AB InBev reported a stronger-than-expected performance for the first quarter of 2025, with normalized EBITDA rising 7.9% year-on-year to 4.86 billion USD and margins expanding by 218 basis points to 35.6%. This result significantly exceeded analysts’ expectations of a 3.1% increase, pushing shares up by over 4%.
Despite a global volume decline of 2.2%—with beer volumes specifically down 2.5%—the world's largest brewer managed to grow revenues by 1.5% organically, driven by a 3.7% increase in revenue per hectoliter. Net underlying profit climbed to 1.61 billion USD, with underlying earnings per share reaching 0.81 USD, up 7.1% from the previous year and 20.2% higher on a constant currency basis.
The solid financial results were supported by disciplined cost management and strong growth in higher-margin product categories. The company’s Corona, Stella Artois, and no-alcohol offerings were central to this strategy. Sales of no-alcohol beers, led by Corona Cero, surged 34%, while the “Beyond Beer” segment grew by 16.6%, boosted by brands like Cutwater and Nütrl in the U.S. and Beats in Brazil.
Regionally, AB InBev posted double-digit bottom-line growth in South America, Europe, and Mexico, driven by margin expansion and premium brand performance. In Brazil, beer volumes grew 0.8% while EBITDA increased 13.5%. The BEES Marketplace—its B2B e-commerce platform—recorded a 53% jump in GMV from third-party sales, reaching 645 million USD.
In the U.S., revenues declined by 5.1% due to adverse weather and fewer selling days, although Michelob Ultra and Busch Light continued to gain market share. Meanwhile, China saw a 9.2% drop in volumes and a 12.7% fall in revenue, attributed to soft demand and on-premise challenges.
CEO Michel Doukeris emphasized the brewer’s global resilience and strategic execution, stating that AB InBev remains confident in achieving its 2025 outlook. The company continues to invest in premiumization, digital transformation, and local production—98% of beer volumes were brewed locally—while maintaining its commitment to sustainability goals, such as reducing emissions and improving water efficiency.
