Budweiser Brewing Company APAC (1876) Q3 2026 earnings summary

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.