AB InBev Reports Full Year and Fourth Quarter 2025 Results
BRUSSELS--( BUSINESS WIRE)--Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD):
Regulated and inside information 1
“Beer plays an important role in bringing people together and creating moments of celebration. In 2025, we executed our strategy, made disciplined capital allocation choices and delivered growth within our outlook for the year, even as we navigated a dynamic consumer environment. We exit 2025 with improved momentum and enter 2026 well positioned to engage consumers with our megabrands and an unparalleled lineup of mega platforms. Thank you to our colleagues for their ongoing commitment, hard work and passion for our business.” – Michel Doukeris, CEO, AB InBev
Revenue
4Q +2.5% | FY +2.0%
Revenue increased by 2.5% in 4Q25 with revenue per hl growth of 4.0% and by 2.0% in FY25 with revenue per hl growth of 4.4%.
Reported revenue increased by 4.8% in 4Q25 to 15 555 million USD and decreased by 0.8% in FY25 to 59 320 million USD, impacted by unfavorable currency translation.
Volumes
4Q -1.5% | FY -2.3%
Volumes declined by 1.5% in 4Q25, with beer volumes down by 1.9% and non-beer volumes up by 0.6%.
Volumes declined by 2.3% in FY25, with beer volumes down by 2.6% and non-beer volumes down by 0.4%.
Normalized EBITDA
4Q +2.3% | FY +4.9%
Normalized EBITDA increased by 2.3% to 5 473 million USD in 4Q25, with a margin contraction of 10bps to 35.2%.
Normalized EBITDA increased by 4.9% to 21 223 million USD in FY25, with a margin expansion of 101 bps to 35.8%.
Underlying Profit
4Q 1 884 | FY 7 410 million USD
Underlying Profit was 1 884 million USD in 4Q25 compared to 1 770 million USD in 4Q24 and was 7 410 million USD in FY25 compared to 7 061 million USD in FY24.
Reported profit attributable to equity holders of AB InBev was 1 959 million USD in 4Q25 compared to 1 220 million USD in 4Q24 and was 6 837 million USD in FY25 compared to 5 855 million USD in FY24.
Underlying EPS
4Q 0.95 | FY 3.73 USD
Underlying EPS increased by 7.5% to 0.95 USD in 4Q25, compared to 0.88 USD in 4Q24, and increased by 6.0% to 3.73 USD in FY25, compared to 3.53 USD in FY24.
On a constant currency basis, Underlying EPS increased by 2.1% in 4Q25 and by 9.4% in FY25.
Net Debt to EBITDA
2.87x
Net debt to normalized EBITDA ratio was 2.87x at 31 December 2025, compared to 2.89x at 31 December 2024.
Capital Allocation
Dividend 1.00 EUR
The AB InBev Board of Directors proposes a final dividend of 1.00 EUR per share, subject to shareholder approval at the AGM on 29 April 2026. Combined with the interim dividend of 0.15 EUR per share paid in November 2025, the full year 2025 dividend would be 1.15 EUR per share. A timeline showing the ex-dividend, record and payment dates can be found on page 16.
As of 9 February 2026, we have completed approximately 635 million USD of the 6 billion USD share buyback program announced on 30 October 2025.
The 2025 Full Year Financial Report is available on our website at www.ab-inbev.com.
1The enclosed information constitutes inside information as defined in Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse, and regulated information as defined in the Belgian Royal Decree of 14 November 2007 regarding the duties of issuers of financial instruments which have been admitted for trading on a regulated market. For important disclaimers and notes on the basis of preparation, please refer to page 18.
Management comments
Continued earnings growth, margin expansion and solid free cash flow generation
In 2025, we continued to execute our strategy with discipline, delivering consistent financial performance while further strengthening the fundamentals of our business. Our teams remained focused on building great brands, operating efficiently and increasing our capital allocation flexibility. Momentum improved across many of our key markets in 4Q25 and we enter 2026 well positioned to engage consumers and accelerate growth.
Beer is a vibrant and resilient category, deeply connected to consumers across social occasions and embedded in culture. While near-term demand in some key markets was impacted by a constrained consumer environment and unseasonable weather, the long-term fundamentals and growth potential of the category remain unchanged. Our brands are iconic, our geographic footprint is advantaged, and our execution capabilities continue to strengthen.
The fundamentals of our business underpinned another year of solid financial performance. Revenue increased by 2.0%, with growth in 65% of our markets. Underlying EPS increased by 6.0% in USD and 9.4% in constant currency, and we maintained our solid free cash flow generation, delivering 11.3 billion USD. Disciplined revenue management and premiumization drove a revenue per hl increase of 4.4% and efficient overhead management supported an EBITDA margin expansion of 101bps.
Our ability to deliver consistent results across varying operating conditions is a testament to the durability of our strategy and the resilience of our business.
Progressing our strategic priorities
Delivering reliable compounding growth
A central objective of our strategy is to deliver reliable compounding growth over time. While each year will have unique dynamics, our focus remains on consistent progress across the 3 pillars of our strategy to drive long-term value creation.
Since FY21, we have increased our revenue by 5 billion USD, EBITDA by 2 billion USD and free cash flow by 2 billion USD. Our Underlying EPS has increased by a CAGR of 6.7% in USD. Our financial performance has been consistent, with organic EBITDA growth within or above our medium-term growth outlook in every year. We have been disciplined in our capital allocation choices, reducing net debt by 15.3 billion USD to reach 2.87x net debt to EBITDA, progressively increased our dividend each year, including the payment of an interim dividend in 2025, completed 3.2 billion USD of share buybacks, and are currently executing a further 6 billion USD program.
The consistency of our financial performance is a reflection of our deliberate choices, clear strategic priorities and the unwavering commitment of our people to best-in-class execution.
