Question · Q3 2025
Laurene Whyatt asked for an update on consumer improvement in Brazil and Colombia, similar to the positive exit rate observed in Mexico. She also questioned if AB InBev still considers a net debt to EBITDA ratio below 2x to be value destructive and what actions would be taken if that metric were approached.
Answer
Michel Doukeris, Chief Executive Officer, explained that Mexico's improvement was due to normalized pricing and better weather. In Brazil, the industry remains heavily impacted by unseasonable weather, though AB InBev's share rebounded due to portfolio strength. Colombia, however, continues to show volume growth and improving share of alcohol beverages with more moderate inflationary pressures. Fernando Tennenbaum, Chief Financial Officer, reiterated that the optimal capital structure is around 2x net debt to EBITDA, but with less urgency once below this level, allowing for more flexibility. He emphasized that organic growth remains the number one priority.