UOB Kay Hian released a research report stating that BUD APAC (01876) recorded revenue of USD 1.073 billion for the fourth quarter of 2025, a decrease of 4% year-on-year. This was primarily attributed to declines of 0.7% in volume and 4% in average selling price. Normalized EBITDA was USD 167 million, falling 25% compared to the same period last year, with a corresponding margin of 15.6%, which contracted by 425 basis points year-on-year.

Regarding the China market, there were signs of improvement in the fourth quarter of 2025, with volume and market share showing stabilization. Looking ahead to 2026, the company aims to regain growth momentum. The proportion of commercial investment relative to net revenue has potential for increase, while margin improvement is expected to be a long-term objective. The brokerage maintains a "Buy" rating and a target price of HK$9.9.