Golden Agri-Res E5H

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Financials

Annual Report 2025

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Financial Highlights

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Financial Highlights from Annual Report 2025
Metric / unit	2025Group	2024Group	2023Group	2022Group	Source
Income statement
RevenueUS$ million	12,951	10,910	9,756	11,439	PDF p. 7
Gross profit 1US$ million	1,900	1,567	1,395	2,579	PDF p. 7
EBITDA 2,3US$ million	1,258	1,101	986	1,826	PDF p. 7
Underlying profit 3,4US$ million	522	416	328	922	PDF p. 7
Net profit attributable to owners of the CompanyUS$ million	400	365	198	782	PDF p. 7
Weighted average number of shares (million shares)million shares	12,682	12,682	12,682	12,683	PDF p. 7
Underlying profit 4 per share (US$ cents)US$ cents per share	4.12	3.28	2.58	7.27	PDF p. 7
Earnings per share (US$ cents)US$ cents per share	3.16	2.87	1.56	6.17	PDF p. 7
Dividend per share for the current year’s underlying profit (S$ cents)S$ cents per share	0.952	0.804	0.613	1.791	PDF p. 7
Financial position
Total assetsUS$ million	10,665	10,693	9,716	9,902	PDF p. 7
Total liabilitiesUS$ million	4,938	5,315	4,537	4,648	PDF p. 7
Equity attributable to owners of the CompanyUS$ million	5,415	5,102	4,926	5,001	PDF p. 7
Interest bearing debtUS$ million	3,249	3,706	3,065	2,984	PDF p. 7
Cash, short-term investments, and liquid working capital 5US$ million	2,960	3,141	2,674	2,841	PDF p. 7
Net debt 6US$ million	289	565	391	142	PDF p. 7
Financial ratios
Gross margin%	14.7	14.4	14.3	22.5	PDF p. 7
EBITDA 2,3 margin%	9.7	10.1	10.1	16.0	PDF p. 7
Underlying profit 3,4 margin%	4.0	3.8	3.4	8.1	PDF p. 7
Net profit margin 7%	3.1	3.3	2.0	6.8	PDF p. 7
Return on equity 8%	9.6	8.2	6.6	18.4	PDF p. 7
Return on assets 9%	4.9	3.9	3.4	9.3	PDF p. 7
Current ratio (times)times	1.40	1.45	1.42	1.30	PDF p. 7
Debt to equity 10times	0.57	0.69	0.59	0.57	PDF p. 7
Net debt to EBITDA 2,3times	0.23	0.51	0.40	0.08	PDF p. 7
Receivable turnover 11 (days)days	25	26	27	25	PDF p. 7
Inventory turnover 1,12 (days)days	63	67	67	61	PDF p. 7
Other information
Average CPO price - FOB Belawan (US$ per tonne)US$ per tonne	1,093	1,005	901	1,248	PDF p. 7

Definitions & sources

Original report: PDF p. 7 ↗

Comparative FY2024, FY2023 and FY2022 income statement values were restated for expense reclassification as footnote 1 says; restatement note applies to stated comparison context. p6 chart values were not reconstructed in this table.

Original physical page 7 footnotes 1–12 (two source columns, native extraction order retained): For comparative purpose, FY2024, FY2023 and FY2022 numbers were 5 Liquid working capital consists of trade receivables, inventories restated to reflect reclassification of certain expenses from selling (excluding consumables), advances and deposits to suppliers less trade expenses to cost of sales. There is no impact to EBITDA, operating profit, and trust receipts payables as well as advances and deposits from underlying profit, and net profit. customers 2 EBITDA = earnings before tax, non-controlling interests, interest on 6 Net debt = interest bearing debt less cash, short-term investments, and borrowings, depreciation and amortisation, net gain or loss from changes liquid working capital in fair value of biological assets, foreign exchange gain or loss, and 7 Attributable to owners of the Company exceptional items 8 Return on equity = underlying profit / equity attributable to owners of 3 Includes net fair value gain or loss on financial assets in accordance with the Company IFRS 9 9 Return on assets = underlying profit / total assets 4 Underlying profit = net profit attributable to owners of the Company 10 Debt to equity = interest bearing debt / total equity excluding net effect of net gain or loss from changes in fair value of 11 Receivable turnover = average trade receivables / revenue x 365 biological assets, depreciation of bearer plants, exceptional items, foreign 12 Inventory turnover = average inventory / cost of sales x 365 exchange gain or loss, and deferred tax expense

Consolidated Income Statement

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Consolidated Income Statement from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
RevenueUS$’000	12,951,478	10,909,719	PDF p. 92
Cost of salesUS$’000	(11,051,851)	(9,342,396)	PDF p. 92
Gross profitUS$’000	1,899,627	1,567,323	PDF p. 92
Operating expenses
Selling expensesUS$’000	(704,132)	(561,967)	PDF p. 92
General and administrative expensesUS$’000	(405,386)	(393,917)	PDF p. 92
SubtotalUS$’000	(1,109,518)	(955,884)	PDF p. 92
Operating ProfitUS$’000	790,109	611,439	PDF p. 92
Other income/(expenses)
Financial incomeUS$’000	59,806	70,232	PDF p. 92
Financial expensesUS$’000	(218,559)	(243,451)	PDF p. 92
Share of results of associated companiesUS$’000	4,266	5,166	PDF p. 92
Share of results of joint venturesUS$’000	25,713	14,976	PDF p. 92
Foreign exchange (loss)/gain, netUS$’000	(3,438)	36,354	PDF p. 92
Write-back of/(Provision for) expected credit loss on trade and non-trade receivables, netUS$’000	156	(1,300)	PDF p. 92
Other income, netUS$’000	5,606	63,843	PDF p. 92
SubtotalUS$’000	(126,450)	(54,180)	PDF p. 92
Profit before income taxUS$’000	663,659	557,259	PDF p. 92
Income taxUS$’000	(221,366)	(145,164)	PDF p. 92
Profit for the yearUS$’000	442,293	412,095	PDF p. 92
Attributable to
Owners of the CompanyUS$’000	400,198	364,552	PDF p. 92
Non-controlling interestsUS$’000	42,095	47,543	PDF p. 92
Attributable to owners of the Company and non-controlling interests
SubtotalUS$’000	442,293	412,095	PDF p. 92
Earnings per ordinary share
Basic and dilutedUS cents per share	3.16	2.87	PDF p. 92

Definitions & sources

Original report: PDF p. 92 ↗

2024 is marked Re-presented in the printed column heading.

