Anheuser-Busch InBev (AB InBev), the world’s largest beer brewer and owner of SA Breweries, kicked off 2025 with solid profit growth, even as it sold less beer.
The company reported higher earnings on Thursday, thanks to stronger pricing, growing demand for premium and no-alcohol brands and the continued rise of its digital BEES Marketplace platform.
Underlying profit rose to $1.6bn (R29bn) in the quarter ended March from $1.5bn a year ago, the company said on Thursday.
While total volumes dropped by 2.2%, AB InBev managed to grow revenue per unit and expand profit margins. This reflects the strength of its key global brands including Corona, which saw double-digit growth outside its home market, and the company’s push into new, fast-growing segments including no-alcohol beers.
Underlying earnings per share rose 7.1% to $0.81, and 20.2% on a constant currency basis.
CEO Michel Doukeris credited the company’s strong start to the year to its clear strategy and execution.
“Beer is a passion point for consumers,” he said, pointing to the resilience of the category and the momentum behind AB InBev’s flagship brands.
“The strength of the beer category and the continued momentum of our megabrands delivered another quarter of profitable growth. Ebitda increased at the top-end of our outlook and the ongoing optimisation of our business drove underlying EPS growth of 7.1%. The consistent execution of our strategy by our teams and partners drove a solid start to the year and reinforces our confidence in delivering on our outlook for 2025.”
Despite currency headwinds weighing on reported revenue, the brewer remains confident, expecting full-year earnings to continue growing in line with its medium-term outlook of between 4% and 8%.
The group expects net capital expenditure of between $3.5bn and $4bn in the 2025 financial year.
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