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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BUD

BUD fundamentals

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