Good evening, ladies and gentlemen, and welcome to ThaiBev financial results conference call for the six months ended the 31st of March 2026. For the call tonight, I will begin with a summary of our results, then we will open the line for Q&A with our management here.

For the summary of the first half results, total sales revenue of the group for the first half was 173,219 million baht, a decrease of 2.5% compared to the same period last year. This was due to a decrease in sales revenue from the beer and non-alcoholic beverage, while there was an increase in sales revenue from spirits, food, and others businesses.

EBITDA from normal business operations exclude a non-recurring impairment loss from discontinued operations of a joint venture was 33,273 million baht, an increase of 6.9% compared to the same period last year. This was due to an increase in EBITDA from spirits, beer, food, and others businesses, partly offset by a decrease in EBITDA from the non-alcoholic beverage business.

The net profit from normal operation was 19,162 million baht, an increase of 7.8% compared to the same period last year. This was due to an increase in net profit for spirits, beer, and others businesses, partly offset by a decrease in net profit for non-alcoholic beverage and the food business.

The Board of Directors has proposed an interim dividend payment of 3,770 million baht, or 0.15 baht per share, the same as last year. In the first half of 2026, the spirits business reported a 1.3% year-on-year increase in sales revenue to 65,373 million baht, driven by a 1.4% increase in sales volume.

The performance was supported by growth in the first quarter of 2026, despite slightly softer domestic consumption in the second quarter, while the international business continued its growth momentum. Supported by a decrease in key raw material costs, as well as effective brand investment and marketing activities, the net profit increased by 6.4% year-on-year to 12,345 million baht.

The beer business reported sales revenue of 62,639 million baht, a decrease of 5.4% year-on-year, with total sales volume decline by 0.6%. The decline in sales revenue was driven by weaker first quarter amidst subdued market conditions in Thailand and severe weather in Vietnam and unfavorable exchange rate translation.

However, sales revenue rebounded strongly in the second quarter. In terms of cost, lower key raw material and finance cost in the first half 2026 resulted in net profit rising to 4,430 million, represent a big increase of 40.5% year-on-year.

The non-alcoholic beverage businesses reported 5.5% year-on-year decline in sales revenue to 31,596 million baht in the first half. This was driven by a decrease in total sales volume of 2.9% amidst softer consumer demand and geopolitical uncertainties.

Additionally, increased brand investment, loss on foreign exchange, and higher income tax expenses led to 22.4% year-on-year decline in net profit. For the food business, reported sales revenue of 11,325 million baht, represent a 1.6% increase year-on-year, supported by growth of KFC amidst cautious consumer spending and economic uncertainty.

The increase in marketing and promotion expenses, together with higher depreciation from restaurant expansion, led to a decrease in net profit to 69 million baht. For the others business, which is comprising of publishing and the printing business, reported flat revenue to 2,445 million baht, while net loss narrowed to 98 million baht.

The improvement was mainly driven by the education and print segments, supported by higher orders and recurring orders from sustainable packaging business. In addition, the improvement was supported by a lower cost structure resulting from cost control and business restructuring initiative.

This is the summary of our first half 2026 financial results. Now, we will open the call for any questions for our results.

Operator, please help open the line for Q&A.

Yep. Hi.

Can you hear me?

Hi, we hear you.

Hello? Can you hear me?

Hello? Yep, we can hear you well.

Hi, Namfon and management. Thanks for the presentation.

A very good set of results, and congrats on that. Maybe two questions on my side.

Firstly, on Thailand operations. Maybe can you share a bit of sensing how the consumer is doing on the ground, especially after this Iran war, fuel oil spike, and, of course, the government is promoting work from home.

Maybe a bit of color on the ground after the Iran war, oil spike probably from March onwards until now. That's first question.

Second question would be, in terms of raw material cost, how should we look at it? Is it largely hedged for the financial year, and are you guys also have started hedging for the upcoming year and probably what kind of level can we expect for the next fiscal year?

Maybe this two questions. Thank you.

We will start with spirit and then come to beer, okay? That's the two main categories.

Sure, thank you. Yeah.

Let's start with...

Hi. Good evening.

This is Songwit from Thailand. I'm taking care for the spirit market in Thailand.

I understand you have two questions. The first one, what is the sentiment of the Thai consumer?

