Thai Beverage Pcl Ord

Good evening everyone and thank you for joining the Thai Beverage 1H2026 results call. All participants have been placed in a listen-only mode. Later, we will conduct a question and answer session and instructions will be given at that time. I will now hand over the call to the presenters, Ms. Namkorn Ongsutong Rangsi, Tybev's Head of Investor Relations, and the members of Tybev's Senior Management Team. Thank you.

good evening ladies and gentlemen and welcome to tightwad financial resource conference call for the six months ended the 31st of march 2026 for the call tonight i will begin with a summary of our result then we will open the line for our q a with our management here for the summary of the first half results the profile 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 other businesses. EBITDA from normal business operations excluded 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 food, gear, food, and other businesses, partly affected 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 spirit, beer, and other 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 Spritz business reported a 1.3% year-on-year increase in sales revenue to 55,373 million baht, driven by a 1.4% increase in sales volume. The performance was supported by growth in the first quarter of 2036, despite slightly faster domestic consumption in the second quarter. While the international business continues its growth momentum, supported by a decrease in 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, a decrease of 5.4% year-on-year, with total sales volume declined by 0.6%. The decline in sales revenue was driven by weaker first quarter amid subdued market conditions in Thailand and severe better 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 net finance cost in the first half of 2026 resulted in net profit rising to 4,430 million, representing a big increase of 40.5% year-on-year. The non-alcoholic beverage business 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% amid softer consumer demand and geopolitical uncertainty. Additionally, increased rent 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 amid 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 other business, which is comprising 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 segment, supported by higher orders and recurring orders for 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.

We will now begin the question and answer session. Participants with questions to pose, please press star 1 on your telephone keypad and you will be placed in the queue. To cancel the queue, please press star 2. Ms. Zhengfeng Qi from DDS, please go ahead. Yeah, hi, can you hear me?

Hi, we hear you. Hello, can you hear me?

Yep, yep, we can hear you well. Hi, Anna Ponga and Madhulia. Thanks for the presentation. Very good set of results and congrats on that. So maybe two questions on my side. Firstly, on Thailand operations. So maybe can you share a bit of sensing how the consumer is doing on the ground, especially, you know, after the Iran war, fuel oil spike, and of course, the government is promoting vote from home, maybe a bit on color on the ground, after that, the Iran war oil spike, probably from March onwards until now. That's the first question. And 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 like what what's our level can we expect and for for the next fiscal year yeah maybe two questions thank you and we will start with spirit and then come to beer okay that's the two main that's great sure thank you hi

Good evening. This is from Thailand. I'm taking care for the market in Thailand. So I understand you have two questions. The first one, what is the sentiment of the Thai consumer? So I would say that everyone knows that the situation, what really happened for the first quarter. We have challenging for the Red Queen passed away in the early of the Q1. And then for sure that... we have some challenges for the situation in the Middle East, so probably more of the risk for this. But I will say that for the sentiment in Thailand, right now we have some positive factors. Final one, in the second quarter, the government released the allowing timing window for selling alcohol. So we can share alcohol from 11 a.m. until the midnight. And that creates more of the consumption in the tourist area, and also including for the on-trade and also pub, bar, and hotel. And then second one, people, I think people for the Thai domestic, people fly overseas less in comparing to the previous period. So probably they have... coloring in the country more comparing to last year. So all in all, I think overall sentiment, more of the domestic consumption. And that's the point number one. And then for the second question, you're talking about the raw material, right? I would say that we already see here the price of the main raw material, meaning the molasses. the price of it and due to the the contract we have that we secure before the conflict of the east happen that uh that but eventually i think we can secure that with that price until uh for for the next development so that's all that i i could say yeah

Hi, good evening. This is Nung Nut from Via Thailand. I think Khun Somwit has already mentioned on the overall sentiment. It's quite similar in terms of the overall sentiment from the consumer. As far as you can see, our performance, actually we are okay. We don't have the experience on any slowdown. Maybe a bit in the first quarter because of the bonding and other methods. But we catch up in the second quarter and because of the festive and everything, I think we still run all the program events and activity. And luckily this year during like festive, 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 terms 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, so it should be fine. Thank you.

Okay, so maybe on the beer, I think, what about the packaging cost? I know your cans and your bottles. Oh, okay.

Actually, the aluminum can might have the increase in terms of the cost, but again, on the aluminum cost, we have secure until the year end also. And for Thailand, majority of the packaging is on the bottle, and we have lots of recycled bottles, so I think that helps a lot.

