WH Group (288) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue rose 0.6% YoY to $20,610M, while operating profit fell 11.9% to $1,696M and attributable profit before biological fair-value adjustments declined 12.9% to $1,017M.

• Packaged-meat and pork volumes grew 3.9% and 3.0%, respectively, but weak demand, lower hog prices and narrower pork spreads pressured profitability.

Financial highlights

• Revenue was $20,610M, up 0.6% YoY; operating profit was $1,696M, down 11.9%.

• Attributable profit was $1,017M before and $881M after biological fair-value adjustments, versus $1,168M and $1,215M, respectively, in 9M 2025.

• EBITDA was $2,340M before and $2,160M after biological fair-value adjustments, versus $2,496M and $2,565M, respectively, in 9M 2025.

• Diluted EPS was 7.91 US cents before and 6.85 US cents after biological fair-value adjustments, versus 9.09 and 9.46 cents, respectively, in 9M 2025.

Segment performance

• Packaged-meat volume rose 3.9% to 2.319M metric tons, revenue grew 4.7% and operating profit increased 3.8%; China and Europe profit rose 5.7% and 36.9%, while North America fell 2.5%.

• Pork volume rose 3.0% to 3.057M metric tons, but revenue declined 7.1% and operating profit fell 71.4% amid falling pork prices and narrower hog-pork spreads.

• China operating profit rose 1.0% to $730M; pork recorded a $4M loss. North America profit fell 18.1% to $803M, including a 52.4% drop in pork profit to $131M.

• Europe operating profit fell 26.2% to $163M; packaged-meat profit rose 36.9% to $152M, while pork moved from $78M profit to a $16M loss.

• Regional revenue was $6,509M in China, $10,636M in North America and $3,465M in Europe; operating profit was $730M, $803M and $163M, respectively.