Total Revenue

11% decline (from $2,596.4M to $2,304.1M)

Total Revenue decreased by 11% YoY, driven by broad-based declines across key regions. Notably, the Americas revenue dropped by 12% and the EMEA & APAC segment declined by 6%, indicating that regional market headwinds and reduced sales volumes in the current period reversed the higher revenue levels of Q1 2024. " "

Americas Revenue

12% decline (from $2,145.4M to $1,881.8M)

The Americas segment saw a 12% drop, which significantly impacted overall revenue. This decline reflects challenges such as softer market demand and potential shifts in product mix, thereby worsening the revenue trends seen in the previous period. " "

EMEA & APAC Revenue

6% decline (from $454.7M to $427.3M)

A 6% decline in EMEA & APAC revenue contributed to the overall drop, signifying milder but still negative market conditions compared to Q1 2024, as these regions faced lower volumes. The decline suggests that competitive pressures or lower regional demand curtailed the gains from premium pricing or mix improvements previously observed. " "

Operating Income

Over 40% decline (from $314.3M to $186.3M)

Operating Income fell by more than 40% YoY reflecting the combined impact of revenue declines across geographies and increased cost pressures in Q1 2025, which likely reduced operating margins relative to Q1 2024. " "

Net Income

41% decline (from $209.9M to $123.1M)

A reduction in Net Income of approximately 41% mirrors the deteriorating operating performance. The steep drop indicates that lower revenue volumes, higher costs, and possibly other non-operational factors negatively influenced net earnings compared to the previous period. " "

Net Cash Provided by Operating Activities

Turned negative (from +$25.4M to –$90.7M)

The operating cash flow deteriorated sharply, turning negative in Q1 2025. The significant swing reflects not only the drop in net income but also adverse changes in working capital and timing differences in cash receipts versus payments, which contrasts with the modest positive cash flow observed in Q1 2024. " "

Current Portion of Long-Term Debt

90% decline (from $905.5M to $83.2M)

The current portion of long-term debt plunged by over 90% YoY, largely due to strategic debt reclassification and repayments. This adjustment shifts short-term obligations off the balance sheet, contrasting sharply with the previous period’s higher current debt figure. "

Total Long-Term Debt

16% increase (from $5,312.2M to $6,154.6M)

Total long-term debt increased by about 16% YoY as a result of new debt issuances, foreign currency adjustments, and increases in finance lease liabilities. While the short-term debt component shrank markedly, the overall long-term obligation grew due to refinancing activities and new financing moves undertaken during the period. "

Net Sales Revenue Growth

FY 2025

Low single-digit growth on a constant currency basis. "

no current guidance

no current guidance

Underlying Pretax Income Growth

FY 2025

Mid-single-digit growth on a constant currency basis. "

no current guidance

no current guidance

Underlying Earnings Per Share Growth

FY 2025

High single-digit growth. "

no current guidance

no current guidance

Underlying Free Cash Flow

FY 2025

$1.3 billion, plus or minus 10%. "

no current guidance

no current guidance

Underlying Depreciation and Amortization

FY 2025

$675 million, plus or minus 5%. "

no current guidance

no current guidance

Net Interest Expense

FY 2025

$215 million, plus or minus 5%. "

no current guidance

no current guidance

Underlying Effective Tax Rate

FY 2025

In the range of 22% to 24%. "

no current guidance

no current guidance

Capital Expenditures

FY 2025

$750 million, plus or minus 5%. "

no current guidance

no current guidance

Shipment Recovery and Volume Trends

Q2 2024 emphasized deliberate inventory builds and a planned unwind of excess shipments (with STWs exceeding STRs by up to 750,000 hl in Q1 and 350,000 hl in Q2 " " " ); Q4 2024 noted inventory build strategies to counteract anticipated strike impacts and a modest shipment-consumption lag " "

Q1 2025 reports a sharper decline in U.S. financial volume, with reduced shipment timing gaps (STWs only 200,000 hl ahead of STRs versus 750,000 hl previously) and a clear expectation of recovery in Q3 " " "

Recurring topic with a shift from proactive buildup to managing sharper short-term declines; sentiment is more negative in the current period but recovery is anticipated.

Stabilizing Pricing Power

Q2 2024 noted that net pricing increases contributed significantly to performance " " ; Q4 2024 reported strong net sales revenue growth driven by favorable pricing and mix "

Q1 2025 maintained that pricing remains stable with anticipated net price increases in North America aligning with historical trends " "

Consistently positive with minimal volatility; overall sentiment remains steady.

