A research report from Goldman Sachs indicates minor adjustments to the sales and net profit forecasts for BUD APAC (01876) for 2026 and 2027. The firm now projects sales growth of 3.1%, 4.4%, and 4.7% for 2026, 2027, and 2028, respectively, with normalized EBITDA increasing by 2.4%, 8.6%, and 9.5%. The "Buy" rating and a target price of HK$8.4 are maintained.

In 2025, BUD APAC's organic sales and EBITDA fell by 6.1% and 9.8% year-on-year, respectively. The Chinese market was the primary drag, with volume declining 8.6% and average selling price dropping 3% year-on-year. However, signs of stabilization emerged from the fourth quarter, where the volume decline narrowed to 3.9%.

The Indian market maintained a strong growth trajectory, achieving double-digit revenue growth in the fourth quarter. The Korean market demonstrated resilience amidst industry weakness, with an expansion in EBITDA margin.

Looking ahead to 2026, the group anticipates facing minor commodity price cost challenges, which are expected to be partially offset by cost management measures. The report forecasts a return to positive revenue growth for the Chinese market within the year, with stable average selling prices and a 2% year-on-year increase in volume.