WH Group Limited (WH Group, 00288.HK) has disclosed the unaudited results of its 87 %-owned U.S. subsidiary, Smithfield Foods, Inc., for the three months ended 29 March 2026. The figures are presented under U.S. GAAP and therefore differ from WH Group’s forthcoming IFRS-based consolidated statements.

Financial Highlights • Revenue rose 0.77 % year-on-year to USD 3.80 billion. • Gross profit edged up to USD 511 million, maintaining a gross margin of 13.45 %. • Operating profit increased 3.74 % to USD 333 million, supported by an 8.63 % reduction in selling, general and administrative expenses to USD 180 million. • Net income reached USD 249 million, a 9.69 % improvement; net income attributable to Smithfield shareholders was USD 246 million. • Basic earnings per share climbed to USD 0.63 from USD 0.57; diluted EPS rose to USD 0.62. • Net interest expense fell to USD 8 million from USD 11 million, while non-operating losses narrowed to USD 1 million.

Comprehensive Income Total comprehensive income declined to USD 236 million (-12.59 %), reflecting a USD 14 million other comprehensive loss driven mainly by hedge-accounting adjustments.

Balance-Sheet Movements (29 Mar 2026 vs 28 Dec 2025) • Total assets stood at USD 12.00 billion, down 1.44 % due largely to a USD 153 million reduction in cash and cash equivalents to USD 1.39 billion. • Inventories inched up 0.86 % to USD 2.35 billion; accounts receivable rose 4.20 % to USD 1.07 billion. • Current liabilities increased to USD 2.09 billion (up USD 345 million) as USD 602 million of long-term debt moved into the current portion ahead of maturity. • Long-term debt decreased by the same USD 599 million to USD 1.40 billion, leaving total debt unchanged at USD 2.00 billion. • Shareholder equity grew 0.93 % to USD 6.86 billion, driven by a USD 121 million rise in retained earnings, partially offset by a wider accumulated other comprehensive loss.

Capital Structure and Liquidity Smithfield closed the quarter with a 31 % net debt-to-equity ratio, stable versus year-end, and maintained USD 1.39 billion in cash and cash equivalents, providing a solid liquidity buffer against USD 675 million of current lease and debt obligations.

Regulatory Note The reported figures follow U.S. GAAP. WH Group’s consolidated results, prepared under IFRS Accounting Standards, will include conforming adjustments and may therefore differ from the numbers above.