Okay. All right. Thank you. Thank you very much. Yeah. I think it's a good performance. Yeah. Congrats on that. Thank you. I'll talk back with you.

Next question, Divya Gangahar from Morgan Stanley. Please go ahead.

Hi, Divya. Yes. Thank you, and thank you for the presentation. Hi. My first question is just on the domestic five-year business. If you look at the volume growth trends, I mean, first quarter was weak. Second quarter was very strong. So the overall first half is still sloppish. 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 commend that the consumer sentiment is still okay. Okay. And maybe if you can also comment a little bit on how Trump's market share has evolved during the first half. Are we seeing further market share gains? So that's my first question on market share gains and outlook on volume growth specifically for five years. Should I pause here and then 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 and the volume, for us, we cannot give the guidance. but Khun Longnut 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.

Hi. Hello. Yeah. Thank you for the questions. For the rest of the year, I think you have heard about actually the government will also have the co-pay, okay, which will launch by next month, four-month consecutive. So I think this will help the overall market will be more active and people have more money to spend. And for us, what we are going to do, you know that the World Cup is coming soon. So we will write on this activity. So it will create more activity. I mean, active and a lot of activities coming on will improve and hopefully increase our consumption. Okay. We also have another activity internally that will launch by Q4. So all in all, we believe that we can maintain and keep the momentum. Thank you.

Thanks. Can you comment on the market share as well, Sochang?

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%.

Can you repeat that number?

So we were used to the 40% numbers. Are we looking at the same thing? The overall for Hybev, what is the bear market share now?

Yeah, we are about 40%. Sorry, I missed that.

So basically, there's no change in market share overall in the last one year. It's still the same ratio.

No, we maintain, but clearly the...

My second question is... Divya, this is Bob.

Hi.

Just to clarify, when we look at branded beer, right, we're number one brand. So when we look at a producer... market share, then the two largest producer market share combined doesn't actually shift much over the past year. But then our competitor have two major brands. It used to be number one, number three. Now they become number two and number three combined. We move from number two to number one as a brand. So I hope that clarifies.

Okay. Yes, yes. That's very helpful. Thank you. And my second question was just, you know, when we look at the first half, overall, the selling expenses were a bit lower than what it was last year. So is this a little bit of phasing and we should expect the selling expenses, given all the activities that you said on the WorldCraft, et cetera, to increase? Like Sudeik also mentioned that, you know, they will be spending more on A&P in the remaining part of the year. Would that be also valid for the sky business? Thank you.

Divya, you mentioned about the RISC segment, right?

Yeah, I'm talking about overall also. I mean, if you look at Cirrus and Bayer together, but if you look at Bayer as well, the selling expenses were lower year-on-year in the first half. So, I'm just trying to understand the advertising strategy for the second half. Is it more the phasing, or do we expect that, you know, the first half is reflective of how the full year should be, and there's no phasing impact here on the lower AMP spend?

Well, I think in terms of the remaining of the years, we're cautious. in terms of spending being estimated rise in consumer, well, the cost that consumers are spending on energies probably bite into their potential consumption. So going, looking out, we are planning to tighten up our spending, because I think we believe that the return on spend, maybe will be affected so if you ask us um because the first half we're not really spending so we try to maintain that and the second half is actually a low season second half for our group, which is starting... April is still high, considered a high season, but once you shift into May to September, it's a low season. Rainy season as well. So I think general spending are much less during this season.

Perfect. And maybe one last question from me just, you know, on pricing. Have there been any changes in pricing for the domestic Thai beer business? We already know about the Vietnam part, but how about the Thailand beer? Have they raised prices this year and any changes in service as well?

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

So that's for beer, right? For spirit?

Yeah, this is beer Thailand.

Hi, this is Songwit. So for the Thai spirit, we don't have any price adjustment for the first half. Thank you.

Thank you very much.

Next question comes from from HSBC. Please go ahead.

Sure. Thank you very much for the opportunity to ask questions and good evening, management. I do have questions, maybe follow up on, I guess, on pricing from what Lydia 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, you know, when it comes to your costs, you're probably well covered until, you know, sort of the end of the year. But... And, you know, the consumer wallet is probably a little bit tight because of rising demand on... Sorry, because of sort of a rising wallet share on energy demand. But... Does it mean then that, you know, pricing will be sort of not a priority over the next six months? But 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? So 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. But what will actually sort of lead you to change your mind when it comes to sort of advertising changes? Thank you.

Hi, Celina. I go back to the first question first. I think for the pricing outlook is really, really sensitive, and normally we can't give you any guidance on that. We also don't want our competitors 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... Sorry, the question is what... Sure, 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 serena this is which i i just 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 do cost management We'll 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. So we don't have any problem on that. And we had Tip already mentioned about the bottles and the can. So that we have no issue. And then, okay, we probably look into our ANP first. What I mean is the price increase will be the last one because it's quite sensible, sensitive during the difficult period in terms of economy. But we will consider SKU by SKU. That will be the third thing. First, cost management. Second, A&P. Actually, we already sort of identifying 30 provinces out of 76 provinces. That represents over 75%, and we will focus our A&P spending on that 30 provinces, which means that the total A&P could be managed down, okay? And that's the 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.

Next question from Meghana Kande from CGS International. Please go ahead.

Hi. Good evening.

Can you hear me?

Hi. Hi. Thank you so much for the opportunity to ask. I just have a couple of questions. So firstly, just coming back on the beer volumes, right? So it was reported outside of Vietnam. So exotical beer volumes were up about 9% in the second quarter. But when you see Thailand industry data, overall, it's down, volumes are down 1%. And you've also just mentioned that market share has stayed stable. So just wondering, where is this 9% growth in your beer volumes for second quarter coming from mostly? So 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. Yeah, and then thirdly is on non-alcoholic beverage segment. The packaging for NAB, is it mostly plastic? And if it's plastic, I'm just wondering till when are you protected for your packaging costs for NAB? And have you started seeing any increase in those costs because of, you know, oil price, petrochem product price increases? So yeah, those are my questions.

Thank you.

Hi, Meg. Can you wait a moment?

Sure. Yeah. Morning.

I will respond on the NAB questions first. Here there's still packing. The main, for NAB, the main cause is packaging, and then it's the resin. Of course, the resin price increase But we have secured the old price raising until the end of this month. The new price will be impact from June onward. But luckily because our sales during the past month, and I'm sure that it could be like this, has been increased. because not everyone can secure the resin in this country. And then this month, in the past two months, we are running our factories at 100% capacity. I mean, in the past, it used to be about 60. With this kind of additional volume, the fixed cost... help to offset the incremental price of the raisins. I think we probably be able to manage this going forward by selling more, produce more, so the feed cost going down to offset the raisin price. Right now we are looking to securing raisin from June forward, okay.

Hi, this is Nunut from Beer Thailand. According to the beer volume that you've seen improvement in the second quarter, mainly it's, I would say that it's because of the timing, because it's a stock up and also later on it will affect the consumer, which we can't say, yeah, basically the second quarter because of the timing. And your second quarter, our can is about 20% and the bottle is almost 80%. Thank you.

Got it. Thank you so much for that, Kala. And so just one last question on spirits. Sorry, my line previously wasn't clear. Just wondering, Can you please repeat how much, I mean, how are the molasses prices trending now? Because we've seen sugar prices have spiked since the U.S.-Iran war. And has any of that started flowing through to molasses? And when will you start securing your molasses inventory for 2027?

Hi, this is Prabhakar from Group CFO. Molasses is the main raw material for the spirit sector in Thailand. Normally, molasses crop harvesting um december to to april um pricing negotiations start in august all the way through to february and april and for this crop we have contracted enough molasses for the season and we have started contracted since We started the contract since August 2025 and completed most of our contract in February 2026. So those are before the crisis in the Middle East took place. So Mullahs contracted Mullahs price that we have. And these contracts are at our multi-year lows. So the price is probably, what, 40% lower than a year earlier, which has continued to decline for the past two years. So that's where we are in terms of our current stock formulas that cover our production 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 and then 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. So 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, I mean raw material inventory for distillation, 12 months as of April end for the next 12 months. So but we get pneumolysis delivery start in December. So normally we don't run down our raw material stock. So it's just new crop will get delivered in December. But price is unknown until August, September.

Okay. So the pneumolysis that you get in December, the price you'll only know in August?

For December 26. Right. But 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's going to be delivered in the next six months, next 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, agency management.

Next question from . Hi, .

Hello? Hi, hi. Can you hear us?

Hello, can you hear me?

Hi, we hear you now.

Okay, sorry. I think I had some technical issues. Yeah, thank you for the opportunity. So my first question is, can you comment on the discontinued joint venture that, you know, X, the discontinued joint venture, the earnings was up year on year. What was that joint venture? And then the second question is, you know, given that the NAB year on year is down, I think a lot of that was due to Frazier and Neith. and the outlook in terms of, at the end 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, you know, to also speed up the break-even point for AgriValley? Thank you.