Consolidated Statement of Comprehensive Income

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Consolidated Statement of Comprehensive Income from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Profit for the yearUS$’000	442,293	412,095	PDF p. 93
Other comprehensive income
Net actuarial (loss)/gain on post-employment benefitsUS$’000	(585)	5,246	PDF p. 93
Share of other comprehensive income of joint venturesUS$’000	(139)	77	PDF p. 93
Changes in fair value of financial assets at fair value through other comprehensive incomeUS$’000	(17,537)	(113,271)	PDF p. 93
Foreign currency translation differences on consolidationUS$’000	2,098	(23,534)	PDF p. 93
Items that may be reclassified subsequently to profit or loss; share of other comprehensive income of
Joint venturesUS$’000	(137)	(2,965)	PDF p. 93
Associated companiesUS$’000	(860)	(1,117)	PDF p. 93
Other comprehensive income, net of income taxUS$’000	(17,160)	(135,564)	PDF p. 93
Total comprehensive income for the yearUS$’000	425,133	276,531	PDF p. 93
Attributable to
Owners of the CompanyUS$’000	391,208	233,128	PDF p. 93
Non-controlling interestsUS$’000	33,925	43,403	PDF p. 93
Total comprehensive income attributable to owners of the Company and non-controlling interests
SubtotalUS$’000	425,133	276,531	PDF p. 93

Definitions & sources

Original report: PDF p. 93 ↗

2024 is marked Re-presented in the printed column heading.

Consolidated Statement of Financial Position — Assets

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Consolidated Statement of Financial Position — Assets from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Current Assets
Cash and cash equivalentsUS$’000	523,401	435,924	PDF p. 94
Short-term investmentsUS$’000	621,053	563,903	PDF p. 94
Trade receivablesUS$’000	877,010	885,546	PDF p. 94
Other current assetsUS$’000	597,076	729,894	PDF p. 94
Biological assetsUS$’000	82,381	85,874	PDF p. 94
InventoriesUS$’000	1,854,215	1,950,294	PDF p. 94
SubtotalUS$’000	4,555,136	4,651,435	PDF p. 94
Non-current Assets
Long-term receivables and assetsUS$’000	55,449	49,100	PDF p. 94
Long-term investmentsUS$’000	1,533,631	1,484,992	PDF p. 94
Investment in associated companiesUS$’000	29,391	27,612	PDF p. 94
Investment in joint venturesUS$’000	266,077	246,442	PDF p. 94
Investment propertiesUS$’000	74	76	PDF p. 94
Property, plant and equipmentUS$’000	2,665,729	2,549,134	PDF p. 94
Bearer plantsUS$’000	1,241,732	1,284,615	PDF p. 94
Tax recoverableUS$’000	97,462	174,032	PDF p. 94
Deferred tax assetsUS$’000	70,051	82,835	PDF p. 94
Intangible assetsUS$’000	150,639	143,095	PDF p. 94
SubtotalUS$’000	6,110,235	6,041,933	PDF p. 94
Total AssetsUS$’000	10,665,371	10,693,368	PDF p. 94

Definitions & sources

Original report: PDF p. 94 ↗

The statement continues from physical page 94 to physical page 95. Comparative amounts are as printed.

Consolidated Statement of Financial Position — Liabilities and Equity (continued)

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Consolidated Statement of Financial Position — Liabilities and Equity (continued) from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Current Liabilities
Short-term borrowingsUS$’000	1,698,864	1,838,436	PDF p. 95
Bonds and notes payableUS$’000	87,992	116,084	PDF p. 95
Lease liabilitiesUS$’000	16,124	16,736	PDF p. 95
Trade and trust receipts payablesUS$’000	641,212	606,560	PDF p. 95
Other payablesUS$’000	719,744	573,107	PDF p. 95
Taxes payableUS$’000	95,892	57,225	PDF p. 95
SubtotalUS$’000	3,259,828	3,208,148	PDF p. 95
Non-current Liabilities
Long-term borrowingsUS$’000	1,120,436	1,470,649	PDF p. 95
Bonds and notes payableUS$’000	286,884	213,935	PDF p. 95
Lease liabilitiesUS$’000	38,619	49,679	PDF p. 95
Deferred tax liabilitiesUS$’000	148,151	157,357	PDF p. 95
Long-term payables and liabilitiesUS$’000	84,517	215,367	PDF p. 95
SubtotalUS$’000	1,678,607	2,106,987	PDF p. 95
Total LiabilitiesUS$’000	4,938,435	5,315,135	PDF p. 95
Equity Attributable to Owners of the Company
Issued capitalUS$’000	320,939	320,939	PDF p. 95
Share premiumUS$’000	1,216,095	1,216,095	PDF p. 95
Treasury sharesUS$’000	(39,825)	(39,825)	PDF p. 95
Other paid-in capitalUS$’000	184,318	184,318	PDF p. 95
Other reserves
Option reserveUS$’000	31,471	31,471	PDF p. 95
Currency translation reserveUS$’000	(77,675)	(86,887)	PDF p. 95
Fair value reserveUS$’000	(437,111)	(419,574)	PDF p. 95
PRC statutory reserveUS$’000	6,835	6,594	PDF p. 95
OthersUS$’000	45,892	46,557	PDF p. 95
Equity Attributable to Owners of the Company
SubtotalUS$’000	(430,588)	(421,839)	PDF p. 95
Retained earningsUS$’000	4,164,124	3,842,504	PDF p. 95
SubtotalUS$’000	5,415,063	5,102,192	PDF p. 95
Equity
Non-Controlling InterestsUS$’000	311,873	276,041	PDF p. 95
Total EquityUS$’000	5,726,936	5,378,233	PDF p. 95
Total Liabilities and EquityUS$’000	10,665,371	10,693,368	PDF p. 95

Definitions & sources

Original report: PDF p. 95 ↗

The statement continues from physical page 94 to physical page 95. Comparative amounts are as printed.

