Monde Nissin Corporation (“Monde Nissin” or the “Company”; PSE stock symbol: MONDE) announced today its unaudited financial results for the first half ended June 30, 2026.
Consolidated revenue increased by 6.8% to Php 44.3 bn in the first half and by 4.6% to Php 21.5 bn in the second quarter. Core net income attributable to shareholders increased by 16.1% to Php 5.5 bn in the first half. Core net income attributable to shareholders’ growth accelerated by 23.6% to Php 2.2 bn in the second quarter, driven by increased gross profit and a foreign exchange gain, compared with a foreign exchange loss in the prior year. Reported net income grew by 31.2% to Php 5.8 bn in the first half and by 26.4% to Php 2.1 bn in the second quarter.
Asia-Pacific Branded Food and Beverage (APAC BFB)
APAC BFB net sales for the first half grew by 5.9% to Php 36.9 bn, while it rose by 3.1% in the second quarter to Php 17.8 bn, driven largely by growth in biscuits and the strategic growth category (formerly called the ‘Others’). Our domestic business grew by 6.4% to Php 35.0 bn for the first half and by 3.4% to Php 16.9 bn in the second quarter.
Gross profit increased by 9.0% to Php 13.3 bn in the first half and by 9.8% to Php 6.2 bn in the second quarter. Gross margin expanded by 102 bps year on year to 36.0% in the first half and by 212 bps year on year to 35.0% in the second quarter, mainly driven by pricing actions and cost management initiatives. However, normalization of contra revenue and elevated manufacturing costs due to higher energy costs in Q2 resulted in a 203-bps decline in gross margin compared with the first quarter. Core EBITDA grew at a more moderate pace than gross profit, increasing by 2.3% to Php 8.0 bn in the first half and by 2.7% to Php 3.4 bn in the second quarter due to higher transportation and delivery costs, and increased A&P investment.
Protein (Quorn Foods)
On a constant-currency basis, revenue from the Protein business grew 2.2% in the first half and 2.7% in the second quarter, driven by growth in the snacking segment within the UK retail channel. On a reported basis, revenue increased by 12.0% in the first half and by 12.3% in the second quarter, reflecting the depreciation of the Philippine Peso.
Gross profit for the first half increased by 44.0% to Php 2.3 bn, while gross profit in Q2 improved by 34.4% to Php 1.1 bn. Gross margin for the first half improved by 688 bps year-on-year to 31.0%. Gross margin for the second quarter improved by 496 bps year-on-year to 30.1%, driven by transformation benefits, lower inventory, and targeted selling price increases. Core EBITDA amounted to Php 574 mn in the first half, while second-quarter core EBITDA reached Php 249 mn, supported by higher gross profit.
Note:
1Guaranty asset, i.e., Asset to provide a guaranty equal to the aggregate collateral value, which fluctuates with the prevailing share price and other discounting factors, of up to a maximum of 2.156 billion shares of MNC or 12.0% of the current outstanding capital stock of MNC to cover the net cumulative impairment incurred by MNSPL starting from the calendar year ended December 31, 2023, and every year thereafter up to December 31, 2032. As of December 31, 2025, the net cumulative impairment of MNSPL amounted to GBP 259 mn. (Refer to Monde Nissin Corporation SEC Form 17-A 2025 for additional details.)
Monde Nissin’s financial position remains strong with Php 14.4 bn in cash and cash equivalents and a stable net debt-to-equity ratio of 0.10. The outstanding debt was at Php 2.1 bn as of June 30, 2026. Operating cash flow was at Php 7.6 bn for the first half of 2026.
Concluding Comments
Henry Soesanto, Chief Executive Officer, commented, “Our APAC BFB business delivered modest growth in the second quarter, led by biscuits and our strategic growth categories. Disciplined pricing, cost management, and hedging supported strong year-on-year gross margin expansion. Sequentially, gross margin moderated by 203 bps, reflecting the normalization of contra revenue and elevated manufacturing costs, particularly higher energy costs arising from the Middle East crisis. Despite these external pressures and higher operating logistics expenses resulting from the crisis, we delivered year-on-year earnings growth, further supported by significant benefits from our US dollar hedge position.”
Turning to our Protein business, Mr. Soesanto added, “We are encouraged by the Protein business’ continued progress in the second quarter: revenue grew 2.7% on a constant-currency basis driven by growth in the snacking segment; gross margin expanded by nearly 500 bps; and the first-half core EBITDA exceeded the business’ full-year EBITDA for the prior year. These results reflect the benefits of our transformation initiatives and disciplined cost management.”
Mr. Soesanto concluded by saying, “We remain mindful of ongoing input cost pressures and will continue to manage the business prudently, while remaining sensitive to our consumers should further pricing adjustments become necessary.”
