Financial Data and Key Metrics Changes - In 2025, the company achieved dollar-based EPS growth of 6% to $3.73 per share, with a 9.4% increase in constant currency, reflecting a CAGR of 6.7% since 2021 [20][21] - EBITDA increased by 4.9%, with margin expansion of 101 basis points, resulting in top-line growth of 2% [6][20] - Free cash flow was maintained at $11.3 billion, allowing for increased share buybacks and a 15% increase in dividends compared to the previous year [6][24] Business Line Data and Key Metrics Changes - The Mega Brands and premium portfolio outperformed the overall business, with Beyond Beer revenue increasing by 23% and non-alcohol beer revenue growing by 34% [5][15] - BEES Marketplace GMV increased by 61% to $3.5 billion, indicating strong growth in the digital marketplace segment [5][17] Market Data and Key Metrics Changes - Revenue increased in 65% of the company's markets, with EBITDA growth in four of five operating regions [7][8] - In the U.S., the company gained market share in both beer and spirits, with significant growth from brands like Michelob ULTRA and Busch Light [9][10] - In China, revenue declined by low teens, but market share trends improved in Q4, indicating potential for recovery [11][45] Company Strategy and Development Direction - The company continues to focus on premiumization, innovation, and expanding its digital ecosystem through the BEES Marketplace [12][17] - The strategy emphasizes long-term growth drivers such as balanced choices, premiumization, and the Beyond Beer segment, which is projected to grow at double the rate of the overall beer category [15][16] - The company aims to leverage its diversified geographic footprint to capture future industry growth, particularly in emerging markets [8][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the 2026 outlook, citing improved momentum exiting 2025 and upcoming major events like the FIFA World Cup as opportunities for growth [26][33] - The company remains committed to its strategic priorities despite challenges in 2025, with a focus on maintaining financial discipline and optimizing resource allocation [20][26] Other Important Information - The company achieved its sustainability goals related to water and agriculture, with ongoing efforts in climate and packaging [24][25] - The company plans to maintain a progressive dividend policy and has proposed a final dividend of 1 EUR per share for 2025 [24] Q&A Session Questions and Answers Question: Insights on the role of beer in consumer culture - Management highlighted that beer brings people together for moments of celebration and emphasized the importance of promoting moderate consumption [30][31] Question: Key elements of the U.S. market turnaround - Management credited consistency and strategic investments in brand segmentation as key to the U.S. market turnaround, with plans to apply these learnings to other markets, particularly China [36][40] Question: Update on commercial execution in China - Management noted significant progress in the off-trade channel and a stabilization in the on-trade channel, with cautious optimism for 2026 [43][45] Question: Thoughts on BEES Marketplace scaling - Management expressed confidence in the growth potential of the BEES Marketplace, particularly in the third-party segment, which is becoming increasingly profitable [73][76]

FY & 4Q25 Results February 12, 2026 Legal disclaimer Certain statements contained in this report that are not statements of historical fact constitute forward-looking statements, notwithstanding that such statements are not specifically identified. In addition, certain statements may be contained in the future filings of the Company with the competent securities regulators or other authorities, in press releases, and in oral and written statements made by or with the approval of the Company that are not sta ...

Core Insights - Anheuser-Busch has announced a $30 million investment in its Jacksonville Brewery and Can Plant to increase production of Michelob ULTRA, which is the top-selling and fastest-growing beer in the U.S. [1][2] Investment and Economic Impact - The $30 million investment is part of Anheuser-Busch's Brewing Futures initiative, which has seen over $300 million invested in U.S. facilities in the past year to support American manufacturing jobs [2][3] - The investment aims to enhance brewing and packaging capabilities, thereby expanding the production capacity for Michelob ULTRA and contributing to local economic growth [2][3] Market Position - Michelob ULTRA is recognized as the 1 top-selling beer nationwide and in Florida, with strong performance in bars and restaurants as confirmed by Nielsen [2][3] Community and Workforce Development - The investment is expected to create new jobs and provide opportunities for workforce development in Jacksonville, aligning with local government support for manufacturing growth [3][5] - Anheuser-Busch has invested over $100 million in its Jacksonville facilities since 2021, part of nearly $2 billion invested across its 100 U.S. facilities in the last five years [3][4] Company Overview - Anheuser-Busch has a legacy of over 165 years in brewing and is committed to creating economic prosperity through investments in people, facilities, and communities [4][5] - The company is recognized as the only alcohol manufacturer investing at such a scale in the U.S. [4]

