Thai Beverage Public Company: Revenue and profit fell, but beer profits surged; 2026 outlook benefits from lower input costs

Sales and net profit declined year-over-year due to weaker domestic demand and absence of one-off gains, but beer segment profits rose on lower costs. Management expects favorable input costs and improved sentiment in 2026, with major CAPEX winding down.

Based on Thai Beverage Public Co., Ltd. [Y92] Q4 2025 Audio Transcript — Nov. 26 2025