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Total Volume Decrease: 6% for the full year 2025.
Revenue Per Hectoliter Decrease: 0.2% for the full year 2025.
Net Revenue Decline: 6.1% for the full year 2025.
Normalized EBITDA Decrease: 9.8% for the full year 2025.
Normalized EBITDA Margin Contraction: 113 basis points for the full year 2025.
Fourth Quarter Volume Decrease: 0.7%.
Fourth Quarter Revenue Decrease: 4.2%.
Fourth Quarter Revenue Per Hectoliter Decrease: 3.5%.
Fourth Quarter Normalized EBITDA Decrease: 24.7%.
Fourth Quarter Normalized EBITDA Margin Contraction: 425 basis points.
APAC West Volume Decrease: 6.7% for the full year 2025.
APAC West Revenue Decrease: 8.2% for the full year 2025.
APAC West Revenue Per Hectoliter Decrease: 1.5% for the full year 2025.
APAC West Normalized EBITDA Decrease: 12.4% for the full year 2025.
China Fourth Quarter Volume Decrease: 3.9%.
China Fourth Quarter Revenue Per Hectoliter Decrease: 7.7%.
China Fourth Quarter Revenue Decline: 11.4%.
China Fourth Quarter Normalized EBITA Decrease: 42.3%.
India Revenue Growth: Strong double-digit growth in the fourth quarter.
India Premium and Super Premium Portfolio Revenue Growth: More than 20% for the full year 2025.
APAC East Volume Decrease: 1.3% for the full year 2025.
APAC East Revenue Increase: 1.3% for the full year 2025.
APAC East Revenue Per Hectoliter Increase: 2.5% for the full year 2025.
APAC East Normalized EBITDA Decrease: 1.2% for the full year 2025.
APAC East EBITDA Margin Contraction: 75 basis points for the full year 2025.
Net Cash Position: Above $2.8 billion at the end of 2025.
Dividend Recommendation: $750 million, or $0.66 per share for the full year 2025.
Warning! GuruFocus has detected 8 Warning Signs with BDWBF.
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Release Date: February 12, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
Budweiser Brewing Co APAC Ltd (BDWBF) is focusing on strategic priorities to reignite growth and rebuild market share momentum, particularly in China.
The company is seeing strong growth in India, with double-digit revenue growth driven by its premium and super-premium portfolio.
In South Korea, Budweiser Brewing Co APAC Ltd (BDWBF) outperformed the soft industry, with a focus on mega brands and innovations.
The company is leveraging digitalization to enhance commercial capabilities and strengthen customer relationships, particularly through the expansion of its ‘bees’ platform.
Budweiser Brewing Co APAC Ltd (BDWBF) maintains a strong balance sheet with a net cash position above $2.8 billion and has recommended a dividend of $750 million, consistent with the previous year.