Financial Data and Key Metrics Changes - In the full year 2025, total volumes decreased by 6% and net revenue declined by 6.1% [6][12] - Normalized EBITDA decreased by 9.8%, with a normalized EBITDA margin contraction of 113 basis points [6] - In Q4 2025, total volumes decreased by 0.7%, with revenue and revenue per hectoliter decreasing by 4.2% and 3.5%, respectively [6] Business Line Data and Key Metrics Changes - In APAC West, volumes decreased by 6.7%, with revenue and revenue per hectoliter decreasing by 8.2% and 1.5%, respectively [7] - In China, volumes decreased by 3.9% in Q4, with revenue per hectoliter decreasing by 7.7%, resulting in an 11.4% revenue decline [7] - In India, strong double-digit revenue growth was delivered, with the Premium and Super Premium portfolio representing over two-thirds of total revenue [10] Market Data and Key Metrics Changes - In APAC East, volumes decreased by 1.3%, while revenue and revenue per hectoliter increased by 1.3% and 2.5%, respectively [10] - In South Korea, volumes decreased by low single digits, but revenue remained flat due to ongoing revenue management initiatives [11] Company Strategy and Development Direction - The company is focusing on enhancing in-home go-to-market strategies, enriching its portfolio, and innovating behind mega brands to rebuild momentum and reignite growth [4] - Strategic priorities for 2026 include increasing commercial investments in China to prioritize top-line growth over profitability [31] Management's Comments on Operating Environment and Future Outlook - Management noted that the performance in China was below potential, but there are signs of stabilization in the industry [4][15] - The company is optimistic about the upcoming World Cup as a potential boost for industry demand [28] Other Important Information - The company maintained a strong balance sheet with a net cash position above $2.8 billion and recommended a dividend of $750 million for 2025 [12] - The company is actively managing inventory levels, which are lower than the previous year, to ensure a healthy route to market [65] Q&A Session Questions and Answers Question: What are the latest demand trends in China? - Management indicated that the industry shows signs of stabilization, but on-trade recovery has not yet been significant [15] Question: Will the shareholder reward policy be reviewed with a new CEO? - Management confirmed that the rigorous review process for dividends will remain intact, and it is too early to discuss changes to the policy [20] Question: What will be done differently in 2026 to turn around the business in China? - The focus will be on reigniting growth and rebuilding volume momentum, with significant emphasis on commercial investments [25][31] Question: How is the company managing inventory levels in China? - The company has proactively adjusted inventory levels, which are now lower than the previous year, ensuring a better position going into the Chinese New Year [65] Question: What is the pricing trend in China for 2026? - The company aims to maintain pricing discipline while investing to lead and grow the category, with a favorable brand mix contributing to revenue [72]

