Budweiser Brewing Co APAC Ltd

01876: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Budweiser APAC Earnings: Weak On-Trade Demand Weighs on Profit; We Retain Fair Value Estimate

Jacky Tsang

Jul 31, 2025

Budweiser APAC reported first-half 2025 earnings, with revenue declining 5.6% year over year, primarily due to a 6.1% drop in sales volume. Soft on-trade demand in China was the main drag, which more than offset the progress made in growing in-home channel sales.

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Budweiser Brewing Co APAC Ltd

Budweiser APAC Earnings: Weak On-Trade Demand Weighs on Profit; We Retain Fair Value Estimate

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