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BUD APAC(01876) - 2025 Q2 - Earnings Call Transcript
2025-07-31 04:32
Financial Data and Key Metrics Changes - Total volumes decreased by 6.1% and revenue decreased by 5.6% in the first half of 2025, while revenue per hectoliter increased by 0.5% [8][9] - Normalized EBITDA decreased by 8% and normalized EBITDA margin contracted by 82 basis points [8][9] - In the second quarter, total volumes and revenue decreased by 6.2% and 3.9% respectively [8] Business Line Data and Key Metrics Changes - In China, volumes decreased by 7.4% in the second quarter, with revenue decreasing by 6.4% and revenue per hectoliter increasing by 1.1% [10] - In South Korea, volumes were impacted by shipment phasing, but the company continued to gain market share in both on-premise and in-home channels [6][13] - In India, the Budweiser brand grew ahead of the industry, delivering double-digit revenue growth and significant EBITDA margin improvement [13][74] Market Data and Key Metrics Changes - In APAC West, volumes and revenue decreased by 6.9% and 7.1% respectively, with normalized EBITDA decreasing by 8.8% [9] - The contribution of the in-home channel to volumes and revenue increased, with premium and super premium portfolio weights exceeding those in the Chinese restaurant channel [11] - The Indian market showed strong growth momentum, with the premium and super premium portfolio growing by double digits [74] Company Strategy and Development Direction - The company continues to invest in mega brands and focus on expanding the in-home channel while enhancing trade execution [5][20] - A channel expansion strategy is in place, focusing on premiumization in the in-home channel [11] - The company is committed to maintaining a sound balance sheet and disciplined financial practices [15] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing challenges in China, particularly in the restaurant channel, and expects volume headwinds to continue into the third quarter [20][57] - The company remains focused on enhancing execution of mega brands and expanding distribution in the in-home channel [58] - Management expressed confidence in the long-term growth potential of the Indian market, driven by premiumization and favorable regulatory changes [74] Other Important Information - The company reported a net cash position of $2.4 billion as of June 30, 2025 [15] - An internal restructuring led to a non-underlying income tax of $53 million, which is expected to have no further impact on financials [83] Q&A Session Summary Question: Impact of anti-extravagance campaign on China - Management acknowledged a slowdown in the Chinese restaurant channel and indicated that the impact would continue into the third quarter [20] Question: Update on South Korea customs tax dispute and anti-dumping duties in Taiwan - The customs tax dispute is ongoing, and management is committed to defending the matter [25] - The impact of anti-dumping duties in Taiwan is still uncertain, and management is monitoring the situation closely [27] Question: Progress on inventory destocking in China - Management reported that inventory levels are lower than the previous year and expect a more normalized base by the end of the year [32] Question: In-home channel penetration and expansion plans - The in-home channel is expected to continue growing, with plans to enhance distribution and execution [39] Question: Market share strategy in Guangdong - Management emphasized the importance of expanding coverage in the in-home channel and improving execution to regain market share [49] Question: Core plus segment performance and competition - Management acknowledged competition pressures in the core plus segment and outlined plans to enhance brand power and distribution [61] Question: Margin outlook in South Korea - Management expressed confidence in future margin recovery driven by pricing, operational efficiencies, and premiumization [71] Question: Trends in the Indian market - The Indian market is experiencing strong growth, particularly in the premium segment, with favorable regulatory changes expected to further boost growth [74]
BUD APAC(01876) - 2025 Q2 - Earnings Call Transcript
2025-07-31 04:30
