Anheuser-Busch InBev SA/NV

For 2025, AB InBev reported underlying EPS of $3.73 per share, up 6% in dollars and 9.4% in constant currency. EBITDA increased 4.9%, margin expanded 101 basis points, revenue rose 2%, and revenue per hectoliter increased 4.4%. Michel Doukeris said volume performance was below potential, though momentum improved in Q4 and December, and the company gained or maintained share in 80% of markets in the quarter. On cash and capital allocation, Fernando Tennenbaum said the company repurchased $2.7 billion of debt, ended with leverage of 2.87x, completed $3.2 billion of share buybacks, and proposed a final dividend of EUR 1 per share; combined with the interim dividend, that is a 15% year-over-year increase in total dividends. For 2026, management guided to organic EBITDA growth of 4%-8%, net CapEx of $3.5 billion-$4 billion, and a normalized effective tax rate of 26%-28%.

Michel Doukeris framed 2025 as a year of disciplined execution in a difficult consumer backdrop, emphasizing that AB InBev continued investing in strategy even as volumes lagged. He pointed to improving momentum late in the year, especially in December, and said the company entered 2026 with better market trends, a strong event calendar and confidence in its growth drivers such as premiumization, non-alcohol beer, Beyond Beer and BEES. His tone was upbeat and consistently long-term, with repeated emphasis on the power of consistency, mega brands and major sports activations like the World Cup and Olympics.

Fernando Tennenbaum focused on margin, cash and balance sheet progress. He said EBITDA margin improved by 101 basis points in 2025, underlying profit grew by $350 million, and dollar-based EPS has grown at a 6.7% CAGR since 2021. He highlighted deleveraging and liquidity strength, including $2.7 billion of debt repurchases, a 2.87x leverage ratio, no bonds maturing in 2026, a weighted average maturity of 13 years and no financial covenants. He also noted $3.2 billion of share buybacks, a further $6 billion program underway, and reiterated 2026 guidance for 4%-8% organic EBITDA growth, $3.5 billion-$4 billion of net CapEx and a 26%-28% tax rate.

Analysts focused on the 2026 outlook, China, Brazil, U.S. margin dynamics, Beyond Beer and BEES Marketplace. Management said the improved 2026 tone mostly reflects consistent strategy execution plus some early momentum, not a major cyclical inflection, and kept the medium-term outlook unchanged. On China, Doukeris said the business is being reoriented toward off-trade and O2O, with Q4 share flat year over year and on-trade stabilizing rather than worsening. On Brazil, he pointed to better weather, narrowing price gaps and stronger brand execution as drivers of the late-year recovery. On margins and phasing, Tennenbaum said 2026 should still allow further margin expansion, but cost pressure will likely be heavier in the first half because of FX hedging, while World Cup-related marketing spend should be more concentrated in Q2-Q3.