EarningsQ2 2026 Earnings Report

Budweiser Brewing Co. APAC Ltd. (1876N) Q2 2026 Earnings Report

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Previous Report: Q1 2026

MX:1876N Q2 2026 EPS Results

Actual EPS$0.34

Consensus EPS$0.29

Beat/MissBeat by +$0.05

One Year Ago EPS$0.22

MX:1876N Q2 2026 Revenue Results

Actual Revenue$56.92B

Expected Revenue$30.13B

Beat/MissBeat by +$26.79B

YoY Revenue Growth+1.53%

Earnings Announcement Details

QuarterQ2 2026

Date07/29/2026

TimeAfter Close

Conference CallWednesday, July 29, 2026

MX:1876N Upcoming Earnings

Budweiser Brewing Co. APAC Ltd.'s next earnings date is estimated for October 29, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

No earnings call audio is available for this earnings event.

Q2 2026 Earnings Slide Deck

No slide deck is available for this earnings event.

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 29, 2026|

% Change Since:

Earnings Call Sentiment|Negative

The call showed clear operational progress in pockets — notably India (double-digit revenue growth), strong margin expansion in South Korea, and robust O2O and brand initiatives — but these positives were outweighed by pronounced weakness in China (large volume and EBITDA declines), overall APAC EBITDA contraction (-8.9%) and margin compression (-236 bps). Management is prioritizing volume stabilization in China through continued investment, accepting near-term margin pressure, while warning of delayed cost impacts from hedging and commodity inflation and potential capital allocation implications if performance does not improve.

Company Guidance

Management's guidance was to prioritise stabilising China volumes and to continue investing behind brands and O2O through H2 2026 even as H1 headwinds persist: H1 APAC volumes were down 2.2%, revenue down 1.4% (revenue/hl +0.8%), normalized EBITDA fell 8.9% and normalized EBITDA margin contracted 236 bps; Q2 APAC volumes were down 4.1%, revenue down 2.1% (rev/hl +2.1%) and Q2 normalized EBITDA down 9.7%. They highlighted China Q2 volumes -9.7%, revenue -8.6%, rev/hl +1.2% and China normalized EBITDA -16.9% (with O2O delivering double‑digit growth), while South Korea saw Q2 volumes up low‑teens, rev/hl down low‑single‑digits and strong double‑digit EBITDA growth with ~400 bps margin expansion (H1 volumes flat, rev/hl up low‑single‑digits, EBITDA mid‑single‑digits) and India delivered double‑digit revenue/volume growth in Q2 and H1. Management warned of delayed gross‑margin pressure from a 12‑month hedging policy (aluminium up ~10–20% to feed through in H2 and into 2027, partly offset by barley), said China margins may remain under pressure, confirmed no immediate price hikes, may make further channel inventory adjustments (inventories are lower than a year ago but not yet at ideal), will keep investing in the short term, and reiterated capital‑allocation priorities: organic growth first, selective M&A second and shareholder returns third.

India Double-Digit Revenue Growth and Share Gains

Delivered double-digit revenue growth in both Q2 and H1 2026; gained market share in operating states with share gains in Premium and Super Premium segments; EBITDA improving as investments scale the business.

South Korea: Volume and Margin Improvement

Q2 volumes up by low-teens (cycle aided), first-half volumes flat with market share gains; normalized EBITDA rose by strong double-digits in Q2 and by mid-single-digits in H1; normalized EBITDA margin expanded substantially (400 bps expansion noted in Q2).

O2O Channel and In-Home Premiumization

Strong double-digit growth in the O2O channel in both Q2 and H1 driven by brand and package innovations; strategy to premiumize the in-home channel progressing, supporting positive revenue-per-hectoliter mix in some markets.

Revenue Per Hectoliter Improved

Revenue per hectoliter increased across APAC: +0.8% in H1 and +2.1% in Q2, benefiting from positive country and brand mix in some markets (China and overall APAC mix benefits cited).

Brand and Marketing Initiatives

High-profile marketing (FIFA partnership, limited packaging, Erling Haaland) and product launches (Budweiser Magnum, Nutrl in Korea, Cass 0.00 repositioning) strengthened brand equity and produced early product successes (Cass 0.00 became #1 in nonalcoholic segment).

Reported Profit Benefit from One-Off Timing

Profit attributable to equity holders increased by 15.6% in H1 2026, reflecting lapping a one-off/nonrecurring item from 2025 and tax phasing benefits between quarters.

MX:1876N Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 29, 2026	2026 (Q3)	0.11 / -	0.18	―
Jul 29, 2026	2026 (Q2)	0.29 / 0.34	0.216	58.33% (+0.13)
May 05, 2026	2026 (Q1)	0.20 / 0.32	0.324	0.00% (0.00)
Feb 12, 2026	2025 (Q4)	0.07 / 0.00	0	―
Oct 29, 2025	2025 (Q3)	0.22 / 0.18	0.324	-44.44% (-0.14)
Jul 30, 2025	2025 (Q2)	0.36 / 0.22	0.36	-40.00% (-0.14)
May 07, 2025	2025 (Q1)	0.32 / 0.32	0.396	-18.18% (-0.07)
Feb 25, 2025	2024 (Q4)	0.11 / 0.00	0.108	―
Oct 30, 2024	2024 (Q3)	0.36 / 0.32	0.36	-10.00% (-0.04)
Jul 31, 2024	2024 (Q2)	0.36 / 0.36	0.378	-4.76% (-0.02)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed