AB InBev Reports Second Quarter 2025 Results

  Consistent execution of our strategy delivered an EBITDA increase of 6.5%, continued margin expansion and high-single digit Underlying EPS growth

 

(BUSINESS WIRE)--Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD):

Regulated information1

“Beer is a passion point for consumers. The resilience of the beer category and the continued momentum of our megabrands delivered another quarter of profitable growth. EBITDA increased by 6.5% and the ongoing optimization of our business drove Underlying EPS growth of 8.7%. While the operating environment remains dynamic, the consistent execution of our strategy by our teams and partners drove a solid first half of the year and reinforces our confidence in delivering on our outlook for 2025.” – Michel Doukeris, CEO, AB InBev

Revenue +3.0% Revenue increased by 3.0% in 2Q25 with revenue per hl growth of 4.9% and by 2.3% in HY25 with revenue per hl growth of 4.3%.   Reported revenue decreased by 2.1% in 2Q25 to 15 004 million USD and by 4.2% in HY25 to 28 632 million USD, impacted by unfavorable currency translation.   5.6% increase in combined revenues of our megabrands, led by Corona, which grew by 7.7% outside of its home market in 2Q25.   33% increase in revenue of our no-alcohol beer portfolio in 2Q25.   63% increase in Gross Merchandise Value (GMV) from sales of third-party products through BEES Marketplace to reach 785 million USD in 2Q25.   Volumes -1.9% Volumes declined by 1.9% in 2Q25, with beer volumes down by 2.2% and non-beer volumes up by 0.3%.   Volumes declined by 2.0% in HY25, with beer volumes down by 2.3% and non-beer volumes flat.

Normalized EBITDA +6.5% Normalized EBITDA increased by 6.5% to 5 301 million USD in 2Q25, with a margin expansion of 116bps to 35.3%. Normalized EBITDA increased by 7.2% to 10 156 million USD in HY25, with a margin expansion of 166bps to 35.5%.   Underlying Profit 1 950 million USD Underlying Profit was 1 950 million USD in 2Q25 compared to 1 811 million USD in 2Q24 and was 3 556 million USD in HY25 compared to 3 320 million USD in HY24.   Reported profit attributable to equity holders of AB InBev was 1 676 million USD in 2Q25 compared to 1 472 million USD in 2Q24, negatively impacted by non-underlying items, and was 3 824 million in HY25 compared to 2 564 million in HY24, positively impacted by non-underlying items.   Underlying EPS 0.98 USD Underlying EPS increased by 8.7% to 0.98 USD in 2Q25, compared to 0.90 USD in 2Q24, and increased by 8.0% to 1.79 USD in HY25, compared to 1.66 USD in HY24.   On a constant currency basis, Underlying EPS increased by 17.4% in 2Q25 and by 18.7% in HY25.

Net Debt to EBITDA 3.27x Net debt to normalized EBITDA ratio was 3.27x at 30 June 2025 compared to 3.42x at 30 June 2024 and 2.89x at 31 December 24.

The 2025 Half Year Financial Report is available on our website at www.ab-inbev.com

1The enclosed information constitutes regulated information as defined in the Belgian Royal Decree of 14 November 2007 regarding the duties of issuers of financial instruments which have been admitted for trading on a regulated market. For important disclaimers and notes on the basis of preparation, please refer to page 16.

Management comments

Consistent execution of our strategy delivered an EBITDA increase of 6.5%, continued margin expansion and high-single digit Underlying EPS growth

Our 2Q25 and HY25 results demonstrate the resilience of our strategy and ability of our business to deliver reliable compounding growth. In 2Q25, increased investments in our brands, expansion of our premium portfolio and innovation in balanced choices, combined with our revenue management decisions drove an acceleration in revenue growth, top- and bottom line increases in four of our five operating regions and continued growth in our overall portfolio brand power.

Revenue increased in 70% of our markets and by 3.0% overall, driven by a revenue per hl increase of 4.9%. Volumes declined by 1.9%, impacted by soft industries and performance in China and Brazil. While overall volumes were below potential, underlying momentum continued in the remainder of our footprint, with volume growth of 0.7% outside of these two countries. Top-line growth combined with disciplined resource allocation and overhead management drove an EBITDA increase of 6.5%, margin expansion of 116bps and Underlying EPS growth of 17.4% in constant currency and 8.7% in USD to reach 0.98 USD.

Progressing our strategic priorities

We continue to execute on and invest in three key strategic pillars to deliver consistent growth and long-term value creation.

