Sipef NV Overview
SIPEF is a century-old, Antwerp-rooted tropical agribusiness. It has evolved from a colonial-era plantation finance house into a focused, vertically integrated upstream producer of certified-sustainable palm products and export bananas. The group operates about 84,600 planted hectares of oil palm across North Sumatra, Bengkulu and South Sumatra (Indonesia) and West New Britain (Papua New Guinea). These estates feed ten owned palm oil mills from a supply base of roughly 106,700 hectares including smallholders. A Côte d'Ivoire banana business (Plantations J. Eglin) supplies European retailers under annual fixed-price contracts. Palm products generate roughly 92% of revenue and about 95–97% of gross profit, which makes SIPEF essentially a leveraged play on crude palm oil prices, yields and Indonesian fiscal policy. Its differentiators include full RSPO orientation, premium-earning traceable oil from Papua New Guinea, a debt-free balance sheet, and a maturing South Sumatra expansion that is driving double-digit volume growth. Its anchor shareholder is the Belgian holding Ackermans & van Haaren.
Company's own description (latest filings)
In its 2026 filings, SIPEF describes itself as a Belgian agribusiness group listed on Euronext Brussels. It specialises in sustainably certified tropical agricultural commodities, primarily palm oil and bananas, consolidated in Indonesia, Papua New Guinea and Côte d'Ivoire. The company notes that these activities are labour-intensive and depend on broad stakeholder involvement to sustain long-term investment (Q3 2026 interim statement, 15 Oct 2026). The H1 2026 report's general-information note specifies the product set: fresh fruit bunches (FFB), crude palm oil (CPO), palm kernels (PK), crude palm kernel oil (CPKO) and sustainable bananas.
Independent characterisation
SIPEF is an upstream plantation owner-operator. It plants, harvests and mills its own fruit, and also buys third-party FFB from smallholders: about 17% of 2025 CPO came from third-party fruit (76,143 t of 441,867 t; FY2025 press release). It sells undifferentiated but certified commodity output into two very different markets:
Indonesia (domestic tender market): Indonesian CPO is sold mostly monthly into local tenders, at prices net of the government's monthly export tax and levy. That burden reached USD 308/t in Q3 2026 (Q3 2026 interim statement). Ex-mill realisations are structurally lower: USD 863/t in 2025 versus USD 1,144/t in PNG (FY2025 press release).
Papua New Guinea (export market): Hargy Oil Palms Ltd (HOPL) sells forward into export markets, mainly Europe. It earns premiums for sustainability, quality and origin, and is not subject to Indonesian export levies.
Bananas (Côte d'Ivoire): Plantations J. Eglin sells almost all output under annual fixed-price contracts with long-standing European customers. This insulates the segment from spot-price volatility.
Business and revenue model
| Dimension | Characterisation |
|---|---|
| Product vs service mix | ~99.7% product sales (palm products, bananas); ~0.3% "corporate" income (management fees from non-group companies, sea-freight commissions) — FY2025 segment note |
| Subscription / licensing | — |
| Pricing basis | Commodity-linked. Palm prices are benchmarked to Bursa Malaysia Derivatives (MDEX) futures. SIPEF switched its reference from CIF Rotterdam to MDEX in its FY2024 reporting. |
| Contracting | Forward sales (PNG); monthly local tenders (Indonesia); annual fixed-price contracts (bananas) |
| Value-chain position | Upstream: nursery → plantation → mill (CPO/PK). Limited midstream: kernel crushing to CPKO, with a new PK crushing plant planned in Bengkulu. No refining or consumer brands. |
| Customer types | Refiners, traders and food/oleochemical manufacturers (palm); European importers and retailers (bananas) |
| End-markets | Food (edible oils, fats), oleochemicals/personal care (lauric PKO), biodiesel (indirectly, via Indonesian and global mandates), fresh fruit retail |
Scale indicators (FY2025 unless stated)
| Indicator | Value | Source |
|---|---|---|
| CPO production | 441,867 t (+21.9%) | FY2025 press release |
| Banana production | 52,159 t (+2.2%) | FY2025 press release |
| Planted oil palm | 84,576 ha (end-2025, after excluding 1,897 ha of roads/infrastructure under a revised definition) | FY2025 press release |
| Total supply base | 106,718 ha feeding 10 mills | FY2025 press release |
| Smallholder suppliers | 9,148 farmers on 28,126 ha (date of figure not stated) | Company "About" page |
| Banana planted area | 1,238 ha (2025); ~1,595 ha expected by YE2026 including Tiabam | Tiabam release (7 Sep 2026); Q3 2026 interim statement |
Strategy
Stated strategic themes (FY2025 IAR, 2026 releases)
Management's public framing rests on a small set of recurring themes (paraphrased):
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Sustainable growth as the foundation of strategy. Sustainability is embedded in governance and management structures, and is the opening chapter of the FY2025 IAR.
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High-quality, sustainable, traceable palm products. A move from commodity CPO towards premium, low-contaminant, certified and traceable oil: CPO washing, Halal, HACCP by 2028, RSPO certification of all plantations by 2030.
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Balanced Growth Strategy. Selective diversification alongside palm, explicitly cited in the Tiabam announcement.
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Value-chain integration. The PK crushing plant (Bengkulu) and bio-CNG from mill effluent.
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Operational excellence. Mill modernisation (boilers, turbines, sterilisers), OER and kernel-extraction optimisation, and digitalisation of agronomy and the banana supply chain.
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Disciplined, self-funded capital allocation. Capex funded from operating cash flow; dividend payout raised to 40%.
