BUD APAC(HK:01876) Cai Jing Wang·2026-02-12 08:40Core Viewpoint - Budweiser APAC reported a decline in total beer sales and revenue for 2025, with total sales at 7.966 billion liters, down 6.0% year-on-year, and revenue at $5.764 billion, down 6.1% year-on-year. Normalized EBITDA decreased by 9.8% to $1.588 billion [1] Sales and Revenue Summary - Total sales for 2025 were 7.966 billion liters, a decrease from 8.481 billion liters in 2024, reflecting a 6.0% decline [2] - Revenue for 2025 was $5.764 billion, down from $6.246 billion in 2024, marking a 6.1% decrease [2] - Normalized EBITDA for 2025 was $1.588 billion, compared to $1.807 billion in 2024, representing a 12.4% decline [2] Regional Performance - In the fourth quarter of 2025, sales in the Western Asia-Pacific region increased by 0.1%, while revenue and revenue per hectoliter decreased by 5.6% and 5.7%, respectively [3] - In China, fourth-quarter sales decreased by 3.9% due to weak performance in the ready-to-drink channel, with revenue and revenue per hectoliter down by 11.4% and 7.7%, respectively [3] - In India, the company achieved strong double-digit revenue growth through its premiumization strategy, contributing to overall market share expansion [1] Strategic Initiatives - The company is focusing on expanding its non-ready-to-drink channels and increasing penetration in online-to-offline (O2O) channels, which have shown improved contributions to sales and revenue [4] - Increased investments to support distributors and activate brands in non-ready-to-drink and emerging channels have been noted, despite the impact on revenue performance [3][4]