(1) Lead and grow the category:

Our overall portfolio brand power grew in 2Q25 driven by increased marketing investment and effectiveness. In addition, we estimate that we gained or maintained market share in 60% of our markets in HY25.

(2) Digitize and monetize our ecosystem:

BEES Marketplace captured 785 million USD in GMV from sales of third-party products, a 63% increase versus 2Q24. Overall BEES GMV increased by 10% versus 2Q24, reaching 12.2 billion USD.

(3) Optimize our business:

We continued to make progress on deleveraging with net debt to EBITDA reaching 3.27x as of 30 June 2025 versus 3.42x as of 30 June 2024. In HY25, we invested 5.0 billion USD in capex and sales and marketing while delivering free cash flow of approximately 1.4 billion USD, a 0.5 billion USD increase versus HY24.

(1) Lead and grow the category

Our performance across each of our category expansion levers drove an estimated increase in the percentage of legal drinking age consumers purchasing our portfolio across our key markets, with increases led by our megabrands and no-alcohol beer portfolio. We continue to invest in our megabrands and mega platforms with our sales and marketing investments increasing to 3.6 billion USD in HY25, a 4% increase versus HY24. According to the Kantar BrandZ 2025 report, our portfolio holds 8 of the top 10 most valuable beer brands in the world, with Corona and Budweiser #1 and #2 respectively. Our marketing effectiveness and creativity were recognized by being named the most effective marketer in the world by both Effies and the World Advertising Research Center for the 4th year in a row.

• Core Superiority: Revenue of our mainstream portfolio increased by 0.4% in 2Q25, driven by high-single digit growth in Peru and mid-single digit growth in Colombia and Mexico.
• Premiumization: Corona led our premium performance in 2Q25, increasing revenue by 7.7% outside of Mexico with double-digit volume growth in more than 30 markets. Our overall above core beer portfolio delivered a 5.1% revenue increase.
• Balanced Choices: Growth in 2Q25 was led by our no-alcohol beer portfolio which delivered a 33% revenue increase and is estimated to have gained share of no-alcohol beer across our footprint, led by Corona Cero which nearly doubled volumes versus 2Q24. Our overall balanced choices portfolio of low carb, sugar free, gluten free and no- and low-alcohol beer brands delivered a revenue increase of 7.9%.
• Beyond Beer: The momentum of our Beyond Beer portfolio continued in 2Q25, led by the double-digit revenue growth of Cutwater in the US and Beats in Brazil which drove an overall revenue increase of 6.4%.

(2) Digitize and monetize our ecosystem

• Digitizing our relationships with more than 6 million customers globally: As of 30 June 2025, BEES was live in 28 markets with 71% of our revenues captured through B2B digital platforms. In 2Q25, BEES captured 12.2 billion USD in GMV, growth of 10% versus 2Q24.
• Monetizing our route-to-market: BEES Marketplace GMV growth accelerated in 2Q25, growing by 63% versus 2Q24 to reach 785 million USD from sales of third-party products.
• Leading the way in DTC solutions: Our omnichannel DTC ecosystem of digital and physical products generated revenue of approximately 335 million USD in 2Q25. Our DTC megabrands, Zé Delivery, TaDa Delivery and PerfectDraft, generated 18.2 million e-commerce orders and delivered 134 million USD in revenue this quarter, representing 6% growth versus 2Q24.

(3) Optimize our business

• Maximizing value creation: EBITDA grew by 6.5% and EBIT by 10.2% in 2Q25 as disciplined resource allocation and overhead management drove continued margin expansion. The combination of the optimization of our net finance costs and net working capital, and improved capex efficiency delivered free cash flow of approximately 1.4 billion USD in HY25, a 0.5 billion USD improvement versus HY24. We continued to progress on our deleveraging with our net debt to EBITDA ratio reaching 3.27x versus 3.42x as of 30 June 2024. As is typical, the ratio increased versus FY24 due to the seasonality of our cash flow generation and cash outflow for our increased full year dividend and share buyback program.
• Advancing our sustainability priorities: In Climate Action, our Scopes 1 and 2 emissions per hectoliter of production was 4.30 kgCO2e/hl in HY25, a reduction of 47% versus our 2017 baseline. In Water Stewardship, our water use efficiency ratio improved to 2.40 hl per hl in HY25 versus 2.50 hl per hl in HY24.

