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DELIVERING
MORE

Annual Report 2025

Chairman’s Message

Chairman’s Message

Chairman’s Message

Y.A.M. TENGKU SYARIF BENDAHARA PERLIS
SYED BADARUDIN JAMALULLAIL
IBNI ALMARHUM TUANKU SYED PUTRA JAMALULLAIL
Chairman

Dear shareholders & stakeholders,

The past 12 months marked an important period in our continued journey of development, a period in which we built upon our earlier focus on capturing value across the entire value chain and committed ourselves to Delivering More — more value, more innovation and more positive impact for every stakeholder.

As a company with more than 140 years of heritage, Delivering More is not simply an ambition but a responsibility. Our legacy as one of Malaysia’s most trusted household names drives us to remain at the forefront of a fast-evolving food and beverage industry, while strengthening our resilience and commitment to sustainability.

Q&A WITH OUR CEO

Q&A WITH OUR CEO

Q&A WITH OUR CEO

How was F&NHB’s financial performance in FY2025, considering the turbulent macroeconomic environment?

In the first half of the year, it became evident that geopolitical tensions were unfolding directly within our key markets. These developments, coupled with a softer macroeconomic environment influenced by global trade disruptions, lower tourist arrivals and broader economic uncertainty, required the Group to take a disciplined approach in setting clear business priorities.

In this context, FY2025 became a year of capturing value from our established core businesses in Beverages and Canned Milk. This strategic emphasis delivered resilient results. The Group registered stable performance, recording RM5.2 billion in full year revenue and sustained profit momentum amid global and regional volatility.

LIM YEW HOE
Chief Executive Officer

F&N At a Glance

Annual Turnover
>RM5 billion annual turnover
100%
Halal-Certified Products
Workforce Workforce of
>3,800 employees
37 brands in
14 categories
Extensive network coverage
Extensive network coverage with 230,000
outlets in Malaysia, Thailand, Cambodia, and Laos
Offices
29
offices across Malaysia, Thailand, Brunei, Cambodia U.A.E and China

14 Manufacturing Facilities

Beverages
BEVERAGES
  • Shah Alam
  • Kuching
  • Kota Kinabalu (2 sites)
  • Butterworth
Mineral Water
MINERAL WATER
  • Bentong
  • Matang
Dairy
DAIRY
  • Pulau Indah
  • Rojana
  • Wang Muang
Food
FOOD
  • Rawang (4 sites)

FINANCIAL HIGHLIGHTS

Revenue

RM5,916.6

million
Operating profit

RM745.5

million
Profit for the Year

RM514.7

million
Profit before Tax (PBT)

RM730.7

million
*Included proposed final dividend of 35.0 sen per share, which will only be recognised in the financial statements upon shareholders’ approval.
PBT on Revenue
14.1 %
Dividend per Share
65.0 sen*
Gearing Ratio
17.0 %
Return on Shareholder’s Equity
13.2 %
Share Capital
RM816.8 million
Net Assets per Share
RM 10.53
Basic Earnings per Share
138.9 sen
Shareholders’ Equity
RM3,863.3 million
Market Capitalisation
RM11,905.6 million
(as at 14 November 2025)

SUSTAINABILITY at F&N

We are committed to a future where people and the planet thrive together. Our dedication to human rights, ethical conduct and strong corporate governance forms the foundation of trust and long-term value creation. As we focus on building a greener world, we remain equally dedicated to delivering enduring benefits for our shareholders and stakeholders. By aligning responsible practices with sustainable growth, we strive to leave a legacy of integrity, progress and stewardship for the future.

Basis of this report

We trust that transparency and well-balanced reporting is the way to understanding the Group’s process and businesses. Through the changes we have instituted into our reports this year, and aligning with the principles of integrated reporting, we hope to provide a clear account of what we believe value creation means for our stakeholders.

ASSURANCE

Internal controls and management assurance
Compliance and internal audit reviews
External audit by KPMG PLT on financial statements
External audit by Lloyd’s Register Quality Assurance on selected Environment and Social disclosures
Board approval assisted by the Board Committees

REGULATIONS COMPLIED

Main Market Listing Requirements of Bursa Malaysia Securities Berhad
Companies Act 2016
Malaysian Code on Corporate Governance
International Integrated Reporting Framework
Malaysian Financial Reporting Standards (MFRS)

DIRECTORS’ APPROVAL

The Board acknowledges its responsibility to ensure the integrity of the Annual Report. In the Board’s opinion, the report addresses all material issues and matters and fairly presents the Group’s performance for the financial year 2025.