Q4 2025 Budweiser Brewing Company APAC Ltd Earnings Call Transcript
Key Points
- Budweiser Brewing Co APAC Ltd (BDWBF) is focusing on strategic priorities to reignite growth and rebuild market share momentum, particularly in China.
- The company is seeing strong growth in India, with double-digit revenue growth driven by its premium and super-premium portfolio.
- In South Korea, Budweiser Brewing Co APAC Ltd (BDWBF) outperformed the soft industry, with a focus on mega brands and innovations.
- The company is leveraging digitalization to enhance commercial capabilities and strengthen customer relationships, particularly through the expansion of its 'bees' platform.
- Budweiser Brewing Co APAC Ltd (BDWBF) maintains a strong balance sheet with a net cash position above $2.8 billion and has recommended a dividend of $750 million, consistent with the previous year.
- Total volumes for Budweiser Brewing Co APAC Ltd (BDWBF) decreased by 6% in 2025, with a net revenue decline of 6.1%.
- The company faced significant challenges in China, with ongoing volume declines and market share pressures.
- Normalized EBITDA decreased by 9.8% for the full year, with a more pronounced 24.7% decrease in the fourth quarter.
- Revenue per hectoliter decreased by 0.2% for the year, indicating pricing pressures.
- The company is underindexed in the fast-growing instant retail channels in China, impacting its performance relative to competitors.
2025 results announcement conference call for Budweiser Brewing Company APAC Limited. Hosting the call today from Budweiser APAC is Mr. YJ Chung, Chief Executive Officer and Co-Chair of the board, and Mr. Ignacio Lares, Chief Financial Officer.
The results for the full year ended December 31, 2025 can be found in the press release published earlier today and available on the Hong Kong Stock exchanges and Budweiser APAC websites.
Before proceeding, let me remind you that some of the information provided during this results 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 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 actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements.
Budweiser APAC is under no obligation to
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