WH Group (288) Q3 2025 earnings summary

Executive summary

• Revenue for the first three quarters of 2025 reached $20.477 billion, up 8.5% year-over-year, with EBITDA at $2.496 billion (+10.7%) and operating profit at $1.926 billion (+7.3%).

• Net profit attributable to owners was $1.168 billion, up 8% year-over-year, and basic EPS rose to 9.47 US cents.

• Packaged meats accounted for about 50% of revenue and 83% of operating profit, but sales volume declined 2.2% while pork volume rose 8.4%.

• North America generated 54% of revenue and about 51% of operating profit, leading growth; China and Europe contributed 30.8%/37.6% and 15.2%/11.5% respectively.

• Packaged meats revenue increased in Europe and North America but declined in China; pork segment profit surged in North America but fell in China and Europe.

Financial highlights

• EBITDA margin for the first three quarters was approximately 12.2%, and operating profit margin was about 9.4%.

• Basic EPS rose to 9.47 US cents, and net profit margin attributable to owners was 5.7%.

• US packaged meats revenue per unit up 6% YTD, while raw material costs rose 16%.

• Total assets reached $22.014 billion as of 30 September 2025; equity attributable to owners was $10.649 billion.

• Operating and EBITDA margins improved year-over-year.

Outlook and guidance

• Dividend payout policy raised to no less than 50% of net profit; interim dividend of HK$0.20 paid, with no current plan for further special dividends.

• US hog production segment profit guidance for 2025 is $125–$150 million, with positive outlook for Q4 and early 2026.

• China packaged meats profit per ton expected to be ¥4,700 for 2025 and 2026, with focus on volume growth over margin expansion.

• Focus remains on cost control, product mix improvement, digitalization, and global diversification to drive sustainable growth.

• Management anticipates ongoing challenges from global political and trade uncertainties.