Initiatives announced in the last 24 months
| Initiative | Date | Description and targets | Source |
|---|---|---|---|
| Dividend policy reset | Feb 2026 | Payout ratio raised from 30% to 40%; FY2025 DPS EUR 4.30 (+115%) | FY2025 press release |
| 2026 capex programme | Feb–Oct 2026 | Initially USD 100–120 M; cut to USD 90–100 M in Oct 2026 as El Niño dryness may defer replanting into 2027 | FY2025, H1 and Q3 2026 releases |
| Innovation, quality and sustainability capex | 2,026 | Over USD 18.8 M (versus a >USD 9 M target in 2025): two CPO washing installations, two new biogas plants, biogas upgrades, bio-CNG expansion | FY2025 and Q3 2026 releases |
| PK crushing plant, Bengkulu | 2026 onward | Design and preparatory works to process rising kernel volumes | H1 and Q3 2026 releases |
| South Sumatra completion | 2,026 | Final 706 ha under development plus infrastructure and housing | H1 and Q3 2026 releases |
| Rubber-to-palm conversion | 2024–2026 | 2,437 ha in North Sumatra and Bengkulu substantially complete | Q3 2026 statement |
| Replanting programme | 2025–2026 | ~12,547 ha of immature replantings across Indonesia, PNG and Côte d'Ivoire; 1,952 ha replanted in Bengkulu in 2025 | FY2025 press release |
| Mill modernisation plan | 2,026 | Boiler and turbine upgrades to optimise OER and kernel extraction | FY2025 press release |
| Tiabam acquisition | Sep 2026 | Banana target ~70,000 t a year | Tiabam release; Q3 2026 statement |
| RSPO New Planting Procedure for HOPL smallholders | Jul 2026 | First NPP since 2010; up to ~8,000 ha of smallholder planting after 4+ years of HCV-HCS work | H1 2026 report |
| Halal certification and HACCP roadmap | Dec 2025 | Halal at all Indonesian mills; HACCP targeted 2028 | FY2025 press release |
| GHG transition plan | FY2025 IAR | SBTi-aligned plan; ~42% absolute Scope 1+2 reduction by 2030 (per sustainabilityreports.com summary of the IAR); earlier intensity target of −28% Scope 1+2 per t CPO (set Q1 2023) | IAR 2025 summary; Q1 2023 statement |
| Women in plantations | 2024–2025 | 50+ female harvesters trained in North Sumatra and Bengkulu; roll-out to South Sumatra | FY2024 press release |
| Community investment, Côte d'Ivoire | Oct 2025 | Public primary school at Azaguié built under the Fairtrade programme and handed to the authorities | FY2025 press release |
Management guidance and medium-term targets
| Item | Target / guidance | Source |
|---|---|---|
| FY2026 CPO production | ~470,000 t, with potential upside (Indonesia ~325,000 t; PNG ~145,000 t at the February split) | Q3 2026; FY2025 press release |
| FY2026 banana production | ~55,000 t (before Tiabam) | H1 2026 report |
| Banana production after Tiabam integration | ~70,000 t a year | Tiabam release |
| FY2026 recurring net result, group share | USD 140–150 M | Q3 2026 statement |
| FY2026 year-end net financial position | USD +130–150 M | Q3 2026 statement |
| FY2026 capex | USD 90–100 M | Q3 2026 statement |
| Dividend payout | 40% | FY2025 press release |
| RSPO certification of all oil palm plantations | By 2030 | H1 2026 report |
| HACCP certification | 2,028 | FY2025 press release |
Products & Services
Palm segment
| Product | Description and specifications | Target customer | Latest status | Pricing model |
|---|---|---|---|---|
| Crude palm oil (CPO) | Main product. 2025 output 441,867 t. Group OER rose to 24.2% in Q3 2026 (23.9% YTD). Mostly RSPO-certified, traceable oil. Quality programme targets low-contaminant oil via CPO washing installations (two more under construction in 2026). All Indonesian mills Halal-certified since Dec 2025; HACCP targeted for 2028. | Refiners, traders, European food supply chains | 2026 guidance ~470,000 t | Ex-mill gate (EMG) price net of sales costs. Group EMG USD 955/t in 2025; USD 997/t on 86% of 2026 budget contracted by Q3 2026. |
| CPO — Papua New Guinea origin (HOPL) | Export-grade, RSPO-certified oil with sustainability, quality and origin premiums; sold forward | European buyers | 100% of 2026 production sold at USD 1,214/t EMG (Q3 2026) | Forward contracts; not subject to Indonesian levies |
| CPO — Indonesian origin | Sold into the domestic market after the government export tax and levy (USD 308/t in Q3 2026) | Domestic refiners and exporters | 80% of 2026 volumes contracted at USD 875/t EMG (Q3 2026) | Monthly local tenders, because the reference price behind the levies is unpredictable |
| Palm kernels (PK) | Co-product of milling. A PK crushing plant in Bengkulu is in design and preparatory works. | Crushers, oleochemicals | Rising volumes as South Sumatra matures | Spot/contract, linked to lauric oil prices |
| Crude palm kernel oil (CPKO) | Lauric oil benchmarked to CIF Rotterdam (USD 2,034/t average YTD Q3 2026) | Oleochemical and personal-care makers | Ongoing | Linked to the lauric market (coconut oil substitution) |
| Fresh fruit bunches (FFB) | Primarily an input. Third-party FFB is bought from PNG smallholders and Indonesian plasma/outgrowers. Some FFB has historically been sold outside the group when mill capacity was short (2022). | Internal mills | Outgrower FFB in South Sumatra +65.3% YTD Q3 2026 | Purchase price linked to CPO price |
| Bio-compressed natural gas (bio-CNG) | Captured from palm oil mill effluent. The first facility at the Perlabian mill (North Sumatra) was commissioned in 2025 and is reported to avoid over 54,000 t CO2 a year. Two more biogas plants are planned for 2026. | Internal energy use and potential third-party sale | Scaling | — |
Bananas segment
| Product | Description | Target customer | Status | Pricing model |
|---|---|---|---|---|
