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- **Shareholder Returns**: $6 billion buyback program and interim dividend signal confidence in long-term growth.
- **Profitability Resilience**: 88bps margin expansion to 33.3% despite 1.9% volume decline.
- **Beyond Beer Breakthrough**: Cutwater spirits brand ranks #10 in U.S. with triple-digit growth, Beyond Beer segment now 2% of portfolio.
- **China Recovery**: 1/3 of Q3 volume decline from destocking resolved, new innovations launching Q4.
- **2026 Catalysts**: FIFA World Cup in North America poised to drive category growth.

**【CEO Opening Remarks】**
- Q3 revenue growth of 0.9% driven by 4.8% revenue per hectoliter increase, despite 1.9% volume decline due to weather and macro challenges in Latin America.
- EBITDA margin expanded 88bps to 33.3%, with 3.3% EBITDA growth.
- $6 billion share buyback program announced, alongside $2 billion bond redemption and interim dividend of EUR 0.15.
- Michelob Ultra gains 16% share in top U.S. state, Cutwater spirits brand ranks #10 in U.S. with triple-digit revenue growth.
- BEES marketplace GMV reaches $13.3 billion, DTC platforms generate $138 million in revenue.

**【CFO Financial Commentary】**
- Underlying EPS of $0.99 (+1% YoY), driven by EBITDA growth offset by FX hedging costs.
- 2025 EBITDA guidance of 4-8% maintained, with confidence in long-term margin expansion.
- $6 billion buyback program to be executed over 24 months, signaling capital allocation flexibility.
- Net debt/EBITDA ratio improved to 2.0x, below 2.5x target range.

**【Q&A Highlights】**
- **China Performance**: Q3 volumes down 15.2% due to destocking, but 1/3 of decline from inventory adjustments now resolved. New innovations (BUD Magnum, 1L cans) launching Q4 to rebuild momentum.
- **Beyond Beer Growth**: Cutwater spirits brand now #10 in U.S., Beyond Beer segment growing 27% with 2% of total portfolio volume.
- **FX Impact**: 2026 input costs hedged 12 months ahead, U.S. dollar strength expected to moderate.
- **2026 Outlook**: FIFA World Cup in North America expected to boost beer category, with 0.2-0.25% volume uplift potential.

Anheuser-Busch InBev SA/NV (BUD) Q3 2025 Earnings Call Transcript

- **Strong EBITDA Growth**: 6.5% YoY expansion, fueled by premium brands and margin optimization.
- **U.S. Leadership**: Michelob ULTRA and Busch Light gain share; non-alcohol beer revenue up 33%.
- **Cash Flow Strength**: $0.5B free cash flow increase; net debt-to-EBITDA down to 3.27x.
- **Challenges**: Volume declines in Brazil (-1.9%) and China (-6.2%) due to weather and industry weakness.
- **Strategic Focus**: Digitizing ecosystem (BEES GMV +63%) and investing in megabrands for long-term growth.

**【CEO Summary Section】**
- **EBITDA Growth**: 6.5% year-over-year, driven by premium brands and revenue management. Revenue per hectoliter increased 4.9%.
- **U.S. Momentum**: Michelob ULTRA and Busch Light gained market share; spirits-based RTDs grew low teens. Non-alcohol beer revenue rose 33%.
- **Challenges**: Volumes declined 1.9% globally, with Brazil and China underperforming due to adverse weather and industry softness. Brazil's EBITDA margin expanded 216 bps despite volume decline.
- **BEES Marketplace**: GMV reached $785M, up 63% YoY. Digital platforms generated $134M in revenue.

**【CFO Financial Commentary】**
- **Profitability**: Underlying EPS grew 8.7% (17.4% in constant currency). EBITDA margin expanded 116 bps to 32.1%.
- **Cash Flow**: Free cash flow increased $0.5B YoY, reducing net debt-to-EBITDA to 3.27x.
- **Debt Management**: Completed $2B share buyback; extended debt maturity profile with no near-term refinancing needs.
- **Outlook**: Confident in 2025 EBITDA growth of 4-8%, driven by margin expansion and cost control.

**【Q&A Highlights】**
- **Volume Growth**: CEO emphasized long-term category growth despite short-term headwinds in Brazil and China. U.S. profit resilience attributed to premiumization and cost control.
- **China Strategy**: Shifting focus to off-premise channels; under-indexed in off-trade but gaining share in non-alcohol beer.
- **Brazil Recovery**: Price adjustments and weather normalization expected to improve H2 performance.
- **Investment**: $3.6B spent on sales and marketing in H1; 50+ megabrands driving 5.6% net revenue growth.
- **Buybacks**: CFO noted flexibility for future buybacks, prioritizing debt reduction and cash flow generation.


Anheuser-Busch InBev SA/NV (BUD) Q2 2025 Earnings Call Transcript

- **Q1 EBITDA Growth Tops Outlook**: 7.9% rise to $2.3B, with double-digit EBITDA in key regions (Middle Americas +12%, Europe +15%). 
- **U.S. Market Inflection**: Beer volume share gains, RTD +30%+, Michelob Ultra Zero #5 in U.S. zero-alcohol market. 
- **Non-Alcohol Dominance**: 34% revenue growth, Corona Cero triple-digit expansion, 6M new consumers added globally. 
- **Digital Acceleration**: BEES GMV $11.6B (+10%), DTC revenue $117M (+12%). 
- **EPS Strength**: $0.81 underlying EPS (+7.1% USD, +20% CC), driven by organic growth and cost control. 
- **2025 Outlook Confirmed**: 4-8% EBITDA growth target maintained, supported by category resilience and brand momentum. 
- **Beyond Beer Surge**: 16% growth driven by RTD innovation, 5 global brands scaling to new markets. 


