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Investing.com -- Anheuser-Busch InBev (EBR:ABI) on Thursday reported stronger-than-expected third-quarter earnings on Thursday, as higher margins offset weaker sales volumes, and the brewer announced a $6 billion share buyback, larger than analysts had anticipated.
Normalized EBITDA rose 3.3% to $5.59 billion, topping consensus expectations of 0.9% growth, while revenue increased 0.9% to $15.13 billion, just below the 1.2% forecast.
Volumes fell 3.7%, compared with expectations of a 3.1% decline. Underlying earnings per share rose 1% to $0.99, ahead of consensus estimates of $0.96.
The world’s largest brewer said its margin expanded 85 basis points to 37%. “Driven by the momentum of our megabrands and our innovation in balanced choices and Beyond Beer, our business delivered continued top- and bottom-line growth, even as we navigated a dynamic consumer environment,” chief executive Michel Doukeris said in a statement.
Jefferies analysts said the results showed a “bottom line beat” driven by margin expansion and cost control.
“Although topline has come in below consensus, it was ahead of Jeff and a buyside bar closer to vols down 3.5-4%, we believe. On the positive side, EBITDA is ahead and will give confidence on F25 delivery,” the brokerage said.
The brewer said its board approved the $6 billion buyback to be completed within 24 months, exceeding consensus expectations of about $4.6 billion.
It also announced a $2 billion bond redemption and an interim dividend of €0.15 per share for 2025.
AB InBev said revenue per hectoliter grew 4.8% in the quarter, led by its global megabrands, which together delivered 3% growth.
Corona’s revenue rose 6.3% outside its home market, while no-alcohol beer revenue increased 27%. The Beyond Beer segment also grew 27%.
BEES Marketplace, the company’s digital platform, reported a 66% increase in gross merchandise value to $935 million.
Regional performance was mixed. In North America, revenue declined 0.8% but EBITDA rose 0.4%, with Michelob Ultra becoming the No. 1 brand by volume year to date.
Mexico posted low-single-digit revenue growth and slightly lower volumes. Colombia delivered double-digit revenue growth and record quarterly volumes.
In Brazil, revenue declined 1.9%, while EBITDA increased 0.1%, with a 68 basis-point margin gain.
Europe saw flat volumes and a low-single-digit revenue decline. South Africa reported mid-single-digit revenue and high-single-digit EBITDA growth. In China, revenue dropped 15.2% and EBITDA fell 16.9%, as volumes declined 11.4%.
For the first nine months of 2025, AB InBev reported revenue growth of 1.8% to $43.76 billion and normalized EBITDA growth of 5.8% to $15.75 billion. Underlying profit for the period was $5.53 billion, up from $5.29 billion a year earlier.
The company maintained its 2025 guidance for organic EBITDA growth between 4% and 8%, a normalized effective tax rate of 26% to 28%, and capital expenditures of $3.5 billion to $4 billion.