Looking forward
We remain confident in the long-term potential of the beer category, which has structural tailwinds for growth and plays an important role in bringing people together and creating moments of celebration. The progress we have made in executing our strategy has driven consistent financial performance, increased our capital allocation flexibility and enabled increased returns to our shareholders while continuing to deleverage. We enter 2026 in a position of strength, with a highly engaged team, improved momentum across many of our key markets and with an unparalleled portfolio and lineup of mega platforms. From the Super Bowl to the Winter Olympics to the FIFA World Cup to our partnership with Netflix and, as from 2027, our sponsorship of the UEFA Men's Club Competitions, including the UEFA Champions League, we are uniquely positioned to engage consumers and activate the category. In closing, we would like to thank our colleagues around the world for their hard work, commitment, and passion, which continue to underpin our progress and performance.
2026 Outlook
(i) Overall Performance: We expect our EBITDA to grow in line with our medium-term outlook of between 4-8%. The outlook for FY26 reflects our current assessment of inflation and other macroeconomic conditions.
(ii) Net Finance Costs: Net pension interest expenses and accretion expenses are expected to be in the range of 190 to 220 million USD per quarter, depending on currency and interest rate fluctuations. We expect the average gross debt coupon in FY26 to be approximately 4%.
(iii) Effective Tax Rate (ETR): We expect the normalized ETR in FY26 to be in the range of 26% to 28%. The ETR outlook does not consider the impact of potential future changes in legislation.
(iv) Net Capital Expenditure: We expect net capital expenditure of between 3.5 and 4.0 billion USD in FY26.
Figure 1. Consolidated performance
in USD Mio, except EPS in USD per share and Volumes in thousand hls
4Q24
4Q25
Organic
growth
Volumes
141 829
139 166
(1.5
)%
Beer
121 052
119 039
(1.9
)%
Non-Beer
20 777
20 127
0.6
%
Revenue
14 841
15 555
2.5
%
Gross profit
8 197
8 613
2.5
%
Gross margin
55.2
%
55.4
%
(1)bps
Normalized EBITDA
5 245
5 473
2.3
%
Normalized EBITDA margin
35.3
%
35.2
%
(10)bps
Normalized EBIT
3 824
4 049
4.5
%
Normalized EBIT margin
25.8
%
26.0
%
49bps
Profit attributable to equity holders of AB InBev
1 220
1 959
Underlying Profit
1 770
1 884
Basic EPS
0.61
0.99
Underlying EPS
0.88
0.95
FY24
FY25
Organic
growth
Volumes
575 706
561 100
(2.3
)%
Beer
496 354
484 187
(2.6
)%
Non-Beer
79 352
76 914
(0.4
)%
Revenue
59 768
59 320
2.0
%
Gross profit
33 024
33 179
3.4
%
Gross margin
55.3
%
55.9
%
78bps
Normalized EBITDA
20 958
21 223
4.9
%
Normalized EBITDA margin
35.1
%
35.8
%
101bps
Normalized EBIT
15 462
15 854
7.0
%
Normalized EBIT margin
25.9
%
26.7
%
126bps
Profit attributable to equity holders of AB InBev
5 855
6 837
Underlying Profit
7 061
7 410
Basic EPS
2.92
3.45
Underlying EPS
3.53
3.73
Figure 2. Volumes
in thousand hls
4Q24
Scope
Organic
growth
4Q25
Organic growth
Total
Beer
North America
19 516
(216
)
(681
)
18 619
(3.5
)%
(5.5
)%
Middle Americas
38 907
(300
)
1 065
39 672
2.8
%
2.0
%
South America
44 950
-
(1 791
)
43 160
(4.0
)%
(3.7
)%
EMEA
24 883
(15
)
(619
)
24 249
(2.5
)%
(2.4
)%
Asia Pacific
13 439
1
(106
)
13 334
(0.8
)%
(0.8
)%
Global Export and Holding Companies
135
-
(4
)
131
(2.7
)%
(2.7
)%
AB InBev Worldwide
141 829
(529
)
(2 135
)
139 166
(1.5
)%
(1.9
)%
FY24
Scope
Organic
growth
FY25
Organic growth
Total
Beer
North America
86 272
(961
)
(2 577
)
82 734
(3.0
)%
(3.9
)%
Middle Americas
150 086
(351
)
755
150 490
0.5
%
0.4
%
South America
160 768
-
(5 597
)
155 171
(3.5
)%
(3.8
)%
EMEA
93 804
147
(629
)
93 323
(0.7
)%
(0.7
)%
Asia Pacific
84 397
(91
)
(5 306
)
78 999
(6.3
)%
(6.2
)%
Global Export and Holding Companies
380
(9
)
13
383
3.4
%
3.4
%
AB InBev Worldwide
575 706
(1 265
)
(13 341
)
561 100
(2.3
)%
(2.6
)%
Key Markets Performance
United States: Building momentum and gaining market share in beer and spirits driven by Michelob Ultra and Cutwater
Mexico: Market share gain and margin expansion drove mid-single digit top- and bottom-line growth
Colombia: Record high volume and margin expansion drove double-digit bottom-line growth
Brazil: Improved momentum in 4Q25 with market share gain driven by our premium portfolio
Europe: Continued market share gains and premiumization partially offset a soft industry
South Africa: Continued momentum and market share gain delivered mid-single digit top- and bottom-line growth
China: Top- and bottom-line declined, impacted by volume performance
Highlights from our other markets
Consolidated Income Statement
Figure 3. Consolidated income statement
in USD Mio
4Q24
4Q25
Organic
growth
Revenue
14 841
15 555
2.5
%
Cost of sales
(6 645
)
