Consistent execution of our strategy delivered an EBITDA increase of 3.3% with margin expansion and low-single digit Underlying EPS growth
BRUSSELS–(BUSINESS WIRE)–Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD):
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
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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%.
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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. |
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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. |
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| 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.
(iv) Net Capital Expenditure: We expect net capital expenditure of between 3.5 and 4.0 billion USD in FY25.
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Figure 1. Consolidated performance |
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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 |
||||
|
|
|||||||||
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Profit attributable to equity holders of AB InBev |
2 071 |
|
1 054 |
|
|||||
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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 |
% |
|||
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Normalized EBITDA margin |
35.0 |
% |
36.0 |
% |
138bps |
||||
|
Normalized EBIT |
11 638 |
|
11 805 |
|
7.8 |
% |
|||
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Normalized EBIT margin |
25.9 |
% |
27.0 |
% |
152bps |
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|
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|||||||||
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Profit attributable to equity holders of AB InBev |
4 635 |
|
4 878 |
|
|||||
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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 |
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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 |
39 502 |
– |
|
(2 580 |
) |
36 922 |
(6.5 |
)% |
(6.6 |
)% |
||||||
|
EMEA |
24 039 |
85 |
|
25 |
|
24 149 |
0.1 |
% |
0.4 |
% |
||||||
|
Asia Pacific |
24 514 |
– |
|
(2 213 |
) |
22 301 |
(9.0 |
)% |
(9.1 |
)% |
||||||
|
Global Export and Holding Companies |
112 |
– |
|
23 |
|
136 |
20.6 |
% |
20.6 |
% |
||||||
|
AB InBev Worldwide |
148 039 |
(237 |
) |
(5 483 |
) |
142 319 |
(3.7 |
)% |
(3.9 |
)% |
||||||
|
9M24 |
Scope |
Organic |
9M25 |
Organic growth |
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|
growth |
Total |
Beer |
||||||||||||||
|
North America |
66 756 |
(745 |
) |
(1 896 |
) |
64 115 |
(2.9 |
)% |
(3.5 |
)% |
||||||
|
Middle Americas |
111 179 |
(51 |
) |
(310 |
) |
110 818 |
(0.3 |
)% |
(0.2 |
)% |
||||||
|
South America |
115 818 |
– |
|
(3 806 |
) |
112 011 |
(3.3 |
)% |
(3.9 |
)% |
||||||
|
EMEA |
68 921 |
162 |
|
(10 |
) |
69 073 |
(0.0 |
)% |
(0.1 |
)% |
||||||
|
Asia Pacific |
70 958 |
(93 |
) |
(5 200 |
) |
65 665 |
(7.3 |
)% |
(7.3 |
)% |
||||||
|
Global Export and Holding Companies |
244 |
(9 |
) |
16 |
|
252 |
6.9 |
% |
6.9 |
% |
||||||
|
AB InBev Worldwide |
433 877 |
(736 |
) |
(11 207 |
) |
421 934 |
(2.6 |
)% |
(2.9 |
)% |
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Key Markets Performance
United States: Michelob Ultra now the #1 brand in the industry; our portfolio continues to build momentum and gain market share
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Operating performance:
- 3Q25: Revenue declined by 0.8% with revenue per hl increasing by 2.0% driven by revenue management initiatives and premiumization. Sales-to-retailers (STRs) declined by 2.5%, estimated to have outperformed a soft industry. Sales-to-wholesalers (STWs) declined by 2.7%. EBITDA increased by 0.4% with a margin improvement of 42bps, driven by productivity initiatives, even as we continued to increase our marketing investments to fuel momentum.
- 9M25: Revenue declined by 1.2%, with revenue per hl increasing by 1.8%. STRs declined by 3.1% and STWs were down by 3.0%, and we expect our STRs and STWs to converge on a full year basis. EBITDA increased by 1.1% with a margin improvement of 80bps.
