Monde Nissin Reports Q1 Core Net Income of P2.9B

Monde Nissin Corporation announced its unaudited financial results for the first quarter ended March 31, 2025. Consolidated revenue for the first quarter increased by 2.8% to P20.9 billion.

Gross profit for the first quarter grew by 1.3% to P7.3 billion. Gross margin for the first quarter declined by 53 bps year-on-year to 34.9%, driven by APAC BFB gross margin decline of 144 bps, partially offset by Meat Alternative gross margin improvement of 304 bps due to the impact of lower input costs, supply chain transformation, lower inventory, partially offset by impact of lower production volume. 

Core net income attributable to shareholders increased by 1.5% to P2.9 billion for the first quarter.

Reported net income for the year was P2.7 billion, offset by a P290 million non-cash accounting loss on the fair value of the Meat Alternative guaranty asset1 and a P69 million cost related to the Meat alternative restructuring and supply chain transformation.

Asia-Pacific Branded Food and Beverage (APAC BFB) 

APAC BFB net sales for the first quarter grew by 4.1% to P17.6 billion, largely driven by volume growth in biscuits, culinary, and packaged cakes. The domestic business grew by 4.3% for the first quarter. 

Gross profit for the first quarter increased by 0.2% to P6.5 billion. Gross margin declined by 144 bps year-on-year to 37.1%, primarily driven by higher commodity costs. Core EBITDA declined by 1.0% to P4.5 billion for the first quarter.  

Meat Alternative (Quorn Foods) 

Meat Alternative revenue declined by 5.8% on a constant currency basis for the first quarter as category softness continues. On a reported basis, revenue declined by 3.8% in Q1. 

Gross profit for the first quarter increased by 10.8% to P759 million. Gross margin for the first quarter improved by 304 bps year-on-year to 23.0% due to the impact of lower input costs, supply chain transformation, lower inventory, partially offset by impact of lower production volume. Core EBITDA for the first quarter was P140 million due to gross profit improvement and broader transformation benefits.

Monde Nissin’s financial position remains strong with P14.2 billion in cash and cash equivalents and a stable net debt-to-equity ratio of 0.16. The outstanding debt was at P2.9 billion as of March 31, 2025. Operating cash flow was at P2.5 billion for the first quarter 2025.

Henry Soesanto, Chief Executive Officer, commented, “Our APAC BFB business delivered modest top-line growth for the first quarter, driven by volume growth in biscuits, culinary, and packaged cakes. Q1 gross margin in line with full year 2024 gross margin. We reiterate our full year guidance for 2025 of mid-single-digit revenue growth and gross margin to be broadly in line with last year.”

Regarding our Meat Alternative business, Mr. Soesanto added, “While it is still a bit early, we are seeing encouraging progress in our Meat Alternative business with gross margin improving over 300 bps in the first quarter. We achieved positive EBITDA by continuously focusing on cost reduction and efficiency improvement, and we are performing in line with the expectations of the latest Meat alternative valuation.”

​Monde Nissin Corporation is a global food and beverages company headquartered in the Philippines, with a portfolio of iconic and market leading brands across fast-growing categories, including Lucky Me! noodles, SkyFlakes crackers, Fita crackers, Monde baked goods and Quorn meat alternative products. The Company aspires to improve the well-being of people and the planet, and create sustainable solutions for food security. That aspiration is reflected in our commitment to continuously improve our products to make them more delicious, nutritious, and better for the planet.

Quorn Foods is a global market leader in healthy, sustainable protein. Headquartered in Stokesley, North Yorkshire in the United Kingdom, the company offers a wide range of great-tasting products to appeal to the rapidly expanding group of people wanting to reduce their meat consumption. The company employs around 800 people and exports to 15 countries around the world, including Australia, Singapore and the United States. Quorn® is one of the United Kingdom’s top 50 FMCG food brands. Quorn Foods is the reporting group which includes a main trading company, Marlow Foods Ltd. Quorn Foods encompasses all international operations of Quorn® and Cauldron®.