Budweiser Brewing Co APAC Ltd (BDWBF) Q4 2025 Earnings Call Highlights: Navigating Challenges …

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Fri, February 13, 2026 at 10:06 AM GMT+9 5 min read

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**Total Volume Decrease:** 6% for the full year 2025.

**Revenue Per Hectoliter Decrease:** 0.2% for the full year 2025.

**Net Revenue Decline:** 6.1% for the full year 2025.

**Normalized EBITDA Decrease:** 9.8% for the full year 2025.

**Normalized EBITDA Margin Contraction:** 113 basis points for the full year 2025.

**Fourth Quarter Volume Decrease:** 0.7%.

**Fourth Quarter Revenue Decrease:** 4.2%.

**Fourth Quarter Revenue Per Hectoliter Decrease:** 3.5%.

**Fourth Quarter Normalized EBITDA Decrease:** 24.7%.

**Fourth Quarter Normalized EBITDA Margin Contraction:** 425 basis points.

**APAC West Volume Decrease:** 6.7% for the full year 2025.

**APAC West Revenue Decrease:** 8.2% for the full year 2025.

**APAC West Revenue Per Hectoliter Decrease:** 1.5% for the full year 2025.

**APAC West Normalized EBITDA Decrease:** 12.4% for the full year 2025.

**China Fourth Quarter Volume Decrease:** 3.9%.

**China Fourth Quarter Revenue Per Hectoliter Decrease:** 7.7%.

**China Fourth Quarter Revenue Decline:** 11.4%.

**China Fourth Quarter Normalized EBITA Decrease:** 42.3%.

**India Revenue Growth:** Strong double-digit growth in the fourth quarter.

**India Premium and Super Premium Portfolio Revenue Growth:** More than 20% for the full year 2025.

**APAC East Volume Decrease:** 1.3% for the full year 2025.

**APAC East Revenue Increase:** 1.3% for the full year 2025.

**APAC East Revenue Per Hectoliter Increase:** 2.5% for the full year 2025.

**APAC East Normalized EBITDA Decrease:** 1.2% for the full year 2025.

**APAC East EBITDA Margin Contraction:** 75 basis points for the full year 2025.

**Net Cash Position:** Above $2.8 billion at the end of 2025.

**Dividend Recommendation:** $750 million, or $0.66 per share for the full year 2025.

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Release Date: February 12, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive 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.

 






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Negative Points

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.

Q & A Highlights

Q: What are the latest demand trends in China, and have you seen any on-trade demand recovery? A: Yanjun Cheng, CEO, stated that the industry in China showed signs of stabilization in 2025, but there hasn’t been significant improvement in on-premise recovery. The focus remains on in-home consumption, and the company is conservative about on-trade recovery. The fourth quarter of 2025 showed some initial improvement, with volume and market share stabilizing. The company is focusing on leading the premium portfolio and expanding the in-home route to market.

Q: Will the shareholder reward policy be reviewed with the new CEO on board? A: Ignacio Lares, CFO, explained that the company aims to drive long-term shareholder value sustainably, with dividends playing a relevant role. The dividend policy has been consistent since the IPO, maintaining at least a 25% payout. The rigorous review process for dividends will remain intact, and it’s too early to discuss revisiting the policy.

Q: What are the plans for turning around the business in China in 2026, and when can we expect volume growth? A: Ignacio Lares, CFO, emphasized that the priority in China is to reignite growth and rebuild volume momentum. While no specific guidance was provided, the company is focusing on enhancing execution in key channels and geographies. The World Cup is seen as a potential boost for industry demand, and the company plans to leverage this event.

Q: Are you planning to increase commercial investment in China, prioritizing top-line over profitability in 2026? A: Ignacio Lares, CFO, confirmed that the focus is on top-line growth in China, with increased commercial investment as a percentage of net revenue. The company will test initiatives in the market and scale successful ones, maintaining financial discipline to ensure long-term value creation.

Q: How is Budweiser APAC addressing the underperformance in the instant retail channel in China? A: Ignacio Lares, CFO, acknowledged that the company was underindexed in instant retail channels but sees significant opportunity in 2026. Efforts are being made to increase presence and partner with major platforms to expand penetration and market share. The focus is on ensuring value accretive growth in this channel.

Q: How will you track performance in China based on the strategy laid out? A: Ignacio Lares, CFO, mentioned that KPIs and milestones are tied to execution, focusing on in-home route to market expansion, emerging channel presence, and portfolio priorities. Metrics include distribution coverage, SKU availability, and premiumization speed, with ongoing evaluation of these KPIs.

Q: What is the latest demand situation in South Korea, and have there been any changes in competition or promotional intensity? A: Ignacio Lares, CFO, noted that the total industry remained soft in 2025, with mixed macroeconomic signals. The company is focusing on non-alcoholic and flavored beers, leveraging strong brand portfolios and RTM capabilities to lead beer growth in Korea.

Q: How do changes in raw material costs, especially barley and aluminum, affect your overall cost structure? A: Ignacio Lares, CFO, stated that cost of goods sold per hectoliter remained flat in 2025, with slight commodity tailwinds. Barley prices have been moderated, while aluminum prices have increased. The company expects commodities to be a small headwind in 2026, with premiumization as a key driver of cost escalation.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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