+ Resilient spirits volume. Spirit volume expanded 2.9% YoY to 114mn litres from higher demand of the more expensive brown spirits. The brown spirits share of volume is still below pre-pandemic levels. White spirits volume were softer due to front loading a year ago.
– Beer still suffering. Both beer revenue and EBITDA declined around 7%. Volumes contracted a larger 11% as a cumulative round of price increases has hurt consumption that is already weak from the soft macro environment, particularly in Vietnam.