Financial Data and Key Metrics Changes - Total volumes decreased by 6.1% and revenue decreased by 5.6% in the first half of 2025, while revenue per hectoliter increased by 0.5% [8][9] - Normalized EBITDA decreased by 8% and normalized EBITDA margin contracted by 82 basis points [8][9] - In the second quarter, total volumes and revenue decreased by 6.2% and 3.9% respectively [8] Business Line Data and Key Metrics Changes - In China, volumes decreased by 7.4% in the second quarter, with revenue decreasing by 6.4% and revenue per hectoliter increasing by 1.1% [11] - In South Korea, volumes were impacted by shipment phasing, but market share continued to grow in both on-premise and in-home channels [6][14] - In India, the Budweiser brand grew ahead of the industry, contributing to double-digit revenue growth and significant EBITDA margin improvement [14][78] Market Data and Key Metrics Changes - In APAC West, volumes and revenue decreased by 6.9% and 7.1% respectively, with normalized EBITDA decreasing by 8.8% [10] - The in-home channel's contribution to volumes and revenue increased, with premium and super premium portfolio weights exceeding those in the restaurant channel [12][42] - The Indian market continues to show strong growth momentum, with premiumization driving performance [78] Company Strategy and Development Direction - The company is focusing on investing in mega brands and expanding the in-home channel to navigate current challenges and pursue long-term growth [5][6] - A channel expansion strategy is being implemented to enhance premiumization in the in-home channel [12] - The company is committed to maintaining a sound balance sheet while pursuing disciplined financial practices and capital allocation priorities [16] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing challenges in China, particularly in the restaurant channel, but remains focused on enhancing execution and expanding distribution [21][60] - The company expects volume headwinds to continue into the third quarter, with potential for improvement in the fourth quarter due to easier comparisons [60] - Management emphasized the importance of premiumization and innovation in driving future growth [78][81] Other Important Information - The company reported a net cash position of $2.4 billion as of June 30, 2025 [16] - An internal restructuring led to a $53 million non-underlying income tax charge, which is not expected to impact future financials significantly [87][88] Q&A Session Summary Question: Impact of anti-extravagance on the catering business in China - Management acknowledged a slowdown in the Chinese restaurant channel and indicated that the impact would continue into the third quarter, focusing on mega brand investments and in-home channel expansion [20][21] Question: Update on South Korea customs tax dispute and anti-dumping duties in Taiwan - The customs tax dispute is ongoing, with no new updates, while the impact of anti-dumping duties in Taiwan is still being assessed [26][28] Question: Progress on inventory destocking in China - Management reported proactive inventory management, with current levels lower than the previous year, and expects a more normalized base by the end of the year [35][36] Question: In-home channel penetration and expansion plans - The company sees significant opportunities in the in-home channel, with plans to enhance distribution and execution to capture market share [38][42] Question: Market share strategy following pricing hikes in Korea - Management indicated that the pricing strategy is aligned with brand strength and innovation, with a focus on maintaining commercial momentum [72][101] Question: Trends in the Indian market - The Indian market is experiencing strong growth, particularly in the premium segment, with ongoing efforts to improve productivity and capitalize on regulatory changes [78][81]
港股异动 | 百威亚太(01876)涨超3% 中期股东应占溢利同比减少24.4% 国内实现除息税折旧摊销前盈利率扩张
智通财经网· 2025-07-31 02:21
于2025年第二季度,由于集团的主要运营地区及渠道疲弱,集团在中国的销量表现低于行业水平。尽管 表现疲弱,集团仍在中国实现除息税折旧摊销前盈利率扩张。在韩国,集团的销量受到提前发货安排所 影响,但集团在即饮及非即饮渠道中的表现持续优于行业水平。在印度,由于集团持续引领该市场的高 端化发展,集团加速了增长动能。 消息面上,7月31日,百威亚太发布截至2025年6月30日止6个月业绩,该集团期内取得总销量43.63亿公 升,同比减少6.1%;收入31.36亿美元,同比减少5.6%;百威亚太股权持有人应占溢利4.09亿美元,同 比减少24.4%;正常化每股盈利3.59美分。 智通财经APP获悉,百威亚太(01876)涨超3%,截至发稿,涨2.74%,报9.01港元,成交额2.4亿港元。 ...
百威亚太涨超3% 中期股东应占溢利同比减少24.4% 国内实现除息税折旧摊销前盈利率扩张
Zhi Tong Cai Jing· 2025-07-31 02:19
于2025年第二季度,由于集团的主要运营地区及渠道疲弱,集团在中国的销量表现低于行业水平。尽管 表现疲弱,集团仍在中国实现除息税折旧摊销前盈利率扩张。在韩国,集团的销量受到提前发货安排所 影响,但集团在即饮及非即饮渠道中的表现持续优于行业水平。在印度,由于集团持续引领该市场的高 端化发展,集团加速了增长动能。 消息面上,7月31日,百威亚太发布截至2025年6月30日止6个月业绩,该集团期内取得总销量43.63亿公 升,同比减少6.1%;收入31.36亿美元,同比减少5.6%;百威亚太股权持有人应占溢利4.09亿美元,同 比减少24.4%;正常化每股盈利3.59美分。 百威亚太(01876)涨超3%,截至发稿,涨2.74%,报9.01港元,成交额2.4亿港元。 ...