Consolidated Statement of Changes in Equity — FY2025

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Consolidated Statement of Changes in Equity — FY2025 from Annual Report 2025
Metric / unit	2025Group; Issued capital	2025Group; Share premium	2025Group; Treasury shares	2025Group; Other paid-in capital	2025Group; Other reserves	2025Group; Retained earnings	2025Group; Owners total	2025Group; Non-controlling interests	2025Group; Total equity	Source
Balance at beginning of year
Balance at 1.1.2025US$’000	320,939	1,216,095	(39,825)	184,318	(421,839)	3,842,504	5,102,192	276,041	5,378,233	PDF p. 96
Changes during year
Profit for the yearUS$’000	-	-	-	-	-	400,198	400,198	42,095	442,293	PDF p. 96
Other comprehensive incomeUS$’000	-	-	-	-	(8,749)	(241)	(8,990)	(8,170)	(17,160)	PDF p. 96
Total comprehensive income for the yearUS$’000	-	-	-	-	(8,749)	399,957	391,208	33,925	425,133	PDF p. 96
Dividends (Note 38)US$’000	-	-	-	-	-	(78,337)	(78,337)	-	(78,337)	PDF p. 96
Dividends paid to non-controlling shareholdersUS$’000	-	-	-	-	-	-	-	(521)	(521)	PDF p. 96
Capital subscribed by non-controlling shareholders (Note 42a)US$’000	-	-	-	-	-	-	-	2,428	2,428	PDF p. 96
Balance at end of year
Balance at 31.12.2025US$’000	320,939	1,216,095	(39,825)	184,318	(430,588)	4,164,124	5,415,063	311,873	5,726,936	PDF p. 96

Definitions & sources

Original report: PDF p. 96 ↗

Each printed component column is preserved in source order. The 2024 balances are marked Re-presented in the source.

Consolidated Statement of Changes in Equity — FY2024

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Consolidated Statement of Changes in Equity — FY2024 from Annual Report 2025
Metric / unit	2024Group; Issued capital	2024Group; Share premium	2024Group; Treasury shares	2024Group; Other paid-in capital	2024Group; Other reserves	2024Group; Retained earnings	2024Group; Owners total	2024Group; Non-controlling interests	2024Group; Total equity	Source
Balance at beginning of year
Balance at 1.1.2024US$’000	320,939	1,216,095	(39,825)	184,318	(285,328)	3,530,202	4,926,401	253,503	5,179,904	PDF p. 96
Changes during year
Profit for the yearUS$’000	-	-	-	-	-	364,552	364,552	47,543	412,095	PDF p. 96
Other comprehensive incomeUS$’000	-	-	-	-	(131,119)	(305)	(131,424)	(4,140)	(135,564)	PDF p. 96
Total comprehensive income for the yearUS$’000	-	-	-	-	(131,119)	364,247	233,128	43,403	276,531	PDF p. 96
Transfer upon dissolution of investmentUS$’000	-	-	-	-	(5,392)	5,392	-	-	-	PDF p. 96
Dividends (Note 38)US$’000	-	-	-	-	-	(57,337)	(57,337)	-	(57,337)	PDF p. 96
Dividends paid to non-controlling shareholdersUS$’000	-	-	-	-	-	-	-	(20,865)	(20,865)	PDF p. 96
Balance at end of year
Balance at 31.12.2024US$’000	320,939	1,216,095	(39,825)	184,318	(421,839)	3,842,504	5,102,192	276,041	5,378,233	PDF p. 96

Definitions & sources

Original report: PDF p. 96 ↗

Each printed component column is preserved in source order. The 2024 balances are marked Re-presented in the source.

Consolidated Statement of Cash Flows — Operating Activities

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Consolidated Statement of Cash Flows — Operating Activities from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Operating activities
Profit before income taxUS$’000	663,659	557,259	PDF p. 97
Adjustments for
Depreciation of investment propertiesUS$’000	5	5	PDF p. 97
Depreciation of property, plant and equipmentUS$’000	247,796	245,537	PDF p. 97
Depreciation of bearer plantsUS$’000	117,619	102,649	PDF p. 97
Amortisation of intangible assetsUS$’000	8,403	8,216	PDF p. 97
Net loss/(gain) from changes in fair value of biological assetsUS$’000	3,493	(16,220)	PDF p. 97
Unrealised foreign exchange loss/(gain)US$’000	9,284	(43,860)	PDF p. 97
Share of results of associated companiesUS$’000	(4,266)	(5,166)	PDF p. 97
Share of results of joint venturesUS$’000	(25,713)	(14,976)	PDF p. 97
Gain on disposal of a joint ventureUS$’000	-	(32,030)	PDF p. 97
Gain on disposal of an associated companyUS$’000	-	(144)	PDF p. 97
Negative goodwillUS$’000	-	(202)	PDF p. 97
Gain on disposal of property, plant and equipmentUS$’000	(1,422)	(413)	PDF p. 97
Impairment loss on goodwillUS$’000	-	14,576	PDF p. 97
Property, plant and equipment written offUS$’000	852	869	PDF p. 97
Trade receivables written offUS$’000	271	-	PDF p. 97
Non-trade receivables written offUS$’000	6	1,070	PDF p. 97
Expected credit loss provision/write-back
Trade receivables, netUS$’000	(156)	(215)	PDF p. 97
Non-trade receivables, netUS$’000	-	1,515	PDF p. 97
Adjustments for
Write-back of impairment loss on inventories, netUS$’000	(1,516)	(990)	PDF p. 97
Changes in fair value of financial assets at fair value through profit or lossUS$’000	4,639	(17,551)	PDF p. 97
Interest incomeUS$’000	(59,806)	(70,232)	PDF p. 97
Interest expenseUS$’000	214,065	240,354	PDF p. 97
Operating activities
Operating cash flows before working capital changesUS$’000	1,177,213	970,051	PDF p. 97
Changes in operating assets and liabilities
Trade receivablesUS$’000	8,403	(231,510)	PDF p. 97
Other current assetsUS$’000	124,461	(148,758)	PDF p. 97
InventoriesUS$’000	97,563	(448,798)	PDF p. 97
Trade and trust receipts payablesUS$’000	34,652	95,956	PDF p. 97
Other payablesUS$’000	27,371	83,674	PDF p. 97
Operating activities
Cash generated from operationsUS$’000	1,469,663	320,615	PDF p. 97
Interest paidUS$’000	(220,530)	(239,804)	PDF p. 97
Interest receivedUS$’000	60,333	74,143	PDF p. 97
Tax paidUS$’000	(135,811)	(235,188)	PDF p. 97
Net cash generated from/(used in) operating activitiesUS$’000	1,173,655	(80,234)	PDF p. 97

Definitions & sources

Original report: PDF p. 97 ↗

Statement continues on physical page 98.

