AB InBev Reports First Quarter 2025 Results
SolidstarttotheyearwithEBITDAgrowthatthetop-endofouroutlook,continuedmarginexpansionandhigh-singledigitUnderlyingEPSgrowth
BRUSSELS--(BUSINESSWIRE)--Anheuser-BuschInBev(Brussel:ABI)(BMV:ANB)(JSE:ANH)(NYSE:BUD):
Regulatedinformation1
“Beerisapassionpointforconsumers.Thestrengthofthebeercategoryandthecontinuedmomentumofourmegabrandsdeliveredanotherquarterofprofitablegrowth.EBITDAincreasedatthetop-endofouroutlookandtheongoingoptimizationofourbusinessdroveUnderlyingEPSgrowthof7.1%.Theconsistentexecutionofourstrategybyourteamsandpartnersdroveasolidstarttotheyearandreinforcesourconfidenceindeliveringonouroutlookfor2025.”–MichelDoukeris,CEO,ABInBev
Revenue
+1.5%
Revenueincreasedby1.5%withrevenueperhlgrowthof3.7%.Reportedrevenuedecreasedby6.3%to13628millionUSD,impactedbyunfavorablecurrencytranslation.
4.4%increaseincombinedrevenuesofourmegabrands,ledbyCorona,whichgrewby11.2%outsideofitshomemarketin1Q25.
34%increaseinrevenueofourno-alcoholbeerportfolio.
53%increaseinGrossMerchandiseValue(GMV)fromsalesofthird-partyproductsthroughBEESMarketplacetoreach645millionUSD.
Volumes
-2.2%
Volumesdeclinedby2.2%,withbeervolumesdownby2.5%andnon-beervolumesdownby0.2%.
NormalizedEBITDA
+7.9%
In1Q25,NormalizedEBITDAincreasedby7.9%to4855millionUSDwithamarginexpansionof218bpsto35.6%.
UnderlyingProfit
1606millionUSD
UnderlyingProfitwas1606millionUSDin1Q25comparedto1509millionUSDin1Q24.ReportedprofitattributabletoequityholdersofABInBevwas2148millionUSDin1Q25comparedto1091millionUSDin1Q24,positivelyimpactedbynon-underlyingitems.
UnderlyingEPS
0.81USD
UnderlyingEPSincreasedby7.1%to0.81USD.Onaconstantcurrencybasis,UnderlyingEPSincreasedby20.2%.
1TheenclosedinformationconstitutesregulatedinformationasdefinedintheBelgianRoyalDecreeof14November2007regardingthedutiesofissuersoffinancialinstrumentswhichhavebeenadmittedfortradingonaregulatedmarket.Forimportantdisclaimersandnotesonthebasisofpreparation,pleaserefertopage12.
Managementcomments
SolidstarttotheyearwithEBITDAgrowthatthetop-endofouroutlook,continuedmarginexpansionandhigh-singledigitUnderlyingEPSgrowth
Ourbusinessdeliveredanotherquarterofsolidfinancialperformancein1Q25.EBITDAincreasedby7.9%withmarginexpansionof218bpsdrivenbytop-linegrowth,costofsalestailwindsanddisciplinedoverheadmanagement.UnderlyingEPSwas0.81USD,a7.1%increaseinUSDanda20.2%increaseinconstantcurrencyversus1Q24,drivenby10.3%EBITgrowthandthecontinuedoptimizationofournetfinancecosts.
Top-lineincreasedby1.5%,withrevenuegrowthinapproximately50%ofourmarkets,drivenbyarevenueperhlincreaseof3.7%asaresultofdisciplinedrevenuemanagementchoicesandongoingpremiumization.Weincreasedouroverallportfoliobrandpowerdrivenbyincreasedmarketinginvestmentandeffectiveness.Inaddition,weestimatethatwegainedormaintainedmarketsharein60%ofourmarkets.Volumeperformancewas,however,impactedbycalendar-relatedfactorssuchascyclingtheleapyearselling-daybenefitin1Q24andEastershipmentphasing,resultinginadeclineof2.2%.
Progressingourstrategicpriorities
Wecontinuetoexecuteonandinvestinthreekeystrategicpillarstodeliverconsistentgrowthandlong-termvaluecreation.
(1)Leadandgrowthecategory:
Weincreasedouroverallportfoliobrandpowerdrivenbyincreasedmarketinginvestmentandeffectiveness.Inaddition,weestimatethatwegainedormaintainedmarketsharein60%ofourmarkets.
(2)Digitizeandmonetizeourecosystem:
BEESMarketplacecaptured645millionUSDinGMVfromsalesofthird-partyproducts,a53%increaseversus1Q24.OverallBEESGMVincreasedby10%,reaching11.6billionUSD.
(3)Optimizeourbusiness:
UnderlyingEPSwas0.81USD,a7.1%increaseinUSDanda20.2%increaseinconstantcurrencytermsversus1Q24,drivenby10.3%EBITgrowthandthecontinuedoptimizationofournetfinancecosts.
(1)Leadandgrowthecategory
Weareexecutingonourfivereplicableleverstodrivecategorygrowth.Ourperformanceacrosseachoftheleverswasledbyourmegabrandswhichdelivereda4.4%revenueincrease.
CategoryParticipation:Investmentsinourmegabrandsandinnovationsdroveanestimatedincreaseof60basispointsinthepercentageoflegaldrinkingageconsumerspurchasingourportfolioacrossourkeymarkets,theequivalentof6millionnewconsumersonanannualizedbasis.Participationincreasesweredrivenbyourmegabrandsandno-alcoholbeerportfolio.
CoreSuperiority:Revenueofourmainstreamportfolioincreasedby0.3%,drivenbydouble-digitgrowthinSouthKoreaandmid-singledigitgrowthinColombiaandMexico.
BalancedChoices:Ourbalancedchoicesportfoliooflowcarb,sugarfree,glutenfreeandno-andlow-alcoholbeerbrandsdeliveredarevenueincreaseof2.7%.Growthwasledbyourno-alcoholbeerportfoliowhichdelivereda34%revenueincreaseandisestimatedtohavegainedshareofno-alcoholbeeracrossourfootprint,ledbyCoronaCerowhichgrewvolumebytriple-digits.
Premiumization:Ourabovecorebeerportfoliodelivereda1.8%revenueincrease.Coronaledourperformance,increasingrevenueby11.2%outsideofMexicowithdouble-digitvolumegrowthinmorethan30markets.
BeyondBeer:GrowthofourBeyondBeerportfolioacceleratedin1Q25,increasingrevenueby16.6%,ledbydouble-digitgrowthofCutwaterandNütrlintheUSandBeatsinBrazil.
(2)Digitizeandmonetizeourecosystem
Digitizingourrelationshipswithmorethan6millioncustomersglobally:Asof31March2025,BEESwaslivein28marketswith72%ofourrevenuescapturedthroughB2Bdigitalplatforms.In1Q25,BEEScaptured11.6billionUSDinGMV,growthof10%versus1Q24.
Monetizingourroute-to-market:BEESMarketplacegenerated10millionordersandcaptured645millionUSDinGMVfromsalesofthird-partyproducts,growthof27%and53%versus1Q24,respectively.
LeadingthewayinDTCsolutions:OuromnichannelDTCecosystemofdigitalandphysicalproductsgeneratedrevenueofapproximately275millionUSD.OurDTCmegabrands,ZéDelivery,TaDaDeliveryandPerfectDraft,generated19.2millione-commerceordersanddelivered117millionUSDinrevenuethisquarter,representing12%growthversus1Q24.
(3)Optimizeourbusiness
Maximizingvaluecreation:EBITDAgrewby7.9%withmarginexpansionof218bpssupportedbydisciplinedresourceallocationandoverheadmanagement.Optimizationofournetcapexdroveincreasedefficiencyindepreciationandamortizationexpenses,resultingin10.3%EBITgrowth.Asof5May2025,wehavecompleted70%ofour2billionUSDsharebuybackprogramannouncedon31October2024.
Advancingoursustainabilitypriorities:InClimateAction,ourScopes1and2emissionsperhectoliterofproductionwas4.44kgCO2e/hlin1Q25,areductionof45.7%againstthe2017baseline.InWaterStewardship,ourwateruseefficiencyratioimprovedto2.44hlperhlin1Q25versus2.55hlperhlin1Q24,aswecontinueworkingtowardsourambitiontoreach2.50hlperhlonanannualbasisbytheendof2025.
Deliveringreliablecompoundinggrowth
Weareencouragedbyourresultstostarttheyear,theresilienceofthebeercategoryandtheconsistentexecutionofourstrategybyourteamsandpartners.Ourbusinessislocal,withmorethan98%ofourvolumelocallyproduced,andourfootprinthasstructuraltailwindsforlong-termvolumegrowthwithfavorabledemographics,ongoingeconomicdevelopmentandopportunitiestoincreasecategoryparticipation.Ourconsistentperformanceandthefundamentalstrengthsofourbusinessreinforceourconfidenceinourabilitytodeliverreliablecompoundinggrowthandcreateafuturewithmorecheers.
2025Outlook
(i)OverallPerformance:WeexpectourEBITDAtogrowinlinewithourmedium-termoutlookofbetween4-8%.TheoutlookforFY25reflectsourcurrentassessmentofinflationandothermacroeconomicconditions.
(ii)NetFinanceCosts:Netpensioninterestexpensesandaccretionexpensesareexpectedtobeintherangeof190to220millionUSDperquarter,dependingoncurrencyandinterestratefluctuations.WeexpecttheaveragegrossdebtcouponinFY25tobeapproximately4%.
(iii)EffectiveTaxRate(ETR):WeexpectthenormalizedETRinFY25tobeintherangeof26%to28%.TheETRoutlookdoesnotconsidertheimpactofpotentialfuturechangesinlegislation.
(iv)NetCapitalExpenditure:Weexpectnetcapitalexpenditureofbetween3.5and4.0billionUSDinFY25.
