AB InBev Reports Third Quarter 2025 Results

Business Wire India

Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD):

 

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Regulated and inside information¹

 

“Driven by the momentum of our megabrands and our innovation in balanced choices and Beyond Beer, our business delivered continued top- and bottom-line growth, even as we navigated a dynamic consumer environment. Given the progress we have made on our deleveraging and solid year-to-date financial results we have announced a new 6 billion USD share buyback program and an interim dividend.” – Michel Doukeris, CEO, AB InBev

 

 

Revenue   +0.9%   Revenue increased by 0.9% in 3Q25 with revenue per hl growth of 4.8% and by 1.8% in 9M25 with revenue per hl growth of 4.5%.       Reported revenue increased by 0.6% in 3Q25 to 15 133 million USD and decreased by 2.6% in 9M25 to 43 764 million USD, impacted by unfavorable currency translation.       3.0% increase in combined revenues of megabrands in 3Q25, led by Corona, which grew by 6.3% outside of its home market.       27% increase in revenue of no-alcohol beer in 3Q25.       66% increase in Gross Merchandise Value (GMV) from sales of third-party products through BEES Marketplace to reach 935 million USD in 3Q25.       Volumes   -3.7%   Volumes declined by 3.7% in 3Q25, with beer volumes down by 3.9% and non-beer volumes down by 2.2%.       Volumes declined by 2.6% in 9M25, with beer volumes down by 2.9% and non-beer volumes down by 0.7%.

Normalized EBITDA   +3.3%   Normalized EBITDA increased by 3.3% to 5 594 million USD in 3Q25, with a margin expansion of 85bps to 37.0%. Normalized EBITDA increased by 5.8% to 15 750 million USD in 9M25, with a margin expansion of 138 bps to 36.0%.       Underlying Profit   1 970 million USD   Underlying Profit was 1 970 million USD in 3Q25 compared to 1 971 million USD in 3Q24 and was 5 526 million USD in 9M25 compared to 5 291 million USD in 9M24.       Reported profit attributable to equity holders of AB InBev was 1 054 million USD in 3Q25 compared to 2 071 million USD in 3Q24 and was 4 878 million in 9M25 compared to 4 635 million in 9M24, with 3Q25 and 9M25 both negatively impacted by non-underlying items.       Underlying EPS   0.99 USD   Underlying EPS increased by 1.0% to 0.99 USD in 3Q25, compared to 0.98 USD in 3Q24, and increased by 5.4% to 2.78 USD in 9M25, compared to 2.64 USD in 9M24.       On a constant currency basis, Underlying EPS increased by 0.3% in 3Q25 and by 11.8% in 9M25.

Capital Allocation   6 billion USD share buyback ? 2 billion USD bond redemption ? 0.15 EUR interim dividend   The AB InBev Board of Directors has approved a 6 billion USD share buyback program to be executed within the next 24 months and the company announced today a bond redemption of approximately 2 billion USD of outstanding bonds. For further details please see the Recent Events section on page 14. In addition, the AB InBev Board of Directors has approved an interim dividend of 0.15 EUR per share for the fiscal year 2025. A timeline showing the ex-dividend, record and payment dates can be found on page 13.

 

1The enclosed information constitutes inside information as defined in Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse, and regulated information as defined in the Belgian Royal Decree of 14 November 2007 regarding the duties of issuers of financial instruments which have been admitted for trading on a regulated market. For important disclaimers and notes on the basis of preparation, please refer to page 15.

Management comments

 

Consistent execution of our strategy delivered an EBITDA increase of 3.3% with margin expansion and low-single digit Underlying EPS growth

 

 

The consistent execution of our strategy and our disciplined choices in revenue and cost management drove resilient financial performance. Megabrand momentum, innovation in balanced choices and acceleration of our Beyond Beer portfolio drove continued top- and bottom-line growth and increased portfolio brand power. We estimate that we gained or maintained share in the majority of our markets, including the US, Brazil, South Africa, South Korea, Canada and Ecuador.

 

 

Revenue per hl increased by 4.8% driving a top-line increase of 0.9%, with growth in 70% of our markets. Volumes declined by 3.7%, impacted primarily by performance in China and unseasonable weather in Brazil. Revenue growth combined with overhead management more than offset transactional FX headwinds to drive an EBITDA increase of 3.3% with margin expansion of 85bps and Underlying EPS growth of 1.0% in USD.