The discontinuing, well, I think on the lines going payment laws for discontinuing operations in the JV is an investment that we hold on effective interest of 25% in an e-commerce platform that announced for closure in January. the platform called KnockKnock. So this is a one-off provision for discontinuing and it's a non-cash item for us.

Armada, this is Rahul Colasso.

Go ahead. No, I was just going to ask Kun and Prabhakar earlier. So the KnockKnock is no longer operational. Is that correct?

That's right. The platform operators actually managed through the JV, and then that's announced for closure in January 2026. So these are a full impairment, and the business has been wiped out. Got it. Thank you.

Sorry, Robert.

Yes, sir. So answering your second question on NAV, Firstly, you know, the performance in our core markets, in our core domestic markets, 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 you know, we have operations now on the ground in Cambodia. So that's being rebooted as we speak. On the dairy farm, you've heard about that probably from the Berhard 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 and in the coming weeks we will be you know significantly ramping up our our branding operations and this milk is going out in various channels so both retail and food service across both malaysia and export markets and we're also looking at multiple formats so it's not just fresh pasteurized milk, but also UHC milk, butter, and cream. And it's primarily going to be under the Magnolia brand. So 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. So we are focused on producing this high-quality world-class milk in a tropical climate at a low cost, which is why we have an integrated dairy farm. We grow our own crop. So that's really the driver. So well i think in the longer term for us this is more of category building game than necessarily a market share game but for sure we also want to grow our market position got it thank you so much for the uh color show i appreciate it next question from shuwan tan from goldman sachs please go ahead hi everyone hi uh

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? And second question is on Cambodia. Can you share what was the contribution from Cambodia in terms of top and bottom line for FY25?

Hi, this is from Thailand. Okay. Yeah, it's normal happen, but as you know that we have the festive season like in Songkran, so it helps sell out a lot. Okay. And we also will have the campaign on football World Cup in next month, and we start shipping by the end of this month. So we believe that it will continue the momentum with the volume. Thank you.

Hi, so 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.

Hi, this is Krista, the group controller. The total revenue for Cambodia for the group impact is about 3 billion Baht, about 1% of total group in terms of the revenue side. For the profit itself, if you down to at the net profit level, it's about 300 million baht or just very small impact in terms of the total group perspective.

Okay, thank you.

Next question from Hosseini Seyfi from Maybach. Please go ahead.

Sure, thank you. 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. So just trying to understand the outlook for the business, maybe more in qualitative terms for the second half of this year. And just from the point of view of Rahul's comment earlier in terms of ramp up of your dairy products, we just wanted to understand how should we see this particular business ramping up in the coming quarters.

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, so my question is more from the point of view how debt will translate into revenues and growth in the coming quarters.

So 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. So the intention with the farm specifically is we have, as you have probably heard from the Berhard 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, so we are producing somewhere anywhere between 2 and 3 million liters a month at the moment. So we are in that ramp-up phase, and you can therefore extrapolate that we're going to be growing this about 3-4 times from the current base. So I think that's That's the plan over the coming years. And 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. And I think the key take out is that, you know, 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. Okay. Thanks a lot. Thank you.

There are currently no questions. If you would like to ask a question, press star 1 on your telephone keypad now. Question from Divya Bangarhar from Morgan Stanley. Please go ahead.

Yeah, thank you. I just have 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 spirit volumes across various geographies. How are we diversifying that portfolio? And 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. And then finally, any comments on the Myanmar business? How is that doing and how big is that now as a percentage of the total? Thank you.

Hi, this is Sophan from Sophi Group. Thank you for your question. On the and concerning whether this is the structural change of the industry. We don't see this is coming to that obvious situation yet. The situation of oversupplying across the globe in many major markets, I think it's due to, I think you already understand that after the COVID, during the COVID time, I think the space is selling so good, so people keep pumping up the liquid to the market, and then suddenly it becomes an oversupply. So it's actually a cyclical kind of situation that we are facing. And also, I think we have to face a little bit of changing in terms of the demand behavior because, again, coming out from the COVID, people may drink differently. But we still see that there is a growth in some of the market. And there is an opportunity for us to actually try to capture that. And first of all, in Thailand, we know that there is a change in terms of the younger people coming out from the COVID. They may concern mostly about the health and wellness. But we changed our strategy to become a lower alcohol, bringing ITB into the market. And it's really a good opportunity for us. And we did that. And then the result is quite good. So we are selling OKVDRT data. We introduced several FKU already. So again, we don't see this as structural yet. This is 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?

Yeah, 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 space and brown space. And the last question was on Myanmar. Like, how big is Myanmar in your overall portfolio now? And what has been the growth trends there?

