BUD APAC (01876) released its first quarter earnings, with a net profit attributable to equity holders of $226 million, a decrease of 3.42% year-on-year.

BUD APAC (01876) announced its performance for the three months ending March 31, 2026. The group achieved a total sales volume of 1.974 billion liters, a decrease of 0.02% year-on-year; revenue of 1.493 billion US dollars, an increase of 2.19% year-on-year; net profit attributable to BUD APAC shareholders of 226 million US dollars, a decrease of 3.42% year-on-year; normalized basic earnings per share of 1.77 cents. In the first quarter of 2026, sales volume in China decreased by 1.5%. The group's sales volume has been steadily decreasing since the second half of 2025. Due to increased investment to support distributors and to revitalize the brand in non-immediate consumption and emerging channels, revenue and revenue per hundred liters decreased by 4.0% and 2.5% respectively. Normalized EBITDA decreased by 10.9%, mainly due to the performance of revenue, increased investment, and reduced other operating income.