SENS-AI
ANH Results Bullish

ANHEUSER-BUSCH INBEV SA/NV - AB InBev Reports Full Year and Fourth Quarter 2025 Results Short Form Announcement

Anheuser-Busch InBev SA/NV
Full analysis

What this filing means

Bull case

  • Underlying EPS grew 6.0% to 3.73 USD for FY25, with a stronger 9.4% increase on a constant currency basis, signaling robust underlying profitability.
  • Normalized EBITDA margins expanded by 101 bps to 35.8%, driven by operational efficiencies despite inflationary pressures.
  • Management is committed to capital returns, proposing a total FY25 dividend of 1.15 EUR and executing a massive 6 billion USD share buyback program.
  • Outlook for 2026 remains optimistic with EBITDA growth expected to align with the medium-term 4-8% guidance range.

Bear case

  • Consolidated volumes declined by 2.3% in FY25, with beer volumes specifically down 2.6%, indicating underlying demand weakness and reliance on price hikes.
  • Revenue growth of 2.0% for the full year was entirely price-driven (revenue per hl up 4.4%), which may face consumer resistance in a tightening economic environment.
  • The net debt to normalized EBITDA ratio remains high at 2.87x, showing only marginal improvement from 2.89x in the prior year.
  • South African investors face a complex dividend tax structure involving Belgian withholding tax that requires active rebate claims to optimize yields.
View original SENS announcement

AI-generated summary by SENS-AI, based on the original JSE SENS filing.

SENS-AI conclusion

AB InBev delivered a resilient FY25 performance where aggressive pricing and margin expansion successfully offset declining volumes, leading to a respectable 6% increase in underlying EPS. While the 2.87x leverage ratio remains a constraint on the balance sheet, the commitment to a 6 billion USD buyback and an increased dividend provides a strong floor for the valuation. Investor Takeaway: At roughly 16-17x earnings and trading above its 200-day moving average, the market is rewarding AB InBev's pricing power, but long-term re-rating depends on the group's ability to pivot from price-led to volume-led growth in 2026.

Evidence from the filing

  • Underlying EPS growth of 6.0% for the full year 2025 reaching 3.73 USD.

    “Underlying EPS increased by 7.5% to 0.95 USD in 4Q25, compared to 0.88 USD in 4Q24, and increased by 6.0% to 3.73 USD in FY25, compared to 3.53 USD in FY24.”

  • Normalized EBITDA margin expansion of 101 bps.

    “Normalized EBITDA increased by 4.9% to 21 223 million USD in FY25, with a margin expansion of 101 bps to 35.8%.”

  • Proposed final dividend and total FY25 dividend increase.

    “The AB InBev Board of Directors proposes a final dividend of 1.00 EUR per share, subject to shareholder approval at the AGM on 29 April 2026. Combined with the interim dividend of 0.15 EUR per share paid in November 2025, the full year 2025 dividend would be 1.15 EUR per share.”

  • Decline in beer and total volumes for the full year.

    “Volumes declined by 2.3% in FY25, with beer volumes down by 2.6% and non-beer volumes down by 0.4%.”

  • Revenue growth driven by price increases per hectolitre.

    “Revenue increased by 2.5% in 4Q25 with revenue per hl growth of 4.0% and by 2.0% in FY25 with revenue per hl growth of 4.4%.”

  • High net debt to normalized EBITDA ratio.

    “Net debt to normalized EBITDA ratio was 2.87x at 31 December 2025, compared to 2.89x at 31 December 2024.”
Category
Results
Published
Feb 12, 2026

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