(6 943
)
(2.6
)%
Gross profit
8 197
8 613
2.5
%
SG&A
(4 603
)
(4 786
)
(1.2
)%
Other operating income/(expenses)
231
223
10.5
%
Normalized EBIT
3 824
4 049
4.5
%
Non-underlying items above EBIT
269
(410
)
Net finance income/(expense)
(958
)
(1 070
)
Non-underlying net finance income/(expense)
(701
)
395
Share of results of associates
103
133
Non-underlying share of results of associates
-
-
Income tax expense
(848
)
(720
)
Profit
1 691
2 377
Profit attributable to non-controlling interest
471
418
Profit attributable to equity holders of AB InBev
1 220
1 959
Normalized EBITDA
5 245
5 473
2.3
%
Underlying Profit
1 770
1 884
FY24
FY25
Organic
growth
Revenue
59 768
59 320
2.0
%
Cost of sales
(26 744
)
(26 141
)
(0.2
)%
Gross profit
33 024
33 179
3.4
%
SG&A
(18 341
)
(18 133
)
(0.7
)%
Other operating income/(expenses)
779
808
10.6
%
Normalized EBIT
15 462
15 854
7.0
%
Non-underlying items above EBIT
25
(449
)
Net finance income/(expense)
(4 358
)
(4 280
)
Non-underlying net finance income/(expense)
(995
)
(185
)
Share of results of associates
329
378
Non-underlying share of results of associates
104
9
Income tax expense
(3 152
)
(2 850
)
Profit
7 416
8 477
Profit attributable to non-controlling interest
1 561
1 640
Profit attributable to equity holders of AB InBev
5 855
6 837
Normalized EBITDA
20 958
21 223
4.9
%
Underlying Profit
7 061
7 410
Non-underlying items above EBIT & Non-underlying share of results of associates
Figure 4. Non-underlying items above EBIT & Non-underlying share of results of associates
in USD Mio
4Q24
4Q25
FY24
FY25
Restructuring
(60
)
(48
)
(156
)
(116
)
Business and asset disposals (including impairment losses)
329
(322
)
181
(274
)
Claims and legal costs
-
(35
)
-
(53
)
Acquisition-related costs (business combinations)
-
(5
)
-
(5
)
Non-underlying items in EBIT
269
(410
)
25
(449
)
Non-underlying share of results of associates
-
-
104
9
Normalized EBIT excludes negative non-underlying items of 410 million USD in 4Q25 and 449 million USD in FY25.
Business and asset disposals (including impairment losses) for FY25 mainly comprised a loss of 214 million USD related to the planned sale of the Newark brewery and the closure of two other breweries in the United States and 60 million USD net loss related to the disposal of assets held for sale in Barbados and other Caribbean islands and the sale and impairment of non-core assets.
Non-underlying share of results from associates of FY24 included the impact from our associate Anadolu Efes’ adoption of IAS 29 hyperinflation accounting on their 2023 results.
Net finance income/(expense)
Figure 5. Net finance income/(expense)
in USD Mio
4Q24
4Q25
FY24
FY25
Net interest expense
(620
)
(607
)
(2 704
)
(2 566
)
Accretion expense and interest on pensions
(199
)
(241
)
(811
)
(821
)
Other financial results
(139
)
(221
)
(843
)
(893
)
Net finance income/(expense)
(958
)
(1 070
)
(4 358
)
(4 280
)
Non-underlying net finance income/(expense)
Figure 6. Non-underlying net finance income/(expense)
in USD Mio
4Q24
4Q25
FY24
FY25
Mark-to-market
(940
)
395
(1 211
)
(213
)
Gain/(loss) on bond redemption and other
239
-
216
28
Non-underlying net finance income/(expense)
(701
)
395
(995
)
(185
)
Non-underlying net finance expense in FY25 includes mark-to-market losses on derivative instruments entered into in order to hedge our share-based payment programs and shares issued in relation to the combination with Grupo Modelo and SAB.
The number of shares covered by the hedging of our share-based payment program, the deferred share instrument and the restricted shares are shown below, together with the opening and closing share prices.
Figure 7. Non-underlying equity derivative instruments
4Q24
4Q25
FY24
FY25
Share price at the start of the period (Euro)
59.38
50.80
58.42
48.25
Share price at the end of the period (Euro)
48.25
54.90
48.25
54.90
Number of equity derivative instruments at the end of the period (in million)
100.5
100.5
100.5
100.5
Income tax expense
Figure 8. Income tax expense
in USD Mio
4Q24
4Q25
FY24
FY25
Income tax expense
848
720
3 152
2 850
Effective tax rate
34.8%
24.3%
31.1%
26.1%
Normalized effective tax rate
26.4%
27.5%
26.5%
26.0%
The 4Q24, FY24 and FY25 effective tax rates were negatively impacted by non-deductible losses from derivatives related to the hedging of share-based payment programs and of the shares issued in a transaction related to the combinations with Grupo Modelo and SAB, while the 4Q25 effective tax rate was positively impacted by non-taxable gains from these derivatives.
Furthermore, the FY25 effective tax rate included 156 million USD of non-underlying tax income, while the FY24 effective tax rate included 205 million USD of non-underlying tax expense. The difference in Normalized ETR in 4Q25 and FY25 compared to 4Q24 and FY24 was primarily due to country mix.
