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; basic EPS rose to 9.47 US cents.

• Packaged meats accounted for about 50% of revenue and 83% of operating profit; pork contributed about 41% of revenue and 20% of profit.

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

• Packaged meats sales volume declined 2.2%, while pork sales volume rose 8.4% year-over-year.

Financial highlights

• EBITDA reached $2.496 billion, up 10.7% year-over-year; operating profit was $1.926 billion, up 7.3%.

• Basic EPS rose to 9.47 US cents; total assets reached $22.014 billion as of September 2025.

• US hog production operating profit surged to $275 million, 2.43 times higher than last year.

• China’s operating profit was $724 million (-0.7% YoY); North America $981 million (+16.6% YoY); Europe $221 million (-1.8% YoY).

• Europe’s packaged meats profit rose 5.7% YoY, but pork profit declined 22%.

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 plans for further special dividends.

• US hog production segment profit for 2025 guided at $125–$150 million; positive outlook for Q4 and early 2026, with hedging to manage risk.

• 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.

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