Anheuser-Busch InBev (ABI) Q2 2025 earnings summary

Executive summary

• EBITDA increased by 6.5% in 2Q25, with margin expansion of 116 bps and underlying EPS up 8.7% year-over-year, driven by premium brands, megabrand momentum, and strategic revenue management; revenue per hectoliter rose 4.9%.

• Free cash flow improved by $0.5 billion in the first half, and BEES Marketplace GMV surged 63% to $785 million; no-alcohol beer revenue grew 33%.

• Volumes declined 1.9% due to softness in China and Brazil, but other markets saw 0.7% growth; developed markets drove top and bottom-line growth, while APAC lagged.

• Revenue increased in 70% of markets, with top and bottom-line growth in four of five operating regions; digital platforms and megabrands drove efficient growth and market share gains.

• Net debt to EBITDA improved to 3.27x from 3.42x year-over-year, reflecting ongoing deleveraging.

Financial highlights

• Revenue grew 3% year-over-year in Q2; EBITDA up 6.5% to $5,301M, with margin expanding 116 bps to 35.3%.

• Underlying EPS reached $0.98, up 8.7% in USD and 17.4% in constant currency.

• Free cash flow increased by $0.5 billion in the first half, reaching $1.4 billion for HY25.

• Net debt at $68.1 billion as of June 2025, with total liquidity at $17.5 billion.

• Gross margin improved to 56.3% in 2Q25, up 55bps year-over-year.

Outlook and guidance

• Confident in delivering 2025 outlook of 4%-8% EBITDA growth, with net capex guidance of $3.5–4.0 billion and normalized effective tax rate of 26–28%.

• Net finance costs projected at $190–220 million per quarter, with average gross debt coupon around 4%.

• Strategic choices and diversified footprint position the business well for the second half.

• Expect continued margin expansion opportunities and long-term industry growth.