Thai Beverage Public Company Limited (ThaiBev): FY2025 Financial Results Analysis
Thai Beverage Public Company Limited (“ThaiBev”), a leading beverage group in Southeast Asia, has published its audited financial results for the year ended 30 September 2025. This analysis highlights key financial metrics, performance trends, segment breakdowns, dividends, and other significant factors impacting the business.
Key Financial Metrics and Performance
| Metric |
FY2025 |
FY2024 |
YoY Change |
| Revenue (mn Baht) |
333,286 |
340,289 |
-2.1% |
| Net Profit (mn Baht) |
31,153 |
35,270 |
-11.7% |
| Net Profit Attributable to Owners (mn Baht) |
25,361 |
27,216 |
-6.8% |
| EPS (Baht, basic/diluted) |
1.01 |
1.08 |
-6.5% |
| Total Dividend per Share (Baht) |
0.62 |
0.60 |
+3.3% |
| Total Assets (mn Baht) |
509,591 |
527,593 |
-3.4% |
| Total Liabilities (mn Baht) |
293,771 |
298,538 |
-1.6% |
| Total Equity (mn Baht) |
215,820 |
229,055 |
-5.8% |
Segment Performance
| Segment |
Revenue FY2025 (mn Baht) |
Revenue FY2024 (mn Baht) |
YoY Change |
| Spirits |
118,604 |
120,728 |
-1.8% |
| Beer |
123,222 |
126,332 |
-2.5% |
| Non-Alcoholic Beverages |
64,774 |
65,802 |
-1.6% |
| Food |
21,899 |
22,288 |
-1.7% |
| Others |
4,999 |
5,400 |
-7.4% |
Historical Performance Trends
- Revenue and net profit both declined in FY2025 versus FY2024, continuing a challenging trend following a strong post-pandemic rebound in prior years.
- All primary business segments saw small revenue contractions, with the beer segment experiencing the largest nominal drop.
- The company maintained its strong market position across key ASEAN markets, but foreign exchange movements and rising costs impacted profitability.
Dividends and Shareholder Returns
| Dividend |
FY2025 |
FY2024 |
YoY Change |
| Total Dividend per Share (Baht) |
0.62 |
0.60 |
+3.3% |
| Total Dividend Amount (mn Baht) |
15,581 |
15,077 |
+3.3% |
The Board has proposed a final dividend of THB 0.47 per share (following an interim dividend of THB 0.15 already paid), to be approved at the next shareholder meeting.
Exceptional Items and Noteworthy Events
- Foreign Exchange Losses: The group reported significant FX losses (THB 790.6m in 2025 vs. THB 326.5m in 2024), largely due to currency volatility in regional markets.
- Asset Revaluation: A minor gain on land revaluation (THB 2.5m) was recognized, with no major asset revaluations or delays noted.
- Share-based Payments: New shares were issued to employees under a long-term incentive plan, resulting in slight shareholder dilution.
- Related-Party Transactions: Numerous related-party transactions with entities under common control and key management personnel were disclosed, all at market or contractual rates.
- Impairments: Goodwill impairment was minimal (THB 37m), with the majority of the group’s goodwill value intact.
- No Major Legal/Disaster Events: There were no material legal disputes, natural disasters, or regulatory changes impacting the period.
Directors’ Remuneration
Total key management compensation for FY2025 was THB 637m, including salaries, bonuses, post-employment benefits, and long-term incentives.
Fundraising, Debt, and Corporate Actions
- ThaiBev issued new debentures (THB 58bn in 2025) and repaid significant portions of short- and long-term borrowings to maintain liquidity and manage its capital structure.
- There were no significant divestments, IPOs, or large-scale asset sales reported in FY2025.
- No share buybacks occurred, but there was modest dilution due to employee share grants.
Outlook and Forecasted Events
- The group’s outlook is influenced by regional economic conditions, currency volatility, and raw material prices. While no specific guidance was issued, management continues to focus on cost control and core brand strength.
- No pending events or policy changes disclosed that could materially impact the business in the near term.
Conclusion and Investment Recommendation
Overall Financial Performance and Outlook: ThaiBev delivered a resilient, albeit lower, financial performance in FY2025. Revenue and profit contracted, mainly due to FX pressures and higher costs, but the group maintained a strong balance sheet and increased its dividend payout slightly. Cash flow from operations remained robust, and the company continues to invest in core brands and operational efficiency.
- For existing shareholders: Hold. ThaiBev’s stable dividend, defensible market position, and prudent financial management support a “hold” stance, despite the dip in earnings. The share price may be under short-term pressure, but fundamentals remain sound and downside risk appears limited given the healthy payout and strong cash flow.
- For new investors (not holding): Wait. The declining earnings and lack of near-term catalysts suggest caution for new entrants. Investors seeking growth may prefer to monitor for signs of earnings stabilization or improvement in macro conditions before accumulating.
Disclaimer: This analysis is based strictly on the audited FY2025 financial statements of Thai Beverage Public Company Limited. It does not constitute investment advice. Investors should consider their own risk tolerance and consult a professional before making any investment decisions.
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