Fraser and Neave (F99) Q1 2025 TU earnings summary

Executive summary

• 1Q2025 revenue rose 16.3% YoY to $618.0M; PBIT increased 14.0% to $91.9M and PAT rose 14.0% to $74.2M.

• Attributable profit increased 18.8% to $52.0M; EPS rose 20.0% to 3.6 cents before exceptional items.

Financial highlights

• Gross profit rose 10.4% YoY to $191.6M, below revenue growth; PBIT margin declined 30 bps to 14.9%.

• Total assets were $5,327.7M, comprising $579.5M cash, $786.0M other current assets and $3,962.2M non-current assets.

• Total equity was $3,509.3M; borrowings were $1,163.3M and other liabilities $655.1M.

Segment performance

• F&B revenue grew 19% YoY and led topline growth; Beverages sales increased 39%, Dairies 9%, while P&P declined 3%.

• Soft Drinks growth reflected favorable sales mix and early Chinese New Year sell-in; Beer sales more than doubled, primarily driven by TAPPER.

• F&B PBIT rose 17%; Beverages PBIT increased 38%, Dairies 14%, and Others 43%; P&P earnings were affected by lower sales.

• Dairies grew across core markets on stronger domestic and Indochina export demand; earnings rose in Malaysia, Thailand and Vietnam.

• Malaysia revenue increased across segments, Thailand growth came from canned milk volumes, mix and forex; Singapore revenue fell amid export streamlining.