Delivering reliable compounding growth

In the first half of this year, our business delivered an EBITDA increase of 7.2% with margin expansion of 166bps and Underlying EPS growth of 8.0% in USD. We made strategic choices across revenue management, resource allocation, and increased sales and marketing investments to lead and grow the category. We continued to make progress on deleveraging while paying an increased dividend to our shareholders and completing our 2 billion USD share buyback program. Our footprint has structural tailwinds for long-term volume growth with favorable demographics, ongoing economic development and opportunities to increase category participation. Our consistent performance and the fundamental strengths of our business reinforce our confidence in our ability to deliver our FY25 outlook and long-term value creation.

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Contacts

 

Investors
Shaun Fullalove
E-mail: shaun.fullalove@ab-inbev.com

Ekaterina Baillie
E-mail: ekaterina.baillie@ab-inbev.com

Cyrus Nentin
E-mail: cyrus.nentin@ab-inbev.com

Media
Media Relations
E-mail: media.relations@ab-inbev.com

 

Telness Tech Appoints Octopus Group Chairman John Browett to Board of Directors

 (BUSINESS WIRE)--Telness Tech, the rapidly growing tech company reinventing telecom for modern mobile operators, today announced the appointment of John Browett to its Board of Directors. Browett brings decades of leadership and governance experience from some of the world’s most prominent companies, including Octopus Group, Apple, and Tesco.

Browett currently serves as Chairman of Octopus Group, the company who founded Octopus Energy, whose Kraken Technologies platform has redefined how technology can transform traditional industries. He has also held executive leadership roles at Apple and Tesco, helping scale globally recognized businesses and pioneer large-scale e-commerce in one of Europe’s most competitive retail environments.

“Telness Tech is doing to telecom what Kraken has done to the energy sector — rewriting the rules,” says John Browett.“Martina and the team have built a unique platform with a proven ability to help operators leapfrog legacy systems, vendors, and modules — essentially making telecom, a traditionally complex industry, easier and more joyful than ever. I’m thrilled to be part of that journey.”

“John’s experience leading some of the world’s most innovative and customer-centric companies makes him an invaluable addition to our board,” says Martina Klingvall, CEO and Founder of Telness Tech. “His unique combination of strategic vision, operational excellence, and boardroom expertise will help guide us as we continue to simplify telecom globally.”

Telness Tech’s flagship product, Seamless OS, is a cloud-native platform that enables any mobile operator or digital-first company to launch or expand mobile services using the power of AI and automation. In 2024 and 2025, the company entered the U.S., European, and African markets, and its platform now powers more than 24 mobile operators, including partnerships with industry leaders such as T-Mobile and Lebara.

About Telness Tech

Telness Tech is one of the world’s fastest growing teltech companies. It’s flagship product, Seamless OS, is a cloud-based BSS/OSS platform that enables companies to launch, operate, and scale fully digital, AI-powered mobile services. Often described as the “Shopify for telecom,” Telness Tech makes it radically simple and efficient to run or become a mobile operator. Originally developed within Swedish operator Telness — one of Europe’s highest-rated mobile providers — Telness Tech now empowers telecom disruptors across the U.S., Europe, and beyond.

 

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Press Contact: Sebastian Stecki

Vice President, Marketing & Communications

Tel. +4673 958 40 86

sebastian@telnesstech.com

Uptime’s 15th Annual Global Data Center Survey Results Show Both Commitment and Hesitancy as Industry Plans for Wider AI Usage, Climate Change Reporting, and the NVIDIA Revolution to Come

  Need to Modernize to Meet Power and Density Requirements Remains Strong

(BUSINESS WIRE)--Uptime Institute today announced the release of its 15th Annual Global Data Center Survey 2025 revealing an innovative and resilient industry – one that is also facing rising costs, worsening power constraints, and challenges in meeting the demands for AI. As operators expand and modernize to meet power and density requirements, they must address availability, efficiency, staffing challenges, supply chain delays, and unpredictable technological advances.

“Our data shows operators are tasked with managing a lot of big strategic challenges at the same time. These include anticipating multiple technological changes, planning for expansion in spite of major constraints on power availability, and preparing for and supporting unpredictable AI workload demand,” said Andy Lawrence, Executive Director of Research, Uptime Institute. “This is a time where senior level experience is critical. But for the first time, more operators are finding it harder to recruit and retain senior people than people at an earlier stage of their career. There is a management shortage, with many experienced leaders retiring just as another phase of dramatic growth gets underway.”

Roughly one-third of data center owners and operators currently perform some AI training or inference, and a significantly greater proportion plan to do so in the future. But much of this is early stage and cautious. Uncertainty over the appropriate or likely venues for AI workloads, and apprehension over the power demands of projected NVIDIA GPU systems, is likely contributing to capacity concerns.