| Export dessert bananas (Cavendish) | Produced on six estates in the Lagunes district: Azaguié, Agboville, Motobé, Lumen, Akoudjé and, from Oct 2026, Tiabam/Tiassalé. Seven packing stations, all Rainforest Alliance, Fairtrade and GLOBALG.A.P. certified. GLOBALG.A.P. renewed to Sep 2027; Fairtrade to Jul 2030. | European importers and retailers | 9M 2026 output 42,059 t (+8.9%). Target ~70,000 t a year after Tiabam integration. | Annual fixed-price contracts covering almost the entire volume |
| Tiabam bananas | ~450 ha (320 ha producing); 12,000–14,000 t a year; more than 90% exported to Europe | European and subregional markets | Integration under way since 1 Oct 2026 | To be aligned with the PJE contract model (not yet disclosed) |
Exited or legacy products
| Product | Status | Source |
|---|---|---|
| Natural rubber (RSS, SIR, scraps and lumps) | Exited. Last production of 59 t in 2024; remaining rubber estates converted to oil palm (2,437 ha in North Sumatra and Bengkulu). | FY2024 press release; Q3 2026 statement |
| CTC tea (PT Melania, Java) | Exited as a segment. The tea estate is to be carved out of PT Melania and sold separately under the July 2025 addendum. | FY2025 press release; H1 2026 report |
| Horticulture (flowers, foliage, pineapple flowers) | Folded into "bananas and horticulture" until FY2024; not reported separately since. Current activity level not publicly disclosed. | Segment notes FY2022–FY2025 |
Services
| Service | Description |
|---|---|
| Management and agency services | Fees from non-group companies, plus sea-freight and other commissions (USD 1.5 M in FY2025; "corporate" segment) |
| Smallholder agronomic support and finance | Plasma loans to South Sumatra smallholders (KUSD 24,830 outstanding at 30 Jun 2026) and technical advisory support |
Financial Narrative
Sources: FY2022 press release (FY2021–FY2022); FY2024 press release (FY2023–FY2024); FY2025 press release (FY2024 restated and FY2025). FY2024 revenue and gross profit are shown as restated for the tea reclassification (originally 443.8 and 159.6). FY2021 IFRS operating result includes the KUSD 11,640 PT Melania gain; the recurring operating result was 127.8.
Margin profile (derived, %)
Revenue CAGR FY2021–FY2025 (derived): 8.2% a year (USD 416.1 M → USD 570.4 M).
Production and price drivers
Zeros in the country price rows for FY2021–FY2022 mean "not disclosed in the retrieved source", not zero prices. Chart those rows from FY2023 only.
Balance sheet
Goodwill (USD 104.8 M) is entirely allocated to Indonesia (H1 2026 segment-asset note). 30 June 2026: total assets USD 1,270.3 M; cash USD 126.4 M; no bank debt (leases only, USD 1.9 M); net financial position +USD 124.5 M; group equity USD 1,011.5 M. Undrawn credit lines total USD 124.8 M.
Cash flow
SIPEF defines free cash flow as operating cash flow plus investing cash flow. The investing line also captures plasma loans, PT Melania sale costs and acquisitions (e.g. USD 5.5 M for the last 5% of Agro Muko in 2022). The FY2021 figure includes PT Melania and SIPEF-CI sale proceeds of USD 30.2 M.
Ratios (derived)
SIPEF does not publish a cash conversion cycle. The figures above are analyst estimates from year-end balances and are distorted by the timing of PNG export shipments: two December shipments in 2024 versus one in 2025.
Commentary on trends, inflections and drivers
Revenue and profitability cycle. SIPEF's five-year record shows how its earnings respond to two variables: realised CPO price and CPO volume.
FY2022 (record at the time): Revenue reached USD 527.5 M and group net profit USD 108.2 M. The driver was a 23.4% rise in realised ex-mill price to USD 996/t, on top of +5.1% volume (FY2022 press release).
FY2023–FY2024 (two-year down-leg): Prices normalised (group EMG USD 830/t in 2023) and volume fell 7.4% in 2024. Two causes stand out: the November 2023 Mt Ulawun eruption cut PNG CPO output by 22.1%, and the 2023 dry spell depressed Indonesian yields (FY2024 press release). Net profit troughed at USD 65.8 M in FY2024. That figure includes a USD 6.4 M fair-value write-down on the PT Melania asset held for sale; the recurring result was USD 71.9 M.
FY2025 (sharp rebound to a new record): CPO volume rose 21.9% to 441,867 t and realised price rose 10.2% to USD 955/t. Gross profit rose 57.4%, and operating leverage lifted the operating margin from 23.6% to 32.9%. The average ex-mill unit cost of mature own palm areas fell 5.5% on higher volume.
Cost structure. Unit costs move in step with volume, fertiliser and fuel prices, and the IDR and PGK exchange rates. In the FY2025 and H1 2026 releases, management repeatedly says that local-currency depreciation against the USD has offset wage inflation.
A structural headwind is the "maturity accounting" of South Sumatra. When estates reach maturity, their operating costs stop being capitalised and flow through cost of sales before yields peak. This added about USD 7.7 M to 2025 plantation costs (FY2025 press release). It explains why H1 2026 unit costs rose 2.9% despite higher volume. By 9M 2026, however, unit costs were down 1.6% year on year (Q3 2026 interim statement).
Tax. The effective tax rate swings with withholding tax on HOPL dividends upstreamed to Belgium (15%):
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USD 7.5 M in 2022;
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nil in 2024, when no HOPL dividend was paid during the volcanic recovery;
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USD 9.0 M on a USD 60 M dividend in 2025.
Indonesian thin-capitalisation rules and historical tax-dispute penalties (USD 0.6 M in 2025) add further noise.
Balance sheet. Through the cycle SIPEF has stayed close to net-debt-neutral. Net debt peaked at USD 49.2 M (2021) and USD 31.4 M (2023). In 2025 it moved to a record USD 88.4 M net cash, then USD 124.5 M at June 2026. Q3 2026 guidance points to USD 130–150 M by year-end even after the higher dividend.
