ThaiBev EBITDA rises 1.8% despite weaker revenue in Q1

Its spirits business offsets weaker beer performance.

Thai Beverage Public Company Limited reported first-quarter (Q1) of 2026 earnings before interest, tax, depreciation and amortisation (EBITDA) from business operations of $686.55m (Baht 16.75m), up 1.8% year on year (YoY), even as sales revenue declined 6.0% to $3.55b (Baht 86.7m), according to a filing

Spirits business revenue rose 3.5% to $1.37b (Baht 33.4m), with EBITDA increasing 6.9% to $348.34m (Baht 8.5m). Spirits EBITDA margin improved to 25.5% from 24.7% a year earlier.

Beer business revenue fell 14.4% to $1.27b (Baht 30.9m) amidst a 9.0% decline in volume, whilst EBITDA rose 4.7% to $190.28m (Baht 4.6m). Beer EBITDA margin expanded to 15.0% from 12.3%.

Non-alcoholic beverages business revenue declined 8.6% to $635.54m (Baht 15.5m), with EBITDA falling 13.1% to $118.82m (Baht 2.9m). The food segment recorded revenue of $230.46m (Baht 5,621m), down 1.2%, and EBITDA of $24.19m (Baht 590m), down 10.9%.

Net cash generated from operating activities amounted to $547.27m (Baht 13.35m) during the quarter. Net increase in cash and cash at financial institutions totalled $75.73m (Baht 1,847m).

($1.00 = Baht 24.65)

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