Market Signal Briefing

The logo of Hyundai Motor India Limited is seen on a parked car in the company's stockyard, in the outskirts of Ahmedabad, India, October 8, 2024. REUTERS/Amit Dave Purchase Licensing Rights, opens new tab

CompaniesSEOUL, Oct 30 (Reuters) - Hyundai Motor

(005380.KS), opens new tab posted a 29% decline in third-quarter operating profit on Thursday, as U.S. tariffs hurt the South Korean automaker.

Hyundai, which together with its affiliate Kia

(000270.KS), opens new tab is the world's third-biggest automaking group by sales, booked an operating profit of 2.5 trillion won ($1.76 billion) for the July-September period, down from 3.6 trillion won a year earlier.

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It, however, met an LSEG SmartEstimate of 2.5 trillion won, which is weighted towards analysts who are more consistently accurate.

The automaker said U.S. tariffs cost the company 1.8 trillion won in the third quarter, up from 828 billion won in the previous quarter.

The automaker had been disadvantaged as its vehicles were subject to a 25% tariff for exports to the U.S., its biggest market generating about 40% of revenue.

But that rate would be lowered in the coming months to 15% after Washington and Seoul reached a trade agreement on Wednesday.

Hyundai Motor shares, which rallied earlier in the day after to the trade deal, pared gains, up 2.9%.

Reporting by Heekyong Yang and Hyunjoo Jin; Editing by Rashmi Aich and Christopher Cushing

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

What happenedAccording to a filing with the Securities and Exchange Commission dated October 29, 2025, investment advisory firm Magnolia Group, LLC reported purchasing 44,500 additional shares of Asbury Automotive Group (ABG +0.63%). The estimated trade size was $10.82 million based on the average closing price.

What else to knowThe fund increased its position in the Asbury Automotive Group to a total of 282,623 shares valued at $69.09 million. This stock now accounts for 10.95% of Magnolia Group's reported U.S. equity assets.

Top holdings after the filing:

NNI: $209.26 million (33.2% of AUM as of 2025-09-30)BOC: $73.11 million (11.6% of AUM as of 2025-09-30)ABG: $69.09 million (11.0% of AUM)ARLP: $65.48 million (10.0% of AUM as of 2025-09-30)CNR: $61.11 million (9.7% of AUM as of 2025-09-30)As of October 28, 2025, Asbury Automotive shares were priced at $235.89. Its five-year revenue CAGR stands at 19%. The forward P/E ratio is 8.6 for FY2026, and its enterprise value to EBITDA ratio is 8.5 as of Sept. 30, 2025.

Magnolia Group held 11 reportable positions with $630.78 million in U.S. equities.

Company OverviewMetricValueRevenue (TTM)$17.83 billionNet Income (TTM)$560.80 millionPrice (as of market close 2025-10-28)$235.89One-Year Price Change4.57%Company SnapshotAsbury Automotive Group, Inc. is a U.S. automotive retailer with dealerships and service centers. The company has diversified revenue streams, including vehicle sales, after-sales services, and financial products.

IMAGE SOURCE: GETTY IMAGES.

Asbury offers new and used vehicles, vehicle repair and maintenance, replacement parts, collision repair, and finance and insurance products.

It generates revenue primarily through automotive retail sales, service operations, and finance and insurance commissions. Asbury serves automotive retail customers across the United States.

Foolish takeMagnolia Group's purchase of additional Asbury Automotive stock is noteworthy because it bumped up the position from 8.7% of the investment firm's AUM in the second quarter to 11% in Q3. This demonstrates Magnolia Group's bullish take on Asbury. It's easy to see why.

Asbury Automotive is having a successful year despite the macroeconomic headwinds of inflation and ever-evolving tariff policies. The company reported strong Q3 revenue growth of 13% year over year to $4.8 billion, an all-time high.

However, Asbury stock is down about 2% in 2025 through Oct. 29. A key factor for this is an ongoing lawsuit from the U.S. Federal Trade Commission (FTC), which accuses Asbury of charging hidden fees to consumers, as well as of racial discrimination. Until the FTC lawsuit is resolved, buying Asbury shares will hold some risk.

