Budweiser Brewing Company APAC (1876) Q4 2025 earnings summary

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.