I would say that everyone know that the situation what really happened for the first quarter. We have challenging for the late Queen has passed away in the early of the Q1, and then, for sure that we have some challenging for the situation in the Middle East.

Probably more of the less tourists. I would say that for the sentiment in Thailand, right now we have some positive factors.

Point number one, in the second quarter, the government released the allowing timing window for selling out alcohol. We can sell alcohol from 11:00 a.m.

until the midnight. That bring more of the consumption in the tourist area and also including for the on-premise and also pub, bar, and hotel.

Then second one, people, I think people for the Thai domestic are fly overseas less in comparing to the previous period. Probably they have traveling in the country more comparing to last year.

All in all, I think overall sentiment, more of the domestic consumption on that point number one. Then, for the second question, you're talking about the raw material price.

I would say that we already secure the price of the main raw material, meaning the molasses for the Thai spirit. Due to the contact we have that we secure before the conflict of Middle East happen, that for the inventory, I think we can secure that with that price until for the next 12 months.

I think that's all that I could share.

Beer.

Hi, good evening. This is Nongnuch from Beer Thailand.

I think Khun Songwit has already mentioned on the overall sentiment. It's quite similar in term of the overall sentiment from the consumer, okay?

As far as you can see, our performance actually we are okay. We don't have the experience on any slow down.

Maybe a bit in the first quarter because of the morning and other matters. We are catch up in the second quarter and because of the festive and everything, I think we are still run all the program, events, and activity.

Luckily this year during every festive, with our activities and also the national activities and events, our performance are okay. We are happy with the situation, even though the overall sentiment might be a bit weak, but we are okay with that one.

In term of the cost, actually for beer, main ingredient, raw material is on the malt. I would say that for our malt, we have secured it already until the end of the year, should be fine.

Thank you.

Maybe on the beer, I think what about the packaging cost? Your cans and your bottles.

Okay. No, actually the aluminum can might have the increase in term of the cost, but, again, on the aluminum cost, we have secured it until the year-end also, okay?

For Thailand, majority of the packaging is on the bottle, and we have lots of recycle bottle, I think that helps a lot.

Right. Thank you very much.

Very insightful, and, yeah, I think it's a good performance. Congrats on that.

Thank you. I will hop back in the queue.

Hi, Divya.

Yes, thank you, and thank you for the presentation. Hi.

My first question is just on the domestic Thai beer business. If you look at the volume growth trends, first quarter was weak, second quarter was very strong.

The overall first half is still flattish. How would you describe your outlook for the second half of this year?

Do we go back to the single-digit kind of volume growth? You did comment that the consumer sentiment is still okay, and maybe if you can also comment a little bit on how Chang's market share has evolved during the first half.

Have we seen further market share gains? That's my first question, on market share gains and outlook on volume growth specifically for Thai beer.

Should I pause here and ask the second question later?

Hi, Divya. In terms of if you ask what will happen for the second half in terms of the growth in the volume, for us we cannot give a guidance, but Khun Nongnuch can give you more color on what we are planning to do for the second half, but not guidance for the volume in terms of figure.

Sorry.

Hi. Hello.

Thank you for the questions. For the rest of the year, I think you have heard actually the government will also have the Co-Pay, okay, which will launch by next month, four months consecutive.

I think this will help the overall market will be more active and people will have more money to spend, okay? For us, what we are going to do, you know that the football World Cup is coming soon.

We will ride on this activity, it will create more active and a lot of activities coming on will improve and, hopefully, it increase our consumption, okay? We also have another activity internally that will launch by Q4.

All in all, we believe that we can keep the momentum. Thank you.

Thanks. Can you comment on the market share as well for Chang?

Okay. For market share for Chang, we are clearly number one.

We have been number one in Thailand beer for 13 consecutive months. Our market share total is 13.3% based on the latest number in March.

Thank you. 37.3%.

Sorry, can you repeat that number? We were used to the 40% number.

Are we looking at the same thing, the overall for ThaiBev? What is the beer market share now?

We are about 40%. Sorry, I missed that.

Basically there's no change in market share overall in the last one year?

It's

still the same ratio as before? Yeah.

No, we maintain, but clearly the...

Divya, this is Bob.

Got it. My second question is...

Divya, this is Bob.

Sorry, go ahead.

Hi, just to clarify, I think when we look at branded beer, right, we're number one brand. You look at the producer market share, then the two largest producer market share combined doesn't actually shift much over the past year.