Figure1.Consolidatedperformance
inUSDMio,exceptEPSinUSDpershareandVolumesinthousandhls
1Q24
1Q25
Organic
growth
Volumes
139536
136268
(2.2
)%
Beer
119683
116778
(2.5
)%
Non-Beer
19852
19490
(0.2
)%
Revenue
14547
13628
1.5
%
Grossprofit
7894
7583
5.2
%
Grossmargin
54.3%
55.6%
203bps
NormalizedEBITDA
4987
4855
7.9
%
NormalizedEBITDAmargin
34.3%
35.6%
218bps
NormalizedEBIT
3642
3587
10.3
%
NormalizedEBITmargin
25.0%
26.3%
218bps
ProfitattributabletoequityholdersofABInBev
1091
2148
UnderlyingProfit
1509
1606
BasicEPS
0.54
1.08
UnderlyingEPS
0.75
0.81
Figure2.Volumes
inthousandhls
1Q24
Scope
Organic
growth
1Q25
Organicgrowth
Total
Beer
NorthAmerica
21353
(144
)
(1368
)
19842
(6.4
)%
(6.4
)%
MiddleAmericas
35690
-
(610
)
35081
(1.7
)%
(1.5
)%
SouthAmerica
40347
-
544
40891
1.3
%
1.4
%
EMEA
21030
(35
)
(243
)
20752
(1.2
)%
(1.8
)%
AsiaPacific
21045
(93
)
(1304
)
19648
(6.2
)%
(6.2
)%
GlobalExportandHoldingCompanies
70
(3
)
(13
)
54
(19.2
)%
(19.2
)%
ABInBevWorldwide
139536
(274
)
(2993
)
136268
(2.2
)%
(2.5
)%
KeyMarketsPerformance
UnitedStates:MichelobUltragrowthdrovecontinuedmarketsharegain
Operatingperformance:Revenuedeclinedby5.1%withrevenueperhlincreasingby1.7%drivenbyrevenuemanagementinitiativesandpremiumization.Sales-to-retailersdecreasedby5.4%,estimatedtohaveoutperformedtheindustrywhichwasnegativelyimpactedbyadverseweatherandEastershipmentphasing.Sales-to-wholesalers(STWs)declinedby6.7%,impactedbyonelesssellingdayversus1Q24.EBITDAdeclinedby1.7%astop-lineperformancewaspartiallyoffsetbyproductivityinitiativesandSG&Aefficiencieswhilewecontinuedtoincreasemarketinginvestments.
Commercialhighlights:Ourportfolioisestimatedtohavegainedmarketshareofthebeerindustryandthespirits-basedready-to-drink(RTD)category,accordingtoCircana.OurbeerportfoliowasledbyMichelobUltraandBuschLight,whichwerethe#1and#2volumesharegainersintheindustryrespectively,whileourRTDportfoliodeliveredstrongdouble-digitvolumegrowth,ledbyCutwaterandNütrl.Wearetheleaderinno-alcoholbeer,withourportfoliogrowingvolumesinthehigh-twenties,drivenbyMichelobUltraZerowhichwasthe#1innovationinthebeerindustryin1Q25.Thebeercategoryin1Q25wasimpactedbyadverseweatherandcalendar-relatedfactorsbuttrendshaveimprovedinApril,accordingtoCircana,asweatherpatternsnormalized.
Mexico:Revenuegrowthandmarginexpansiondrovedouble-digitbottom-linegrowth
Operatingperformance:Revenueincreasedbymid-singledigits,withmid-singledigitrevenueperhlgrowthdrivenbyrevenuemanagementinitiatives.Volumesdeclinedbylow-singledigits,in-linewiththeindustry,whichwasnegativelyimpactedbycalendar-relatedfactors.EBITDAgrewbymid-teenswithmarginexpansion.
Commercialhighlights:Ourperformancewasledbyourabovecorebeerportfolio,whichgrewrevenuebyhigh-singledigitsdrivenbyModelo,whileourcorebeerbrandsdeliveredmid-singledigitrevenuegrowth.Weareleadingthegrowthinno-alcoholbeerwithCoronaCerogrowingvolumebystrongdouble-digits.Wecontinuedtoprogressourdigitalinitiatives,withBEESMarketplacegrowingGMVby42%versus1Q24andourdigitalDTCplatform,TaDaDelivery,increasingthenumberofordersby18%.
Colombia:Recordhighvolumesdrovedouble-digitbottom-linegrowth
Operatingperformance:Revenueincreasedbyhigh-singledigitswithmid-singledigitrevenueperhlgrowth,drivenbyrevenuemanagementinitiatives.Volumesgrewbylow-singledigits,withourportfoliomaintainingshareoftotalalcohol.EBITDAgrewbylow-teenswithmarginexpansion.
Commercialhighlights:Ourabovecorebeerbrandsledourperformance,deliveringhigh-singledigitvolumegrowthanddrivingrecordhighfirstquartervolumes.Ourcorebeerportfoliodeliveredalow-singledigitvolumeincreasedrivenbythecontinuedgrowthofAguila.
Brazil:Continuedmomentumdrovedouble-digitbottom-linegrowthwithmarginexpansionandall-timehighvolumes
Operatingperformance:Revenuegrewby4.6%withrevenueperhlgrowthof3.1%drivenbypremiumizationandrevenuemanagementinitiatives.Totalvolumesgrewby1.4%,withbeervolumeincreasingby0.8%.Non-beervolumesgrewby3.2%.EBITDAincreasedby13.5%withmarginexpansionof278bps.
Commercialhighlights:Ourpremiumandsuperpremiumbeerbrandsledourperformance,deliveringlow-twentiesvolumegrowth,drivenbyStellaArtoisandCorona.Wearetheleaderinno-alcoholbeer,withourvolumesgrowingbystrongdouble-digits,ledbyBrahma0.0andCoronaCero.Non-beerperformancewasdrivenbyourlow-andno-sugarportfolio,whichgrewvolumesinthelow-twenties.Wecontinuedtoprogressourdigitalinitiatives,withBEESMarketplacegrowingGMVby92%,andourdigitalDTCplatform,ZéDelivery,generatingnearly17millionordersthisquarter,a5%increaseversus1Q24.
Europe:Continuedpremiumizationandmarginrecoverydrovedouble-digitbottom-linegrowth
Operatingperformance:Revenuedeclinedbylow-singledigitswithlow-singledigitrevenueperhlgrowthdrivenbycontinuedpremiumization.Volumesdeclinedbylow-singledigits,estimatedtobein-linewithoroutperformingtheindustryinthemajorityofourkeymarkets,whichwasnegativelyimpactedbycalendar-relatedfactors.EBITDAgrewbylow-teenswithmarginrecovery.
Commercialhighlights:Wecontinuedtopremiumizeourportfolio,withourpremiumandsuperpremiumportfoliomakingup60%ofour1Q25revenue.Ourperformancewasdrivenbyourmegabrands,withCoronaandStellaArtoisgrowingvolumesbylow-singledigits.Ourno-alcoholbeerportfoliogrewvolumesbyhigh-teens,ledbyCoronaCerowhichdeliveredstrongdouble-digitvolumegrowth.IntheUK,asofJanuary2025,wehavestrengthenedourportfoliowiththeadditionoftheSanMiguelbrandandarenowtheleadingbrewerintheindustry.
SouthAfrica:Continuedmomentumandmarketsharegaindeliveredanotherquarteroftop-andbottom-linegrowth
Operatingperformance:Revenueincreasedbylow-singledigitswithrevenueperhlgrowthoflow-singledigits.Volumesdeclinedbylow-singledigits,estimatedtohaveoutperformedtheindustrywhichwasnegativelyimpactedbycalendar-relatedfactors.EBITDAgrewbylow-singledigits.
Commercialhighlights:Themomentumofourbusinesscontinued,withtheconsistentexecutionofourstrategydrivingestimatedmarketsharegainsinbothbeerandBeyondBeer.Ourperformancewasledbyourpremiumandsuperpremiumbrands,whichgrewvolumesbylow-teensdrivenbyCoronaandStellaArtois.InBeyondBeer,ourportfoliogrewvolumesbymid-singledigits.
China:Performanceimpactedbysoftindustryinourfootprint
Operatingperformance:Volumesdeclinedby9.2%,underperformingtheindustryaccordingtoourestimates,withourperformanceimpactedbycontinuedindustryweaknessinourkeyregionsandtheon-premisechannel,andinventorymanagement,whichaccountedforapproximatelyonequarterofourvolumedecline.Revenueperhldecreasedby3.9%,drivenbynegativegeographicandchannelmix,resultinginarevenuedeclineof12.7%.EBITDAdeclinedby15.2%.
Commercialhighlights:Weremainconfidentinourstrategy,centeredonpremiumization,channelandgeographicexpansion,anddigitaltransformation.Wearestrengtheningourexecution,increasinginvestmentsinourmegabrandsandacceleratingourin-homechannelexpansion.In1Q25,ourmarketingcampaignsincludedextensiveChineseNewYearactivationsandupdatedbrandimageryforBudweiser,andanewintegratedcampaignforHarbinZeroSugarwiththeNBA.TheusageandreachoftheBEESplatformcontinuedtoexpandand,asofMarch2025,ispresentinmorethan320cities.
Highlightsfromourothermarkets
Canada:Revenuedeclinedbylow-singledigitswithlow-singledigitrevenueperhlgrowth.Volumesdeclinedbymid-singledigits,outperformingasoftindustryaccordingtoourestimates,whichwasnegativelyimpactedbyadverseweatherandcalendar-relatedfactors.MichelobUltraandBuschcontinuedtooutperformandwerethe#1and#2volumesharegainersintheindustry.
Peru:Revenuegrewbylow-singledigits,withmid-singledigitrevenueperhlgrowthdrivenbyrevenuemanagementinitiatives.Volumesdeclinedbylow-singledigits,estimatedtobein-linewiththeindustry,whichwasnegativelyimpactedbycalendar-relatedfactors.
Ecuador:Revenuedeclinedbymid-singledigitswithvolumesdecliningbymid-singledigitsastheindustrywasimpactedbycalendar-relatedfactors,threefewertradingdaysduetoelectionrelateddrylaws,andcycledastrongperformancein1Q24whichbenefittedfromshipmentphasingaheadofasalestaxincrease.
Argentina:Volumetrendsimprovedsequentially,decliningbymid-singledigits,withbeervolumesestimatedtobein-linewiththeindustry,asoverallconsumerdemandcontinuedtobeimpactedbyinflationarypressures.Since1Q24,thedefinitionoforganicrevenuegrowthinArgentinahasbeenamendedtocapthepricegrowthtoamaximumof2%permonth.Revenuegrewbylow-twentiesonthisbasis.
AfricaexcludingSouthAfrica:InNigeria,revenuegrewbystrongdouble-digits,drivenbyrevenuemanagementinitiativesinahighlyinflationaryenvironment.Beervolumesdeclinedbymid-singledigitsasourperformancewasimpactedbyproductionconstraints.
InourothermarketsinAfrica,wegrewvolumeinaggregatebymid-singledigits,drivenbyMozambiqueandTanzania.
SouthKorea:Revenueincreasedbylow-teenswithflattishrevenueperhl.Volumesgrewbylow-teens,estimatedtohaveoutperformedtheindustryinboththeon-tradeandin-homechannels.Ourperformancewasledbyourcoreportfolioandinnovations,withvolumessupportedbyshipmentphasingaheadofanannouncedAprilpriceincrease.
