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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.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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