Swire Pacific Limited Announces 2025 Annual Results

Swire Pacific announces 2025 annual results. Swire Coca-Cola’s performance was solid in 2025. Swire Coca-Cola reported an attributable profit of HK$1,318 million in 2025, compared with a profit of HK$2,039 million in 2024. Excluding non-recurring items, attributable profit was flat year-on-year, and improved market conditions are anticipated in 2026.

Swire Coca-Cola 2025 Results Summary:

• Swire Coca-Cola made an attributable profit of HK$1,318 million in 2025. This included a non-recurring exchange loss of HK$72 million. Attributable profit in 2024 included non-recurring gains of HK$651 million, mainly due to an exchange gain and the remeasurement of Swire Coca‑Cola’s equity interests to fair value when the franchises in Thailand and Laos became subsidiaries. Excluding non-recurring items in both years, the recurring attributable profit in 2025 was HK$1,390 million, which was similar to 2024.
• Our 2025 results were impacted by a range of challenges across the region. In the Chinese Mainland, disruptions to traditional distribution channels, driven by aggressive subsidies from food delivery platforms, placed significant pressure on revenue growth. In Vietnam and Thailand, increased competition and weak consumer sentiment weighed on overall results. Thailand was particularly affected by a significant decline in tourism.
• Despite these challenges, total revenue (including that of Shanghai Shen-Mei and excluding sales to other bottlers) increased by 14% to HK$43,190 million. Sales volume increased by 13% to 2,037 million unit cases. The increase in revenue was mainly due to the full-year contribution from ThaiNamthip Corporation Public
  Company Limited (TNCC) which became a subsidiary on 30th September 2024. Revenue grew in the Chinese Mainland by 1% in local currency terms despite sales volume being in line with 2024, due to effective pricing management across the region and better category mix. Volume dropped by 3% in Hong Kong, although revenue increased by 2%. Both revenue and volume declined in Vietnam and Cambodia; revenue fell by 7% in Vietnam and 11% in Cambodia, while volume fell by 8% in Vietnam and 2% in Cambodia. Local initiatives are being implemented to drive growth in the sparkling category, specifically with a focus on affordable recruitment packs for the Vietnam and Thailand markets.
• EBITDA (including that of Shanghai Shen- Mei and excluding non-recurring items, and central and other costs) increased by 14% to HK$5,425 million. The EBITDA margin increased from 12.5% to 12.6%.
• In 2025, Swire Coca-Cola continued to make significant investments in production assets, logistics infrastructure, merchandising equipment and digital capabilities. The new plants in Vietnam and Zhengzhou commenced operations in July and October, respectively. Capital commitments at 31st December 2025 were HK$3,623 million (including share of the capital commitments of joint venture companies and those authorised by directors but not contracted for).

For more information: https://www.swirepacific.com/storage/fm/PressRelease/pdf/en/swirepacific-annual-2025.pdf#page=33