Thai Beverage Public Company (Y92) Q4 2025 earnings summary

Executive summary

• Total sales revenue for FY2025 was THB 333,286 million, down 2.1% year-over-year due to macroeconomic challenges and weaker consumer sentiment across all business segments.

• Net profit including associates was THB 31,153 million, an 11.7% decrease year-over-year, mainly from lower profits in spirits, non-alcoholic beverages, food, and other businesses, partially offset by higher beer profits.

• EBITDA fell 7.5% to THB 57,018 million, with declines across all business segments except for resilient growth in the Beer segment.

• The Board proposed a total dividend of THB 15,581 million (THB 0.62/share), representing a 61.4% payout ratio, up from 53.9% in the prior year.

• Beer segment achieved robust growth in Thailand, offsetting overseas market challenges and benefiting from lower raw material costs.

Financial highlights

• Spirits sales revenue declined 1.8% year-over-year to THB 118,604 million; net profit fell 7% to THB 19,880 million.

• Beer sales revenue dropped 2.5% year-over-year to THB 123,222 million, but net profit surged 24.6% to THB 6,503 million due to lower raw material costs and efficiency gains.

• Non-alcoholic beverage sales revenue decreased 1.6% to THB 64,774 million; net profit declined 13.4% to THB 5,141 million, impacted by higher marketing spend, tax expenses, and weaker domestic demand.

• Food business sales revenue fell 1.7% to THB 21,899 million, resulting in a net loss of THB 128 million due to higher labor, marketing costs, and increased depreciation from restaurant expansion.

• Other business revenue declined 7.4% to THB 4,999 million, with a net loss of THB 243 million, reflecting the absence of prior year one-off gains.

Outlook and guidance

• Management expects favorable raw material costs in 2026, with significant declines in molasses, malt, resin, sugar, and packaging materials.

• Government stimulus and upcoming elections in Thailand 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 significantly due to market uncertainties.