AB InBev reports 1.9% decline in volume in Q2 2025 

BELGIUM – AB InBev, the world’s largest beer producer, has reported a 1.9% year-on-year decline in total volumes for the second quarter of 2025, exceeding the 0.3% drop forecast by analysts.  

The dip in volumes was primarily driven by underperformance in China and high comparison bases in Brazil. 

In China, AB InBev’s volumes were down 7.4%, with the company stating it was “underperforming the industry.” Meanwhile, Brazil recorded a 6.5% drop in volumes, which the company attributed to challenging weather conditions and high prior-year comparisons. 

Despite the volume decreases, the brewer posted a 6.5% year-on-year increase in operating profit, reaching US$5.3 billion—surpassing analysts’ expectations of 5.7%. This growth came on the back of higher pricing, as consumers paid more for beer across several markets. 

Revenues rose 3% on an organic basis, totaling US$15 billion for the quarter. This was partly driven by improved sales performance in the U.S., one of AB InBev’s key markets, following a weaker first quarter. 

CEO Michel Doukeris said the results showcased the “resilience of the beer category” and highlighted the sustained momentum of its megabrands, including Stella Artois, Budweiser, and Corona.  

The company is increasingly investing in premium and non-alcoholic beer offerings, with Corona sales outside Mexico rising 8% and sales of non-alcoholic Corona Cero increasing by 33%. 

AB InBev also reported growth in its digital platforms. The BEES platform, which enables retailers to order products online, processed US$12.2 billion worth of transactions in Q2, marking a 10% increase year-on-year.  

Sales through BEES Marketplace, which allows third-party sellers to offer products, surged 63% to US$785 million. 

Direct-to-consumer platforms such as Zé Delivery and PerfectDraft also saw gains. These platforms handled more than 18 million online orders in the second quarter, contributing US$134 million in revenue—a 6% year-on-year rise. 

In the first half of 2025, AB InBev reported a 4.2% decline in revenue to US$28.6 billion, impacted by unfavorable currency effects. Overall volumes declined by 2%, with beer volumes falling by 2.3% and non-beer volumes remaining flat. 

Looking ahead, the company expects EBITDA growth in line with its medium-term projection of 4–8%, considering inflation and broader macroeconomic trends.  

CEO Doukeris credited the company’s solid execution and digital strategy for reinforcing confidence in achieving its 2025 outlook. 

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