Financial Data and Key Metrics Changes - In the full year 2025, total volumes decreased by 6% and net revenue declined by 6.1% [6][12] - Normalized EBITDA decreased by 9.8% with a margin contraction of 113 basis points [6] - In Q4 2025, total volumes decreased by 0.7%, with revenue and revenue per hectoliter decreasing by 4.2% and 3.5% respectively [6] Business Line Data and Key Metrics Changes - In APAC West, volumes decreased by 6.7%, with revenue and revenue per hectoliter decreasing by 8.2% and 1.5% respectively [7] - In China, volumes decreased by 3.9% in Q4, with revenue per hectoliter down by 7.7%, leading to an 11.4% revenue decline [7] - In India, strong double-digit revenue growth was achieved, with the Premium and Super Premium portfolio representing over two-thirds of total revenue [10] Market Data and Key Metrics Changes - In APAC East, volumes decreased by 1.3%, while revenue and revenue per hectoliter increased by 1.3% and 2.5% respectively [10] - In South Korea, volumes decreased by low single digits, but revenue remained flat due to ongoing revenue management initiatives [11] Company Strategy and Development Direction - The company aims to enhance its in-home go-to-market strategy, enrich its portfolio, and innovate behind its mega brands to reignite growth [4] - Focus on expanding market share in India and South Korea while addressing challenges in China [4] - The company plans to increase commercial investments in China to prioritize top-line growth over profitability in 2026 [32] Management's Comments on Operating Environment and Future Outlook - Management noted that the performance in China was below potential, but there are signs of stabilization and initial improvement in Q4 2025 [15][17] - The company is optimistic about leveraging the World Cup as a platform for growth in 2026 [29] - Management emphasized the importance of maintaining a strong balance sheet and disciplined financial practices [12] Other Important Information - The company maintained a net cash position above $2.8 billion and recommended a dividend of $750 million for 2025, consistent with the previous year [12] - The company is focusing on premiumization and expanding its presence in the instant retail channel [39][40] Q&A Session Questions and Answers Question: What is the latest demand trend in China and any updates on Chinese New Year preparation? - Management indicated that the industry shows signs of stabilization, but on-trade demand recovery has not been significant yet [15][17] Question: Will the shareholder reward policy be reviewed with a new CEO? - Management confirmed that the rigorous review process for dividends will remain intact, and it is too early to discuss changes to the dividend policy [20] Question: What will be done differently in 2026 to turn around the business in China? - The priority remains to reignite growth and rebuild volume momentum, with a focus on enhancing execution in key channels [25][26] Question: How is the current level of channel inventory in China? - Management stated that inventory levels are lower than the previous year, and they expect to enter the Chinese New Year in a better position [66] Question: How will pricing trends look in China for 2026? - Management emphasized maintaining pricing discipline while continuing to invest in leading and growing the category [72]

Financial Data and Key Metrics Changes - In full year 2025, total volumes decreased by 6% and net revenue declined by 6.1% [5][6] - Normalized EBITDA decreased by 9.8% with a margin contraction of 113 basis points [5] - In Q4 2025, total volumes decreased by 0.7%, with revenue declining by 4.2% and revenue per hectoliter down by 3.5% [5][6] - Normalized EBITDA for Q4 decreased by 24.7%, with a margin contraction of 425 basis points [5] Business Line Data and Key Metrics Changes - In APAC West, volumes decreased by 6.7%, with revenue and revenue per hectoliter down by 8.2% and 1.5% respectively [6] - In China, Q4 volumes decreased by 3.9% and revenue per hectoliter decreased by 7.7%, leading to an 11.4% revenue decline [7] - In India, strong double-digit revenue growth was achieved, with the Premium and Super Premium portfolio representing over two-thirds of total revenue [10] - In APAC East, volumes decreased by 1.3%, while revenue and revenue per hectoliter increased by 1.3% and 2.5% respectively [10] Market Data and Key Metrics Changes - In South Korea, volumes decreased by low single digits, but revenue remained flat due to ongoing revenue management initiatives [11] - The non-alcoholic beer and flavored beer segments are performing well in South Korea, indicating a shift in consumer preferences [58] Company Strategy and Development Direction - The company aims to enhance its in-home go-to-market strategy, enrich its portfolio, and innovate behind its mega brands to reignite growth [4] - Focus on expanding the in-home and O2O channels, with significant investments in marketing campaigns and innovations [8][9] - The company plans to prioritize top-line growth in China, potentially increasing commercial investments at the expense of short-term profitability [31][32] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that performance in China was below potential, but sees signs of stabilization and initial improvement in Q4 2025 [16][18] - The company is optimistic about the impact of the World Cup on industry demand and plans to leverage this event for brand activation [28] - Management emphasizes the importance of maintaining a strong balance sheet and disciplined financial practices, with a dividend recommendation of $750 million for 2025 [12] Other Important Information - The company continues to invest in its mega brands and has launched several innovative marketing initiatives, including collaborations with popular cultural events [11][12] - The net cash position at the end of 2025 was above $2.8 billion, reflecting a decrease of $39 million from the previous year [12] Q&A Session Summary Question: What is the latest demand trend in China and any updates on Chinese New Year preparations? - Management noted that the industry shows signs of stabilization, but on-trade demand recovery has not been significant yet [16][18] Question: Will the shareholder reward policy be reviewed with the new CEO? - Management confirmed that the rigorous review process for dividends will remain intact, and it is too early to discuss changes to the policy [20] Question: What will be done differently in 2026 to turn around the business in China? - The focus will be on reigniting growth and enhancing execution in key channels, with a strong emphasis on innovations and marketing campaigns [25][26] Question: How will the company manage inventory levels in China? - Management stated that inventory levels are lower than the previous year, and they will continue to manage inventories attentively [65] Question: What is the pricing trend expected in China for 2026? - The company aims to maintain pricing discipline while investing in brand growth, with a favorable brand mix contributing positively to revenue [70][71]