The long-term bank loan (USD 18 M annual amortisations) was fully repaid in 2024. Equity crossed USD 1 bn in 2025. Book value is dominated by bearer plants (USD 335 M), other PP&E (USD 476 M) and Indonesian goodwill (USD 105 M).
Cash generation and capital allocation. Operating cash flow ranged from USD 123 M to USD 222 M, comfortably funding capex of USD 69–107 M a year. The 2023 capex peak reflected the Agro Muara Rupit mill and South Sumatra planting.
FY2025 free cash flow of USD 130.1 M was a record and underpinned the policy shift to a 40% payout. Buybacks are de minimis: treasury-share trades mainly serve stock-option plans.
Interim inflection (2026). For H1 2026:
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Revenue rose 23.0% to USD 308.0 M.
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The operating result rose 12.1% to USD 94.9 M.
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The recurring result rose to USD 64.1 M.
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A negative FX result (−USD 5.0 M) and a further PT Melania fair-value charge (−USD 4.1 M) held reported net profit to USD 60.2 M.
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Basic EPS was USD 5.75 and diluted EPS USD 5.73 (H1 2026 report).
Q3 then brought +16.5% CPO volume. Guidance was formalised at USD 140–150 M recurring group-share profit for FY2026, implying a second half of roughly USD 76–86 M (derived).
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Revenue by Segment
| Segment | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Palm revenue (USD Mn) | 380.9 | 495.7 | 405.4 | 396.3 | 522.0 |
Bananas and horticulture revenue (USD Mn) | 23.1 | 22.2 | 32.6 | 42.9 | 46.9 |
Rubber revenue (USD Mn) | 8.1 | 3.8 | 1.5 | 0.1 | 0.0 |
Tea revenue (USD Mn) | 2.7 | 4.3 | 3.1 | 0.0 | 0.0 |
Corporate revenue (USD Mn) | 1.3 | 1.4 | 1.4 | 1.9 | 1.5 |
Total revenue (USD Mn) | 416.1 | 527.5 | 443.9 | 441.2 | 570.4 |
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View Subscription PlansResults by Segment
| Segment | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Palm gross profit (USD Mn) | 166.6 | 221.2 | 149.6 | 156.8 | 242.7 |
Bananas and horticulture gross profit (USD Mn) | 3.8 | 2.3 | 4.4 | 5.8 | 6.8 |
Rubber gross profit (USD Mn) | -2.6 | -4.1 | -5.9 | -5.0 | 0.0 |
Tea gross profit (USD Mn) | 0.1 | 0.2 | 0.1 | 0.0 | 0.0 |
Corporate gross profit (USD Mn) | 1.3 | 1.4 | 1.4 | 1.9 | 1.5 |
Group gross profit (USD Mn) | 169.2 | 221.0 | 149.7 | 159.5 | 251.0 |
Segment Margins & Growth (%) and Revenue by Segment (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Palm gross margin (%) | 36.9 | 39.6 | 46.5 |
Bananas gross margin (%) | 13.4 | 13.5 | 14.5 |
Palm revenue YoY growth (%) | -18.2 | -2.2 | 31.7 |
Bananas revenue YoY growth (%) | 46.8 | 31.6 | 9.3 |
Palm share of group revenue (%) | 91.3 | 89.8 | 91.5 |
Bananas share of group revenue (%) | 7.3 | 9.7 | 8.2 |
Palm share of group gross profit (%) | 100.0 | 98.3 | 96.7 |
Segment Revenue
| Segment | H1 2025 revenue | H1 2026 revenue | YoY % | H1 2025 gross profit | H1 2026 gross profit | Share of H1 2026 GP % |
|---|---|---|---|---|---|---|
Palm | 227.4 | 279.4 | 22.9 | 108.7 | 125.5 | 95.1 |
Bananas | 22.5 | 27.8 | 23.6 | 4.1 | 5.7 | 4.3 |
Corporate | 0.5 | 0.8 | 54.2 | 0.5 | 0.8 | 0.6 |
Total | 250.4 | 308.0 | 23.0 | 113.3 | 132.0 | 100.0 |
Group Entities
| Entity | Country | Role | Ownership (where disclosed) |
|---|---|---|---|
SIPEF NV | Belgium | Listed parent; HQ, marketing, treasury | Parent |
SIPEF Singapore Pte Ltd | Singapore | APAC oversight, centralised group IT | 100% (implied) |
PT Tolan Tiga Indonesia | Indonesia (Medan) | Indonesian holding and operator; North Sumatra mineral-soil estates | 95% (H1 2026 report, note 2.2.12) |
PT Umbul Mas Wisesa (UMW) | Indonesia | North Sumatra organic-soil estates and mill | Not individually disclosed in retrieved sources |
PT Citra Sawit Mandiri (CSM) | Indonesia | North Sumatra estate; certified crop processed at the UMW mill | — |
PT Agro Muko | Indonesia (Bengkulu) | Bengkulu estates and mills (incl. Mukomuko mill) | 100% since 2022 (FY2022 press release) |
PT Dendymarker Indah Lestari | Indonesia (South Sumatra) | Replanted estates (10,184 ha) and mill | 95% acquired 2017 |
Musi Rawas companies (incl. PT Agro Muara Rupit, PT Agro Kati Lama) | Indonesia (South Sumatra) | Greenfield expansion under RSPO NPP; Agro Muara Rupit mill | — |
PT Bandar Sumatra | Indonesia | Former rubber estates converted to palm | — |
PT Melania | Indonesia | Rubber (Sumatra) and tea (Java); held for sale | 55% still held by SIPEF via TTI, pending transfer |
Hargy Oil Palms Ltd (HOPL) | Papua New Guinea (Bialla, West New Britain) | Estates, smallholder purchasing, mills (incl. Navo) | Not disclosed in retrieved sources |
Plantations J. Eglin SA | Côte d'Ivoire (Azaguié) | Bananas: six estates, seven packing stations | — |
Tiabam | Côte d'Ivoire (Tiassalé) | Banana plantation (~450 ha, 320 ha producing) | 100% via Plantations J. Eglin from 30 Sep 2026 |
Verdant Bioscience Pte Ltd | Singapore | Joint venture, oil palm breeding R&D | — |
PT Timbang Deli | Indonesia | Research activities (associate) | Equity-accounted |
“—” = not publicly disclosed.