ConsolidatedIncomeStatement
Figure3.Consolidatedincomestatement
inUSDMio
1Q24
1Q25
Organic
growth
Revenue
14547
13628
1.5
%
Costofsales
(6653
)
(6044
)
3.1
%
Grossprofit
7894
7583
5.2
%
SG&A
(4435
)
(4188
)
(1.3
)%
Otheroperatingincome/(expenses)
183
192
9.1
%
NormalizedEBIT
3642
3587
10.3
%
Non-underlyingitemsaboveEBIT
(29
)
(49
)
Netfinanceincome/(cost)
(1187
)
(984
)
Non-underlyingnetfinanceincome/(cost)
(309
)
602
Shareofresultsofassociates
57
52
Non-underlyingshareofresultsofassociates
104
-
Incometaxexpense
(794
)
(664
)
Profit
1485
2544
Profitattributabletonon-controllinginterest
393
396
ProfitattributabletoequityholdersofABInBev
1091
2148
NormalizedEBITDA
4987
4855
7.9
%
UnderlyingProfit
1509
1606
Non-underlyingitemsaboveEBIT&Non-underlyingshareofresultsofassociates
Figure4.Non-underlyingitemsaboveEBIT&Non-underlyingshareofresultsofassociates
inUSDMio
1Q24
1Q25
Restructuring
(31
)
(12
)
Businessandassetdisposal(incl.impairmentlosses)
2
(37
)
Non-underlyingitemsinEBIT
(29
)
(49
)
Non-underlyingshareofresultsofassociates
104
-
NormalizedEBITexcludesnegativenon-underlyingitemsof49millionUSDin1Q25and29millionUSDin1Q24.Non-underlyingshareofresultsfromassociatesof1Q24includedtheimpactfromourassociateAnadoluEfes’adoptionofIAS29hyperinflationaccountingontheir2023results.
Netfinanceincome/(cost)
Figure5.Netfinanceincome/(cost)
inUSDMio
1Q24
1Q25
Netinterestexpense
(714
)
(651
)
Netinterestonnetdefinedbenefitliabilities
(22
)
(18
)
Accretionexpense
(191
)
(149
)
NetinterestincomeonBraziliantaxcredits
36
30
Otherfinancialresults
(296
)
(196
)
Netfinanceincome/(cost)
(1187
)
(984
)
Non-underlyingnetfinanceincome/(cost)
Figure6.Non-underlyingnetfinanceincome/(cost)
inUSDMio
1Q24
1Q25
Mark-to-market
(243
)
602
Gain/(loss)onbondredemptionandother
(66
)
-
Non-underlyingnetfinanceincome/(cost)
(309
)
602
Non-underlyingnetfinancecostin1Q25includesmark-to-marketgainsonderivativeinstrumentsenteredintoinordertohedgeourshare-basedpaymentprogramsandsharesissuedinrelationtothecombinationwithGrupoModeloandSAB.
Thenumberofsharescoveredbythehedgingofourshare-basedpaymentprogram,thedeferredshareinstrumentandtherestrictedsharesareshownbelow,togetherwiththeopeningandclosingshareprices.
Figure7.Non-underlyingequityderivativeinstruments
1Q24
1Q25
Sharepriceatthestartoftheperiod(Euro)
58.42
48.25
Sharepriceattheendoftheperiod(Euro)
56.46
56.92
Numberofequityderivativeinstrumentsattheendoftheperiod(millions)
100.5
100.5
Incometaxexpense
Figure8.Incometaxexpense
inUSDMio
1Q24
1Q25
Incometaxexpense
794
664
Effectivetaxrate
37.5%
21.0%
Normalizedeffectivetaxrate
27.0%
25.9%
The1Q25effectivetaxratewaspositivelyimpactedbynon-taxablegainsfromderivativesrelatedtothehedgingofshare-basedpaymentprogramsandofthesharesissuedinatransactionrelatedtothecombinationwithGrupoModeloandSAB,whilethe1Q24effectivetaxratewasnegativelyimpactedbynon-deductiblelossesfromthesederivatives.
Furthermore,the1Q24effectivetaxrateincludes240millionUSD(4.5billionZAR)non-underlyingtaxcostfollowingtheresolutionin1Q24oftheSouthAfricantaxmattersdescribedinnote29Contingenciesofthe2024ConsolidatedFinancialStatements.
ThedecreaseinNormalizedETRin1Q25comparedto1Q24isdrivenmainlybycountrymix.
UnderlyingEPS
Figure9.UnderlyingEPS
inUSDpershare,exceptnumberofsharesinmillion
1Q24
1Q25
NormalizedEBITDA
2.48
2.43
Depreciation,amortizationandimpairment
(0.67
)
(0.64
)
NormalizedEBIT
1.81
1.80
Netfinanceincome/(cost)
(0.59
)
(0.49
)
Incometaxexpense
(0.33
)
(0.34
)
Associates&non-controllinginterests
(0.17
)
(0.17
)
Hyperinflationimpacts
0.03
0.01
UnderlyingEPS
0.75
0.81
Weightedaveragenumberofordinaryandrestrictedshares
2007
1994
ReconciliationofIFRSandNon-IFRSFinancialMeasures
ProfitattributabletoequityholdersandUnderlyingProfit
Figure10.UnderlyingProfit
inUSDMio
1Q24
1Q25
ProfitattributabletoequityholdersofABInBev
1091
2148
Netimpactofnon-underlyingitemsonprofit
362
(565
)
Hyperinflationimpacts
55
23
UnderlyingProfit
1509
1606
BasicandUnderlyingEPS
Figure11.BasicandUnderlyingEPS
inUSDpershare,exceptnumberofsharesinmillion
1Q24
1Q25
BasicEPS
0.54
1.08
Netimpactofnon-underlyingitems
0.18
(0.28
)
Hyperinflationimpacts
0.03
0.01
UnderlyingEPS
0.75
0.81
FXtranslationimpact
-
0.09
UnderlyingEPSinconstantcurrency
0.75
0.90
Weightedaveragenumberofordinaryandrestrictedshares
2007
1994
ProfitattributabletoequityholdersandNormalizedEBITDA
Figure12.ReconciliationofNormalizedEBITDAtoProfitattributabletoequityholdersofABInBev
inUSDMio
1Q24
1Q25
ProfitattributabletoequityholdersofABInBev
1091
2148
Non-controllinginterests
393
396
Profit
1485
2544
Incometaxexpense
794
664
Shareofresultofassociates
(57
)
(52
)
Non-underlyingshareofresultsofassociates
(104
)
-
Netfinance(income)/cost
1187
984
Non-underlyingnetfinance(income)/cost
309
(602
)
Non-underlyingitemsaboveEBIT(incl.impairmentlosses)
29
49
NormalizedEBIT
3642
3587
Depreciation,amortizationandimpairment
1344
1268
NormalizedEBITDA
4987
4855
NormalizedEBITDA,NormalizedEBITandUnderlyingProfitarenon-IFRSfinancialmeasuresusedbyABInBevtoreflectthecompany’sunderlyingperformance.UnderlyingEPSandconstantcurrencyUnderlyingEPSarenon-IFRSfinancialmeasuresthatABInBevbelievesareusefultoinvestorsbecausetheyfacilitatecomparisonsofEPSfromperiodtoperiod.
NormalizedEBITDAiscalculatedbyadjustingprofitattributabletoequityholdersofABInBevtoexclude:(i)non-controllinginterest;(ii)incometaxexpense;(iii)shareofresultsofassociates;(iv)non-underlyingshareofresultsofassociates;(v)netfinanceincomeorcost;(vi)non-underlyingnetfinanceincomeorcost;(vii)non-underlyingitemsaboveEBIT;and(viii)depreciation,amortizationandimpairment.
UnderlyingProfitiscalculatedbyadjustingprofitattributabletoequityholdersofABInBevtoexclude:(i)non-underlyingitemsand(ii)hyperinflationimpacts.UnderlyingEPSiscalculatedasUnderlyingProfitdividedbytheweightedaveragenumberofordinaryandrestrictedshares.ConstantcurrencyUnderlyingEPSiscalculatedasUnderlyingEPSexcludingtheeffectsofforeigncurrencytranslationbytranslatingcurrentperiodfiguresusingtheexchangeratesfromthesameperiodintheprioryear.
NormalizedEBITDA,NormalizedEBITandUnderlyingProfitarenotaccountingmeasuresunderIFRSandshouldnotbeconsideredasanalternativetoprofitattributabletoequityholdersasameasureofoperationalperformance,oranalternativetocashflowasameasureofliquidity.UnderlyingEPSandconstantcurrencyUnderlyingEPSarenotaccountingmeasuresunderIFRSandshouldnotbeconsideredasalternativestoearningspershareasameasureofoperatingperformanceonapersharebasis.Thesenon-IFRSfinancialmeasuresdonothaveastandardcalculationmethodandABInBev’sdefinitionofNormalizedEBITDA,NormalizedEBIT,UnderlyingProfit,UnderlyingEPSandconstantcurrencyUnderlyingEPSmaynotbecomparabletothatofothercompanies.
Notes
TofacilitatetheunderstandingofABInBev’sunderlyingperformance,theanalysesofgrowth,includingallcommentsinthispressrelease,unlessotherwiseindicated,arebasedonorganicgrowthandnormalizednumbers.Inotherwords,financialsareanalyzedeliminatingtheimpactofchangesincurrenciesontranslationofforeignoperations,andscopechanges.Since1Q24,thedefinitionoforganicrevenuegrowthhasbeenamendedtocapthepricegrowthinArgentinatoamaximumof2%permonth(26.8%year-over-year).Correspondingadjustmentsaremadetoallincomestatementrelateditemsintheorganicgrowthcalculationsthroughscopechanges.Scopechangesalsorepresenttheimpactofacquisitionsanddivestitures,thestartorterminationofactivitiesorthetransferofactivitiesbetweensegments,curtailmentgainsandlossesandyearoveryearchangesinaccountingestimatesandotherassumptionsthatmanagementdoesnotconsideraspartoftheunderlyingperformanceofthebusiness.Theorganicgrowthofourglobalbrands,Budweiser,StellaArtois,andCoronaexcludesexportstoAustraliaforwhichaperpetuallicensewasgrantedtoathirdpartyupondisposaloftheAustraliaoperationsin2020.Allreferencesperhectoliter(perhl)excludeUSnon-beverageactivities.Wheneverpresentedinthisdocument,allperformancemeasures(EBITDA,EBIT,profit,taxrate,EPS)arepresentedona“normalized”basis,whichmeanstheyarepresentedbeforenon-underlyingitems.Non-underlyingitemsareeitherincomeorexpenseswhichdonotoccurregularlyaspartofthenormalactivitiesoftheCompany.TheyarepresentedseparatelybecausetheyareimportantfortheunderstandingoftheunderlyingsustainableperformanceoftheCompanyduetotheirsizeornature.NormalizedmeasuresareadditionalmeasuresusedbymanagementandshouldnotreplacethemeasuresdeterminedinaccordancewithIFRSasanindicatoroftheCompany’sperformance.WearereportingtheresultsfromArgentinaapplyinghyperinflationaccountingsince3Q18.TheIFRSrules(IAS29)requireustorestatetheyear-to-dateresultsforthechangeinthegeneralpurchasingpowerofthelocalcurrency,usingofficialindicesbeforeconvertingthelocalamountsattheclosingrateoftheperiod.In1Q25,wereportedanegativeimpactfromhyperinflationaccountingontheprofitattributabletoequityholdersofABInBevof(23)millionUSD.Theimpactin1Q25BasicEPSwas(0.01)USD.Valuesinthefiguresandannexesmaynotaddup,duetorounding.1Q25EPSisbaseduponaweightedaverageof1994millionsharescomparedtoaweightedaverageof2007millionsharesfor1Q24.