Underlying EPS
Figure 9. Underlying EPS
in USD per share, except number of shares in million
4Q24
4Q25
FY24
FY25
Normalized EBITDA
2.62
2.76
10.46
10.70
Depreciation, amortization and impairment
(0.71
)
(0.72
)
(2.74
)
(2.71
)
Normalized EBIT
1.91
2.04
7.72
7.99
Net finance income/(expense)
(0.48
)
(0.54
)
(2.18
)
(2.16
)
Income tax expense
(0.38
)
(0.41
)
(1.47
)
(1.52
)
Associates & non-controlling interests
(0.18
)
(0.15
)
(0.62
)
(0.62
)
Hyperinflation impacts
0.02
0.01
0.07
0.04
Underlying EPS
0.88
0.95
3.53
3.73
Weighted average number of ordinary and restricted shares
2 003
1 984
2 003
1 984
Reconciliation of IFRS and Non-IFRS Financial Measures
Profit attributable to equity holders and Underlying Profit
Figure 10. Underlying Profit
in USD Mio
4Q24
4Q25
FY24
FY25
Profit attributable to equity holders of AB InBev
1 220
1 959
5 855
6 837
Net impact of non-underlying items on profit
520
(94
)
1 062
499
Hyperinflation impacts
31
20
145
74
Underlying Profit
1 770
1 884
7 061
7 410
Basic and Underlying EPS
Figure 11. Basic and Underlying EPS
in USD per share, except number of shares in million
4Q24
4Q25
FY24
FY25
Basic EPS
0.61
0.99
2.92
3.45
Net impact of non-underlying items
0.26
(0.05
)
0.53
0.25
Hyperinflation impacts
0.02
0.01
0.07
0.04
Underlying EPS
0.88
0.95
3.53
3.73
FX translation impact
-
(0.05
)
-
0.13
Underlying EPS in constant currency
0.88
0.90
3.53
3.86
Weighted average number of ordinary and restricted shares
2 003
1 984
2 003
1 984
Profit attributable to equity holders and Normalized EBITDA
Figure 12. Reconciliation of Normalized EBITDA to Profit attributable to equity holders of AB InBev
in USD Mio
4Q24
4Q25
FY24
FY25
Profit attributable to equity holders of AB InBev
1 220
1 959
5 855
6 837
Non-controlling interests
471
418
1 561
1 640
Profit
1 691
2 377
7 416
8 477
Income tax expense
848
720
3 152
2 850
Share of result of associates
(103
)
(133
)
(329
)
(378
)
Non-underlying share of results of associates
-
-
(104
)
(9
)
Net finance (income)/expense
958
1 070
4 358
4 280
Non-underlying net finance (income)/expense
701
(395
)
995
185
Non-underlying items above EBIT (incl. impairment losses)
(269
)
410
(25
)
449
Normalized EBIT
3 824
4 049
15 462
15 854
Depreciation, amortization and impairment
1 421
1 424
5 496
5 369
Normalized EBITDA
5 245
5 473
20 958
21 223
Normalized EBITDA, Normalized EBIT and Underlying Profit are non-IFRS financial measures used by AB InBev to reflect the company’s underlying performance. Underlying EPS and constant currency Underlying EPS are non-IFRS financial measures that AB InBev believes are useful to investors because they facilitate comparisons of EPS from period to period.
Normalized EBITDA is calculated by adjusting profit attributable to equity holders of AB InBev to exclude: (i) non-controlling interest; (ii) income tax expense; (iii) share of results of associates; (iv) non-underlying share of results of associates; (v) net finance income or cost; (vi) non-underlying net finance income or cost; (vii) non-underlying items above EBIT; and (viii) depreciation, amortization and impairment.
Underlying Profit is calculated by adjusting profit attributable to equity holders of AB InBev to exclude: (i) non-underlying items and (ii) hyperinflation impacts. Underlying EPS is calculated as Underlying Profit divided by the weighted average number of ordinary and restricted shares. Constant currency Underlying EPS is calculated as Underlying EPS excluding the effects of foreign currency translation by translating current period figures using the exchange rates from the same period in the prior year.
Normalized EBITDA, Normalized EBIT and Underlying Profit are not accounting measures under IFRS and should not be considered as an alternative to profit attributable to equity holders as a measure of operational performance, or an alternative to cash flow as a measure of liquidity. Underlying EPS and constant currency Underlying EPS are not accounting measures under IFRS and should not be considered as alternatives to earnings per share as a measure of operating performance on a per share basis. These non-IFRS financial measures do not have a standard calculation method and AB InBev’s definition of Normalized EBITDA, Normalized EBIT, Underlying Profit, Underlying EPS and constant currency Underlying EPS may not be comparable to that of other companies.
Cash Flows and Financial position
Figure 13. Cash Flow Statement (million USD)
FY24
FY25
Operating activities
Profit of the period
7 416
8 477
Interest, taxes and non-cash items included in profit
13 990
13 160
Cash flow from operating activities before changes in working capital and use of provisions
21 406
21 637
Change in working capital
(22
)
(398
)
Pension contributions and use of provisions
(374
)
(426
)
Interest and taxes (paid)/received
(6 189
)
(6 126
)
Dividends received
234
195
Cash flow from/(used in) operating activities
15 055
14 883
Investing activities
Net capex
(3 735
)
(3 552
)
Sale/(acquisition) of subsidiaries, net of cash
(46
)
18
Net proceeds from sale/(acquisition) of other assets
523
98
Cash flow from/(used in) investing activities
(3 259
)
(3 436
)
Financing activities
Net (repayments of) / proceeds from borrowings
(3 830
)
(2 460
)
Dividends paid
(2 672
)
(4 543
)
Share buyback
(937
)
(2 301
)
Payment of lease liabilities
(787
)
(733
)
Derivative financial instruments
(431
)
(206
)
Sale/(acquisition) of non-controlling interests
(435
)
(323
)
Other financing cash flows
(763
)
(883
)
Cash flow from/(used in) financing activities
(9 854
)
(11 450
)
Net increase/(decrease) in cash and cash equivalents
1 942
(3
)
Our free cash flow (defined as cash flow from operating activities less net capex) amounted to 11 331 million USD in FY25, in-line with FY24. Our cash and cash equivalents decreased by 3 million USD in FY25, compared to an increase of 1 942 million USD in FY24, with the following movements:
Our net debt increased to 60.9 billion USD as of 31 December 2025 from 60.6 billion USD as of 31 December 2024. Our net debt to normalized EBITDA ratio was 2.87x as of 31 December 2025. Our optimal capital structure is a net debt to normalized EBITDA ratio of around 2x.
We continue to proactively manage our debt portfolio. After bond repurchases and redemptions of 6 billion USD and issuances of 3.2 billion Euro in FY25, 98% of our bond portfolio holds a fixed-interest rate, 51% is denominated in currencies other than USD and maturities are well-distributed across the next several years.
As of 31 December 2025, we had total liquidity of 22.0 billion USD, which consisted of 11.9 billion USD of cash, cash equivalents and short-term investments in debt securities less bank overdrafts and 10.1 billion USD available under committed long-term credit facilities.