 

 

Some key highlights from our performance this quarter include the following: continued momentum of our no-alcohol beer and Beyond Beer portfolios which both grew revenue by 27%; Corona continued to lead premium performance globally, increasing volume by 5.9% outside of Mexico and growing by double-digits in 33 markets; in the US, led by Michelob Ultra, which is now the #1 brand by volume in the industry, we continued to gain market share; and in our digital initiatives, the quarterly growth of BEES Marketplace GMV continued to accelerate, growing by 66% versus 3Q24, and now approaching 1 billion USD.

 

 

Progressing our strategic priorities

 

 

We continue to execute on and invest in three key strategic pillars to deliver consistent growth and long-term value creation.

 

 

(1) Lead and grow the category:

 

 

Our portfolio brand power grew in 3Q25 driven by consumer-centric innovation, increased marketing effectiveness and focused investment. In addition, we estimate that we gained or maintained share in the majority of our markets.

 

 

(2) Digitize and monetize our ecosystem:

 

 

BEES Marketplace captured 935 million USD in GMV from sales of third-party products, a 66% increase versus 3Q24. Overall BEES GMV increased by 11% versus 3Q24, reaching 13.3 billion USD.

 

 

(3) Optimize our business:

 

 

The AB InBev Board of Directors has approved a new 6 billion USD share buyback program to be executed within the next 24 months and a 0.15 EUR per share interim dividend. We continue to proactively manage our debt portfolio and announced today the redemption of approximately 2 billion USD of outstanding bonds.

 

 

(1) Lead and grow the category

 

 

Driven by performance across each of the category expansion levers, consumer participation with our portfolio was estimated to have remained stable across our key markets in 3Q25, with participation increases for our megabrands and no-alcohol beer portfolio.

 

 

• Core Superiority:Revenue of our mainstream portfolio increased by 0.8% in 3Q25, driven by high-single digit growth in Colombia and mid-single digit growth in South Africa.
• Premiumization:In the US, Michelob Ultra’s momentum continued in 3Q25, becoming the #1 brand by volume in the industry year-to-date. Corona led our premium performance globally, increasing revenue by 6.3% outside of Mexico. Revenue growth of our overall above core beer portfolio was flattish, constrained by performance in China.
• Balanced Choices: Growth in 3Q25 was driven by our no-alcohol beer portfolio which delivered a 27% revenue increase, successfully compounding on the mid-thirties revenue increase in 3Q24 following Olympic Games related activations. No-alcohol beer performance was led by Corona Cero which grew volumes in the low-forties. Our overall balanced choices portfolio of low carb, sugar free, gluten free and no-alcohol beer brands delivered a revenue increase of 6.5%.
• Beyond Beer: Growth of our Beyond Beer portfolio accelerated in 3Q25, increasing revenue by 27%, led by the triple-digit growth of Cutwater in the US.

 

 

(2) Digitize and monetize our ecosystem

 

• Digitizing our relationships with more than 6 million customers globally: As of 30 September 2025, BEES was live in 29 markets with approximately 70% of our revenues captured through B2B digital platforms. In 3Q25,BEES captured 13.3 billion USD in GMV, growth of 11% versus 3Q24.
• Monetizing our route-to-market; approaching 1 billion USD in quarterly GMV: BEES Marketplace GMV growth accelerated in 3Q25, growing by 66% versus 3Q24 to reach 935 million USD from sales of third-party products.
• Leading the way in DTC solutions: Our omnichannel DTC ecosystem of digital and physical products generated revenue of approximately 325 million USD in 3Q25. Our DTC megabrands, Zé Delivery, TaDa Delivery and PerfectDraft, generated 17.9 million e-commerce orders and delivered 138 million USD in revenue this quarter, growth of 4% versus 3Q24.