Legaldisclaimer
Thisreleasecontains“forward-lookingstatements”.ThesestatementsarebasedonthecurrentexpectationsandviewsoffutureeventsanddevelopmentsofthemanagementofABInBevandarenaturallysubjecttouncertaintyandchangesincircumstances.Theforward-lookingstatementscontainedinthisreleaseincludestatementsotherthanhistoricalfactsandincludestatementstypicallycontainingwordssuchas“will”,“may”,“should”,“believe”,“intends”,“expects”,“anticipates”,“targets”,“ambition”,“estimates”,“likely”,“foresees”andwordsofsimilarimport.Allstatementsotherthanstatementsofhistoricalfactsareforward-lookingstatements.Youshouldnotplaceunduerelianceontheseforward-lookingstatements,whichreflectthecurrentviewsofthemanagementofABInBev,aresubjecttonumerousrisksanduncertaintiesaboutABInBevandaredependentonmanyfactors,someofwhichareoutsideofABInBev’scontrol.Thereareimportantfactors,risksanduncertaintiesthatcouldcauseactualoutcomesandresultstobemateriallydifferent,including,butnotlimitedtotherisksanduncertaintiesrelatingtoABInBevthataredescribedunderItem3.DofABInBev’sAnnualReportonForm20-FfiledwiththeSECon12March2025.Manyoftheserisksanduncertaintiesare,andwillbe,exacerbatedbyanyfurtherworseningoftheglobalbusinessandeconomicenvironment,includingasaresultofforeigncurrencyexchangeratefluctuationsandongoinggeopoliticalconflicts.Otherunknownorunpredictablefactorscouldcauseactualresultstodiffermateriallyfromthoseintheforward-lookingstatements.Theforward-lookingstatementsshouldbereadinconjunctionwiththeothercautionarystatementsthatareincludedelsewhere,includingABInBev’smostrecentForm20-FandotherreportsfurnishedonForm6-K,andanyotherdocumentsthatABInBevhasmadepublic.Anyforward-lookingstatementsmadeinthiscommunicationarequalifiedintheirentiretybythesecautionarystatementsandtherecanbenoassurancethattheactualresultsordevelopmentsanticipatedbyABInBevwillberealizedor,evenifsubstantiallyrealized,thattheywillhavetheexpectedconsequencesto,oreffectson,ABInBevoritsbusinessoroperations.Exceptasrequiredbylaw,ABInBevundertakesnoobligationtopubliclyupdateorreviseanyforward-lookingstatements,whetherasaresultofnewinformation,futureeventsorotherwise.Thefirstquarter2025(1Q25)financialdatasetoutinFigure1(exceptforthevolumeinformation),Figures3to6,8,11and12ofthispressreleasehavebeenextractedfromthegroup’sunauditedcondensedconsolidatedinterimfinancialstatementsasofandforthethreemonthsended31March2025,whichhavebeenreviewedbyourstatutoryauditorsPwCRéviseursd’EntreprisesSRL/PwCBedrijfsrevisorenBVinaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard(UnitedStates).FinancialdataincludedinFigures7,9and11havebeenextractedfromtheunderlyingaccountingrecordsasofandforthethreemonthsended31March2025.Referencesinthisdocumenttomaterialsonourwebsites,suchaswww.ab-inbev.com,areincludedasanaidtotheirlocationandarenotincorporatedbyreferenceintothisdocument.
Conferencecallandwebcast
InvestorConferencecallandwebcastonThursday,8May2025:
3.00pmBrussels/2.00pmLondon/9.00amNewYork
Registrationdetails:
Webcast(listen-onlymode):
ABInBev1Q25ResultsWebcast
Tojoinbyphone,pleaseuseoneofthefollowingtwophonenumbers:
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AboutABInBev
Anheuser-BuschInBev(ABInBev)isapubliclytradedcompany(Euronext:ABI)basedinLeuven,Belgium,withsecondarylistingsontheMexico(MEXBOL:ANB)andSouthAfrica(JSE:ANH)stockexchangesandwithAmericanDepositaryReceiptsontheNewYorkStockExchange(NYSE:BUD).Asacompany,wedreambigtocreateafuturewithmorecheers.Wearealwayslookingtoserveupnewwaystomeetlife’smoments,moveourindustryforwardandmakeameaningfulimpactintheworld.Wearecommittedtobuildinggreatbrandsthatstandthetestoftimeandtobrewingthebestbeersusingthefinestingredients.Ourdiverseportfolioofwellover500beerbrandsincludesglobalbrandsBudweiser®,Corona®,StellaArtois®andMichelobUltra®;multi-countrybrandsBeck’s®,Hoegaarden®andLeffe®;andlocalchampionssuchasAguila®,Antarctica®,BudLight®,Brahma®,Cass®,Castle®,CastleLite®,Cristal®,Harbin®,Jupiler®,ModeloEspecial®,Quilmes®,Victoria®,Sedrin®,andSkol®.Ourbrewingheritagedatesbackmorethan600years,spanningcontinentsandgenerations.FromourEuropeanrootsattheDenHoornbreweryinLeuven,Belgium.TothepioneeringspiritoftheAnheuser&CobreweryinSt.Louis,US.TothecreationoftheCastleBreweryinSouthAfricaduringtheJohannesburggoldrush.ToBohemia,thefirstbreweryinBrazil.Geographicallydiversifiedwithabalancedexposuretodevelopedanddevelopingmarkets,weleveragethecollectivestrengthsofapproximately144000colleaguesbasedinnearly50countriesworldwide.For2024,ABInBev’sreportedrevenuewas59.8billionUSD(excludingJVsandassociates).
Annex1:Segmentreporting
ABInBevWorldwide
1Q24
Scope
Currency
Translation
Organic
Growth
1Q25
Organic
Growth
Volumes
139536
(274
)
-
(2993
)
136268
(2.2
)%
Revenue
14547
(31
)
(1099
)
210
13628
1.5
%
Costofsales
(6653
)
(64
)
471
202
(6044
)
3.1
%
Grossprofit
7894
(96
)
(627
)
412
7583
5.2
%
SG&A
(4435
)
(20
)
324
(57
)
(4188
)
(1.3
)%
Otheroperatingincome/(expenses)
183
14
(21
)
17
192
9.1
%
NormalizedEBIT
3642
(103
)
(324
)
372
3587
10.3
%
NormalizedEBITDA
4987
(100
)
(424
)
392
4855
7.9
%
NormalizedEBITDAmargin
34.3
%
35.6
%
218bps
NorthAmerica
1Q24
Scope
Currency
Translation
Organic
Growth
1Q25
Organic
Growth
Volumes
21353
(144
)
-
(1368
)
19842
(6.4
)%
Revenue
3593
(36
)
(25
)
(168
)
3364
(4.7
)%
Costofsales
(1544
)
20
9
106
(1410
)
7.0
%
Grossprofit
2049
(16
)
(17
)
(62
)
1953
(3.0
)%
SG&A
(1085
)
(6
)
11
29
(1052
)
2.7
%
Otheroperatingincome/(expenses)
(12
)
-
1
25
14
207.0
%
NormalizedEBIT
951
(22
)
(5
)
(8
)
916
(0.8
)%
NormalizedEBITDA
1126
(22
)
(7
)
(10
)
1087
(0.9
)%
NormalizedEBITDAmargin
31.3
%
32.3
%
125bps
MiddleAmericas
1Q24
Scope
Currency
Translation
Organic
Growth
1Q25
Organic
Growth
Volumes
35690
-
-
(610
)
35081
(1.7
)%
Revenue
4051
(12
)
(400
)
144
3784
3.6
%
Costofsales
(1586
)
(14
)
138
113
(1350
)
7.1
%
Grossprofit
2465
(26
)
(262
)
257
2434
10.5
%
SG&A
(965
)
6
101
(53
)
(911
)
(5.5
)%
Otheroperatingincome/(expenses)
12
-
(2
)
1
12
7.2
%
NormalizedEBIT
1512
(20
)
(162
)
204
1535
13.6
%
NormalizedEBITDA
1886
(20
)
(201
)
192
1858
10.3
%
NormalizedEBITDAmargin
46.6
%
49.1
%
300bps
SouthAmerica
1Q24
Scope
Currency
Translation
Organic
Growth
1Q25
Organic
Growth
Volumes
40347
-
-
544
40891
1.3
%
Revenue
3233
45
(576
)
276
2978
8.5
%
Costofsales
(1586
)
(89
)
281
(56
)
(1450
)
(3.5
)%
Grossprofit
1647
(43
)
(295
)
220
1528
13.4
%
SG&A
(941
)
(33
)
168
(43
)
(849
)
(4.6
)%
Otheroperatingincome/(expenses)
116
8
(18
)
(9
)
97
(7.8
)%
NormalizedEBIT
821
(68
)
(145
)
168
776
20.9
%
NormalizedEBITDA
1084
(65
)
(192
)
180
1007
16.8
%
NormalizedEBITDAmargin
33.5
%
33.8
%
253bps
EMEA
1Q24
Scope
Currency
Translation
Organic
Growth
1Q25
Organic
Growth
Volumes
21030
(35
)
-
(243
)
20752
(1.2
)%
Revenue
1927
(8
)
(45
)
91
1965
4.8
%
Costofsales
(1036
)
10
26
(29
)
(1028
)
(2.8
)%
Grossprofit
892
2
(18
)
62
937
7.0
%
SG&A
(614
)
(16
)
16
7
(607
)
1.1
%
Otheroperatingincome/(expenses)
44
5
(2
)
(4
)
44
(7.4
)%
NormalizedEBIT
322
(8
)
(4
)
65
375
20.7
%
NormalizedEBITDA
569
(8
)
(10
)
74
624
13.1
%
NormalizedEBITDAmargin
29.5
%
31.7
%
235bps
AsiaPacific
1Q24
Scope
Currency
Translation
Organic
Growth
1Q25
Organic
Growth
Volumes
21045
(93
)
-
(1304
)
19648
(6.2
)%
Revenue
1634
(7
)
(52
)
(125
)
1450
(7.7
)%
Costofsales
(763
)
(2
)
23
58
(685
)
7.6
%
Grossprofit
871
(9
)
(30
)
(67
)
766
(7.8
)%
SG&A
(445
)
(3
)
16
11
(420
)
2.5
%
Otheroperatingincome/(expenses)
26
-
-
(1
)
24
(4.7
)%
NormalizedEBIT
452
(12
)
(13
)
(57
)
369
(12.9
)%
NormalizedEBITDA
616
(11
)
(18
)
(63
)
523
(10.4
)%
NormalizedEBITDAmargin
37.7
%
36.1
%
(112)bps
GlobalExportandHoldingCompanies
1Q24
Scope
Currency
Translation
Organic
Growth
1Q25
Organic
Growth
Volumes
70
(3
)
-
(13
)
54
(19.2
)%
Revenue
109
(14
)
(1
)
(8
)
86
(8.6
)%
Costofsales
(138
)
11
(5
)
10
(122
)
8.2
%
Grossprofit
(29
)
(3
)
(6
)
2
(36
)
7.0
%
SG&A
(385
)
31
12
(7
)
(349
)
(2.1
)%
Otheroperatingincome/(expenses)
(3
)
-
-
4
1
118.8
%
NormalizedEBIT
(417
)
28
6
(1
)
(384
)
(0.2
)%
NormalizedEBITDA
(295
)
28
4
20
(244
)
7.4
%
BRUSSELS--(BUSINESSWIRE)--Anheuser-BuschInBev(Brussel:ABI)(BMV:ANB)(JSE:ANH)(NYSE:BUD):
Regulatedinformation1
“Beerisapassionpointforconsumers.Thestrengthofthebeercategoryandthecontinuedmomentumofourmegabrandsdeliveredanotherquarterofprofitablegrowth.EBITDAincreasedatthetop-endofouroutlookandtheongoingoptimizationofourbusinessdroveUnderlyingEPSgrowthof7.1%.Theconsistentexecutionofourstrategybyourteamsandpartnersdroveasolidstarttotheyearandreinforcesourconfidenceindeliveringonouroutlookfor2025.”–MichelDoukeris,CEO,ABInBev
Revenue
+1.5%
Revenueincreasedby1.5%withrevenueperhlgrowthof3.7%.Reportedrevenuedecreasedby6.3%to13628millionUSD,impactedbyunfavorablecurrencytranslation.
