Budweiser Brewing Company APAC (1876) Q3 2025 earnings summary

Executive summary

• Nine-month 2025 results showed revenue down 6.6% and volumes down 7%, mainly due to China weakness, partially offset by robust growth in India and margin expansion in South Korea.

• Normalized EBITDA declined 7.7% to $1,421 million, with margin contracting by 37 bps to 30.3%.

• Normalized profit attributable to equity holders fell to $678 million from $777 million in the prior year period.

• Strategic focus is on reigniting growth in China, leveraging strong brand portfolios, and driving premiumization, in-home channel growth, and digital platforms.

Financial highlights

• For the first nine months of 2025, revenue was $4,691 million, down 6.6%, with volumes down 7% and revenue per hectoliter up 0.4%.

• Normalized EBITDA fell 7.7%, margin contracted by 37 bps to 30.3%; normalized EBIT dropped 8.6% to $965 million.

• Cost of sales decreased 7.4% to $2,279 million; cost per hectoliter down 0.4%.

• Gross profit margin held steady at 51.4%.

• Basic EPS decreased from 5.62 to 4.49 cents USD; normalized basic EPS from 5.89 to 5.13 cents USD.

Outlook and guidance

• Inventory levels in China are now below last year’s, with ongoing attentive management; no explicit forward guidance provided.

• Premiumization, in-home channel expansion, and continued investment in mega brands and innovation are expected to drive future growth, especially in China, India, and South Korea.

• Management remains cautious regarding continued softness in China and industry headwinds.