Thai Beverage Public Company Limited 2026 AGM: Key Resolutions, Financial Results, and Strategic Updates

Thai Beverage Public Company Limited: 2026 Annual General Meeting of Shareholders – Key Highlights and Investor Takeaways

Thai Beverage Public Company Limited (ThaiBev) held its 2026 Annual General Meeting of Shareholders (AGM) on 30 January 2026 at the Queen Sirikit National Convention Center in Bangkok. The meeting covered crucial company developments, financial results, strategic decisions, and governance matters. Here are the comprehensive highlights that investors and shareholders must note:

1. Meeting Quorum and Leadership Transitions

The meeting achieved a quorum with 44 shareholders in attendance, representing 87.89% of all issued shares.
Chairman Mr. Charoen Sirivadhanabhakdi was absent, and Mr. Thapana Sirivadhanabhakdi, Director & Group CEO, was elected as Chairman for this AGM.
KPMG Phoomchai Audit Ltd. served as independent auditors.

2. 2025 Financial Performance and Business Updates

ThaiBev’s total sales revenue for FY2025 declined 2.1% year-on-year to THB 333,286 million. Net profit fell to THB 31,153 million.
Spirits Business:
- Sales revenue fell 1.8% YoY to THB 118,604 million; sales volume decreased 3.2% due to weaker Thai consumption.
- Net profit dropped to THB 19,880 million, impacted by increased brand investments, marketing, and forex losses.
- However, international spirits—especially in Myanmar—performed strongly. Grand Royal Whisky remained Myanmar’s No. 1 brand, and new product launches included Chingu Soju.
- Ongoing investments in premiumization, new formats, and global profile elevation were highlighted.
Beer Business:
- Sales revenue decreased 2.5% YoY to THB 123,222 million, despite a 3.1% rise in sales volume.
- Net profit surged 24.6% YoY to THB 6,503 million, driven by lower raw material costs and improved efficiency.
- Key events: Chang’s flagship microbrewery launch, Bia Saigon’s 150th anniversary, and market leadership in Thailand and Vietnam.
Non-Alcoholic Beverages (NAB):
- Sales revenue declined 1.6% YoY to THB 64,774 million; net profit decreased 13.4% YoY to THB 5,141 million due to softer sentiment and expiration of Thai tax incentives.
- Continued leadership of Oishi Green Tea, Crystal, est; expansion of NutriWell in health and wellness segment; enhanced RTM and e-commerce channels.
Food Business:
- Sales revenue fell 1.7% YoY to THB 21,899 million; recorded a net loss of THB 128 million due to higher labor and marketing costs.
- Investments in Shabushi brand refresh and KFC expansion were noted.
Strategic Framework:
- The PASSION 2030 roadmap underpins the company’s vision of a “Stable and Sustainable ASEAN Leader.” Focus areas include route-to-market (RTM) competitiveness and “Digital for Growth” initiatives to enhance operational agility and consumer connectivity.

3. Financial Statements and Dividends

Shareholders approved the 2025 financial statements, with the auditor’s report reflecting fair presentation and compliance.
Dividend:
- Total payout of THB 0.62 per share (THB 15.58 billion), including an interim dividend of THB 0.15 per share paid in June 2025 and a final dividend of THB 0.47 per share to be paid on 27 February 2026.
- No additional legal reserve appropriation, as legal reserve meets statutory requirements.

4. Board Elections and Remuneration

Six directors were re-elected by a substantial majority, including the Chairman and several independent directors.
Director signing authorities were clarified; any two directors (with certain exceptions) may jointly sign with the company seal.
Director remuneration was set at a maximum of THB 40 million for 2026, with the Chairman authorized to allocate as appropriate. Interested directors abstained from voting.

5. Auditor Appointment and D&O Insurance

KPMG Phoomchai Audit Ltd. was re-appointed as auditor for FY2026, with a fee of THB 11.69 million (up from last year due to business expansion and audit scope increase).
Directors & Officers Liability Insurance (D&O):
- Renewed with Indara Insurance Public Company Limited: Liability limit of THB 1 billion, annual premium of THB 2.69 million—lower than prior year. Interested directors abstained from voting.

6. Shareholder Mandates and Articles of Association Amendments

Shareholders’ Mandate for Interested Person Transactions:
- Mandate renewed, authorizing normal-course transactions with related parties, subject to quarterly review, audit, and SGX disclosure. Interested shareholders abstained from voting.
Key Amendments to Articles of Association:
- Aligned with the revised Public Limited Company Act (2022), enabling electronic board and shareholder meetings, e-notifications, and e-proxy appointments.
- Other changes clarified meeting quorums, voting, dividend payments, and location flexibility for AGMs/EGMs.

7. Capital Structure Changes and Long Term Incentive Plan (LTIP)

ThaiBev Long Term Incentive Plan (2026 – 2030):
- Up to 38.28 million new ordinary shares may be issued to Group Employees over 5 years to retain and incentivize talent, subject to regulatory compliance.
- Shareholders approved capital reduction by THB 29.51 million (cancelling unissued shares), followed by a capital increase by THB 39.51 million (to THB 25.17 billion) to accommodate LTIP and the final awards of the 2021–2025 plan.
- Memorandum of Association amended to reflect new capital structure.
- Authorized allocation of new shares for both the new and previous LTIP programs, with the LTIP Committee empowered to administer all related matters.

8. Shareholder Q&A: Strategic Insights

Revenue Mix:
- FY2025: 65% of sales from Thailand, 35% from overseas (notably Myanmar, Vietnam, Singapore, Malaysia).
- Breakdown: Spirits (THB 118.6bn), Beer (THB 123.2bn), NAB (THB 64.8bn).
Brand Investments:
- Notable launches: Hong Thong Can (RTD), Hong Thong Iceberg (temp-sensitive label), PRAKAAN (premium single malt whisky).
- Expanded distribution into HoReCa channels and increased marketing at events.
Dairy Farm in Malaysia:
- F&N-led project to enhance supply chain security post-pandemic; leverages expertise from Vinamilk (24% owned via F&N). Seen as a strategic base for halal markets expansion.

9. Other Notable Governance Matters

No new business was raised in the “Other Business” section. The Company will hold an Annual Information Meeting in Singapore to engage with depositors and provide operational updates.

Potential Price-Sensitive and Shareholder-Relevant Developments

Financial results showed a YoY decline in sales and net profit, which may impact investor sentiment and share price in the short term.
Dividend payout (THB 0.62 per share) may support share value amid earnings decline.
Major capital structure changes (cancellation and new issue of shares) to fund the LTIP may have a dilutive effect, though the plan aims to incentivize and retain key talent.
Ongoing regional expansion and product innovation, especially in spirits and beer, could drive future growth and support long-term value creation.
Strategic investment in the Malaysian dairy sector positions ThaiBev for entry into halal markets, potentially opening new profit streams.
Improvements in governance, digitalization, and operational efficiency under PASSION 2030 framework may strengthen resilience and competitiveness.

Disclaimer: This report is a summary of the 2026 Annual General Meeting of Shareholders of Thai Beverage Public Company Limited, prepared for informational purposes only. It does not constitute investment advice or a recommendation to buy or sell securities. Investors should conduct their own due diligence and consult professional advisers before making investment decisions. The company’s actual performance and future prospects may differ from the information contained herein due to various risks and uncertainties.