Thai Beverage records 0.4% revenue decline amid spirits weakness

SINGAPORE – Thai Beverage Public Company Limited has reported a 0.4% year-on-year (YoY) decline in sales revenue to THB258.6 billion (US$10.75 billion) for the nine months ended June 30, 2025.  

The performance was impacted by continued weakness in the spirits segment, along with lower revenue in its non-alcoholic beverages and food divisions. 

The company’s spirits business generated THB92.78 billion (US$3.86 billion) in revenue, stable despite a 0.8% fall in total sales volume.  

EBITDA for the segment stood at THB22.16 billion (US$0.92 billion), reflecting increased marketing expenditure and new product launches. The international spirits division, including Myanmar operations, posted stronger profitability in the latest quarter. 

Beer revenue reached THB96.50 billion (US$4.01 billion), down 0.3% from the previous year, although total volume rose 4.8%. EBITDA increased 4% to THB12.57 billion (US$0.52 billion), supported by lower raw material costs and improved production efficiency. 

The non-alcoholic beverages business recorded THB49.33 billion (US$2.05 billion) in revenue, marking a 0.7% decline, despite a 0.4% rise in volume. EBITDA decreased 6.3% to THB8.72 billion (US$0.36 billion), primarily due to higher brand investments and marketing costs. 

In the food segment, revenue fell 1.4% to THB16.56 billion (US$0.69 billion), while EBITDA dropped 19.5% to THB1.58 billion (US$0.07 billion), weighed down by increased raw material and labor costs coupled with softer consumer demand.  

The group’s “others” category saw a 5.9% drop in revenue, reflecting the absence of one-off contributions such as title sales and licensing income recorded in the prior year. 

As of June 30, 2025, Thai Beverage reported net cash from operating activities of THB35.7 billion, with total cash and cash equivalents at THB48.4 billion.  

In June, the company completed a US$2 billion multicurrency debt issuance to strengthen its financial position. 

The company also recently introduced Prakaan, Thailand’s first premium single malt whisky, with its inaugural Tribura Series featuring Select Cask, Double Cask, and Peated Malt expressions.  

The launch will begin in the UK, France, and Germany this year, followed by expansion to the US and other markets. 

Thai Beverage has expanded its global portfolio in recent years through acquisitions, including Larsen Cognac, New Zealand-based Cardrona Distillery, and full ownership of Asiaeuro International Beverage earlier in 2025. 

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