Core Insights - AB InBev has entered into an exclusive partnership with Live Nation in the UK, becoming the sole beer and cider partner for various festivals, venues, and outdoor shows, connecting its brands to millions of music fans of legal drinking age [1][5] Group 1: Partnership Details - The partnership includes major events such as the Reading & Leeds Festival and TRNSMT, as well as over 20 festivals and all Academy Music Group venues, including O2 Academy Brixton and O2 Shepherd's Bush Empire [2] - AB InBev's brands, including Budweiser, Corona, and Stella Artois, will be prominently featured, enhancing the live music experience for fans [4] Group 2: Marketing Strategy - The collaboration aims to integrate AB InBev's beverages into the live music culture, with a focus on creating memorable experiences through immersive activities and digital engagement [4] - The partnership builds on a long-standing relationship between AB InBev and Live Nation, which has previously reached millions of fans globally [3][5] Group 3: Company Background - AB InBev is a publicly traded company based in Belgium, with a diverse portfolio of over 500 beer brands, including global and local favorites [6] - The company reported a revenue of 59.8 billion USD for 2024, excluding joint ventures and associates [6]

Core Insights - Anheuser-Busch InBev is a leading global beer company with a focus on growth opportunities and a recent price target set by Wells Fargo at $75, indicating a potential increase of 22.63% from its current price of $61.16 [1][5] Company Strategy - The potential acquisition of BeatBox, valued at $700 million, is aimed at diversifying product offerings and addressing challenges faced by the Bud Light brand [2][5] - The company's market capitalization is approximately $119.5 billion, showcasing its significant presence in the beverage industry [4] Stock Performance - BUD's stock has experienced volatility, with today's price fluctuating between $61.16 and $61.59, and a yearly range between $45.94 and $72.13, indicating growth potential [3][5] - The trading volume for BUD today is 239,683 shares, reflecting active investor interest driven by strategic moves and future growth potential [4]

Group 1 - Anheuser-Busch InBev is reportedly close to acquiring BeatBox Beverages, valuing the company at approximately $700 million, with a deal potentially imminent if negotiations proceed smoothly [1] - BeatBox, established in 2012, distributes its products across all 50 states in the US, with over 120,000 retail locations, and offers a portfolio of 20 SKUs including flavors like Blue Razzberry and Orange Blast [2] - BeatBox's parent company, Future Proof, plans to launch a new RTD flavored malt drinks brand called Chillitas in the US starting March next year [3] Group 2 - AB InBev has been diversifying its business beyond beer, recently partnering with 1st Phorm to launch an energy drink brand, Phorm Energy [4] - The company has also introduced new products in the RTD segment, including the vodka ice-tea brand Skimmers and Nütrl Vodka Seltzer, expanding its presence in the spirits market since acquiring Cutwater Spirits in 2019 [5]

Core Insights - Anheuser-Busch InBev is in discussions to acquire BeatBox, a producer of boxed wine beverages, indicating a strategic move to diversify its product offerings in the beverage market [1] Company Summary - Anheuser-Busch InBev is one of the largest beer companies globally, owning well-known brands such as Budweiser, Stella Artois, and Michelob [1] - The potential acquisition of BeatBox reflects the company's interest in expanding beyond traditional beer products into the growing segment of boxed wine [1] Industry Summary - The boxed wine market has been gaining popularity, suggesting a shift in consumer preferences towards more convenient and portable wine options [1] - This acquisition could position Anheuser-Busch InBev to capitalize on the increasing demand for alternative alcoholic beverages, enhancing its competitive edge in the beverage industry [1]