Proposed final dividend for the fiscal year 2025
The AB InBev Board of Directors proposes a final dividend of 1.00 EUR per share, subject to approval by the General Meeting of Shareholders to be held on 29 April 2026. In line with the Company’s financial discipline and deleveraging objectives, the proposed final dividend balances the Company’s capital allocation priorities and dividend policy while returning cash to shareholders. A timeline showing the ex-dividend, record and payment dates can be found below:
Dividend timeline
Ex-dividend date
Record Date
Payment date
Euronext
7 May 2026
8 May 2026
11 May 2026
MEXBOL
7 May 2026
8 May 2026
11 May 2026
JSE
6 May 2026
8 May 2026
11 May 2026
NYSE (ADR program)
8 May 2026
8 May 2026
5 June 2026
Restricted Shares
7 May 2026
8 May 2026
11 May 2026
Recent Events
Re-acquisition of minority stake in US-based Metal Container Plants
On 30 January 2026, AB InBev announced the completion of the re-acquisition of the 49.9% minority stake in AB InBev’s US-based metal container plants from a consortium of institutional investors led and/or advised by affiliates of Apollo Global Management, Inc. (NYSE: APO) for approximately 2.9 billion USD. AB InBev previously announced it had exercised its right to reacquire this minority stake in a Press Release dated January 6th.
Notes
To facilitate the understanding of AB InBev’s underlying performance, the analyses of growth, including all comments in this press release, unless otherwise indicated, are based on organic growth and normalized numbers. In other words, financials are analyzed eliminating the impact of changes in currencies on translation of foreign operations, and scope changes. Since 1Q24, the definition of organic revenue growth has been amended to cap the price growth in Argentina to a maximum of 2% per month (26.8% year-over-year). Corresponding adjustments are made to all income statement related items in the organic growth calculations through scope changes. Scope changes also represent the impact of acquisitions and divestitures, the start or termination of activities or the transfer of activities between segments, curtailment gains and losses and year over year changes in accounting estimates and other assumptions that management does not consider as part of the underlying performance of the business. The organic growth of our global brands, Budweiser, Stella Artois, and Corona excludes exports to Australia for which a perpetual license was granted to a third party upon disposal of the Australia operations in 2020. All references per hectoliter (per hl) exclude US non-beverage activities. Whenever presented in this document, all performance measures (EBITDA, EBIT, profit, tax rate, EPS) are presented on a “normalized” basis, which means they are presented before non-underlying items. Non-underlying items are either income or expenses which do not occur regularly as part of the normal activities of the Company. They are presented separately because they are important for the understanding of the underlying sustainable performance of the Company due to their size or nature. Normalized measures are additional measures used by management and should not replace the measures determined in accordance with IFRS as an indicator of the Company’s performance. We are reporting the results from Argentina applying hyperinflation accounting since 3Q18. The IFRS rules (IAS 29) require us to restate the year-to-date results for the change in the general purchasing power of the local currency, using official indices before converting the local amounts at the closing rate of the period. In FY25, we reported a negative impact from hyperinflation accounting on the profit attributable to equity holders of AB InBev of 74 million USD. The impact in FY25 Basic EPS was (0.04) USD. Values in the figures and annexes may not add up, due to rounding. 4Q25 and FY25 EPS is based upon a weighted average of 1 984 million shares compared to a weighted average of 2 003 million shares for 4Q24 and FY24.
Legal disclaimer
This release contains “forward-looking statements”. These statements are based on the current expectations and views of future events and developments of the management of AB InBev and are naturally subject to uncertainty and changes in circumstances. The forward-looking statements contained in this release include statements other than historical facts and include statements typically containing words such as “will”, “may”, “should”, “believe”, “intends”, “expects”, “anticipates”, “targets”, “ambition”, “estimates”, “likely”, “foresees” and words of similar import. All statements other than statements of historical facts are forward-looking statements. You should not place undue reliance on these forward-looking statements, which reflect the current views of the management of AB InBev, are subject to numerous risks and uncertainties about AB InBev and are dependent on many factors, some of which are outside of AB InBev’s control. There are important factors, risks and uncertainties that could cause actual outcomes and results to be materially different, including, but not limited to the risks and uncertainties relating to AB InBev that are described under Item 3.D of AB InBev’s Annual Report on Form 20-F filed with the SEC on 12 March 2025. Many of these risks and uncertainties are, and will be, exacerbated by any further worsening of the global business and economic environment, including as a result of foreign currency exchange rate fluctuations and ongoing geopolitical instability. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. The forward-looking statements should be read in conjunction with the other cautionary statements that are included elsewhere, including AB InBev’s most recent Form 20-F and other reports furnished on Form 6-K, and any other documents that AB InBev has made public. Any forward-looking statements made in this communication are qualified in their entirety by these cautionary statements and there can be no assurance that the actual results or developments anticipated by AB InBev will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, AB InBev or its business or operations. Except as required by law, AB InBev undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The full year 2025 (FY25) financial data set out in Figure 1 (except for the volume information), Figures 3 to 6, 8, 10, 12 and 13 of this press release have been extracted from the group’s audited consolidated financial statements as of and for the twelve months ended 31 December 2025, which have been audited by our statutory auditors PwC Bedrijfsrevisoren BV/Réviseurs d’Entreprises SRL. The fourth quarter 2025 (4Q25) financial data set out in Figure 1 (except for the volume information), Figures 3 to 6, 8, 10 and 12, and the financial data included in Figures 7, 9, 11 and 14 of this press release have been extracted from the underlying accounting records as of and for the twelve months ended 31 December 2025. References in this document to materials on our websites, such as www.ab-inbev.com, are included as an aid to their location and are not incorporated by reference into this document.
