Group 1: Financial Performance - 2025 Q4 organic revenue decreased by 4% year-on-year, with total revenue down 6% to $1.1 billion, 2% lower than market consensus[5] - Standardized EBITDA fell by 26.8% to $167 million, with an organic decline of 24.7%[6] - Net loss attributable to shareholders was $105 million, worse than the expected loss of $30 million due to higher tax expenses[12] Group 2: Regional Insights - Revenue in China declined by 11.4%, with sales down 3.9% and revenue per hectoliter decreasing by 7.7%[12] - South Korea's revenue remained flat, with low single-digit sales decline, benefiting from a strong brand mix[12] - India experienced double-digit revenue growth driven by premium product offerings, enhancing overall market share[12] Group 3: Market Trends and Risks - Economic recovery, product upgrades, and favorable summer weather are expected to boost beer sales[7] - Risks include slower-than-expected premiumization, loss of market share in the high-end segment, and unexpected cost inflation[8] - The company maintains a dividend payout of $750 million, with a payout ratio of 153% and a dividend yield of 5.3%[12]
2025年四季度基本符合预期：百威亚太
citic securities·2026-02-13 07:24