Our competitor have two major brand. They used to be number one, number three.

Now, they become number two and number three combined, and we move from number two to number one as a brand, yeah. Let's hope that clarifies, so.

Okay.

Yes, that's very helpful. Thank you.

My second question was just when we look at the first half, overall, the selling expenses were a bit lower than what it was last year. Is this a little bit of phasing and we should expect the selling expenses given all the activities that you said on the World Cup, etc., to increase?

Like Sabeco also mentioned that they will be spending more on A&P in the remaining part of the year. Would that be also valid with Thai business?

Thank you.

Divya, you mentioned about which segment, sorry? Now,

I'm talking about overall also. If I look at spirits and beer together, but if we look at beer as well, the selling expenses were lower year-on-year in the first half.

I'm just trying to understand the advertising strategy for the second half. Is it more the phasing, or do we expect that the first half is reflective of how the full year should be and there's no phasing impact here on the lower A&P spend?

Divya, this is Bob. I think in term of the remaining of the years, we're cautious in term of our spending.

I think the cost that consumers are spending on energies probably bite into their potential consumption. Looking out, we are planning to tighten up our spending because I think we believe that the return on spend maybe will be affected.

If you ask us, because the first half we're not really spending, we try to maintain that. The second half is actually a low season.

Second half for our group, which is start in April is still high, consider high season, but once you shift into May to September, this are low season, it's rainy season as well. I think general spending are much less during this season.

Perfect. Maybe one last question from me on pricing.

Has there been any changes in pricing for the domestic Thai beer business? We already know about the Vietnam part, but how about for Thailand beer?

Have we raised prices this year, and any changes in spirits as well?

We actually have the price increase very minimal over only one SKU last month, but it's not impact the real consumer.

That's for beer, right? For spirits?

This is Beer Thailand.

Hi, this Songwit. For the Thai spirit, we don't have any price adjustment for the first half.

Thank you.

Thank you very much.

Sure. Hi.

Thank you very much for the opportunity to ask questions, and good evening, management. I do have questions, maybe follow-up on pricing, from what Divya is actually asking.

How would you think about pricing outlook, or rather price-raising opportunities in the next six months? I do hear you that when it comes to your cost, you're probably well-covered until sort of the end of the year.

The consumer wallet is probably a little bit tight because of sort of a rising wallet share on energy demand. How does it mean then that pricing will be sort of not a priority over the next six months?

How would you think about that, especially going into the months after that, the following financial year? Would you actually consider raising prices in advance in anticipation of higher prices down the road?

That's my first question. My second question is I guess a little bit more on A&P.

I do hear you about the fact that the return on the spend, particularly on advertising, will actually be impacted in this sort of environment. What will actually sort of lead you to change your mind when it comes to sort of advertising changes?

Thank you.

Hi, Selviana. Echo back to the first question first.

I think the pricing outlook is really, really sensitive, and normally we can't give you any guidance on that. We also don't want our competitor to know our pricing strategy as well.

For the second quarter, you're talking about our return on marketing spend. What is your question again?

You're talking about marketing activity?

Sorry, the question is what will lead you to change your mind? Because it does sound like the downward trajectory is going to be maintained, but what circumstance will actually lead you to change your mind?

Okay. Selviana, this is Ueychai here.

We can't be specific,

but

let me tell you in general in terms of policy. We know that cost push is coming.

First thing we do is the cost management. We will do our best, and as you can see that both beer and spirit, we have the main raw materials covered until the end of the year, so that is managed, we don't have any problem on that.

On beer, Tip already mentioned about the bottles and the can, so that we have no issue. Then, okay, we probably look into our A&P first.

What I mean is a price increase will be the last one because it's quite sensitive during the difficult period in terms of economy, but we will consider SKU by SKU. That will be the third things.

First, cost management; second, A&P. We already sort of identifying 30 provinces out of 76 provinces that represent over 75%, and we will focus our A&P spending on that 30 provinces, which mean that the total A&P could be managed down, okay?

That's a general policy, but we cannot tell you whether the beer will increase or the spirit will increase, but all the team here are focused on defending bottom line, okay? Thank you.

Great. Thank you very much, and all the best for the rest of the year.

Hey, good evening. Can you hear me?

Hi, Meg. Yeah.

Hi. Thank you so much for the opportunity to ask.

I just had a couple of questions. Firstly, just coming back on the beer volumes, right?

It was reported outside of Vietnam, ex-Sabeco beer volumes were up about 9% in the second quarter. When we see Thailand industry data, overall, volumes are down 1%.

You've also just mentioned that market share has stayed stable. Just wondering where is this 9% growth in your beer volumes for second quarter coming from mostly?

That's my first question. Second question is on beer segment packaging.

Sorry, just a housekeeping question trying to understand how much of your packaging cost for beer is aluminum versus glass. Then, thirdly, is on non-alcoholic beverage segment.

The packaging for NAB, is it mostly plastic? If it's plastic, just wondering till when are you protected for your packaging cost for NAB, and have you started seeing any increase in those costs because of oil price, petrochem product price increases?

Those are my questions, please. Thank you.

Hi, Meg. Can you wait one moment?

Sure. No worries.

I will respond on the NAB questions first. Beer, they're still cracking.

The main The main for NAB, the main the main cost is packaging, and then it's resin. Of course, the resin price increase, but we have secured the old price resin until the end of this this month.

The new price will be impact on in from June onward. Luckily because our sales during the past month, and I'm I'm sure that it could be like this, has been increased because not everyone can secure the resin in this country.

Then this month, in the past two months, we are running our factories at 100% capacity. In the past, it used to be about 60%.

With this kind of additional volume, the fixed cost help to offset the incremental price in of the resins. I think we we probably be able to manage this for going forward by selling more, produce more, the fixed cost going down to offset the resin price.

Right now, we we are now looking to securing resin for the from from June forward, okay? Beer.

Hi, this is Nongnuch from Beer Thailand. According to the beer volume that you've seen the improvement in the second quarter, mainly I would say that it's because of the timing, because it's a stock up, and also later on it will reflect the consumer, which we can't say.

Basically the second quarter because of the timing. Your second quarter, our can, it's about 20%, and the bottle is almost 80%.

Thank you.

Got it. Thank you so much for that color.

Just one last question on spirits. Sorry, my line previously wasn't clear.

Just wondering, can you please repeat how are the molasses prices trending now because we're seeing sugar prices have spiked since the US-Iran war, and has any of that started flowing through to molasses? When will you start securing your molasses inventories for 2027?

Okay. Hi.

This is Bob, Prapakon, Group CFO. Molasses, it's main raw material for spirits sector in Thailand.

Normally, molasses crop harvesting December to April. Pricing negotiation start in August, all the way through to February and April.

For this crop, we have contracted enough molasses for the season, and we have start the contract since August 2025 and completed most of our contracted February 2026. Those are before the crisis in the Middle East took place.

Contracted molasses price that we have in these contracts are at our multi-year lows. The price probably what, 40% 40% lower than a year earlier, which is continue to decline for the past two years, so.

That's where we are. In term of our current stock for molasses, that cover our productions for the next 12 months.

New contracted price is unknown for the season because sugar refiner mill will not negotiate and start contracted until August and September this year, so. By then, I think the situation in Middle East would probably be resolved and would be more reasonable pricing negotiation take place.

Thank you.

Thank you. That's very, very clear.

Just to confirm, when you say 12 months that you're covered, it's from Feb 2026 to Feb 2027. Is that correct?

I'm just saying 12 months stock coverage, raw material inventory for distillation, 12 month as of April end for the next 12 months. We get new molasses delivery start in December.

Normally we don't run down our raw material stock, it's just new crop will get delivered in December, but price is unknown until August, September.

The new molasses that you get in December, the price you'll only know in August.

For December '26, right. When I say we have stock for 12 months as of April this year, meaning the stock for what we have taken delivery and the stock that going to be delivered in the next six months next five five to six months, which have been contracted in price, so that firm price for delivery.

Got it. Okay.

Thank you. Thank you so much for all the color, everybody.

Thank you, management.

Hi, Mada. Hello?

Hello, hi, can you hear us?

Hello, can you hear me?

Hi, we hear you now.

Okay. Sorry.

I think I had some technical issues. Thank you for the opportunity.

My first question is can you comment on the discontinued joint venture that ex the discontinued joint venture, the earnings was up year-on-year? What was that joint venture?

Then, the second question is given that the NAB year-on-year is down, I think a lot of that was due to Fraser and Neave, and the outlook in terms of F&N, at least the comment from Berhad was saying that near-term earnings remain under pressure. With the change in the new CEO in Berhad and so forth, are there any strategies to mitigate that and to also speed up the break-even point for AgriValley?

