BUD APAC (01876.HK): Nine-Month Revenue US$4.62bn, Normalised Profit US$628m

NewTimeSpace News: On 29 October 2026, Budweiser Brewing Company APAC Limited (stock code: 1876) announced its unaudited results for the nine months ended 30 September 2026 and third-quarter financial information, prepared from internal records and management accounts and not reviewed or audited by independent auditors.

For the first nine months, total volume was about 6.28 billion litres, down 4.9% organically; revenue was US$4,620 million, down 3.7%, with revenue per hectolitre up 1.2%; gross profit was US$2,351 million, down 5.3%, with a gross margin of 50.9%, down 82 basis points; normalised EBITDA was US$1,249 million, down 13.2%, at a margin of 27.0%, down 297 basis points; and normalised EBIT was US$821 million, down 15.0%.

Profit attributable to equity holders of Bud APAC was US$565 million versus US$594 million a year earlier, while normalised profit attributable was US$628 million versus US$678 million; normalised basic EPS was 4.75 US cents versus 5.13 US cents, and basic EPS 4.27 US cents versus 4.49 US cents. The decline also reflected a US$52 million non-underlying income tax expense from an internal reorganisation in China and a US$30 million receivable provision related to product supply in India.

In the third quarter, total volume fell 10.1%, revenue fell 8.4% and normalised EBITDA fell 22.9%; in China, volume fell 16.8% and revenue 16.9%, hit by adverse weather, a weak on-trade channel and inventory adjustments. Market share rose in Korea across on- and off-trade channels, while India delivered double-digit volume growth. Management said China remains challenging and that it is strengthening execution, shifting the channel mix towards off-trade and digital, and investing in flagship brands and innovation to support a volume recovery.