“Strong start” for AB InBev despite lower sales

Belgian beer producer AB InBev, the world’s largest brewer, has exceeded its profit expectations in the first quarter of 2025. The company called it a strong start to the year, even though sales fell by 6.3 %.

Worries in US and China

Sales fell from 14.6 billion dollars to 13.63 billion (12.7 billion euros), which the company mainly attributes to currency effects. On a comparable basis, sales rose by 1.5 %: mainly thanks to a 3.7 % increase in revenue per hectolitre. Normalized EBITDA rose by 7.9 % to 4.86 billion dollars (4.5 billion euros), while analysts had expected a more modest increase of 3.1 %.

Nevertheless, AB InBev still faces serious challenges in the United States and China. North American volumes fell by 6.4 %, resulting in a turnover decrease of 5.1 %. In China, the brewer faced a 9.2 % volume decline and a 12.7 % turnover decline. The difficult economic conditions there continue to weigh down the result.

Latin America and the Europe/Middle East/Africa region provide a counterweight: in Mexico, operating profit grew by 15 %, in Colombia by 10 % and in ‘EMEA’ by more than 10 %, despite a decline in volumes sold. In the brand portfolio, the alcohol-free beers enjoyed a turnover increase of 34 %.