Budweiser APAC profit growth down as China beer volumes weak

Budweiser Brewing Co APAC’s full-year profit growth saw its biggest decline since 2020, as the beverage maker battled persistent consumer headwinds in China.

Net income was $489 million, missing the $602 million forecast by analysts. Normalised net income dropped 14% to $666 million, and normalised Ebitda fell 9.8%. Beer volumes in China slid 8.6% in 2025.

Fourth quarter revenue was $1.07 billion, down 6% year-on-year, on par with estimates. Volumes in South Korea decreased by low single digits in the quarter.

The company maintained strong growth in India.

“Our performance in China in 2025 was below our potential,” Chief Executive Officer Yanjun Cheng said in a filing Thursday. “We have taken clear steps to enhance our in-home route-to-market, enrich our portfolio, and innovate behind our megabrands as we focus on rebuilding our momentum and reigniting growth.”

The brewer in December appointed Bernardo Novick as its new chief financial officer, replacing Ignacio Lares from April 2026. Novick, who previously held various positions for parent company Anheuser-Busch InBev, will need to address mounting pressure to stabilise its China footprint and reignite volume growth in a deflationary consumer landscape.

The company’s shares have risen 12% in the last year, trailing the benchmark Hang Seng Index’s 27% increase during the same period.

© 2026 Bloomberg

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