- Commercial highlights: Consistent execution and increased portfolio brand power drove our momentum with our business continuing to gain market share of the beer industry and the spirits-based ready-to-drink category, according to Circana. Our beer performance was led by Michelob Ultra, the #1 volume share gainer and now the leading brand by volume in the industry year-to-date, and Busch Light, which continued to be the #2 volume share gainer in the industry. We are the leaders in no-alcohol beer, with our portfolio growing revenue by double-digits, led by Michelob Ultra Zero which is the fastest growing no-alcohol beer brand in the industry year-to-date. In Beyond Beer, our portfolio momentum accelerated, with revenue growth in the mid-forties, led by Cutwater which grew revenue in the triple digits and was the #1 share gaining brand in the total spirits industry in August and September.
Mexico: Continued top-line growth driven by disciplined revenue management
-
Operating performance:
- 3Q25: Revenue increased by low-single digits, with mid-single digit revenue per hl growth driven by revenue management initiatives. Volumes decreased by low-single digits, underperforming the industry which was negatively impacted by a soft consumer environment and unseasonable weather. Our volumes improved sequentially through the quarter, both returning to growth and gaining market share in August and September. Disciplined revenue management choices and productivity initiatives partially offset transactional FX headwinds to deliver slight EBITDA growth.
- 9M25: Revenue grew by mid-single digits with revenue per hl growth of mid-single digits and flattish volumes, in-line with the industry. EBITDA grew by mid-single digits with margin expansion.
- Commercial highlights: Our performance was led by our above core beer portfolio, which grew revenue by low-single digits driven by Modelo and Pacifico. We are leading the growth in no-alcohol beer, with Corona Cero growing volume by strong double-digits and Modelo Cero, an innovation launch earlier this year, already the #4 no-alcohol beer in the industry. We continue to progress our digital initiatives, with BEES Marketplace growing GMV by 26% versus 3Q24 and our digital DTC platform, TaDa Delivery, fulfilling 3.2 million orders year-to-date, a 5% increase versus 9M24.
Colombia: Record high volume drove double-digit top-line and mid-single digit bottom-line growth
-
Operating performance:
- 3Q25: Revenue increased by low-teens with high-single digit revenue per hl growth, driven by revenue management initiatives. Volumes grew by low-single digits, with our portfolio estimated to have gained share of alcohol beverages. EBITDA grew by mid-single digits.
- 9M25: Revenue grew by high-single digits with high-single digit revenue per hl growth. Volumes increased by low-single digits. EBITDA grew by high-single digits with margin expansion.
- Commercial highlights: The beer industry continued to grow and gain share of alcohol beverages this quarter according to our estimates. Our premium and super premium brands led our performance, delivering mid-teens volume growth and driving record high third quarter volumes. Our mainstream beer portfolio continued to grow, delivering low-single digit volume growth.
Brazil: Market share gain and disciplined revenue and cost management offset a soft industry to deliver flat EBITDA with margin expansion
-
Operating performance:
- 3Q25: Revenue declined by 1.9% with revenue per hl growth of 6.5% driven by revenue management initiatives and premiumization. Total volumes declined by 7.9%, with beer volume decreasing by 7.7%, estimated to have outperformed a soft industry, and non-beer volumes decreasing by 8.5%, with both industries impacted by unseasonable weather and a soft consumer environment. EBITDA increased by 0.1% with margin expansion of 68bps as disciplined revenue management choices and productivity initiatives more than offset transactional FX headwinds.
- 9M25: Revenue grew by 0.4% with revenue per hl growth of 4.9%. Total volumes declined by 4.3% with beer volumes declining by 5.3% and non-beer volumes declining by 1.6%. EBITDA increased by 6.5% with margin expansion of 195bps.
- Commercial highlights: Our premium and super premium beer brands led our performance, delivering mid-teens volume growth and gaining share of the segment to now be the #1 premium brewer in the industry year-to-date, according to Nielsen. The market share trend of our mainstream portfolio improved sequentially through the quarter, however volumes were negatively impacted by a soft industry. Our portfolio of balanced choices drove incremental growth with volumes of our no-alcohol beer brands increasing by low-twenties and Stella Artois Gluten Free more than doubling. In non-beer, our low- and no-sugar portfolio continued to outperform, delivering low-twenties volume growth. We continue to progress our digital initiatives, with BEES Marketplace growing GMV by 88% versus 3Q24, and our digital DTC platform, Zé Delivery, reaching 5.4 million monthly active users.
