WH Group reported revenue of USD 13.83 billion for the six months ended 30 June 2026, a 3.3% year-on-year increase driven by stronger packaged-meats demand. Profit attributable to owners before biological fair-value adjustments rose 6.6% to USD 773 million, although operating profit slipped 2.2% to USD 1.23 billion as lower pork prices compressed margins, particularly in China and Europe.
Packaged-meats remained the core earnings engine, contributing 51.3% of group revenue and 89.4% of operating profit. Segment revenue advanced 6.9% to USD 7.10 billion, with China up 13.7%, Europe up 18.1%, and North America up 1.7%. Segment operating profit expanded 5.1% to USD 1.10 billion; China posted double-digit growth, Europe benefited from lower raw-material costs and the newly acquired Wolf Group, while North America faced input-cost inflation.
Pork operations saw revenue fall 3.9% to USD 5.40 billion and operating profit contract 31.0% to USD 176 million. Losses in China (USD 7 million) offset gains in North America (USD 182 million), while European profitability dipped to near-breakeven amid a 20% drop in hog prices and higher energy and wage costs. External pork sales volume still climbed 6.1% to 2.08 million metric tons, aided by a 40.6% jump in Chinese processing volumes.
The “Others” division, including poultry, logistics and ancillary businesses, lifted revenue 18.0% to USD 1.33 billion, supported by a 15.5% rise in poultry processing.
Balance-sheet liquidity remained solid with USD 2.20 billion in cash and equivalents and USD 2.65 billion in undrawn committed facilities. Total borrowings increased to USD 4.43 billion, leaving net debt-to-equity at 17.2% and net debt-to-EBITDA at 0.6x. Average interest cost edged down to 2.53%.
Capital expenditure reached USD 265 million, focused on U.S. plant upgrades, Chinese poultry expansion and European capacity additions. WH Group also outlined up to USD 1.30 billion for a new Sioux Falls combined pork/packaged-meats facility (construction targeted to start 1H 2027) and completed the acquisition of Germany’s Wolf Group in January 2026. The pending USD 102-per-share cash purchase of U.S. hot-dog brand Nathan’s Famous remains subject to shareholder and regulatory approvals, with completion expected in 2H 2026.
The board declared an interim dividend of HKD 0.20 per share, payable on or about 30 September 2026 to shareholders on record as of 17 September 2026.
Management signalled ongoing focus on pricing discipline, product-mix optimisation, cost control and further diversification into poultry and value-added proteins to mitigate soft consumer demand, commodity volatility and inflationary pressures.
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