Wilmar International (F34) Q1 2026 earnings summary

Executive summary

• Revenue rose 21.9% year-over-year to US$19.75 billion in 1Q2026, with strong sales volume growth across all core segments.

• Net profit declined 22.8% year-over-year to US$265.6 million, mainly due to temporary unrealised mark-to-market losses from hedging activities and weaker associate contributions.

• Consolidation of AWL Agri Business Limited since December 2025 contributed to higher sales volumes.

Financial highlights

• Core net profit dropped 23.0% year-over-year to US$264.2 million.

• EBITDA decreased 3.7% year-over-year to US$1.05 billion.

• Operating cash flows before working capital changes increased 18.7% to US$1.11 billion.

• Net debt reduced to US$18.56 billion as of 31 March 2026, with net gearing ratio improving to 0.84x.

Outlook and guidance

• Temporary unrealised mark-to-market losses from hedging due to the Iran war are expected to reverse in coming quarters as physical transactions settle.

• Operating conditions for the rest of the year will depend on geopolitical tensions and global trade policy developments.

• Confidence remains in the integrated business model to deliver steady returns.