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 416.1 | 527.5 | 443.9 | 441.2 | 570.4 |
Cost of sales (USD Mn) | 249.2 | 308.2 | 294.4 | 284.1 | 319.7 |
Gross profit (USD Mn) | 169.2 | 221.0 | 149.7 | 159.5 | 251.0 |
General and administrative expenses (USD Mn) | 36.9 | 43.4 | 46.2 | 48.5 | 57.6 |
Operating result IFRS (USD Mn) | 139.4 | 178.3 | 108.0 | 104.1 | 187.7 |
Depreciation (USD Mn) | 48.6 | 47.9 | 52.7 | 55.8 | 54.3 |
EBITDA derived (USD Mn) | 188.0 | 226.3 | 160.7 | 159.9 | 242.0 |
Financial result (USD Mn) | -2.8 | -5.8 | 0.8 | -6.6 | 2.8 |
Profit before tax (USD Mn) | 136.6 | 172.6 | 108.8 | 97.5 | 190.4 |
Tax expense (USD Mn) | 36.1 | 59.5 | 31.1 | 25.9 | 56.8 |
Effective tax rate (%) | 26.4 | 34.5 | 28.6 | 26.5 | 29.8 |
Result for the period (USD Mn) | 99.5 | 112.5 | 76.4 | 70.2 | 132.2 |
Net result group share (USD Mn) | 93.7 | 108.2 | 72.7 | 65.8 | 125.4 |
Recurring net result group share (USD Mn) | 82.7 | 108.2 | 72.7 | 71.9 | 127.4 |
Basic EPS (USD) | 9.00 | 10.40 | 6.99 | 6.33 | 12.05 |
Diluted EPS (USD) | 8.99 | 10.36 | 6.98 | 6.32 | 12.02 |
Gross dividend per share declared for the year (EUR) | 2.00 | 3.00 | 2.00 | 2.00 | 4.30 |
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View Subscription PlansMargin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 40.7 | 41.9 | 33.7 | 36.2 | 44.0 |
Operating margin (%) | 33.5 | 33.8 | 24.3 | 23.6 | 32.9 |
EBITDA margin (%) | 45.2 | 42.9 | 36.2 | 36.2 | 42.4 |
Net margin group share (%) | 22.5 | 20.5 | 16.4 | 14.9 | 22.0 |
Operating Metrics (tonnes) and Share Price
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
CPO production total (tonnes) | 384,178 | 403,927 | 391,215 | 362,405 | 441,867 |
CPO from own fruit (tonnes) | 316,740 | 329,090 | 321,629 | 301,220 | 365,724 |
Banana production (tonnes) | 32,200 | 32,270 | 40,976 | 51,038 | 52,159 |
Rubber production (tonnes) | 2,641 | 1,923 | 968 | 59 | 0 |
Group CPO ex-mill price (USD per tonne) | 807 | 996 | 830 | 867 | 955 |
Indonesia CPO ex-mill price (USD per tonne) | 0 | 0 | 739 | 816 | 863 |
PNG CPO ex-mill price (USD per tonne) | 0 | 0 | 988 | 964 | 1,144 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 991.8 | 1,062.2 | 1,080.2 | 1,122.4 | 1,210.3 |
Cash and short-term investments (USD Mn) | 20.0 | 44.4 | 11.6 | 19.9 | 93.4 |
Short-term financial debt incl leases (USD Mn) | 31.0 | 23.9 | 41.0 | 36.5 | 3.7 |
Long-term financial debt incl leases (USD Mn) | 38.2 | 20.3 | 2.0 | 1.4 | 1.3 |
Total financial debt incl leases (USD Mn) | 69.2 | 44.2 | 43.0 | 38.0 | 5.0 |
Net financial position reported (USD Mn) | -49.2 | 0.1 | -31.4 | -18.1 | 88.4 |
Net debt derived (USD Mn) | 49.2 | -0.1 | 31.4 | 18.1 | -88.4 |
Shareholders equity group share (USD Mn) | 727.3 | 817.8 | 853.8 | 898.4 | 1,001.6 |
Total equity incl minorities (USD Mn) | 766.2 | 850.1 | 888.8 | 935.8 | 1,043.2 |
Goodwill (USD Mn) | 104.8 | 104.8 | 104.8 | 104.8 | 104.8 |
Intangible assets (USD Mn) | 0.3 | 0.2 | 0.1 | 0.1 | 0.1 |
Biological assets bearer plants (USD Mn) | 307.4 | 316.7 | 326.7 | 320.9 | 334.8 |
Net current assets excl cash (USD Mn) | 61.7 | 58.7 | 75.4 | 77.7 | 56.4 |
Working capital current assets less current liabilities (USD Mn) | 64.3 | 92.6 | 59.4 | 68.2 | 151.2 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow after tax (USD Mn) | 160.3 | 165.3 | 122.6 | 133.0 | 222.3 |
Income taxes paid (USD Mn) | 10.0 | 45.0 | 56.2 | 31.6 | 46.2 |
Capex intangible tangible and biological (USD Mn) | 68.7 | 79.3 | 107.0 | 86.9 | 89.4 |
Free cash flow company definition (USD Mn) | 112.3 | 74.0 | 5.8 | 38.3 | 130.1 |
Operating cash flow less capex derived (USD Mn) | 91.6 | 86.0 | 15.6 | 46.2 | 132.9 |
Dividends paid to SIPEF shareholders (USD Mn) | 4.4 | 22.3 | 33.8 | 22.4 | 22.9 |
Gross treasury share purchases (USD Mn) | 2.2 | 0.2 | 0.7 | 0.1 | 1.8 |
Treasury share sales (USD Mn) | 1.0 | 0.1 | 0.6 | 1.2 | 3.5 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE on average group equity (%) | 13.7 | 14.0 | 8.7 | 7.5 | 13.2 |
ROA on year-end total assets (%) | 9.4 | 10.2 | 6.7 | 5.9 | 10.4 |