**【CEO Summary Section】**
- **Global Momentum and EBITDA Growth**: Q1 EBITDA rose 7.9% to the top of the outlook range, driven by margin expansion and strong regional performances (e.g., double-digit EBITDA growth in Middle Americas, South America, Europe, and Africa). 
- **North America Inflection Point**: U.S. portfolio gains volume share in beer and RTD categories; Michelob Ultra and Busch Light lead industry share gains, while Cutwater and Nutrl drive double-digit RTD growth. 
- **Non-Alcohol Beer Surge**: Global no-alcohol beer revenue up 34%, with Corona Cero leading triple-digit growth. Beer marketplace GMV reaches $645M, up 53% YoY. 
- **Geographic Diversification**: 50% of markets show revenue growth, with key wins in Mexico (mid-single-digit revenue growth), Brazil (record beer and non-beer volumes), and Europe (60% of revenue from premium/super-premium brands). 
- **Strategic Pillars**: 
  - **Category Leadership**: 50+ mega brands globally, with Corona celebrating 100-year anniversary and named world's most valuable beer brand. 
  - **Digitization**: BEES platform GMV $11.6B (+10% YoY), DTC revenue $117M (+12% YoY). 
  - **Cost Optimization**: 7% U.S. dollar EPS growth, 20% constant currency growth, driven by organic EBITDA and expense management. 

**【CFO Financial Commentary】**
- **Financial Highlights**: 
  - GAAP net income $420M, Non-GAAP EPS $1.08 (vs. $1.05 consensus). 
  - EBITDA margin +218bps, with expansion in 4/5 regions. 
  - Underlying EPS $0.81 (+7.1% USD, +20.2% CC), driven by organic growth and lower net interest expense. 
- **Operational Resilience**: >98% local production mitigates tariff risk; U.S. breweries support 7,000 local suppliers. 
- **2025 Outlook**: Confident in 4-8% EBITDA growth, citing category resilience, brand momentum, and cost control. 

**【Q&A Key Themes】**
- **U.S. Strategy**: Sustained investment in balanced choices (e.g., Michelob Ultra Zero) to capitalize on mature market growth; Q1 U.S. RTD volumes +30%+. 
- **China Challenges**: On-trade channel underperformance offset by off-trade expansion; Harbin Zero Sugar innovation gains traction. 
- **Cost Optimization**: Steady SG&A reductions in South America/Middle Americas; 2025 capex target ~$2.5B. 
- **Emerging Markets**: Brazil, Mexico show resilience; Argentina recovery expected with macro stabilization. 
- **Beyond Beer Growth**: 16% Q1 acceleration driven by RTD innovation (Cutwater, Nutrl); 5 global brands scale to new markets. 


Anheuser-Busch InBev SA/NV (BUD) Q1 2025 Earnings Call Transcript

- **Revenue & Profit Record**: $59.8 billion revenue (+2.7% YoY), EBITDA up 8.2%, and EPS growth of 15.4% highlight strong execution.
- **Cash Flow & Leverage**: Free cash flow jumps $2.5 billion to $11.3 billion, with debt ratio below 3x for first time since 2015.
- **China Recovery Focus**: 2025 strategy emphasizes premiumization and execution to reverse 2024's 6.2% volume decline.
- **Digital Growth Engine**: BEES GMV surges 57% to $2.5 billion, with 75% of sales now digital.
- **Shareholder Returns**: 22% dividend hike and $750M buyback signal capital discipline and confidence.

**【CEO Summary Section】**
- **Record Revenue Growth**: Total revenue reached $59.8 billion, up 2.7% YoY, driven by premiumization and revenue management. EBITDA grew 10.1% in Q4 and 8.2% for the full year, exceeding $21 billion.
- **Free Cash Flow Surge**: Free cash flow increased by $2.5 billion to $11.3 billion, with net debt-to-EBITDA ratio dropping to 2.89x, the lowest since 2015.
- **Dividend Expansion**: Proposed full-year dividend of €1 per share, a 22% increase, signaling confidence in long-term growth.
- **Strategic Pillars**: Focus on organic growth, digital ecosystem (BEES GMV up 57% to $2.5 billion), and operational efficiency. Mega brands now account for 57% of revenue, with investments in data-driven marketing.

**【CFO Financial Commentary】**
- **Profitability**: Underlying EPS rose 15.4% to $3.53, driven by organic EBITDA growth and cost optimization. GAAP net income was $420 million, with Non-GAAP EPS at $1.08, exceeding expectations.
- **Cash Generation**: Free cash flow growth of $2.5 billion reflects disciplined capital allocation, including $750 million of $2 billion share buyback program.
- **Debt Management**: Active deleveraging reduced net debt by $6.9 billion, enabling increased flexibility for reinvestment and returns.

**【Q&A Highlights】**
- **Capital Allocation**: Prioritize organic growth (2024 S&M/CapEx: $11 billion) over M&A, with flexibility to return capital via buybacks and dividends.
- **China Challenges**: 2024 underperformance due to soft consumer demand, but 2025 focus on premiumization and execution to regain momentum.
- **U.S. Margins**: Q4 margin expansion tempered by COGS pressures, but long-term focus on productivity and brand investment.
- **Digital Efficiency**: Marketing ROI improved via data analytics, with 75% of revenue transacted digitally, driving 124 million BEES orders.


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