Thai Beverage Public Company Limited (ThaiBev), today underscored its commitment to resilient, long-term growth and value creation, guided by its strategic roadmap, PASSION 2030. Despite prevailing global economic headwinds and softening consumer sentiment, the Group highlighted steady progress, strengthened by the consolidation of Fraser & Neave, Limited (F&N).
Thapana Sirivadhanabhakdi, Group CEO, affirmed the strategy: “We have decisively strengthened our business foundations and steadfastly implementing our PASSION 2030 roadmap. This reflects our determination to stay close to consumers, empower our people and build on the strengths of our brands. We are confident in building a more agile, competitive, and sustainable ThaiBev to reinforce our position as a ‘Stable and Sustainable ASEAN Leader’ in the beverage and food business.”
PASSION 2030: Pillars of Growth and Digital Focus
The PASSION 2030 strategy is built on two core pillars designed to maximize market reach and leverage technological advantages:
- ‘Reach Competitively’: Focuses on ensuring comprehensive product delivery coverage across all channels with seamless integration, high service quality, and cost competitiveness.
- ‘Digital for Growth’: Involves using digital technology to boost growth potential through enhanced efficiency, effectiveness, and customer insights, while improving connectivity with consumers and partners.
For the nine months ended June 30, 2025 (9M25), ThaiBev recorded a stable total sales revenue of Baht 258,621 million. Group EBITDA, however, saw a modest 4.0% year-on-year (YoY) decrease to Baht 45,026 million, primarily due to planned investments in brand-building and marketing.
Spirits: Premiumization and Global Recognition
The Spirits business reported stable sales revenue of Baht 92,778 million in 9M25. Despite investments, the sector saw strong performance in international markets, notably Myanmar, with profitability improving in the latest quarter.
Sopon Racharaksa, Executive Vice President, highlighted the focus on reinforcing core Thai brands (Ruang Khao, Hong Thong, SangSom) and accelerating international expansion. Key milestones include:
- Global Acclaim for PRAKAAN: The late 2024 launch of PRAKAAN, Thailand’s first premium single malt whisky, gained immediate international recognition, winning the Category Winner for Single Malt at the World Whiskies Awards 2025. It is now expanding into the UK and other global markets.
- Innovation in RTD: The introduction of ZATO, a low-calorie, ready-to-drink alcoholic beverage based on traditional Thai Sato (jasmine rice wine), quickly gained traction and won a Gold Medal at The Spirits Business Competition.
- International Footprint: The Group is expanding its premium portfolio globally, including Scotch whisky, French cognac, and Thai single malt, and completed a warehouse expansion in the UK to support rising demand.
The segment is also prioritizing sustainability, expanding the use of solar rooftop installations and implementing comprehensive waste management to achieve zero waste to landfill.
Beer: Efficiency Drives Margin Despite Market Headwinds
The Beer business recorded flat sales revenue of Baht 96,497 million in 9M25. Despite challenging market conditions in Vietnam, total sales volume rose 4.8%. Crucially, EBITDA margin expanded from 12.5% to 13.0% YoY, driven by lower raw material costs and improved production efficiency, resulting in a 4.0% EBITDA increase to Baht 12,573 million.
Michael Chye Hin Fah, Chief Beer Product Group and CEO of BeerCo Limited, pointed to clear strategic priorities:
- Thailand: Chang Classic maintains its No. 1 position through targeted marketing, while Chang Cold Brew capitalizes on the fast-growing mass premium segment. Both Chang Classic and Chang Cold Brew won Gold Medals at international competitions.
- Vietnam (SABECO): Bia Saigon maintained its No. 1 market position despite external challenges. SABECO is accelerating innovation (e.g., 333 Pilsner and Saigon Chill 250ml can) and recently consolidated Saigon Binh Tay Beer Group JSC (Sabibeco) to realize synergies and expand capacity.
Non-alcoholic Beverages (NAB) & Food: Strengthening Core and Digital Adoption
The NAB business recorded a marginal sales revenue decrease of 0.7% to Baht 49,326 million in 9M25, amidst increased brand investment. Key brands like Oishi Green Tea and Crystal are reinforcing their market leadership by aligning with the growing consumer focus on health and sustainability. Crystal introduced tethered caps and its ‘Crystal Save Blue Space’ campaign, aligning with environmental stewardship.
The Food business saw a 1.4% decrease in sales revenue to Baht 16,563 million due to softer consumer spending. The focus is on a balanced strategy of New Store Expansion, Driving Organic Growth (e.g., Shabushi’s major brand refresh), and Strengthening Business Fundamentals through improved operational efficiency and people capability.
Sustainability and Human Capital: Committing to Net-Zero 2050
Tongjai Thanachanan, Chief Sustainability and Strategy, confirmed that sustainability is deeply embedded in ThaiBev’s operations, driven by the goal of achieving net-zero GHG emissions for Scopes 1, 2, and 3 by 2050.
Key Sustainability Progress (excluding F&N):
- Circularity: Reused and recycled 97% of glass packaging collected in Thailand.
- Renewable Energy: Transitioned 42.6% of total energy use to renewable sources (61.86 MWp installed capacity).
- Emissions Reduction: Reduced Scope 1 and 2 emissions by 5.12% compared to the 2023 baseline.
- Global Recognition: Became the first beverage company in Southeast Asia to win the ‘Best Sustainability-Linked Loan – Beverage’ award and achieved an A rating in the CDP 2024 assessments for Climate Change and Water Security.
ThaiBev is also prioritizing Human Capital, aiming to be among the best employers in ASEAN. The company achieved an overall employee engagement score of 86% in 2024 and is rolling out the Holistic People Development strategy to drive the ‘Reach Competitively’ and ‘Digital for Growth’ pillars of PASSION 2030.
