BUD APAC(HK:01876) Ge Long Hui·2025-10-29 23:25Core Insights - Budweiser APAC reported a 7.0% year-on-year decline in total sales volume for the first nine months of 2025, reaching 661.4 million liters, primarily due to challenges in its business layout in China, partially offset by performance in India [1] - Revenue for the same period decreased by 6.6% year-on-year to $4.691 billion, while revenue per hectoliter increased by 0.4%, benefiting from positive regional mix in India and revenue management measures in Eastern Asia [1] - Normalized EBITDA for the first nine months of 2025 fell by 7.7% to $1.421 billion, influenced by revenue performance, with the normalized EBITDA margin decreasing by 37 basis points to 30.3% [1] Financial Performance - Normalized profit attributable to equity holders decreased from $777 million in the first nine months of 2024 to $678 million in the same period of 2025 [1] - Profit attributable to equity holders dropped from $742 million in the first nine months of 2024 to $594 million in the first nine months of 2025 [1] Regional Performance - The CEO highlighted ongoing challenges in China due to business layout and weak ready-to-drink channels, while noting margin expansion in South Korea with performance exceeding industry levels [2] - Strong growth momentum was maintained in India, with Budweiser brand growth leading the industry [2] - The company plans to focus on strengthening its core product portfolio, expanding non-ready-to-drink marketing, and enhancing execution capabilities to seize future growth opportunities [2]