Budweiser Brewing Co APAC\u2019s full-year profit growth saw its biggest decline since 2020, as the beverage maker battled persistent consumer headwinds in China.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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The company maintained strong growth in India.<\/p>\n
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\u201cOur performance in China in 2025 was below our potential,\u201d Chief Executive Officer Yanjun Cheng said in a filing Thursday. \u201cWe 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.\u201d<\/p>\n
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.<\/p>\n
The company\u2019s shares have risen 12% in the last year, trailing the benchmark Hang Seng Index\u2019s 27% increase during the same period.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
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