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Budweiser Brewing Company APAC (1876) investor relations material
Budweiser Brewing Company APAC Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Nine-month 2025 results showed revenue down 6.6% and volumes down 7%, mainly due to China weakness, partially offset by robust growth in India and margin expansion in South Korea.
Normalized EBITDA declined 7.7% to $1,421 million, with margin contracting by 37 bps to 30.3%.
Normalized profit attributable to equity holders fell to $678 million from $777 million in the prior year period.
Strategic focus is on reigniting growth in China, leveraging strong brand portfolios, and driving premiumization, in-home channel growth, and digital platforms.
Financial highlights
For the first nine months of 2025, revenue was $4,691 million, down 6.6%, with volumes down 7% and revenue per hectoliter up 0.4%.
Normalized EBITDA fell 7.7%, margin contracted by 37 bps to 30.3%; normalized EBIT dropped 8.6% to $965 million.
Cost of sales decreased 7.4% to $2,279 million; cost per hectoliter down 0.4%.
Gross profit margin held steady at 51.4%.
Basic EPS decreased from 5.62 to 4.49 cents USD; normalized basic EPS from 5.89 to 5.13 cents USD.
Outlook and guidance
Inventory levels in China are now below last year’s, with ongoing attentive management; no explicit forward guidance provided.
Premiumization, in-home channel expansion, and continued investment in mega brands and innovation are expected to drive future growth, especially in China, India, and South Korea.
Management remains cautious regarding continued softness in China and industry headwinds.
How do China's inventory and investments impact revenue per hl?
What factors drove South Korea's substantial 3Q25 EBITDA margin expansion?
Update on South Korea's customs audit claims and related legal actions.
China in-home channel: how to close gap?
Harbin brand strategy against local competitors?
2026 commodity cost outlook and mitigation?
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Next Budweiser Brewing Company APAC earnings date
Q4 202525 Feb, 2026
Next Budweiser Brewing Company APAC earnings date
Q4 202525 Feb, 2026
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Frequently asked questions
Budweiser Brewing Company APAC Limited is a leading beer company in the Asia Pacific region, holding prominent positions in the premium and super premium beer segments. The company operates with a portfolio that encompasses over 50 beer brands, including globally recognized names such as Budweiser, Stella Artois, Corona, Hoegaarden, Cass, and Harbin. With a significant operational footprint, Budweiser Brewing Company APAC Limited has established roughly 50 production sites worldwide, focusing all of its net sales in the Asia/Pacific market. This expansive reach allows the company to brew, import, market, distribute, and sell its diverse range of beer products across several key markets within the region. The company is headquartered in Causeway Bay, Hong Kong, and its shares are listed on the Hong Kong Stock Exchange.
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