AB InBev Reports Third Quarter 2025 Results
ConsistentexecutionofourstrategydeliveredanEBITDAincreaseof3.3%withmarginexpansionandlow-singledigitUnderlyingEPSgrowth
BRUSSELS--(BUSINESSWIRE)--Anheuser-BuschInBev(Brussel:ABI)(BMV:ANB)(JSE:ANH)(NYSE:BUD):
Regulatedandinsideinformation1
“DrivenbythemomentumofourmegabrandsandourinnovationinbalancedchoicesandBeyondBeer,ourbusinessdeliveredcontinuedtop-andbottom-linegrowth,evenaswenavigatedadynamicconsumerenvironment.Giventheprogresswehavemadeonourdeleveragingandsolidyear-to-datefinancialresultswehaveannouncedanew6billionUSDsharebuybackprogramandaninterimdividend.”–MichelDoukeris,CEO,ABInBev
Revenue
+0.9%
Revenueincreasedby0.9%in3Q25withrevenueperhlgrowthof4.8%andby1.8%in9M25withrevenueperhlgrowthof4.5%.
Reportedrevenueincreasedby0.6%in3Q25to15133millionUSDanddecreasedby2.6%in9M25to43764millionUSD,impactedbyunfavorablecurrencytranslation.
3.0%increaseincombinedrevenuesofmegabrandsin3Q25,ledbyCorona,whichgrewby6.3%outsideofitshomemarket.
27%increaseinrevenueofno-alcoholbeerin3Q25.
66%increaseinGrossMerchandiseValue(GMV)fromsalesofthird-partyproductsthroughBEESMarketplacetoreach935millionUSDin3Q25.
Volumes
-3.7%
Volumesdeclinedby3.7%in3Q25,withbeervolumesdownby3.9%andnon-beervolumesdownby2.2%.
Volumesdeclinedby2.6%in9M25,withbeervolumesdownby2.9%andnon-beervolumesdownby0.7%.
NormalizedEBITDA
+3.3%
NormalizedEBITDAincreasedby3.3%to5594millionUSDin3Q25,withamarginexpansionof85bpsto37.0%.NormalizedEBITDAincreasedby5.8%to15750millionUSDin9M25,withamarginexpansionof138bpsto36.0%.
UnderlyingProfit
1970millionUSD
UnderlyingProfitwas1970millionUSDin3Q25comparedto1971millionUSDin3Q24andwas5526millionUSDin9M25comparedto5291millionUSDin9M24.
ReportedprofitattributabletoequityholdersofABInBevwas1054millionUSDin3Q25comparedto2071millionUSDin3Q24andwas4878millionin9M25comparedto4635millionin9M24,with3Q25and9M25bothnegativelyimpactedbynon-underlyingitems.
UnderlyingEPS
0.99USD
UnderlyingEPSincreasedby1.0%to0.99USDin3Q25,comparedto0.98USDin3Q24,andincreasedby5.4%to2.78USDin9M25,comparedto2.64USDin9M24.
Onaconstantcurrencybasis,UnderlyingEPSincreasedby0.3%in3Q25andby11.8%in9M25.
CapitalAllocation
6billionUSDsharebuyback║2billionUSDbondredemption║0.15EURinterimdividend
TheABInBevBoardofDirectorshasapproveda6billionUSDsharebuybackprogramtobeexecutedwithinthenext24monthsandthecompanyannouncedtodayabondredemptionofapproximately2billionUSDofoutstandingbonds.ForfurtherdetailspleaseseetheRecentEventssectiononpage14.Inaddition,theABInBevBoardofDirectorshasapprovedaninterimdividendof0.15EURpershareforthefiscalyear2025.Atimelineshowingtheex-dividend,recordandpaymentdatescanbefoundonpage13.
1TheenclosedinformationconstitutesinsideinformationasdefinedinRegulation(EU)No596/2014oftheEuropeanParliamentandoftheCouncilof16April2014onmarketabuse,andregulatedinformationasdefinedintheBelgianRoyalDecreeof14November2007regardingthedutiesofissuersoffinancialinstrumentswhichhavebeenadmittedfortradingonaregulatedmarket.Forimportantdisclaimersandnotesonthebasisofpreparation,pleaserefertopage15.
Managementcomments
ConsistentexecutionofourstrategydeliveredanEBITDAincreaseof3.3%withmarginexpansionandlow-singledigitUnderlyingEPSgrowth
Theconsistentexecutionofourstrategyandourdisciplinedchoicesinrevenueandcostmanagementdroveresilientfinancialperformance.Megabrandmomentum,innovationinbalancedchoicesandaccelerationofourBeyondBeerportfoliodrovecontinuedtop-andbottom-linegrowthandincreasedportfoliobrandpower.Weestimatethatwegainedormaintainedshareinthemajorityofourmarkets,includingtheUS,Brazil,SouthAfrica,SouthKorea,CanadaandEcuador.
Revenueperhlincreasedby4.8%drivingatop-lineincreaseof0.9%,withgrowthin70%ofourmarkets.Volumesdeclinedby3.7%,impactedprimarilybyperformanceinChinaandunseasonableweatherinBrazil.RevenuegrowthcombinedwithoverheadmanagementmorethanoffsettransactionalFXheadwindstodriveanEBITDAincreaseof3.3%withmarginexpansionof85bpsandUnderlyingEPSgrowthof1.0%inUSD.
Somekeyhighlightsfromourperformancethisquarterincludethefollowing:continuedmomentumofourno-alcoholbeerandBeyondBeerportfolioswhichbothgrewrevenueby27%;Coronacontinuedtoleadpremiumperformanceglobally,increasingvolumeby5.9%outsideofMexicoandgrowingbydouble-digitsin33markets;intheUS,ledbyMichelobUltra,whichisnowthe#1brandbyvolumeintheindustry,wecontinuedtogainmarketshare;andinourdigitalinitiatives,thequarterlygrowthofBEESMarketplaceGMVcontinuedtoaccelerate,growingby66%versus3Q24,andnowapproaching1billionUSD.
Progressingourstrategicpriorities
Wecontinuetoexecuteonandinvestinthreekeystrategicpillarstodeliverconsistentgrowthandlong-termvaluecreation.
(1)Leadandgrowthecategory:
Ourportfoliobrandpowergrewin3Q25drivenbyconsumer-centricinnovation,increasedmarketingeffectivenessandfocusedinvestment.Inaddition,weestimatethatwegainedormaintainedshareinthemajorityofourmarkets.
(2)Digitizeandmonetizeourecosystem:
BEESMarketplacecaptured935millionUSDinGMVfromsalesofthird-partyproducts,a66%increaseversus3Q24.OverallBEESGMVincreasedby11%versus3Q24,reaching13.3billionUSD.
(3)Optimizeourbusiness:
TheABInBevBoardofDirectorshasapprovedanew6billionUSDsharebuybackprogramtobeexecutedwithinthenext24monthsanda0.15EURpershareinterimdividend.Wecontinuetoproactivelymanageourdebtportfolioandannouncedtodaytheredemptionofapproximately2billionUSDofoutstandingbonds.
(1)Leadandgrowthecategory
Drivenbyperformanceacrosseachofthecategoryexpansionlevers,consumerparticipationwithourportfoliowasestimatedtohaveremainedstableacrossourkeymarketsin3Q25,withparticipationincreasesforourmegabrandsandno-alcoholbeerportfolio.
CoreSuperiority:Revenueofourmainstreamportfolioincreasedby0.8%in3Q25,drivenbyhigh-singledigitgrowthinColombiaandmid-singledigitgrowthinSouthAfrica.
Premiumization:IntheUS,MichelobUltra’smomentumcontinuedin3Q25,becomingthe#1brandbyvolumeintheindustryyear-to-date.Coronaledourpremiumperformanceglobally,increasingrevenueby6.3%outsideofMexico.Revenuegrowthofouroverallabovecorebeerportfoliowasflattish,constrainedbyperformanceinChina.
BalancedChoices:Growthin3Q25wasdrivenbyourno-alcoholbeerportfoliowhichdelivereda27%revenueincrease,successfullycompoundingonthemid-thirtiesrevenueincreasein3Q24followingOlympicGamesrelatedactivations.No-alcoholbeerperformancewasledbyCoronaCerowhichgrewvolumesinthelow-forties.Ouroverallbalancedchoicesportfoliooflowcarb,sugarfree,glutenfreeandno-alcoholbeerbrandsdeliveredarevenueincreaseof6.5%.
BeyondBeer:GrowthofourBeyondBeerportfolioacceleratedin3Q25,increasingrevenueby27%,ledbythetriple-digitgrowthofCutwaterintheUS.
(2)Digitizeandmonetizeourecosystem
Digitizingourrelationshipswithmorethan6millioncustomersglobally:Asof30September2025,BEESwaslivein29marketswithapproximately70%ofourrevenuescapturedthroughB2Bdigitalplatforms.In3Q25,BEEScaptured13.3billionUSDinGMV,growthof11%versus3Q24.
Monetizingourroute-to-market;approaching1billionUSDinquarterlyGMV:BEESMarketplaceGMVgrowthacceleratedin3Q25,growingby66%versus3Q24toreach935millionUSDfromsalesofthird-partyproducts.
LeadingthewayinDTCsolutions:OuromnichannelDTCecosystemofdigitalandphysicalproductsgeneratedrevenueofapproximately325millionUSDin3Q25.OurDTCmegabrands,ZéDelivery,TaDaDeliveryandPerfectDraft,generated17.9millione-commerceordersanddelivered138millionUSDinrevenuethisquarter,growthof4%versus3Q24.
(3)Optimizeourbusiness
Maximizingvaluecreation:Wearecommittedtodrivinglong-termshareholdervaluecreationthroughacombinationofprofitablegrowthanddisciplinedcapitalallocationchoices.Giventheprogresswehavemadeonourdeleveragingandoursolidyear-to-datefinancialresults,theABInBevBoardofDirectorshasapproveda6billionUSDsharebuybackprogramtobeexecutedwithinthenext24months,anda0.15EURpershareinterimdividend.Wecontinuetoproactivelymanageourdebtportfolioandhaveannouncedtodaytheredemptionofapproximately2billionUSDofoutstandingbonds.
Advancingoursustainabilitypriorities:InClimateAction,ourScopes1and2emissionsperhectoliterofproductionwas4.22kgCO2e/hlin9M25,areductionof48%versusour2017baseline.InWaterStewardship,ourwateruseefficiencyratioimprovedto2.38hlperhlin9M25versus2.47hlperhlin9M24.
Deliveringreliablecompoundinggrowth
Inthefirst9monthsofthisyear,ourbusinessdeliveredanEBITDAincreaseof5.8%withmarginexpansionof138bpsandUnderlyingEPSgrowthof5.4%inUSDand11.8%inconstantcurrency.Wemadestrategicchoicesacrossrevenuemanagement,resourceallocation,andincreasedsalesandmarketinginvestmentstoleadandgrowthecategory.ThequarterlygrowthofBEESMarketplaceGMVcontinuedtoaccelerateandisnowapproaching1billionUSD.Wecontinuedtoincreaseourflexibilityforcapitalallocationchoicesandannouncedanew6billionUSDsharebuybackprogramandaninterimdividend.Ourfootprinthasstructuraltailwindsforlong-termvolumegrowthwithfavorabledemographics,ongoingeconomicdevelopmentandopportunitiestoincreasecategoryparticipationthroughinnovationinpremium,balancedchoices,andBeyondBeer.Oursolidyear-to-datefinancialperformanceandthefundamentalstrengthsofourbusinessreinforceourconfidenceinourabilitytodeliverourFY25outlookandlong-termvaluecreation.
