Thai Beverage Public Company (Y92) Q4 2025 earnings summary

Executive summary

• Sales revenue for FY2025 was THB 333,286 million, down 2.1% year-over-year, with net profit at THB 31,153 million, reflecting declines across all business segments except for robust Beer segment growth in Thailand.

• EBITDA fell 7.5% to THB 57,018 million, and profit attributable to owners was THB 25,361 million, with EPS at THB 1.01.

• Dividend payout proposed at THB 15,581 million (THB 0.62 per share), representing a 61.4% payout ratio.

• The Group completed the acquisition of a 65% stake in SABIBECO, expanding its beer business in Vietnam, and increased its stake in F&N to 69.64%.

• Macroeconomic challenges and weaker consumer sentiment impacted performance across key markets.

Financial highlights

• Gross profit was THB 103,508 million, up 0.3% year-over-year, with a gross margin of 31.1%.

• Spirits sales revenue declined 1.8% to THB 118,604 million; net profit fell 7% to THB 19,880 million.

• Beer sales revenue dropped 2.5% to THB 123,222 million, but net profit surged 24.6% to THB 6,503 million due to lower raw material costs and improved efficiencies.

• Non-alcoholic beverage sales revenue decreased 1.6% to THB 64,774 million; net profit declined 13.4% to THB 5,141 million.

• Food business sales revenue fell 1.7% to THB 21,899 million, resulting in a net loss of THB 128 million.

Outlook and guidance

• Management expects favorable raw material costs in 2026, with significant declines in molasses, malt, resin, sugar, and packaging materials.

• Thai government stimulus and upcoming elections are anticipated to boost consumer sentiment and beverage consumption.

• Management notes ongoing macroeconomic headwinds and softening consumer sentiment as key challenges for future periods.

• No forward-looking growth or margin guidance was provided; actual performance may vary due to market uncertainties.

• The Group continues to focus on expanding its presence in Southeast Asia and leveraging synergies from recent acquisitions.