Now in its 15th year, Uptime Institute’s annual survey is the most comprehensive and longest-running study of its kind. The findings of this report highlight the practices and experiences of data center owners and operators in the areas of resiliency, sustainability, efficiency, staffing, cloud, and artificial intelligence.

Key findings from the 2025 report include:

• Cost issues remain the top concern for digital infrastructure management teams in 2025 — but worries around forecasting future capacity requirements have grown significantly.

• Average PUE levels show little change for the sixth consecutive year, with improvements constrained by legacy infrastructure and some climate specific limitations to efficient cooling.

• Average server rack power densities continue to rise, with greater adoption of racks in the 10–30 kW range. Few facilities exceed 30 kW, and extreme densities are as yet rare.

• The collection and reporting of key sustainability metrics have not improved in 2025, which is likely due in part to commercial pressures to support AI, and easing regulatory pressure in some regions.

• Trust in AI for data center operations depends on the use case: most would allow its use for analyzing sensor data and predictive maintenance tasks, but not configuration changes, controlling equipment, or staffing issues.

• Impactful data center outages are gradually becoming less frequent — but one in ten still cause serious or severe disruption, underscoring the need for continued investment.

• Enterprises continue to adopt hybrid IT strategies, spanning cloud, colocation on-premises data centers. On-premises data centers remain foundational for those with large, mission critical processing needs, with 45% of IT workloads still residing in corporate facilities.

• Staffing challenges persist in 2025. Nearly two-thirds of operators report difficulty retaining staff, finding qualified candidates, or both.

About the Survey:

Uptime conducted this year’s Annual Global Data Center Survey online and via email from April to May 2025 and collected responses from more than 800 data center owners and operators. For the third consecutive year, Uptime’s survey asked data center operators to identify their management team’s top concerns related to digital infrastructure. In 2025, new response options were added to reflect the evolving challenges surrounding power availability, supply chain disruptions, and demand for AI.

The survey participants represent a wide range of industry verticals in multiple countries. Nearly half (43%) are located in North America and Europe. Approximately one in five respondents work for professional IT / data center service providers — that is, staff with operational or executive responsibilities for a third-party data center, such as those offering colocation, wholesale, software, or cloud computing services.

Learn More:

Download the executive summary report here and register for the webinar here covering key trends and takeaways from the survey results on July 30th at 9:00 AM PDT (9:00 AM PDT, 12:00 PM EDT, and 5:00 PM BST). To join our Uptime Institute Bright Talk Channel, go to https://www.brighttalk.com/join/.

About Uptime Institute

Uptime Institute is the Global Digital Infrastructure Authority. With over 3,500 awards issued in over 118 countries around the globe, and over 1,100 currently active projects in 80+ countries, Uptime has helped tens of thousands of companies optimize critical IT assets while managing costs, resources, and efficiency. For over 30 years, the company has established industry-leading benchmarks for data center performance, resilience, sustainability, and efficiency, which provide customers assurance that their digital infrastructure can perform across a wide array of operating conditions at a level consistent with their individual business needs. Uptime’s Tier Standard is the IT industry’s most trusted and adopted global standard for the design, construction, and operation of data centers. Offerings include the organization’s Tier Standard and Certifications, Management & Operations reviews and assessments including SCIRA-FSI financial sector risk assessment, the Sustainability Assessment, and a broad range of additional risk management, performance, availability, and related offerings. Uptime Education training programs have been successfully completed by over 90,000 data center professionals, such as the much-valued ATD (Accredited Tier Designer) and AOS (Accredited Operations Specialist). The Uptime Education curriculum has been expanded by the acquisition of CNet Training Ltd. in 2023.

Uptime Institute is headquartered in New York, NY, with offices in London, Sao Paulo, Dubai, Riyadh, and Singapore, and full-time Uptime professionals based in over thirty-four countries around the world. For more information, visit uptimeinstitute.com.

 

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Media contact:

Brenda South

Publicrelations@uptimeinstitute.com

206-706-6467

Takeda Announces First-Quarter FY2025 Results With Significant Late-Stage Pipeline Progression

   Revenue Decline of 3.7% at Constant Exchange Rate (CER); 8.4% Decline at Actual Exchange Rates (AER) as VYVANSE® Generic Erosion Impacts Revenue in Line With Company Expectations

Core Operating Profit Decline of 11.9% at CER, Primarily Reflecting Generic Erosion

Reported Operating Profit Increase of 11.0% at AER, Reflecting Lower YoY Impairment and Restructuring Expenses

Positive Results from Two Pivotal Phase 3 Studies of Oveporexton in Narcolepsy Type 1 Reinforce Continued Momentum in Late-Stage Pipeline

No Change to Full-Year Outlook Announced in May

 

(BUSINESS WIRE)--Takeda (TOKYO:4502/NYSE:TAK) today announced earnings results for the first quarter of fiscal year 2025 (three months ended June 30, 2025), with generic erosion of VYVANSE significantly impacting revenue and Core Operating Profit in line with company expectations for the quarter. The company expects these impacts to moderate in future quarters.

