Wilmar (SGX:F34) reported weaker-than-expected 1Q26 core net profit of US$264.2m (-23% y-o-y), accounting for 18%/17% of our and consensus estimates. The weaker results contrasted 1Q26’s sharp revenue growth of 22% y-o-y, attributed primarily to temporary unrealised mark-to-market losses from the group’s hedging activities, alongside softer share of profits by its regional JVs/associates.
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Improving balance sheet health.
Wilmar’s stable operating profit continued to drive a reduction in its net debt position to US$18.56b – and has now fallen back to below end-24 levels – relative to 2H25 which saw massive cash compensation tied to its Indonesian operations’ recent consolidation of AWC.
Key operating segment highlights:
Food products.
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Feed and industrial products.
Segment performance remained encouraging in 1Q26, with a decent sales growth of 5.0-12.5% y-o-y across its tropical oils, oilseeds and sugar merchandising operations.
Plantations & sugar milling.
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Above is an excerpt from a report by UOB Kay Hian Research. Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
