AB InBev has reported higher earnings and margin expansion for 2025 despite falling beer volumes, underlining the growing importance of premium and alcohol-free segments in a challenging global beer market.
The Budweiser and Corona owner said underlying earnings per share rose 6 per cent to $3.73 (Ā£2.73), while underlying profit increased to $7.41 billion, supported by revenue growth and continued premiumisation. Total revenue increased 2.0 per cent on an organic basis, although reported revenue dipped slightly to $59.3bn due to currency headwinds.
However, total volumes declined 2.3 per cent, reflecting softer demand in key markets including Europe and North America.
CEO Michel Doukeris said the brewer had delivered growth āeven as we navigated a dynamic consumer environmentā, adding that the company enters 2026 āwell positioned to engage consumers with our megabrandsā.
Premium and alcohol-free beer were key drivers. Revenue from AB InBevās premium and super-premium portfolio grew by low single digits, led by Corona, which delivered 8.3 per cent revenue growth outside Mexico, while its no-alcohol portfolio surged 34 per cent, driven by Corona Cero. The company said its broader ābalanced choicesā range, including low carb, sugar free, gluten free and no-alcohol beer brands, grew revenue by 8.9 per cent.
AB InBev also generated strong cash flow of $11.3bn and proposed a full-year dividend of ā¬1.15 per share, up 15 per cent year-on-year.
The update comes as rival Heineken last week announced plans to cut 5,000 to 6,000 jobs globally after reporting a 2.4 per cent drop in beer volumes in 2025 amid āchallenging market conditionsā, highlighting the pressure facing brewers.
AB InBev expects EBITDA to grow between 4 per cent and 8 per cent in 2026, signalling cautious optimism despite ongoing economic uncertainty.