First Resources (EB5) AGM 2026 presentation summary

Financial performance review

• FY2025 EBITDA rose 54.1% to US$614.9m; underlying net profit increased 56.5% to US$358.2m, driven by higher output and palm oil prices.

• Sales grew 59.9% to US$1,661.1m and gross profit rose 56.1% to US$695.7m; gross margin was 41.9% vs 42.9% in FY2024.

• FY2025 FFB harvested increased 23.2% and CPO production 29.8%; excluding ANJ, increases were 8.3% and 12.9%, respectively.

• Nucleus CPO cash production cost fell to US$298/t from US$310/t in FY2024.

• At 31 Dec 2025, cash was US$292.2m, net debt US$662.2m and net gearing 0.40x, versus US$157.2m, US$112.9m and 0.08x a year earlier.

Dividend announcements

• Proposed FY2025 final dividend of 10.20 Singapore cents/share; with the 4.50 cents interim dividend paid in September 2025, full-year ordinary dividends total 14.70 cents/share.

• From FY2026, dividend policy will distribute up to 60% of underlying net profit annually, up from the current 50%.

Strategic initiatives and plans

• Strategy focuses on high-quality plantations and milling capacity aligned with FFB growth, cost containment and operational efficiency, and responsible cultivation to support sustainable palm oil market access.

• Expected 2026 capex is ~US$185m for replanting, rubber-to-palm conversion, immature plantation maintenance, infrastructure, CPO mill upgrades and processing facilities.

• By Dec 2025, RSPO certification covered 18 subsidiaries, 15 mills and more than 153,000 ha, representing 66% of nucleus planted area.

• Plantation footprint totaled 272,616 ha at 31 Dec 2025, with weighted average age of 13.8 years; 47% was prime-aged and 30% was 18 years or older.