Thai Beverage Public Company (Y92) investor relations material

Executive summary

• Sales revenue for the first half of 2026 was THB 173,219 million, down 2.5% year-over-year, mainly due to declines in beer and non-alcoholic beverage sales, partially offset by growth in spirits and food.

• EBITDA from normal operations (excluding a non-recurring impairment loss) rose 6.9% to THB 33,273 million, and net profit from normal operations increased 7.8% to THB 19,162 million year-over-year.

• Net profit attributable to owners was THB 14,244 million, down 3.2% year-over-year due to a non-recurring impairment loss of THB 1,720 million from discontinued joint venture operations.

• Interim dividend of THB 0.15 per share (THB 3,770 million) was declared, unchanged from last year.

• The Group maintained strong liquidity, with cash and cash equivalents at THB 32,876 million as of 31 March 2026.

Financial highlights

• Spirits sales revenue grew 1.3% year-over-year to THB 65,373 million, with net profit up 6.4% to THB 12,345 million.

• Beer sales revenue declined 5.4% year-over-year to THB 62,639 million, but net profit surged 40.5% to THB 4,430 million due to lower raw material and finance costs.

• Non-alcoholic beverage sales revenue fell 5.5% to THB 31,596 million, with net profit down 22.4% year-over-year amid softer demand and higher tax expenses.

• Food business sales revenue increased 1.6% to THB 11,325 million, but net profit dropped due to higher marketing, depreciation, and tax expenses.

• Others segment reported flat revenue at THB 2,445 million, with net loss narrowing due to improved Education and Print segments.

Outlook and guidance

• Management expects continued momentum in beer and spirits, leveraging government stimulus and major events to drive consumption.

• Prudent cost management and operational efficiency remain key priorities, with price increases considered only as a last resort.

• Non-alcoholic beverage segment faces ongoing challenges from softer demand and rising resin costs, but capacity utilization improvements are expected.

• Dairy business (Magnolia) is in ramp-up phase, aiming to expand production and market presence in Malaysia and the region.

• Management expects ongoing volatility in input costs and consumer demand, focusing on maintaining profitability.