Fraser and Neave, Limited (F&N) posted a profit after taxation of S$113.0 million for the six months ended 31 Mar 2026, down 9 per cent year-on-year (YoY) as a higher effective tax rate offset stronger operating earnings.

Earnings per share slipped to 5.6 cents from 5.8 cents a year earlier. The board declared an unchanged interim dividend of 1.5 cents a share, payable on 5 Jun 2026.

Group revenue fell 6 per cent YoY to S$1.14 billion. Profit before interest and tax (PBIT) nevertheless rose 6 per cent to S$174.8 million, supported by margin gains and cost controls. • Food & Beverage (F&B): Revenue declined 7 per cent to S$994.7 million, while PBIT increased 3 per cent to S$169.9 million.  – Beverages revenue dropped 12 per cent to S$376.9 million, hurt by a S$65.8 million foreign-exchange translation impact on the beer business. Excluding currency effects, beer sales were up 2 per cent. Beverages PBIT surged 73 per cent to S$52.2 million on price adjustments and lower input costs.  – Dairies revenue slipped 4 per cent to S$617.8 million and PBIT fell 13 per cent to S$117.7 million, weighed by weaker exports from Thailand and higher start-up costs at F&N AgriValley. Share of profit from associate Vinamilk rose 42 per cent to S$51.2 million after F&N lifted its stake to 24.99 per cent in Dec 2025.

• Publishing & Printing (P&P): Revenue edged up 2 per cent to S$98.1 million. Segment loss narrowed to S$3.2 million from S$9.4 million on stronger education orders and a leaner cost base in print operations.

Currency headwinds, higher supply-chain expenses and the absence of prior-year tax write-backs weighed on bottom-line growth, while geopolitical tensions dampened cross-border dairy exports.

During the half, F&N agreed to invest up to S$15 million for as much as 19.99 per cent of New Zealand-listed Comvita Limited to enlarge its health-and-wellness portfolio, and completed a S$296 million purchase lifting its stake in Vietnam Dairy Products (Vinamilk) to 24.99 per cent. These moves are aimed at deepening regional dairy capabilities and expanding into premium natural health products.

Chief executive officer Rahul Colaco said the company faced “heightened macroeconomic, currency and supply-chain pressures” in the period but maintained that underlying operations remained resilient, supported by disciplined cost management, product innovation and growing education and sustainable-packaging businesses. He indicated the group will continue to focus on portfolio strengthening, health-and-wellness opportunities and expanding consumption occasions across core brands.