Conference call and webcast
Investor Conference call and webcast on Thursday, 12 February 2026:
3.00pm Brussels / 2.00pm London / 9.00am New York
Registration details:
Webcast (listen-only mode):
AB InBev 4Q25 Results Webcast
To join by phone, please use one of the following two phone numbers:
Toll-Free: +1-877-407-8029
Toll: +1-201-689-8029
About AB InBev
Anheuser-Busch InBev (AB InBev) is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings on the Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on the New York Stock Exchange (NYSE: BUD). As a company, we dream big to create a future with more cheers. We are always looking to serve up new ways to meet life’s moments, move our industry forward and make a meaningful impact in the world. We are committed to building great brands that stand the test of time and to brewing the best beers using the finest ingredients. Beer is the drink for moderation, and for over a century, AB InBev has championed responsible drinking. We are committed to providing our consumers with balanced choices to enjoy on any occasion. We also invest in marketing that aims to reinforce positive behaviors, and we work with communities, customers, and partners to promote responsible consumption through evidence-based initiatives.
Our diverse portfolio of well over 400 beer brands includes global brands Budweiser®, Corona®, Stella Artois® and Michelob Ultra®; multi-country brands Beck’s®, Hoegaarden® and Leffe®; and local champions such as Aguila®, Antarctica®, Bud Light®, Brahma®, Cass®, Castle®, Castle Lite®, Cristal®, Harbin®, Jupiler®, Modelo Especial®, Quilmes®, Victoria®, Sedrin®, and Skol®. Our brewing heritage dates back more than 600 years, spanning continents and generations. From our European roots at the Den Hoorn brewery in Leuven, Belgium. To the pioneering spirit of the Anheuser & Co brewery in St. Louis, US. To the creation of the Castle Brewery in South Africa during the Johannesburg gold rush. To Bohemia, the first brewery in Brazil. Geographically diversified with a balanced exposure to developed and developing markets, we leverage the collective strengths of approximately 137 000 colleagues based in more than 40 countries worldwide. For 2025, AB InBev’s reported revenue was 59.3 billion USD (excluding JVs and associates).
Annex 1: Segment reporting (4Q)
AB InBev Worldwide
4Q24
Scope
Currency
Translation
Organic
Growth
4Q25
Organic
Growth
Volumes
141 829
(529
)
-
(2 135
)
139 166
(1.5
)%
Revenue
14 841
(100
)
441
373
15 555
2.5
%
Cost of sales
(6 645
)
44
(173
)
(168
)
(6 943
)
(2.6
)%
Gross profit
8 197
(56
)
267
204
8 613
2.5
%
SG&A
(4 603
)
(7
)
(121
)
(55
)
(4 786
)
(1.2
)%
Other operating income/(expenses)
231
(40
)
12
19
223
10.5
%
Normalized EBIT
3 824
(103
)
158
169
4 049
4.5
%
Normalized EBITDA
5 245
(94
)
206
116
5 473
2.3
%
Normalized EBITDA margin
35.3
%
35.2
%
(10)bps
North America
4Q24
Scope
Currency
Translation
Organic
Growth
4Q25
Organic
Growth
Volumes
19 516
(216
)
-
(681
)
18 619
(3.5
)%
Revenue
3 331
(59
)
(6
)
(31
)
3 235
(1.0
)%
Cost of sales
(1 483
)
46
2
20
(1 416
)
1.4
%
Gross profit
1 848
(12
)
(4
)
(12
)
1 819
(0.6
)%
SG&A
(1 078
)
(1
)
2
(35
)
(1 112
)
(3.2
)%
Other operating income/(expenses)
8
-
0
3
12
42.4
%
Normalized EBIT
777
(14
)
(2
)
(43
)
719
(5.6
)%
Normalized EBITDA
969
(12
)
(2
)
(49
)
906
(5.1
)%
Normalized EBITDA margin
29.1
%
28.0
%
(122)bps
Middle Americas
4Q24
Scope
Currency
Translation
Organic
Growth
4Q25
Organic
Growth
Volumes
38 907
(300
)
-
1 065
39 672
2.8
%
Revenue
4 395
(34
)
307
259
4 927
5.9
%
Cost of sales
(1 601
)
8
(101
)
(63
)
(1 757
)
(4.0
)%
Gross profit
2 794
(26
)
206
195
3 170
7.0
%
SG&A
(975
)
10
(71
)
(10
)
(1 045
)
(1.1
)%
Other operating income/(expenses)
8
0
0
(3
)
6
(35.2
)%
Normalized EBIT
1 828
(15
)
136
182
2 130
10.0
%
Normalized EBITDA
2 227
(16
)
159
138
2 508
6.2
%
Normalized EBITDA margin
50.7
%
50.9
%
13bps
South America
4Q24
Scope
Currency
Translation
Organic
Growth
4Q25
Organic
Growth
Volumes
44 950
-
-
(1 791
)
43 160
(4.0
)%
Revenue
3 473
(40
)
36
175
3 645
5.0
%
Cost of sales
(1 558
)
24
(18
)
(160
)
(1 711
)
(10.3
)%
Gross profit
1 915
(15
)
19
15
1 934
0.8
%
SG&A
(992
)
(17
)
(18
)
25
(1 002
)
2.5
%
Other operating income/(expenses)
133
(42
)
9
25
124
31.3
%
Normalized EBIT
1 056
(75
)
10
65
1 056
6.7
%
Normalized EBITDA
1 310
(64
)
17
58
1 321
4.7
%
Normalized EBITDA margin
37.7
%
36.2
%
(12)bps
EMEA
4Q24