4.4%increaseincombinedrevenuesofourmegabrands,ledbyCorona,whichgrewby11.2%outsideofitshomemarketin1Q25.
34%increaseinrevenueofourno-alcoholbeerportfolio.
53%increaseinGrossMerchandiseValue(GMV)fromsalesofthird-partyproductsthroughBEESMarketplacetoreach645millionUSD.
Volumes
-2.2%
Volumesdeclinedby2.2%,withbeervolumesdownby2.5%andnon-beervolumesdownby0.2%.
NormalizedEBITDA
+7.9%
In1Q25,NormalizedEBITDAincreasedby7.9%to4855millionUSDwithamarginexpansionof218bpsto35.6%.
UnderlyingProfit
1606millionUSD
UnderlyingProfitwas1606millionUSDin1Q25comparedto1509millionUSDin1Q24.ReportedprofitattributabletoequityholdersofABInBevwas2148millionUSDin1Q25comparedto1091millionUSDin1Q24,positivelyimpactedbynon-underlyingitems.
UnderlyingEPS
0.81USD
UnderlyingEPSincreasedby7.1%to0.81USD.Onaconstantcurrencybasis,UnderlyingEPSincreasedby20.2%.
1TheenclosedinformationconstitutesregulatedinformationasdefinedintheBelgianRoyalDecreeof14November2007regardingthedutiesofissuersoffinancialinstrumentswhichhavebeenadmittedfortradingonaregulatedmarket.Forimportantdisclaimersandnotesonthebasisofpreparation,pleaserefertopage12.
Managementcomments
SolidstarttotheyearwithEBITDAgrowthatthetop-endofouroutlook,continuedmarginexpansionandhigh-singledigitUnderlyingEPSgrowth
Ourbusinessdeliveredanotherquarterofsolidfinancialperformancein1Q25.EBITDAincreasedby7.9%withmarginexpansionof218bpsdrivenbytop-linegrowth,costofsalestailwindsanddisciplinedoverheadmanagement.UnderlyingEPSwas0.81USD,a7.1%increaseinUSDanda20.2%increaseinconstantcurrencyversus1Q24,drivenby10.3%EBITgrowthandthecontinuedoptimizationofournetfinancecosts.
Top-lineincreasedby1.5%,withrevenuegrowthinapproximately50%ofourmarkets,drivenbyarevenueperhlincreaseof3.7%asaresultofdisciplinedrevenuemanagementchoicesandongoingpremiumization.Weincreasedouroverallportfoliobrandpowerdrivenbyincreasedmarketinginvestmentandeffectiveness.Inaddition,weestimatethatwegainedormaintainedmarketsharein60%ofourmarkets.Volumeperformancewas,however,impactedbycalendar-relatedfactorssuchascyclingtheleapyearselling-daybenefitin1Q24andEastershipmentphasing,resultinginadeclineof2.2%.
Progressingourstrategicpriorities
Wecontinuetoexecuteonandinvestinthreekeystrategicpillarstodeliverconsistentgrowthandlong-termvaluecreation.
(1)Leadandgrowthecategory:
Weincreasedouroverallportfoliobrandpowerdrivenbyincreasedmarketinginvestmentandeffectiveness.Inaddition,weestimatethatwegainedormaintainedmarketsharein60%ofourmarkets.
(2)Digitizeandmonetizeourecosystem:
BEESMarketplacecaptured645millionUSDinGMVfromsalesofthird-partyproducts,a53%increaseversus1Q24.OverallBEESGMVincreasedby10%,reaching11.6billionUSD.
(3)Optimizeourbusiness:
UnderlyingEPSwas0.81USD,a7.1%increaseinUSDanda20.2%increaseinconstantcurrencytermsversus1Q24,drivenby10.3%EBITgrowthandthecontinuedoptimizationofournetfinancecosts.
(1)Leadandgrowthecategory
Weareexecutingonourfivereplicableleverstodrivecategorygrowth.Ourperformanceacrosseachoftheleverswasledbyourmegabrandswhichdelivereda4.4%revenueincrease.
CategoryParticipation:Investmentsinourmegabrandsandinnovationsdroveanestimatedincreaseof60basispointsinthepercentageoflegaldrinkingageconsumerspurchasingourportfolioacrossourkeymarkets,theequivalentof6millionnewconsumersonanannualizedbasis.Participationincreasesweredrivenbyourmegabrandsandno-alcoholbeerportfolio.
CoreSuperiority:Revenueofourmainstreamportfolioincreasedby0.3%,drivenbydouble-digitgrowthinSouthKoreaandmid-singledigitgrowthinColombiaandMexico.
BalancedChoices:Ourbalancedchoicesportfoliooflowcarb,sugarfree,glutenfreeandno-andlow-alcoholbeerbrandsdeliveredarevenueincreaseof2.7%.Growthwasledbyourno-alcoholbeerportfoliowhichdelivereda34%revenueincreaseandisestimatedtohavegainedshareofno-alcoholbeeracrossourfootprint,ledbyCoronaCerowhichgrewvolumebytriple-digits.
Premiumization:Ourabovecorebeerportfoliodelivereda1.8%revenueincrease.Coronaledourperformance,increasingrevenueby11.2%outsideofMexicowithdouble-digitvolumegrowthinmorethan30markets.
BeyondBeer:GrowthofourBeyondBeerportfolioacceleratedin1Q25,increasingrevenueby16.6%,ledbydouble-digitgrowthofCutwaterandNütrlintheUSandBeatsinBrazil.
(2)Digitizeandmonetizeourecosystem
Digitizingourrelationshipswithmorethan6millioncustomersglobally:Asof31March2025,BEESwaslivein28marketswith72%ofourrevenuescapturedthroughB2Bdigitalplatforms.In1Q25,BEEScaptured11.6billionUSDinGMV,growthof10%versus1Q24.
Monetizingourroute-to-market:BEESMarketplacegenerated10millionordersandcaptured645millionUSDinGMVfromsalesofthird-partyproducts,growthof27%and53%versus1Q24,respectively.
LeadingthewayinDTCsolutions:OuromnichannelDTCecosystemofdigitalandphysicalproductsgeneratedrevenueofapproximately275millionUSD.OurDTCmegabrands,ZéDelivery,TaDaDeliveryandPerfectDraft,generated19.2millione-commerceordersanddelivered117millionUSDinrevenuethisquarter,representing12%growthversus1Q24.
(3)Optimizeourbusiness
Maximizingvaluecreation:EBITDAgrewby7.9%withmarginexpansionof218bpssupportedbydisciplinedresourceallocationandoverheadmanagement.Optimizationofournetcapexdroveincreasedefficiencyindepreciationandamortizationexpenses,resultingin10.3%EBITgrowth.Asof5May2025,wehavecompleted70%ofour2billionUSDsharebuybackprogramannouncedon31October2024.
Advancingoursustainabilitypriorities:InClimateAction,ourScopes1and2emissionsperhectoliterofproductionwas4.44kgCO2e/hlin1Q25,areductionof45.7%againstthe2017baseline.InWaterStewardship,ourwateruseefficiencyratioimprovedto2.44hlperhlin1Q25versus2.55hlperhlin1Q24,aswecontinueworkingtowardsourambitiontoreach2.50hlperhlonanannualbasisbytheendof2025.
Deliveringreliablecompoundinggrowth
Weareencouragedbyourresultstostarttheyear,theresilienceofthebeercategoryandtheconsistentexecutionofourstrategybyourteamsandpartners.Ourbusinessislocal,withmorethan98%ofourvolumelocallyproduced,andourfootprinthasstructuraltailwindsforlong-termvolumegrowthwithfavorabledemographics,ongoingeconomicdevelopmentandopportunitiestoincreasecategoryparticipation.Ourconsistentperformanceandthefundamentalstrengthsofourbusinessreinforceourconfidenceinourabilitytodeliverreliablecompoundinggrowthandcreateafuturewithmorecheers.
2025Outlook
(i)OverallPerformance:WeexpectourEBITDAtogrowinlinewithourmedium-termoutlookofbetween4-8%.TheoutlookforFY25reflectsourcurrentassessmentofinflationandothermacroeconomicconditions.
(ii)NetFinanceCosts:Netpensioninterestexpensesandaccretionexpensesareexpectedtobeintherangeof190to220millionUSDperquarter,dependingoncurrencyandinterestratefluctuations.WeexpecttheaveragegrossdebtcouponinFY25tobeapproximately4%.
(iii)EffectiveTaxRate(ETR):WeexpectthenormalizedETRinFY25tobeintherangeof26%to28%.TheETRoutlookdoesnotconsidertheimpactofpotentialfuturechangesinlegislation.
(iv)NetCapitalExpenditure:Weexpectnetcapitalexpenditureofbetween3.5and4.0billionUSDinFY25.
Figure1.Consolidatedperformance
inUSDMio,exceptEPSinUSDpershareandVolumesinthousandhls
1Q24
1Q25
Organic
growth
Volumes
139536
136268
(2.2
)%
Beer
119683
116778
(2.5
)%
Non-Beer
19852
19490
(0.2
)%
Revenue
14547
13628
1.5
%
Grossprofit
7894
7583
5.2
%
Grossmargin
54.3%
55.6%
203bps
NormalizedEBITDA
4987
4855
7.9
%
NormalizedEBITDAmargin
34.3%
35.6%
218bps
NormalizedEBIT
3642
3587
10.3
%
NormalizedEBITmargin
25.0%
26.3%
218bps
ProfitattributabletoequityholdersofABInBev
1091
2148
UnderlyingProfit
1509
1606
BasicEPS
0.54
1.08
UnderlyingEPS
0.75
0.81
Figure2.Volumes
inthousandhls
1Q24
Scope
Organic
growth
1Q25
Organicgrowth
Total
Beer
NorthAmerica
21353
(144
)
(1368
)
19842
(6.4
)%
(6.4
)%
MiddleAmericas
35690
-
(610
)
35081
(1.7
)%
(1.5
)%
SouthAmerica
40347
-
544
40891
1.3
%
1.4
%
EMEA
21030
(35
)
(243
)
20752
(1.2
)%
(1.8
)%
AsiaPacific
21045
(93
)
(1304
)
19648
(6.2
)%
(6.2
)%
GlobalExportandHoldingCompanies
70
(3
)
(13
)
54
(19.2
)%
(19.2
)%
ABInBevWorldwide
139536
(274
)
(2993
)
136268
(2.2
)%
(2.5
)%
KeyMarketsPerformance
UnitedStates:MichelobUltragrowthdrovecontinuedmarketsharegain
Operatingperformance:Revenuedeclinedby5.1%withrevenueperhlincreasingby1.7%drivenbyrevenuemanagementinitiativesandpremiumization.Sales-to-retailersdecreasedby5.4%,estimatedtohaveoutperformedtheindustrywhichwasnegativelyimpactedbyadverseweatherandEastershipmentphasing.Sales-to-wholesalers(STWs)declinedby6.7%,impactedbyonelesssellingdayversus1Q24.EBITDAdeclinedby1.7%astop-lineperformancewaspartiallyoffsetbyproductivityinitiativesandSG&Aefficiencieswhilewecontinuedtoincreasemarketinginvestments.
