Anheuser-Busch InBev SA/NV Q3 FY2025 earnings call

• Navigated dynamic operating environment with headwinds in China and unseasonable weather in Americas but saw improved performance in September.
• Maintained disciplined revenue management, delivered top and bottom-line growth, margin expansion, and U.S. dollar EPS growth.
• Growth platforms of premium beer, non-alcohol beer, and Beyond Beer outperformed; BEES marketplace GMV neared $1 billion.
• Strategic pillars: Leading and growing the category with megabrands, non-alcohol beer growth, and innovation; digitize and monetize ecosystem with BEES marketplace growth; optimize business with EBITDA margin expansion.
• In China, working to right size inventories, allocate resources to growth areas, and elevate execution.
• FIFA 2026 in North America presents an opportunity to activate the beer category.

In North America, the U.S. portfolio momentum continued with Beyond Beer portfolio growth accelerating (revenue up mid-40s led by Cutwater, which is a top spirits brand). Michelob Ultra was the number one volume share gainer and largest brand YTD. In Middle Americas, Mexico had revenue growth but volumes declined due to softer consumer and unseasonable weather; Colombia had record high volumes; Brazil had flat EBITDA. Europe saw market share gains and premiumization drive margin recovery. APAC had China revenue decline 15.2% due to soft consumer environment. South Africa had top-line mid single-digit growth and EBITDA high single-digit growth with margin expansion.

• Board approved $6 billion share buyback program to be executed within 24 months.
• Announced interim dividend of EUR 0.15 per share.
• Confident in delivering 2025 EBITDA growth outlook of 4% to 8%.
• FIFA 2026 in North America is seen as an opportunity to boost the beer category.

• Unseasonable weather in the Americas, particularly in Brazil, constrained results.
• Soft consumer environment in China impacted volumes.
• Transactional FX headwinds could affect results.

Q: About Champions League and Cutwater.

A: Michel talked about integrating brands with cultural moments and Cutwater's success due to relevant brand building and premium positioning.

Q: On China volumes, destocking, and Phorm Energy.

A: Michel discussed inventory adjustments in China, ongoing right-sizing, and Phorm Energy's launch and differentiation in the U.S. energy drink space.