Golden Agri-Resources (E5H) H2 2025 earnings summary

Executive summary

• FY 2025 record revenue reached US$12.951bn, up 19% YoY; EBITDA rose 14% to US$1.258bn.

• Underlying profit increased 25% to US$522m; net profit attributable to owners rose 10% to US$400m.

• Proposed final dividend rose 18% to 0.952 Singapore cents per share, representing 18% of underlying profit.

Financial highlights

• Gross profit grew 21% to US$1.900bn.

• In 2H 2025, revenue rose 11% vs 1H to US$6.800bn, EBITDA increased 22% to US$692m and net profit rose 50% to US$240m.

• Net profit comparison was affected by lower FX gains of US$2m vs US$42m in FY 2024.

• FY 2024 comparative figures were restated for expense reclassification; EBITDA and net profit were unchanged.

Segment performance

• Plantation and palm oil mills revenue rose 13% to US$2,459m; EBITDA increased 25% to US$709m, with a 28.8% margin and 56% of consolidated EBITDA.

• Upstream fruit yield was 19.0 tonnes per hectare, up 2%; fruit output was 9.2m tonnes and palm product output rose 2% to 2.8m tonnes.

• Palm, Laurics and Others revenue rose 19% to US$12,839m; EBITDA increased 3% to US$550m, with a 4.3% margin despite margin compression.

• Downstream sales volume rose 3% to 11.9m tonnes; merchandising volumes increased quarter by quarter during FY 2025.