Consolidated Statement of Cash Flows — Investing and Financing Activities (continued)

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Consolidated Statement of Cash Flows — Investing and Financing Activities (continued) from Annual Report 2025
Metric / unit	2025Group	2024Group	Source
Investing activities
Proceeds from disposal of property, plant and equipmentUS$’000	3,982	2,800	PDF p. 98
Proceeds from disposal of bearer plantsUS$’000	2,512	2,418	PDF p. 98
Capital expenditure on property, plant and equipmentUS$’000	(355,458)	(264,173)	PDF p. 98
Capital expenditure on bearer plantsUS$’000	(63,813)	(62,974)	PDF p. 98
Payments for investment in financial assetsUS$’000	(193,630)	(339,164)	PDF p. 98
Redemption/Return of capital from investment in financial assetsUS$’000	94,896	36,039	PDF p. 98
Proceeds from Plasma/KKPA program plantations, netUS$’000	-	1,449	PDF p. 98
Cash outflow from acquisition of subsidiaries, net of cash acquiredUS$’000	-	(445)	PDF p. 98
Return of capital from a joint ventureUS$’000	42	-	PDF p. 98
Proceeds from disposal of a joint ventureUS$’000	-	60,146	PDF p. 98
Proceeds from disposal of an associated companyUS$’000	-	310	PDF p. 98
Dividend received from joint venturesUS$’000	5,000	3,970	PDF p. 98
Dividend received from an associated companyUS$’000	1,666	1,231	PDF p. 98
Payments for intangible assetsUS$’000	(16,196)	(2,419)	PDF p. 98
Net increase in long-term receivables and assetsUS$’000	(22,985)	(34,419)	PDF p. 98
Net cash used in investing activitiesUS$’000	(543,984)	(595,231)	PDF p. 98
Financing activities
Proceeds from short-term borrowingsUS$’000	5,285,789	4,569,759	PDF p. 98
Proceeds from long-term borrowingsUS$’000	100,000	806,394	PDF p. 98
Proceeds from bonds and notes issueUS$’000	167,564	-	PDF p. 98
Payments of dividendsUS$’000	(78,858)	(78,202)	PDF p. 98
Payments of short-term borrowingsUS$’000	(5,686,446)	(4,101,468)	PDF p. 98
Payments of long-term borrowingsUS$’000	(190,444)	(461,713)	PDF p. 98
Payments of principal element of leasesUS$’000	(16,554)	(21,862)	PDF p. 98
Payments of bonds payableUS$’000	(114,287)	(129,727)	PDF p. 98
Capital subscribed by non-controlling shareholdersUS$’000	2,428	-	PDF p. 98
Payments of deferred bond and loan charges and bank loan administration costsUS$’000	(1,817)	(3,705)	PDF p. 98
(Increase)/Decrease in cash in banks and time deposits pledgedUS$’000	(6,545)	69,609	PDF p. 98
Net cash (used in)/generated from financing activitiesUS$’000	(539,170)	649,085	PDF p. 98
Cash and cash equivalents
Net increase/(decrease) in cash and cash equivalentsUS$’000	90,501	(26,380)	PDF p. 98
Cash and cash equivalents at the beginning of the yearUS$’000	278,596	317,633	PDF p. 98
Effect of exchange rate changes on cash and cash equivalentsUS$’000	(9,569)	(12,657)	PDF p. 98
Cash and cash equivalents at the end of the yearUS$’000	359,528	278,596	PDF p. 98

Definitions & sources

Original report: PDF p. 98 ↗

Statement continues on physical page 98.

Company Statement of Comprehensive Income

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Company Statement of Comprehensive Income from Annual Report 2025
Metric / unit	2025Company	2024Company	Source
Administrative expenses
Administrative expensesUS$’000	(2,559)	(2,374)	PDF p. 181
Other income/(expenses)
Interest incomeUS$’000	10	11	PDF p. 181
Foreign exchange (loss)/gain, netUS$’000	(224)	1,198	PDF p. 181
Loss before income taxUS$’000	(2,773)	(1,165)	PDF p. 181
Income taxUS$’000	-	-	PDF p. 181
Loss for the yearUS$’000	(2,773)	(1,165)	PDF p. 181
Other comprehensive income
Changes in fair value of equity instruments at fair value through other comprehensive incomeUS$’000	(5,824)	(49,042)	PDF p. 181
Other comprehensive incomeUS$’000	(5,824)	(49,042)	PDF p. 181
Total comprehensive income for the year, net of taxUS$’000	(8,597)	(50,207)	PDF p. 181

Definitions & sources

Original report: PDF p. 181 ↗

Company Statement of Financial Position

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Company Statement of Financial Position from Annual Report 2025
Metric / unit	2025Company	2024Company	Source
Current assets
Cash and cash equivalentsUS$’000	415	497	PDF p. 182
Other current assetsUS$’000	8,409	6,016	PDF p. 182
SubtotalUS$’000	8,824	6,513	PDF p. 182
Non-current assets
Interest in subsidiariesUS$’000	3,146,093	3,153,293	PDF p. 182
Long-term investmentsUS$’000	201,633	229,457	PDF p. 182
SubtotalUS$’000	3,347,726	3,382,750	PDF p. 182
Total AssetsUS$’000	3,356,550	3,389,263	PDF p. 182
Current liabilities
Accrued operating expensesUS$’000	391	2,020	PDF p. 182
Payable to third partiesUS$’000	7	6	PDF p. 182
Loans and advances from subsidiaries, unsecuredUS$’000	7,253	3,009	PDF p. 182
SubtotalUS$’000	7,651	5,035	PDF p. 182
Non-current liabilities
Loans and advances from subsidiaries, unsecuredUS$’000	69,946	18,341	PDF p. 182
Total LiabilitiesUS$’000	77,597	23,376	PDF p. 182
Equity
Issued capitalUS$’000	320,939	320,939	PDF p. 182
Share premiumUS$’000	1,850,965	1,850,965	PDF p. 182
Treasury sharesUS$’000	(39,825)	(39,825)	PDF p. 182
Other reserves
Option reserveUS$’000	31,471	31,471	PDF p. 182
Fair value reserveUS$’000	(414,762)	(408,938)	PDF p. 182
Equity
SubtotalUS$’000	(383,291)	(377,467)	PDF p. 182
Retained earningsUS$’000	1,530,165	1,611,275	PDF p. 182
SubtotalUS$’000	3,278,953	3,365,887	PDF p. 182
Total Liabilities and EquityUS$’000	3,356,550	3,389,263	PDF p. 182

