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, 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.