As of Oct. 29, Asbury stock is well off its 52-week high of $312.56 reached in January. This and its strong 2025 performance may be why Magnolia Group decided to expand its position. Asbury Automotive seems like a solid business to invest in, if not for the shadow of the FTC's lawsuit.

Glossary13F reportable assets: Investment holdings that institutional managers must disclose quarterly to the SEC if above a certain threshold.
AUM (Assets Under Management): The total market value of investments managed on behalf of clients by a fund or firm.
Quarterly average price: The average price of a security over a specific three-month period, used for valuation or reporting.
Forward P/E ratio: Price-to-earnings ratio using forecasted earnings for the next fiscal year, indicating expected valuation.
EV/EBITDA: Enterprise value divided by earnings before interest, taxes, depreciation, and amortization; measures company valuation relative to operating performance.
CAGR (Compound Annual Growth Rate): The annualized growth rate of an investment or metric over a specified time period.
TTM: The 12-month period ending with the most recent quarterly report.
U.S. equities: Shares of companies that are publicly traded on U.S. stock exchanges.
Reportable position: An investment holding that must be disclosed to regulators due to its size or regulatory requirements.
Automotive retail: The business of selling new and used vehicles directly to consumers through dealerships.
Finance and insurance products: Financial services offered by dealerships, such as loans, leases, and insurance policies for vehicle buyers.

SK Telecom Co., Ltd. (SKM) Q3 2025 Earnings Call October 29, 2025 9:00 PM EDT

Company Participants

Jun Chung Hee - VP & Head of IR
Yang-Seob Kim - CFO, Head of Corporate Planning Center & Executive Director
Ji Hoon Kim - Head of AI Business Strategy Office

Conference Call Participants

Jae-min Ahn - NH Investment & Securities Co., Ltd., Research Division
Heejin Lim - Citigroup Inc., Research Division
Sohyun Park - UBS Investment Bank, Research Division
Hong-sik Kim

Presentation

Operator

Good morning, and good evening. Thank you all for joining the conference call for the SK Telecom earnings results. This conference will start with a presentation followed by a Q&A session. [Operator Instructions] Now we will begin the presentation on SK Telecom's Third Quarter of Fiscal Year 2025 Earnings Results.

Jun Chung Hee
VP & Head of IR

Good morning. I am Chung Hee-Jun, IRO of SK Telecom. Let us begin the earnings conference call for Q3 of 2025. Today, we will first deliver a presentation on the financial and business highlights, followed by a Q&A session. Please note that all forward-looking statements are subject to change depending on various factors such as market and management situation. Let me now present our CFO.

Yang-Seob Kim
CFO, Head of Corporate Planning Center & Executive Director

Good morning. This is Kim Yang-Seob, CFO of SK Telecom. The third quarter of 2025 was the period where we renew our mobile business by implementing the accountability and commitment program to overcome the cybersecurity incident and reassess company-wide AI capabilities, thereby renew our goals and determination for the future. In this quarter, the accountability and commitment program has had a significant financial impact. The consolidated revenue posted KRW 3,978.1 billion, 12.2% decline year-on-year. The M&A revenue fell by approximately KRW 547.7 billion year-on-year due to 50% tariff discount in August for all customers with the customer appreciation package

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Hyundai Motor posted weaker earnings in the third quarter, dented by U.S. tariffs, but some relief is on the horizon.

Press Release Kaiseraugst (Switzerland), Maastricht (Netherlands), October 30, 2025 dsm-firmenich Q3 2025 trading update Management Report Q3 2025 highlights Solid growth and strong step up in Adjusted EBITDA on a comparable basis1 Advancing well on 2025 strategic plan Animal Nutrition & Health (‘ANH') exit process ongoing FY 2025 outlook updated for foreign exchange and ANH-related vitamin volatility: Adjusted EBITDA of around €2.3 billion Key figures in € millions Q3 YTD 2025 Q3 YTD 2024 % Change Q3 2025 Q3 2024 % Change Sales 9,580  9,542  0  3,070  3,244  (5) Organic sales growth (%) 5      2      Adj. EBITDA 1,800  1,517  19  540  541  (0) Adj.

