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Thai Beverage Public Company (Y92) investor relations material
Thai Beverage Public Company Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Nov, 2025
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.
Spirits volume decline: structural or macro?
Beer IPO: What market conditions are needed?
FY26 raw material cost outlook
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Next Thai Beverage Public Company earnings date
Q1 202612 Feb, 2026
Next Thai Beverage Public Company earnings date
Q1 202612 Feb, 2026
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Frequently asked questions
Thai Beverage Public Company Limited, commonly known as ThaiBev, is a leading beverage company in Southeast Asia engaged in the production, distribution, and marketing of alcoholic and non-alcoholic beverages. Its product portfolio includes spirits, beer, and non-alcoholic drinks such as water, green tea, and soft drinks. The company’s well-known brands are distributed across Thailand and in various international markets. ThaiBev operates through a network of subsidiaries, breweries, and bottling facilities, serving both domestic and global markets with products that cater to diverse consumer preferences. The company is headquartered in Bangkok, Thailand, and its shares are listed on the Singapore Exchange.
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