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
3Q24
3Q25
Organic
growth
Volumes
148039
142319
(3.7
)%
Beer
128534
123757
(3.9
)%
Non-Beer
19505
18562
(2.2
)%
Revenue
15046
15133
0.9
%
Grossprofit
8366
8537
2.0
%
Grossmargin
55.6
%
56.4
%
58bps
NormalizedEBITDA
5424
5594
3.3
%
NormalizedEBITDAmargin
36.0
%
37.0
%
85bps
NormalizedEBIT
4091
4205
3.2
%
NormalizedEBITmargin
27.2
%
27.8
%
61bps
ProfitattributabletoequityholdersofABInBev
2071
1054
UnderlyingProfit
1971
1970
BasicEPS
1.03
0.53
UnderlyingEPS
0.98
0.99
9M24
9M25
Organic
growth
Volumes
433877
421934
(2.6
)%
Beer
375301
365147
(2.9
)%
Non-Beer
58575
56787
(0.7
)%
Revenue
44927
43764
1.8
%
Grossprofit
24827
24566
3.7
%
Grossmargin
55.3
%
56.1
%
104bps
NormalizedEBITDA
15712
15750
5.8
%
NormalizedEBITDAmargin
35.0
%
36.0
%
138bps
NormalizedEBIT
11638
11805
7.8
%
NormalizedEBITmargin
25.9
%
27.0
%
152bps
ProfitattributabletoequityholdersofABInBev
4635
4878
UnderlyingProfit
5291
5526
BasicEPS
2.31
2.46
UnderlyingEPS
2.64
2.78
Figure2.Volumes
inthousandhls
3Q24
Scope
Organic
3Q25
Organicgrowth
growth
Total
Beer
NorthAmerica
22764
(271
)
(597
)
21896
(2.7
)%
(4.0
)%
MiddleAmericas
37107
(51
)
(141
)
36915
(0.4
)%
(0.7
)%
SouthAmerica
39502
-
(2580
)
36922
(6.5
)%
(6.6
)%
EMEA
24039
85
25
24149
0.1
%
0.4
%
AsiaPacific
24514
-
(2213
)
22301
(9.0
)%
(9.1
)%
GlobalExportandHoldingCompanies
112
-
23
136
20.6
%
20.6
%
ABInBevWorldwide
148039
(237
)
(5483
)
142319
(3.7
)%
(3.9
)%
9M24
Scope
Organic
9M25
Organicgrowth
growth
Total
Beer
NorthAmerica
66756
(745
)
(1896
)
64115
(2.9
)%
(3.5
)%
MiddleAmericas
111179
(51
)
(310
)
110818
(0.3
)%
(0.2
)%
SouthAmerica
115818
-
(3806
)
112011
(3.3
)%
(3.9
)%
EMEA
68921
162
(10
)
69073
(0.0
)%
(0.1
)%
AsiaPacific
70958
(93
)
(5200
)
65665
(7.3
)%
(7.3
)%
GlobalExportandHoldingCompanies
244
(9
)
16
252
6.9
%
6.9
%
ABInBevWorldwide
433877
(736
)
(11207
)
421934
(2.6
)%
(2.9
)%
KeyMarketsPerformance
UnitedStates:MichelobUltranowthe#1brandintheindustry;ourportfoliocontinuestobuildmomentumandgainmarketshare
Operatingperformance:
3Q25:Revenuedeclinedby0.8%withrevenueperhlincreasingby2.0%drivenbyrevenuemanagementinitiativesandpremiumization.Sales-to-retailers(STRs)declinedby2.5%,estimatedtohaveoutperformedasoftindustry.Sales-to-wholesalers(STWs)declinedby2.7%.EBITDAincreasedby0.4%withamarginimprovementof42bps,drivenbyproductivityinitiatives,evenaswecontinuedtoincreaseourmarketinginvestmentstofuelmomentum.
9M25:Revenuedeclinedby1.2%,withrevenueperhlincreasingby1.8%.STRsdeclinedby3.1%andSTWsweredownby3.0%,andweexpectourSTRsandSTWstoconvergeonafullyearbasis.EBITDAincreasedby1.1%withamarginimprovementof80bps.
Commercialhighlights:Consistentexecutionandincreasedportfoliobrandpowerdroveourmomentumwithourbusinesscontinuingtogainmarketshareofthebeerindustryandthespirits-basedready-to-drinkcategory,accordingtoCircana.OurbeerperformancewasledbyMichelobUltra,the#1volumesharegainerandnowtheleadingbrandbyvolumeintheindustryyear-to-date,andBuschLight,whichcontinuedtobethe#2volumesharegainerintheindustry.Wearetheleadersinno-alcoholbeer,withourportfoliogrowingrevenuebydouble-digits,ledbyMichelobUltraZerowhichisthefastestgrowingno-alcoholbeerbrandintheindustryyear-to-date.InBeyondBeer,ourportfoliomomentumaccelerated,withrevenuegrowthinthemid-forties,ledbyCutwaterwhichgrewrevenueinthetripledigitsandwasthe#1sharegainingbrandinthetotalspiritsindustryinAugustandSeptember.
Mexico:Continuedtop-linegrowthdrivenbydisciplinedrevenuemanagement
Operatingperformance:
3Q25:Revenueincreasedbylow-singledigits,withmid-singledigitrevenueperhlgrowthdrivenbyrevenuemanagementinitiatives.Volumesdecreasedbylow-singledigits,underperformingtheindustrywhichwasnegativelyimpactedbyasoftconsumerenvironmentandunseasonableweather.Ourvolumesimprovedsequentiallythroughthequarter,bothreturningtogrowthandgainingmarketshareinAugustandSeptember.DisciplinedrevenuemanagementchoicesandproductivityinitiativespartiallyoffsettransactionalFXheadwindstodeliverslightEBITDAgrowth.
9M25:Revenuegrewbymid-singledigitswithrevenueperhlgrowthofmid-singledigitsandflattishvolumes,in-linewiththeindustry.EBITDAgrewbymid-singledigitswithmarginexpansion.
Commercialhighlights:Ourperformancewasledbyourabovecorebeerportfolio,whichgrewrevenuebylow-singledigitsdrivenbyModeloandPacifico.Weareleadingthegrowthinno-alcoholbeer,withCoronaCerogrowingvolumebystrongdouble-digitsandModeloCero,aninnovationlaunchearlierthisyear,alreadythe#4no-alcoholbeerintheindustry.Wecontinuetoprogressourdigitalinitiatives,withBEESMarketplacegrowingGMVby26%versus3Q24andourdigitalDTCplatform,TaDaDelivery,fulfilling3.2millionordersyear-to-date,a5%increaseversus9M24.
Colombia:Recordhighvolumedrovedouble-digittop-lineandmid-singledigitbottom-linegrowth
Operatingperformance:
3Q25:Revenueincreasedbylow-teenswithhigh-singledigitrevenueperhlgrowth,drivenbyrevenuemanagementinitiatives.Volumesgrewbylow-singledigits,withourportfolioestimatedtohavegainedshareofalcoholbeverages.EBITDAgrewbymid-singledigits.
9M25:Revenuegrewbyhigh-singledigitswithhigh-singledigitrevenueperhlgrowth.Volumesincreasedbylow-singledigits.EBITDAgrewbyhigh-singledigitswithmarginexpansion.
Commercialhighlights:Thebeerindustrycontinuedtogrowandgainshareofalcoholbeveragesthisquarteraccordingtoourestimates.Ourpremiumandsuperpremiumbrandsledourperformance,deliveringmid-teensvolumegrowthanddrivingrecordhighthirdquartervolumes.Ourmainstreambeerportfoliocontinuedtogrow,deliveringlow-singledigitvolumegrowth.
Brazil:MarketsharegainanddisciplinedrevenueandcostmanagementoffsetasoftindustrytodeliverflatEBITDAwithmarginexpansion
Operatingperformance:
3Q25:Revenuedeclinedby1.9%withrevenueperhlgrowthof6.5%drivenbyrevenuemanagementinitiativesandpremiumization.Totalvolumesdeclinedby7.9%,withbeervolumedecreasingby7.7%,estimatedtohaveoutperformedasoftindustry,andnon-beervolumesdecreasingby8.5%,withbothindustriesimpactedbyunseasonableweatherandasoftconsumerenvironment.EBITDAincreasedby0.1%withmarginexpansionof68bpsasdisciplinedrevenuemanagementchoicesandproductivityinitiativesmorethanoffsettransactionalFXheadwinds.
9M25:Revenuegrewby0.4%withrevenueperhlgrowthof4.9%.Totalvolumesdeclinedby4.3%withbeervolumesdecliningby5.3%andnon-beervolumesdecliningby1.6%.EBITDAincreasedby6.5%withmarginexpansionof195bps.
Commercialhighlights:Ourpremiumandsuperpremiumbeerbrandsledourperformance,deliveringmid-teensvolumegrowthandgainingshareofthesegmenttonowbethe#1premiumbrewerintheindustryyear-to-date,accordingtoNielsen.Themarketsharetrendofourmainstreamportfolioimprovedsequentiallythroughthequarter,howevervolumeswerenegativelyimpactedbyasoftindustry.Ourportfolioofbalancedchoicesdroveincrementalgrowthwithvolumesofourno-alcoholbeerbrandsincreasingbylow-twentiesandStellaArtoisGlutenFreemorethandoubling.Innon-beer,ourlow-andno-sugarportfoliocontinuedtooutperform,deliveringlow-twentiesvolumegrowth.Wecontinuetoprogressourdigitalinitiatives,withBEESMarketplacegrowingGMVby88%versus3Q24,andourdigitalDTCplatform,ZéDelivery,reaching5.4millionmonthlyactiveusers.
Europe:Continuedmarketsharegainsandpremiumizationdroveflattishvolumesandmarginrecovery
Operatingperformance:
3Q25:Revenuedeclinedbylow-singledigitswithflattishrevenueperhl.Volumeswereflattish,estimatedtohaveoutperformedasoftindustryin5ofour6keymarkets.EBITDAgrewbylow-singledigitswithmarginrecovery.
9M25:Revenuedeclinedbylow-singledigitswithslightrevenueperhlgrowthdrivenbycontinuedpremiumization.Volumedeclinedbylow-singledigits,estimatedtohavegainedormaintainedmarketshareinall6ofourkeymarkets.EBITDAgrewbymid-singledigitswithmarginrecovery.
Commercialhighlights:Marketsharegainsandthecontinuedpremiumizationofourportfoliodroveflattishvolumes,withourpremiumandsuperpremiumbrandsmakingupapproximately60%ofour3Q25revenue.Ourperformancethisquarterwasdrivenbyourmegabrands,ledbyCorona,whichdelivereddouble-digitvolumegrowth,andStellaArtois,whicheffectivelyactivatedthePerfectServecampaignattheWimbledontennistournament.Themomentumofourno-alcoholbeerportfoliocontinued,ledbyCoronaCerowithmid-twentiesvolumegrowth,successfullycompoundingonthetripledigitgrowthin3Q24followingtheOlympicGames.
SouthAfrica:Continuedmomentumdeliveredmid-singledigittop-lineandhigh-singledigitbottom-linegrowth
Operatingperformance:
3Q25:Revenueincreasedbymid-singledigitswithslightrevenueperhlgrowth.Volumesgrewbymid-singledigits,supportedbyshipmentphasingaheadofourOctoberpriceincrease,andestimatedtohavemaintainedshareofbeerandgainedshareofBeyondBeer.EBITDAgrewbyhigh-singledigitswithmarginexpansion.
9M25:Revenueincreasedbymid-singledigitswithrevenueperhlgrowthoflow-singledigits.Volumesgrewbylow-singledigits,estimatedtohavegainedshareinbothbeerandBeyondBeer.EBITDAgrewbymid-singledigitswithmarginexpansion.
Commercialhighlights:Thebeerindustrycontinuedtogrowandgainshareofalcoholbeveragesthisquarteraccordingtoourestimates.Ourperformancewasledbyourcorebrands,whichgrewvolumesbyhigh-singledigitsdrivenbyCarlingBlackLabel.Themomentumofourpremiumandsuperpremiumbeerportfoliocontinued,withrevenuegrowthofmid-singledigitsledbyStellaArtois.InBeyondBeer,ourportfoliogrewvolumesbymid-teensledbyFlyingFish,BrutalFruitandRedd’s.
China:Top-andbottom-linedeclined,impactedbyvolumeperformance
Operatingperformance:
3Q25:Volumesdeclinedby11.4%,underperformingtheindustryaccordingtoourestimates,withourperformanceimpactedbycontinuedweaknessinourkeyregionsandchannelsandinventorymanagement.Revenueperhldeclinedby4.3%,impactedbyincreasedinvestmentstoexpandourin-homepresenceandnegativebrandmix,resultinginarevenuedeclineof15.2%.EBITDAdeclinedby16.9%asproductivityinitiativespartiallyoffsettheimpactofoperationaldeleverage.
9M25:Revenuedeclinedby11.3%withrevenueperhldecliningby2.2%andvolumesdecreasingby9.3%.EBITDAdeclinedby11.8%.
Commercialhighlights:Industryvolumeswereestimatedtohavedeclinedbylow-singledigitsversus3Q24,withagrowingin-homechanneloutweighedbyasofton-premise.Ourtopprioritiesaretorebuildmomentumandreignitegrowth.Toachievethis,weareinvestinginourportfolio,innovationandmegaplatformactivations,enhancingourroutetomarketinthein-homechannel,andexpandingourfootprintthroughtargetedgeographicexpansion.Aswemoveforward,ourinnovationswillincludethenationalrolloutofBudweiserMagnumandlaunchofnewpackagesforBudweiserandCoronasuchasthe1litercanandafull-openlidcantobringtheiconiclimeritualintothein-homeoccasion.
Highlightsfromourothermarkets
Canada:Revenuewasflattishthisquarterwithlow-singledigitrevenueperhlgrowth.OurvolumesoutperformedtheindustryinbothbeerandBeyondBeeraccordingtoourestimates,decliningbylow-singledigits.OurbeerperformancewasledbyMichelobUltra,BuschandCoronawhichwerethreeofthetopfivevolumesharegainersintheindustry.InBeyondBeer,ourmarketsharegainswereledbyCutwaterandMike’sHardLemonade.
Peru:Revenuegrewbymid-singledigitsin3Q25withmid-singledigitrevenueperhlgrowth,drivenbyrevenuemanagementinitiatives.Volumesgrewbylow-singledigits,withourperformanceledbyourabovecorebeerandnon-beerportfolioswhichbothgrewvolumesintheteens.
Ecuador:Revenuegrewbylow-teensin3Q25withvolumesincreasingbyhigh-singledigits,cyclingasoftindustryin3Q24.Growthwasledbyourabovecorebeerbrandswhichincreasedvolumebystrongdouble-digits.
