Q4 2025 Anheuser-Busch Inbev SA Earnings Call Transcript
Key Points
- Anheuser-Busch InBev SA/NV (BUD) reported dollar-based EPS growth and continued margin expansion for 2025.
- The company achieved a 23% revenue increase in its beer portfolio and a 34% increase in its non-alcohol beer portfolio.
- Solid free cash flow generation enabled an increase in the share buyback program and a 15% increase in dividends.
- The company gained market share in key regions, including the US, where Michelob ULTRA and Busch Light led volume share gains.
- The BEES marketplace platform saw a 61% increase in GMV, reaching $3.5 billion, indicating strong digital growth potential.
- Overall volumes for the year were below potential, with challenges in certain markets like China impacting performance.
- The company faced a constrained consumer environment and unseasonal weather, affecting near-term demand across many CPG categories.
- In China, revenue declined by low teens, with volumes underperforming due to inventory adjustments and channel shifts.
- The cost of goods sold is expected to face more pressure in the first half of 2026 due to currency hedges.
- Despite improvements, the Brazilian market faced challenges with high inflation and abnormal weather impacting consumer spending.
Welcome to AB InBev's full-year 2025 earnings conference call and webcast. Hosting the call today from AB InBev are Mr. Michel Doukeris, Chief Executive Officer; and Mr. Fernando Tennenbaum, Chief Financial Officer.
To access the slides accompanying today's call, please visit AB InBev's website at www.ab-inbev.com and click on the Investors tab and the Reports and Results Center page. Today's webcast will be available for on-demand playback later today.
(Operator Instructions)
Some of the information provided during the conference call may contain statements of future expectations and other forward-looking statements. These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties. It is possible that AB InBev's actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements.
For a discussion of some of the risks and important factors
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