Golden Agri-Resources (E5H) H2 2025 earnings summary

Executive summary

• Full year 2025 revenue rose 19% to US$12.95 billion, driven by stronger market prices and volume expansion.

• EBITDA increased 14% to US$1.26 billion, with significant contributions from both upstream and downstream segments.

• Underlying profit grew 25% to US$522 million, aided by lower interest expenses.

• Proposed dividend of 0.952 Singapore cents per share, up 18% year-over-year, representing 18% of underlying profit.

Financial highlights

• Second half of 2025 outperformed the first half, with revenue up 11%, EBITDA up 22%, and underlying profit up 24% sequentially.

• Gross profit grew 21% year-over-year to US$1,900 million.

• Net profit attributable to owners increased 10% to US$400 million, with a strong second half performance.

• Cash position improved by 14% to US$1.1 billion; interest-bearing debt reduced by 12% to US$3.2 billion; net debt nearly halved to US$289 million.

Segment performance

• Plantation segment revenue up 13% to US$2.46 billion; EBITDA up 25% to US$709 million; EBITDA margin improved to 28.8%.

• Plantation output expanded 2% to 9.1 million tonnes; FFB yield up 2% to 19 tonnes/ha; palm product yield up 3% to 5 tonnes/ha.

• Downstream segment revenue up 19% to US$12.84 billion; sales volume up 3% to 11.9 million tonnes; EBITDA up 3% to US$550 million; EBITDA margin at 4.3%.