Argentina:Volumedeclinedbylow-singledigitsin3Q25,asoverallconsumerdemandcontinuedtobeimpactedbyinflationarypressures.Since1Q24,thedefinitionoforganicrevenuegrowthinArgentinahasbeenamendedtocapthepricegrowthtoamaximumof2%permonth.Revenuegrewbyhigh-singledigitsonthisbasis.
AfricaexcludingSouthAfrica:InNigeria,revenuegrewbymid-singledigitsin3Q25,drivenbyrevenuemanagementinitiativesinahighlyinflationaryenvironment.Beervolumesdeclinedbylow-twenties,estimatedtohaveunderperformedtheindustrywhichwasimpactedbyasoftconsumerenvironment.InourothermarketsinAfrica,revenuegrewinaggregatebylow-teensandvolumeswereflattishaswecycledastrongperformancein3Q24.
SouthKorea:Revenueincreasedbymid-singledigitsin3Q25withmid-singledigitrevenueperhlgrowthdrivenbyrevenuemanagementinitiatives.Volumeswereflattish,estimatedtohaveoutperformedtheindustryinboththeon-premiseandin-homechannels,withtop-lineperformanceledbyourmegabrandCass.
ConsolidatedIncomeStatement
Figure3.Consolidatedincomestatement
inUSDMio
3Q24
3Q25
Organic
growth
Revenue
15046
15133
0.9
%
Costofsales
(6680
)
(6596
)
0.4
%
Grossprofit
8366
8537
2.0
%
SG&A
(4490
)
(4535
)
(0.5
)%
Otheroperatingincome/(expenses)
215
203
(5.4
)%
NormalizedEBIT
4091
4205
3.2
%
Non-underlyingitemsaboveEBIT
(125
)
55
Netfinanceincome/(expense)
(1043
)
(1165
)
Non-underlyingnetfinanceincome/(expense)
236
(947
)
Shareofresultsofassociates
89
110
Non-underlyingshareofresultsofassociates
-
-
Incometaxexpense
(758
)
(726
)
Profit
2489
1532
Profitattributabletonon-controllinginterest
418
478
ProfitattributabletoequityholdersofABInBev
2071
1054
NormalizedEBITDA
5424
5594
3.3
%
UnderlyingProfit
1971
1970
9M24
9M25
Organic
growth
Revenue
44927
43764
1.8
%
Costofsales
(20100
)
(19198
)
0.6
%
Grossprofit
24827
24566
3.7
%
SG&A
(13738
)
(13347
)
(0.6
)%
Otheroperatingincome/(expenses)
548
585
10.7
%
NormalizedEBIT
11638
11805
7.8
%
Non-underlyingitemsaboveEBIT
(244
)
(39
)
Netfinanceincome/(expense)
(3400
)
(3210
)
Non-underlyingnetfinanceincome/(expense)
(294
)
(580
)
Shareofresultsofassociates
226
246
Non-underlyingshareofresultsofassociates
104
9
Incometaxexpense
(2304
)
(2130
)
Profit
5725
6100
Profitattributabletonon-controllinginterest
1090
1222
ProfitattributabletoequityholdersofABInBev
4635
4878
NormalizedEBITDA
15712
15750
5.8
%
UnderlyingProfit
5291
5526
Non-underlyingitemsaboveEBIT&Non-underlyingshareofresultsofassociates
Figure4.Non-underlyingitemsaboveEBIT&Non-underlyingshareofresultsofassociates
inUSDMio
3Q24
3Q25
9M24
9M25
Restructuring
(38
)
(20
)
(97
)
(68
)
Businessandassetdisposal(incl.impairmentlosses)
(87
)
94
(147
)
47
Claimsandlegalcosts
-
(18
)
-
(18
)
Non-underlyingitemsinEBIT
(125
)
55
(244
)
(39
)
Non-underlyingshareofresultsofassociates
-
-
104
9
NormalizedEBITexcludespositivenon-underlyingitemsof55millionUSDin3Q25,mainlycomprisingofagainof96mUSdollarrecognizeduponthedisposalofassetsheldforsaleinBarbadosandotherCaribbeanislandsandexcludesnegativenon-underlyingitemsof39millionUSDin9M25.Non-underlyingshareofresultsfromassociatesof9M24includedtheimpactfromourassociateAnadoluEfes’adoptionofIAS29hyperinflationaccountingontheir2023results.
Netfinanceincome/(expense)
Figure5.Netfinanceincome/(expense)
inUSDMio
3Q24
3Q25
9M24
9M25
Netinterestexpense
(685
)
(675
)
(2084
)
(1959
)
Accretionexpenseandinterestonpensions
(185
)
(228
)
(612
)
(580
)
Otherfinancialresults
(173
)
(262
)
(704
)
(672
)
Netfinanceincome/(expense)
(1043
)
(1165
)
(3400
)
(3210
)
Non-underlyingnetfinanceincome/(expense)
Figure6.Non-underlyingnetfinanceincome/(expense)
inUSDMio
3Q24
3Q25
9M24
9M25
Mark-to-market
236
(947
)
(271
)
(608
)
Gain/(loss)onbondredemptionandother
-
-
(23
)
29
Non-underlyingnetfinanceincome/(expense)
236
(947
)
(294
)
(580
)
Non-underlyingnetfinanceexpensein3Q25and9M25includesmark-to-marketlossesonderivativeinstrumentsenteredintoinordertohedgeourshare-basedpaymentprogramsandsharesissuedinrelationtothecombinationwithGrupoModeloandSAB.
Thenumberofsharescoveredbythehedgingofourshare-basedpaymentprogram,thedeferredshareinstrumentandtherestrictedsharesareshownbelow,togetherwiththeopeningandclosingshareprices.
Figure7.Non-underlyingequityderivativeinstruments
3Q24
3Q25
9M24
9M25
Sharepriceatthestartoftheperiod(Euro)
54.12
58.24
58.42
48.25
Sharepriceattheendoftheperiod(Euro)
59.38
50.80
59.38
50.80
Numberofequityderivativeinstrumentsattheendoftheperiod(inmillion)
100.5
100.5
100.5
100.5
Incometaxexpense
Figure8.Incometaxexpense
inUSDMio
3Q24
3Q25
9M24
9M25
Incometaxexpense
758
726
2304
2130
Effectivetaxrate
24.0%
33.8%
29.9%
26.7%
Normalizedeffectivetaxrate
25.5%
25.1%
26.6%
25.4%
The9M24,3Q25and9M25effectivetaxrateswerenegativelyimpactedbynon-deductiblelossesfromderivativesrelatedtothehedgingofshare-basedpaymentprogramsandofthesharesissuedinatransactionrelatedtothecombinationswithGrupoModeloandSAB,whilethe3Q24effectivetaxratewaspositivelyimpactedbynon-taxablegainsfromthesederivatives.Furthermore,the9M25effectivetaxrateincluded56millionUSDofnon-underlyingtaxincome,mainlyreflecting66mUSdollarinincomeresultingfromtherenegotiationofthetermsofthe2017BrazilianFederalTaxRegularizationProgram.The9M24effectivetaxrateincluded114millionUSDofnon-underlyingtaxexpense.
ThedecreaseinNormalizedETRin3Q25and9M25comparedto3Q24and9M24wasmainlydrivenbycountrymix.
UnderlyingEPS
Figure9.UnderlyingEPS
inUSDpershare,exceptnumberofsharesinmillion
3Q24
3Q25
9M24
9M25
NormalizedEBITDA
2.71
2.82
7.84
7.93
Depreciation,amortizationandimpairment
(0.67
)
(0.70
)
(2.03
)
(1.99
)
NormalizedEBIT
2.04
2.12
5.81
5.94
Netfinanceincome/(expense)
(0.52
)
(0.59
)
(1.70
)
(1.62
)
Incometaxexpense
(0.39
)
(0.38
)
(1.09
)
(1.10
)
Associates&non-controllinginterests
(0.17
)
(0.16
)
(0.43
)
(0.47
)
Hyperinflationimpacts
0.02
0.01
0.06
0.03
UnderlyingEPS
0.98
0.99
2.64
2.78
Weightedaveragenumberofordinaryandrestrictedshares
2004
1986
2004
1986
ReconciliationofIFRSandNon-IFRSFinancialMeasures
ProfitattributabletoequityholdersandUnderlyingProfit
Figure10.UnderlyingProfit
inUSDMio
3Q24
3Q25
9M24
9M25
ProfitattributabletoequityholdersofABInBev
2071
1054
4635
4878
Netimpactofnon-underlyingitemsonprofit
(133
)
898
542
593
Hyperinflationimpacts
33
18
114
54
UnderlyingProfit
1971
1970
5291
5526
BasicandUnderlyingEPS
Figure11.BasicandUnderlyingEPS
inUSDpershare,exceptnumberofsharesinmillion
3Q24
3Q25
9M24
9M25
BasicEPS
1.03
0.53
2.31
2.46
Netimpactofnon-underlyingitems
(0.07
)
0.45
0.27
0.30
Hyperinflationimpacts
0.02
0.01
0.06
0.03
UnderlyingEPS
0.98
0.99
2.64
2.78
FXtranslationimpact
-
-
-
0.17
UnderlyingEPSinconstantcurrency
0.98
0.99
2.64
2.95
Weightedaveragenumberofordinaryandrestrictedshares
2004
1986
2004
1986
ProfitattributabletoequityholdersandNormalizedEBITDA
Figure12.ReconciliationofNormalizedEBITDAtoProfitattributabletoequityholdersofABInBev
inUSDMio
3Q24
3Q25
9M24
9M25
ProfitattributabletoequityholdersofABInBev
2071
1054
4635
4878
Non-controllinginterests
418
478
1090
1222
Profit
2489
1532
5725
6100
Incometaxexpense
758
726
2304
2130
Shareofresultofassociates
(89
)
(110
)
(226
)
(246
)
Non-underlyingshareofresultsofassociates
-
-
(104
)
(9
)
Netfinance(income)/expense
1043
1165
3400
3210
Non-underlyingnetfinance(income)/expense
(236
)
947
294
580
Non-underlyingitemsaboveEBIT(incl.impairmentlosses)
125
(55
)
244
39
NormalizedEBIT
4091
4205
11638
11805
Depreciation,amortizationandimpairment
1333
1390
4074
3945
NormalizedEBITDA
5424
5594
15712
15750
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.
Interim2025dividend
TheABInBevBoardofDirectorshasapprovedaninterimdividendof0.15EURpershareforthefiscalyear2025.InlinewiththeCompany’sfinancialdisciplineanddeleveragingobjectives,theinterimdividendbalancestheCompany’scapitalallocationprioritiesanddividendpolicywhilereturningcashtoshareholders.Atimelineshowingtheex-dividend,recordandpaymentdatescanbefoundbelow:
Interimdividendtimeline
Ex-dividenddate
RecordDate
Paymentdate
Euronext
18November2025
19November2025
20November2025
MEXBOL
18November2025
19November2025
20November2025
JSE
17November2025
19November2025
20November2025
NYSE(ADRprogram)
19November2025
19November2025
17December2025
RestrictedShares
18November2025
19November2025
20November2025
RecentEvents
Announcementof6BillionUSDsharebuybackprogramtobeexecutedwithinthenext24months
On29October2025,theABInBevBoardofDirectorsapproveda6billionUSDsharebuybackprogramtobeexecutedwithinthenext24months1.BasedontheclosingpriceofABInBev’sordinarysharesontheEuronextBrusselson29October,thisamountrepresentedapproximately97.3millionshares.Suchnumberofshareswillfluctuatedependingonsharepricemovements.Thesharebuybackprogramwillbeimplementedinaccordancewithindustrybestpracticesandincompliancewiththeapplicablebuybackrulesandregulations.Tothisend,anindependentfinancialintermediarywillbeappointedtorepurchaseonthebasisofadiscretionarymandate.Theprecisetimingoftherepurchaseofsharespursuanttotheprogramwilldependonavarietyoffactorsincludingmarketconditions.Duringthesharebuybackprogram,thecompanywillregularlypublishpressreleaseswithupdatesontheprogressmade(ifany)asrequiredbylaw.Thisinformationwillalsobeavailableontheinvestorrelationspagesofourwebsiteunderthereturnofcapitalprogramsection(https://www.ab-inbev.com/investors/share-information/return-of-capital-program).Ourcurrentintentionistoholdthesharesacquiredastreasurysharestofulfilfuturesharedeliverycommitmentsunderthestockownershipplansand/or,subjecttoapprovalbytheGeneralMeetingofShareholderstobeheldon29April2026,tocancelthesharesthroughacapitalreduction.TheprogramwillbeexecutedunderthepowersgrantedattheGeneralMeetingofShareholderson28April2021toberenewed,subjecttoapproval,bytheGeneralMeetingofShareholdersof29April2026.
Announcementof2BillionUSDbondredemption
On30October2025,thecompanyannouncedtheredemptionofapproximately2billionUSDofoutstandingbonds.Additionaldetailswillbeprovidedinthepressreleasesectionofourwebsiteathttps://www.ab-inbev.com/news-media/press-releases/.
1Repurchasesafter31May2026,ifany,willbesubjecttorenewalofthesharebuy-backpowersbytheCompany’sGeneralMeetingofShareholderstobeheldon29April2026.
