Thai Beverage Public Company (Y92) Q3 2025 earnings summary

Executive summary

• Sales revenue remained flat year-over-year for the nine months ended 30 June 2025, amid softening consumer sentiment.

• Beer business achieved resilient EBITDA growth despite challenging market conditions.

Financial highlights

• Total sales revenue was Baht 258,621 million, down 0.4% year-over-year.

• EBITDA declined 4.0% year-over-year to Baht 45,026 million.

• Net cash from operating activities was Baht 35,675 million for 9M25.

• Net interest bearing debt increased to Baht 184,135 million as of 30 June 2025.

Segment performance

• Spirits: Stable sales revenue at Baht 92,778 million; EBITDA down 5.4% due to higher marketing spend.

• Beer: Sales revenue down 0.3% to Baht 96,497 million; EBITDA up 4.0% with margin expansion to 13.0%.

• Non-alcoholic beverages: Sales revenue down 0.7% to Baht 49,326 million; EBITDA down 6.3%.

• Food: Sales revenue down 1.4% to Baht 16,563 million; EBITDA down 19.5% due to higher costs.

• Others: Sales revenue down 5.9% to Baht 3,626 million; negative EBITDA of Baht 4 million.