Core Viewpoint - The ongoing dispute between German retailer Edeka and Anheuser Busch InBev over price increases has led Edeka to cut orders for several AB InBev brands in its stores [1][3]. Group 1: Edeka's Actions - Edeka has confirmed a reduction in order volumes for ten AB InBev brands, although specific brands were not disclosed [1][2]. - Edeka reassured customers that sufficient stock of the mentioned brands remains available in stores [2]. - The retailer stated that the price increase demanded by AB InBev amounts to several million euros and is not justified by actual production costs, labeling it as speculation [3]. Group 2: Ongoing Negotiations - Edeka is engaged in ongoing talks with AB InBev to reach an agreement on reasonable pricing [4]. - The retailer emphasizes its commitment to consumer interests and aims to prevent unnecessary financial burdens on customers [4]. Group 3: Industry Context - Other brewers, such as Heineken, have also faced pricing disputes with the European buying alliance Everest, indicating a broader trend in the industry [4][5]. - Heineken's CEO expressed concerns about the increasing power of buying alliances in Europe and the potential for unfair practices in negotiations with local retailers [5].

Core Insights - AB InBev has enhanced its competitive position through a focus on premiumization and innovation, achieving a 6.5% year-over-year increase in EBITDA in Q2 2025 despite volume pressures in key markets like Brazil and China [2][6] - The company's strategy emphasizes value-driven growth, leveraging high-margin brands and consumer insights to shift towards products that offer pricing power and brand loyalty [2][3] Premiumization Strategy - AB InBev's global portfolio includes megabrands such as Corona, Budweiser, Stella Artois, and Michelob Ultra, which are central to its premiumization strategy [3] - The company owns eight of the world's ten most valuable beer brands, with Corona's revenues growing by 7.7% outside of Mexico, and Michelob Ultra and Stella Artois rising in global rankings [3] Innovation and Product Development - Innovation is a key growth driver, with successful launches like Michelob Ultra Zero and Busch Light Apple, catering to health-conscious and younger consumers [4] - The focus on developing no- and low-alcohol options broadens appeal across various consumption occasions [4] Digital Transformation - AB InBev is enhancing its competitiveness through digital transformation, with platforms like BEES achieving a 63% year-over-year increase in gross merchandise value, reaching $785 million [5] - Direct-to-consumer digital platforms generated $134 million in revenues, improving operational efficiency and enabling data-driven decision-making [5] Future Outlook - The premiumization and innovation strategies position AB InBev well for sustained market leadership, adapting to long-term consumer shifts and economic dynamics [6] - Despite short-term volume softness in regions like Brazil and China, the company's focus on value creation and premium growth is expected to maintain its competitive edge [6] Stock Performance - AB InBev's shares have declined by 12.1% over the past three months, underperforming the industry and broader Consumer Staples sector [7] - The stock trades at a forward P/E ratio of 14.63X, higher than the industry average of 13.65X, indicating that investors may be anticipating stronger growth prospects [10]

Core Insights - Anheuser-Busch InBev SA/NV is a global leader in the brewing industry with a portfolio of over 500 beer brands, including Budweiser, Corona, and Stella Artois [1] - The company has shown resilience in the market, with a stock gain of approximately 0.95% over the past 30 days, despite a minor decline of about 0.32% in the last 10 days [2][6] - BUD has a projected growth potential of 24.31%, with analysts setting a target price of $74, indicating it is currently undervalued [3][6] - The financial health of BUD is strong, reflected by a Piotroski Score of 8 out of 9, indicating efficient operations and sound management practices [4][6] - Overall, BUD presents a compelling investment opportunity due to its solid financial foundation, significant growth potential, and recent performance trends [5]