Thai Beverage Public Company (Y92) Q4 2025 earnings summary

Executive summary

• Sales revenue for FY2025 was THB 333,286 million, down 2.1% year-over-year, impacted by macroeconomic challenges and weaker consumer sentiment across key markets.

• Net profit including associates was THB 31,153 million, an 11.7% decrease year-over-year, with profit attributable to owners at THB 25,361 million.

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

• The Group completed the acquisition of a 65% stake in Saigon Binh Tay Beer Group Joint Stock Company, expanding its beer business in Vietnam.

• The Board proposed a total dividend of THB 15,581 million (THB 0.62/share), representing a 61.4% payout ratio.

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% 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 and tax expenses.

• 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 and marketing costs.

• Gross profit was THB 103,508 million, up 0.3% year-over-year, with EPS at THB 1.01.

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.

• The acquisition of SABIBECO is expected to enhance the Group's beer business in Vietnam.