Budweiser APAC reports declining half-year volume and profit

Budweiser Brewing Company APAC Limited's total volumes for the first half of 2025 decreased 6.1% to 43,628 thousand hl, primarily due to impacts in China. Revenue declined 5.6% to $3,136m, though revenue per hl increased 0.5%.

Normalized EBITDA fell 8.0% to $983m, with the normalized EBITDA margin contracting 82 basis points to 31.3%. Normalized profit attributable to equity holders dropped 14.1% from $552m to $474m, while normalized EPS fell from 4.19 cents to 3.59 cents.

The company maintained a net cash position of $2.4bn as of June 30, 2025.