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.In3Q25,wereportedanegativeimpactfromhyperinflationaccountingontheprofitattributabletoequityholdersofABInBevof(18)millionUSD.Theimpactin3Q25BasicEPSwas(0.01)USD.Valuesinthefiguresandannexesmaynotaddup,duetorounding.3Q25and9M25EPSisbaseduponaweightedaverageof1986millionsharescomparedtoaweightedaverageof2004millionsharesfor3Q24and9M24.
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.Theninemonths2025(9M25)financialdatasetoutinFigure1(exceptforthevolumeinformation),Figures3to6,8,10and12ofthispressreleasehavebeenextractedfromthegroup’sunauditedcondensedconsolidatedinterimfinancialstatementsasofandforthenine-monthperiodended30September2025,whichhavebeenreviewedbyourstatutoryauditorsPwCBedrijfsrevisorenBV/Réviseursd’EntreprisesSRLinaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard(UnitedStates).Thethirdquarter2025(3Q25)financialdatasetoutinFigure1(exceptforthevolumeinformation),Figures3to6,8,10and12,andthefinancialdataincludedinFigures7,9and11ofthispressreleasehavebeenextractedfromtheunderlyingaccountingrecordsasofandforthenine-monthperiodended30September2025.Referencesinthisdocumenttomaterialsonourwebsites,suchaswww.ab-inbev.com,areincludedasanaidtotheirlocationandarenotincorporatedbyreferenceintothisdocument.
Conferencecallandwebcast
InvestorConferencecallandwebcastonThursday,30October2025:
2.00pmBrussels/1.00pmLondon/9.00amNewYork
Registrationdetails:
Webcast(listen-onlymode):
ABInBev3Q25ResultsWebcast
Tojoinbyphone,pleaseuseoneofthefollowingtwophonenumbers:
Toll-Free:+1-877-407-8029
Toll:+1-201-689-8029
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(3Q)
ABInBevWorldwide
3Q24
Scope
Currency
Translation
Organic
Growth
3Q25
Organic
Growth
Volumes
148039
(237
)
-
(5483
)
142319
(3.7
)%
Revenue
15046
(59
)
9
136
15133
0.9
%
Costofsales
(6680
)
34
23
28
(6596
)
0.4
%
Grossprofit
8366
(25
)
32
164
8537
2.0
%
SG&A
(4490
)
(16
)
(6
)
(23
)
(4535
)
(0.5
)%
Otheroperatingincome/(expenses)
215
(8
)
7
(11
)
203
(5.4
)%
NormalizedEBIT
4091
(49
)
33
129
4205
3.2
%
NormalizedEBITDA
5424
(51
)
45
177
5594
3.3
%
NormalizedEBITDAmargin
36.0
%
37.0
%
85bps
NorthAmerica
3Q24
Scope
Currency
Translation
Organic
Growth
3Q25
Organic
Growth
Volumes
22764
(271
)
-
(597
)
21896
(2.7
)%
Revenue
3867
(74
)
(2
)
(26
)
3765
(0.7
)%
Costofsales
(1602
)
56
1
45
(1500
)
2.9
%
Grossprofit
2265
(18
)
(2
)
19
2264
0.8
%
SG&A
(1094
)
(20
)
0
(7
)
(1121
)
(0.6
)%
Otheroperatingincome/(expenses)
8
-
0
(5
)
3
(68.9
)%
NormalizedEBIT
1179
(39
)
(1
)
7
1146
0.6
%
NormalizedEBITDA
1358
(39
)
(1
)
5
1323
0.4
%
NormalizedEBITDAmargin
35.1
%
35.1
%
37bps
MiddleAmericas
3Q24
Scope
Currency
Translation
Organic
Growth
3Q25
Organic
Growth
Volumes
37107
(51
)
-
(141
)
36915
(0.4
)%
Revenue
4103
6
41
174
4325
4.2
%
Costofsales
(1462
)
(2
)
(10
)
(53
)
(1527
)
(3.6
)%
Grossprofit
2641
4
31
121
2797
4.6
%
SG&A
(936
)
(27
)
(13
)
16
(960
)
1.7
%
Otheroperatingincome/(expenses)
3
(0
)
0
(2
)
1
(85.8
)%
NormalizedEBIT
1707
(23
)
18
136
1838
8.0
%
NormalizedEBITDA
2068
(25
)
21
106
2170
5.2
%
NormalizedEBITDAmargin
50.4
%
50.2
%
45bps
SouthAmerica
3Q24
Scope
Currency
Translation
Organic
Growth
3Q25
Organic
Growth
Volumes
39502
-
-
(2580
)
36922
(6.5
)%
Revenue
2932
(54
)
(136
)
59
2802
2.0
%
Costofsales
(1502
)
29
87
(26
)
(1413
)
(1.8
)%
Grossprofit
1430
(25
)
(49
)
33
1389
2.3
%
SG&A
(870
)
10
48
(28
)
(841
)
(3.2
)%
Otheroperatingincome/(expenses)
104
(12
)
3
4
100
4.8
%
NormalizedEBIT
664
(26
)
2
9
648
1.4
%
NormalizedEBITDA
908
(24
)
(6
)
3
881
0.4
%
NormalizedEBITDAmargin
31.0
%
31.5
%
(48)bps
EMEA
3Q24
Scope
Currency
Translation
Organic
Growth
3Q25
Organic
Growth
Volumes
24039
85
-
25
24149
0.1
%
Revenue
2351
(8
)
111
70
2524
3.0
%
Costofsales
(1188
)
6
(57
)
(5
)
(1244
)
(0.4
)%
Grossprofit
1163
(2
)
54
65
1280
5.7
%
SG&A
(689
)
(17
)
(35
)
(20
)
(760
)
(2.9
)%
Otheroperatingincome/(expenses)
47
4
3
4
59
8.7
%
NormalizedEBIT
521
(15
)
22
50
579
9.9
%
NormalizedEBITDA
780
(15
)
35
58
859
7.6
%
NormalizedEBITDAmargin
33.2
%
34.0
%
148bps
AsiaPacific
3Q24
Scope
Currency
Translation
Organic
Growth
3Q25
Organic
Growth
Volumes
24514
-
-
(2213
)
22301
(9.0
)%
Revenue
1691
0
(6
)
(153
)
1533
(9.0
)%
Costofsales
(797
)
(8
)
3
84
(718
)
10.4
%
Grossprofit
894
(8
)
(2
)
(69
)
814
(7.8
)%
SG&A
(580
)
(10
)
2
43
(546
)
7.2
%
Otheroperatingincome/(expenses)
27
-
-
6
32
20.8
%
NormalizedEBIT
340
(18
)
(0
)
(21
)
300
(6.4
)%
NormalizedEBITDA
503
(18
)
(1
)
(32
)
452
(6.6
)%
NormalizedEBITDAmargin
29.8
%
29.5
%
77bps
GlobalExportandHoldingCompanies
3Q24
Scope
Currency
Translation
Organic
Growth
3Q25
Organic
Growth
Volumes
112
-
-
23
136
20.6
%
Revenue
102
71
1
12
185
11.4
%
Costofsales
(129
)
(47
)
(1
)
(17
)
(194
)
(13.3
)%
Grossprofit
(27
)
24
0
(5
)
(8
)
(20.8
)%
SG&A
(320
)
49
(8
)
(27
)
(307
)
(10.4
)%
Otheroperatingincome/(expenses)
26
0
0
(18
)
8
(68.4
)%
NormalizedEBIT
(321
)
72
(7
)
(51
)
(306
)
(19.4
)%
NormalizedEBITDA
(194
)
70
(3
)
36
(91
)
26.6
%
Annex2:Segmentreporting(9M)
ABInBevWorldwide
9M24
Scope
CurrencyTranslation
OrganicGrowth
9M25
OrganicGrowth
Volumes
433877
(736
)
-
(11207
)
421934
(2.6
)%
Revenue
44927
(190
)
(1777
)
805
43764
1.8
%
Costofsales
(20100
)
(5
)
793
114
(19198
)
0.6
%
Grossprofit
24827
(196
)
(984
)
919
24566
3.7
%
SG&A
(13738
)
(35
)
504
(78
)
(13347
)
(0.6
)%
Otheroperatingincome/(expenses)
548
5
(26
)
57
585
10.7
%
NormalizedEBIT
11638
(225
)
(505
)
898
11805
7.8
%
NormalizedEBITDA
15712
(225
)
(647
)
909
15750
5.8
%
NormalizedEBITDAmargin
35.0
%
36.0
%
138bps
NorthAmerica
9M24
Scope
CurrencyTranslation
OrganicGrowth
9M25
OrganicGrowth
Volumes
66756
(745
)
-
(1896
)
64115
(2.9
)%
Revenue
11324
(200
)
(40
)
(111
)
10973
(1.0
)%
Costofsales
(4752
)
147
14
144
(4447
)
3.2
%
Grossprofit
6572
(53
)
(27
)
33
6525
0.5
%
SG&A
(3280
)
(29
)
14
(0
)
(3295
)
(0.0
)%
Otheroperatingincome/(expenses)
(1
)
-
1
25
26
-
NormalizedEBIT
3291
(82
)
(11
)
58
3256
1.8
%
NormalizedEBITDA
3822
(82
)
(14
)
55
3781
1.5
%
NormalizedEBITDAmargin
33.8
%
34.5
%
84bps
MiddleAmericas
9M24
Scope
CurrencyTranslation
OrganicGrowth
9M25
OrganicGrowth
Volumes
111179
(51
)
-
(310
)
110818
(0.3
)%
Revenue
12677
(19
)
(758
)
549
12449
4.3
%
Costofsales
(4641
)
(32
)
263
17
(4393
)
0.4
%
Grossprofit
8036
(51
)
(495
)
566
8055
7.1
%
SG&A
(3002
)
(11
)
179
(26
)
(2858
)
(0.9
)%
Otheroperatingincome/(expenses)
26
(0
)
(1
)
(10
)
15
(36.8
)%
NormalizedEBIT
5060
(61
)
(317
)
530
5212
10.6
%
NormalizedEBITDA
6172
(63
)
(383
)
451
6177
7.4
%
NormalizedEBITDAmargin
48.7
%
49.6
%
140bps
SouthAmerica
9M24
Scope
CurrencyTranslation
OrganicGrowth
9M25
OrganicGrowth
Volumes
115818
-
-
(3806
)
112011
(3.3
)%
Revenue
8950
(40
)
(1036
)
435
8309
4.9
%
Costofsales
(4515
)
(70
)
548
(140
)
(4176
)
(3.1
)%
Grossprofit
4435
(110
)
(487
)
295
4132
6.7
%
SG&A
(2787
)
(16
)
335
(85
)
(2553
)
(3.0
)%
Otheroperatingincome/(expenses)
319
(9
)
(27
)
18
302
6.2
%
NormalizedEBIT
1967
(135
)
(180
)
228
1881
11.9
%
NormalizedEBITDA
2742
(131
)
(268
)
236
2580
8.8
%
NormalizedEBITDAmargin
30.6
%
31.1
%
113bps
EMEA
9M24
Scope
Currency
Translation
Organic
Growth
9M25
Organic
Growth
Volumes
68921
162
-
(10
)
69073
(0.0
)%
Revenue
6579
(7
)
127
278
6978
4.3
%
Costofsales
(3403
)
19
(62
)
(77
)
(3523
)
(2.3
)%
Grossprofit
3176
12
65
202
3454
6.4
%
SG&A
(1994
)
(54
)
(44
)
(40
)
(2131
)
(2.0
)%
Otheroperatingincome/(expenses)
126
14
4
16
159
11.1
%
NormalizedEBIT
1308
(27
)
25
177
1483
13.9
%
NormalizedEBITDA
2070
(27
)
40
200
2283
9.8
%
NormalizedEBITDAmargin
31.5
%
32.7
%
166bps
AsiaPacific
9M24
Scope
Currency
Translation
Organic
Growth
9M25
Organic
Growth
Volumes
70958
(93
)
-
(5200
)
65665
(7.3
)%
Revenue
5074
(6
)
(71
)
(356
)
4641
(7.0
)%
Costofsales
(2381
)
(17
)
32
192
(2174
)
8.0
%
Grossprofit
2694
(23
)
(39
)
(164
)
2466
(6.1
)%
SG&A
(1575
)
(13
)
23
77
(1487
)
4.9
%
Otheroperatingincome/(expenses)
82
0
(0
)
(9
)
73
(11.4
)%
NormalizedEBIT
1202
(36
)
(16
)
(96
)
1053
(8.2
)%
NormalizedEBITDA
1689
(36
)
(22
)
(123
)
1508
(7.4
)%
NormalizedEBITDAmargin
33.3
%
32.5
%
(12)bps
GlobalExportandHoldingCompanies
9M24
Scope
Currency
Translation
Organic
Growth
9M25
Organic
Growth
Volumes
244
(9
)
-
16
252
6.9
%
Revenue
323
82
1
10
416
3.5
%
Costofsales
(408
)
(51
)
(2
)
(22
)
(484
)
(5.9
)%
Grossprofit
(86
)
31
(0
)
(12
)
(68
)
(13.1
)%
SG&A
(1101
)
86
(3
)
(5
)
(1023
)
(0.5
)%
Otheroperatingincome/(expenses)
(5
)
0
(2
)
17
11
-
NormalizedEBIT
(1191
)
117
(5
)
0
(1079
)
0.0
%
NormalizedEBITDA
(784
)
114
(1
)
91
(580
)
13.2
%
BRUSSELS--(BUSINESSWIRE)--Anheuser-BuschInBev(Brussel:ABI)(BMV:ANB)(JSE:ANH)(NYSE:BUD):
Regulatedandinsideinformation1
“DrivenbythemomentumofourmegabrandsandourinnovationinbalancedchoicesandBeyondBeer,ourbusinessdeliveredcontinuedtop-andbottom-linegrowth,evenaswenavigatedadynamicconsumerenvironment.Giventheprogresswehavemadeonourdeleveragingandsolidyear-to-datefinancialresultswehaveannouncedanew6billionUSDsharebuybackprogramandaninterimdividend.”–MichelDoukeris,CEO,ABInBev
Revenue
+0.9%
Revenueincreasedby0.9%in3Q25withrevenueperhlgrowthof4.8%andby1.8%in9M25withrevenueperhlgrowthof4.5%.
