AB InBev: Premium brands and digital growth offset softer volumes

Transcript intelligence

What changed

Compared with the supplied Q1 analysis, Q2 retained EBITDA growth and margin expansion but showed slower EBITDA growth (6.5% versus 7.9%) and a smaller volume decline (1.9% versus 2.2%). BEES GMV growth accelerated to 63% from 53%; non-alcohol revenue growth was 33% versus 34%. Management maintained its 2025 EBITDA growth outlook, according to the Q2 analysis.

Guidance delta

Guidance was maintained. The Q2 analysis says management remained confident in achieving its 2025 EBITDA growth target of 4–8%; it does not report a change to that range.

Key takeaways

• EBITDA increased 6.5% with margin expansion despite a 1.9% volume decline, according to the supplied Q2 analysis.
• Premium brands and non-alcohol offerings remained important growth drivers; non-alcohol beer revenue grew 33%.
• BEES marketplace GMV grew 63% year over year to $785 million, according to the analysis.
• Management expressed confidence in the 2025 EBITDA growth outlook, while volume weakness in China and Brazil remained a headwind.

Management priorities

• Continue investment in megabrands, premium platforms, and innovations across core and beyond-beer categories.
• Expand non-alcohol and low- or zero-sugar offerings, and scale BEES and direct-to-consumer channels.
• Focus on off-trade execution in China and expand the footprint in India; use sports and cultural events for brand activation.