Anheuser-Busch InBev's Q2 2025: Navigating Contradictions in U.S. Strategy, Margins, and Global Markets

U.S. market strategy and growth expectations, margin outlook and structural tailwinds, China market strategy, Mexico market performance and consumer behavior, and volume growth expectations are the key contradictions discussed in Anheuser-Busch InBev's latest 2025Q2 earnings call.



Revenue and Profitability Growth:
- AB InBev reported an increase in revenue by 3% in Q2 2025 compared to the previous year, with EBITDA growth of 6.5%.
- This growth was driven by strategic revenue management choices and an acceleration in premium brand performance.

Volume Trends and Geographic Performance:
- The company experienced a 1.9% decline in volumes, primarily due to soft industry performance in China and Brazil, with Brazil seeing a 2.5% volume decline.
- However, the underlying momentum in other markets showed a volume growth of 0.7%, with strong market performance in North America and Europe.

Margin Expansion and Cost Management:
- AB InBev's EBITDA margin expanded by 116 basis points, with improvements in four of the five operating regions.
- This was achieved through disciplined revenue management, strategic pricing, and effective cost control measures.

Digital and E-commerce Growth:
- The BEES marketplace increased GMV by 63% year-on-year in Q2, reaching $785 million.
- This growth was supported by digital platforms that allow one-to-one connections with consumers and the expansion of non-alcohol beer products.