Wilmar International (F34) H1 2026 earnings summary

Executive summary

• Revenue rose 17.2% year-over-year to US$38.56 billion in 1H2026, with net profit up 2.3% to US$608.9 million and core net profit up 10% to US$641.5 million, driven by strong Feed & Industrial and Food Products segments, despite weaker Plantation & Sugar Milling and non-operating losses.

• Earnings per share increased 2.1% to 9.7 US cents (fully diluted), and interim dividends per share rose 25% to S$0.05.

• Improved results were achieved despite heightened commodity market volatility from ongoing geopolitical tensions, particularly the Iran conflict.

Financial highlights

• EBITDA increased 10.6% year-over-year to US$2.22 billion; profit before tax grew 13% to US$1.06 billion.

• Operating cash flow before working capital changes was US$2.09 billion, up from US$1.83 billion in 1H2025.

• Inventory turnover improved to 71 days; trade receivables turnover improved to 31 days.

• Return on average equity improved to 6.5% from 4.9% at end-2025.

Outlook and guidance

• Operating conditions expected to remain uncertain due to ongoing geopolitical developments, especially the Iran conflict.

• Integrated business model and diversified operations expected to provide resilience.

• Focus remains on operational efficiency, prudent capital management, and sustainable growth; results for the year expected to be satisfactory barring unforeseen circumstances.