URC CONTINUES TO DELIVER DOUBLE DIGIT PROFIT GROWTH, INCREASING OPERATING INCOME BY +14% IN 2023

Universal Robina Corporation's (URC) sales for the year ended December 31, 2023reached Php158.4 billion, up 6% against a high base last year. Both the Branded ConsumerFoods (BCF) and the Agro-Industrial & Commodities (AIC) businesses continued their momentum into the fourth quarter, growing sequentiallyversus the previousquarter.

Operating income for the full year grew 14% vs. last year, more than double topline growth, to closeat Php17.4 billion. Operating margins continue to expand, hitting11%, driven by the company's strategic pricing movesand continued operational savings. Net income for the full year ended at Php12.8 billion, down 12% vs. the same period last year, due to higher comparables fromgainon land salelast year. URC's core net income increased by 6%to Php12.6 billion, driven by operating income growth but tempered by higher interest rates.

URC's financial position remainsstrong, with a healthy cash balance of Php12.2billion, net debt of Php13.4 billion,and a gearing ratio of 0.23.

SALES PERFORMANCE PER BUSINESS

Branded Consumer Foods (BCF): Salesfor the BCF group, excluding Packaging, ended at Php108.4 billion for the total year, growing 2% vs. the same period last year. BCF Philippines grew 3% vs. the same period last yearand sequentially vs. the priorquarter, delivering Php75.6 billion in revenues. Categories showed mixed performance, with Snacks and Ready-to-Drink beverages driving growth, offsettingchallenges in somesegments. BCF International closed the year at Php32.8 billion in revenues, growing by 2% vs. the same period last year,on the back of the performance of Vietnamand Malaysia. Sequential quarter-on-quarter growth was seen in Thailand and Indonesia as they recoveredfrom price corrections executed earlier this year.

Agro-Industrial & Commodities (AIC): The Agro-Industrial & Commodities group continued to outperform, ending the year at Php48.8 billionin sales, up 16% vs. the same period last year. All three businesses - Agro-Industrial Group, Sugar and Renewables, and Flour - maintained their double-digit growth driven by higher volumes, favorable sugar prices,and continued growth of Pet Food.

PURPOSEFUL STRATEGIC CHOICES TOSUPPORT GROWTH

Irwin Lee, URC Presidentand CEO, said, "Over the past few years the company has made purposeful strategic decisionsto enter new segments outside our core categories in the Philippinesandto build new legs in International, all of which we are seeingcome to fruition. We have also continued to make good progressin our Fuel for Growth program, surpassing our initialcommitmentson operational efficiencies and savings. These initiatives will allow us to continue delivering on our mission - to provideour consumers with good foodand beverage choices for the years to come."

This press release may contain forward lookingstatements with respect to the results of operationsand business of Universal Robina Corporation ("URC"). Such forward lookingstatements involve known and unknown risks, uncertainties and other factors which may cause the actual performance of URC to be different from any future performance implied.