Chang lager maker ThaiBev posts slight rise in earnings, led by beer and spirits (updated)

Thai Beverage Public

13/02/2026 12:24

Updates with further details on results from paragraph 2

Feb 13 (Reuters) - Singapore-listed Thai Beverage TBEV.SI posted slightly higher first-quarter earnings on Friday, buoyed by improved growth in its beer and spirits businesses.

The company, which owns brands such as Chang beer and Grand Royal whisky, posted earnings before interest, tax, depreciation, and amortization (EBITDA) of 16.75 billion baht ($538.24 million) for the quarter ended December 31, up from 16.44 billion baht a year earlier.

Revenue, however, fell 6% to 86.7 billion baht, the company said, citing weak demand.

ThaiBev has been struggling to increase profits amid weak consumer spending, rising costs and occasional dips in its top-performing segments following the pandemic.

The company is one of Southeast Asia's largest beverage makers, with the business consisting of four segments - spirits, beer, non-alcoholic beverages and food.

Its core spirits business logged a 6.9% growth in EBITDA, helped by brand investments and marketing, with revenue increasing 3.5%.

The beer business posted a 4.7% increase in EBITDA, as lower raw-material costs and improved production efficiency lifted margins, even as sales fell 14.4%, weighed down by a subdued Thai market and weather disruptions in Vietnam.

($1 = 31.1200 baht)

 (Reporting by Jasmeen Ara Shaikh, Shivangi Lahiri and Aamir Shaik Khalid in Bengaluru; Editing by Sonia Cheema)

 ((Jasmeenaraislam.shaikh@thomsonreuters.com; Aamir.SheikKhalid@thomsonreuters.com;))