Ab-Inbev, Annheuser-Busch InBev, the world’s largest brewer with brands such as Leffe, Budweiser, Corona and Stella Artois, closed Q1 2025 with a 1.5% increase in sales and a 3.7% increase in sales per hl. Reported sales decreased by 6.3%, to $13.628 billion, "due to the adverse impact of the exchange rate", as the company’s official statement points out. 

Normalized ebitda increased by 7.9% to USD 4.855 billion, with a margin expansion of 218 basis points to 35.6%. Underlying earnings in the first quarter were $1.606 billion compared to $1.509 billion in the first quarter of 2024: reported earnings attributable to AB InBev shareholders were $2.148 billion, compared to $1.091 billion, "positively influenced by non-underlying items".

"It was a solid start to the year with growth in ebitda at the high end of our forecasts, continued expansion of margins and underlying EPS growth". This is how AbInbev’s ceo, Michel Doukeris, comments on the first quarter. "Beer is a passion for consumers: the strength of the category and the continued momentum of our megabrand have allowed another quarter of profitable growth. The ebitda increased at a maximum of our forecasts and the continuous optimization of our business led to an underlying EPS growth of 7.1%. The consistent execution of our strategy by our teams and partners has enabled a solid start to the year and strengthens our confidence in achieving our 2025 outlook". 

"Net profit -adds Doukeris in his analysis- increased by 1.5%, with revenue growth in about 50% of our markets, driven by a 3.7% increase in revenues per hectolitre thanks to disciplined revenue management choices and continuous premium. We have increased the power of our brand portfolio through increased investment and marketing effectiveness. In addition, we estimate that we have gained or maintained market share in 60% of our markets. The volume results were however influenced by calendar-related factors, such as the advantage of leap year sales days in the first quarter of 2004 and the scanning of Easter shipments, which led to a decrease of 2.2%".

"We continue to work and invest on three key strategic pillars to ensure continued growth and long-term value creation -concludes the ceo-. Driving and growing the category: we have increased the power of our overall brand portfolio through investment and marketing effectiveness. Point two: digitize and monetize our ecosystem: BEES Marketplace has captured 645 million dollars of GMV, gross merchandise value (the sum of all transactions made on an e-commerce platform) from sales of third-party products. This represents a 53% increase compared to the first quarter of 2004. The overall GMV of BEES increased by 10% to 11.6 billion dollars. Finally, we must optimize our business: the underlying EPS was 0.81 dollars, an increase of 7.1% and a 20.2% increase in constant currency terms compared to the first quarter 2024, thanks to an EBIT growth of 103% and the continuous optimisation of our net financial costs"