百威亚太(01876) - 2025 Q3 - 季度业绩

Sales Performance - Total sales volume decreased by 7.0% to 66,140 million liters for the nine months ended September 30, 2025, primarily due to challenges in the Chinese market, partially offset by performance in India[5] - In Q3 2025, sales in China decreased by 11.4%, with revenue down 15.1% and revenue per hectoliter down 4.1% due to increased investment in innovative products and brand promotion[17] - The company’s total sales for Q3 2025 decreased by 8.6%, impacted by business layout and channel performance in China, partially offset by strong performance in India[24] - Total sales volume for the first nine months of 2025 decreased to 6,614 million liters, representing a decline of 7.0% compared to 2024[46] - In the third quarter of 2025, total sales volume was 2,251 million liters, down 8.6% year-over-year[46] Revenue and Profitability - Revenue for the nine months ended September 30, 2025, decreased by 6.6% to $4,691 million, with revenue per hectoliter increasing by 0.4% driven by positive regional mix in India and revenue management measures in Eastern Asia[8] - In the third quarter of 2025, total sales and revenue decreased by 8.6% and 8.4%, respectively, with continued challenges in the Chinese market, partially offset by performance in India[14] - For the first nine months of 2025, total sales decreased by 7.0% to 66,140 thousand hectoliters, while revenue fell by 6.6% to $4,691 million[22] - Normalized net profit attributable to equity holders decreased from $777 million in the first nine months of 2024 to $678 million in 2025[10] - The company reported a net profit of $622 million for the first nine months of 2025, down from $763 million in 2024[50] Earnings and Margins - Normalized EBITDA for the nine months ended September 30, 2025, decreased by 7.7% to $1,421 million, with a normalized EBITDA margin declining by 37 basis points to 30.3%[9] - The company’s normalized EBITDA for the first nine months of 2025 decreased by 8.6% to $965 million, reflecting weak revenue performance and operational deleveraging[22] - Normalized earnings per share decreased from 5.89 cents in the first nine months of 2024 to 5.13 cents in 2025[7] - Basic earnings per share for the nine months ended September 30, 2025, was 4.49 cents, down from 5.62 cents in 2024, reflecting a decline of 20.1%[34] - Diluted earnings per share for the nine months ended September 30, 2025, was 4.46 cents, compared to 5.58 cents in 2024, representing a decrease of 20.0%[34] Cost Management and Expenses - Sales and administrative expenses decreased by 4.2% in the first nine months of 2025, attributed to flexible cost management in response to weak sales[27] - Other operating income decreased by 11.0% in the first nine months of 2025, primarily due to the write-off of non-core assets[28] - The company recorded non-core expenses related to a customs audit claim amounting to $84 million, which includes $66 million recognized in 2023 and an additional $18 million expected by September 30, 2025[31] - The company is undergoing internal restructuring to enhance capital efficiency, resulting in non-core tax expenses recognized as part of income tax expenses[32] Market Strategy and Product Development - The company plans to continue focusing on strengthening its core product portfolio and expanding non-immediate consumption marketing efforts to capture future growth opportunities[5] - The company launched new products, including a one-liter can of Budweiser Black Gold and a zero-alcohol beer, Cass ALL Zero, to enhance market presence[21] - The company is committed to driving premiumization of its products in India, contributing to strong revenue growth in that market[12] - In South Korea, the company achieved margin expansion, outperforming the market across both immediate and non-immediate channels[12] Regional Performance - In India, the company achieved double-digit revenue growth in Q3 2025, benefiting from a favorable base effect due to prior year project costs related to digital integration[19] - In the Eastern Asia Pacific region, Q3 2025 sales decreased by 0.6%, while revenue increased by 3.9% and revenue per hectoliter increased by 4.5%[20] - In South Korea, sales remained stable, with mid-single-digit growth in revenue and revenue per hectoliter, supported by strong business performance and favorable commodity prices[21] Financial Outlook and Risks - Forward-looking statements reflect management's current expectations and are subject to uncertainties and risks that could lead to actual results differing materially[41] - The company anticipates that potential fines related to customs evasion allegations will not have a significant impact on overall operations[31] - Non-core items are defined as irregular income or expenses that are not part of the company's normal business activities, and their impact is significant for understanding sustainable performance[38] - The company emphasizes that normalized measures are additional metrics and should not replace IFRS-defined measures for assessing performance[39]