Reportedrevenueincreasedby0.6%in3Q25to15133millionUSDanddecreasedby2.6%in9M25to43764millionUSD,impactedbyunfavorablecurrencytranslation.
3.0%increaseincombinedrevenuesofmegabrandsin3Q25,ledbyCorona,whichgrewby6.3%outsideofitshomemarket.
27%increaseinrevenueofno-alcoholbeerin3Q25.
66%increaseinGrossMerchandiseValue(GMV)fromsalesofthird-partyproductsthroughBEESMarketplacetoreach935millionUSDin3Q25.
Volumes
-3.7%
Volumesdeclinedby3.7%in3Q25,withbeervolumesdownby3.9%andnon-beervolumesdownby2.2%.
Volumesdeclinedby2.6%in9M25,withbeervolumesdownby2.9%andnon-beervolumesdownby0.7%.
NormalizedEBITDA
+3.3%
NormalizedEBITDAincreasedby3.3%to5594millionUSDin3Q25,withamarginexpansionof85bpsto37.0%.NormalizedEBITDAincreasedby5.8%to15750millionUSDin9M25,withamarginexpansionof138bpsto36.0%.
UnderlyingProfit
1970millionUSD
UnderlyingProfitwas1970millionUSDin3Q25comparedto1971millionUSDin3Q24andwas5526millionUSDin9M25comparedto5291millionUSDin9M24.
ReportedprofitattributabletoequityholdersofABInBevwas1054millionUSDin3Q25comparedto2071millionUSDin3Q24andwas4878millionin9M25comparedto4635millionin9M24,with3Q25and9M25bothnegativelyimpactedbynon-underlyingitems.
UnderlyingEPS
0.99USD
UnderlyingEPSincreasedby1.0%to0.99USDin3Q25,comparedto0.98USDin3Q24,andincreasedby5.4%to2.78USDin9M25,comparedto2.64USDin9M24.
Onaconstantcurrencybasis,UnderlyingEPSincreasedby0.3%in3Q25andby11.8%in9M25.
CapitalAllocation
6billionUSDsharebuyback║2billionUSDbondredemption║0.15EURinterimdividend
TheABInBevBoardofDirectorshasapproveda6billionUSDsharebuybackprogramtobeexecutedwithinthenext24monthsandthecompanyannouncedtodayabondredemptionofapproximately2billionUSDofoutstandingbonds.ForfurtherdetailspleaseseetheRecentEventssectiononpage14.Inaddition,theABInBevBoardofDirectorshasapprovedaninterimdividendof0.15EURpershareforthefiscalyear2025.Atimelineshowingtheex-dividend,recordandpaymentdatescanbefoundonpage13.
1TheenclosedinformationconstitutesinsideinformationasdefinedinRegulation(EU)No596/2014oftheEuropeanParliamentandoftheCouncilof16April2014onmarketabuse,andregulatedinformationasdefinedintheBelgianRoyalDecreeof14November2007regardingthedutiesofissuersoffinancialinstrumentswhichhavebeenadmittedfortradingonaregulatedmarket.Forimportantdisclaimersandnotesonthebasisofpreparation,pleaserefertopage15.
Managementcomments
ConsistentexecutionofourstrategydeliveredanEBITDAincreaseof3.3%withmarginexpansionandlow-singledigitUnderlyingEPSgrowth
Theconsistentexecutionofourstrategyandourdisciplinedchoicesinrevenueandcostmanagementdroveresilientfinancialperformance.Megabrandmomentum,innovationinbalancedchoicesandaccelerationofourBeyondBeerportfoliodrovecontinuedtop-andbottom-linegrowthandincreasedportfoliobrandpower.Weestimatethatwegainedormaintainedshareinthemajorityofourmarkets,includingtheUS,Brazil,SouthAfrica,SouthKorea,CanadaandEcuador.
Revenueperhlincreasedby4.8%drivingatop-lineincreaseof0.9%,withgrowthin70%ofourmarkets.Volumesdeclinedby3.7%,impactedprimarilybyperformanceinChinaandunseasonableweatherinBrazil.RevenuegrowthcombinedwithoverheadmanagementmorethanoffsettransactionalFXheadwindstodriveanEBITDAincreaseof3.3%withmarginexpansionof85bpsandUnderlyingEPSgrowthof1.0%inUSD.
Somekeyhighlightsfromourperformancethisquarterincludethefollowing:continuedmomentumofourno-alcoholbeerandBeyondBeerportfolioswhichbothgrewrevenueby27%;Coronacontinuedtoleadpremiumperformanceglobally,increasingvolumeby5.9%outsideofMexicoandgrowingbydouble-digitsin33markets;intheUS,ledbyMichelobUltra,whichisnowthe#1brandbyvolumeintheindustry,wecontinuedtogainmarketshare;andinourdigitalinitiatives,thequarterlygrowthofBEESMarketplaceGMVcontinuedtoaccelerate,growingby66%versus3Q24,andnowapproaching1billionUSD.
Progressingourstrategicpriorities
Wecontinuetoexecuteonandinvestinthreekeystrategicpillarstodeliverconsistentgrowthandlong-termvaluecreation.
(1)Leadandgrowthecategory:
Ourportfoliobrandpowergrewin3Q25drivenbyconsumer-centricinnovation,increasedmarketingeffectivenessandfocusedinvestment.Inaddition,weestimatethatwegainedormaintainedshareinthemajorityofourmarkets.
(2)Digitizeandmonetizeourecosystem:
BEESMarketplacecaptured935millionUSDinGMVfromsalesofthird-partyproducts,a66%increaseversus3Q24.OverallBEESGMVincreasedby11%versus3Q24,reaching13.3billionUSD.
(3)Optimizeourbusiness:
TheABInBevBoardofDirectorshasapprovedanew6billionUSDsharebuybackprogramtobeexecutedwithinthenext24monthsanda0.15EURpershareinterimdividend.Wecontinuetoproactivelymanageourdebtportfolioandannouncedtodaytheredemptionofapproximately2billionUSDofoutstandingbonds.
(1)Leadandgrowthecategory
Drivenbyperformanceacrosseachofthecategoryexpansionlevers,consumerparticipationwithourportfoliowasestimatedtohaveremainedstableacrossourkeymarketsin3Q25,withparticipationincreasesforourmegabrandsandno-alcoholbeerportfolio.
CoreSuperiority:Revenueofourmainstreamportfolioincreasedby0.8%in3Q25,drivenbyhigh-singledigitgrowthinColombiaandmid-singledigitgrowthinSouthAfrica.
Premiumization:IntheUS,MichelobUltra’smomentumcontinuedin3Q25,becomingthe#1brandbyvolumeintheindustryyear-to-date.Coronaledourpremiumperformanceglobally,increasingrevenueby6.3%outsideofMexico.Revenuegrowthofouroverallabovecorebeerportfoliowasflattish,constrainedbyperformanceinChina.
BalancedChoices:Growthin3Q25wasdrivenbyourno-alcoholbeerportfoliowhichdelivereda27%revenueincrease,successfullycompoundingonthemid-thirtiesrevenueincreasein3Q24followingOlympicGamesrelatedactivations.No-alcoholbeerperformancewasledbyCoronaCerowhichgrewvolumesinthelow-forties.Ouroverallbalancedchoicesportfoliooflowcarb,sugarfree,glutenfreeandno-alcoholbeerbrandsdeliveredarevenueincreaseof6.5%.
BeyondBeer:GrowthofourBeyondBeerportfolioacceleratedin3Q25,increasingrevenueby27%,ledbythetriple-digitgrowthofCutwaterintheUS.
(2)Digitizeandmonetizeourecosystem
Digitizingourrelationshipswithmorethan6millioncustomersglobally:Asof30September2025,BEESwaslivein29marketswithapproximately70%ofourrevenuescapturedthroughB2Bdigitalplatforms.In3Q25,BEEScaptured13.3billionUSDinGMV,growthof11%versus3Q24.
Monetizingourroute-to-market;approaching1billionUSDinquarterlyGMV:BEESMarketplaceGMVgrowthacceleratedin3Q25,growingby66%versus3Q24toreach935millionUSDfromsalesofthird-partyproducts.
LeadingthewayinDTCsolutions:OuromnichannelDTCecosystemofdigitalandphysicalproductsgeneratedrevenueofapproximately325millionUSDin3Q25.OurDTCmegabrands,ZéDelivery,TaDaDeliveryandPerfectDraft,generated17.9millione-commerceordersanddelivered138millionUSDinrevenuethisquarter,growthof4%versus3Q24.
(3)Optimizeourbusiness
Maximizingvaluecreation:Wearecommittedtodrivinglong-termshareholdervaluecreationthroughacombinationofprofitablegrowthanddisciplinedcapitalallocationchoices.Giventheprogresswehavemadeonourdeleveragingandoursolidyear-to-datefinancialresults,theABInBevBoardofDirectorshasapproveda6billionUSDsharebuybackprogramtobeexecutedwithinthenext24months,anda0.15EURpershareinterimdividend.Wecontinuetoproactivelymanageourdebtportfolioandhaveannouncedtodaytheredemptionofapproximately2billionUSDofoutstandingbonds.
Advancingoursustainabilitypriorities:InClimateAction,ourScopes1and2emissionsperhectoliterofproductionwas4.22kgCO2e/hlin9M25,areductionof48%versusour2017baseline.InWaterStewardship,ourwateruseefficiencyratioimprovedto2.38hlperhlin9M25versus2.47hlperhlin9M24.
Deliveringreliablecompoundinggrowth
Inthefirst9monthsofthisyear,ourbusinessdeliveredanEBITDAincreaseof5.8%withmarginexpansionof138bpsandUnderlyingEPSgrowthof5.4%inUSDand11.8%inconstantcurrency.Wemadestrategicchoicesacrossrevenuemanagement,resourceallocation,andincreasedsalesandmarketinginvestmentstoleadandgrowthecategory.ThequarterlygrowthofBEESMarketplaceGMVcontinuedtoaccelerateandisnowapproaching1billionUSD.Wecontinuedtoincreaseourflexibilityforcapitalallocationchoicesandannouncedanew6billionUSDsharebuybackprogramandaninterimdividend.Ourfootprinthasstructuraltailwindsforlong-termvolumegrowthwithfavorabledemographics,ongoingeconomicdevelopmentandopportunitiestoincreasecategoryparticipationthroughinnovationinpremium,balancedchoices,andBeyondBeer.Oursolidyear-to-datefinancialperformanceandthefundamentalstrengthsofourbusinessreinforceourconfidenceinourabilitytodeliverourFY25outlookandlong-termvaluecreation.
