Anheuser-Busch InBev (ABI) Q1 2025 earnings summary

Executive summary

• EBITDA grew 7.9% to $4,855M with margin expansion of 218bps to 35.6% in 1Q25, at the top end of outlook, and Underlying EPS rose 7.1% to $0.81 (20.2% in constant currency), driven by organic growth, business optimization, and lower net finance costs.

• Revenue increased 1.5% year-over-year to $13,628M, with revenue per hl up 3.7%, despite a 2.2% volume decline mainly due to calendar effects and adverse weather.

• Megabrands, led by Corona, drove efficient growth and premiumization, with Corona revenue up 11.2% outside Mexico and double-digit volume growth in over 30 markets.

• No-alcohol beer portfolio revenues rose 34%, and Beyond Beer segment accelerated to 16% growth, reflecting changing consumer preferences.

• BEES Marketplace GMV grew 53% to $645M, with digital platforms and DTC businesses showing strong growth.

Financial highlights

• EBITDA margin expanded by 218bps to 35.6%, with margin expansion in four of five operating regions.

• Underlying EPS reached $0.81 per share, up 7.1% in USD and 20.2% in constant currency year-over-year.

• Gross margin expanded to 55.6% (+203bps year-over-year).

• Normalized EBIT increased 10.3% to $3,587M.

• BEES Marketplace GMV up 53% to $645M; digital platform revenue up 12% to $117M.

Outlook and guidance

• Maintains FY25 outlook of 4–8% EBITDA growth, supported by resilient beer category, premiumization, and digital transformation.

• Net capex expected at $3.5–4.0B, normalized effective tax rate at 26–28%, and average gross debt coupon at ~4%.

• Expects volume performance to improve as calendar effects normalize; cost of goods sold expected to face more pressure in the second half due to FX and commodity dynamics.

• Net finance costs projected at $190–220M per quarter.