Anheuser‑Busch InBev reported third‑quarter 2025 results, with revenue up 0.9% to $15.133 billion, compared with $15.05 billion in Q3 2024. Normalized EBITDA rose 3.3% to $5.594 billion from $5.424 billion a year earlier, and underlying earnings per share increased to $0.99 from $0.98. Total volumes fell 3.7%, with beer volumes down 3.9% and non‑beer volumes down 2.2%.
Volume declines were driven by a softer consumer environment in China, where economic slowdown and shifting preferences reduced demand, and by unseasonable weather in Brazil that limited production. Despite the volume drop, revenue per hectoliter grew 4.8%, supporting the company’s premiumization strategy.
The company’s no‑alcohol beer segment generated a 27% jump in revenue, while the BEES marketplace saw gross merchandise value rise 66% to $935 million, reflecting accelerated adoption of the digital B2B platform. Mega‑brands such as Corona and Michelob ULTRA continued to capture market share gains, and the Beyond Beer portfolio expanded its presence in the balanced‑choices category.
Capital allocation remains a priority: a new $6 billion share‑buyback program will be executed within the next 24 months, and an interim dividend of 0.15 EUR per share was declared for 2025. The company’s strong free‑cash‑flow position underpins these shareholder returns.
Looking ahead, AB InBev reaffirmed its 2025 outlook of 4%‑8% EBITDA growth, emphasizing continued investment in digital platforms, the BEES marketplace, and the Beyond Beer portfolio while maintaining a focus on mega‑brands. The firm’s financial health and capital allocation flexibility position it to sustain shareholder returns amid macro‑economic headwinds such as inflation and currency fluctuations.
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