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WH Group Limited Earnings Release 2025
49096_rns_2026-03-24_f6d2317f-46dd-4e93-9887-5f28d0849d1d.pdf
Earnings Release
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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
萬洲國際
WH GROUP
WH Group Limited
萬洲國際有限公司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 288)
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 28 DECEMBER 2025 OF SMITHFIELD FOODS, INC.
On 24 March 2026 after trading hours (Hong Kong time), Smithfield released its annual report for the year ended 28 December 2025.
Smithfield Foods, Inc. ("Smithfield") is a company incorporated in the Commonwealth of Virginia, the United States of America (the "US"), whose shares are listed on the Nasdaq Global Select Market since 28 January 2025 (New York Time). As at the date of this announcement, WH Group Limited (the "Company") indirectly owns approximately 87% equity interest in Smithfield. On 24 March 2026, Smithfield filed its annual report with the US Securities and Exchange Commission for the year ended 28 December 2025 (the "Smithfield Annual Report"). It is important to note that the audited consolidated financial results contained in the Smithfield Annual Report have been prepared in accordance with the accounting principles generally accepted in the US. The Company prepares its consolidated financial results in accordance with the IFRS Accounting Standards. Accordingly, Smithfield's results reported therein differ from Smithfield's results contained in the Company's consolidated financial statements, which include certain adjustments in order to conform to the IFRS Accounting Standards.
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SUMMARY OF RESULTS OF SMITHFIELD FOR THE YEAR ENDED 28 DECEMBER 2025
The audited consolidated statement of profit or loss and other comprehensive income for the year ended 28 December 2025 and the audited consolidated statement of financial position as at 28 December 2025 contained in the Smithfield Annual Report are provided below:
SMITHFIELD
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the year ended 28 December 2025
| Twelve Months Ended | |||
|---|---|---|---|
| 28 December 2025 US$ million (audited) | 29 December 2024 US$ million (audited) | 31 December 2023 US$ million (audited) | |
| Sales | 15,531 | 14,142 | 14,640 |
| Cost of sales | 13,442 | 12,244 | 13,751 |
| Gross profit | 2,089 | 1,897 | 889 |
| Selling, general and administrative expenses | 849 | 840 | 1,050 |
| Operating gains | (52) | (60) | (105) |
| Operating profit (loss) | 1,292 | 1,118 | (56) |
| Interest expense, net | 41 | 66 | 76 |
| Non-operating gains | (18) | (9) | (3) |
| Income (loss) from continuing operations before income taxes | 1,270 | 1,061 | (129) |
| Income tax expense (benefit) | 283 | 271 | (41) |
| (Income) loss from equity method investments | (12) | (8) | 46 |
| Net income (loss) from continuing operations | 998 | 798 | (133) |
| Net income from continuing operations attributable to noncontrolling interests | 11 | 14 | 5 |
| Net income (loss) from continuing operations attributable to Smithfield | 987 | 783 | (138) |
| Income from discontinued operations before income taxes | — | 184 | 185 |
| Income tax expense from discontinued operations | — | 13 | 30 |
| Net income from discontinued operations attributable to non-controlling interests | — | 172 | 155 |
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| Twelve Months Ended | |||
|---|---|---|---|
| 28 December 2025 | |||
| US$ million (audited) | 29 December 2024 | ||
| US$ million (audited) | 31 December 2023 | ||
| US$ million (audited) | |||
| Net income from discontinued operations attributable to Smithfield | — | 170 | 155 |
