MAKATI CITY, PHILIPPINES – November 9, 2022 – Monde Nissin Corporation (“Monde Nissin” or
the “Company”; PSE stock symbol: MONDE) announced today its unaudited financial results for
nine months ended September 30, 2022. Consolidated revenue for the first nine months grew
6.7% to Php 54.9 bn despite softness in Q3 revenues at Php 17.7bn.
Core gross profit for the first nine months declined by 7.1% to Php 18.2 bn compared to same
period last year, while core gross margin for the first nine months declined by 490 bps year-onyear to 33.2% due to elevated raw material and energy costs partly due to the impact of
commodity lock-ins entered earlier in the year, partially mitigated by fair price increases.
Core net income attributable to shareholders for the first nine months declined by 20.9% to Php
5.6 bn, primarily driven by a decline in gross profit, increased logistical costs, investments in
organizational resources, and A&P investments, partially cushioned by effective US dollar hedge.
Reported net income grew 141.8% to Php 5.6 bn due to a low base in 2021 given expenses related
to the Arran convertible note, deferred tax liability adjustment in the UK, and IPO-related
expenses. Non-recurring items this year were mainly due to derivative gains from the unwinding
of cross-currency swap, offset by non-recurring expenses such as a change in the estimated
useful life of Quorn PPE, restructuring costs in the UK, impairment of asset in APAC BFB, as well
as expenses related to global strategic alignment initiatives, resulting in a non-recurring net loss
of Php 10.0 mn.

Asia-Pacific Branded Food and Beverage (APAC BFB)
APAC BFB net sales for the first nine months increased by 8.3% to Php 43.7 bn, mainly driven by
price increases in all categories and volume growth in biscuits and other categories. The domestic
business grew 9.2% year-on-year to Php 41.0 bn for the first nine months; while it declined by
0.7% year-on-year to Php 13.1bn in Q3 as the strong growth in biscuits and other categories was
offset by the temporary decline in noodles. International revenue declined by 4.1% to Php 2.6 bn
for the first nine months, while it decreased by 2.5% year-on-year in Q3 to Php 0.9 bn due to a
temporary slowdown as measures to ensure global compliance were strengthened.
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Core gross profit for the first nine months decreased by 3.8% to Php 14.3 bn with core gross
margin down 420 bps to 32.8% due to commodity cost inflation, partially mitigated by fair price
increases. Core EBITDA for the first nine months declined by 14.9% to Php 8.4 bn compared to
the same period last year, mainly due to gross profit decline, investments in brand building, and
increased logistics costs.
Meat Alternative (Quorn Foods)
Meat Alternative revenue increased on a constant currency basis by 1.0% for the first nine
months and by 7.1% in Q3 due to price increases, strong volume growth in foodservice, and share
recovery in the UK retail business. On a reported basis, revenue for the first nine months
increased by 0.8% to Php 11.2 bn, and by 4.2% to Php 3.8 bn in Q3 compared to the same period
last year. While retail sales remain challenged, Quorn UK and ROW posted constant currency
growth of 8.0% and 21.4% year-on-year in Q3, respectively. The foodservice business continued
its strong momentum, which grew 44.0% year-on-year in Q3.
Core gross profit for the first nine months decreased by 17.4% to Php 3.9 bn, while core gross
margin declined by 760 bps to 34.5% as price increases partially mitigated inflation effects and
lower volume.
Core EBITDA for the first nine months declined by 67.3% to Php 472 mn due to lower gross profit
and investment in organizational resources. Excluding the US business, core EBITDA declined by
39.4% to Php 1.0 bn year-on-year for the first nine months.
Quorn UK took a restructuring provision in Q3 2022 as it rationalizes its supply chain in the UK
with the objective of improving efficiency