Q2 2025 Budweiser Brewing Company APAC Ltd Earnings Call Transcript
Key Points
- Budweiser Brewing Co APAC Ltd (BDWBF) achieved EBITDA margin expansion in China despite volume underperformance.
- The company continues to outperform in South Korea across all channels, gaining market share.
- In India, Budweiser accelerated growth momentum, leading premiumization and achieving double-digit revenue growth.
- The company is expanding its in-home channel in China, with premium and super-premium portfolios gaining traction.
- Budweiser's FIFA Club World Cup campaign in China achieved high social media engagement, enhancing brand visibility.
- Total volumes decreased by 6.1% in the first half of 2025, with revenue declining by 5.6%.
- The Chinese market faced ongoing challenges, with a significant volume decrease due to weakness in key regions and channels.
- South Korea experienced volume impacts due to shipment phasing, affecting overall performance.
- Normalized EBITDA decreased by 8% in the first half, with a contraction in EBITDA margin by 82 basis points.
- The company faces competitive pressure in the Core+ segment in China, particularly from local brands.
Welcome to the 2025 First Half Results Announcement Conference Call for Budweiser Brewing Company APAC Limited. Hosting the call today from Budweiser APAC is Mr. YJ Cheng, our Chief Executive Officer; and Co-Chair of the Board; and Mr. Iggy Lares, Chief Financial Officer.
The results of the 6 months ended June 2025 can be found in the press release published earlier today and available on the Hong Kong Stock Exchanges and Budweiser APAC's websites.
Before proceeding, let me remind you that some of the information provided during this result call, including our answers to your questions on this call may contain statements of future expectations and other forward-looking statements. These expectations are based on the management's current views and assumptions and involve known and unknown risks, uncertainties and other factors beyond our control. It is possible that Budweiser APAC's actual results and the financial condition may differ possibly materially from the anticipated results and financial condition indicated in these forward-looking statements. Budweiser APAC is under no
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