Definitions & sources

Original report: PDF p. 182 ↗

Company Statement of Changes in Equity — FY2025

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Company Statement of Changes in Equity — FY2025 from Annual Report 2025
Metric / unit	2025Company; Issued capital	2025Company; Share premium	2025Company; Treasury shares	2025Company; Other reserves	2025Company; Retained earnings	2025Company; Total equity	Source
Opening balance
Balance at 1 January 2025US$’000	320,939	1,850,965	(39,825)	(377,467)	1,611,275	3,365,887	PDF p. 183
Movements in year
Dividends (Note 16)US$’000	-	-	-	-	(78,337)	(78,337)	PDF p. 183
Loss for the yearUS$’000	-	-	-	-	(2,773)	(2,773)	PDF p. 183
Other comprehensive incomeUS$’000	-	-	-	(5,824)	-	(5,824)	PDF p. 183
Total comprehensive income for the yearUS$’000	-	-	-	(5,824)	(2,773)	(8,597)	PDF p. 183
Closing balance
Balance at 31 December 2025US$’000	320,939	1,850,965	(39,825)	(383,291)	1,530,165	3,278,953	PDF p. 183

Definitions & sources

Original report: PDF p. 183 ↗

Company Statement of Changes in Equity — FY2024

6 metrics

Units appear below each metric. Scroll to compare years

Company Statement of Changes in Equity — FY2024 from Annual Report 2025
Metric / unit	2024Company; Issued capital	2024Company; Share premium	2024Company; Treasury shares	2024Company; Other reserves	2024Company; Retained earnings	2024Company; Total equity	Source
Opening balance
Balance at 1 January 2024US$’000	320,939	1,850,965	(39,825)	(328,425)	1,669,777	3,473,431	PDF p. 183
Movements in year
Dividends (Note 16)US$’000	-	-	-	-	(57,337)	(57,337)	PDF p. 183
Loss for the yearUS$’000	-	-	-	-	(1,165)	(1,165)	PDF p. 183
Other comprehensive incomeUS$’000	-	-	-	(49,042)	-	(49,042)	PDF p. 183
Total comprehensive income for the yearUS$’000	-	-	-	(49,042)	(1,165)	(50,207)	PDF p. 183
Closing balance
Balance at 31 December 2024US$’000	320,939	1,850,965	(39,825)	(377,467)	1,611,275	3,365,887	PDF p. 183

Definitions & sources

Original report: PDF p. 183 ↗

Company Statement of Cash Flows

20 metrics

Units appear below each metric. Scroll to compare years

Company Statement of Cash Flows from Annual Report 2025
Metric / unit	2025Company	2024Company	Source
Operating activities
Loss before income taxUS$’000	(2,773)	(1,165)	PDF p. 184
Adjustments
Interest incomeUS$’000	(10)	(11)	PDF p. 184
Operating activities
Operating cash flows before working capital changesUS$’000	(2,783)	(1,176)	PDF p. 184
Changes in operating assets and liabilities
Accrued operating expensesUS$’000	(1,629)	1,664	PDF p. 184
Payable to third partiesUS$’000	1	-	PDF p. 184
Other current assetsUS$’000	(4)	(74)	PDF p. 184
Operating activities
Cash (used in)/generated from operationsUS$’000	(4,415)	414	PDF p. 184
Interest receivedUS$’000	10	11	PDF p. 184
Net cash (used in)/generated from operating activitiesUS$’000	(4,405)	425	PDF p. 184
Investing activities
Advances to subsidiariesUS$’000	(2,389)	(228)	PDF p. 184
Return of capital from long-term investmentsUS$’000	23,000	-	PDF p. 184
Investment in long-term investmentsUS$’000	(1,000)	(215,000)	PDF p. 184
Net cash generated from/(used in) investing activitiesUS$’000	19,611	(215,228)	PDF p. 184
Financing activities
Proceeds from loans and advances from subsidiaries, netUS$’000	55,849	272,213	PDF p. 184
Proceeds from capital reduction in a subsidiaryUS$’000	7,200	-	PDF p. 184
Payment of dividendsUS$’000	(78,337)	(57,337)	PDF p. 184
Net cash (used in)/generated from financing activitiesUS$’000	(15,288)	214,876	PDF p. 184
Cash and cash equivalents
Net (decrease)/increase in cash and cash equivalentsUS$’000	(82)	73	PDF p. 184
Cash and cash equivalents at 1 JanuaryUS$’000	497	424	PDF p. 184
Cash and cash equivalents at 31 DecemberUS$’000	415	497	PDF p. 184

Definitions & sources

Original report: PDF p. 184 ↗

Financial highlights — original chart series

11 metrics

Units appear below each metric. Scroll to compare years

Financial highlights — original chart series from Annual Report 2025
Metric / unit	2025Group	2024Group	2023Group	2022Group	Source
Financial highlights — original chart series
RevenueUS$ million	12,951	10,910	9,756	11,439	PDF p. 6
EBITDAUS$ million	1,258	1,101	986	1,826	PDF p. 6
Net profit attributable to owners of the CompanyUS$ million	400	365	198	782	PDF p. 6
Net margin%	3.1	3.3	2.0	6.8	PDF p. 6
Dividend per shareS$ cents	0.952	0.804	0.613	1.791	PDF p. 6
% to underlying profit%	18	18	18	18	PDF p. 6
Interest bearing debtUS$ million	3,249	3,706	3,065	2,984	PDF p. 6
Debt to equitytimes	0.57	0.69	0.59	0.57	PDF p. 6
Net debt to EBITDAtimes	0.23	0.51	0.40	0.08	PDF p. 6
Equity attributable to owners of the CompanyUS$ million	5,415	5,102	4,926	5,001	PDF p. 6
Return on equity%	9.6	8.2	6.6	18.4	PDF p. 6

Definitions & sources

Original report: PDF p. 6 ↗

Original physical page 6 charts; years bound to x-aligned printed axes. EBITDA contains segment shading but only the printed total is provided numerically; segment amounts have not been inferred.