Europe: Continued market share gains and premiumization drove flattish volumes and margin recovery
-
Operating performance:
- 3Q25: Revenue declined by low-single digits with flattish revenue per hl. Volumes were flattish, estimated to have outperformed a soft industry in 5 of our 6 key markets. EBITDA grew by low-single digits with margin recovery.
- 9M25: Revenue declined by low-single digits with slight revenue per hl growth driven by continued premiumization. Volume declined by low-single digits, estimated to have gained or maintained market share in all 6 of our key markets. EBITDA grew by mid-single digits with margin recovery.
- Commercial highlights: Market share gains and the continued premiumization of our portfolio drove flattish volumes, with our premium and super premium brands making up approximately 60% of our 3Q25 revenue. Our performance this quarter was driven by our megabrands, led by Corona, which delivered double-digit volume growth, and Stella Artois, which effectively activated the Perfect Serve campaign at the Wimbledon tennis tournament. The momentum of our no-alcohol beer portfolio continued, led by Corona Cero with mid-twenties volume growth, successfully compounding on the triple digit growth in 3Q24 following the Olympic Games.
South Africa: Continued momentum delivered mid-single digit top-line and high-single digit bottom-line growth
-
Operating performance:
- 3Q25: Revenue increased by mid-single digits with slight revenue per hl growth. Volumes grew by mid-single digits, supported by shipment phasing ahead of our October price increase, and estimated to have maintained share of beer and gained share of Beyond Beer. EBITDA grew by high-single digits with margin expansion.
- 9M25: Revenue increased by mid-single digits with revenue per hl growth of low-single digits. Volumes grew by low-single digits, estimated to have gained share in both beer and Beyond Beer. EBITDA grew by mid-single digits with margin expansion.
- Commercial highlights: The beer industry continued to grow and gain share of alcohol beverages this quarter according to our estimates. Our performance was led by our core brands, which grew volumes by high-single digits driven by Carling Black Label. The momentum of our premium and super premium beer portfolio continued, with revenue growth of mid-single digits led by Stella Artois. In Beyond Beer, our portfolio grew volumes by mid-teens led by Flying Fish, Brutal Fruit and Redd’s.
China: Top- and bottom-line declined, impacted by volume performance
-
Operating performance:
- 3Q25: Volumes declined by 11.4%, underperforming the industry according to our estimates, with our performance impacted by continued weakness in our key regions and channels and inventory management. Revenue per hl declined by 4.3%, impacted by increased investments to expand our in-home presence and negative brand mix, resulting in a revenue decline of 15.2%. EBITDA declined by 16.9% as productivity initiatives partially offset the impact of operational deleverage.
- 9M25: Revenue declined by 11.3% with revenue per hl declining by 2.2% and volumes decreasing by 9.3%. EBITDA declined by 11.8%.
- Commercial highlights: Industry volumes were estimated to have declined by low-single digits versus 3Q24, with a growing in-home channel outweighed by a soft on-premise. Our top priorities are to rebuild momentum and reignite growth. To achieve this, we are investing in our portfolio, innovation and mega platform activations, enhancing our route to market in the in-home channel, and expanding our footprint through targeted geographic expansion. As we move forward, our innovations will include the national rollout of Budweiser Magnum and launch of new packages for Budweiser and Corona such as the 1 liter can and a full-open lid can to bring the iconic lime ritual into the in-home occasion.
Highlights from our other markets
- Canada: Revenue was flattish this quarter with low-single digit revenue per hl growth. Our volumes outperformed the industry in both beer and Beyond Beer according to our estimates, declining by low-single digits. Our beer performance was led by Michelob Ultra, Busch and Corona which were three of the top five volume share gainers in the industry. In Beyond Beer, our market share gains were led by Cutwater and Mike’s Hard Lemonade.
- Peru: Revenue grew by mid-single digits in 3Q25 with mid-single digit revenue per hl growth, driven by revenue management initiatives.
Contacts
Investors
Shaun Fullalove
E-mail: [email protected]
Ekaterina Baillie
E-mail: [email protected]
Patrick Ryan
E-mail: [email protected]
Media
Media Relations
E-mail: [email protected]