ROIC after-tax operating result over equity plus net debt (%) | 12.6 | 13.7 | 8.4 | 8.0 | 13.8 |
Current ratio (x) | 1.57 | 1.76 | 1.53 | 1.63 | 2.74 |
Debt to equity gross financial debt over total equity (x) | 0.09 | 0.05 | 0.05 | 0.04 | 0.00 |
Net debt to EBITDA (x) | 0.26 | 0.00 | 0.20 | 0.11 | -0.37 |
Interest coverage operating result over financial charges (x) | 45.0 | 46.9 | 51.9 | 35.3 | 76.6 |
Asset turnover revenue over year-end assets (x) | 0.42 | 0.50 | 0.41 | 0.39 | 0.47 |
Days sales outstanding year-end (days) | 28.3 | 30.9 | 24.6 | 39.2 | 15.7 |
Days inventory outstanding year-end (days) | 70.3 | 57.9 | 58.5 | 59.2 | 55.1 |
Days payables outstanding year-end (days) | 34.6 | 35.4 | 31.3 | 36.6 | 30.4 |
Cash conversion cycle derived (days) | 64.0 | 53.4 | 51.8 | 61.8 | 40.4 |
Dividend payout dividend paid next year over net profit (%) | 23.8 | 31.2 | 30.8 | 34.8 | 41.5 |
Revenue by Region
| Region | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Indonesia revenue (USD Mn) | 215.4 | 261.0 | 225.4 | 240.3 | 315.4 |
Papua New Guinea revenue (USD Mn) | 167.9 | 242.9 | 184.6 | 156.1 | 206.6 |
Cote d Ivoire revenue (USD Mn) | 31.4 | 22.2 | 32.6 | 42.9 | 46.9 |
Europe revenue (USD Mn) | 0.4 | 0.4 | 0.6 | 0.5 | 0.5 |
Revenue by Region (%)
| Region | FY2023 | FY2024 | FY2025 | H1 2026 vs H1 2025 |
|---|---|---|---|---|
Indonesia (%) | -13.6 | 6.6 | 31.3 | 30.2 |
Papua New Guinea (%) | -24.0 | -15.4 | 32.4 | 13.8 |
Cote d Ivoire (%) | 46.8 | 31.6 | 9.3 | 23.6 |
Results by Region
| Region | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Indonesia gross profit (USD Mn) | 87.2 | 100.3 | 72.3 | 102.7 | 150.8 |
Papua New Guinea gross profit (USD Mn) | 77.8 | 118.0 | 72.4 | 49.8 | 92.9 |
Cote d Ivoire gross profit (USD Mn) | 3.8 | 2.3 | 4.4 | 5.8 | 6.8 |
Valuation Snapshot
| Metric | Value | Source / date |
|---|---|---|
Last price | EUR 111.40 | sipef.com ticker (~19 Oct 2026) |
Price at 30 Sep 2026 | EUR 108.20 (+33.25% YTD) | MarketScreener |
Implied 31 Dec 2025 close (derived) | ~EUR 81.20 | Derived from the YTD change |
YTD performance to 19 Oct 2026 (derived) | ~+37% | Derived |
1-year performance | +44.5% | MarketScreener, 12 Jun 2026 |
3-year performance | +59.7% | MarketScreener, 12 Jun 2026 |
5-year performance | +100.6% | MarketScreener, 12 Jun 2026 |
52-week range | EUR 62.6–101.4 (as of Aug 2026); since exceeded on the upside | MarketScreener |
Valuation Multiples
| Multiple | SIPEF | Basis |
|---|---|---|
Market cap | USD ~1,361 M (EUR ~1,179 M) | 10,579,328 shares |
Enterprise value | USD ~1,281 M | Market cap − net cash USD 124.5 M (Jun 2026) + minorities USD 44.4 M |
P/E (FY2025 reported) | 10.9x | Net profit USD 125.4 M |
P/E (FY2026 guidance midpoint) | 9.4x | USD 145 M recurring |
EV/EBITDA (FY2025) | 5.3x | EBITDA USD 242.0 M |
EV/Sales (FY2025) | 2.2x | Revenue USD 570.4 M |
P/B (Jun 2026) | 1.35x | Group equity USD 1,011.5 M |
Dividend yield (FY2025 DPS) | 3.9% | EUR 4.30 / EUR 111.40 |
MarketScreener consensus (mid-2026, lower price) | P/E 2026e 8.5–8.9x; EV/Sales 2026e 1.65–1.74x; yield 2026e 4.2–4.4% | MarketScreener |
Peer reference | M.P. Evans ~10.4x trailing P/E; Socfinasia 9.3x P/E 2025 | stockanalysis.com; MarketScreener |
Per-Share Data and Dividends & Capital Returns
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross DPS declared (EUR) | 2.00 | 3.00 | 2.00 | 2.00 | 4.30 |
Dividend cash paid next year (USD Mn) | 22.3 | 33.8 | 22.4 | 22.9 | 52.1 |
Payout on group net profit (%) | 23.8 | 31.2 | 30.8 | 34.8 | 41.5 |
Capital Markets
| Item | Detail |
|---|---|
Buyback authorisations | A buy-back programme section exists on the IR site. Activity is small and linked to option plans (gross purchases USD 0.7 M in H1 2026; USD 1.8 M in 2025). No large programme announced |
Credit ratings | Not rated by Moody's, S&P or Fitch |
Debt maturity profile | No bank borrowings at 30 Jun 2026; lease liabilities USD 0.7 M (<1 year) and USD 1.1 M (>1 year); undrawn credit lines USD 124.8 M |
Analyst Conclusions
Management guidance (15 Oct 2026)
-
FY2026 CPO production around 470,000 t, with upside depending on Q4 weather.