Where the money comes from

Segment information

By business

Operating Segment Information 22 lines

Operating Segment Information
Item / unit	2025Plantations and palm oil mills	2025Palm, laurics and others	2025Eliminations	2025Total	2024Plantations and palm oil mills	2024Palm, laurics and others	2024Eliminations	2024Total	Source
Revenue
Revenue from external customersUS$'000	112,409	12,839,069	-	12,951,478	109,555	10,800,164	-	10,909,719	PDF p. 150 PDF p. 151
Inter-segment salesUS$'000	2,346,272	-	(2,346,272)	-	2,064,266	-	(2,064,266)	-	PDF p. 150 PDF p. 151
Total revenueUS$'000	2,458,681	12,839,069	(2,346,272)	12,951,478	2,173,821	10,800,164	(2,064,266)	10,909,719	PDF p. 150 PDF p. 151
Results
EBITDAUS$'000	708,761	550,483	(766)	1,258,478	567,381	534,373	(308)	1,101,446	PDF p. 150 PDF p. 151
Other information
Capital expenditureUS$'000	222,367	192,236	-	414,603	207,661	117,021	-	324,682	PDF p. 150 PDF p. 151
Depreciation and amortisationUS$'000	(260,606)	(113,217)	-	(373,823)	(241,031)	(115,376)	-	(356,407)	PDF p. 150 PDF p. 151
Write-back of expected credit loss on trade receivables, netUS$'000	-	156	-	156					PDF p. 150
Trade and non-trade receivables written offUS$'000	-	(277)	-	(277)					PDF p. 150
Net loss from changes in fair value of biological assetsUS$'000	(3,493)	-	-	(3,493)					PDF p. 150
(Loss)/Gain from changes in fair value of financial assets at FVTPLUS$'000	(4,645)	6	-	(4,639)	(4,109)	21,660	-	17,551	PDF p. 150 PDF p. 151
Interest on borrowingsUS$'000	(67,592)	(146,473)	-	(214,065)	(77,471)	(162,883)	-	(240,354)	PDF p. 150 PDF p. 151
Other information - Share of profit of
Associated companiesUS$'000	6	4,260	-	4,266					PDF p. 150
Joint venturesUS$'000	-	25,713	-	25,713					PDF p. 150
Assets
Segment assetsUS$'000	4,491,526	5,912,356	(1,435,111)	8,968,771	4,284,711	5,849,163	(1,112,636)	9,021,238	PDF p. 150 PDF p. 151
Assets - Investment in
Associated companiesUS$'000	1,201	28,190	-	29,391	1,236	26,376	-	27,612	PDF p. 150 PDF p. 151
Joint venturesUS$'000	-	266,077	-	266,077	-	246,442	-	246,442	PDF p. 150 PDF p. 151
Liabilities
Segment liabilitiesUS$'000	(697,814)	(3,913,920)	1,496,675	(3,115,059)	(573,664)	(3,907,830)	1,153,637	(3,327,857)	PDF p. 150 PDF p. 151
Other information
Non-trade receivables written offUS$'000					-	(1,070)	-	(1,070)	PDF p. 151
Gain on disposal of a joint ventureUS$'000					-	32,030	-	32,030	PDF p. 151
Impairment loss on goodwillUS$'000					-	(14,576)	-	(14,576)	PDF p. 151
Other information - Share of (loss)/profit of
Associated companiesUS$'000					(93)	5,259	-	5,166	PDF p. 151
Joint venturesUS$'000					-	14,976	-	14,976	PDF p. 151

Notes

Two reportable segments: Plantations and palm oil mills; Palm, laurics and others. Unallocated lines printed only in Total column. Liabilities printed in parentheses.

Comparative year segment table. Unallocated lines printed only in Total column. Liabilities printed in parentheses.

Reconciliation of total EBITDA to total profit before income tax 7 lines

Reconciliation of total EBITDA to total profit before income tax
Item / unit	2025Group	2024Group	Source
Reconciliation
EBITDA for reportable segmentsUS$'000	1,259,244	1,101,754	PDF p. 152
Other EBITDAUS$'000	(766)	(308)	PDF p. 152
Net (loss)/gain from changes in fair value of biological assetsUS$'000	(3,493)	16,220	PDF p. 152
Depreciation and amortisationUS$'000	(373,823)	(356,407)	PDF p. 152
Foreign exchange (loss)/gainUS$'000	(3,438)	36,354	PDF p. 152
Interest on borrowingsUS$'000	(214,065)	(240,354)	PDF p. 152
Profit before income taxUS$'000	663,659	557,259	PDF p. 152

Notes

A reconciliation of total EBITDA to total profit before income tax.

By geography

Revenue based on geographical location of customers 7 lines

Revenue based on geographical location of customers
Item / unit	2025Group	2024Group	Source
Revenue by geography
ChinaUS$'000	1,131,661	944,260	PDF p. 152
IndonesiaUS$'000	2,635,792	2,345,730	PDF p. 152
IndiaUS$'000	1,806,509	1,686,056	PDF p. 152
Rest of AsiaUS$'000	3,585,814	2,977,858	PDF p. 152
EuropeUS$'000	2,021,543	1,488,959	PDF p. 152
OthersUS$'000	1,770,159	1,466,856	PDF p. 152
Consolidated revenueUS$'000	12,951,478	10,909,719	PDF p. 152

Notes

Revenue based on geographical location of customers.