Scope
Currency
Translation
Organic
Growth
4Q25
Organic
Growth
Volumes
24 883
(15
)
-
(619
)
24 249
(2.5
)%
Revenue
2 424
(29
)
123
6
2 524
0.2
%
Cost of sales
(1 276
)
13
(66
)
21
(1 308
)
1.6
%
Gross profit
1 149
(16
)
57
26
1 216
2.3
%
SG&A
(708
)
9
(36
)
(20
)
(755
)
(2.9
)%
Other operating income/(expenses)
51
3
3
18
75
33.0
%
Normalized EBIT
493
(5
)
24
24
536
5.0
%
Normalized EBITDA
776
2
40
(2
)
815
(0.3
)%
Normalized EBITDA margin
32.0
%
32.3
%
(17)bps
Asia Pacific
4Q24
Scope
Currency
Translation
Organic
Growth
4Q25
Organic
Growth
Volumes
13 439
1
-
(106
)
13 334
(0.8
)%
Revenue
1 122
0
(21
)
(48
)
1 053
(4.3
)%
Cost of sales
(589
)
(2
)
10
14
(567
)
2.3
%
Gross profit
533
(2
)
(11
)
(35
)
486
(6.5
)%
SG&A
(484
)
(0
)
9
18
(457
)
3.8
%
Other operating income/(expenses)
33
-
-
(21
)
13
(62.5
)%
Normalized EBIT
83
(2
)
(2
)
(37
)
42
(45.7
)%
Normalized EBITDA
244
1
(3
)
(49
)
192
(19.9
)%
Normalized EBITDA margin
21.7
%
18.3
%
(356)bps
Global Export and Holding Companies
4Q24
Scope
Currency
Translation
Organic
Growth
4Q25
Organic
Growth
Volumes
135
-
-
(4
)
131
(2.7
)%
Revenue
95
62
1
13
172
14.0
%
Cost of sales
(138
)
(46
)
(1
)
1
(183
)
0.9
%
Gross profit
(42
)
16
1
15
(12
)
34.3
%
SG&A
(367
)
(7
)
(8
)
(33
)
(415
)
(9.5
)%
Other operating income/(expenses)
(3
)
(0
)
(1
)
(4
)
(7
)
-
Normalized EBIT
(412
)
8
(8
)
(22
)
(434
)
(5.6
)%
Normalized EBITDA
(281
)
(4
)
(4
)
21
(269
)
7.6
%
Annex 2: Segment reporting (FY)
AB InBev Worldwide
FY24
Scope
Currency
Translation
Organic
Growth
FY25
Organic
Growth
Volumes
575 706
(1 265
)
-
(13 341
)
561 100
(2.3
)%
Revenue
59 768
(290
)
(1 336
)
1 178
59 320
2.0
%
Cost of sales
(26 744
)
38
619
(54
)
(26 141
)
(0.2
)%
Gross profit
33 024
(251
)
(717
)
1 123
33 179
3.4
%
SG&A
(18 341
)
(42
)
383
(133
)
(18 133
)
(0.7
)%
Other operating income/(expenses)
779
(34
)
(13
)
77
808
10.6
%
Normalized EBIT
15 462
(328
)
(347
)
1 067
15 854
7.0
%
Normalized EBITDA
20 958
(319
)
(441
)
1 026
21 223
4.9
%
Normalized EBITDA margin
35.1
%
35.8
%
101bps
North America
FY24
Scope
Currency
Translation
Organic
Growth
FY25
Organic
Growth
Volumes
86 272
(961
)
-
(2 577
)
82 734
(3.0
)%
Revenue
14 655
(259
)
(46
)
(142
)
14 207
(1.0
)%
Cost of sales
(6 236
)
193
16
164
(5 863
)
2.7
%
Gross profit
8 419
(66
)
(31
)
21
8 345
0.3
%
SG&A
(4 358
)
(30
)
16
(35
)
(4 407
)
(0.8
)%
Other operating income/(expenses)
7
-
2
29
38
-
Normalized EBIT
4 069
(95
)
(13
)
15
3 975
0.4
%
Normalized EBITDA
4 791
(94
)
(16
)
6
4 687
0.1
%
Normalized EBITDA margin
32.7
%
33.0
%
37bps
Middle Americas
FY24
Scope
Currency
Translation
Organic
Growth
FY25
Organic
Growth
Volumes
150 086
(351
)
-
755
150 490
0.5
%
Revenue
17 072
(53
)
(451
)
807
17 376
4.7
%
Cost of sales
(6 242
)
(24
)
162
(46
)
(6 151
)
(0.7
)%
Gross profit
10 830
(77
)
(289
)
761
11 225
7.1
%
SG&A
(3 976
)
(0
)
108
(36
)
(3 904
)
(0.9
)%
Other operating income/(expenses)
34
0
(1
)
(13
)
21
(36.4
)%
Normalized EBIT
6 889
(77
)
(182
)
712
7 342
10.4
%
Normalized EBITDA
8 400
(79
)
(224
)
588
8 685
7.0
%
Normalized EBITDA margin
49.2
%
50.0
%
108bps
South America
FY24
Scope
Currency
Translation
Organic
Growth
FY25
Organic
Growth
Volumes
160 768
-
-
(5 597
)
155 171
(3.5
)%
Revenue
12 423
(80
)
(999
)
610
11 954
4.9
%
Cost of sales
(6 073
)
(46
)
531
(300
)
(5 888
)
(4.9
)%
Gross profit
6 350
(126
)
(468
)
310
6 066
4.9
%
SG&A
(3 779
)
(33
)
317
(60
)
(3 555
)
(1.6
)%
Other operating income/(expenses)
452
(51
)
(19
)
44
426
11.6
%
Normalized EBIT
3 024
(210
)
(170
)
294
2 937
10.2
%
Normalized EBITDA
4 052
(195
)
(251
)
294
3 901
7.5
%
Normalized EBITDA margin
32.6
%
32.6
%
78bps
EMEA
FY24
Scope
Currency
Translation
Organic
Growth
FY25
Organic
Growth
Volumes
93 804
147
-
(629
)
93 323
(0.7
)%
Revenue
9 003
(36
)
250
284
9 502
3.2
%
Cost of sales
(4 678
)
31
(128
)
(56
)
(4 832
)
(1.2
)%
Gross profit
4 325
(4
)
122
228
4 670
5.3
%
SG&A
(2 701
)
(45
)
(80
)
(60
)
(2 886
)
(2.2
)%
Other operating income/(expenses)
177
17
7
33
234
17.2
%
Normalized EBIT
1 801
(32
)
49
201
2 019
11.4
%
Normalized EBITDA
2 847
(26
)
80
198
3 098
7.0
%
Normalized EBITDA margin
31.6
%
32.6
%
117bps
Asia Pacific
FY24
Scope
Currency
Translation
Organic
Growth
FY25
Organic
Growth
Volumes
84 397
(91
)
-
(5 306
)
78 999
(6.3
)%
Revenue
6 196
(6
)
(92
)
(404
)
5 693
(6.5
)%
Cost of sales
(2 970
)
(19
)
42
205
(2 741
)
6.9
%
Gross profit
3 227
(25
)
(50
)
(199
)
2 952
(6.2
)%
SG&A
(2 059
)
(13
)
32
96
(1 944