Takeda also achieved several important milestones in its R&D pipeline, reinforcing its long-term growth trajectory and underscoring its commitment to delivering sustainable value through innovation. Most notably, both Phase 3 studies of oveporexton successfully met all primary and secondary endpoints, demonstrating statistically significant improvements across doses. These results reinforce the potential of oveporexton to transform the standard of care in narcolepsy type 1.

In addition, Takeda received U.S. FDA approval for GAMMAGARD® LIQUID ERC and European Commission (EC) approval for ADCETRIS® in new indications and presented promising clinical data for rusfertide at the 61st American Society of Clinical Oncology (ASCO) Annual Meeting Plenary Session. These developments underscore the strength of Takeda’s late-stage pipeline and its potential to drive future growth.

Takeda chief financial officer, Milano Furuta, commented:

“The impact of VYVANSE generic erosion on Takeda’s FY2025 Q1 results was very significant, but consistent with our expectations, and there is no change to our full-year outlook announced in May.

“Our late-stage pipeline continues to advance with the announcement in July of positive results from two pivotal Phase 3 studies for oveporexton in narcolepsy type 1, with both studies meeting all primary and secondary endpoints. These results represent a significant scientific milestone, and we are very excited about the potential for our late-stage pipeline to deliver value to the patients we serve and to position Takeda for sustainable growth.”

FINANCIAL HIGHLIGHTS for FY2025 Q1 Ended June 30, 2025
(Billion yen, except percentages and per share amounts)
	FY2025 Q1	FY2024 Q1	vs. PRIOR YEAR (Actual % change)
Revenue	1,106.7	1,208.0	-8.4%
Operating Profit	184.6	166.3	+11.0%
Net Profit	124.2	95.2	+30.4%
EPS (Yen)	79	61	+30.8%
Operating Cash Flow	215.4	170.3	+26.5%
Adjusted Free Cash Flow (Non-IFRS)	190.1	23.7	+703.6%

Core (Non-IFRS)
(Billion yen, except percentages and per share amounts)
	FY2025 Q1	FY2024 Q1	vs. PRIOR YEAR (Actual % change)	vs. PRIOR YEAR (CER % change)
Revenue	1,106.7	1,208.0	-8.4%	-3.7%
Operating Profit	321.8	382.3	-15.8 %	-11.9%
Margin	29.1%	31.6%	-2.6 pp	―
Net Profit	237.0	276.8	-14.4%	-10.3%
EPS (Yen)	151	176	-14.1%	-10.0%

FY2025 Outlook (unchanged from May 2025)
(Billion yen, except percentages and per share amounts)
	FY2025 FORECAST	FY2025 MANAGEMENT GUIDANCE Core Change at CER (Non-IFRS)
Revenue	4,530.0	---
Core Revenue (Non-IFRS)	4,530.0	Broadly flat
Operating Profit	475.0	---
Core Operating Profit (Non-IFRS)	1,140.0	Broadly flat
Net Profit	228.0	---
EPS (Yen)	145	---
Core EPS (Yen) (Non-IFRS)	485	Broadly flat
Adjusted Free Cash Flow (Non-IFRS)	750.0-850.0	---
Annual Dividend per Share (Yen)	200	---

Additional Information About Takeda’s FY2025 Q1 Results
For more details about Takeda’s FY2025 Q1 results, commercial progress, pipeline updates and other financial information, including key assumptions in the FY2025 forecast and management guidance as well as definitions of non-IFRS measures, please refer to Takeda’s FY2025 Q1 investor presentation (available at https://www.takeda.com/investors/financial-results/quarterly-results/).

Please refer to slide 6 of Takeda’s FY2025 Q1 investor presentation (available at https://www.takeda.com/investors/financial-results/quarterly-results/) for the definition of Growth & Launch Products.

 

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Contacts

 

Investor Relations
Christopher O’Reilly
Christopher.oreilly@takeda.com
+81 (0) 90-6481-3412

Media Relations
Brendan Jennings
Brendan.jennings@takeda.com
+81 (0) 80-2705-8259
(Outside Japan business hours)
Media_Relations@takeda.com