Premiumization and Brand Performance

Q2 2024 highlighted growing above‑premium contributions and core brand reinvigoration " " ; Q4 2024 stressed impressive performance in EMEA/APAC and Canada along with successful premiumization initiatives " "

Q1 2025 underlined a robust premiumization strategy across its portfolio—including focus on key brands such as Peroni, Blue Moon, and new non‑alc efforts—bolstered by initiatives like Fever‑Tree, enhancing long‑term brand performance " " " "

A central and consistently emphasized area; current period shows intensified investment with very positive long‑term growth implications.

Operational Efficiency & Margin Management

Q2 2024 detailed substantial investments in modernization and cost savings (e.g. Golden, Colorado brewery project) " " and Q4 2024 emphasized margin expansion through cost‐saving initiatives and improved operational efficiency " " "

Q1 2025 discussed continued efficiency improvements amid challenges from volume deleverage, noting higher COGS per hectoliter but also citing hedging programs and cost savings that support margin management " "

Consistent focus on efficiency; however, Q1 2025 reflects a short‑term pressure from volume losses even as long‑term margin management remains on track.

Macroeconomic Volatility and Guidance Adjustments

Q2 2024 maintained guidance with only modest commentary on economic drivers " " ; Q4 2024 noted macro challenges (e.g. turbulent weather, holiday impacts) that led to revising guidance for 2024 " "

Q1 2025 places significant emphasis on a volatile global macroeconomic environment—with notable drops in consumer sentiment and GDP contractions—resulting in revised, more conservative guidance metrics " " " "

Growing focus and more negative sentiment; macro volatility is now a pronounced short‑term risk affecting outlook and guidance.

International Market Expansion and Diversification

Q2 2024 mentioned new capacity projects in the U.K. and modernization efforts that support international operations " ; Q4 2024 highlighted expansion in EMEA/APAC and success in Canada, with plans for further market launches " "

Q1 2025 showcased deliberate global expansion moves with new market launches in Bulgaria, Romania, and a non‑alc beer launch in the U.K., illustrating active geographic deepening " "

A consistently positive focus with increasing globalization; the current period shows accelerated and diversified international growth initiatives.

Beverage Portfolio Diversification (Non‑Alcoholic and Beyond Beer)

Q4 2024 discussed diversification through non‑alc offerings (e.g. Blue Moon non‑alc, Naked Life) and strategic moves into alcohol adjacencies " " " ; Q2 2024 highlighted innovation in Beyond Beer with the Simply Spiked brand "

Q1 2025 emphasized deepening its non‑alc and Beyond Beer portfolio via strategic investments (majority stake in ZOA, exclusive Fever‑Tree rights) to broaden its total beverage offering " "

A recurring and strengthening theme; current period reflects enhanced strategic investment, reinforcing its role as a long‑term growth driver.

Innovation and New Product Development

Q2 2024 noted strong performance of new launches like Simply Spiked and other innovation in premiumization " " " ; Q4 2024 described a comprehensive innovation pipeline (including Gen Z initiatives and high‑ABV products) "

Q1 2025 continued the focus on innovation with additional market launches (e.g. a new brand in Romania, non‑alc beer segment in the U.K., Wild Cider in Central and Eastern Europe) " " "

Innovation remains a vital, consistently emphasized area; the current period builds on previous successes with broadened market initiatives and product launches.

Strategic Partnerships and Integration Challenges

Q4 2024 mentioned the strategic partnership for U.S. commercialization of Fever‑Tree, with no noted integration issues " ; Q2 2024 did not address this topic

Q1 2025 detailed the Fever‑Tree partnership’s benefits (e.g. adding 500,000 hl of volume) but also flagged integration challenges with onetime transition fees ($30 million) " "

While strategic partnerships have been a consistent opportunity, Q1 2025 reveals emerging integration challenges that add short‑term complexity despite long‑term strategic benefits.

Changing Consumer Behavior and Health Concerns

Q2 2024 discussed regional consumer behavior changes amid economic adjustments (e.g. resilient UK consumers, shifting CPI effects) " ; Q4 2024 referenced shifts in channel preferences and moderating value‑seeking behavior " "

Q1 2025 did not specifically mention health concerns, instead discussing broader macroeconomic pressures influencing value‑seeking behavior without explicitly addressing health‑related shifts " " "

Consistent discussion of evolving consumer behavior primarily driven by economic factors; health concerns remain minimally addressed across periods.