Morgan Stanley released a research report stating that BUD APAC (01876) reported an 8.4% decline in Q3 2025 sales, with average selling prices edging up 0.1% and volume dropping 8.6% year-on-year. The Chinese market remained under pressure, while the South Korean market showed resilience. The bank maintained an "Overweight" rating on BUD APAC with a target price of HK$9.3.

In Q3, normalized EBITDA margin expanded organically by 46 basis points (bps) year-on-year to 28.2%. For the first nine months of 2025, gross margin rose organically by 42 bps, while EBIT margin declined organically by 46 bps.

In the Western APAC region, organic sales fell 12.0% in Q3 2025 (volume down 9.9%, average selling price down 2.4%), with normalized EBITDA decreasing 11.9% year-on-year. Meanwhile, the Eastern APAC region posted 3.9% organic sales growth (volume down 0.6%, average selling price up 4.5%), with normalized EBITDA rising 8.7% year-on-year.