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AB InBev Reports Third Quarter 2025 Results

发布时间:2025-10-30
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

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%.

 

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.

Capital Allocation

6 billion USD share buyback

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