Diluted Underlying EPS of USD 1.79 (1H24: USD 1.63).
Revenue decreased by 4.2% y-y to USD 28.6bn.
GPM increased by 90bps to 56.0%.
EBIT% increased by 120bps to 26.5%.
Total expenses decreased by 4.7% y-y to USD 8.8bn, while expense-to-sales decreased from 31.0% to 30.8%.
Cash generated from operating activities increased from USD 2 568m to USD 2 704m.
Gross debt down to USD 75.6bn (LY: USD 78.2bn), with net cash decreasing to USD 7.1bn (LY: USD 7.4bn).
Corona led ANH’s Premium performance in 2Q25, increasing revenue by 7.7% outside of Mexico with double-digit volume growth in more than 30 markets.
Core beer portfolio delivered a 5.1% y-y revenue increase.
Management estimate that ANH gained or maintained market share in 60% of markets in 1H25.
Volumes declined by 2.0% y-y in 1H25, with beer volumes down by 2.3% y-y and non-beer volumes flat.
