Anheuser-Busch InBev SA/NV

2025 revenue increased 2%, driven by a 4.4% increase in revenue per hectoliter; EBITDA increased 4.9% and EBITDA margin expanded by 101 basis points. Underlying EPS was $3.73 per share, up 6% in U.S. dollars and 9.4% in constant currency, and underlying profit grew by $350 million. Management said free cash flow was solid, leverage ended at 2.87x after repurchasing $2.7 billion of debt and absorbing a $2.8 billion FX headwind on net debt, and the board proposed a final dividend of EUR 1 per share. Looking ahead to 2026, the company expects 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 emphasized that 2025 was a difficult consumer year, but AB InBev still delivered disciplined execution, margin expansion, and stronger cash generation. He repeatedly pointed to the company’s strategy as intact, saying growth accelerators such as premiumization, non-alcohol beer, Beyond Beer, and BEES are working as planned. His tone was constructive and more upbeat on 2026, citing better momentum exiting Q4, January improvement in several markets, and major sporting events like the World Cup and Olympics as catalysts.

Fernando Tennenbaum focused on the financial mechanics behind the year: EBITDA margin rose 101 bps, underlying EPS reached $3.73, and lower net interest expense from active debt management and deleveraging contributed $0.09 per share. He highlighted a stronger balance sheet with a 2.87x leverage ratio, no bonds maturing in 2026, a weighted average maturity of 13 years, and no financial covenants. Capital allocation remained active, with $3.2 billion of buybacks completed, a further $6 billion program underway, and a proposed final dividend of EUR 1 per share, up 15% total versus last year including the interim dividend.

Analysts pressed management on the tone shift toward beer’s role in social occasions, the sustainability of U.S. momentum, China’s channel transition, Brazil’s recovery, 2026 margin phasing, and CapEx. Doukeris said the company’s optimism comes from both long-term strategy execution and early signs of improved demand, especially late in 2025 and in January, while keeping the 2026 outlook unchanged. On China, he said off-trade and O2O are the key focus, on-trade is stable but not improving, and the company is reorganizing distribution and inventory; on Brazil, he said normal weather and narrower price gaps were helping momentum. Tennenbaum said margins still have room to expand and noted first-half cost pressure from FX hedges, while sales and marketing will be more concentrated in Q2/Q3 because of the World Cup.