First Resources (EB5) AGM 2025 presentation summary

Financial performance review

• FY2024 EBITDA reached US$398.9 million, up 41.4% YoY; underlying net profit was US$228.8 million, up 56.1%, supported by record production and higher palm oil prices.

• Sales rose 5.9% to US$1,038.8 million; gross profit increased 22.8% to US$445.7 million, with gross margin at 42.9% versus 37.0% in FY2023.

• Net profit was US$245.8 million, up 69.1%; FY2024 included a US$1.3 million disposal loss and US$6.1 million bearer-plant write-off or impairment, mainly from rubber-to-oil-palm conversion.

• FFB harvested rose 5.9% to 3.80 million tonnes and CPO production increased 5.5% to 1.00 million tonnes; nucleus CPO cash production cost fell to US$310/tonne from US$327.

• At 31 Dec 2024, cash was US$157.2 million, net debt US$112.9 million, and net gearing 0.08x, versus US$162.9 million, US$74.9 million, and 0.05x a year earlier.

Dividend announcements

• Proposed final dividend of 6.30 Singapore cents/share; with the 3.50 cents interim dividend paid in September 2024, FY2024 ordinary dividends total 9.80 cents/share, equal to 50% of underlying net profit.

Strategic initiatives and plans

• 2025 capital expenditure is expected to be ~US$160 million, for replanting, rubber-to-oil-palm conversion, immature-plantation maintenance, infrastructure, mill upgrades and processing facilities.

• A conditional agreement to acquire PT Austindo Nusantara Jaya Tbk was signed on 18 March 2025; the transaction is expected to expand planted area by ~25% and improve feedstock reliability for processing operations.

• Acquisition funding is planned through third-party financing; completion is expected in early May 2025, subject to conditions precedent.

• The acquisition is expected to be EBITDA-accretive but initially dilutive to consolidated EPS on FY2024 pro forma figures; integration efficiencies and production synergies are expected to improve its contribution over time.

• RSPO certification covered 45% of nucleus planted area as of December 2024; the stated goal is 100% certification by 2026, with one remaining mill certificate expected by mid-2025.