ThaiBev grows 1Q26 EBITDA despite softer sales, with Spirits and Beer margins offsetting weaker NAB and Food
Summary:
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Group 1Q26 sales fell 6.0% year on year to Baht 86.7 billion, but EBITDA edged up 1.8% to Baht 16.7 billion as Spirits and Beer margin gains offset weaker Non-Alcoholic Beverages and Food.
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Spirits revenue grew 3.5% to Baht 33.4 billion on a 4.3% volume increase, lifting EBITDA 6.9% to Baht 8.5 billion and expanding margin from 24.7% to 25.5%, with international spirits delivering strong growth.
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Beer revenue dropped 14.4% to Baht 30.9 billion on a 9.0% volume decline amid soft Thailand demand, adverse Vietnam weather and FX, yet EBITDA rose 4.7% to Baht 4.6 billion as margin widened from 12.3% to 15.0% on lower input costs and better efficiency.
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NAB and Food saw mid‑single-digit revenue declines and double‑digit EBITDA contractions on softer demand, higher brand spend, branch expansion and labour costs, while Others (education, printing, sustainable packaging) posted 81.8% EBITDA growth on a richer mix and cost discipline.
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Net interest‑bearing debt eased to Baht 180.1 billion with net gearing at 0.82x and net debt‑to‑EBITDA at 3.24x; cash and cash at financial institutions rose to Baht 45.7 billion after strong Baht 13.3 billion operating cash flow in the quarter.