EarningsQ3 2026 Earnings Report
MX:1876N Q3 2026 EPS Results
Actual EPS$0.19
Consensus EPS$0.11
Beat/MissBeat by +$0.08
One Year Ago EPS$0.19
MX:1876N Q3 2026 Revenue Results
Actual Revenue―
Expected Revenue$27.57B
Beat/Miss―
YoY Revenue Growth―
Earnings Announcement Details
QuarterQ3 2026
Date10/28/2026
TimeAfter Close
Conference CallWednesday, October 28, 2026
MX:1876N Upcoming Earnings
Budweiser Brewing Co. APAC Ltd.'s next earnings date is estimated for March 3, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Negative
The call reflected a challenging overall performance, dominated by significant volume, revenue, EBITDA, margin, and market share pressure in China, as well as commodity cost headwinds and a material India receivables provision. Positive developments included South Korea market share gains and stable nine-month margins, strong India growth and market share momentum, improving in-home and O2O activity in China, and continued investment in brands and innovation. However, the scale of the China downturn and broad financial declines outweighed the positive operating momentum elsewhere.Company Guidance
Strategic Actions to Stabilize China
Management is taking targeted actions to support future volume recovery in China, including strengthening execution, shifting the channel mix toward in-home and digital channels, expanding O2O penetration, and continuing to invest behind mega brands and innovations.
South Korea Market Share Gains
South Korea continued to outperform a soft industry, with market share gains in both on-premise and in-home channels during the first 9 months. Nine-month normalized EBITDA declined by low single digits, while margins remained stable, supported by revenue management initiatives and positive brand mix.
India Double-Digit Growth and Market Share Momentum
India benefited from industry growth, market share gains, and continued momentum in the premium and above portfolio. The premium and above segment delivered double-digit growth in both the third quarter and first 9 months, while the Budweiser brand continued to outperform the industry and India ranked among its top 3 markets globally.
Revenue per Hectoliter Increased
For the first 9 months, revenue per hectoliter increased by 1.2% despite a 4.9% decline in total volumes and a 3.7% decline in revenue. In the third quarter, revenue per hectoliter increased by 1.9%, benefiting from a positive country mix.
China In-Home and O2O Channel Growth
China delivered strong double-digit growth in the in-home and O2O channel in both the third quarter and first 9 months, supported by package innovations and brands. Management said the in-home share trend was better than the prior year, O2O continued to grow, and the super premium portfolio remained positive despite the weak industry.
Continued Investment in China Innovation
Management plans to continue increasing investment in China to stabilize volume and market share, prioritizing growing segments such as Core+ and Premium, growing channels such as O2O, and in-home consumer occasions. Examples cited included Harbin 1900, Bud Magnum, and Corona open lid.
South Korea Product Innovation
In September, the company launched Chalrang, a zero-sugar soju featuring Jeju volcanic bedrock water and lava seawater salt. Management described it as a differentiated offering and said it plans to expand the launch beyond selected regions.
South Korea Innovation and Revenue Management Pipeline
The company continues to invest in innovations tailored to South Korean consumer preferences, including nonalcohol beer and new products intended to support premiumization and revenue management.
O2O Supports Premium and Super Premium Mix
Although O2O involves higher costs for last-mile delivery and other factors, management said the channel continues to drive premium and super premium mix. O2O was cited as one reason the super premium portfolio remained in positive growth in China.
Supply Chain Productivity Initiatives
The supply chain team is working on productivity and efficiency initiatives to partially offset commodity cost increases, including higher aluminum-related costs.
Disciplined Resource Allocation
Management said it is reviewing the return on investment of commercial initiatives, continuing to invest in activities that are working and deprioritizing some activities that are not delivering the desired return, while maintaining discipline in resource allocation.
Limited Expected Further India One-Offs
Following the $30 million provision recognized for aged Telangana receivables, management said it does not expect further meaningful one-offs from this situation in the future, while noting that circumstances could change.
Consistent Capital Allocation Priorities
Management reiterated that its capital allocation priorities remain organic growth and strengthening the business first, followed by inorganic opportunities and then returning capital to shareholders.
MX:1876N Earnings History
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