)
4.6
%
Other operating income/(expenses)
116
0
0
(30
)
86
(26.2
)%
Normalized EBIT
1 284
(38
)
(18
)
(134
)
1 094
(10.6
)%
Normalized EBITDA
1 933
(35
)
(25
)
(172
)
1 700
(9.0
)%
Normalized EBITDA margin
31.2
%
29.9
%
(81)bps
Global Export and Holding Companies
FY24
Scope
Currency
Translation
Organic
Growth
FY25
Organic
Growth
Volumes
380
(9
)
-
13
383
3.4
%
Revenue
418
144
3
23
588
6.1
%
Cost of sales
(546
)
(98
)
(3
)
(21
)
(667
)
(4.1
)%
Gross profit
(128
)
46
0
2
(79
)
1.8
%
SG&A
(1 468
)
79
(11
)
(38
)
(1 438
)
(2.8
)%
Other operating income/(expenses)
(8
)
-
(2
)
14
3
-
Normalized EBIT
(1 604
)
125
(14
)
(22
)
(1 513
)
(1.5
)%
Normalized EBITDA
(1 065
)
110
(5
)
111
(848
)
11.6
%
Annex 3: Consolidated statement of financial position (FY)
Million US dollar
31 December 2024
31 December 2025
ASSETS
Non-current assets
Property, plant and equipment
23 503
23 664
Goodwill
110 479
117 908
Intangible assets
40 034
41 985
Investments in associates
4 612
5 002
Investment securities
168
161
Deferred tax assets
2 493
2 708
Pensions and similar obligations
42
150
Income tax receivables
470
444
Derivatives
261
145
Trade and other receivables
1 577
1 871
Total non-current assets
183 637
194 039
Current assets
Investment securities
221
306
Inventories
5 020
5 107
Income tax receivables
727
785
Derivatives
554
583
Trade and other receivables
5 270
6 161
Cash and cash equivalents
11 174
11 638
Assets classified as held for sale
33
190
Total current assets
22 999
24 769
Total assets
206 637
218 808
EQUITY AND LIABILITIES
Equity
Issued capital
1 736
1 736
Share premium
17 620
17 620
Reserves
12 304
17 803
Retained earnings
46 577
50 128
Equity attributable to equity holders of AB InBev
78 237
87 287
Non-controlling interests
10 463
10 449
Total equity
88 700
97 736
Non-current liabilities
Interest-bearing loans and borrowings
70 720
72 128
Pensions and similar obligations
1 296
1 275
Deferred tax liabilities
11 321
11 400
Income tax payables
284
206
Derivatives
68
293
Trade and other payables
797
869
Provisions
385
425
Total non-current liabilities
84 871
86 596
Current liabilities
Bank overdrafts
-
14
Interest-bearing loans and borrowings
1 449
885
Income tax payables
1 805
1 825
Derivatives
5 817
6 104
Trade and other payables
23 804
25 455
Provisions
191
192
Total current liabilities
33 066
34 475
Total equity and liabilities
206 637
218 808
Annex 4: Consolidated statement of cash flows (FY)
For the year ended 31 December
Million US dollar
2024
2025
OPERATING ACTIVITIES
Profit of the period
7 416
8 477
Depreciation, amortization and impairment
5 544
5 652
Net finance expense/(income)
5 353
4 465
Equity-settled share-based payment expense
644
625
Income tax expense
3 152
2 850
Share of results of associates
(433
)
(387
)
Other non-cash items
(269
)
(45
)
Cash flow from operating activities before changes in working capital and use of provisions
21 406
21 637
Decrease/(increase) in trade and other receivables
341
(187
)
Decrease/(increase) in inventories
(149
)
87
Increase/(decrease) in trade and other payables
(215
)
(298
)
Pension contributions and use of provisions
(374
)
(426
)
Cash generated from operations
21 009
20 814
Interest paid
(3 649
)
(3 348
)
Interest received
594
462
Dividends received
234
195
Income tax paid
(3 134
)
(3 240
)
Cash flow from/(used in) operating activities
15 055
14 883
INVESTING ACTIVITIES
Acquisition of property, plant and equipment and of intangible assets
(3 863
)
(3 656
)
Proceeds from sale of property, plant and equipment and of intangible assets
128
104
Sale/(acquisition) of subsidiaries, net of cash
(46
)
18
Proceeds from sale/(acquisition) of other assets
523
98
Cash flow from/(used in) investing activities
(3 259
)
(3 436
)
FINANCING ACTIVITIES
Proceeds from borrowings
5 465
4 400
Repayments of borrowings
(9 295
)
(6 861
)
Dividends paid
(2 672
)
(4 543
)
Share buyback
(937
)
(2 301
)
Payment of lease liabilities
(787
)
(733
)
Derivative financial instruments
(431
)
(206
)
Sale/(acquisition) of non-controlling interests
(435
)
(323
)
Other financing cash flows
(763
)
(883
)
Cash flow from/(used in) financing activities
(9 854
)
(11 450
)
Net increase/(decrease) in cash and cash equivalents
1 942
(3
)
Cash and cash equivalents less bank overdrafts at beginning of year
10 314
11 174
Effect of exchange rate fluctuations
(1 082
)
452
Cash and cash equivalents less bank overdrafts at end of period
11 174
11 623