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Mar 31, 2025
Anheuser-Busch Q1 2025 Earnings Report
AB InBev reported a solid Q1 2025 with higher EBITDA, margin expansion, and improved profitability.
Key Takeaways
AB InBev delivered strong financial performance in Q1 2025, with EBITDA growing 7.9%, EPS up 7.1%, and net income nearly doubling due to non-underlying items. Despite volume declines, strategic execution and digital expansion supported profitability.
Normalized EBITDA rose 7.9% to $4.855 billion, with margin expansion of 218bps.
Net income increased to $2.148 billion from $1.091 billion a year earlier.
Underlying EPS grew 7.1% to $0.81, and by 20.2% on a constant currency basis.
BEES Marketplace GMV rose 53% YoY to $645 million, driving ecosystem monetization.
Revenue by Geographic Location
Forward Guidance
AB InBev expects full-year 2025 EBITDA growth in the 4-8% range, with continued optimization of financial performance and investment in digital and sustainability initiatives.
Positive Outlook
- EBITDA growth outlook reaffirmed at 4–8%.
- Effective tax rate expected to decline to 26–28%.
- Average debt coupon remains stable at ~4%.
- Continued margin improvement expected through overhead efficiency.
- Digital monetization through BEES and DTC channels gaining traction.
Challenges Ahead
- Volume decline of 2.2% in Q1, impacted by calendar effects.
- Currency translation lowered reported revenue by 6.3%.
- Asia-Pacific performance pressured by weak industry demand.
- Inventory management impacted China volumes by ~25%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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