Wilmar International : Q3 2023 Wilmar International Ltd Interim Update

Wilmar International Limited ("Wilmar" or the "Company")

For the period ended 30 September 2023

Executive Summary

Key highlights of Wilmar Group results for the period ended 30 September 2023:

				3Q2023				3Q2022						9M2023				9M2022
				US$'000				US$'000			Change			US$'000				US$'000			Change
	Revenue			17,672,876				18,877,223			-6.4%			50,210,912				55,011,005			-8.7%
	Net Profit			313,880				766,175			-59.0%			864,805				1,931,152			-55.2%
	Core Net Profit			323,627				796,734			-59.4%			900,854				1,952,175			-53.9%
	EBITDA			1,022,561				1,291,519			-20.8%			2,676,878				3,641,366			-26.5%
	Sales volume ('000MT)
	Food Products
	- Consumer Products			2,219				2,169			2.3%			6,150				6,440			-4.5%
	- Medium Pack and Bulk			6,096				5,537			10.1%			16,744				15,091			11.0%
				8,315				7,706			7.9%			22,894				21,531			6.3%
	Feed & Industrial Products
	- Tropical Oils			6,771				6,061			11.7%			18,175				16,009			13.5%
	- Oilseeds and Grains			6,246				5,628			11.0%			17,457				15,245			14.5%
	- Sugar			3,600				3,042			18.3%			8,906				8,251			7.9%
				16,617				14,731			12.8%			44,538				39,505			12.7%
	Operating cash flows before			882,519				962,178			-8.3%			2,021,067				2,480,029			-18.5%
	working capital changes
	Cash flows from operating activities			1,296,932				3,466,646			-62.6%			4,487,079				3,196,810			40.4%

			30.09.2023		31.12.2022
	Net debt		16,922,193		18,746,549		9.7%
	Equity attributable to owners of the		19,258,796		19,985,736		-3.6%
	Company

Performance for 3Q2023

The Group recorded lower core net profit of US$323.6 million (3Q2022: US$796.7 million) for 3Q2023 mainly due to compressed refining margins from the tropical oils business, in line with industry wide trends, and weaker performance by our fertiliser operations. The weaker results were partially offset by continued strong performance from both our sugar milling and merchandising businesses and improved crushing margins arising from tightness in availability of soybean in China. Consumer products business improved in 3Q2023 due to better margins and higher sales volume. Our joint ventures and associates also contributed favourably for the quarter and together with losses from non- operating items, overall net profit for the Group amounted to US$313.9 million in 3Q2023.

The Group recorded steady volume growth in 3Q2023, on the back of firm sales volume in both Food Products and Feed & Industrial Products segments. Overall sales volume for Food Products segment increased by 7.9% to 8.3 million MT (3Q2022: 7.7 million MT) while sales volume for Feed & Industrial Products segment grew by 12.8% to 16.6 million MT (3Q2022: 14.7 million MT).

Page 1 of 2

For 9M2023, the Group reported core net profit of US$900.9 million (9M2022: US$1.95 billion) and net

profit of US$864.8 million (9M2022: US$1.93 billion). 9M2022 results included a gain on dilution of interest in Adani Wilmar Limited amounting to US$175.6 million.

Cash Flow & Balance Sheet

With lower palm oil and oilseeds and grains prices during the period, the Group had lower net working capital requirements and generated net cash flows from operating activities of US$4.49 billion (9M2022: US$3.20 billion). This resulted in free cash flow for the Group of US$2.56 billion as of 30 September 2023. Net debt continued to decrease during the period as a result of declining palm oil and oilseeds and grains prices, bringing net debt to US$16.92 billion as at 30 September 2023 (FY2022: US$18.75 billion). Correspondingly, net gearing ratio for the Group improved to 0.88x as at 30 September 2023 (FY2022: 0.94x)

At the end of the reporting period, the Group had unutilised banking facilities amounting to US$26.26 billion.

Nevertheless, despite the positive profit for the period, shareholders' funds was lower at US$19.26 billion (FY2022: US$19.99 billion) as a result of a strengthening US Dollar which led to lower translation reserve as of 30 September 2023.

Outlook

Operating conditions in China were better in 3Q2023 and will likely remain positive for the rest of the year. Sugar merchandising, milling and refining will remain good with higher sugar prices while tropical oils refining margins will continue to normalise after exceptional conditions last year. Barring unforeseen circumstances, we believe results for the rest of the year will be satisfactory.

26 October 2023

Page 2 of 2