ThaiBev posts improved Ebitda despite revenue decline

[SINGAPORE] The Bangkok-headquartered and Singapore-listed Thai Beverage (ThaiBev) reported a 1.8 per cent dip in revenue to 254 billion baht (US$7.7 billion) for the nine months ending Jun 30, compared to the year-ago period.

A business update that came after markets closed on Thursday (Aug 13) showed the decline was led by its beer segment, where revenue dropped 5.3 per cent to 91.3 billion baht.

Revenue for the company’s non-alcohol beverages segment fell by 3 per cent to 47.8 billion baht.

ThaiBev, which produces Chang beer, one of the most popular beers in Thailand, attributed the decline in beer sales to unfavourable foreign exchange translation effects and a slight slowdown in the Thai market.

The Thai economy expanded in the first quarter of the year, but the Bank of Thailand, the country’s central bank, said in July that the Middle East conflict had crimped tourism activity; private consumption had also softened despite support from government measures.

The company attributed the dip in revenue for its non-alcoholic beverages segment to a less-favourable product mix and the impact of border tensions.

It was a reference to the longstanding border dispute between Thailand and Cambodia, which escalated in the middle of 2025 and has since soured the business environment for some Thai businesses.

Despite a drop in revenue, ThaiBev’s earnings before interest, taxes, depreciation and amortisation (Ebitda) improved for the nine-month period to 48.3 billion baht, up 7.2 per cent from the figure in the year-ago period.

The company chalked up the improved Ebitda to favourable raw material costs in its spirits, beer, and non-alcoholic beverages segments.

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The improved Ebitda was led by the beer segment, where Ebitda expanded 10.4 per cent year on year to 13.9 billion baht. Ebitda for the spirits segment grew 6.6 per cent to 23.6 billion baht.

Revenue for the spirit segment grew 1.7 per cent year on year to 94.4 billion baht, which the company attributed to the “solid performance” by its international business.

Its food sales grew 3 per cent year on year during the period to 17.1 billion baht. ThaiBev said this was underpinned by the “improved performance” of its quick-service restaurant business, even in the face of cautious consumer spending and economic uncertainty.

The shares of ThaiBev closed the Thursday trading day almost five hours before the release of these results, ending flat at S$0.47.