CLSA released a research report noting that BUD APAC reported a 0.7% year-on-year decline in first-quarter organic revenue, slightly surpassing the firm's and market expectations. This was primarily driven by improving trends in the Asia Pacific West region, with a further narrowing of the sales decline in China to 1.5% and strong performance in the Indian market. During the period, normalized EBITDA and net profit both exceeded market expectations. CLSA maintained an "Outperform" rating on BUD APAC with a target price of HK$9.

BUD APAC's first-quarter revenue increased by 2.2% year-on-year to USD 1.493 billion, exceeding both the firm's and market expectations by 2%. Revenue in Asia Pacific West grew by 4% year-on-year, while Asia Pacific East revenue declined by 5.1% year-on-year. Sales volume remained flat compared to the previous year, with revenue per hectoliter rising 2.2% year-on-year to USD 76. Gross margin edged up 0.1 percentage points year-on-year to 51.1%. Normalized EBITDA decreased by 4.5% year-on-year to USD 463 million, with the normalized EBITDA margin declining 2.2 percentage points to 31%. Net profit fell 3.4% year-on-year to USD 226 million, beating the firm's and market expectations. The net profit margin decreased by 0.8 percentage points to 15.7%.