Commercialhighlights:Ourportfolioisestimatedtohavegainedmarketshareofthebeerindustryandthespirits-basedready-to-drink(RTD)category,accordingtoCircana.OurbeerportfoliowasledbyMichelobUltraandBuschLight,whichwerethe#1and#2volumesharegainersintheindustryrespectively,whileourRTDportfoliodeliveredstrongdouble-digitvolumegrowth,ledbyCutwaterandNütrl.Wearetheleaderinno-alcoholbeer,withourportfoliogrowingvolumesinthehigh-twenties,drivenbyMichelobUltraZerowhichwasthe#1innovationinthebeerindustryin1Q25.Thebeercategoryin1Q25wasimpactedbyadverseweatherandcalendar-relatedfactorsbuttrendshaveimprovedinApril,accordingtoCircana,asweatherpatternsnormalized.
Mexico:Revenuegrowthandmarginexpansiondrovedouble-digitbottom-linegrowth
Operatingperformance:Revenueincreasedbymid-singledigits,withmid-singledigitrevenueperhlgrowthdrivenbyrevenuemanagementinitiatives.Volumesdeclinedbylow-singledigits,in-linewiththeindustry,whichwasnegativelyimpactedbycalendar-relatedfactors.EBITDAgrewbymid-teenswithmarginexpansion.
Commercialhighlights:Ourperformancewasledbyourabovecorebeerportfolio,whichgrewrevenuebyhigh-singledigitsdrivenbyModelo,whileourcorebeerbrandsdeliveredmid-singledigitrevenuegrowth.Weareleadingthegrowthinno-alcoholbeerwithCoronaCerogrowingvolumebystrongdouble-digits.Wecontinuedtoprogressourdigitalinitiatives,withBEESMarketplacegrowingGMVby42%versus1Q24andourdigitalDTCplatform,TaDaDelivery,increasingthenumberofordersby18%.
Colombia:Recordhighvolumesdrovedouble-digitbottom-linegrowth
Operatingperformance:Revenueincreasedbyhigh-singledigitswithmid-singledigitrevenueperhlgrowth,drivenbyrevenuemanagementinitiatives.Volumesgrewbylow-singledigits,withourportfoliomaintainingshareoftotalalcohol.EBITDAgrewbylow-teenswithmarginexpansion.
Commercialhighlights:Ourabovecorebeerbrandsledourperformance,deliveringhigh-singledigitvolumegrowthanddrivingrecordhighfirstquartervolumes.Ourcorebeerportfoliodeliveredalow-singledigitvolumeincreasedrivenbythecontinuedgrowthofAguila.
Brazil:Continuedmomentumdrovedouble-digitbottom-linegrowthwithmarginexpansionandall-timehighvolumes
Operatingperformance:Revenuegrewby4.6%withrevenueperhlgrowthof3.1%drivenbypremiumizationandrevenuemanagementinitiatives.Totalvolumesgrewby1.4%,withbeervolumeincreasingby0.8%.Non-beervolumesgrewby3.2%.EBITDAincreasedby13.5%withmarginexpansionof278bps.
Commercialhighlights:Ourpremiumandsuperpremiumbeerbrandsledourperformance,deliveringlow-twentiesvolumegrowth,drivenbyStellaArtoisandCorona.Wearetheleaderinno-alcoholbeer,withourvolumesgrowingbystrongdouble-digits,ledbyBrahma0.0andCoronaCero.Non-beerperformancewasdrivenbyourlow-andno-sugarportfolio,whichgrewvolumesinthelow-twenties.Wecontinuedtoprogressourdigitalinitiatives,withBEESMarketplacegrowingGMVby92%,andourdigitalDTCplatform,ZéDelivery,generatingnearly17millionordersthisquarter,a5%increaseversus1Q24.
Europe:Continuedpremiumizationandmarginrecoverydrovedouble-digitbottom-linegrowth
Operatingperformance:Revenuedeclinedbylow-singledigitswithlow-singledigitrevenueperhlgrowthdrivenbycontinuedpremiumization.Volumesdeclinedbylow-singledigits,estimatedtobein-linewithoroutperformingtheindustryinthemajorityofourkeymarkets,whichwasnegativelyimpactedbycalendar-relatedfactors.EBITDAgrewbylow-teenswithmarginrecovery.
Commercialhighlights:Wecontinuedtopremiumizeourportfolio,withourpremiumandsuperpremiumportfoliomakingup60%ofour1Q25revenue.Ourperformancewasdrivenbyourmegabrands,withCoronaandStellaArtoisgrowingvolumesbylow-singledigits.Ourno-alcoholbeerportfoliogrewvolumesbyhigh-teens,ledbyCoronaCerowhichdeliveredstrongdouble-digitvolumegrowth.IntheUK,asofJanuary2025,wehavestrengthenedourportfoliowiththeadditionoftheSanMiguelbrandandarenowtheleadingbrewerintheindustry.
SouthAfrica:Continuedmomentumandmarketsharegaindeliveredanotherquarteroftop-andbottom-linegrowth
Operatingperformance:Revenueincreasedbylow-singledigitswithrevenueperhlgrowthoflow-singledigits.Volumesdeclinedbylow-singledigits,estimatedtohaveoutperformedtheindustrywhichwasnegativelyimpactedbycalendar-relatedfactors.EBITDAgrewbylow-singledigits.
Commercialhighlights:Themomentumofourbusinesscontinued,withtheconsistentexecutionofourstrategydrivingestimatedmarketsharegainsinbothbeerandBeyondBeer.Ourperformancewasledbyourpremiumandsuperpremiumbrands,whichgrewvolumesbylow-teensdrivenbyCoronaandStellaArtois.InBeyondBeer,ourportfoliogrewvolumesbymid-singledigits.
China:Performanceimpactedbysoftindustryinourfootprint
Operatingperformance:Volumesdeclinedby9.2%,underperformingtheindustryaccordingtoourestimates,withourperformanceimpactedbycontinuedindustryweaknessinourkeyregionsandtheon-premisechannel,andinventorymanagement,whichaccountedforapproximatelyonequarterofourvolumedecline.Revenueperhldecreasedby3.9%,drivenbynegativegeographicandchannelmix,resultinginarevenuedeclineof12.7%.EBITDAdeclinedby15.2%.
Commercialhighlights:Weremainconfidentinourstrategy,centeredonpremiumization,channelandgeographicexpansion,anddigitaltransformation.Wearestrengtheningourexecution,increasinginvestmentsinourmegabrandsandacceleratingourin-homechannelexpansion.In1Q25,ourmarketingcampaignsincludedextensiveChineseNewYearactivationsandupdatedbrandimageryforBudweiser,andanewintegratedcampaignforHarbinZeroSugarwiththeNBA.TheusageandreachoftheBEESplatformcontinuedtoexpandand,asofMarch2025,ispresentinmorethan320cities.
Highlightsfromourothermarkets
Canada:Revenuedeclinedbylow-singledigitswithlow-singledigitrevenueperhlgrowth.Volumesdeclinedbymid-singledigits,outperformingasoftindustryaccordingtoourestimates,whichwasnegativelyimpactedbyadverseweatherandcalendar-relatedfactors.MichelobUltraandBuschcontinuedtooutperformandwerethe#1and#2volumesharegainersintheindustry.
Peru:Revenuegrewbylow-singledigits,withmid-singledigitrevenueperhlgrowthdrivenbyrevenuemanagementinitiatives.Volumesdeclinedbylow-singledigits,estimatedtobein-linewiththeindustry,whichwasnegativelyimpactedbycalendar-relatedfactors.
Ecuador:Revenuedeclinedbymid-singledigitswithvolumesdecliningbymid-singledigitsastheindustrywasimpactedbycalendar-relatedfactors,threefewertradingdaysduetoelectionrelateddrylaws,andcycledastrongperformancein1Q24whichbenefittedfromshipmentphasingaheadofasalestaxincrease.
Argentina:Volumetrendsimprovedsequentially,decliningbymid-singledigits,withbeervolumesestimatedtobein-linewiththeindustry,asoverallconsumerdemandcontinuedtobeimpactedbyinflationarypressures.Since1Q24,thedefinitionoforganicrevenuegrowthinArgentinahasbeenamendedtocapthepricegrowthtoamaximumof2%permonth.Revenuegrewbylow-twentiesonthisbasis.
AfricaexcludingSouthAfrica:InNigeria,revenuegrewbystrongdouble-digits,drivenbyrevenuemanagementinitiativesinahighlyinflationaryenvironment.Beervolumesdeclinedbymid-singledigitsasourperformancewasimpactedbyproductionconstraints.
InourothermarketsinAfrica,wegrewvolumeinaggregatebymid-singledigits,drivenbyMozambiqueandTanzania.
SouthKorea:Revenueincreasedbylow-teenswithflattishrevenueperhl.Volumesgrewbylow-teens,estimatedtohaveoutperformedtheindustryinboththeon-tradeandin-homechannels.Ourperformancewasledbyourcoreportfolioandinnovations,withvolumessupportedbyshipmentphasingaheadofanannouncedAprilpriceincrease.
