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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Budweiser Brewing Company APAC
Budweiser Brewing Company APAC (1876) investor relations material
Budweiser Brewing Company APAC Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
9M26 organic volume fell 4.9%, revenue fell 3.7% and normalized EBITDA fell 13.2%; China weakness was partly offset by India growth.
3Q26 organic volume fell 10.1%, revenue fell 8.4% and normalized EBITDA fell 22.9%, reflecting China weakness, cost escalation and operational deleverage.
China stabilization, stronger execution, channel-mix shifts and investment behind megabrands and innovation remain priorities.
Results were prepared from internal records and management accounts and had not been reviewed or audited by independent auditors.
Financial highlights
9M26 revenue was $4,620m, gross profit $2,351m and normalized EBIT $821m; organic changes were -3.7%, -5.3% and -15.0%, respectively.
3Q26 revenue was $1,449m and gross profit $706m, down 8.4% and 13.4% organically; normalized EBIT was $184m, down 29.2%.
9M26 profit attributable to equity holders was $565m versus $594m; normalized profit was $628m versus $678m.
9M26 normalized basic EPS was 4.75 cents versus 5.13 cents; basic EPS was 4.27 cents versus 4.49 cents.
Outlook and guidance
China priorities include stabilizing volume and share through stronger execution, megabrand and innovation investment, and expansion in in-home and digital channels; O2O delivered strong double-digit growth in 3Q26 and 9M26.
Commercial investment as a share of net revenue is increasing in China; pricing decisions will reflect input costs and consumer dynamics, with no price increase announced.
Q4 and 2027 commodity cost headwinds, especially aluminum, are expected to be partly offset by 12-month hedging and supply-chain productivity initiatives.
October China trends remained challenging; inventory was above desired levels, with further management expected to have some short-term impact.
South Korea beer industry is expected to remain slightly negative at low-single-digit levels; share gains, brand investment and innovation are expected to support performance.
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Latest events from Budweiser Brewing Company APAC
- Volumes and revenue fell, but profit, EPS, and cash position improved; no interim dividend.1876
Q2 2026 - Volumes up 0.1% and normalized EBITDA down 8.1% amid higher investments and margin pressure.1876Q1 2026
- Revenue and profit declined in FY25, but India and South Korea drove premium growth.1876Q4 2025
- Revenue and profit declined, but India and South Korea showed strong growth and margin gains.1876Q3 2025
- Revenue and profit fell in H1 2025, with India growth offsetting China weakness.1876Q2 2025
- China softness hurt results, but Korea and India drove premium growth and margin gains.1876Q3 2024
- Margin expansion and South Korea, India growth offset China softness; strong cash position.1876Q2 2024
- Revenue and volumes declined due to China, but South Korea and India delivered strong growth.1876Q1 2025
- Revenue and profit fell in FY24, but Korea and India drove growth and dividend increased.1876Q4 2024
Next Budweiser Brewing Company APAC earnings date
Q4 202610 Feb, 2027
Budweiser Brewing Company APAC
Next Budweiser Brewing Company APAC earnings date
Q4 202610 Feb, 2027
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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.