-market pressure offset resilient packaged-meat performance.288
H2 2023 - Volume growth failed to offset pressure from hog markets, trade friction and ASF.288Q3 2018
- Higher Chinese pork prices lifted 9M profit as COVID-19 weighed on U.S. operations.288Q3 2020
- China and packaged meats offset some U.S. fresh pork weakness as revenue rose and operating profit fell.288Q1 2018
- Q3 profit recovery and China pork demand offset ASF, tariff and price volatility risks.288Q3 2019
- Q1 profits surged, but U.S. closures and COVID-19 clouded the Q2 outlook.288Q1 2020
- Record packaged-meat results offset U.S. pork weakness and trade and ASF headwinds.288H2 2018
- ASF and trade friction cut H1 profit; packaged meat remained the core earnings engine.288H1 2019
- Profit rose in H1 as China and Europe gains offset COVID-hit U.S. operations.288H1 2020
Next WH Group earnings date
H2 202623 Mar, 2027
WH Group
Next WH Group earnings date
H2 202623 Mar, 2027
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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.