We are starting here with the executive summary. We can see here the outstanding full year 2025 performance, which was driven by our solid integrated business model. Some of the highlights here, revenue increased by 19% to almost $13 billion, on the back of stronger market prices as well as volume expansion. EBITDA increased by 14% to $1.26 billion, with a stronger contribution from the upstream and a healthy downstream margin that we were able to maintain. Underlying profit increased by 25% to $522 million, and this increase was further supported by the lower interest expenses. The dividend is proposed at SGD 0.952 per share. This represents 18% of underlying profit and is also an 18% increase over last year. If you look at the graph on the right-hand side, you can see the benefits and strength of our integrated business model.
First of all, you can see the strong performance in the second half over the first half, resulting in the full year 2025 being much better than 2024, with improvements both in the upstream and the downstream. Here we see the financial performance in more detail. First of all, we saw the stronger second half over first half, where we saw an increase in sales volume and strengthening margins. Revenue increasing by 11%, EBITDA by 22%, and underlying profit increased by 24% in the second half compared to first half 2025. That resulted in full year results being significantly higher than the previous year. Revenue increased by 19% to $12.95 billion. The EBITDA increased by 14% to $1.26 billion, and underlying profit increased by 25% to $522 million.
We saw the net profit increase by 10% to $400 million, and this 10% was affected by a lower foreign exchange gain compared to what we had in the previous year. Next are the segmental results, starting with the upstream. We saw excellent results in 2025 from the plantation segment, resulting from stronger CPO and PK prices, as well as an increase in plantation output, which expanded by 2% despite the ongoing replanting activity. Yield also grew by 3%, supported by our continued initiatives in rejuvenating our estates. If you look at the financials, you can see revenue increased by 13% to $2.5 billion, and EBITDA increased by 25% to $709 million, while the EBITDA margin improved by 2.7% to 28.8%. Fruit production increased by 2% to 9.1 million tonnes, and the FFB yield increased by 2% to 19 tonnes per hectare.
Total palm product output increased by 2%, and both the oil extraction rate as well as the kernel extraction rate improved to 20.7% and 5.5% respectively, resulting in a palm product yield of 5 tonnes per hectare, a 3% increase over 2024. We then come to our oil palm plantations, and we secure our future growth through replanting and innovation. You can see that the mature area and total planted area remained relatively stable, but we were able to replant 16,800 hectares during 2025, and that allowed us to maintain a favorable age profile with most of our nucleus planted material in the prime age with the highest yields, and an average age that was sustained below 15 years for the nucleus and 16 years including plasma. We then come to the downstream. Downstream achieved a record revenue and volume despite a more competitive market environment.
Revenue increased by 19% to $12.8 billion, while sales volume increased by 3% to 11.9 million, almost 12 million tonnes. The EBITDA increased by 3% to $550 million, and we saw a slight decrease in EBITDA margin to 4.3%, but still very strong. This was because of the more competitive environment, as I mentioned. We did see a recovery already in the second half of last year, where the margin improved from 4% in the first half to 4.5% in the second half. We come to our financial position, and our prudent financial management underpins the strong balance sheet. We can see that our cash position improved by 14% to $1.1 billion, while our interest-bearing debt came down by 12% to $3.2 billion, and net debt almost halved to $289 million only. As a result, our ratios remain strong. Current ratio at 1.4 x.
Debt to total equity improved to 0.57 x. Net debt over EBITDA improved to 0.23 x, and EBITDA over interest increased to 5.88x . Regarding the dividend distribution as mentioned, the proposed dividend is SGD 0.952 per share, representing 18% of underlying profit. This is in line. That is exactly the same what we announced for 2024 and 2023, and is within the company's policy of distributing up to 30% of underlying profits. In deciding on the 18%, the board was weighing the need for shareholder returns with the need to preserve a strong balance sheet amid the anticipated global volatility. The next slide about our sustainability will be presented by Anita.
