AB InBev boosts annual profit, dividend despite disappointing volumes
Anheuser-Busch InBev NV on Thursday reported strong annual profit and hiked its dividend, though volumes were subdued.
The Leuven, Belgium-based brewer posted profit of $8.50 billion in 2025, up 14% from $7.42 billion a year earlier.
But revenue was $59.32 million, down slightly 0.7% from $59.77 billion, hurt by poor volumes. Beer volumes were down 2.5% to 484.2 million hectolitres from 496.4 million, while non-beer volumes were 3.1% lower at 76.9 million hectolitres from 79.4 million, dragging total volumes 561.1 million hectolitres, down 2.5% from 575.7 million.
However, normalised earnings before interest, taxes, depreciation and amortisation inched up 1.3% to $21.22 billion from $20.96 billion.
AB InBev declared a final dividend of €1.00, lifting the total payout for 2025 to €1.15, down 13% from €1.00 in 2024.
Basic earnings per share rose 18% to $3.45 from $2.92.
As of Monday this week, AB InBev had completed about $635 million of the $6 billion share buyback programme announced in October 2025.
The brewer exits 2025 with improved momentum and enters 2026 well-positioned to engage consumers with its megabrands, AB InBev Chief Executive Officer Michel Doukeris said.
AB InBev expects Ebitda to grow in line with its medium-term outlook of between 4% and 8%. ‘The outlook for FY26 reflects our current assessment of inflation and other macroeconomic conditions,’ the company said.
In Johannesburg, AB InBev shares were up 2.6% to R 1,247.54 on Thursday morning.
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