Anheuser-Busch InBev (ABI) Q3 2025 earnings summary

Executive summary

• EBITDA grew 3.3% in 3Q25 with margin expansion and low single-digit underlying EPS growth, driven by megabrand momentum, innovation in no-alcohol and Beyond Beer portfolios, and market share gains in key markets despite headwinds in China and unseasonable weather in Brazil.

• Revenue increased 0.9% in 3Q25, with revenue per hectoliter up 4.8%, but volumes declined 3.7% due to softness in China and Brazil.

• Announced a $6 billion share buyback over 24 months, a $2 billion bond redemption, and an interim dividend of €0.15 per share, reflecting improved capital allocation flexibility and deleveraging progress.

• BEES Marketplace GMV grew 66% year-over-year, approaching $1 billion in quarterly GMV.

• Continued investments in brands, innovation, and digital initiatives led to strong performance in premium, non-alcohol, and Beyond Beer segments.

Financial highlights

• 3Q25 revenue was $15,133 million (+0.9% year-over-year), with normalized EBITDA up 3.3% to $5,594 million and margin expanding 85bps to 37.0%.

• Underlying EPS increased 1.0% to $0.99 in 3Q25; underlying profit was $1,970 million, nearly flat year-over-year.

• Gross margin improved to 56.4% in 3Q25, up 58bps year-over-year.

• Net revenue per hectoliter rose 4.8% year-over-year.

• Beyond Beer portfolio grew 27% and now represents 2% of total volume, with higher profitability per hectoliter than beer.

Outlook and guidance

• Confident in delivering FY25 EBITDA growth of 4–8%, supported by strong mega brands, premiumization, and digital initiatives.

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

• Normalized effective tax rate expected at 26–28% for FY25; net capital expenditure guidance is $3.5–4.0 billion.

• FIFA World Cup in North America in 2026 expected to provide a significant boost to the beer category.