Budweiser Brewing Company APAC (1876) investor relations material

Executive summary

• Revenue for 1H25 declined 5.6% year-over-year to $3,136 million, with volumes down 6.1% due to weakness in China, partially offset by growth in India.

• Normalized EBITDA fell 8.0% to $983 million, with margin contracting by 82 bps to 31.3%.

• Profit attributable to equity holders dropped to $409 million, impacted by non-underlying income taxes from internal restructuring; normalized profit was $474 million.

• No interim dividend was declared for 1H25; a $748 million final dividend for FY2024 was paid in June 2025.

• South Korea outperformed the industry despite a soft market, while India accelerated growth, with Budweiser leading premiumization.

Financial highlights

• Revenue: $3,136M (down 5.6% YoY); gross profit: $1,613M (down 4.9% YoY); cost of sales decreased 6.4% to $1,523M.

• Normalized EBITDA: $983M (down 8.0% YoY); margin contracted by 82 bps to 31.3%.

• Normalized EBIT: $679M (down 9.6% YoY); margin at 21.7%.

• EPS: 3.10¢ (down from 4.10¢); normalized EPS: 3.59¢ (down from 4.19¢).

• Cash flow from operating activities increased to $267M (from $223M in 1H24).

Outlook and guidance

• Ongoing softness in China’s on-premise and restaurant channels expected to persist into Q3, with volume headwinds likely until Q4 when easier comps may support improvement.

• Management continues to invest in mega brands, premiumization, and digital transformation, focusing on long-term growth.

• South Korea expected to benefit from price increases, operational efficiencies, and premiumization for future margin recovery.

• India anticipated to sustain strong growth momentum, supported by premiumization and favorable regulatory changes.