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Recurring net result, group share, of USD 140–150 M (a record).
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Year-end net financial position of USD +130–150 M.
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Capex of USD 90–100 M.
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86% of budgeted palm volumes contracted at USD 997/t EMG.
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Tiabam contributes from Q4 2026.
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2027 outlook: palm oil prices expected to stay strong on El Niño, biodiesel demand and geopolitics, but 2027 production impact is described as hard to assess.
Consensus growth expectations
MarketScreener-implied multiples (P/E 2026e ~8.7x and 2027e ~9.5x at ~EUR 90–92) imply consensus EPS falling slightly in 2027 versus 2026. This is consistent with an El Niño volume hit or price normalisation.
Bull case
-
Structural volume growth with operating leverage. South Sumatra maturation, rubber-to-palm conversion and PNG recovery lifted CPO volume from 362 kt (2024) to ~470 kt (2026e), +30% in two years. Unit costs fell 1.6% in 9M 2026 despite the mix shift. Every USD 100/t of realised price is worth roughly USD 45 M of pre-tax profit at 2026 volumes (derived).
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El Niño as a price catalyst. With 100% of PNG 2026 output already sold at USD 1,214/t and the 2027 forward curve above spot, a supply-constrained 2027 could keep realised prices well above the USD 955/t achieved in 2025.
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Cash returns and optionality. Net cash heading to USD 130–150 M, a 40% payout, and undrawn lines give room for bolt-ons (Tiabam is the template), the PK crusher and further dividend upside. All this at ~5x EV/EBITDA.
Bear case
-
Weather downside to volumes. The company itself flags that the 2026/27 El Niño may be among the most severe in decades. SIPEF's North Sumatra organic soils and South Sumatra are already dry, and replanting is being deferred. The 2023 drought produced a 7.4% volume decline in 2024.
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Indonesian state intervention. The export tax and levy rose to USD 308/t; the Danantara/DSI export framework is being phased in with unclear rules; the levy rose to 12.5%; and land-use enforcement has placed industry areas under state control. Indonesia hosts about 75% of SIPEF's non-current assets (H1 2026 note 2.2.6).
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Peak-cycle earnings. FY2026 guidance implies ~25% net margins at historically high prices. The 2022–2024 episode showed profits can halve within two years. Low liquidity and controlled ownership may also cap any re-rating.
Key catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable |
|---|---|
| Q4 2026 – Q1 2027 | Rainfall in South Sumatra, Bengkulu and West New Britain; El Niño intensity |
| Feb 2027 | FY2026 results versus the USD 140–150 M guidance; FY2026 dividend (40% payout) |
| H1 2027 | Indonesian DSI export framework implementation; B50 timing; levy changes |
| 2,027 | Tiabam integration and progress towards ~70 kt of bananas |
| 2,027 | PT Melania closing or further write-downs |
| 2,027 | PK crusher decision and timeline; bio-CNG expansion; deferred replanting catch-up |
| Ongoing | AvH share purchases or a change in its stake (concert dynamics) |
| Ongoing | MDEX CPO price versus soy and gasoil spreads; EUDR implementation |
Analyst verdict
SIPEF enters late 2026 at the strongest point in its 107-year history:
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record volumes (~470 kt CPO);
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record guided recurring earnings (USD 140–150 M);
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a net cash balance sheet heading towards USD 150 M;
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a newly raised 40% payout.
The investment case has three parts. First, a self-funded, largely completed growth programme in South Sumatra is now harvesting returns rather than consuming capital. Second, a premium-priced PNG franchise has demonstrably recovered from the 2023 eruption. Third, a modest but growing banana business provides earnings ballast. Governance is stable under the AvH–Bracht concert. The transition to Petra Meekers' sustainability-led leadership has been smooth, and the balance sheet removes any refinancing risk.
At about 9–11x earnings, ~5x EV/EBITDA and 1.35x book, the market is pricing SIPEF as a cyclical commodity producer near peak. That is broadly correct. The company's own guidance highlights the two swing factors that matter most for 2027: the severity and timing of El Niño-driven yield losses, and the trajectory of Indonesian state intervention in palm exports. Notably, an El Niño event is a two-sided risk. Lower SIPEF volumes could be offset, or more than offset, by higher prices, as the forward curve already suggests.
Our assessment is that SIPEF is a high-quality, conservatively financed small-cap plantation company offering above-peer growth and a credible, rising dividend. The main risks are exogenous rather than managerial. For investors willing to accept palm-price beta and Indonesian policy risk, the current valuation is undemanding relative to the balance-sheet strength and visible volume growth. It does not, however, discount a full down-cycle. Position sizing should reflect that FY2026 likely marks a cyclical earnings high. The key confirmation points are the FY2026 results in February 2027, early-2027 crop data, and the clarity of the Indonesian export regime.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure | Prior roles | Education | Born / age |
|---|---|---|---|---|---|
Petra Meekers | Managing Director (CEO-equivalent) | MD since 1 Sep 2024; executive committee since 10 Jun 2021; SIPEF director 2017–2021 | Unilever Asia (VP Sustainable Sourcing, to Mar 2021); Musim Mas (Director CSR & Sustainable Development, 2015–2018); New Britain Palm Oil (Group Sustainability Manager, to 2015); BioX consultant (2006–2008) | Biomedical sciences; BSc biochemistry | Company: born 1973. Yahoo Finance lists 1975 and MarketScreener age 52 — sources conflict |
Bart Cambré | Chief Financial Officer | CFO since 1 Jan 2024; joined 2014 (financial controller), group controller 2018 | EY auditor (from 2008) | Master's in commercial sciences, Lessius Antwerp | Born 1984 |
Robbert Kessels | Chief Commercial Officer | CCO and executive committee since 2014; joined 2012 | Cargill (12+ years; tropical oils trading in Rotterdam, Indonesia, Singapore) | Master's in international business, Maastricht | Born 1975 |
Thomas Hildenbrand | Manager, Fruits Department | With the group since 1984; HQ since 1994 | Founded Société Bananière de Motobé (1990–1994); GM of Plantations J. Eglin | Agronomist (horticulture) | Born 1962 |
Charles De Wulf | Director General, Plantations J. Eglin (previously Manager Estates Department, executive committee) | — | — | — | Born 1964 (Yahoo Finance) |
“—” = not publicly disclosed.
