This article first appeared on GuruFocus .
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Total Sales Revenue:THB333,286 million, a decrease of 2.1% year-on-year.
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Net Profit:THB31,153 million, a decrease of 11.7% year-on-year.
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Dividend:Total proposed dividend of THB15,581 million or THB0.62 per share, with a 61.4% payout ratio.
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Spirits Business Revenue:THB118,604 million, a decline of 1.8% year-on-year.
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Spirits Business Net Profit:THB19,880 million, a decrease of 7% year-on-year.
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Beer Business Revenue:THB123,222 million, a decline of 2.5% year-on-year.
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Beer Business Net Profit:THB6,503 million, a decrease of 24.6% year-on-year.
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Non-alcoholic Beverage Revenue:THB64,774 million, a decline of 1.6% year-on-year.
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Non-alcoholic Beverage Net Profit:THB5,141 million, a decrease of 13.4% year-on-year.
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Food Business Revenue:THB21,899 million, a decrease of 1.7% year-on-year.
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Food Business Net Loss:THB128 million.
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Others Business Revenue:THB4,999 million, a decline of 7.4% year-on-year.
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Others Business Net Loss:THB243 million.
Release Date: November 26, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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The Beer business showed a strong recovery in Thailand, with improved production efficiencies and lower raw material costs contributing to a significant increase in net profit.
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The Spirits business performed well internationally, particularly in Myanmar, despite domestic challenges.
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The company maintained a high dividend payout ratio of 61.4%, reflecting a commitment to returning value to shareholders.
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The Non-alcoholic Beverage business managed to grow market share in core categories despite a challenging domestic market.
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Favorable raw material costs are expected to continue into 2026, which should help maintain profitability across various segments.
Negative Points
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Overall sales revenue decreased by 2.1% year-on-year, with declines across all business segments.
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Net profit decreased by 11.7% due to weaker performance in the Spirits, Non-alcoholic Beverage, Food, and Other businesses.
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The Spirits business faced a 1.8% decline in revenue due to weaker domestic consumption and foreign exchange losses.
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The Food business reported a net loss due to increased labor costs and marketing expenses, along with softening consumer sentiment.
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The Beer business faced challenges in the Vietnam market, impacting overall performance despite gains in Thailand.
Q & A Highlights
Q: Can you explain the decline in Spirits revenue in the fourth quarter? A: Sopon Racharaksa, Executive Vice President and Chief Spirits Product Group, explained that the decline was due to several factors, including border conflicts affecting sales in key regions, natural disasters like floods in Thailand, and a waiting period for new government policies. Additionally, there was an unusually high sales volume in the previous year's fourth quarter, which skewed comparisons.
Q: Is there a structural issue with declining Spirits volume over the past three years? A: Sopon Racharaksa stated that there is no structural change observed. The decline is attributed to economic factors such as household debt and reduced purchasing power post-COVID, rather than a fundamental shift in the market.
Q: What is the outlook for marketing spend in the Beer segment? A: Sopon Racharaksa mentioned that the company is cautious about marketing expenses and aims to utilize its trading network efficiently. They plan to focus on necessary promotions and leverage existing trade marketing networks to manage costs.
Q: Can you provide an update on the Beer business performance in international markets like Vietnam and Myanmar? A: The Beer business in Thailand is performing well with continued momentum. In Vietnam, market conditions remain competitive, but Bia Saigon retains its position as the number one brand. In Myanmar, the Spirits market share increased to 72%, despite logistical challenges and currency issues.
Q: What are the expectations for raw material costs in 2026? A: Ueychai Tantha-Obhas, 3rd Executive Vice Chairman, stated that raw material costs are expected to be favorable, with significant declines in prices for key inputs like malt, sugar, and packaging materials. This should help protect profitability in the coming year.
Q: How does the company plan to address consumer softness in the regional market? A: Ueychai Tantha-Obhas noted that the Thai government is implementing measures to boost the economy, such as promoting local tourism and offering subsidies. Additionally, upcoming elections are expected to increase beverage consumption, providing a positive outlook for the market.
Q: Why did net gearing increase year-on-year, and what are the CapEx plans? A: Pisanu Vichiensanth explained that while interest-bearing debt decreased, the net gearing ratio appeared higher due to an impact on EBITDA. CapEx investments in Malaysia and Cambodia are nearing completion, and spending is expected to normalize by mid-2026.
Q: Is there potential to increase the dividend payout ratio? A: Prapakon Thongtheppairot, Group CFO, stated that the company aims to maintain a dividend payout of at least half of the profit, subject to cash flow availability. Despite softer earnings, the payout ratio has slightly increased.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
