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Budweiser Brewing Company APAC (1876)’s first-half 2026 results demonstrated business resilience, as continued momentum in South Korea and India, alongside ongoing investments in premiumization, innovation and channel expansion, supported market share gains and reinforced the company’s long-term growth outlook.
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The brewer’s total volume reached 42,624 thousand hectoliters in the first half of 2026, while revenue totaled US$3.17 billion and normalized EBITDA amounted to US$926 million. Profit attributable to shareholders increased from US$409 million to US$473 million, partly reflecting non-underlying items in the comparative period. Normalized profit also rose from US$474 million to US$481 million.
Chief executive and co-chair Yanjun Cheng said the group was taking focused action by investing behind its megabrands and innovations, strengthening execution and expanding its in-home presence. Budweiser APAC also continued to build momentum in South Korea and India, where strong commercial execution and brand power supported market-share gains.
CHINA CHANNEL RESET
Against continued weakness in the on-premise channel, Budweiser APAC is expanding its in-home, emerging and online-to-offline channels.
Its O2O business delivered strong double-digit growth in both the second quarter and first half, supported by brand and packaging innovations.
The brewer accelerated the nationwide rollout of Budweiser Magnum, using the FIFA World Cup platform to strengthen the brand and capture premium trade-up demand. Corona also expanded its 330-milliliter and 500-milliliter open-lid cans across emerging and O2O channels to reach more in-home consumption occasions.
Budweiser APAC is simultaneously supporting the on-premise market. Its CHEERS TO BARS initiative and Budweiser Night Flavors campaign promote neighborhood bars and restaurants through micro-documentaries, venue revitalization and digital engagement.
SOUTH KOREA’S INNOVATION MODEL
South Korea demonstrates how innovation can support growth in a mature market.
Volumes and revenue in APAC East increased 10.1 percent and 8.5 percent respectively in the second quarter, while normalized EBITDA jumped 26.3 percent. South Korean volumes grew by a low-teens percentage, cycling an easier comparison due to shipment phasing ahead of an April 2025 price increase.
For the first half, South Korean volumes remained flat but outperformed the industry, with the company gaining market share in both on-premise and in-home channels.
Chief financial officer Bernardo Novick said one advantage of being a global company was the ability to observe developments in South Korea and compare them with other mature markets. He identified innovation as critical to growth in mature markets, particularly in the area Budweiser APAC calls Balanced Choices.
As preferences evolve and demand increases for healthier lifestyle options and products with different alcohol levels, the company is advancing both product and occasion-based innovation.
Cass Zero and Cass Lemon Squeeze Zero were relaunched with upgraded products and packaging. The company also entered the ready-to-drink category with Nütrl, a zero-sugar, lemon-flavored vodka sparkling beverage.
The launches are intended to strengthen its megabrands, broaden its Beyond Beer portfolio and engage legal-drinking-age consumers across more occasions.
INDIA ACCELERATES THROUGH PREMIUMIZATION
While South Korea highlights innovation-led growth in a mature market, India is emerging as one of Budweiser APAC’s growth markets under its premiumization strategy.
The company increased commercial investment and gained market share in the states where it operates. Its Premium and Above segment delivered double-digit revenue growth in both the second quarter and first half, while favorable industry momentum and market-share gains contributed to double-digit second-quarter volume growth.
South Korea’s innovation-driven expansion and India’s rapid premiumization are increasingly becoming two new growth engines, helping to offset some of the pressure from China.
DIVERSIFIED FOOTPRINT SUPPORTS GROWTH
Budweiser APAC’s presence across markets at different stages of development gives it a complementary portfolio spanning South Korea, India and Southeast Asia.
Cheng said this diversity allowed best practices to be shared across regions. China can draw on the innovation experience of mature markets such as South Korea, while emerging markets such as India can learn from China’s development journey.
The regional footprint allows successful products, commercial practices and market-development experience to be adapted across countries.
Backed by a US$2.5 billion net cash position, Budweiser APAC has the financial capacity to sustain brand, channel and innovation investment. The company's performance increasingly reflects the advantages of its diversified regional footprint, with South Korea and India contributing to overall results as it continues to navigate evolving market conditions in China.
Note: Financial figures are drawn from Bud APAC’s unaudited interim results.