Non-current non-financial assets by geographical area 6 lines

Non-current non-financial assets by geographical area
Item / unit	2025Group	2024Group	Source
Non-current non-financial assets
IndonesiaUS$'000	4,043,923	3,930,017	PDF p. 152
ChinaUS$'000	70,065	68,884	PDF p. 152
SingaporeUS$'000	156,967	155,348	PDF p. 152
IndiaUS$'000	68,660	69,938	PDF p. 152
OthersUS$'000	65,940	75,184	PDF p. 152
Total non-current non-financial assetsUS$'000	4,405,555	4,299,371	PDF p. 152

Notes

Carrying amount of non-current non-financial assets, analysed by the geographical areas in which the assets are located.

Debt

Borrowings

Scheduled maturities of long-term loans as at 31 December 2025 (US$ equivalent)

Scheduled maturities of long-term loans as at 31 December 2025 (US$ equivalent)
Item / unit	2025Group, U.S. Dollar Equivalent US$'000, as at 31 December 2025	Source
Long-term borrowings repayable in
2026US$'000	430,976	PDF p. 137
2027US$'000	462,870	PDF p. 137
2028US$'000	437,817	PDF p. 137
2029US$'000	200,443	PDF p. 137
ThereafterUS$'000	21,972	PDF p. 137
TotalUS$'000	1,554,078	PDF p. 137
Current portion (Note 28)US$'000	(430,976)	PDF p. 137
Non-current portionUS$'000	1,123,102	PDF p. 137

Notes

Original currency columns (US$'000, S$'000, IDR'000) are also printed; only US$ equivalent captured here. 2025 original-currency totals: US$ 1,168,063; S$ 132,000; IDR 4,754,200,000.

Scheduled maturities of long-term loans as at 31 December 2024 (US$ equivalent)

Scheduled maturities of long-term loans as at 31 December 2024 (US$ equivalent)
Item / unit	2024Group, U.S. Dollar Equivalent US$'000, as at 31 December 2024	Source
Long-term borrowings repayable in
2025US$'000	174,537	PDF p. 137
2026US$'000	397,543	PDF p. 137
2027US$'000	418,640	PDF p. 137
2028US$'000	433,264	PDF p. 137
ThereafterUS$'000	224,834	PDF p. 137
TotalUS$'000	1,648,818	PDF p. 137
Current portion (Note 28)US$'000	(174,537)	PDF p. 137
Non-current portionUS$'000	1,474,281	PDF p. 137

Notes

Original currency columns also printed; only US$ equivalent captured.

Liquidity risk maturity profile of financial liabilities at 31 December

Liquidity risk maturity profile of financial liabilities at 31 December — Group
Item / unit	2025Less than 1 year, US$'000	20251 to 5 years, US$'000	2025Over 5 years, US$'000	2025Total, US$'000	2024Less than 1 year, US$'000	20241 to 5 years, US$'000	2024Over 5 years, US$'000	2024Total, US$'000	Source
At 31 December
Short-term loansUS$'000	1,293,470	-	-	1,293,470	1,695,480	-	-	1,695,480	PDF p. 157
Long-term loansUS$'000	491,130	1,174,142	4,673	1,669,945	264,534	1,583,463	23,658	1,871,655	PDF p. 157
Bonds and notes payableUS$'000	109,021	323,944	-	432,965	136,658	229,223	-	365,881	PDF p. 157
Lease liabilitiesUS$'000	19,374	42,364	375	62,113	20,766	52,057	4,107	76,930	PDF p. 157

Notes

Contractual undiscounted cash flows inclusive of principals and estimated interest.

Borrowing notes 10 tables

Short-term loans by currency

Short-term loans by currency — Group
Item / unit	2025US$'000	2024US$'000	Source
Short-term loans
United States dollarUS$'000	1,036,496	1,372,052	PDF p. 135
Indian rupeeUS$'000	112,309	85,290	PDF p. 135
Japanese yenUS$'000	89,693	105,845	PDF p. 135
Indonesian rupiahUS$'000	26,798	100,251	PDF p. 135
EuroUS$'000	4,322	2,289	PDF p. 135
Short-term borrowings
Current maturities of long-term loansUS$'000	430,976	174,537	PDF p. 135
Less: Unamortised loan chargesUS$'000	(1,730)	(1,828)	PDF p. 135

Notes

Certain time deposits, short-term investments, trade receivables, inventories, property, plant and equipment and bearer plants have been pledged to banks to obtain the Group’s secured short-term loans. No breach of loan covenants.

Short-term loans secured and unsecured

Short-term loans secured and unsecured — Group
Item / unit	2025US$'000	2024US$'000	Source
Short-term loans
Secured loansUS$'000	1,008,178	1,255,252	PDF p. 135
Unsecured loansUS$'000	261,440	410,475	PDF p. 135

Short-term loans weighted average effective interest rates

Short-term loans weighted average effective interest rates — Group
Item / unit	2025% per annum	2024% per annum	Source
Short-term loan rates
United States dollar%	4.67	5.74	PDF p. 135
Indian rupee%	6.06	8.47	PDF p. 135
Japanese yen%	0.63	0.28	PDF p. 135
Indonesian rupiah%	5.74	5.75	PDF p. 135
Euro%	3.66	4.77	PDF p. 135

Notes

Short-term loans have a maturity period of up to 12 months from the end of the financial year.

Long-term loans by currency and non-current portion

Long-term loans by currency and non-current portion — Group
Item / unit	2025US$'000	2024US$'000	Source
Long-term loans
United States dollarUS$'000	1,168,063	1,194,075	PDF p. 136
Indonesian rupiahUS$'000	283,291	356,995	PDF p. 136
Singapore dollarUS$'000	102,724	97,748	PDF p. 136
Total long-term loansUS$'000	1,554,078	1,648,818	PDF p. 136
Less: Current maturities of long-term loansUS$'000	(430,976)	(174,537)	PDF p. 136
Less: Unamortised deferred loan chargesUS$'000	(2,666)	(3,632)	PDF p. 136
Non-current portionUS$'000	1,120,436	1,470,649	PDF p. 136

Notes

Certain time deposits, trade receivables, inventories, property, plant and equipment and bearer plants have been pledged to banks to obtain the Group’s total secured loans.

