BUD · Anheuser-Busch InBev SA/NV

Summary

Anheuser-Busch InBev SA/NV reported FY25 revenue of $59.3B (up 2.0% organic), normalized EBITDA of $21.2B (up 4.9% organic with 101bps margin expansion), underlying EPS of $3.73 (up 6.0%), and free cash flow of $11.3B. The company proposed a final dividend of €1.00/share (total FY25 €1.15/share, +15% YoY) and completed $0.6B of a $6B share buyback program.

Key takeaways

• FY25 revenue $59.3B (excl. JVs/associates), +2.0% organic with +4.4% revenue/hl growth
• Normalized EBITDA $21.2B, +4.9% organic, margin 35.8% (+101bps YoY)
• Volumes 561.1M hl, -2.3% YoY; beer volumes -2.6%
• Underlying profit $7.4B, underlying EPS $3.73 (+6.0% YoY, +9.4% constant currency)
• Net debt/EBITDA 2.87x (vs 2.89x YoY); free cash flow $11.3B
• Proposed FY25 dividend €1.15/share (+15% YoY); $6B share buyback (635M USD completed as of Feb 9, 2026)
• FY26 outlook: EBITDA growth in line with 4-8% medium-term range