ConsolidatedIncomeStatement
Figure3.Consolidatedincomestatement
inUSDMio
1Q24
1Q25
Organic
growth
Revenue
14547
13628
1.5
%
Costofsales
(6653
)
(6044
)
3.1
%
Grossprofit
7894
7583
5.2
%
SG&A
(4435
)
(4188
)
(1.3
)%
Otheroperatingincome/(expenses)
183
192
9.1
%
NormalizedEBIT
3642
3587
10.3
%
Non-underlyingitemsaboveEBIT
(29
)
(49
)
Netfinanceincome/(cost)
(1187
)
(984
)
Non-underlyingnetfinanceincome/(cost)
(309
)
602
Shareofresultsofassociates
57
52
Non-underlyingshareofresultsofassociates
104
-
Incometaxexpense
(794
)
(664
)
Profit
1485
2544
Profitattributabletonon-controllinginterest
393
396
ProfitattributabletoequityholdersofABInBev
1091
2148
NormalizedEBITDA
4987
4855
7.9
%
UnderlyingProfit
1509
1606
Non-underlyingitemsaboveEBIT&Non-underlyingshareofresultsofassociates
Figure4.Non-underlyingitemsaboveEBIT&Non-underlyingshareofresultsofassociates
inUSDMio
1Q24
1Q25
Restructuring
(31
)
(12
)
Businessandassetdisposal(incl.impairmentlosses)
2
(37
)
Non-underlyingitemsinEBIT
(29
)
(49
)
Non-underlyingshareofresultsofassociates
104
-
NormalizedEBITexcludesnegativenon-underlyingitemsof49millionUSDin1Q25and29millionUSDin1Q24.Non-underlyingshareofresultsfromassociatesof1Q24includedtheimpactfromourassociateAnadoluEfes’adoptionofIAS29hyperinflationaccountingontheir2023results.
Netfinanceincome/(cost)
Figure5.Netfinanceincome/(cost)
inUSDMio
1Q24
1Q25
Netinterestexpense
(714
)
(651
)
Netinterestonnetdefinedbenefitliabilities
(22
)
(18
)
Accretionexpense
(191
)
(149
)
NetinterestincomeonBraziliantaxcredits
36
30
Otherfinancialresults
(296
)
(196
)
Netfinanceincome/(cost)
(1187
)
(984
)
Non-underlyingnetfinanceincome/(cost)
Figure6.Non-underlyingnetfinanceincome/(cost)
inUSDMio
1Q24
1Q25
Mark-to-market
(243
)
602
Gain/(loss)onbondredemptionandother
(66
)
-
Non-underlyingnetfinanceincome/(cost)
(309
)
602
Non-underlyingnetfinancecostin1Q25includesmark-to-marketgainsonderivativeinstrumentsenteredintoinordertohedgeourshare-basedpaymentprogramsandsharesissuedinrelationtothecombinationwithGrupoModeloandSAB.
Thenumberofsharescoveredbythehedgingofourshare-basedpaymentprogram,thedeferredshareinstrumentandtherestrictedsharesareshownbelow,togetherwiththeopeningandclosingshareprices.
Figure7.Non-underlyingequityderivativeinstruments
1Q24
1Q25
Sharepriceatthestartoftheperiod(Euro)
58.42
48.25
Sharepriceattheendoftheperiod(Euro)
56.46
56.92
Numberofequityderivativeinstrumentsattheendoftheperiod(millions)
100.5
100.5
Incometaxexpense
Figure8.Incometaxexpense
inUSDMio
1Q24
1Q25
Incometaxexpense
794
664
Effectivetaxrate
37.5%
21.0%
Normalizedeffectivetaxrate
27.0%
25.9%
The1Q25effectivetaxratewaspositivelyimpactedbynon-taxablegainsfromderivativesrelatedtothehedgingofshare-basedpaymentprogramsandofthesharesissuedinatransactionrelatedtothecombinationwithGrupoModeloandSAB,whilethe1Q24effectivetaxratewasnegativelyimpactedbynon-deductiblelossesfromthesederivatives.
Furthermore,the1Q24effectivetaxrateincludes240millionUSD(4.5billionZAR)non-underlyingtaxcostfollowingtheresolutionin1Q24oftheSouthAfricantaxmattersdescribedinnote29Contingenciesofthe2024ConsolidatedFinancialStatements.
ThedecreaseinNormalizedETRin1Q25comparedto1Q24isdrivenmainlybycountrymix.
UnderlyingEPS
Figure9.UnderlyingEPS
inUSDpershare,exceptnumberofsharesinmillion
1Q24
1Q25
NormalizedEBITDA
2.48
2.43
Depreciation,amortizationandimpairment
(0.67
)
(0.64
)
NormalizedEBIT
1.81
1.80
Netfinanceincome/(cost)
(0.59
)
(0.49
)
Incometaxexpense
(0.33
)
(0.34
)
Associates&non-controllinginterests
(0.17
)
(0.17
)
Hyperinflationimpacts
0.03
0.01
UnderlyingEPS
0.75
0.81
Weightedaveragenumberofordinaryandrestrictedshares
2007
1994
ReconciliationofIFRSandNon-IFRSFinancialMeasures
ProfitattributabletoequityholdersandUnderlyingProfit
Figure10.UnderlyingProfit
inUSDMio
1Q24
1Q25
ProfitattributabletoequityholdersofABInBev
1091
2148
Netimpactofnon-underlyingitemsonprofit
362
(565
)
Hyperinflationimpacts
55
23
UnderlyingProfit
1509
1606
BasicandUnderlyingEPS
Figure11.BasicandUnderlyingEPS
inUSDpershare,exceptnumberofsharesinmillion
1Q24
1Q25
BasicEPS
0.54
1.08
Netimpactofnon-underlyingitems
0.18
(0.28
)
Hyperinflationimpacts
0.03
0.01
UnderlyingEPS
0.75
0.81
FXtranslationimpact
-
0.09
UnderlyingEPSinconstantcurrency
0.75
0.90
Weightedaveragenumberofordinaryandrestrictedshares
2007
1994
ProfitattributabletoequityholdersandNormalizedEBITDA
Figure12.ReconciliationofNormalizedEBITDAtoProfitattributabletoequityholdersofABInBev
inUSDMio
1Q24
1Q25
ProfitattributabletoequityholdersofABInBev
1091
2148
Non-controllinginterests
393
396
Profit
1485
2544
Incometaxexpense
794
664
Shareofresultofassociates
(57
)
(52
)
Non-underlyingshareofresultsofassociates
(104
)
-
Netfinance(income)/cost
1187
984
Non-underlyingnetfinance(income)/cost
309
(602
)
Non-underlyingitemsaboveEBIT(incl.impairmentlosses)
29
49
NormalizedEBIT
3642
3587
Depreciation,amortizationandimpairment
1344
1268
NormalizedEBITDA
4987
4855
NormalizedEBITDA,NormalizedEBITandUnderlyingProfitarenon-IFRSfinancialmeasuresusedbyABInBevtoreflectthecompany’sunderlyingperformance.UnderlyingEPSandconstantcurrencyUnderlyingEPSarenon-IFRSfinancialmeasuresthatABInBevbelievesareusefultoinvestorsbecausetheyfacilitatecomparisonsofEPSfromperiodtoperiod.
NormalizedEBITDAiscalculatedbyadjustingprofitattributabletoequityholdersofABInBevtoexclude:(i)non-controllinginterest;(ii)incometaxexpense;(iii)shareofresultsofassociates;(iv)non-underlyingshareofresultsofassociates;(v)netfinanceincomeorcost;(vi)non-underlyingnetfinanceincomeorcost;(vii)non-underlyingitemsaboveEBIT;and(viii)depreciation,amortizationandimpairment.
UnderlyingProfitiscalculatedbyadjustingprofitattributabletoequityholdersofABInBevtoexclude:(i)non-underlyingitemsand(ii)hyperinflationimpacts.UnderlyingEPSiscalculatedasUnderlyingProfitdividedbytheweightedaveragenumberofordinaryandrestrictedshares.ConstantcurrencyUnderlyingEPSiscalculatedasUnderlyingEPSexcludingtheeffectsofforeigncurrencytranslationbytranslatingcurrentperiodfiguresusingtheexchangeratesfromthesameperiodintheprioryear.
NormalizedEBITDA,NormalizedEBITandUnderlyingProfitarenotaccountingmeasuresunderIFRSandshouldnotbeconsideredasanalternativetoprofitattributabletoequityholdersasameasureofoperationalperformance,oranalternativetocashflowasameasureofliquidity.UnderlyingEPSandconstantcurrencyUnderlyingEPSarenotaccountingmeasuresunderIFRSandshouldnotbeconsideredasalternativestoearningspershareasameasureofoperatingperformanceonapersharebasis.Thesenon-IFRSfinancialmeasuresdonothaveastandardcalculationmethodandABInBev’sdefinitionofNormalizedEBITDA,NormalizedEBIT,UnderlyingProfit,UnderlyingEPSandconstantcurrencyUnderlyingEPSmaynotbecomparabletothatofothercompanies.
Notes
TofacilitatetheunderstandingofABInBev’sunderlyingperformance,theanalysesofgrowth,includingallcommentsinthispressrelease,unlessotherwiseindicated,arebasedonorganicgrowthandnormalizednumbers.Inotherwords,financialsareanalyzedeliminatingtheimpactofchangesincurrenciesontranslationofforeignoperations,andscopechanges.Since1Q24,thedefinitionoforganicrevenuegrowthhasbeenamendedtocapthepricegrowthinArgentinatoamaximumof2%permonth(26.8%year-over-year).Correspondingadjustmentsaremadetoallincomestatementrelateditemsintheorganicgrowthcalculationsthroughscopechanges.Scopechangesalsorepresenttheimpactofacquisitionsanddivestitures,thestartorterminationofactivitiesorthetransferofactivitiesbetweensegments,curtailmentgainsandlossesandyearoveryearchangesinaccountingestimatesandotherassumptionsthatmanagementdoesnotconsideraspartoftheunderlyingperformanceofthebusiness.Theorganicgrowthofourglobalbrands,Budweiser,StellaArtois,andCoronaexcludesexportstoAustraliaforwhichaperpetuallicensewasgrantedtoathirdpartyupondisposaloftheAustraliaoperationsin2020.Allreferencesperhectoliter(perhl)excludeUSnon-beverageactivities.Wheneverpresentedinthisdocument,allperformancemeasures(EBITDA,EBIT,profit,taxrate,EPS)arepresentedona“normalized”basis,whichmeanstheyarepresentedbeforenon-underlyingitems.Non-underlyingitemsareeitherincomeorexpenseswhichdonotoccurregularlyaspartofthenormalactivitiesoftheCompany.TheyarepresentedseparatelybecausetheyareimportantfortheunderstandingoftheunderlyingsustainableperformanceoftheCompanyduetotheirsizeornature.NormalizedmeasuresareadditionalmeasuresusedbymanagementandshouldnotreplacethemeasuresdeterminedinaccordancewithIFRSasanindicatoroftheCompany’sperformance.WearereportingtheresultsfromArgentinaapplyinghyperinflationaccountingsince3Q18.TheIFRSrules(IAS29)requireustorestatetheyear-to-dateresultsforthechangeinthegeneralpurchasingpowerofthelocalcurrency,usingofficialindicesbeforeconvertingthelocalamountsattheclosingrateoftheperiod.In1Q25,wereportedanegativeimpactfromhyperinflationaccountingontheprofitattributabletoequityholdersofABInBevof(23)millionUSD.Theimpactin1Q25BasicEPSwas(0.01)USD.Valuesinthefiguresandannexesmaynotaddup,duetorounding.1Q25EPSisbaseduponaweightedaverageof1994millionsharescomparedtoaweightedaverageof2007millionsharesfor1Q24.
