AB InBev Q2 Volumes Decline Brazil, China Shares Fall

Anheuser-Busch InBev (AB InBev), the world's largest brewer, reported a 1.9% decline in global beer volumes in the second quarter of 2025, driven primarily by significant sales drops in Brazil and China. Despite the volume shortfall, the company beat profit expectations, with operating profit rising 6.5% and net profit increasing to $1.68 billion, supported by price hikes and margin improvements. Revenue fell 2% to $15 billion on a reported basis, impacted by currency fluctuations, but grew 3% organically. The brewer's no-alcohol portfolio saw strong growth, with Corona Cero volumes nearly doubling, and megabrands like Corona achieving revenue increases, especially outside Mexico. The decline in volumes, including a 9% drop in Brazil and a 7.4% drop in China, contributed to a sharp share price fall of up to 11% after the earnings release. CEO Michel Doukeris described the quarter as one of profitable growth and maintained the full-year EBITDA growth outlook between 4% and 8%, highlighting resilience amid a dynamic operating environment.