宝通证券港股每日策略-20250731
宝通证券· 2025-07-31 02:02
Market Performance - The Hang Seng Index (HSI) fell by 347 points or 1.4%, closing at 25,176 points[1] - The National Index dropped by 107 points or 1.2%, closing at 9,038 points[1] - The Hang Seng Tech Index decreased by 153 points or 2.7%, closing at 5,490 points[1] - Total market turnover was HKD 319.65 billion[1] Economic Indicators - The People's Bank of China conducted a 309 billion RMB seven-day reverse repurchase operation at a steady rate of 1.4%[2] - The Shanghai Composite Index rose by 6 points or 0.2%, closing at 3,615 points with a turnover of 819.6 billion RMB[2] - The Shenzhen Component Index fell by 86 points or 0.8%, closing at 11,203 points with a turnover exceeding 1.02 trillion RMB[2] Corporate Earnings - MGM China reported total revenue of HKD 8.667 billion for Q2, an increase of 8.9% year-on-year[4] - Budweiser APAC reported revenue of USD 3.136 billion for the first half of the year, a decrease of 7.7% year-on-year[5] - New Oriental Education reported net revenue of USD 4.9 billion for FY2025, an increase of 13.6% year-on-year[5]
百威亚太中期股东应占溢利4.09亿美元 同比减少24.4%
Zheng Quan Shi Bao Wang· 2025-07-31 01:22
于2025年第二季度,中国市场销量表现低于行业水平,但除息税折旧摊销前盈利率有所扩张。韩国市场 销量受提前发货安排影响,但渠道表现优于行业水平。印度市场则因持续引领高端化发展,增长动能加 速。 百威亚太发布截至2025年6月30日止6个月业绩。期内,集团总销量为43.63亿公升,同比减少6.1%;收 入为31.36亿美元,同比减少5.6%;股东应占溢利为4.09亿美元,同比减少24.4%;正常化每股盈利为 3.59美分。 ...
百威亚太发布中期业绩 股东应占溢利4.09亿美元 同比减少24.4%
Zhi Tong Cai Jing· 2025-07-30 23:56
百威亚太(01876)发布截至2025年6月30日止6个月业绩,该集团期内取得总销量43.63亿公升,同比减少 6.1%;收入31.36亿美元,同比减少5.6%;百威亚太股权持有人应占溢利4.09亿美元,同比减少24.4%;正常 化每股盈利3.59美分。 于2025年第二季度,由于集团的主要运营地区及渠道疲弱,集团在中国的销量表现低于行业水平。尽管 表现疲弱,集团仍在中国实现除息税折旧摊销前盈利率扩张。在韩国,集团的销量受到提前发货安排所 影响,但集团在即饮及非即饮渠道中的表现持续优于行业水平。在印度,由于集团持续引领该市场的高 端化发展,集团加速了增长动能。 ...
百威亚太(01876)发布中期业绩 股东应占溢利4.09亿美元 同比减少24.4%
智通财经网· 2025-07-30 23:53
Core Viewpoint - Budweiser APAC reported a decline in total sales and revenue for the six months ending June 30, 2025, indicating challenges in key markets, particularly in China and Korea, while showing growth potential in India [1] Financial Performance - Total sales volume reached 4.363 billion liters, a year-on-year decrease of 6.1% [1] - Revenue amounted to $3.136 billion, reflecting a year-on-year decline of 5.6% [1] - Profit attributable to equity holders was $409 million, down 24.4% year-on-year [1] - Normalized earnings per share were 3.59 cents [1] Regional Performance - In China, sales performance was below industry levels due to weak operational regions and channels, although the company achieved an expansion in EBITDA margin [1] - In Korea, sales were impacted by pre-shipment arrangements, but the company outperformed the industry in both ready-to-drink and non-ready-to-drink channels [1] - In India, the company accelerated growth momentum by leading the market's premiumization efforts [1]
百威亚太(01876.HK):上半年收入减少5.6%,达到31.36亿美元
Ge Long Hui· 2025-07-30 23:12
Core Viewpoint - Budweiser APAC reported a decline in total sales volume and revenue for the first half of 2025, primarily due to challenges in its operations in China, although performance in India partially offset these declines [1] Sales Performance - Total sales volume decreased by 6.1% to 4,362.8 million liters in the first half of 2025 [1] - Revenue fell by 5.6% to $3.136 billion in the same period [1] - Revenue per hectoliter increased by 0.5%, driven by positive impacts from the brand portfolio in the Asia-Pacific region and revenue management measures in Eastern Asia [1] Profitability - Normalized profit attributable to equity holders decreased from $552 million in the first half of 2024 to $474 million in the first half of 2025 [1] - Profit attributable to equity holders decreased from $541 million in the first half of 2024 to $409 million in the first half of 2025, impacted by non-core income tax effects from internal restructuring [1] Management Commentary - The CEO emphasized a focused approach and disciplined execution in investing in flagship brands to address current challenges and drive long-term growth [1] - The business in China was affected by regional layout and weak ready-to-drink channels, while performance in South Korea exceeded industry levels despite overall industry weakness [1] - Growth momentum in India continued to accelerate, with Budweiser brand growth outpacing the industry [1]
百威亚太二季度营收16.8亿美元,预期16.9亿美元。二季度调整后EBITDA为4.98亿美元,预期4.952亿美元。二季度净利润1.75亿美元,预期2.371亿美元。
news flash· 2025-07-30 23:05
Group 1 - The core revenue for Budweiser APAC in Q2 was $1.68 billion, slightly below the expected $1.69 billion [1] - Adjusted EBITDA for Q2 was $498 million, exceeding the expected $495.2 million [2] - The net profit for Q2 was $175 million, which fell short of the expected $237.1 million [2]