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
3Q24
3Q25
Organic
growth
Volumes
148039
142319
(3.7
)%
Beer
128534
123757
(3.9
)%
Non-Beer
19505
18562
(2.2
)%
Revenue
15046
15133
0.9
%
Grossprofit
8366
8537
2.0
%
Grossmargin
55.6
%
56.4
%
58bps
NormalizedEBITDA
5424
5594
3.3
%
NormalizedEBITDAmargin
36.0
%
37.0
%
85bps
NormalizedEBIT
4091
4205
3.2
%
NormalizedEBITmargin
27.2
%
27.8
%
61bps
ProfitattributabletoequityholdersofABInBev
2071
1054
UnderlyingProfit
1971
1970
BasicEPS
1.03
0.53
UnderlyingEPS
0.98
0.99
9M24
9M25
Organic
growth
Volumes
433877
421934
(2.6
)%
Beer
375301
365147
(2.9
)%
Non-Beer
58575
56787
(0.7
)%
Revenue
44927
43764
1.8
%
Grossprofit
24827
24566
3.7
%
Grossmargin
55.3
%
56.1
%
104bps
NormalizedEBITDA
15712
15750
5.8
%
NormalizedEBITDAmargin
35.0
%
36.0
%
138bps
NormalizedEBIT
11638
11805
7.8
%
NormalizedEBITmargin
25.9
%
27.0
%
152bps
ProfitattributabletoequityholdersofABInBev
4635
4878
UnderlyingProfit
5291
5526
BasicEPS
2.31
2.46
UnderlyingEPS
2.64
2.78
Figure2.Volumes
inthousandhls
3Q24
Scope
Organic
3Q25
Organicgrowth
growth
Total
Beer
NorthAmerica
22764
(271
)
(597
)
21896
(2.7
)%
(4.0
)%
MiddleAmericas
37107
(51
)
(141
)
36915
(0.4
)%
(0.7
)%
SouthAmerica
39502
-
(2580
)
36922
(6.5
)%
(6.6
)%
EMEA
24039
85
25
24149
0.1
%
0.4
%
AsiaPacific
24514
-
(2213
)
22301
(9.0
)%
(9.1
)%
GlobalExportandHoldingCompanies
112
-
23
136
20.6
%
20.6
%
ABInBevWorldwide
148039
(237
)
(5483
)
142319
(3.7
)%
(3.9
)%
9M24
Scope
Organic
9M25
Organicgrowth
growth
Total
Beer
NorthAmerica
66756
(745
)
(1896
)
64115
(2.9
)%
(3.5
)%
MiddleAmericas
111179
(51
)
(310
)
110818
(0.3
)%
(0.2
)%
SouthAmerica
115818
-
(3806
)
112011
(3.3
)%
(3.9
)%
EMEA
68921
162
(10
)
69073
(0.0
)%
(0.1
)%
AsiaPacific
70958
(93
)
(5200
)
65665
(7.3
)%
(7.3
)%
GlobalExportandHoldingCompanies
244
(9
)
16
252
6.9
%
6.9
%
ABInBevWorldwide
433877
(736
)
(11207
)
421934
(2.6
)%
(2.9
)%
KeyMarketsPerformance
UnitedStates:MichelobUltranowthe#1brandintheindustry;ourportfoliocontinuestobuildmomentumandgainmarketshare
Operatingperformance:
3Q25:Revenuedeclinedby0.8%withrevenueperhlincreasingby2.0%drivenbyrevenuemanagementinitiativesandpremiumization.Sales-to-retailers(STRs)declinedby2.5%,estimatedtohaveoutperformedasoftindustry.Sales-to-wholesalers(STWs)declinedby2.7%.EBITDAincreasedby0.4%withamarginimprovementof42bps,drivenbyproductivityinitiatives,evenaswecontinuedtoincreaseourmarketinginvestmentstofuelmomentum.
9M25:Revenuedeclinedby1.2%,withrevenueperhlincreasingby1.8%.STRsdeclinedby3.1%andSTWsweredownby3.0%,andweexpectourSTRsandSTWstoconvergeonafullyearbasis.EBITDAincreasedby1.1%withamarginimprovementof80bps.
Commercialhighlights:Consistentexecutionandincreasedportfoliobrandpowerdroveourmomentumwithourbusinesscontinuingtogainmarketshareofthebeerindustryandthespirits-basedready-to-drinkcategory,accordingtoCircana.OurbeerperformancewasledbyMichelobUltra,the#1volumesharegainerandnowtheleadingbrandbyvolumeintheindustryyear-to-date,andBuschLight,whichcontinuedtobethe#2volumesharegainerintheindustry.Wearetheleadersinno-alcoholbeer,withourportfoliogrowingrevenuebydouble-digits,ledbyMichelobUltraZerowhichisthefastestgrowingno-alcoholbeerbrandintheindustryyear-to-date.InBeyondBeer,ourportfoliomomentumaccelerated,withrevenuegrowthinthemid-forties,ledbyCutwaterwhichgrewrevenueinthetripledigitsandwasthe#1sharegainingbrandinthetotalspiritsindustryinAugustandSeptember.
Mexico:Continuedtop-linegrowthdrivenbydisciplinedrevenuemanagement
Operatingperformance:
3Q25:Revenueincreasedbylow-singledigits,withmid-singledigitrevenueperhlgrowthdrivenbyrevenuemanagementinitiatives.Volumesdecreasedbylow-singledigits,underperformingtheindustrywhichwasnegativelyimpactedbyasoftconsumerenvironmentandunseasonableweather.Ourvolumesimprovedsequentiallythroughthequarter,bothreturningtogrowthandgainingmarketshareinAugustandSeptember.DisciplinedrevenuemanagementchoicesandproductivityinitiativespartiallyoffsettransactionalFXheadwindstodeliverslightEBITDAgrowth.
9M25:Revenuegrewbymid-singledigitswithrevenueperhlgrowthofmid-singledigitsandflattishvolumes,in-linewiththeindustry.EBITDAgrewbymid-singledigitswithmarginexpansion.
Commercialhighlights:Ourperformancewasledbyourabovecorebeerportfolio,whichgrewrevenuebylow-singledigitsdrivenbyModeloandPacifico.Weareleadingthegrowthinno-alcoholbeer,withCoronaCerogrowingvolumebystrongdouble-digitsandModeloCero,aninnovationlaunchearlierthisyear,alreadythe#4no-alcoholbeerintheindustry.Wecontinuetoprogressourdigitalinitiatives,withBEESMarketplacegrowingGMVby26%versus3Q24andourdigitalDTCplatform,TaDaDelivery,fulfilling3.2millionordersyear-to-date,a5%increaseversus9M24.
Colombia:Recordhighvolumedrovedouble-digittop-lineandmid-singledigitbottom-linegrowth
Operatingperformance:
3Q25:Revenueincreasedbylow-teenswithhigh-singledigitrevenueperhlgrowth,drivenbyrevenuemanagementinitiatives.Volumesgrewbylow-singledigits,withourportfolioestimatedtohavegainedshareofalcoholbeverages.EBITDAgrewbymid-singledigits.
9M25:Revenuegrewbyhigh-singledigitswithhigh-singledigitrevenueperhlgrowth.Volumesincreasedbylow-singledigits.EBITDAgrewbyhigh-singledigitswithmarginexpansion.
Commercialhighlights:Thebeerindustrycontinuedtogrowandgainshareofalcoholbeveragesthisquarteraccordingtoourestimates.Ourpremiumandsuperpremiumbrandsledourperformance,deliveringmid-teensvolumegrowthanddrivingrecordhighthirdquartervolumes.Ourmainstreambeerportfoliocontinuedtogrow,deliveringlow-singledigitvolumegrowth.
Brazil:MarketsharegainanddisciplinedrevenueandcostmanagementoffsetasoftindustrytodeliverflatEBITDAwithmarginexpansion
Operatingperformance:
3Q25:Revenuedeclinedby1.9%withrevenueperhlgrowthof6.5%drivenbyrevenuemanagementinitiativesandpremiumization.Totalvolumesdeclinedby7.9%,withbeervolumedecreasingby7.7%,estimatedtohaveoutperformedasoftindustry,andnon-beervolumesdecreasingby8.5%,withbothindustriesimpactedbyunseasonableweatherandasoftconsumerenvironment.EBITDAincreasedby0.1%withmarginexpansionof68bpsasdisciplinedrevenuemanagementchoicesandproductivityinitiativesmorethanoffsettransactionalFXheadwinds.
9M25:Revenuegrewby0.4%withrevenueperhlgrowthof4.9%.Totalvolumesdeclinedby4.3%withbeervolumesdecliningby5.3%andnon-beervolumesdecliningby1.6%.EBITDAincreasedby6.5%withmarginexpansionof195bps.
Commercialhighlights:Ourpremiumandsuperpremiumbeerbrandsledourperformance,deliveringmid-teensvolumegrowthandgainingshareofthesegmenttonowbethe#1premiumbrewerintheindustryyear-to-date,accordingtoNielsen.Themarketsharetrendofourmainstreamportfolioimprovedsequentiallythroughthequarter,howevervolumeswerenegativelyimpactedbyasoftindustry.Ourportfolioofbalancedchoicesdroveincrementalgrowthwithvolumesofourno-alcoholbeerbrandsincreasingbylow-twentiesandStellaArtoisGlutenFreemorethandoubling.Innon-beer,ourlow-andno-sugarportfoliocontinuedtooutperform,deliveringlow-twentiesvolumegrowth.Wecontinuetoprogressourdigitalinitiatives,withBEESMarketplacegrowingGMVby88%versus3Q24,andourdigitalDTCplatform,ZéDelivery,reaching5.4millionmonthlyactiveusers.
Europe:Continuedmarketsharegainsandpremiumizationdroveflattishvolumesandmarginrecovery
Operatingperformance:
3Q25:Revenuedeclinedbylow-singledigitswithflattishrevenueperhl.Volumeswereflattish,estimatedtohaveoutperformedasoftindustryin5ofour6keymarkets.EBITDAgrewbylow-singledigitswithmarginrecovery.
9M25:Revenuedeclinedbylow-singledigitswithslightrevenueperhlgrowthdrivenbycontinuedpremiumization.Volumedeclinedbylow-singledigits,estimatedtohavegainedormaintainedmarketshareinall6ofourkeymarkets.EBITDAgrewbymid-singledigitswithmarginrecovery.
Commercialhighlights:Marketsharegainsandthecontinuedpremiumizationofourportfoliodroveflattishvolumes,withourpremiumandsuperpremiumbrandsmakingupapproximately60%ofour3Q25revenue.Ourperformancethisquarterwasdrivenbyourmegabrands,ledbyCorona,whichdelivereddouble-digitvolumegrowth,andStellaArtois,whicheffectivelyactivatedthePerfectServecampaignattheWimbledontennistournament.Themomentumofourno-alcoholbeerportfoliocontinued,ledbyCoronaCerowithmid-twentiesvolumegrowth,successfullycompoundingonthetripledigitgrowthin3Q24followingtheOlympicGames.
SouthAfrica:Continuedmomentumdeliveredmid-singledigittop-lineandhigh-singledigitbottom-linegrowth
Operatingperformance:
3Q25:Revenueincreasedbymid-singledigitswithslightrevenueperhlgrowth.Volumesgrewbymid-singledigits,supportedbyshipmentphasingaheadofourOctoberpriceincrease,andestimatedtohavemaintainedshareofbeerandgainedshareofBeyondBeer.EBITDAgrewbyhigh-singledigitswithmarginexpansion.
9M25:Revenueincreasedbymid-singledigitswithrevenueperhlgrowthoflow-singledigits.Volumesgrewbylow-singledigits,estimatedtohavegainedshareinbothbeerandBeyondBeer.EBITDAgrewbymid-singledigitswithmarginexpansion.
Commercialhighlights:Thebeerindustrycontinuedtogrowandgainshareofalcoholbeveragesthisquarteraccordingtoourestimates.Ourperformancewasledbyourcorebrands,whichgrewvolumesbyhigh-singledigitsdrivenbyCarlingBlackLabel.Themomentumofourpremiumandsuperpremiumbeerportfoliocontinued,withrevenuegrowthofmid-singledigitsledbyStellaArtois.InBeyondBeer,ourportfoliogrewvolumesbymid-teensledbyFlyingFish,BrutalFruitandRedd’s.
China:Top-andbottom-linedeclined,impactedbyvolumeperformance
Operatingperformance:
3Q25:Volumesdeclinedby11.4%,underperformingtheindustryaccordingtoourestimates,withourperformanceimpactedbycontinuedweaknessinourkeyregionsandchannelsandinventorymanagement.Revenueperhldeclinedby4.3%,impactedbyincreasedinvestmentstoexpandourin-homepresenceandnegativebrandmix,resultinginarevenuedeclineof15.2%.EBITDAdeclinedby16.9%asproductivityinitiativespartiallyoffsettheimpactofoperationaldeleverage.
9M25:Revenuedeclinedby11.3%withrevenueperhldecliningby2.2%andvolumesdecreasingby9.3%.EBITDAdeclinedby11.8%.
Commercialhighlights:Industryvolumeswereestimatedtohavedeclinedbylow-singledigitsversus3Q24,withagrowingin-homechanneloutweighedbyasofton-premise.Ourtopprioritiesaretorebuildmomentumandreignitegrowth.Toachievethis,weareinvestinginourportfolio,innovationandmegaplatformactivations,enhancingourroutetomarketinthein-homechannel,andexpandingourfootprintthroughtargetedgeographicexpansion.Aswemoveforward,ourinnovationswillincludethenationalrolloutofBudweiserMagnumandlaunchofnewpackagesforBudweiserandCoronasuchasthe1litercanandafull-openlidcantobringtheiconiclimeritualintothein-homeoccasion.
Highlightsfromourothermarkets
Canada:Revenuewasflattishthisquarterwithlow-singledigitrevenueperhlgrowth.OurvolumesoutperformedtheindustryinbothbeerandBeyondBeeraccordingtoourestimates,decliningbylow-singledigits.OurbeerperformancewasledbyMichelobUltra,BuschandCoronawhichwerethreeofthetopfivevolumesharegainersintheindustry.InBeyondBeer,ourmarketsharegainswereledbyCutwaterandMike’sHardLemonade.
Peru:Revenuegrewbymid-singledigitsin3Q25withmid-singledigitrevenueperhlgrowth,drivenbyrevenuemanagementinitiatives.Volumesgrewbylow-singledigits,withourperformanceledbyourabovecorebeerandnon-beerportfolioswhichbothgrewvolumesintheteens.
Ecuador:Revenuegrewbylow-teensin3Q25withvolumesincreasingbyhigh-singledigits,cyclingasoftindustryin3Q24.Growthwasledbyourabovecorebeerbrandswhichincreasedvolumebystrongdouble-digits.
Argentina:Volumedeclinedbylow-singledigitsin3Q25,asoverallconsumerdemandcontinuedtobeimpactedbyinflationarypressures.Since1Q24,thedefinitionoforganicrevenuegrowthinArgentinahasbeenamendedtocapthepricegrowthtoamaximumof2%permonth.Revenuegrewbyhigh-singledigitsonthisbasis.