Thank you.

Hi, Permada. This is Prapakon, Group CFO.

I think on the lines call impairment loss for discontinuing operations in a JV, this is an investment that we own effective interest of 25% in an e-commerce platform that announced for closure in January. The platform called NocNoc.

This a one-off provision for discontinuing, and that's a non-cash item for us.

Permada, this is Rahul Colaco.

So... That

Go ahead.

No, I was just going to ask Khun Prapakon earlier. The NocNoc is no longer operational.

Is that correct?

That's right. The platform operators are actually managed through the JV, and then that's announced for closure in January 2026.

These are a full impairment, and the business has been wound down.

Got it. Thank you.

Sorry, Rahul.

Yes, Permada, this is Rahul. Answering your second question on NAB, firstly, the performance in our core domestic markets, the key markets of Malaysia, Thailand, and Singapore, have been fairly robust and resilient.

In fact, we've held or in some cases consolidated our market share position with our key brands. We have been challenged because of the Thailand-Cambodia border issues.

We are resetting that business at the moment. As we have operations now on the ground in Cambodia.

That's being rebooted as we speak. On the dairy farm, you've heard about that probably from the Berhad results sessions as well, but essentially to reiterate, it is one of our largest investments.

It is one of the largest integrated dairy farms in Southeast Asia. We are actually already producing significant volumes of world-class milk from the farm.

In the coming weeks, we will be significantly ramping up our branding operations. This milk is going out in various channels, both retail and foodservice across both Malaysia and export markets.

We're also looking at multiple formats, it's not just fresh pasteurized milk, but also UHT milk, butter, and cream. It's primarily going to be under the Magnolia brand.

Very much focused on driving that business over the coming months.

Thank you. Would it be fair to say that for Magnolia, currently the strategy is market share build out, because if we observe the pricing on the ground, it's pretty aggressive.

I think our intention when we invested in this dairy farm is to build self-sufficiency for Malaysia. That's one of the big drivers.

We believe that this is going to help grow the category. We want more Malaysians to be drinking more milk and also in the region, and we want to provide fresh milk, world-class fresh milk at the lowest possible cost.

We're focused on producing this high-quality, world-class milk in a tropical climate at a low cost, and which is why we have an integrated dairy farm, right? We grow our own crop.

That's really the driver. I think in the longer term for us, this is more a category building game than necessarily a market share game.

For sure, we also want to grow our market position.

Got it. Thank you so much for the color, Rahul.

Appreciate it.

Hi, Shuwan.

Hi. My first question is around beer.

Given that second quarter volume growth was high due to stocking up, do you typically see a weaker volume in the following quarter historically? Second question is on Cambodia.

Can you share what was the contribution from Cambodia in terms of top and bottom line for FY '25?

Hi, this is Nongnuch from Beer Thailand, okay? It's normal happen, but as you know that we have the festive season like in Songkran, it helps sell out a lot, okay?

We also will have the campaign on football World Cup in next month, and we start shipping by the end of this month. We believe that it will continue the momentum with the volume.

Thank you.

Hi, Shuwan, it's a last year number. Can you wait one moment?

We just take it out from our file. One moment for the Cambodia.

Sure, thank you.

Hi, Shuwan, this is Kitsada, group controller. The total revenue for the group impact is about 3 3 billion baht or is about 1% of total group in term of the revenue side.

For the profit itself, if you down at the net profit level, is about 300 million baht, or just very small impact in term of the total group perspective.

Thank you.

Sure, thanks. Can you hear me?

Hi, we hear you.

Yeah. Thanks for the opportunity, and good evening.

Just one question because all of my questions are being answered. That is on NAB business.

Just trying to understand the outlook for the business maybe more in qualitative terms for the second half of this year. Just from the point of view of Rahul's comment earlier in terms of ramp-up of your dairy products.

Just wanted to understand how should we see this particular business ramping up in the coming quarters.

Yeah. Hussaini, maybe if you can sharpen your question, because I've already shared broadly what our intention is with the farm, and Magnolia.

Can I understand a bit more what exactly you're trying to understand?

Yeah. My question is more from the point of view how that will translate into revenues and growth in the coming quarters.

