Monde Nissin Reports 3.3% Revenue Growth in H1, Driven by 5.0% Q2 Growth in APAC BFB

​Monde Nissin Corporation (“Monde Nissin” or the “Company”; PSE stock symbol: MONDE) announced today its unaudited financial results for the six months ended June 30, 2025. Consolidated revenue for the first half increased by 3.3% to P41.5 billion, with second quarter growth at 3.8%.

​Core net income attributable to shareholders for the first half declined by 7.2% to P4.7 billion and by 18.5% to P1.8 billion in the second quarter, primarily due to a lower gross profit in the APAC BFB business. In addition, core net income attributable to shareholders was negatively impacted by a foreign exchange loss during the quarter, compared to a gain in the same period last year, as the Philippine Peso appreciated to P56.33 by the end of the second quarter.

Reported net income for the first half increased by 7.8% to P4.4 billion. In the second quarter, the reported net income increased by 174.8% to P1.7 billion compared to P611 million last year, driven by a significantly lower non-cash loss of P15 million on the fair value of the Meat Alternative guaranty asset, compared to a P1.5 billion loss last year.

Asia-Pacific Branded Food and Beverage (APAC BFB)

APAC BFB net sales for the first half grew by 4.6% to P34.9 billion, while it rose by 5.0% in the second quarter, largely driven by volume growth in biscuits and culinary. The domestic business grew by 5.3% for the first half with the second quarter growth at 6.4%.
Gross profit for the first half declined by 2.1% to P12.2 billion and by 4.7% to P5.7 billion in the second quarter. Gross margin declined by 239 bps year-on-year to 35.0% in the first half and declined by 335 bps year-on-year in the second quarter, primary driven by palm oil and coconut oil. Core EBITDA declined by 5.1% to P7.9 billion in the first half and declined by 10.2% to P3.3 billion in the second quarter due to lower gross profit.

Meat Alternative (Quorn Foods)

Meat Alternative revenue declined by 5.3% and 4.8% on a constant currency basis in the first half and second quarter, respectively, as category softness continues. On a reported basis, revenue declined by 3.0% in the first half and 2.1% in the second quarter.
Gross profit for the first half increased by 8.5% to P1.6 billion, while gross profit in Q2 improved by 6.4%. Gross margin for the first half improved by 254 bps year-on-year to 24.1%. Gross margin for the second quarter improved by 202 bps year-on-year to 25.1%, driven by transformation benefits, lower inventory, lower input costs, and targeted selling price increases, partially offset by the impact of lower production volumes. Core EBITDA for the first half was at P165 million, with core EBITDA for the second quarter reaching P24 million after increased investment in our brands, reflecting improvement in the gross profit.

Monde Nissin’s financial position remains strong with P11.1 billion in cash and cash equivalents and a stable net debt-to-equity ratio of 0.12. The outstanding debt was at P1.2 billion as of June 30, 2025. Operating cash flow was at P4.3 billion for the first half of 2025.

Concluding Comments

Henry Soesanto, Chief Executive Officer, commented, “Our APAC BFB business delivered modest topline growth in the second quarter, driven by volume growth in biscuits and culinary, and so far, this quarter, we have experienced good growth across all our APAC BFB domestic categories with July being the best month of the year so far. While we have experienced pressure on our Q2 gross margin, we have implemented a range of pricing and cost saving initiatives addressing this. We expect gross margin will improve in the second half of the year compared to the first half; however, full year gross margin is expected to be lower than last year, reflecting ongoing input cost pressures.”

Regarding our Meat Alternative business, Mr. Soesanto added, “We are pleased to report continued improvement in our Meat Alternative business during the second quarter. Our gross margin expanded over 200 bps, and we achieved positive EBITDA for the quarter after funding A&P investment. In July, we saw a modest year-over-year increase in Meat Alternative sales, which was our first growth after several years of decline. While it is just one month, it is an encouraging sign given ongoing category headwinds. We remain focused on stabilizing performance and adapting to evolving consumer preferences.”