Hong Kong · Delayed Price · Currency is HKD WH Group Earnings Call Transcripts
Fiscal Year 2025
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Revenue and profit grew strongly in 2025, led by North America and robust Pork sales, while Packaged Meat remained the profit core. 2026 guidance anticipates volume growth in China and the U.S., but with margin pressures from lower hog prices and cautious consumer demand.
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Revenue and profit grew strongly in the first three quarters of 2025, led by North America and robust U.S. hog production. China packaged meats set a record profit per ton, with stable outlook for 2026. Dividend payout policy increased, and cost controls offset margin pressures in key markets.
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Revenue and profits grew in H1 2025, driven by strong pork sales and efficiency gains, despite mixed regional performance and ongoing cost pressures. Packaged meats in China are set for record profitability, while U.S. and European markets face price volatility and supply shifts.
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Q1 2025 saw revenue and profit growth despite lower packaged meat volumes, with strong gains in pork and U.S. operations. China’s packaged meat business is expected to recover in Q2, while cost reductions drive improvements in hog production. Tariff risks are managed and not expected to impact short-term results.
Fiscal Year 2024
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2024 saw a slight revenue decline but record profits, driven by cost control and improved market spreads. Management expects packaged meat profit per ton to decrease in 2025 but remain strong, with multiple initiatives to boost volume. Dividend payout remains robust at 51% of profit.
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Revenue declined 3.2% year-over-year to $18.8B, but profit surged with EBITDA up 38.9% and net profit up 90%. Packaged meats remained the main profit driver, while China and Europe saw mixed results. Dividend increases and M&A in Europe are planned.
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Revenue and volumes declined year-over-year, but EBITDA, operating profit, and net profit rose sharply due to strong cost control and improved margins, especially in packaged meats. The company expects stable to growing profits in H2, with continued focus on efficiency and channel expansion.