AfricaexcludingSouthAfrica:InNigeria,revenuegrewbymid-singledigitsin3Q25,drivenbyrevenuemanagementinitiativesinahighlyinflationaryenvironment.Beervolumesdeclinedbylow-twenties,estimatedtohaveunderperformedtheindustrywhichwasimpactedbyasoftconsumerenvironment.InourothermarketsinAfrica,revenuegrewinaggregatebylow-teensandvolumeswereflattishaswecycledastrongperformancein3Q24.
SouthKorea:Revenueincreasedbymid-singledigitsin3Q25withmid-singledigitrevenueperhlgrowthdrivenbyrevenuemanagementinitiatives.Volumeswereflattish,estimatedtohaveoutperformedtheindustryinboththeon-premiseandin-homechannels,withtop-lineperformanceledbyourmegabrandCass.
ConsolidatedIncomeStatement
Figure3.Consolidatedincomestatement
inUSDMio
3Q24
3Q25
Organic
growth
Revenue
15046
15133
0.9
%
Costofsales
(6680
)
(6596
)
0.4
%
Grossprofit
8366
8537
2.0
%
SG&A
(4490
)
(4535
)
(0.5
)%
Otheroperatingincome/(expenses)
215
203
(5.4
)%
NormalizedEBIT
4091
4205
3.2
%
Non-underlyingitemsaboveEBIT
(125
)
55
Netfinanceincome/(expense)
(1043
)
(1165
)
Non-underlyingnetfinanceincome/(expense)
236
(947
)
Shareofresultsofassociates
89
110
Non-underlyingshareofresultsofassociates
-
-
Incometaxexpense
(758
)
(726
)
Profit
2489
1532
Profitattributabletonon-controllinginterest
418
478
ProfitattributabletoequityholdersofABInBev
2071
1054
NormalizedEBITDA
5424
5594
3.3
%
UnderlyingProfit
1971
1970
9M24
9M25
Organic
growth
Revenue
44927
43764
1.8
%
Costofsales
(20100
)
(19198
)
0.6
%
Grossprofit
24827
24566
3.7
%
SG&A
(13738
)
(13347
)
(0.6
)%
Otheroperatingincome/(expenses)
548
585
10.7
%
NormalizedEBIT
11638
11805
7.8
%
Non-underlyingitemsaboveEBIT
(244
)
(39
)
Netfinanceincome/(expense)
(3400
)
(3210
)
Non-underlyingnetfinanceincome/(expense)
(294
)
(580
)
Shareofresultsofassociates
226
246
Non-underlyingshareofresultsofassociates
104
9
Incometaxexpense
(2304
)
(2130
)
Profit
5725
6100
Profitattributabletonon-controllinginterest
1090
1222
ProfitattributabletoequityholdersofABInBev
4635
4878
NormalizedEBITDA
15712
15750
5.8
%
UnderlyingProfit
5291
5526
Non-underlyingitemsaboveEBIT&Non-underlyingshareofresultsofassociates
Figure4.Non-underlyingitemsaboveEBIT&Non-underlyingshareofresultsofassociates
inUSDMio
3Q24
3Q25
9M24
9M25
Restructuring
(38
)
(20
)
(97
)
(68
)
Businessandassetdisposal(incl.impairmentlosses)
(87
)
94
(147
)
47
Claimsandlegalcosts
-
(18
)
-
(18
)
Non-underlyingitemsinEBIT
(125
)
55
(244
)
(39
)
Non-underlyingshareofresultsofassociates
-
-
104
9
NormalizedEBITexcludespositivenon-underlyingitemsof55millionUSDin3Q25,mainlycomprisingofagainof96mUSdollarrecognizeduponthedisposalofassetsheldforsaleinBarbadosandotherCaribbeanislandsandexcludesnegativenon-underlyingitemsof39millionUSDin9M25.Non-underlyingshareofresultsfromassociatesof9M24includedtheimpactfromourassociateAnadoluEfes’adoptionofIAS29hyperinflationaccountingontheir2023results.
Netfinanceincome/(expense)
Figure5.Netfinanceincome/(expense)
inUSDMio
3Q24
3Q25
9M24
9M25
Netinterestexpense
(685
)
(675
)
(2084
)
(1959
)
Accretionexpenseandinterestonpensions
(185
)
(228
)
(612
)
(580
)
Otherfinancialresults
(173
)
(262
)
(704
)
(672
)
Netfinanceincome/(expense)
(1043
)
(1165
)
(3400
)
(3210
)
Non-underlyingnetfinanceincome/(expense)
Figure6.Non-underlyingnetfinanceincome/(expense)
inUSDMio
3Q24
3Q25
9M24
9M25
Mark-to-market
236
(947
)
(271
)
(608
)
Gain/(loss)onbondredemptionandother
-
-
(23
)
29
Non-underlyingnetfinanceincome/(expense)
236
(947
)
(294
)
(580
)
Non-underlyingnetfinanceexpensein3Q25and9M25includesmark-to-marketlossesonderivativeinstrumentsenteredintoinordertohedgeourshare-basedpaymentprogramsandsharesissuedinrelationtothecombinationwithGrupoModeloandSAB.
Thenumberofsharescoveredbythehedgingofourshare-basedpaymentprogram,thedeferredshareinstrumentandtherestrictedsharesareshownbelow,togetherwiththeopeningandclosingshareprices.
Figure7.Non-underlyingequityderivativeinstruments
3Q24
3Q25
9M24
9M25
Sharepriceatthestartoftheperiod(Euro)
54.12
58.24
58.42
48.25
Sharepriceattheendoftheperiod(Euro)
59.38
50.80
59.38
50.80
Numberofequityderivativeinstrumentsattheendoftheperiod(inmillion)
100.5
100.5
100.5
100.5
Incometaxexpense
Figure8.Incometaxexpense
inUSDMio
3Q24
3Q25
9M24
9M25
Incometaxexpense
758
726
2304
2130
Effectivetaxrate
24.0%
33.8%
29.9%
26.7%
Normalizedeffectivetaxrate
25.5%
25.1%
26.6%
25.4%
The9M24,3Q25and9M25effectivetaxrateswerenegativelyimpactedbynon-deductiblelossesfromderivativesrelatedtothehedgingofshare-basedpaymentprogramsandofthesharesissuedinatransactionrelatedtothecombinationswithGrupoModeloandSAB,whilethe3Q24effectivetaxratewaspositivelyimpactedbynon-taxablegainsfromthesederivatives.Furthermore,the9M25effectivetaxrateincluded56millionUSDofnon-underlyingtaxincome,mainlyreflecting66mUSdollarinincomeresultingfromtherenegotiationofthetermsofthe2017BrazilianFederalTaxRegularizationProgram.The9M24effectivetaxrateincluded114millionUSDofnon-underlyingtaxexpense.
ThedecreaseinNormalizedETRin3Q25and9M25comparedto3Q24and9M24wasmainlydrivenbycountrymix.
UnderlyingEPS
Figure9.UnderlyingEPS
inUSDpershare,exceptnumberofsharesinmillion
3Q24
3Q25
9M24
9M25
NormalizedEBITDA
2.71
2.82
7.84
7.93
Depreciation,amortizationandimpairment
(0.67
)
(0.70
)
(2.03
)
(1.99
)
NormalizedEBIT
2.04
2.12
5.81
5.94
Netfinanceincome/(expense)
(0.52
)
(0.59
)
(1.70
)
(1.62
)
Incometaxexpense
(0.39
)
(0.38
)
(1.09
)
(1.10
)
Associates&non-controllinginterests
(0.17
)
(0.16
)
(0.43
)
(0.47
)
Hyperinflationimpacts
0.02
0.01
0.06
0.03
UnderlyingEPS
0.98
0.99
2.64
2.78
Weightedaveragenumberofordinaryandrestrictedshares
2004
1986
2004
1986
ReconciliationofIFRSandNon-IFRSFinancialMeasures
ProfitattributabletoequityholdersandUnderlyingProfit
Figure10.UnderlyingProfit
inUSDMio
3Q24
3Q25
9M24
9M25
ProfitattributabletoequityholdersofABInBev
2071
1054
4635
4878
Netimpactofnon-underlyingitemsonprofit
(133
)
898
542
593
Hyperinflationimpacts
33
18
114
54
UnderlyingProfit
1971
1970
5291
5526
BasicandUnderlyingEPS
Figure11.BasicandUnderlyingEPS
inUSDpershare,exceptnumberofsharesinmillion
3Q24
3Q25
9M24
9M25
BasicEPS
1.03
0.53
2.31
2.46
Netimpactofnon-underlyingitems
(0.07
)
0.45
0.27
0.30
Hyperinflationimpacts
0.02
0.01
0.06
0.03
UnderlyingEPS
0.98
0.99
2.64
2.78
FXtranslationimpact
-
-
-
0.17
UnderlyingEPSinconstantcurrency
0.98
0.99
2.64
2.95
Weightedaveragenumberofordinaryandrestrictedshares
2004
1986
2004
1986
ProfitattributabletoequityholdersandNormalizedEBITDA
Figure12.ReconciliationofNormalizedEBITDAtoProfitattributabletoequityholdersofABInBev
inUSDMio
3Q24
3Q25
9M24
9M25
ProfitattributabletoequityholdersofABInBev
2071
1054
4635
4878
Non-controllinginterests
418
478
1090
1222
Profit
2489
1532
5725
6100
Incometaxexpense
758
726
2304
2130
Shareofresultofassociates
(89
)
(110
)
(226
)
(246
)
Non-underlyingshareofresultsofassociates
-
-
(104
)
(9
)
Netfinance(income)/expense
1043
1165
3400
3210
Non-underlyingnetfinance(income)/expense
(236
)
947
294
580
Non-underlyingitemsaboveEBIT(incl.impairmentlosses)
125
(55
)
244
39
NormalizedEBIT
4091
4205
11638
11805
Depreciation,amortizationandimpairment
1333
1390
4074
3945
NormalizedEBITDA
5424
5594
15712
15750
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.
Interim2025dividend
TheABInBevBoardofDirectorshasapprovedaninterimdividendof0.15EURpershareforthefiscalyear2025.InlinewiththeCompany’sfinancialdisciplineanddeleveragingobjectives,theinterimdividendbalancestheCompany’scapitalallocationprioritiesanddividendpolicywhilereturningcashtoshareholders.Atimelineshowingtheex-dividend,recordandpaymentdatescanbefoundbelow:
Interimdividendtimeline
Ex-dividenddate
RecordDate
Paymentdate
Euronext
18November2025
19November2025
20November2025
MEXBOL
18November2025
19November2025
20November2025
JSE
17November2025
19November2025
20November2025
NYSE(ADRprogram)
19November2025
19November2025
17December2025
RestrictedShares
18November2025
19November2025
20November2025
RecentEvents
Announcementof6BillionUSDsharebuybackprogramtobeexecutedwithinthenext24months
On29October2025,theABInBevBoardofDirectorsapproveda6billionUSDsharebuybackprogramtobeexecutedwithinthenext24months1.BasedontheclosingpriceofABInBev’sordinarysharesontheEuronextBrusselson29October,thisamountrepresentedapproximately97.3millionshares.Suchnumberofshareswillfluctuatedependingonsharepricemovements.Thesharebuybackprogramwillbeimplementedinaccordancewithindustrybestpracticesandincompliancewiththeapplicablebuybackrulesandregulations.Tothisend,anindependentfinancialintermediarywillbeappointedtorepurchaseonthebasisofadiscretionarymandate.Theprecisetimingoftherepurchaseofsharespursuanttotheprogramwilldependonavarietyoffactorsincludingmarketconditions.Duringthesharebuybackprogram,thecompanywillregularlypublishpressreleaseswithupdatesontheprogressmade(ifany)asrequiredbylaw.Thisinformationwillalsobeavailableontheinvestorrelationspagesofourwebsiteunderthereturnofcapitalprogramsection(https://www.ab-inbev.com/investors/share-information/return-of-capital-program).Ourcurrentintentionistoholdthesharesacquiredastreasurysharestofulfilfuturesharedeliverycommitmentsunderthestockownershipplansand/or,subjecttoapprovalbytheGeneralMeetingofShareholderstobeheldon29April2026,tocancelthesharesthroughacapitalreduction.TheprogramwillbeexecutedunderthepowersgrantedattheGeneralMeetingofShareholderson28April2021toberenewed,subjecttoapproval,bytheGeneralMeetingofShareholdersof29April2026.
Announcementof2BillionUSDbondredemption
On30October2025,thecompanyannouncedtheredemptionofapproximately2billionUSDofoutstandingbonds.Additionaldetailswillbeprovidedinthepressreleasesectionofourwebsiteathttps://www.ab-inbev.com/news-media/press-releases/.
1Repurchasesafter31May2026,ifany,willbesubjecttorenewalofthesharebuy-backpowersbytheCompany’sGeneralMeetingofShareholderstobeheldon29April2026.