Group 1: Broadcom and AI Trade - Broadcom is facing margin concerns after a strong Q4 performance, with expectations of a 100 basis points sequential decline in Q1 gross margin due to increased AI revenue share [4] - The company has a significant backlog of $73 billion in AI product orders scheduled over the next six quarters, but this includes lower-margin system sales [5] - Broadcom's market capitalization has surpassed that of Meta and Tesla, highlighting its importance in the AI sector following a 78% year-to-date rally [3] Group 2: Cannabis Industry - Cannabis producer stocks are rising on reports that President Trump may advocate for reclassifying marijuana from Schedule I to Schedule III, which would recognize its medical applications [6][7] - A call was held involving Trump and several cannabis industry executives to discuss the reclassification proposal, although no final decision has been made [7] Group 3: Anheuser-Busch InBev - Anheuser-Busch InBev plans to close its Merrimack, N.H. brewery by early 2026 as part of a modernization effort, aligning with closures at other sites [8][9] - The company holds a leading position in the U.S. beer market with approximately 33% market share, with Michelob Ultra being the top-selling beer by volume [10]

Group 1: Broadcom and AI Trade - Broadcom is facing margin concerns after a strong Q4 performance, with expectations of a 100 basis points sequential decline in Q1 gross margin due to increased AI revenue share [4] - The company has a significant backlog of $73 billion in AI product orders scheduled over the next six quarters, but this includes lower-margin system sales [5] - Broadcom's market capitalization has surpassed that of Meta and Tesla, highlighting its importance in the AI sector [3] Group 2: Cannabis Industry - Cannabis producer stocks are rising on reports that President Trump may advocate for reclassifying marijuana from Schedule I to Schedule III, which would recognize its medical applications [6][7] - A call was held involving Trump and several cannabis industry executives to discuss the reclassification proposal, although no final decision has been made [7] Group 3: Anheuser-Busch InBev - Anheuser-Busch InBev plans to close its Merrimack, N.H. brewery by early 2026 as part of a modernization effort, aligning with closures at other sites [8][9] - The company holds a leading position in the U.S. beer market with approximately 33% market share, with Michelob Ultra being the top-selling beer by volume [10]

Financial Performance - The company's EBITDA increased by 3.3% in 3Q25[12] - The company's revenue per hl grew by 4.8% in 3Q25[13] - The company announced a share buyback program of $6 billion[12] - The company announced a debt redemption of $2 billion[12] - The company announced an interim dividend of €0.15 per share[12] - The company's underlying EPS (USD) increased by 1.0%[13] Regional Performance - North America's revenue decreased by 0.7%[17] - Middle Americas' revenue increased by 4.2%[17] - South America's revenue increased by 2.0%[17] - EMEA's revenue increased by 3.0%[17] - APAC's revenue decreased by 9.0%[17] Brand Performance - No-alcohol beer revenue increased by 27%[12] - Beyond Beer revenue increased by 27%[12] - BEES Marketplace quarterly GMV increased by 66%, approaching $1 billion[12]

Core Insights - Anheuser-Busch has announced a $300 million commitment to create and sustain U.S. manufacturing jobs, with a significant investment of $15 million in its St. Louis Brewery [1][4] - The company aims to drive innovation and build a stronger future for American workers, veterans, and the manufacturing industry through this investment [2][4] - The recent passage of the American Beer Act in Missouri is expected to facilitate long-term economic growth and support for local jobs [2][4] Investment and Development - The investment in St. Louis includes funding for supply chain infrastructure to enhance the transportation of American-grown ingredients and iconic beers [4] - Anheuser-Busch's Technical Excellence Center in St. Louis has trained over 2,000 employees and will now open its doors to local trade schools, marking a significant collaboration with the National Association of Manufacturers' Manufacturing Institute [2][4] - Recent investments across various breweries include enhancements in production capacity and equipment updates, such as in Baldwinsville, NY, and improvements in transportation capabilities in Houston, TX [3][8] Workforce and Community Engagement - The company is expanding its digital credentialing system to help veterans translate their military experience into manufacturing skills, promoting career opportunities for veterans [4] - Anheuser-Busch has a long-standing commitment to supporting American farmers, military, veterans, and first responders, contributing to community welfare through initiatives like emergency drinking water donations [6][7]