Directors' Remuneration
| Executive | Year | Total pay (EUR) | Source |
|---|---|---|---|
François Van Hoydonck (then MD) | FY2022 | 1,330,000 | Yahoo Finance (from FY2022 remuneration data) |
Petra Meekers (then COO APAC) | FY2022 | 725,000 | Yahoo Finance |
Robbert Kessels | FY2022 | 603,000 | Yahoo Finance |
Thomas Hildenbrand | FY2022 | 574,000 | Yahoo Finance |
Charles De Wulf | FY2022 | 574,000 | Yahoo Finance |
Board of Directors
| Director | Role | On board since | Background | Born | Independence (assessment) |
|---|---|---|---|---|---|
Baron Luc Bertrand | Chair | 1996 | AvH (joined 1986; chaired executive committee 1990–2016; now AvH chair); chairs DEME and CFE | 1,951 | Non-independent (AvH) |
François Van Hoydonck | Non-executive director | Director since 2007 (MD 2007–2024) | SIPEF lifer (joined 1979; CFO 1995–2007); NED of Verdant Bioscience; INED of SIAT Group (Jun 2025); NED of Presco Plc (May 2026) | 1,959 | Non-independent (former executive) |
Tom Bamelis | Director | 2018 | CFO and executive committee member of AvH | 1,966 | Non-independent (AvH) |
Alexandre Delen | Director | 2022 | Managing Director, Delen Private Bank (AvH group) | 1,977 | Non-independent (AvH-linked) |
Priscilla Bracht | Director | 2004 | Director of family firms; Bracht family | 1,977 | Non-independent (Bracht group) |
Gaëtan Hannecart | Director | 2020 | CEO of Matexi; chair of Financière de Tubize; represents the Bracht group | 1,964 | Non-independent (Bracht representative) |
Antoine Friling | Director | 2007 | Chair of PRAXIS Private Office; banker and family-company director | 1,958 | — |
Nicholas Thompson CBE | Independent director | 2019 | Former MD of New Britain Palm Oil (1994–2015) | 1,959 | Independent (per Simply Wall St tenure data) |
Yu-Leng Khor | Independent director | 9 Jun 2021 | Southeast Asia agribusiness economist; former LMC International research head | 1,971 | Independent |
Giulia Stellari | Independent director | 13 Jun 2023 | Fall Line Capital; ex-Unilever Director Sustainable Sourcing; SBTi technical advisory group member | 1,981 | Independent |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
1 Jan 2024 | Bart Cambré succeeds Johan Nelis as CFO | Internal promotion from group controller |
1 Sep 2024 | Petra Meekers succeeds François Van Hoydonck as MD | Planned succession after a 17-year tenure; first female and first non-Belgian MD (assessment); signals a sustainability-led strategy |
Jun 2023 | Giulia Stellari appointed independent director (4-year term) | AGM 14 Jun 2023 |
2025–2026 | Charles De Wulf named Director General of Plantations J. Eglin | Referenced in the Tiabam release (Sep 2026) |
Major Shareholders
| Holder | Shares | % | Date | Source |
|---|---|---|---|---|
Ackermans & van Haaren NV | 4,362,701 | 41.24 | 3 Mar 2025 | Shareholders' structure page |
Cabra NV (Bracht group) | 1,001,032 | 9.46 | 3 Mar 2025 | Same |
Cabra P (Bracht group) | 100,000 | 0.95 | 3 Mar 2025 | Same |
Cabra T (Bracht group) | 100,000 | 0.95 | 3 Mar 2025 | Same |
Cabra V (Bracht group) | 100,000 | 0.95 | 3 Mar 2025 | Same |
Theodora Bracht | 2,000 | 0.02 | 3 Mar 2025 | Same |
SIPEF treasury shares | 155,512 | 1.47 | 3 Mar 2025 | Same |
Concert total (incl. treasury) | 5,821,245 | 55.02 | 3 Mar 2025 | Same |
Free float (MarketScreener) | — | ~44.98 | 2026 | MarketScreener |
Competitive Landscape
Peer Comparison FY2025
| Metric | SIPEF (FY2025) | M.P. Evans (FY2025) | Anglo-Eastern Plantations (FY2024) | Socfinasia (FY2025) |
|---|---|---|---|---|
Revenue | USD 570.4 M | USD 371.0 M | USD 372.3 M | EUR 198.2 M |
Revenue growth | +29.3% | +5.1% | — | +6.3% |
CPO production | 441,867 t | 360,800 t | 396,700 t | — |
Gross margin | 44.0% | 38.3% (derived) | 23.8% (derived) | Not comparable (different cost classification) |
Net profit (attributable) | USD 125.4 M | USD 111.2 M | USD 67.6 M (profit after tax) | EUR 52.5 M (stockanalysis; financialfilings shows EUR 60.0 M — likely incl. minorities) |
Net margin | 22.0% | 30.0% (derived) | 18.2% (derived) | 26.5% |
Net cash | USD 88.4 M | — | No bank debt; cash USD 183 M (end-2024) | Net cash EUR ~64 M (MarketScreener) |
R&D intensity | ~0.3% proxy | — | — | Not disclosed (Socfin group seed business) |
Diversification | Bananas ~8% of revenue | Pure Indonesian palm | Palm (some rubber) | Palm and rubber |
“—” = not publicly disclosed.
