Thai Beverage Public Company (Y92) Q2 2025 earnings summary

Executive summary

• Sales revenue for the first half of 2025 was THB 177,617 million, up 1% year-on-year, led by growth in beer and non-alcoholic beverages, but offset by declines in spirits and other businesses.

• Net profit, including associates, was THB 17,769 million, down 9.2% year-on-year, mainly due to lower profits in spirits, non-alcoholic beverages, food, and other businesses, partially offset by higher beer profits.

• Net profit attributable to owners was THB 14,709 million, down 3% year-on-year.

• Interim dividend of THB 3,770 million (THB 0.15–0.155 per share) was proposed, consistent with last year and in line with the policy of paying at least 50% of net profit.

• Major developments included the acquisition of Saigon Binh Tay Beer Group and a share swap increasing the stake in Fraser and Neave, Limited to 69.64%.

Financial highlights

• Spirits sales revenue fell 1.5% year-on-year to THB 64,520 million, with net profit down 10.3% due to lower volumes and higher costs.

• Beer sales revenue rose 3% year-on-year to THB 66,201 million, with net profit up 19% and attributable profit up 41.4%, driven by higher volumes and lower raw material costs.

• Non-alcoholic beverage sales increased 2.5% year-on-year to THB 33,438 million, with profit nearly doubling due to increased shareholding in F&N, despite higher taxes.

• Food business sales grew 0.7% year-on-year to THB 11,145 million, but net profit plunged 61% due to higher costs and expansion, while attributable profit rose 176%.

• Other business sales declined, with losses mainly from lower licensing income, currency effects, and no profit sharing from FPL.

Outlook and guidance

• Management expects lower raw material costs to benefit results in the fourth quarter, with reduced A&P spending in the second half.

• Beer market in Vietnam faces challenges from weak consumer confidence, but mainstream brands may benefit from downtrading.

• No immediate plans for price increases in beer or spirits due to soft economic conditions.

• Forward-looking statements are subject to significant uncertainties and should not be construed as forecasts.

• The Group continues to focus on expanding beverage and food businesses in Southeast Asia, especially Vietnam.