ThaiBev Q1 Ebitda up 1.8% at 16.7 billion baht despite lower revenue
[SINGAPORE] Mainboard-listed Thai Beverage (ThaiBev) on Friday (Feb 13) said its sales revenue for the first quarter ended Dec 31, 2025 fell by 6 per cent to 86.7 billion baht (S$3.5 billion) from 92.3 billion baht in the year-ago period.
However, its earnings before interest, taxes, depreciation and amortisation (Ebitda) rose 1.8 per cent to 16.7 billion baht, from 16.4 billion baht in the previous corresponding period.
The lower revenue came amid weaker consumer sentiment, said the beverage group in a business update.
By segment, the spirits business recorded revenue of 33.4 billion baht, up 3.5 per cent on year – driven by a 4.3 per cent increase in total sales volume. Ebitda for the segment rose 6.9 per cent on year to 8.5 billion baht, primarily due to effective brand investments and marketing activities.
ThaiBev noted that its international business for the spirits segment continued to deliver a strong performance.
Meanwhile, the group’s beer segment recorded a 14.4 per cent year-on-year decline in revenue to 30.9 billion baht.
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This was primarily due to a subdued market environment in Thailand, severe weather conditions in Vietnam and unfavourable exchange rate translation, said ThaiBev.
But the Ebitda margin for the beer segment rose from 12.3 per cent to 15 per cent year on year, amid a decrease in key material costs and improved production efficiency. As a result, Ebitda rose 4.7 per cent on year to 4.6 billion baht.
Its non-alcoholic beverages recorded an 8.6 per cent revenue decrease to 15.5 billion baht, due to softer consumer demand. Ebitda for the segment dropped 13.1 per cent to 2.9 billion baht, as a result of higher brand investment to strengthen brand visibility and unrealised loss on foreign exchange.
Revenue for the food business contracted 1.2 per cent on year to 5.6 billion baht, amid a more challenging competitive environment. Ebitda decreased 10.9 per cent to 590 million baht, driven by branch expansion to support long-term growth, as well as higher labour costs, the group said.
The group’s net cash from operating activities was 13.3 billion baht for Q1 FY2026.
Shares of ThaiBev ended Friday flat at S$0.470, before the update.
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