Q3 2025 Anheuser-Busch Inbev SA Earnings Call Transcript
Key Points
- Anheuser-Busch InBev SA/NV (BUD) delivered another quarter of top and bottom line growth, with marginal expansion in US dollar EPS growth.
- The company announced a $6 billion share buyback program and an interim dividend of EUR15 cents per share, reflecting strong free cash flow generation.
- In the US, the portfolio is gaining momentum, with Michelob Ultra becoming the number one brand by volume year-to-date.
- The company continues to see growth in its premium beer, non-alcohol beer, and beyond beer segments, with Cutwater experiencing triple-digit revenue growth.
- Anheuser-Busch InBev SA/NV (BUD) is proactively managing its debt portfolio, announcing the redemption of $2 billion of outstanding bonds.
- The company faced headwinds in China and unseasonable weather in the Americas, particularly in Brazil, which constrained results.
- Revenue growth was limited to 0.9% due to challenging operating environments and cyclical factors such as inflationary pressures.
- In China, revenue declined by 15.2% with volumes underperforming the industry, highlighting execution challenges.
- The company experienced a decline in revenue by 1.9% in Brazil, driven by volume performance negatively impacted by unseasonable weather.
- Despite improvements, the company acknowledges that the consumer environment remains challenging, with low consumer sentiment impacting demand.
Welcome to AB InBev's 3rd quarter 2025 earnings conference call and webcast.
Hosting the call today from AB InBev are Mr. Michel Doukeris, Chief Executive Officer, and Mr. Fernando Tenenbaum, Chief Financial Officer.
To access the slides accompanying today's call, please visit AB InBev's website at.
Www.ab-dashinbv.com.
And click on the investors tab and the reports and results on page.
Today's webcast will be available for on-demand playback later today.
At this time, all participants have been placed in a listen-only mode, and the floor will be open for your questions following the presentation.
If you would like to ask a question at that time, please press one on your touchtone phone.
If at any point your question has been answered, you may remove yourself from the queue by pressing 2.
If you should require operator assistance, please press 0.
Some of the information provided during the conference call may contain statements of future expectations and other forward-looking statements.
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