Anheuser-Busch InBev SA (BUD) Q3 FY25 earnings call

A price-led, volume-light quarter: disciplined revenue management, premium megabrand mix and productivity delivered margin expansion and EPS growth even as unseasonable LatAm weather and a soft China dragged volumes below potential. A repaired balance sheet let management move onto the offense with stepped-up shareholder returns, while framing 2026 — normalizing inflation plus the FIFA World Cup in North America — as a setup for volume recovery.