Goldman Sachs released a research report stating that BUD APAC (01876) delivered stronger-than-expected revenue performance in the Asia Pacific East region during Q3. Organic revenue grew 3.9% year-over-year (YoY), while organic EBITDA rose 8.7% YoY, surpassing the bank's estimates of 1.1% revenue growth and 7.0% EBITDA growth (organic basis).

South Korea outperformed the broader market, with volumes largely flat and average selling prices (ASP) achieving mid-single-digit YoY growth due to revenue management measures and continuous new product launches. Goldman maintains a "Buy" rating with a target price of HK$8.9.

The report noted BUD APAC's Q3 2025 organic sales declined 8.4% YoY, better than Goldman's projected 12.6% drop. Normalized EBITDA stood at $438 million, down 6.9% organically YoY, outperforming the bank's $401 million estimate (15.8% organic decline) and consensus expectations of $407 million. Reported normalized EBITDA margin reached 28%, above the projected 26.9%.

Group-level EBIT fell 6.1% organically YoY, while normalized net profit was $204 million, down 9.3% YoY (including FX impacts), beating Goldman's $182 million forecast (19.1% decline) and consensus estimates of $174.6 million. Q3 net profit totaled $185 million, an 8% YoY drop primarily due to weak revenue.

Goldman highlighted that BUD APAC's Asia Pacific West region benefited from robust performance in India, while China exceeded concerns. West region revenue declined 12% YoY with organic EBITDA down 11.9%, outperforming the bank's projections of 16.5% and 23% declines, respectively.

In China, organic revenue fell 15.1% YoY and organic EBITDA dropped 17.4%, both ahead of Goldman's estimates (17.9% and 26% declines). ASP decreased 4.1% YoY, with volumes down 11.4%, as at-home consumption expanded but unfavorable brand mix persisted due to destocking. India achieved double-digit revenue growth and significant EBITDA margin expansion from a low base.