Okay. 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. So but in overall, Myanmar still value in the whole portfolio is only about 10%. So 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. So I think we have a very good perspective in this country, and then we're going to see that even to, you know, even continue to, you know, strengthen our position in Myanmar. So that's Myanmar. On the question whether white separate and brown separate, any, you know, conversion or diversion between these two, I think, again, it's coming to the category kind of explanation. People may drink the, in the previous year, I would say that people drink only those categories that they are used to. because widespread used to be like a functional ring event because people are drinking because they like to drink after the work to get refreshed. But then now more and more people, particularly young people, they may drink across the category. It depends on occasion. But again, we don't see that coming so big in terms of that trend. But this is, again, the demand chain, the dynamic of our consumer. Yeah, again, they keep trying, changing the category. Sometimes they drink rum. Sometimes they drink, you know, whiskey. In some occasion, they may drink, you know, white sorbet, for example. Thank you.

So, could I just confirm that white spirits and brown spirits is still like almost half and half in terms of your overall portfolio?

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

Thank you very much.

But in terms of the volume, yeah, normally it's twice more because it's cheaper.

Yeah. All right. Thank you.

Next question from Zhang Fangqi from DBS. Please go ahead. Yeah. Hi.

Hi, Namphong. So just one question here. So can you share maybe a bit of color whether the management is thinking about any kind of corporate actions to unlock value? I know there have been rumors on the street about their co-ITO, spirit ITO, and so on. So maybe some kind of thinking of like what would allow or what was kind of like holding management back from kind of proceeding with all this? So I would say it's very helpful value-unlocking activities and maybe a bit of timeline if you guys are thinking about this type of activity.

Hi, hi. For this, if you track, so far we haven't made any further announcement to update on any core, any beer core or spirit core. If we have anything to update, we will announce on STF first.

Okay, sure. I guess you cannot share any thinking, you know, what needs to happen before you proceed, or are you able to share a bit of color?

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

Sure, sure. Okay. Sure, no worries. All right. Thank you.

Next question from Meghana Khande. from CGS International. Please go ahead.

Hi. Thank you for the opportunity again. I just have one follow-up on my previous question about NAD, where in context of the recent prices, it was mentioned that the factories are operating at about 100% capacity because you're seeing increase in the volume. But if we look at the NAV volumes for first half, they were down year on year. So 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, Meghna. This is Rahul. So I think the NAV portfolio is very wide. We operate in multiple different categories and 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 use 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, We are able to offer different options to the consumer. We operate multiple brands at different price points. So I think we are 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. So 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 is that 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 ENP 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. So obviously, we will continue to invest behind that brand and our other key brands such as 100+. We've launched some new innovations. So we will continue to invest behind our core brands. But, of course, given the overall business environment, we will be looking at our total portfolio and seeing where and how we can optimize our ANP.

Got it. Thank you so much.

Next question comes from Paul Chu. from Philip Security. Please go ahead.

Yeah, I think for the call, just one question. Regarding the tactical challenges for spirits, are you still referring to the lingering softness because of the, I guess, the Cambodian, I guess, lack of a better word, conflict and that kind of affecting the demand for your spirits? and just the overall weakness in continuous planning. It's just a bit more clarity on the target.

Thank you. Thank you. Actually, it's a general comment on the general situation. Coming back to Cambodia, we were hit by the situation last year, end of the year. But now as you understand that the signal channel is now east and then we are hoping to see that all the consumer around that area which is basically the widespread consumer over there will get to come back and then consume more on our product, including the labor from Cambodia. Even though now they are not being able to actually coming back to work in Thailand. But then hopefully soon we're going to see some better situation coming.

Thank you. Okay. In your estimate, I'm not sure you give me a number, but in your estimate, what kind of percentage points Will this set of customers be a serious business?

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

Okay, sure. Okay, thanks for taking my question.

Yeah, thank you.

Next question from Verma Dharamono from UBS. Please go ahead. Hi, management. Can you hear me?

Hi, Medha.

Hello.

Hello. Hi, Medha.

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

Thank you for sharing this information for us. In terms of power looking, actually, I don't see that it's such a clear message from SDF in that direction.

Oh, okay. So they haven't communicated with you yet. That's what you're saying.

Hi. Hi. Maria, do you have any other questions?

No. So no plan 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.

As there are no further questions, we will now begin closing comments. Please go ahead, Ms. Nampan Ongsupong Rangsi.

Thank you for joining Thai Verge conference call tonight. And for more information, please feel free to contact IR department at ir.thaiverge.com. Thank you and have a good night.

Thank you.