AB InBev 2Q25 Adj. EBITDA +6.5% despite softer volumes
2Q adjusted EBITDA increased by 6.5% which compares to our and consensus forecasts of respectively +4.8% and +5.7%. ABI reiterated FY25 guidance of 4-8% organic EBITDA growth which is in line with the mid term guidance. We still see ABI as the undisputed leader in the beer space, with leading market shares in many markets, ongoing digitization and premiumization trends allowing to generate healthy free cash flows. Valuation remains attractive and prompts us to reiterate BUY rating and € 65 target price.Anheuser-Busch Inbev is engaged in the brewing of beer. Co. manages a portfolio of well over 200 brands that includes brands such as Budweiser, Stella Artois and Beck's; multi-country brands such as Leffe and Hoegaarden; and other brands such as Bud Light, Skol, Brahma, Quilmes, Michelob, Harbin, Sedrin, Klinskoye, Sibirskaya Korona, Chernigivske and Jupiler. Co. also produces and distributes soft drinks, particularly in Latin America. Co.'s operations are organized along seven business segments: North America, Mexico, Latin America North, Latin America South, Europe, Asia Pacific and Global Export & Holding Companies.
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