Anheuser-Busch InBev reports mixed Q3 results; reaffirms FY25 outlook

* Anheuser-Busch InBev press release [https://seekingalpha.com/pr/20285597-ab-inbev-reports-third-quarter-2025-results] (BUD [https://seekingalpha.com/symbol/BUD]): Q3 Non-GAAP EPS of $0.99 beats by $0.04.
* Revenue of $15.13B (+0.5% Y/Y) misses by $90M.
* Volumes declined by 3.7% in 3Q25, with beer volumes down by 3.9% and non-beer volumes down by 2.2%.
* Normalized EBITDA increased by 3.3% to 5 594 million USD in 3Q25, with a margin expansion of 85bps to 37.0%. Normalized EBITDA increased by 5.8% to 15 750 million USD in 9M25, with a margin expansion of 138 bps to 36.0%.
*
2025 Outlook

(i) Overall Performance: We expect our EBITDA to grow in line with our medium-term outlook of between 4-8%. The outlook for FY25 reflects our current assessment of inflation and other macroeconomic conditions.

(ii) Net Finance Costs: Net pension interest expenses and accretion expenses are expected to be in the range of 190 to 220 million USD per quarter, depending on currency and interest rate fluctuations. We expect the average gross debt coupon in FY25 to be approximately 4%.

(iii) Effective Tax Rate (ETR [https://seekingalpha.com/symbol/ETR]): We expect the normalized ETR in FY25 to be in the range of 26% to 28%. The ETR outlook does not consider the impact of potential future changes in legislation.

(iv) Net Capital Expenditure: We expect net capital expenditure of between 3.5 and 4.0 billion USD in FY25.

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