Thai Beverage Public Company Limited (Y92) on Aug, 13 2026 reported that group EBITDA for the nine months ended Jun, 30 2026 (9M26) rose 7.2 per cent year on year to roughly S$1.9 billion, even as revenue slipped 1.8 per cent to about S$9.8 billion.

Spirits remained the largest contributor, with sales improving 1.7 per cent to approximately S$3.6 billion on a 2.0 per cent lift in volume. Segment EBITDA expanded 6.6 per cent to around S$0.9 billion, pushing the margin up to 25.0 per cent on lower input costs and more targeted marketing.

Beer revenue decreased 5.3 per cent to roughly S$3.5 billion as volumes dipped 1.9 per cent and foreign-exchange headwinds persisted. Nonetheless, cost efficiencies boosted the beer EBITDA margin from 13.0 per cent to 15.2 per cent, driving a 10.4 per cent rise in EBITDA to some S$0.5 billion.

Non-alcoholic beverages saw sales ease 3.0 per cent to about S$1.8 billion amid an unfavourable product mix and border tensions, though EBITDA inched up 1.7 per cent to approximately S$0.3 billion. The food segment grew revenue 3.0 per cent to nearly S$0.7 billion, while EBITDA increased 6.7 per cent to around S$65 million on better quick-service restaurant performance. The publishing, printing and other businesses posted a modest 1.0 per cent revenue rise to about S$0.1 billion and swung to a positive EBITDA of roughly S$9 million.

As at Jun, 30 2026, total assets stood at about S$20.2 billion, with net interest-bearing debt at approximately S$7.0 billion. The net debt-to-equity ratio improved to 0.79 times from 0.85 times at the previous fiscal year-end, while net debt-to-EBITDA eased to 3.12 times. Net cash generated from operating activities in 9M26 was around S$1.3 billion, offset by investing and financing outflows of about S$0.5 billion and S$1.0 billion respectively.

ThaiBev cautioned that the results are based on management accounts and have not been audited, and advised investors to exercise care when dealing in its securities.