Wilmar International - OCBC Group Research 2026-03-02: Regulatory Overhang Largely Provisioned For

• Wilmar (SGX:F34)’s revenue rose 3.0% y-o-y to US$37.5b in 2H25, supported by stronger sales volume across most segments, with the exception of Sugar. PATMI rose 38.3% y-o-y to US$815.9m, supported by one-off non-core adjustments of US$103.8m (including a large re-measurement gain from changes in interest in AWL Agri Business Limited (AWL), partly offset by provisions).

Core PATMI improved in 2H25, led by Feed & Industrial Products and JV/associate contributions.

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FY25 dividend lowered to S$0.14.

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• Management attributed the lower dividend mainly to one-off non-core cash adjustments in FY25.

Feed & Industrial Products segment posted stronger performance in 2H25.

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Above is an excerpt from a report by OCBC Group Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Previous report by OCBC:
2025-11-03 Wilmar International - Looking For A Better FY26.

Price targets by 3 other brokers at Wilmar Target Prices.

Listing of research reports at Wilmar Analyst Reports.

Relevant links:
Wilmar Share Price History,
Wilmar Announcements,
Wilmar Dividend Payout Dates & Corporate Actions,
Wilmar News