Budweiser Brewing Company APAC (1876) Q1 2026 earnings summary

Executive summary

• APAC volume returned to growth at 0.1% year-over-year, led by strong gains in India and sequential improvement in China, while South Korea maintained market share despite a soft industry environment and shipment phasing.

• Revenue declined by 0.7% year-over-year, with revenue per hectoliter down 0.8%, reflecting increased investments and channel shifts, mainly in China.

• Normalized EBITDA declined by 8.1%, with margin contracting by 246 basis points to 31.0%, mainly due to higher commercial investments and lower other operating income.

• Normalized profit attributable to equity holders was $234 million, nearly flat versus $235 million in 1Q25.

Financial highlights

• Revenue: $1,493 million, down 0.7% year-over-year.

• Cost of sales: $730 million, down 0.7% year-over-year, driven by efficiency improvements.

• Gross profit: $763 million, down 0.7% year-over-year.

• Normalized EBITDA: $463 million, down 8.1% year-over-year.

• Normalized EPS: 1.77 cents USD, compared to 1.78 cents USD in 1Q25.

Outlook and guidance

• Focus remains on stabilizing volumes in China and driving growth in India and Southeast Asia, with continued investment in commercial activities and marketing.

• Emphasis on premiumization and innovation to drive future growth.

• No immediate plans for price increases in China or South Korea, but pricing will be monitored and adjusted as needed.