I'm unable to share with you specifics on the coming quarters, but I think what I can share with you is the bigger picture. The intention with the farm specifically is we have, as you have probably heard from the Berhad presentations, is that in the first phase of the farm, we intend to essentially produce 100 million liters of milk a year, and we are already in the ramp-up phase.

We are producing anywhere between 2 and 3 million liters a month at the moment. We're in that ramp-up phase, and you can therefore extrapolate that we're going to be growing this about three, four times from the current base.

I think that's the plan over the coming years. If everything progresses well, we will then eventually move to a second phase where we will seek to ramp up that 100 million to potentially 200 million liters.

Hopefully, that answers your question. I think the key takeaway is that we really want to grow this category, as I mentioned earlier, and we want to play across multiple categories, multiple channels, and multiple markets.

Understood. Thanks.

Thanks a lot. Helpful.

There are currently no questions. If you would like to ask a question, press *1 on your telephone keypad now.

please go ahead. Thank you.

I just had a follow-up question on spirits. I wanted to get your views on how you're thinking about structurally volume growth in this segment given there's been a global decline in spirits volumes across various geographies.

How are we diversifying that portfolio? Then, if you can also comment a little bit on the trends in white spirits versus brown spirits, how that shift is happening over the last six months.

Then, finally, any comments on the Myanmar business, how's that doing, and how big is that now as a percentage of your total? Thank you.

Hi, this is Sopon from Spirit Group. Thank you for your question.

On the question and concerning whether this is the structural change of the industry, we don't see this is coming to that obvious situation yet because the situation of oversupplying across the globe in many major markets, I think it's due to I think you already understand that during the COVID time, I think the spirits is selling so good, people keep pumping up the liquid to the market, and then suddenly it's become a oversupply. It's actually a cyclical kind of situation that we are facing.

Also I think we have to face a little bit of the changing in terms of the demand behavioral because, again, coming out from the COVID, people may drink differently. We still see that there is a growth in some of the market, and there's a opportunity for us to actually try to capture that.

For example, in Thailand, we know that there is a change in terms of when the younger people coming out from the COVID, they may concern mostly about the health and wellness. We change our strategy to become a lower kind of alcohol, bringing RTD into the market, and it's really a good opportunity for us, and we did that.

Then, the result is quite good. We are selling okay with the RTD that we introduced several SKU already.

Again, we don't see this is a structural yet. It's just actually a cyclical kind of problem that we are facing.

Hi, Divya, are you still with us? Hi, yes,

yes. I was just wondering if you could also comment on the white spirits and brown spirits in Myanmar.

Can you repeat that question again?

I just was interested to know what is now the split between white spirits and brown spirits, and are you seeing any change in that as well given all these behavior changes for your portfolio? That was just on the mix between white spirits and brown spirits.

The last question was on Myanmar, how big is Myanmar in your overall portfolio now, and what has been the growth trends there?

I'll take the Myanmar first. Myanmar is now double-digit growth to the portfolio.

We are doing very good in that country. We are also the largest market share in that country.

In overall, Myanmar sell value in the whole portfolio is only about 10%. It's still small, but then with the growth that we see over the years, not just only this year, we've been seeing this for many, many years, I think we have a very good perspective in this country, and then we're going to see that we're going to even continue to strengthen our position in Myanmar.

That's Myanmar. On the question whether white spirit and brown spirit any convergence or divergence between these two, I think, again, it's coming to the category kind of explanation.

People may drink in the previous year, I would say that people drink only those category that they are used to because white spirit used to be like a functional drink even because people are drinking because they like to drink after the work to get refreshed. Then now more and more people, particularly the young people, they may drink across the category.

It depend on occasion. Again, we don't see that coming so big in terms of that trend, but this is, again, the demand change, the dynamic of our consumer.

Again, they keep trying changing the category. Sometimes they drink rum, sometimes they drink whiskey.

In some occasion, they may drink white spirit, for example. Thank you.

Could I just confirm that white spirits and brown spirits are still almost half and half in terms of your overall portfolio?

Sorry, we may not be able to mention about that.

Oh, yeah,

but

in terms of the volume, yeah, normally white is more because cheaper, yep.

Yeah. All right.

Thank you.

Yep. Hi, Namfon.

Me again. Just one question here.

Can you share maybe a bit of color whether the management is thinking about any kind of corporate actions to unlock value? I know that the rumors on the street about BeerCo IPO, spirits IPO, spinoff, and so on.