Legaldisclaimer
Thisreleasecontains“forward-lookingstatements”.ThesestatementsarebasedonthecurrentexpectationsandviewsoffutureeventsanddevelopmentsofthemanagementofABInBevandarenaturallysubjecttouncertaintyandchangesincircumstances.Theforward-lookingstatementscontainedinthisreleaseincludestatementsotherthanhistoricalfactsandincludestatementstypicallycontainingwordssuchas“will”,“may”,“should”,“believe”,“intends”,“expects”,“anticipates”,“targets”,“ambition”,“estimates”,“likely”,“foresees”andwordsofsimilarimport.Allstatementsotherthanstatementsofhistoricalfactsareforward-lookingstatements.Youshouldnotplaceunduerelianceontheseforward-lookingstatements,whichreflectthecurrentviewsofthemanagementofABInBev,aresubjecttonumerousrisksanduncertaintiesaboutABInBevandaredependentonmanyfactors,someofwhichareoutsideofABInBev’scontrol.Thereareimportantfactors,risksanduncertaintiesthatcouldcauseactualoutcomesandresultstobemateriallydifferent,including,butnotlimitedtotherisksanduncertaintiesrelatingtoABInBevthataredescribedunderItem3.DofABInBev’sAnnualReportonForm20-FfiledwiththeSECon12March2025.Manyoftheserisksanduncertaintiesare,andwillbe,exacerbatedbyanyfurtherworseningoftheglobalbusinessandeconomicenvironment,includingasaresultofforeigncurrencyexchangeratefluctuationsandongoinggeopoliticalconflicts.Otherunknownorunpredictablefactorscouldcauseactualresultstodiffermateriallyfromthoseintheforward-lookingstatements.Theforward-lookingstatementsshouldbereadinconjunctionwiththeothercautionarystatementsthatareincludedelsewhere,includingABInBev’smostrecentForm20-FandotherreportsfurnishedonForm6-K,andanyotherdocumentsthatABInBevhasmadepublic.Anyforward-lookingstatementsmadeinthiscommunicationarequalifiedintheirentiretybythesecautionarystatementsandtherecanbenoassurancethattheactualresultsordevelopmentsanticipatedbyABInBevwillberealizedor,evenifsubstantiallyrealized,thattheywillhavetheexpectedconsequencesto,oreffectson,ABInBevoritsbusinessoroperations.Exceptasrequiredbylaw,ABInBevundertakesnoobligationtopubliclyupdateorreviseanyforward-lookingstatements,whetherasaresultofnewinformation,futureeventsorotherwise.Thefirstquarter2025(1Q25)financialdatasetoutinFigure1(exceptforthevolumeinformation),Figures3to6,8,11and12ofthispressreleasehavebeenextractedfromthegroup’sunauditedcondensedconsolidatedinterimfinancialstatementsasofandforthethreemonthsended31March2025,whichhavebeenreviewedbyourstatutoryauditorsPwCRéviseursd’EntreprisesSRL/PwCBedrijfsrevisorenBVinaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard(UnitedStates).FinancialdataincludedinFigures7,9and11havebeenextractedfromtheunderlyingaccountingrecordsasofandforthethreemonthsended31March2025.Referencesinthisdocumenttomaterialsonourwebsites,suchaswww.ab-inbev.com,areincludedasanaidtotheirlocationandarenotincorporatedbyreferenceintothisdocument.
Conferencecallandwebcast
InvestorConferencecallandwebcastonThursday,8May2025:
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Registrationdetails:
Webcast(listen-onlymode):
ABInBev1Q25ResultsWebcast
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AboutABInBev
Anheuser-BuschInBev(ABInBev)isapubliclytradedcompany(Euronext:ABI)basedinLeuven,Belgium,withsecondarylistingsontheMexico(MEXBOL:ANB)andSouthAfrica(JSE:ANH)stockexchangesandwithAmericanDepositaryReceiptsontheNewYorkStockExchange(NYSE:BUD).Asacompany,wedreambigtocreateafuturewithmorecheers.Wearealwayslookingtoserveupnewwaystomeetlife’smoments,moveourindustryforwardandmakeameaningfulimpactintheworld.Wearecommittedtobuildinggreatbrandsthatstandthetestoftimeandtobrewingthebestbeersusingthefinestingredients.Ourdiverseportfolioofwellover500beerbrandsincludesglobalbrandsBudweiser®,Corona®,StellaArtois®andMichelobUltra®;multi-countrybrandsBeck’s®,Hoegaarden®andLeffe®;andlocalchampionssuchasAguila®,Antarctica®,BudLight®,Brahma®,Cass®,Castle®,CastleLite®,Cristal®,Harbin®,Jupiler®,ModeloEspecial®,Quilmes®,Victoria®,Sedrin®,andSkol®.Ourbrewingheritagedatesbackmorethan600years,spanningcontinentsandgenerations.FromourEuropeanrootsattheDenHoornbreweryinLeuven,Belgium.TothepioneeringspiritoftheAnheuser&CobreweryinSt.Louis,US.TothecreationoftheCastleBreweryinSouthAfricaduringtheJohannesburggoldrush.ToBohemia,thefirstbreweryinBrazil.Geographicallydiversifiedwithabalancedexposuretodevelopedanddevelopingmarkets,weleveragethecollectivestrengthsofapproximately144000colleaguesbasedinnearly50countriesworldwide.For2024,ABInBev’sreportedrevenuewas59.8billionUSD(excludingJVsandassociates).
Annex1:Segmentreporting
ABInBevWorldwide
1Q24
Scope
Currency
Translation
Organic
Growth
1Q25
Organic
Growth
Volumes
139536
(274
)
-
(2993
)
136268
(2.2
)%
Revenue
14547
(31
)
(1099
)
210
13628
1.5
%
Costofsales
(6653
)
(64
)
471
202
(6044
)
3.1
%
Grossprofit
7894
(96
)
(627
)
412
7583
5.2
%
SG&A
(4435
)
(20
)
324
(57
)
(4188
)
(1.3
)%
Otheroperatingincome/(expenses)
183
14
(21
)
17
192
9.1
%
NormalizedEBIT
3642
(103
)
(324
)
372
3587
10.3
%
NormalizedEBITDA
4987
(100
)
(424
)
392
4855
7.9
%
NormalizedEBITDAmargin
34.3
%
35.6
%
218bps
NorthAmerica
1Q24
Scope
Currency
Translation
Organic
Growth
1Q25
Organic
Growth
Volumes
21353
(144
)
-
(1368
)
19842
(6.4
)%
Revenue
3593
(36
)
(25
)
(168
)
3364
(4.7
)%
Costofsales
(1544
)
20
9
106
(1410
)
7.0
%
Grossprofit
2049
(16
)
(17
)
(62
)
1953
(3.0
)%
SG&A
(1085
)
(6
)
11
29
(1052
)
2.7
%
Otheroperatingincome/(expenses)
(12
)
-
1
25
14
207.0
%
NormalizedEBIT
951
(22
)
(5
)
(8
)
916
(0.8
)%
NormalizedEBITDA
1126
(22
)
(7
)
(10
)
1087
(0.9
)%
NormalizedEBITDAmargin
31.3
%
32.3
%
125bps
MiddleAmericas
1Q24
Scope
Currency
Translation
Organic
Growth
1Q25
Organic
Growth
Volumes
35690
-
-
(610
)
35081
(1.7
)%
Revenue
4051
(12
)
(400
)
144
3784
3.6
%
Costofsales
(1586
)
(14
)
138
113
(1350
)
7.1
%
Grossprofit
2465
(26
)
(262
)
257
2434
10.5
%
SG&A
(965
)
6
101
(53
)
(911
)
(5.5
)%
Otheroperatingincome/(expenses)
12
-
(2
)
1
12
7.2
%
NormalizedEBIT
1512
(20
)
(162
)
204
1535
13.6
%
NormalizedEBITDA
1886
(20
)
(201
)
192
1858
10.3
%
NormalizedEBITDAmargin
46.6
%
49.1
%
300bps
SouthAmerica
1Q24
Scope
Currency
Translation
Organic
Growth
1Q25
Organic
Growth
Volumes
40347
-
-
544
40891
1.3
%
Revenue
3233
45
(576
)
276
2978
8.5
%
Costofsales
(1586
)
(89
)
281
(56
)
(1450
)
(3.5
)%
Grossprofit
1647
(43
)
(295
)
220
1528
13.4
%
SG&A
(941
)
(33
)
168
(43
)
(849
)
(4.6
)%
Otheroperatingincome/(expenses)
116
8
(18
)
(9
)
97
(7.8
)%
NormalizedEBIT
821
(68
)
(145
)
168
776
20.9
%
NormalizedEBITDA
1084
(65
)
(192
)
180
1007
16.8
%
NormalizedEBITDAmargin
33.5
%
33.8
%
253bps
EMEA
1Q24
Scope
Currency
Translation
Organic
Growth
1Q25
Organic
Growth
Volumes
21030
(35
)
-
(243
)
20752
(1.2
)%
Revenue
1927
(8
)
(45
)
91
1965
4.8
%
Costofsales
(1036
)
10
26
(29
)
(1028
)
(2.8
)%
Grossprofit
892
2
(18
)
62
937
7.0
%
SG&A
(614
)
(16
)
16
7
(607
)
1.1
%
Otheroperatingincome/(expenses)
44
5
(2
)
(4
)
44
(7.4
)%
NormalizedEBIT
322
(8
)
(4
)
65
375
20.7
%
NormalizedEBITDA
569
(8
)
(10
)
74
624
13.1
%
NormalizedEBITDAmargin
29.5
%
31.7
%
235bps
AsiaPacific
1Q24
Scope
Currency
Translation
Organic
Growth
1Q25
Organic
Growth
Volumes
21045
(93
)
-
(1304
)
19648
(6.2
)%
Revenue
1634
(7
)
(52
)
(125
)
1450
(7.7
)%
Costofsales
(763
)
(2
)
23
58
(685
)
7.6
%
Grossprofit
871
(9
)
(30
)
(67
)
766
(7.8
)%
SG&A
(445
)
(3
)
16
11
(420
)
2.5
%
Otheroperatingincome/(expenses)
26
-
-
(1
)
24
(4.7
)%
NormalizedEBIT
452
(12
)
(13
)
(57
)
369
(12.9
)%
NormalizedEBITDA
616
(11
)
(18
)
(63
)
523
(10.4
)%
NormalizedEBITDAmargin
37.7
%
36.1
%
(112)bps
GlobalExportandHoldingCompanies
1Q24
Scope
Currency
Translation
Organic
Growth
1Q25
Organic
Growth
Volumes
70
(3
)
-
(13
)
54
(19.2
)%
Revenue
109
(14
)
(1
)
(8
)
86
(8.6
)%
Costofsales
(138
)
11
(5
)
10
(122
)
8.2
%
Grossprofit
(29
)
(3
)
(6
)
2
(36
)
7.0
%
SG&A
(385
)
31
12
(7
)
(349
)
(2.1
)%
Otheroperatingincome/(expenses)
(3
)
-
-
4
1
118.8
%
NormalizedEBIT
(417
)
28
6
(1
)
(384
)
(0.2
)%
NormalizedEBITDA
(295
)
28
4
20
(244
)
7.4
%
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