Anheuser-busch Inbev Sa Stock Earnings Reports

AB InBev Q3 2025 — key investor takeaways: 1) Financials and outlook: delivered top- and bottom-line growth, EBITDA +3.3% and margin expansion of 85 bps in Q3; underlying EPS $0.99 (U.S. dollar +1% YoY). Year-to-date results put the company at the midpoint of its 2025 EBITDA guidance (4%–8%). Management reiterated confidence in delivering the 2025 outlook. 2) Capital allocation: Board approved a $6 billion share buyback to be executed over the next 24 months, an interim dividend of EUR 0.15 per share (first interim since 2019), and a $2 billion bond redemption. Management highlighted improved deleveraging, strong free cash flow and no material near-term bond maturities. 3) Growth platforms and digital: Premium beer, non‑alcohol beer and Beyond Beer outperformed. Non‑alcohol revenue +27%; BEES marketplace GMV approaching $1 billion quarterly (GMV +66% YoY on the marketplace). Direct-to-consumer digital revenue ~$138 million YTD, serving ~11.9 million consumers. 4) Regional performance: North America momentum (Michelob Ultra is now the #1 brand by YTD volume; Cutwater exploded in Beyond Beer/spirits). Europe and South Africa showed share gains and margin recovery. Latin America was mixed: Mexico improved sequentially (Aug–Sep), Colombia strong, Brazil volume hit by unseasonable weather. 5) China weakness and response: China revenue -15.2% with volumes underperforming; management attributes this to a soft consumer environment, channel shifts and inventory adjustments and outlined actions (right-sizing inventories, route-to-market improvements, increased mega‑brand and innovation investment, O2O focus) to reignite growth. 6) Cost/FX and margins: Productivity measures more than offset transactional FX headwinds in the quarter; management expects more normalized inflation/FX dynamics going forward and reiterated a 12‑month hedging policy. 7) Event-driven upside: management flagged the 2026 FIFA World Cup in North America as a potential incremental catalyst for category activation and volumes. 8) Risks: near-term volume headwinds from weather, China execution and consumer sentiment, and FX/commodity movements remain key risks; management emphasized continued discipline in revenue management and operating efficiency.