Budweiser Brewing Company APAC Limited (Bud APAC, 1876) reported a 7.0% decline in total volumes to 66,140 thousand hectoliters for the nine months ended 30 September 2025, with revenue falling 6.6% to 4,691 million USD and revenue per hectoliter rising 0.4%. Cost of sales decreased 7.4% to 2,279 million USD, and selling, general, and administrative expenses dropped 4.2%. Normalized EBITDA reached 1,421 million USD, representing a 7.7% decline as the normalized EBITDA margin contracted by 37 basis points to 30.3%. Profit attributable to equity holders was 594 million USD, while normalized profit was 678 million USD.

During the period, APAC West volumes and revenue declined 7.9% and 8.7%, respectively, influenced primarily by weakness in China. India, however, maintained robust growth, supported by the Budweiser brand. APAC East recorded a 0.5% contraction in volumes and a 1.8% increase in revenue, with South Korea outperforming in both on-premise and in-home channels. Aided by commodity tailwinds and positive brand mix, the company noted a rise in the overall adjusted profitability in South Korea.

In China, a 9.3% volume decline and an 11.3% revenue drop were attributed to slow on-premise channels and strategic inventory management. Investments continued in brand initiatives to expand in-home presence, as seen in the rollout of Corona’s open-lid can design and Budweiser Magnum’s one-liter can format. Across the region, Bud APAC continues to advance digital sales platforms and cost efficiencies while prioritizing premiumization strategies in key markets.