Core Insights - Anheuser-Busch is investing over $300 million in U.S. facilities in 2025, with a specific $9 million investment in its Baldwinsville, NY brewery [1][2][5] - The investments are part of the Brewing Futures initiative aimed at creating and sustaining American manufacturing jobs [2][3] - Over the past five years, Anheuser-Busch has invested more than $2 billion in its manufacturing facilities across the U.S. [1][5] Investment Details - The $9 million investment in Baldwinsville will enhance operations and expand production capacity for both traditional beer and fast-growing Beyond Beer products [3][4] - The investment includes maintenance of brewery equipment and updates to refrigeration units [3] - Anheuser-Busch has made nearly $90 million in investments in the Baldwinsville brewery over the past five years [4] Economic Impact - Anheuser-Busch operates over 100 facilities nationwide and employs approximately 65,000 individuals [5] - The company has made over $1.6 billion in capital investments in New York State since 1983 [4] - The company sources over $700 million in high-quality ingredients from American farmers and has purchased more than $7 billion in goods and services from U.S. suppliers [7] Strategic Focus - The Brewing Futures initiative focuses on three key pillars: creating and sustaining manufacturing jobs, advancing technical skills training, and strengthening career opportunities for veterans [8] - Anheuser-Busch emphasizes its commitment to supporting the communities where its employees live and work [4][9]

Market Share & Growth - The company experienced one of its best quarters in years in the US [1] - The company's market share continues to accelerate, reaching an inflection point last year [1] - Mikabultra and Bush Light are leading the company's growth [1] - Michelob Ultra is the fastest-growing brand in the US [1] - Bush Light is the second fastest-growing brand in the US [1] - Michelob Ultra Zero (29 calories zero alcohol beer) and Bush Light Apple (seasonal beer) became the third fastest-growing brands in the US industry within a month [2] Innovation Impact - Innovations are hitting a sweet spot with consumers [1]

Financial Data and Key Metrics Changes - EBITDA increased by 6.5% with continued margin expansion [6][10] - Revenue per hectoliter growth accelerated by 4.9% [6] - Underlying EPS grew by 8.7% in U.S. Dollar terms and 17.4% in constant currency [10][25] - Free cash flow increased by $5 billion compared to last year [26] Business Line Data and Key Metrics Changes - Non-alcohol beer portfolio revenues increased by 33% [8] - In the U.S., volumes grew by low teens in spirits-based drinks, led by Cutwater and Neutrol [12] - In Brazil, revenue declined by 1.9% due to volume performance, while EBITDA increased by 5.3% [13] - In Europe, volumes were flat, but revenue and EBITDA grew by mid-single digits [14] Market Data and Key Metrics Changes - In China, revenue declined by 6.2% with underperformance in volumes [16] - In Mexico, volumes grew by low single digits, outperforming the industry [12] - Revenue increased in 70% of markets, with top and bottom line growth across four of five operating regions [11] Company Strategy and Development Direction - The company continues to invest in mega brands and platforms, with $3.6 billion spent on sales and marketing in the first half of the year [18] - Focus on premiumization and innovation to drive growth in the beer category [20] - The company aims to optimize its business through disciplined revenue management and operational efficiency [25] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the long-term growth of the industry despite short-term volume challenges [37][90] - The company is focused on improving execution in China and leveraging opportunities in the off-premise channel [66] - Management anticipates a recovery in consumer confidence and purchasing power, which could positively impact volumes [56] Other Important Information - The company has a diversified geographic footprint, which has proven to be a strength in delivering consistent results [11] - The net debt to EBITDA ratio improved to 3.27 times, reflecting progress in deleveraging [27] Q&A Session Summary Question: Concerns about volume growth in fiscal 2025 - Management acknowledged the volume decline but emphasized confidence in long-term growth potential and the ability to navigate challenges [35][37] Question: Margin improvement sustainability - Management indicated that margin improvements are expected to be sustainable, driven by disciplined revenue management and operational efficiencies [39][40] Question: Key learnings from U.S. market performance - Management highlighted the importance of consistent long-term planning and investment in brands that align with consumer trends [46][48] Question: Consumer slowdown in Mexico and Brazil's volume decline - Management noted that while Mexico outperformed the industry, consumer confidence is lower than historical levels, impacting overall performance [55][56][68] Question: On-premise channel progress in China - Management reported that the on-premise channel remains weak, but there is growth in the off-premise channel, presenting opportunities for improvement [64][66] Question: Plans for category activation around FIFA 2026 - Management sees significant opportunities for category activation during major events like FIFA 2026 and the Winter Olympics, leveraging past experiences for better ROI [91][93]