Consistent execution of our strategy delivered an EBITDA increase of 6.5%, continued margin expansion and high-single digit Underlying EPS growth

BRUSSELS--(BUSINESS WIRE)--July 31, 2025-- 

Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) $(BUD)$:

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AB InBev's three strategic pillars.

Regulated information(1)

"Beer is a passion point for consumers. The resilience of the beer category and the continued momentum of our megabrands delivered another quarter of profitable growth. EBITDA increased by 6.5% and the ongoing optimization of our business drove Underlying EPS growth of 8.7%. While the operating environment remains dynamic, the consistent execution of our strategy by our teams and partners drove a solid first half of the year and reinforces our confidence in delivering on our outlook for 2025." -- Michel Doukeris, CEO, AB InBev

 
Revenue +3.0% Revenue increased by      Normalized EBITDA +6.5% Normalized 
3.0% in 2Q25 with revenue per hl        EBITDA increased by 6.5% to 5 301 
growth of 4.9% and by 2.3% in HY25      million USD in 2Q25, with a margin 
with revenue per hl growth of 4.3%.     expansion of 116bps to 35.3%. 
Reported revenue decreased by 2.1% in   Normalized EBITDA increased by 7.2% to 
2Q25 to 15 004 million USD and by 4.2%  10 156 million USD in HY25, with a 
in HY25 to 28 632 million USD,          margin expansion of 166bps to 35.5%. 
impacted by unfavorable currency        Underlying Profit 1 950 million USD 
translation. 5.6% increase in combined  Underlying Profit was 1 950 million 
revenues of our megabrands, led by      USD in 2Q25 compared to 1 811 million 
Corona, which grew by 7.7% outside of   USD in 2Q24 and was 3 556 million USD 
its home market in 2Q25. 33% increase   in HY25 compared to 3 320 million USD 
in revenue of our no-alcohol beer       in HY24. Reported profit attributable 
portfolio in 2Q25. 63% increase in      to equity holders of AB InBev was 1 
Gross Merchandise Value $(GMV.AU)$ from      676 million USD in 2Q25 compared to 1 
sales of third-party products through   472 million USD in 2Q24, negatively 
BEES Marketplace to reach 785 million   impacted by non-underlying items, and 
USD in 2Q25. Volumes -1.9% Volumes      was 3 824 million in HY25 compared to 
declined by 1.9% in 2Q25, with beer     2 564 million in HY24, positively 
volumes down by 2.2% and non-beer       impacted by non-underlying items. 
volumes up by 0.3%. Volumes declined    Underlying EPS 0.98 USD Underlying EPS 
by 2.0% in HY25, with beer volumes      increased by 8.7% to 0.98 USD in 2Q25, 
down by 2.3% and non-beer volumes       compared to 0.90 USD in 2Q24, and 
flat.                                   increased by 8.0% to 1.79 USD in HY25, 
                                        compared to 1.66 USD in HY24. On a 
                                        constant currency basis, Underlying 
                                        EPS increased by 17.4% in 2Q25 and by 
                                        18.7% in HY25. 
Net Debt to EBITDA 3.27x Net debt to normalized EBITDA ratio was 3.27x at 30 
June 2025 compared to 3.42x at 30 June 2024 and 2.89x at 31 December 24. 
 
 
The 2025 Half Year Financial Report is available on our website at 
www.ab-inbev.com 
 
 
(1) The enclosed information constitutes regulated information as defined in 
the Belgian Royal Decree of 14 November 2007 regarding the duties of issuers 
of financial instruments which have been admitted for trading on a regulated 
market. For important disclaimers and notes on the basis of preparation, 
please refer to page 16. 
 

Management comments

Consistent execution of our strategy delivered an EBITDA increase of 6.5%, continued margin expansion and high-single digit Underlying EPS growth

Our 2Q25 and HY25 results demonstrate the resilience of our strategy and ability of our business to deliver reliable compounding growth. In 2Q25, increased investments in our brands, expansion of our premium portfolio and innovation in balanced choices, combined with our revenue management decisions drove an acceleration in revenue growth, top- and bottom line increases in four of our five operating regions and continued growth in our overall portfolio brand power.

Revenue increased in 70% of our markets and by 3.0% overall, driven by a revenue per hl increase of 4.9%. Volumes declined by 1.9%, impacted by soft industries and performance in China and Brazil. While overall volumes were below potential, underlying momentum continued in the remainder of our footprint, with volume growth of 0.7% outside of these two countries. Top-line growth combined with disciplined resource allocation and overhead management drove an EBITDA increase of 6.5%, margin expansion of 116bps and Underlying EPS growth of 17.4% in constant currency and 8.7% in USD to reach 0.98 USD.

Progressing our strategic priorities

We continue to execute on and invest in three key strategic pillars to deliver consistent growth and long-term value creation.

