Wilmar International - DBS Research 2026-04-30: 1Q26 Below Forecasts Due To Mark-to-market Losses

• Wilmar (SGX:F34)'s 1Q26 core net profit reached US$264m (-23% y-o-y, -22% q-o-q), below our and street forecasts due to mark-to-market losses. 1Q26 accounted for 18%/17% of DBS/ consensus forecasts of US$1.49bn/US$1.58bn.
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• Wilmar’s earnings were overshadowed by otherwise encouraging sales volume expansion across segments, especially in the food products division.

Wilmar grew its sales volume and revenue steadily, backed by higher sales activity across all core segments.

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• In addition, AWL Agri Business Limited (AWL) has been consolidated since December 2025, and FY2026 will be the first full year of consolidation of AWL’s results. Contributions from AWL also increased Wilmar’s sales volumes y-o-y.
• Excluding the impact of AWL consolidation this quarter, overall volume and revenue would have increased by 7.7% to 24.8m MT (vs. reported 26.5m MT, +15% y-o-y in 1Q26), and by 7.6% to US$17.4bn (vs. reported US$19.7bn, +22% y-o-y).

Our view

Room to catch up ahead, but volatility persists.

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Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Previous report by DBS:
2026-02-27 Wilmar International - FY25 Core Net Profit Beat Our Forecast, In Line With Consensus.

Price targets by 4 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