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AB InBev Reports Second Quarter and Half Year 2025 Results Short Form Announcement
Anheuser-Busch InBev SA/NV
(Incorporated in the Kingdom of Belgium)
Register of Companies Number: 0417.497.106
Euronext Brussels Share Code: ABI
Mexican Stock Exchange Share Code: ANB
NYSE ADS Code: BUD
JSE Share Code: ANH
ISIN: BE0974293251
("AB InBev", the "Company" or the "Group")
AB InBev Reports Second Quarter and Half Year 2025
Results Short Form Announcement
KEY FIGURES
Revenue Normalized EBITDA
+3.0% +6.5%
Revenue increased by 3.0% in 2Q25 with revenue per hl Normalized EBITDA increased by 6.5% to 5 301 million
growth of 4.9% and by 2.3% in HY25 with revenue per hl USD in 2Q25, with a margin expansion of 116bps to
growth of 4.3%. 35.3%. Normalized EBITDA increased by 7.2% to 10 156
million USD in HY25, with a margin expansion of 166bps
Reported revenue decreased by 2.1% in 2Q25 to 15 004 to 35.5%.
million USD and by 4.2% in HY25 to 28 632 million USD,
impacted by unfavorable currency translation.
5.6% increase in combined revenues of our megabrands,
led by Corona, which grew by 7.7% outside of its home Underlying Profit
market in 2Q25. 1 950 million USD
Underlying Profit was 1 950 million USD in 2Q25
33% increase in revenue of our no-alcohol beer portfolio compared to 1 811 million USD in 2Q24 and was 3 556
in 2Q25. million USD in HY25 compared to 3 320 million USD in
HY24.
63% increase in Gross Merchandise Value (GMV) from Reported profit attributable to equity holders of AB InBev
sales of third-party products through BEES Marketplace was 1 676 million USD in 2Q25 compared to 1 472
to reach 785 million USD in 2Q25. million USD in 2Q24, negatively impacted by non-
underlying items, and was 3 824 million in HY25
Volumes compared to 2 564 million in HY24, positively impacted
-1.9% by non-underlying items.
Volumes declined by 1.9% in 2Q25, with beer volumes Underlying EPS
down by 2.2% and non-beer volumes up by 0.3%. 0.98 USD
Volumes declined by 2.0% in HY25, with beer volumes
down by 2.3% and non-beer volumes flat. Underlying EPS increased by 8.7% to 0.98 USD in 2Q25,
compared to 0.90 USD in 2Q24, and increased by 8.0%
to 1.79 USD in HY25, compared to 1.66 USD in HY24.
On a constant currency basis, Underlying EPS increased
by 17.4% in 2Q25 and by 18.7% in HY25.
Net Debt to EBITDA
3.27x
Net debt to normalized EBITDA ratio was 3.27x at 30 June 2025 compared to 3.42x at 30 June 2024 and 2.89x at
31 December 24.
2025 OUTLOOK
(i) Overall Performance: We expect our EBITDA to grow in line with our medium-term outlook of between 4-8%. The
outlook for FY25 reflects our current assessment of inflation and other macroeconomic conditions.
(ii) Net Finance Costs: Net pension interest expenses and accretion expenses are expected to be in the range of 190 to
220 million USD per quarter, depending on currency and interest rate fluctuations. We expect the average gross debt
coupon in FY25 to be approximately 4%.
(iii) Effective Tax Rate (ETR): We expect the normalized ETR in FY25 to be in the range of 26% to 28%. The ETR outlook
does not consider the impact of potential future changes in legislation.
(iv) Net Capital Expenditure: We expect net capital expenditure of between 3.5 and 4.0 billion USD in FY25.
HEADLINE EARNINGS PER SHARE
Due to the secondary listing of the ordinary shares of AB InBev on the main board of the JSE Limited (JSE) in South Africa, the
Group is required to present headline earnings per share and diluted headline earnings per share, as alternative measures
of earnings per share, calculated in accordance with the circular entitled 'Headline Earnings' issued by the South African
Institute of Chartered Accountants, as amended from time to time.
The calculation of headline earnings per share is based on the headline earnings and a weighted average number of ordinary
and restricted shares outstanding (including deferred share instruments and stock lending) per end of the period, calculated
as follows:
HY25 HY24
Net of taxes Net of taxes
& non- & non-
Gross controlling Gross controlling
Million US dollar amount interests amount interests
Profit attributable to equity holders of AB InBev - 3 824 - 2 564
After tax impairment of goodwill, PP&E and intangible assets 84 54 114 92
After tax net (gain)/loss on disposal of PP&E, intangible and other assets -12 -7 14 17
Headline earnings 3 871 2 673
Weighted average number of ordinary and restricted shares (million) 1 989 2 005
Headline earnings per share (US dollar) 1.95 1.33
Weighted average number of ordinary and restricted shares (diluted) (million) 2 026 2 043
Diluted headline earnings per share (US dollar) 1.91 1.31
SHORT FORM ANNOUNCEMENT
The unaudited condensed consolidated interim financial statements of AB InBev as of and for the six-month period ended 30
June 2025 have been reviewed by our statutory auditors PwC Bedrijfsrevisoren/Réviseurs d'Entreprises BV/SRL in
accordance with the International Standard on Review Engagements 2410. The auditors concluded that, based on their
review, nothing had come to their attention that caused them to believe that those interim financial statements were not
presented fairly, in all material respects, in accordance with IAS 34 "Interim Financial Reporting", as adopted by the European
Union.
Shareholders should refer to the full review report for an overview of the review engagement performed by the Group's
statutory auditors during the review engagement. The auditors' full review report can be accessed from close of business
today, at the following link:
https://www.ab-inbev.com/investors/results-center
This short-form announcement is the responsibility of the board of directors of AB InBev and is a summary of the information
in the detailed financial results announcement and does not contain full or complete details. Any investment decision in
relation to the Company's shares should be based on the full announcement.
The full announcement may be downloaded from:
https://senspdf.jse.co.za/documents/2025/jse/isse/anhe/Q22025.pdf
or from the Company's website at www.ab-inbev.com
Copies may be requested from the Company and the Johannesburg office of the Company's JSE Sponsor at no charge during
business hours for a period of 30 calendar days following the date of this announcement.
AB INBEV CONTACTS
Investors Media
Shaun Fullalove Media Relations
E-mail: shaun.fullalove@ab-inbev.com E-mail: media.relations@ab-inbev.com
Ekaterina Baillie
E-mail: ekaterina.baillie@ab-inbev.com
Cyrus Nentin
E-mail: cyrus.nentin@ab-inbev.com
31 July 2025
JSE Sponsor: Questco Corporate Advisory Proprietary Limited
Anheuser-Busch InBev is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings on the
Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on the New
York Stock Exchange (NYSE: BUD).
Date: 31-07-2025 08:12:00
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