Fraser and Neave Limited released a voluntary business update for the three months ended Dec, 31 2025 (“1Q2026”), reporting profit before interest and tax of 98.8 million Singapore dollars, up 7.6% from the prior‐year period. The PBIT margin improved 180 basis points year on year to 16.7%.

Group revenue slipped 4.1% to 592.9 million Singapore dollars, affected by later Chinese New Year timing, softer demand in certain markets and lower beer volumes. Profit after tax declined 13.6% to 64.1 million Singapore dollars, while profit attributable to shareholders fell 8.9% to 47.4 million Singapore dollars, reflecting a higher effective tax rate of 29.4% versus 10.8% a year earlier. Earnings per share decreased to 3.3 cents from 3.6 cents.

By segment, Beverages posted stronger earnings as beer margins expanded under the TAPPER programme, offsetting weaker soft-drinks results. Dairies saw lower profitability due to reduced volumes and increased advertising and promotion spending, though this was partly cushioned by a higher contribution from Vietnam Dairy Products JSC (“Vinamilk”). Publishing & Printing narrowed its losses on improved education sales and a higher-margin mix.

Geographically, Malaysia recorded revenue growth, supported by the School Milk Programme and favourable foreign-exchange movements, but earnings were dragged by an unfavourable sales mix and higher costs at the F&N AgriValley dairy farm. Thailand’s profit fell on softer domestic demand, while contributions from Myanmar and Vietnam improved, the latter benefiting from Vinamilk’s stronger performance.

As at Dec, 31 2025, the group held cash of 373.2 million Singapore dollars and borrowings of 1.32 billion Singapore dollars, translating to a net gearing ratio of 27.5%.

During the quarter, Fraser and Neave completed a 296 million Singapore dollar purchase of an additional 4.6% stake in Vinamilk on Dec, 22 2025, raising its interest to 24.99%. The group also commenced commercial production of F&N Magnolia fresh milk at its integrated F&N AgriValley dairy farm in Malaysia on Jan, 02 2026, and said construction of a new dairy facility in Cambodia remains on schedule for a first‐quarter 2026 start-up.