| Net income | 998 | 970 | 23 |
| Net income attributable to non-controlling interests | 11 | 17 | 5 |
| Net income attributable to Smithfield | 987 | 953 | 17 |
| Net income (loss) per common share attributable to Smithfield: | |||
| Basic: | |||
| Continuing operations | 2.52 | 2.06 | (0.36) |
| Discontinued operations | — | 0.45 | 0.41 |
| Total | 2.52 | 2.51 | 0.05 |
| Diluted: | |||
| Continuing operations | 2.51 | 2.06 | (0.36) |
| Discontinued operations | — | 0.45 | 0.41 |
| Total | 2.51 | 2.51 | 0.05 |
| Weighted average shares outstanding: | |||
| Basic | 392,037,699 | 380,069,232 | 380,069,232 |
| Diluted | 392,701,169 | 380,069,232 | 380,069,232 |
| Net income | 998 | 970 | 23 |
| Other comprehensive income (loss), net of tax | |||
| Foreign currency translation | 77 | (53) | 219 |
| Pension accounting | 49 | (44) | 16 |
| Hedge accounting | 38 | (33) | (1) |
| Total other comprehensive income (loss) | 164 | (130) | 234 |
| Comprehensive income | 1,162 | 839 | 256 |
| Comprehensive income (loss) attributable to non-controlling interest | 37 | (19) | 31 |
| Comprehensive income attributable to Smithfield | 1,125 | 858 | 226 |
SMITHFIELD
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 28 December 2025
| | As at 28 December 2025
US$ million (audited) | As at 29 December 2024
US$ million (audited) |
| --- | --- | --- |
| Current assets: | | |
| Cash and cash equivalents | 1,539 | 943 |
| Accounts receivable, net | 1,023 | 558 |
| Inventories, net | 2,328 | 2,412 |
| Prepaid expenses and other current assets | 276 | 290 |
| Total current assets | 5,166 | 4,202 |
| Property, plant and equipment, net | 3,226 | 3,176 |
| Goodwill | 1,623 | 1,613 |
| Intangible assets, net | 1,260 | 1,266 |
| Operating lease assets | 387 | 335 |
| Equity method investments | 209 | 202 |
| Other assets | 306 | 260 |
| Total assets | 12,177 | 11,054 |
| Current liabilities: | | |
| Accounts payable | 856 | 777 |
| Current portion of long-term debt and finance lease obligations | 3 | 3 |
| Current portion of operating lease obligations | 71 | 56 |
| Accrued expenses and other current liabilities | 811 | 871 |
| Total current liabilities | 1,741 | 1,706 |
| Long-term debt and finance lease obligations | 2,000 | 1,999 |
| Long-term operating lease obligations | 322 | 286 |
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| | As at
28 December
2025
US$’million
(audited) | As at
29 December
2024
US$’million
(audited) |
| --- | --- | --- |
| Deferred income taxes, net | 658 | 518 |
| Net long-term pension obligation | 207 | 279 |
| Other liabilities | 185 | 208 |
| Redeemable noncontrolling interests | 264 | 225 |
| Equity: | | |
| Shareholder’s equity: | | |
| Preferred stock, no par value, 100,000,000 shares
authorized, no shares issued and outstanding | — | — |
| Common stock, no par value; 5,000,000,000 shares
authorized; 393,112,711 shares issued and
outstanding as of 28 December 2025 and 380,069,232
shares issued and outstanding as of
29 December 2024 | — | — |
| Additional paid-in capital | 3,338 | 3,102 |
| Retained earnings | 3,776 | 3,184 |
| Accumulated other comprehensive loss | (314) | (452) |
| Total shareholder’s equity | 6,801 | 5,834 |
| Total liabilities and equity | 12,177 | 11,054 |
If you wish to view the Smithfield Annual Report in full, please visit www.sec.gov.
By order of the board of directors of
WH Group Limited
Wan Long
Chairman
Hong Kong, 24 March 2026
As at the date of this announcement, the executive directors of the Company are Mr. WAN Long, Mr. GUO Lijun, Mr. WAN Hongwei and Mr. MA Xiangjie; the non-executive director of the Company is Mr. JIAO Shuge; and the independent non-executive directors of the Company are Mr. HUANG Ming, Mr. LAU, Jin Tin Don and Ms. ZHOU Hui.