Maybe some kind of thinking of what would allow or what's kind of holding management back from kind of proceeding with all this, sort of I would say very helpful value-unlocking activities, and maybe a bit of timeline if you guys are thinking about this type of activity.

Hi. For this, if you track, so far we haven't made any further announcement to update on any beer call or spirit call.

If we have anything to update, we will announce on SGX first.

Sure. I guess you cannot share any thinking, what needs to happen before you would proceed or are you able to share a bit of color or Oh,

this one is really sensitive to the share price. I'm afraid we cannot, yeah.

Sorry.

Sure, sure. Sure.

No worries. All right, thank you.

Hi, thank you for the opportunity again. I just have one follow-up on my previous question about NAB, where in context of the resin prices, it was mentioned that the factories are operating at about 100% capacity because you're seeing increase in the volumes.

If we look at the NAB volumes for first half, they were down year-on-year. Sorry, just trying to understand if you can help me tie in the previous comment on increased volumes versus what we saw in first half, just to understand a bit better.

Hi, Meghana, this is Rahul. I think the NAB portfolio is very wide.

We operate in multiple different categories in multiple different formats. The example that we were referring to earlier was the PET packaging, which is primarily for iced tea and water.

We operate in many other categories where the packaging cost impacts have not been so high. The cost impacts are ranging between 5% to 15% for many of the other product formats, but it's the PET resin one which we used as an example because that's the one which has the highest impact worldwide.

I think the good thing for us in our portfolio is because we have a very wide range of price points, formats, and categories, we are able to offer different options to the consumer. We operate multiple brands at different price points.

I think we're quite well-hedged in terms of consumer offerings, and we're looking at playing up specific parts of the portfolio so that we can address potential down-trading opportunities or any consumer behavior changes. That's how we're looking at the portfolio.

Hopefully, that answers your question.

Yes, definitely, very clear. Just another follow-up while I still have you on NAB is on the outlook for the A&P spend.

It was previously mentioned that typically it's a slow season for the next few quarters, but does that also apply for your NAB promotional spend as well?

I think it would be hard to generalize. Essentially, we are looking at making sure that we ring-fence our A&P for our specific priority brands and markets.

As you heard earlier, we are looking at really ramping up our Magnolia brand with driving the milk coming out of our dairy farm. Obviously we will continue to invest behind that brand and our other key brands such as 100PLUS.

We've launched some new innovations. We will continue to invest behind our core brands.

Of course, given the overall business environment, we will be looking at our total portfolio and seeing where and how we can optimize our A&P.

Got it. Thank you so much.

Thanks for the call. Just one question regarding the cyclical challenges for spirits.

Are you still referring to the lingering softness because of I guess the Cambodian I guess, lack of a better word, conflict, and that's kind of affecting the demand for your spirits, and just the overall weakness in consumer spending? Just a bit more clarity on the cyclical weakness.

Thanks.

Thank you. Actually, it's a general comment on the general situation.

Again, coming back to Cambodia, we were hit by the situation last year, end of the year. Now, as you understand that the situation is now eased, and then we are hoping to see that all the consumer around that area, which is basically the white spirit consumer over there, will get to come back and then consume more on our product, including the labor from Cambodian, even though now they're not being able to actually coming back to work in Thailand.

Then, hopefully, soon we're going to see some better situation coming. Thank you.

In your estimate I'm not sure you give me a number, but in your estimate, what kind of percentage point was this set of customers to your spirits business?

Normally, we won't break down in terms of the region for our sales, sorry.

Sure. Thanks for taking my questions.

Thank you.

Hi, management. Can you hear me?

Hi, Mada.

Hello?

Hello, hi, Mada.

Hi. A question on, now that SGX is encouraging forward-looking guidance from companies being listed in SGX, is ThaiBev planning to provide forward guidance going forward?

Hi, Mada. Thank you for sharing this information for us.

In terms of forward-looking, actually, I don't see that it's such a clear message from SGX in that direction, yep.

Oh, okay. They haven't communicated with you yet, that's what you're saying.

Hi, Mada, do you have any other question?

No, so, no plans for now, right? That's what you're saying, more or less.

Not yet, yep.

Okay. Got it.

All right, thank you so much.

Thank you.

Thank you for joining ThaiBev's conference call tonight, and for more information, please feel free to contact IR department at [email protected]. Thank you, and have a good night.

Thank you.