Budweiser APAC reports H1 2025 revenue decline as challenges persist

Budweiser Brewing Company APAC Limited reported a 6.1% decrease in total volumes and a 5.6% decline in revenue for the first half of 2025 (1H25) compared to 1H24. Normalized EBITDA contracted by 8.0% to $983 million, and normalized EBIT decreased by 9.6% to $679 million. Profit attributable to equity holders of Bud APAC was $409 million, down from $541 million in 1H24. The company’s net cash position stood at $2.4 billion as of June 30, 2025.

The decline was primarily driven by ongoing challenges in China, where volumes decreased by 8.2% and revenue by 9.5%. Despite this, the premium and super premium portfolio's contribution to in-home channel volumes and revenue increased. South Korea saw flat volumes, offsetting industry weakness, while India delivered double-digit growth in its premium and super premium portfolio.

Cash flow from operating activities increased to $267 million in 1H25 from $223 million in 1H24. The Board resolved not to declare an interim dividend for 1H25.