Brewer Budweiser Brewing Co. APAC Ltd. (1876.HK) announced on Thursday that its profit rose 15.6% year-on-year to $473 million in the first half of 2026, while its normalized profit increased slightly to $481 million from $474 million.
The company’s gross margin for the period rose 0.5 percentage points to 51.9%, and total sales volumes fell 2.3% to 4.26 billion liters. Its cost of sales totaled $1.53 billion, compared with $1.52 billion a year earlier. Revenue per hectoliter increased 0.8% in the first half of the year, supported by a positive country mix and revenue management initiatives in its Eastern region.
In China, the company’s first-half volumes and revenue fell 6.0% and 6.4%, respectively, while revenue per hectoliter declined 0.4%. India delivered double-digit revenue growth. Volumes in South Korea were flat, outperforming the industry, while revenue management initiatives drove low-single-digit growth in revenue per hectoliter.
CEO Yanjun Cheng said the recovery of the company’s China business was slower than expected in the first half of the year. The company is taking focused actions to improve performance, including continued investment in flagship brands and innovative products, stronger execution and an expanded presence in in-home channels.
Shares of the company rose 1.7% to close at HK$7.05 on Thursday.
By Lee Shih Ta
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