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.In3Q25,wereportedanegativeimpactfromhyperinflationaccountingontheprofitattributabletoequityholdersofABInBevof(18)millionUSD.Theimpactin3Q25BasicEPSwas(0.01)USD.Valuesinthefiguresandannexesmaynotaddup,duetorounding.3Q25and9M25EPSisbaseduponaweightedaverageof1986millionsharescomparedtoaweightedaverageof2004millionsharesfor3Q24and9M24.
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.Theninemonths2025(9M25)financialdatasetoutinFigure1(exceptforthevolumeinformation),Figures3to6,8,10and12ofthispressreleasehavebeenextractedfromthegroup’sunauditedcondensedconsolidatedinterimfinancialstatementsasofandforthenine-monthperiodended30September2025,whichhavebeenreviewedbyourstatutoryauditorsPwCBedrijfsrevisorenBV/Réviseursd’EntreprisesSRLinaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard(UnitedStates).Thethirdquarter2025(3Q25)financialdatasetoutinFigure1(exceptforthevolumeinformation),Figures3to6,8,10and12,andthefinancialdataincludedinFigures7,9and11ofthispressreleasehavebeenextractedfromtheunderlyingaccountingrecordsasofandforthenine-monthperiodended30September2025.Referencesinthisdocumenttomaterialsonourwebsites,suchaswww.ab-inbev.com,areincludedasanaidtotheirlocationandarenotincorporatedbyreferenceintothisdocument.
Conferencecallandwebcast
InvestorConferencecallandwebcastonThursday,30October2025:
2.00pmBrussels/1.00pmLondon/9.00amNewYork
Registrationdetails:
Webcast(listen-onlymode):
ABInBev3Q25ResultsWebcast
Tojoinbyphone,pleaseuseoneofthefollowingtwophonenumbers:
Toll-Free:+1-877-407-8029
Toll:+1-201-689-8029
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(3Q)
ABInBevWorldwide
3Q24
Scope
Currency
Translation
Organic
Growth
3Q25
Organic
Growth
Volumes
148039
(237
)
-
(5483
)
142319
(3.7
)%
Revenue
15046
(59
)
9
136
15133
0.9
%
Costofsales
(6680
)
34
23
28
(6596
)
0.4
%
Grossprofit
8366
(25
)
32
164
8537
2.0
%
SG&A
(4490
)
(16
)
(6
)
(23
)
(4535
)
(0.5
)%
Otheroperatingincome/(expenses)
215
(8
)
7
(11
)
203
(5.4
)%
NormalizedEBIT
4091
(49
)
33
129
4205
3.2
%
NormalizedEBITDA
5424
(51
)
45
177
5594
3.3
%
NormalizedEBITDAmargin
36.0
%
37.0
%
85bps
NorthAmerica
3Q24
Scope
Currency
Translation
Organic
Growth
3Q25
Organic
Growth
Volumes
22764
(271
)
-
(597
)
21896
(2.7
)%
Revenue
3867
(74
)
(2
)
(26
)
3765
(0.7
)%
Costofsales
(1602
)
56
1
45
(1500
)
2.9
%
Grossprofit
2265
(18
)
(2
)
19
2264
0.8
%
SG&A
(1094
)
(20
)
0
(7
)
(1121
)
(0.6
)%
Otheroperatingincome/(expenses)
8
-
0
(5
)
3
(68.9
)%
NormalizedEBIT
1179
(39
)
(1
)
7
1146
0.6
%
NormalizedEBITDA
1358
(39
)
(1
)
5
1323
0.4
%
NormalizedEBITDAmargin
35.1
%
35.1
%
37bps
MiddleAmericas
3Q24
Scope
Currency
Translation
Organic
Growth
3Q25
Organic
Growth
Volumes
37107
(51
)
-
(141
)
36915
(0.4
)%
Revenue
4103
6
41
174
4325
4.2
%
Costofsales
(1462
)
(2
)
(10
)
(53
)
(1527
)
(3.6
)%
Grossprofit
2641
4
31
121
2797
4.6
%
SG&A
(936
)
(27
)
(13
)
16
(960
)
1.7
%
Otheroperatingincome/(expenses)
3
(0
)
0
(2
)
1
(85.8
)%
NormalizedEBIT
1707
(23
)
18
136
1838
8.0
%
NormalizedEBITDA
2068
(25
)
21
106
2170
5.2
%
NormalizedEBITDAmargin
50.4
%
50.2
%
45bps
SouthAmerica
3Q24
Scope
Currency
Translation
Organic
Growth
3Q25
Organic
Growth
Volumes
39502
-
-
(2580
)
36922
(6.5
)%
Revenue
2932
(54
)
(136
)
59
2802
2.0
%
Costofsales
(1502
)
29
87
(26
)
(1413
)
(1.8
)%
Grossprofit
1430
(25
)
(49
)
33
1389
2.3
%
SG&A
(870
)
10
48
(28
)
(841
)
(3.2
)%
Otheroperatingincome/(expenses)
104
(12
)
3
4
100
4.8
%
NormalizedEBIT
664
(26
)
2
9
648
1.4
%
NormalizedEBITDA
908
(24
)
(6
)
3
881
0.4
%
NormalizedEBITDAmargin
31.0
%
31.5
%
(48)bps
EMEA
3Q24
Scope
Currency
Translation
Organic
Growth
3Q25
Organic
Growth
Volumes
24039
85
-
25
24149
0.1
%
Revenue
2351
(8
)
111
70
2524
3.0
%
Costofsales
(1188
)
6
(57
)
(5
)
(1244
)
(0.4
)%
Grossprofit
1163
(2
)
54
65
1280
5.7
%
SG&A
(689
)
(17
)
(35
)
(20
)
(760
)
(2.9
)%
Otheroperatingincome/(expenses)
47
4
3
4
59
8.7
%
NormalizedEBIT
521
(15
)
22
50
579
9.9
%
NormalizedEBITDA
780
(15
)
35
58
859
7.6
%
NormalizedEBITDAmargin
33.2
%
34.0
%
148bps
AsiaPacific
3Q24
Scope
Currency
Translation
Organic
Growth
3Q25
Organic
Growth
Volumes
24514
-
-
(2213
)
22301
(9.0
)%
Revenue
1691
0
(6
)
(153
)
1533
(9.0
)%
Costofsales
(797
)
(8
)
3
84
(718
)
10.4
%
Grossprofit
894
(8
)
(2
)
(69
)
814
(7.8
)%
SG&A
(580
)
(10
)
2
43
(546
)
7.2
%
Otheroperatingincome/(expenses)
27
-
-
6
32
20.8
%
NormalizedEBIT
340
(18
)
(0
)
(21
)
300
(6.4
)%
NormalizedEBITDA
503
(18
)
(1
)
(32
)
452
(6.6
)%
NormalizedEBITDAmargin
29.8
%
29.5
%
77bps
GlobalExportandHoldingCompanies
3Q24
Scope
Currency
Translation
Organic
Growth
3Q25
Organic
Growth
Volumes
112
-
-
23
136
20.6
%
Revenue
102
71
1
12
185
11.4
%
Costofsales
(129
)
(47
)
(1
)
(17
)
(194
)
(13.3
)%
Grossprofit
(27
)
24
0
(5
)
(8
)
(20.8
)%
SG&A
(320
)
49
(8
)
(27
)
(307
)
(10.4
)%
Otheroperatingincome/(expenses)
26
0
0
(18
)
8
(68.4
)%
NormalizedEBIT
(321
)
72
(7
)
(51
)
(306
)
(19.4
)%
NormalizedEBITDA
(194
)
70
(3
)
36
(91
)
26.6
%
Annex2:Segmentreporting(9M)
ABInBevWorldwide
9M24
Scope
CurrencyTranslation
OrganicGrowth
9M25
OrganicGrowth
Volumes
433877
(736
)
-
(11207
)
421934
(2.6
)%
Revenue
44927
(190
)
(1777
)
805
43764
1.8
%
Costofsales
(20100
)
(5
)
793
114
(19198
)
0.6
%
Grossprofit
24827
(196
)
(984
)
919
24566
3.7
%
SG&A
(13738
)
(35
)
504
(78
)
(13347
)
(0.6
)%
Otheroperatingincome/(expenses)
548
5
(26
)
57
585
10.7
%
NormalizedEBIT
11638
(225
)
(505
)
898
11805
7.8
%
NormalizedEBITDA
15712
(225
)
(647
)
909
15750
5.8
%
NormalizedEBITDAmargin
35.0
%
36.0
%
138bps
NorthAmerica
9M24
Scope
CurrencyTranslation
OrganicGrowth
9M25
OrganicGrowth
Volumes
66756
(745
)
-
(1896
)
64115
(2.9
)%
Revenue
11324
(200
)
(40
)
(111
)
10973
(1.0
)%
Costofsales
(4752
)
147
14
144
(4447
)
3.2
%
Grossprofit
6572
(53
)
(27
)
33
6525
0.5
%
SG&A
(3280
)
(29
)
14
(0
)
(3295
)
(0.0
)%
Otheroperatingincome/(expenses)
(1
)
-
1
25
26
-
NormalizedEBIT
3291
(82
)
(11
)
58
3256
1.8
%
NormalizedEBITDA
3822
(82
)
(14
)
55
3781
1.5
%
NormalizedEBITDAmargin
33.8
%
34.5
%
84bps
MiddleAmericas
9M24
Scope
CurrencyTranslation
OrganicGrowth
9M25
OrganicGrowth
Volumes
111179
(51
)
-
(310
)
110818
(0.3
)%
Revenue
12677
(19
)
(758
)
549
12449
4.3
%
Costofsales
(4641
)
(32
)
263
17
(4393
)
0.4
%
Grossprofit
8036
(51
)
(495
)
566
8055
7.1
%
SG&A
(3002
)
(11
)
179
(26
)
(2858
)
(0.9
)%
Otheroperatingincome/(expenses)
26
(0
)
(1
)
(10
)
15
(36.8
)%
NormalizedEBIT
5060
(61
)
(317
)
530
5212
10.6
%
NormalizedEBITDA
6172
(63
)
(383
)
451
6177
7.4
%
NormalizedEBITDAmargin
48.7
%
49.6
%
140bps
SouthAmerica
9M24
Scope
CurrencyTranslation
OrganicGrowth
9M25
OrganicGrowth
Volumes
115818
-
-
(3806
)
112011
(3.3
)%
Revenue
8950
(40
)
(1036
)
435
8309
4.9
%
Costofsales
(4515
)
(70
)
548
(140
)
(4176
)
(3.1
)%
Grossprofit
4435
(110
)
(487
)
295
4132
6.7
%
SG&A
(2787
)
(16
)
335
(85
)
(2553
)
(3.0
)%
Otheroperatingincome/(expenses)
319
(9
)
(27
)
18
302
6.2
%
NormalizedEBIT
1967
(135
)
(180
)
228
1881
11.9
%
NormalizedEBITDA
2742
(131
)
(268
)
236
2580
8.8
%
NormalizedEBITDAmargin
30.6
%
31.1
%
113bps
EMEA
9M24
Scope
Currency
Translation
Organic
Growth
9M25
Organic
Growth
Volumes
68921
162
-
(10
)
69073
(0.0
)%
Revenue
6579
(7
)
127
278
6978
4.3
%
Costofsales
(3403
)
19
(62
)
(77
)
(3523
)
(2.3
)%
Grossprofit
3176
12
65
202
3454
6.4
%
SG&A
(1994
)
(54
)
(44
)
(40
)
(2131
)
(2.0
)%
Otheroperatingincome/(expenses)
126
14
4
16
159
11.1
%
NormalizedEBIT
1308
(27
)
25
177
1483
13.9
%
NormalizedEBITDA
2070
(27
)
40
200
2283
9.8
%
NormalizedEBITDAmargin
31.5
%
32.7
%
166bps
AsiaPacific
9M24
Scope
Currency
Translation
Organic
Growth
9M25
Organic
Growth
Volumes
70958
(93
)
-
(5200
)
65665
(7.3
)%
Revenue
5074
(6
)
(71
)
(356
)
4641
(7.0
)%
Costofsales
(2381
)
(17
)
32
192
(2174
)
8.0
%
Grossprofit
2694
(23
)
(39
)
(164
)
2466
(6.1
)%
SG&A
(1575
)
(13
)
23
77
(1487
)
4.9
%
Otheroperatingincome/(expenses)
82
0
(0
)
(9
)
73
(11.4
)%
NormalizedEBIT
1202
(36
)
(16
)
(96
)
1053
(8.2
)%
NormalizedEBITDA
1689
(36
)
(22
)
(123
)
1508
(7.4
)%
NormalizedEBITDAmargin
33.3
%
32.5
%
(12)bps
GlobalExportandHoldingCompanies
9M24
Scope
Currency
Translation
Organic
Growth
9M25
Organic
Growth
Volumes
244
(9
)
-
16
252
6.9
%
Revenue
323
82
1
10
416
3.5
%
Costofsales
(408
)
(51
)
(2
)
(22
)
(484
)
(5.9
)%
Grossprofit
(86
)
31
(0
)
(12
)
(68
)
(13.1
)%
SG&A
(1101
)
86
(3
)
(5
)
(1023
)
(0.5
)%
Otheroperatingincome/(expenses)
(5
)
0
(2
)
17
11
-
NormalizedEBIT
(1191
)
117
(5
)
0
(1079
)
0.0
%
NormalizedEBITDA
(784
)
114
(1
)
91
(580
)
13.2
%
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