Thank you, Richard. Good afternoon, everyone. Last year, we published Collective for Impact, our forward-looking sustainability framework. I will now report on our progress last year across the three identified impact areas. Starting with sourcing responsibly, where we have achieved 100% traceability to mill for palm, soybeans, sugar, sunflower, and coconut supply chain. This builds on our existing TTP and TTM work in palm. We published our responsible agri-commodity sourcing policy for our non-palm product purchasing and initiated supplier outreach in those commodities to raise awareness and alignment. Smallholders continue to play an important part in our supply chain. We trained more than 11,000 smallholders in good agricultural practice and supported over 1,000 of those to obtain RSPO certification, covering just over 2,000 hectares. This is an important component of our supplier transformation programs.
In caring for our planet, our focus in 2025 was really around our own decarbonization journey as well as climate mitigation efforts. We added three methane capture facilities in 2025, bringing the total to 11 to support our emissions reductions plans. We have also commenced construction of a 110- tph steam biomass boiler at our Marunda refinery. This is partly powered by palm kernel meal pellets generated from our operations. This reinforces circular resource use and again, contributes to our decarbonization roadmap. In terms of climate change adaptation, we launched the DxP Dami Mas MTK , which is a climate resilient seed, which we intend to deploy through our own plantations and ultimately make available to others in the industry. Finally, people are an important part of our sustainability framework. We have been supporting village-level economic diversification and youth development in particular, through sustainable farming practices and value-added product from local agri-commodities.
We've collaborated with 182 villages, implementing over 280 community projects and supporting 163 micro small medium enterprises throughout rural Indonesia. In addition, we completed assessments around gender equality and a workers' voice survey, again in Indonesia operations, to strengthen alignment with international labor standards and evolving responsible sourcing expectations for human rights. That is the sustainability update for 2025. Thank you.
Thank you very much, Anita. This slide presents some of the awards that Golden Agri received throughout 2025, which affirms the sustained operational excellence and long-term value creation of Golden Agri. I would like to highlight the first one here, our CEO, Pak Franky, was honored with a Fortune Indonesia Lifetime Achievement Award for advancing sustainable innovation-driven growth with his leadership. Golden Agri was ranked 27th in the 2025 Fortune Southeast Asia list, which reflects our leadership in the agribusiness industry. Over the past four years, our Indonesian biodiesel plants have also received the prestigious Aditama distinction from the Indonesian Ministry of Energy and Mineral Resources, which recognizes our commitment to supporting the Indonesian biodiesel mandate. There were several other awards for Golden Agri and PT SMART Tbk in the areas of sustainability, human resources, and operational excellence, for example.
We come to the final slide about our business strategy and outlook, and our strategic focus remains on fortifying our position as an innovative and leading integrated agribusiness and food player with superior at-scale upstream and resilient value-adding downstream businesses. In the upstream, we're looking at operational excellence that we are advancing through several initiatives, such as maximizing yield potential, consistent high-quality replanting, optimizing manpower productivity, upscaling precision agriculture platform, and advancing research for superior planting materials. In the downstream, we are looking at further value enhancements, and we do that through a wide product portfolio focused on quality, healthier alternatives, and sustainably produced products. Advanced R&D on oils and fats, a full-service global logistics and distribution network, which gives us strong relationships with destination customers.
This is all underpinned by these four pillars that we mention here, which include the leveraging of cutting edge technology, ESG commitments, maximizing our asset utilization, and effective and efficient management. In terms of business outlook, we remain very positive about the industry fundamentals that remain robust. Palm oil supply growth in the short and medium term is constrained by the aging plantations and the replanting activity that is ongoing. This makes it increasingly hard to meet the steady growth in demand for edible oils, not just for food, but also for the higher biodiesel mandates that we see throughout the world, such as Brazil and of course, Indonesia as well. The CapEx for this year is targeted at $300 million. This is mainly for the replanting.
We target to replant another 17,000 hectares, as well as for some of our downstream processing plants and facilities, mechanization, as well as several carbon emission reduction initiatives. This completes the presentation.