Anheuser-Busch InBev reported a 6.5% increase in normalized EBITDA for the second quarter of 2025, reaching $5.301 billion, with a margin expansion of 116 basis points to 35.3%. Underlying earnings per share (EPS) grew by 8.7% to $0.98, or 17.4% in constant currency. Total revenue increased by 3.0% organically, driven by a 4.9% increase in revenue per hectoliter.
Despite the positive profit growth, total volumes declined by 1.9% in the quarter, with beer volumes down by 2.2%. This volume performance was impacted by soft industries and underperformance in China and Brazil. However, volumes grew by 0.7% outside these two countries, indicating underlying momentum in other markets. The company's megabrands saw combined revenues increase by 5.6%, with Corona growing by 7.7% outside its home market.
AB InBev continued its deleveraging efforts, with the net debt-to-EBITDA ratio improving to 3.27x at June 30, 2025, from 3.42x year-over-year. The company also announced the completion of its $2 billion share buyback program. The no-alcohol beer portfolio saw a 33% increase in revenue, and the BEES Marketplace for third-party products grew by 63% to $785 million in gross merchandise value. AB InBev reaffirmed its full-year 2025 outlook for organic EBITDA growth between 4% and 8%.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.