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Budweiser Brewing Company APAC (1876) investor relations material
Budweiser Brewing Company APAC Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
2025 performance was below potential in China, with efforts to rebuild momentum through in-home channel expansion, portfolio enrichment, and innovation behind mega brands, while South Korea and India saw market share gains and EBITDA growth, with India delivering strong double-digit revenue growth and premiumization driving results.
Strategic priorities for 2026 include reigniting growth in China, continued investment in mega brands in South Korea, leveraging India's growth potential, and selective M&A in Southeast Asia and other APAC markets.
Normalized EBITDA dropped 9.8% year-over-year, with margin contracting by 113 basis points to 27.6%.
Profit attributable to equity holders fell to $489M from $726M in FY24, impacted by non-underlying items.
A final dividend of $750M ($0.0566 per share) was recommended, consistent with the prior year.
Financial highlights
Full year 2025 total volumes decreased by 6%, revenue per hectoliter down 0.2%, and net revenue declined 6.1% year-over-year to $5,764M.
Normalized EBITDA was $1,588M, down 9.8% year-over-year, with margin at 27.6%.
Fourth quarter volumes decreased 0.7%, revenue down 4.2%, and normalized EBITDA dropped 24.7% with a 425 basis point margin contraction.
Cost of sales was $2,877M, down 6.4% year-over-year; CoS per hl down 0.4%.
Basic EPS was 3.70 cents USD, down from 5.51 cents USD in FY24.
Outlook and guidance
2026 focus in China is on reigniting growth, expanding in-home and O2O channels, and scaling innovations, with commercial investment prioritized over short-term profitability.
Continued investment in premiumization and innovation in South Korea and India.
Selective M&A in Southeast Asia and other APAC markets to drive platform expansion.
World Cup and Chinese New Year campaigns expected to support volume momentum.
No specific guidance on timing for volume recovery, but early signs of stabilization noted.
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