Long-term loans secured and unsecured

Long-term loans secured and unsecured — Group
Item / unit	2025US$'000	2024US$'000	Source
Long-term loans
Secured loansUS$'000	1,350,194	1,427,022	PDF p. 136
Unsecured loansUS$'000	203,884	221,796	PDF p. 136

Long-term loans weighted average effective interest rates

Long-term loans weighted average effective interest rates — Group
Item / unit	2025% per annum	2024% per annum	Source
Long-term loan rates
United States dollar%	5.08	6.00	PDF p. 136
Indonesian rupiah%	6.74	7.30	PDF p. 136
Singapore dollar%	3.18	4.78	PDF p. 136

Bonds and Notes Payable

Bonds and Notes Payable — Group
Item / unit	2025US$'000	2024US$'000	Source
Unsecured Indonesian rupiah Bonds
9.00% p.a. fixed rate, due 2026US$'000	57,085	59,275	PDF p. 138
9.25% p.a. fixed rate, due 2026US$'000	17,876	18,562	PDF p. 138
9.50% p.a. fixed rate, due 2026US$'000	13,109	13,612	PDF p. 138
8.00% p.a. fixed rate, due 2027US$'000	23,954	24,873	PDF p. 138
8.25% p.a. fixed rate, due 2027US$'000	16,387	17,015	PDF p. 138
Less: Deferred bond chargesUS$'000	(420)	(400)	PDF p. 138
Unsecured Malaysian ringgit Islamic medium-term notes
5.42% p.a. profit rate, due 2027US$'000	80,914	80,914	PDF p. 138
Bonds and notes payable
Less: Current portionUS$'000	(87,992)	(116,084)	PDF p. 138
Non-current portionUS$'000	286,884	213,935	PDF p. 138

Notes

Bonds are unsecured Indonesian rupiah bonds; Islamic medium-term notes are unsecured, in Indonesian rupiah and Malaysian ringgit.

Lease Liabilities

Lease Liabilities — Group
Item / unit	2025US$'000	2024US$'000	Source
Lease liabilities
United States dollarUS$'000	51,391	62,752	PDF p. 138
Chinese renminbiUS$'000	1,246	1,716	PDF p. 138
EuroUS$'000	1,586	1,479	PDF p. 138
Indonesian rupiahUS$'000	378	340	PDF p. 138
OthersUS$'000	142	128	PDF p. 138
Total lease liabilitiesUS$'000	54,743	66,415	PDF p. 138
Less: Current portion of lease liabilitiesUS$'000	(16,124)	(16,736)	PDF p. 138
Non-current portionUS$'000	38,619	49,679	PDF p. 138

Notes

The above lease liabilities include balances with related parties of US$365,000 (2024: US$179,000).

Total debts

Total debts — Group
Item / unit	2025US$'000	2024US$'000	Source
Capital risk management
Short-term borrowingsUS$'000	1,698,864	1,838,436	PDF p. 154
Long-term borrowingsUS$'000	1,120,436	1,470,649	PDF p. 154
Bonds and notes payableUS$'000	374,876	330,019	PDF p. 154
Lease liabilitiesUS$'000	54,743	66,415	PDF p. 154
Total debtsUS$'000	3,248,919	3,705,519	PDF p. 154

Interest rate profile of financial liabilities

Interest rate profile of financial liabilities — Group
Item / unit	2025carrying amount US$'000	2024carrying amount US$'000	Source
Financial Liabilities
Variable rateUS$'000	2,842,040	3,206,681	PDF p. 155
Fixed rateUS$'000	689,404	704,186	PDF p. 155
Non-interest bearingUS$'000	633,063	689,439	PDF p. 155

Notes

Financial Liabilities subsection only.

Payout

Dividends & distributions

Dividend policy

Item	Value	Period / scope	Source
11.3 Dividend Policy	The Company aims to declare future dividends of up to 30% of its underlying profit, i.e. profit attributable to owners of the Company after excluding net effect of net gain or loss from changes in fair value of biological assets and depreciation of bearer plants, exceptional items and other non-operating items.	Company	PDF p. 69

Dividends declared and proposed

Item	Value	Period / scope	Source
proposed final dividend	S$0.00952	FY2025 final dividend proposed, per ordinary share	PDF p. 143
Final dividend paid in respect of previous year of S$0.00804 (2024: S$0.00613) per share	S$0.00804	Final dividend for FY2024, paid in 2025, per share	PDF p. 143

Payout

Item	Value	Period / scope	Source
Dividend per share for the current year’s underlying profit (S$ cents)	0.952 S$ cents	FY2025	PDF p. 7
Dividend per share change	18%	FY2025 dividend as % of underlying profit	PDF p. 6

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

Auditor’s report

Audit & risk signals

Audit opinion

Item	Value	Period / scope	Source
Audit firm	Moore Stephens LLP	Group, FY2025	PDF p. 91
Engagement partner	Lao Mei Leng	Group, FY2025	PDF p. 91
Opinion	In our opinion, the accompanying consolidated financial statements give a true and fair view	Group, FY2025	PDF p. 88

Key audit matters

Item	Value	Period / scope	Source
Valuation of investments in financial assets	The Group holds interests in its portfolio companies via various types of financial instruments, comprising quoted and unquoted equity securities, unquoted funds, convertible instruments and unquoted debt securities.	Group, FY2025	PDF p. 88
Accounting for derivative financial instruments	The Group enters into derivative financial instruments such as forward currency contracts and various commodity futures and options.	Group, FY2025	PDF p. 89

Going concern

Item	Value	Period / scope	Source
Going concern	If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures	Group, FY2025	PDF p. 90

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

How to read these figures

Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.

Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.

Financial highlights provide four years, FY2022–FY2025. No fifth year has been inferred; historical original-report backfill remains separate and incomplete.

The primary statements preserve FY2025/FY2024 Group and Company scope, US$ thousands, every equity component and original cash-flow statement rows. Highlights use US$ millions with explicit cents, shares, ratios and other unit exceptions.

Unlabelled original subtotals remain unlabelled; source section headings provide context. Original repeated attribution totals are retained. Chart and table highlights can repeat the same disclosed metric.

Nineteen rows failed contiguous literal text-order checks; their exact original numbers, row labels, years, units and PDF coordinates were independently verified. Generic validator findings are retained in the audit provenance.

These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.