Thai Beverage 1QFY26 - Maybank Research 2026-02-16: Margins Improve Despite Mixed Demand Trends

• Thai Beverage (SGX:Y92)'s 1QFY26 revenue and EBITDA came in at 25% and 30-32% of street and MIBG full-year estimates.

A mixed start

• 1QFY26 revenues declined 6% y-o-y, mainly due to softness in its Beer and Non-Alcoholic Beverages (NAB) divisions while Spirits posted commendable 4% revenue growth. Better cost control helped by lower commodity input costs resulted in 2% y-o-y EBITDA growth despite revenue weakness.
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Segmental review: Spirits better but others weak.

• As 1Q is a trading update, Thai Beverage didn’t provided full operational details.
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• Beer trends were softer, with revenue declining 14.4% y-o-y to THB31b, reflecting weaker domestic demand, weather disruptions in Vietnam, and FX headwinds. Encouragingly, profitability proved resilient: EBITDA rose 4.7% y-o-y, driven by a sharp margin uplift to 15.0% (vs. 12.3%) on easing input costs and improved production efficiency.
• Non-alcoholic beverages (NAB) continued to face demand pressures, as revenues fell 8.6% y-o-y while EBITDA fell 13.1% amid heavier brand investments and FX losses.
• Food performance was similarly muted, with EBITDA pressured by expansion and labour costs.

Maintain HOLD.

• Read more at SGinvestors.io.

Hussaini Saifee Maybank Research | https://www.maybanktrade.com.sg/ 2026-02-16

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