Operational PATMI Surge
Operational PATMI rose to $511 million, up 136% year-on-year (Muthu); reported PATMI was $444 million for FY2025, reflecting a strong recovery in profitability.
Combined Revenue and Volume Growth
Combined Olam Group revenue including Olam Agri reached $67 billion, up 19% year-on-year, with volumes of ~58 million tonnes (up 17%). Excluding Olam Agri (ofi + Remaining Group) revenue was ~$30 billion, up 29%.
EBIT and Business Mix Improvement
Combined EBIT was $2.2 billion, up 13% year-on-year. Of the $2.2 billion, ~49% of EBIT came from ofi, ~42% from Olam Agri and ~9% from the Remaining Olam Group, showing improved earnings contribution from the core operating groups.
Free Cash Flow and Leverage Reduction
Free cash flow to equity turned positive at roughly $360 million (a swing of ~$6.3 billion year-on-year). Nominal gearing (excluding Olam Agri) improved from 2.79x to 1.87x; adjusted net debt/equity fell from 0.68x to 0.55x (excluding Olam Agri), indicating materially improved balance sheet metrics.
Strong Liquidity Position
Total available liquidity stood at $15.5 billion with headroom of $7.6 billion, comprising ~$2.2 billion cash, ~$8.8 billion readily marketable inventories, ~$0.5 billion secured receivables and ~$4.0 billion unutilized bank lines.
Olam Agri Sale Progress and Valuation
Sale to SALIC (PIF subsidiary) values Olam Agri at around $4.0–$4.2 billion (~3.5x book). Regulatory progress strong with 20 of 21 approvals obtained and final approval expected soon, advancing the reorganization milestones.
Remaining Group Operational Turnaround
Remaining Olam Group swung from an operating loss of ~$152 million in 2024 to an operating profit of ~$198 million in 2025 (a positive swing of roughly $342–$349 million), while invested capital in the segment fell ~4% as restructuring actions progressed.
ofi Strategic and Operational Resilience
ofi maintained EBIT broadly flat despite lower volumes, with Global Sourcing EBIT up ~6.5% (on lower volumes) and Ingredients & Solutions showing maturation (private label growth across nuts, spices and coffee). Invested capital trends are moving down as higher-priced inventories normalize.
Targeted Capital Allocation Completed
Completed a $500 million equity injection into ofi to support growth initiatives; sold a 32.4% stake in ARISE Ports & Logistics for $175 million at a small premium to book, demonstrating active portfolio management.