(1) Lead and grow the category:

Our overall portfolio brand power grew in 2Q25 driven by increased marketing investment and effectiveness. In addition, we estimate that we gained or maintained market share in 60% of our markets in HY25.

(2) Digitize and monetize our ecosystem:

BEES Marketplace captured 785 million USD in GMV from sales of third-party products, a 63% increase versus 2Q24. Overall BEES GMV increased by 10% versus 2Q24, reaching 12.2 billion USD.

(3) Optimize our business:

We continued to make progress on deleveraging with net debt to EBITDA reaching 3.27x as of 30 June 2025 versus 3.42x as of 30 June 2024. In HY25, we invested 5.0 billion USD in capex and sales and marketing while delivering free cash flow of approximately 1.4 billion USD, a 0.5 billion USD increase versus HY24.

(1) Lead and grow the category

Our performance across each of our category expansion levers drove an estimated increase in the percentage of legal drinking age consumers purchasing our portfolio across our key markets, with increases led by our megabrands and no-alcohol beer portfolio. We continue to invest in our megabrands and mega platforms with our sales and marketing investments increasing to 3.6 billion USD in HY25, a 4% increase versus HY24. According to the Kantar BrandZ 2025 report, our portfolio holds 8 of the top 10 most valuable beer brands in the world, with Corona and Budweiser #1 and #2 respectively. Our marketing effectiveness and creativity were recognized by being named the most effective marketer in the world by both Effies and the World Advertising Research Center for the 4(th) year in a row.

   --  Core Superiority: Revenue of our mainstream portfolio increased by 0.4% 
      in 2Q25, driven by high-single digit growth in Peru and mid-single digit 
      growth in Colombia and Mexico. 
 
   --  Premiumization: Corona led our premium performance in 2Q25, increasing 
      revenue by 7.7% outside of Mexico with double-digit volume growth in more 
      than 30 markets. Our overall above core beer portfolio delivered a 5.1% 
      revenue increase. 
 
   --  Balanced Choices: Growth in 2Q25 was led by our no-alcohol beer 
      portfolio which delivered a 33% revenue increase and is estimated to have 
      gained share of no-alcohol beer across our footprint, led by Corona Cero 
      which nearly doubled volumes versus 2Q24. Our overall balanced choices 
      portfolio of low carb, sugar free, gluten free and no- and low-alcohol 
      beer brands delivered a revenue increase of 7.9%. 
 
   --  Beyond Beer: The momentum of our Beyond Beer portfolio continued in 
      2Q25, led by the double-digit revenue growth of Cutwater in the US and 
      Beats in Brazil which drove an overall revenue increase of 6.4%. 

(2) Digitize and monetize our ecosystem

   --  Digitizing our relationships with more than 6 million customers 
      globally: As of 30 June 2025, BEES was live in 28 markets with 71% of our 
      revenues captured through B2B digital platforms. In 2Q25, BEES captured 
      12.2 billion USD in GMV, growth of 10% versus 2Q24. 
 
   --  Monetizing our route-to-market: BEES Marketplace GMV growth accelerated 
      in 2Q25, growing by 63% versus 2Q24 to reach 785 million USD from sales 
      of third-party products. 
 
   --  Leading the way in DTC solutions: Our omnichannel DTC ecosystem of 
      digital and physical products generated revenue of approximately 335 
      million USD in 2Q25. Our DTC megabrands, Zé Delivery, TaDa Delivery 
      and PerfectDraft, generated 18.2 million e-commerce orders and delivered 
      134 million USD in revenue this quarter, representing 6% growth versus 
      2Q24. 

(3) Optimize our business

   --  Maximizing value creation: EBITDA grew by 6.5% and EBIT by 10.2% in 
      2Q25 as disciplined resource allocation and overhead management drove 
      continued margin expansion. The combination of the optimization of our 
      net finance costs and net working capital, and improved capex efficiency 
      delivered free cash flow of approximately 1.4 billion USD in HY25, a 0.5 
      billion USD improvement versus HY24. We continued to progress on our 
      deleveraging with our net debt to EBITDA ratio reaching 3.27x versus 
      3.42x as of 30 June 2024. As is typical, the ratio increased versus FY24 
      due to the seasonality of our cash flow generation and cash outflow for 
      our increased full year dividend and share buyback program. 
 
   --  Advancing our sustainability priorities: In Climate Action, our Scopes 
      1 and 2 emissions per hectoliter of production was 4.30 kgCO2e/hl in 
      HY25, a reduction of 47% versus our 2017 baseline. In Water Stewardship, 
      our water use efficiency ratio improved to 2.40 hl per hl in HY25 versus 
      2.50 hl per hl in HY24. 

Delivering reliable compounding growth

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July 31, 2025 05:28 ET (09:28 GMT)