BUD APAC released its 1H 2026 interim results, highlighting softer topline and earnings but continued balance-sheet strength.

Overall Performance • Beer volumes fell 2.20 % to 42.62 million hectolitres. • Revenue declined 1.40 % to USD 3.17 billion; revenue per hectolitre rose 0.80 %. • Gross margin edged up 10 bps to 51.90 %, yet normalized EBITDA dropped 8.90 % to USD 0.93 billion, with margin down 236 bps to 29.20 %. • Normalized EBIT fell 9.00 % to USD 0.64 billion; normalized profit attributable to shareholders inched up 1.48 % to USD 0.48 billion. • Reported EPS improved to USD 3.57 cents from 3.10 cents.

Segment Highlights APAC West (China, India, Vietnam and exports) – 1H revenue slid 2.10 % to USD 2.55 billion on a 2.60 % volume decline. – Normalized EBITDA down 12.20 %. – China volumes fell 6.0 % on weak on-premise demand and adverse weather; revenue per hl dipped 0.40 %. – India registered double-digit premium-segment growth and market-share gains, supported by higher commercial investment.

APAC East (primarily South Korea, Japan, New Zealand) – 1H revenue grew 1.50 % to USD 0.62 billion on marginal (+0.10 %) volume growth. – Revenue per hl up 1.30 %; normalized EBITDA advanced 6.30 % with margin expansion of 411 bps in 2Q.

Cash Flow and Balance Sheet • Operating cash flow surged to USD 0.53 billion from USD 0.27 billion, driven by working-capital improvements. • Net cash position stood at USD 2.50 billion; cash-to-EBITDA ratio increased to 2.5× (1H 2025: 2.2×). • Total debt was USD 0.32 billion, predominantly short-term bank loans and lease liabilities. • Capital expenditure totaled USD 96 million; no material acquisitions or disposals were recorded.

Capital Allocation • A final dividend of USD 5.66 cents per share (USD 0.75 billion in aggregate) was paid in June 2026. • No interim dividend declared for 1H 2026.

Management Commentary – China’s performance was pressured by soft industry demand and channel mix, while e-commerce and O2O sales achieved strong double-digit growth. – South Korea leveraged market-share gains and revenue-management initiatives to lift profitability. – Continued focus on premium and super-premium portfolios, channel expansion and brand innovations such as Budweiser Magnum and Corona open-lid cans.

Outlook (per management) The company will maintain disciplined financial practices, pursue channel premiumisation in China, and accelerate commercial investment in growth markets such as India, while leveraging a net cash balance of USD 2.50 billion to support strategic priorities.