Anheuser-Busch InBev Reports 6.5% EBITDA Growth Amid Revenue Decline

Anheuser-Busch InBev SA/NV reported a 6.5% increase in EBITDA, driven by margin expansion and revenue per hectoliter growth of 4.9%. Non-alcohol beer revenue rose 33% globally, and BEES marketplace GMV increased 63% to $785 million. However, overall volumes declined by 1.9%, and revenue fell in China and Brazil due to weak on-trade channels and adverse weather conditions. The company achieved an 8.7% increase in underlying US dollar EPS and a $0.5 billion increase in free cash flow.

Anheuser-Busch InBev SA/NV (NYSE: BUD) presented its second quarter 2025 results on July 31, 2025, reporting a 6.5% increase in EBITDA, driven by margin expansion and a 4.9% increase in revenue per hectoliter [1]. Non-alcohol beer revenue rose 33% globally, while the BEES marketplace GMV increased 63% to $785 million [1]. However, overall volumes declined by 1.9%, and revenue fell in China and Brazil due to weak on-trade channels and adverse weather conditions [1, 2].

The company's premium brands and strategic revenue management choices led to a 4.9% increase in revenue per hectoliter, accelerating from 3.7% in Q1 2025 [1, 2]. The BEES marketplace saw significant growth, with GMV increasing by 63% to reach $785 million [1]. Non-alcohol beer portfolio revenues increased by 33% globally [1, 3].

The company achieved an 8.7% increase in underlying US dollar EPS and a $0.5 billion increase in free cash flow [1, 2]. Despite the solid financial performance and strategic progress, the market reaction suggests investors may be concerned about volume trends, particularly in Brazil and China, and the sustainability of growth through pricing alone [1, 2].

For the full year 2025, AB InBev maintained its outlook of 4-8% organic EBITDA growth, with net capital expenditure of $3.5-4.0 billion and a normalized effective tax rate of 26-28% [1]. The company's geographic diversification helped offset challenges in specific markets, with North America and Middle America delivering strong performance [1].

The company's ability to revitalize volume growth while continuing its premiumization and digital transformation strategies will be key to watch in coming quarters [1, 2].

References:
[1] https://www.investing.com/news/company-news/ab-inbev-q2-2025-slides-reveal-margin-expansion-amid-mixed-regional-performance-93CH-4163751
[2] https://uk.finance.yahoo.com/news/anheuser-busch-inbev-sa-nv-071847919.html
[3] https://seekingalpha.com/news/4475900-ab-inbev-outlines-4-percent-8-percent-ebitda-growth-outlook-with-u-s-share-gains-and-non