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Anheuser-Busch InBev (ABI) investor relations material
Anheuser-Busch InBev Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary31 Jul, 2025
Executive summary
EBITDA increased 6.5% with margin expansion of 116 bps, driven by premium brands, megabrands, and digital platforms, despite a 1.9% volume decline mainly in China and Brazil.
Revenue per hectoliter grew 4.9% year-over-year; total revenue rose 3% in 2Q25, with growth in 70% of markets and top/bottom line gains in most regions.
Non-alcohol beer revenue grew 33%; BEES Marketplace GMV surged 63% to $785M; digital DTC revenue up 6% to $134M.
Underlying EPS increased 8.7% in USD and 17.4% in constant currency; net debt to EBITDA improved to 3.27x from 3.42x.
Strategic investments in mega brands, digital platforms, and marketing drove growth and market share gains.
Financial highlights
Revenue grew 3% year-over-year; EBITDA up 6.5% to $5,301M; EBITDA margin expanded by 116 bps to 35.3%.
Underlying EPS reached $0.98, up 8.7% year-over-year; underlying profit was $1,950M in 2Q25.
Free cash flow increased by $0.5B year-over-year in 1H25, reaching $1.4B for HY25.
Net debt to EBITDA improved to 3.27x, with net debt at $68.1B as of June 2025.
Gross margin improved to 56.3% in 2Q25, up 55bps year-over-year.
Outlook and guidance
FY25 organic EBITDA growth expected at 4–8%, supported by strong first-half results and strategic choices.
Net capex guidance for FY25 is $3.5–4.0B; normalized effective tax rate expected at 26–28%.
Net finance costs projected at $190–220M per quarter; average gross debt coupon ~4%.
Developed markets (US, Canada, Europe) showed resilience and are expected to continue top and bottom line growth.
Focus on activating the category through major sports and cultural events in H2.
Explain drivers of megabrand revenue growth.
How did BEES Marketplace GMV accelerate?
What is the FY25 outlook for net capex?
How will China's on-premise weakness impact H2?
Explain Brazil's volume underperformance.
Detail U.S. learnings applicable to other regions.
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Next Anheuser-Busch InBev earnings date
Q3 202530 Oct, 2025
Next Anheuser-Busch InBev earnings date
Q3 202530 Oct, 2025
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Frequently asked questions
America's Leading Brewer
Anheuser-Busch is a giant of the American beer industry and a significant player in global brewing. Founded in the 1800s in Missouri, the company has grown from humble beginnings into a household name recognized worldwide. The brewing company has contributed to shaping America's beer culture and plays a prominent role in the international beer market as they export their beers worldwide, even if the US continues to be an incredibly important market for the company.
Founded by German Immigrants
The origins of Anheuser-Busch date back to the mid-19th century. German immigrants Eberhard Anheuser and Adolphus Busch set up a small brewing business in St. Louis, Missouri, and in 1876 they introduced the now iconic Budweiser. This beer quickly found favor with the public, and its success was a significant milestone for the company, establishing Anheuser-Busch as a critical player in the brewing sector and paving the way for its expansion.
Over 100 Different Beers
Currently, Anheuser-Busch's operations extend beyond Budweiser, with a diverse range of over 100 beers produced in 12 major breweries across the United States. The product line-up includes mainstream beers like Bud Light and a variety of specialty craft beers such as Goose Island and Blue Point. The brewing process is carefully controlled to maintain the distinctive characteristics of each brand. An essential aspect of Anheuser-Busch's business model is its multifaceted brand structure. The company is the umbrella under which a host of distinct beer brands coexist, each with its unique identity and target audience. These brands range from internationally recognized names such as Stella Artois and Corona to local favorites like Elysian and Wicked Weed. Other key players in the global beer and spirits market include names such as Carlsberg, Diageo, and Heineken.
One of the Biggest Brewers in the World
The brewing giant is an international powerhouse with its products reaching consumers in over 100 countries. The firm's vast distribution network ensures that regardless of whether a consumer wants a bottle of Budweiser in Sweden, a can of Stella Artois in Japan, or a pint of Goose Island in Australia, Anheuser-Busch is there to meet the demand. This global reach underlines the company's strong position in the international beer market and reflects its successful export strategies and the recognition its brands have worldwide.
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