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Thai Beverage Public Co ( (SG:Y92) ) has shared an update.
ThaiBev reported a mixed first quarter for the period ended 31 December 2025, as group sales revenue fell to Baht 86,703 million from Baht 92,265 million a year earlier amid weaker consumer sentiment, but EBITDA edged up 1.8% to Baht 16,745 million. The results underscore resilient profitability, supported by stronger margins in both spirits and beer, even as certain segments faced volume and revenue pressures.
The spirits business delivered Baht 33,367 million in sales, up 3.5% year-on-year on a 4.3% increase in volumes, lifting EBITDA by 6.9% to Baht 8,496 million and expanding margins through effective brand investments and marketing. This performance, bolstered by a strong international contribution, highlights spirits as the group’s main earnings anchor.
By contrast, the beer segment saw sales revenue drop 14.4% to Baht 30,923 million on a 9.0% decline in volumes due to soft Thai demand, harsh weather in Vietnam, and currency headwinds. Nonetheless, lower material costs and efficiency gains pushed the beer EBITDA margin up from 12.3% to 15.0%, driving a 4.7% rise in EBITDA to Baht 4,641 million and partially offsetting top-line weakness.
Non-alcoholic beverages and food posted lower EBITDA, reflecting softer revenues and likely competitive or cost pressures, while the “Others” segment more than doubled EBITDA from a low base. Overall, the quarter indicates that ThaiBev is defending and even improving margins across key categories, which should reassure investors about its ability to manage cost volatility and demand challenges in its core Southeast Asian markets.
The most recent analyst rating on (SG:Y92) stock is a Buy with a S$0.62 price target. To see the full list of analyst forecasts on Thai Beverage Public Co stock, see the SG:Y92 Stock Forecast page.
More about Thai Beverage Public Co
Thai Beverage Public Company Limited is a leading beverage producer based in Thailand, with core operations in spirits and beer and additional exposure to non-alcoholic beverages and food. The group serves both domestic and international markets, with its spirits segment and overseas operations acting as key profit drivers amid fluctuating regional demand conditions.
Average Trading Volume: 11,899,419
Technical Sentiment Signal: Buy
Current Market Cap: S$11.81B
Learn more about Y92 stock on TipRanks’ Stock Analysis page.