Hong Kong · Delayed Price · Currency is HKD WH Group Earnings Call Transcripts
Fiscal Year 2026
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Revenue and profit grew in H1 2026, led by packaged meats, despite margin pressure in pork and challenging global conditions. New channels and innovation drove growth, while inventory build-up and increased marketing spend impacted cash flow and profit per ton.
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, driven by robust US pork performance and cost controls, despite margin pressures in packaged meats and declining hog prices in China and Europe. Dividend payout policy was raised, and volume growth is prioritized for 2026.
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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 volume, with strong gains in pork and North America. Management expects packaged meat sales and profit to recover from Q2, while China’s hog and poultry businesses are set to drive profit improvement in 2025.
Fiscal Year 2024
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Revenue declined slightly in 2024, but profit surged due to strong cost control and operational efficiency. Strategic initiatives target packaged meat volume growth and further margin improvements, with bullish outlooks for pork and poultry segments in 2025.
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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.
Fiscal Year 2023
Fiscal Year 2022
Fiscal Year 2021
Fiscal Year 2020
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9M revenue, EBITDA and operating profit grew despite lower volumes, supported by China and Europe; U.S. operations faced pandemic-driven demand and cost pressures. China expects medium- to high-single-digit packaged-meat growth next year, while U.S. demand is expected to rebound in 2021.
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H1 revenue, EBITDA and attributable profit rose, led by China recovery and strong European growth. U.S. results were pressured by COVID-related disruption and costs, with a gradual H2 recovery expected; China packaged-meat profitability was expected to remain resilient.
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Q1 revenue and profits rose sharply, supported by geographic diversification and strong segment results. COVID-19-related U.S. plant closures and restaurant weakness increased uncertainty for Q2, while China packaged meat recovery and phased investment plans supported the outlook.
Fiscal Year 2019
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9M revenue, EBITDA and attributable profit grew, while Q3 marked a sharp recovery. ASF-driven China supply shortages, trade disruption and volatile hog markets shaped segment results and a cautious 2020 outlook.
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H1 profit fell amid ASF, trade friction and higher input costs, though Q2 improved sequentially. Packaged meat remained the main profit engine; pricing, product mix, cost controls and diversified exports anchored the response.
Fiscal Year 2018
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Revenue and operating scale grew, while record packaged-meat results offset weakness in U.S. fresh pork and hog production. Trade tensions, ASF and rising input costs shaped an uncertain 2019 outlook.
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Q1 revenue rose 5.7% and attributable profit increased 22.1%, despite lower EBITDA and operating profit as U.S. fresh pork weakened. China and packaged meat performance improved, and management maintained a cautiously optimistic pre-tax growth outlook.
Fiscal Year 2017
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9M revenue and operating profit grew 3.2% and 7.6%, respectively, with profit growth in all regions. Q4 outlook was positive, though U.S. hog and belly prices, cash flow and live-production losses remained key variables.