WH Group (288) investor relations material

Executive summary

• Revenue reached $28.03 billion in 2025, up 8% year-over-year, with EBITDA up 9.7% and profit attributable to owners up 8.2%.

• Packaged meat remained the core business, contributing 50.6% of revenue and 82% of profit, while pork contributed 40% of revenue and 22% of profit.

• North America led regional performance, contributing 54.3% of revenue and 53% of profit; China and Europe contributed 30%/35% and 15.4%/10.9% respectively.

• Special cash dividends and a distribution in specie of Smithfield shares were declared in 2025, with total dividend payout exceeding $1 billion.

• Achieved record-high profits in 2025, driven by improved operational efficiency and cost control across global operations.

Financial highlights

• Pork sales volume increased 8.6% to 4.09 million tons; packaged meat volume declined 1.5% to 3.05 million tons.

• Operating profit rose 8.7% to $2.61 billion; profit before tax up 13.2% to $2.5 billion.

• Basic EPS was $0.124; net profit margin improved to 6.8%.

• Operating cash flow was $2.53 billion, with CapEx down 13.6% to $611 million.

• EBITDA reached $3.35 billion, up from $3.08 billion year-over-year.

Outlook and guidance

• China packaged meat strategy for 2026 focuses on volume growth with high profit per ton, though slightly lower than 2025.

• U.S. packaged meats expected to see both volume and profitability growth in 2026, with increased investment in advertising and promotion.

• Plans to expand in Europe through organic growth and acquisitions, and to optimize pork processing capacity.

• Hog prices in China expected to be about 10% lower in 2026, with a weak first half and some recovery in the second half.

• Continued emphasis on cost control, efficiency, and digital transformation to enhance competitiveness.