 

 

(3) Optimize our business

 

• Maximizing value creation: We are committed to driving long-term shareholder value creation through a combination of profitable growth and disciplined capital allocation choices. Given the progress we have made on our deleveraging and our solid year-to-date financial results, the AB InBev Board of Directors has approved a 6 billion USD share buyback program to be executed within the next 24 months, and a 0.15 EUR per share interim dividend. We continue to proactively manage our debt portfolio and have announced today the redemption of approximately 2 billion USD of outstanding bonds.
• Advancing our sustainability priorities: In Climate Action, our Scopes 1 and 2 emissions per hectoliter of production was 4.22 kgCO2e/hl in 9M25, a reduction of 48% versus our 2017 baseline. In Water Stewardship, our water use efficiency ratio improved to 2.38 hl per hl in 9M25 versus 2.47 hl per hl in 9M24.

 

 

Delivering reliable compounding growth

 

In the first 9 months of this year, our business delivered an EBITDA increase of 5.8% with margin expansion of 138bps and Underlying EPS growth of 5.4% in USD and 11.8% in constant currency. We made strategic choices across revenue management, resource allocation, and increased sales and marketing investments to lead and grow the category. The quarterly growth of BEES Marketplace GMV continued to accelerate and is now approaching 1 billion USD. We continued to increase our flexibility for capital allocation choices and announced a new 6 billion USD share buyback program and an interim dividend. Our footprint has structural tailwinds for long-term volume growth with favorable demographics, ongoing economic development and opportunities to increase category participation through innovation in premium, balanced choices, and Beyond Beer. Our solid year-to-date financial performance and the fundamental strengths of our business reinforce our confidence in our ability to deliver our FY25 outlook and long-term value creation.

 

 

2025 Outlook

 

 

(i) Overall Performance: We expect our EBITDA to grow in line with our medium-term outlook of between 4-8%. The outlook for FY25 reflects our current assessment of inflation and other macroeconomic conditions.

 

 

(ii) Net Finance Costs: Net pension interest expenses and accretion expenses are expected to be in the range of 190 to 220 million USD per quarter, depending on currency and interest rate fluctuations. We expect the average gross debt coupon in FY25 to be approximately 4%.

 

 

(iii) Effective Tax Rate (ETR): We expect the normalized ETR in FY25 to be in the range of 26% to 28%. The ETR outlook does not consider the impact of potential future changes in legislation.

 

 

We expect net capital expenditure of between 3.5 and 4.0 billion USD in FY25.

 

 

Figure 1. Consolidated performance
in USD Mio, except EPS in USD per share and Volumes in thousand hls		3Q24			3Q25			Organic
								growth
Volumes		148 039			142 319			(3.7	)%
Beer		128 534			123 757			(3.9	)%
Non-Beer		19 505			18 562			(2.2	)%
Revenue		15 046			15 133			0.9	%
Gross profit		8 366			8 537			2.0	%
Gross margin		55.6	%		56.4	%		58bps
Normalized EBITDA		5 424			5 594			3.3	%
Normalized EBITDA margin		36.0	%		37.0	%		85bps
Normalized EBIT		4 091			4 205			3.2	%
Normalized EBIT margin		27.2	%		27.8	%		61bps
Profit attributable to equity holders of AB InBev		2 071			1 054
Underlying Profit		1 971			1 970
Basic EPS		1.03			0.53
Underlying EPS		0.98			0.99

 

		9M24			9M25			Organic
								growth
Volumes		433 877			421 934			(2.6	)%
Beer		375 301			365 147			(2.9	)%
Non-Beer		58 575			56 787			(0.7	)%
Revenue		44 927			43 764			1.8	%
Gross profit		24 827			24 566			3.7	%
Gross margin		55.3	%		56.1	%		104bps
Normalized EBITDA		15 712			15 750			5.8	%
Normalized EBITDA margin		35.0	%		36.0	%		138bps
Normalized EBIT		11 638			11 805			7.8	%
Normalized EBIT margin		25.9	%		27.0	%		152bps
Profit attributable to equity holders of AB InBev		4 635			4 878
Underlying Profit		5 291			5 526
Basic EPS		2.31			2.46
Underlying EPS		2.64			2.78

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Figure 2. Volumes
in thousand hls		3Q24		Scope			Organic			3Q25		Organic growth
							growth					Total			Beer
North America		22 764		(271	)		(597	)		21 896		(2.7	)%		(4.0	)%
Middle Americas		37 107		(51	)		(141	)		36 915		(0.4	)%		(0.7	)%
South America