Ad hoc announcement pursuant to Art. 53 LR

QUVIVIQ (daridorexant) global net sales (excluding sales to partners) increased by >130% year-on-year to CHF 91 million in 9M 2025 – continuing Idorsia’s trajectory towards profitabilityAprocitentan (TRYVIO/JERAYGO) the first and only dual ERA indicated for systemic hypertension and the only new medicine to be included in the ACC/AHA Hypertension Management guidelinesOperating cash runway extended beyond profitability into 2028 following CHF 65.6 million financing with oversubscribed demand from top-tier US and European institutional investors Allschwil, Switzerland – October 30, 2025
Idorsia Ltd (SIX: IDIA), announces 9-month 2025 financial results. Outstanding sales performance of QUVIVIQ coupled with significantly lower operating expenses keeps Idorsia on-track to achieve overall profitability by the end of 2027.

Srishti Gupta, MD, Chief Executive Officer of Idorsia, commented: “I focused my first 100+ days on supporting the commercial teams to drive QUVIVIQ’s growth, progressing discussions to bring TRYVIO to market, prioritizing and advancing our pipeline assets in a financially disciplined manner, and securing our financial situation. I’m very happy to report that we progressed on all fronts. Increased QUVIVIQ sales, coupled with the decrease in OPEX, are keeping us on track to profitability. The team has done an outstanding job, successfully delivering a financial turnaround in a very short time span. I want to extend my gratitude to the investors who participated in our financing round; we have been very encouraged by the strong support of our long-term shareholders.”

Recent Business Highlights

Commercial portfolio

QUVIVIQ® (daridorexant) 

Idorsia reaffirms its QUVIVIQ 2025 sales guidance of around CHF 130 million in net sales.Global net sales – excluding sales to partners (CHF 3 million) – for 9M 2025 of CHF 91 million, reflecting outstanding year-over-year performance. In Europe, where QUVIVIQ is the only long-term pharmacological treatment for insomnia and on-track to become the standard of care, 9M sales reached CHF 73 million thanks to strong performance, particularly in France, the United Kingdom, Germany and Switzerland.Global expansion of QUVIVIQ continues as Simcere launches in China opening a royalty stream to Idorsia. QUVIVIQ is now available in 13 countries across Europe, North America and Japan.New real-world evidence presented at World Sleep 2025 underscores QUVIVIQ’s sustained safety and efficacy, and use in the treatment of insomnia for patients with neurological and psychiatric comorbidities. TRYVIO™ / JERAYGO™ (aprocitentan)

TRYVIO is the first systemic hypertension therapy to target a new pathway in over 30 years and is the only new medicine featured in the ACC/AHA Guidelines for Hypertension Management in the United States. Real-world prescriber feedback confirms PRECISION-like double-digit BP reductions and good tolerability across patient groups.Clinicians are particularly embracing TRYVIO for patients with uncontrolled hypertension and comorbid chronic kidney disease (CKD), where data suggest the potential for renal protective benefit in addition to blood pressure lowering – without risk of hyperkalemia or aggravation of renal function.Active partnership discussions are ongoing to maximize the therapeutic and commercial impact of aprocitentan. Research & Development

Daridorexant: Pediatric study, including patients with autism and/or attention-deficit hyperactivity disorder (ADHD), is on track to complete recruitment by year-end, with results expected in Q2 2026.Lucerastat: Data from the Phase 3 open-label extension study in Fabry disease, where patients have been treated for at least 42 months, corroborated the positive long-term effects on plasma Gb3 levels and potentially on kidney function, as well as the safety and tolerability profile observed in MODIFY. These findings together with a kidney biopsy substudy are informing the design of a new Phase 3 program being reviewed with authorities.Chemokine programs: Three first-in-class chemokine receptor antagonists are progressing to proof-of-concept studies in the specific indication under investigation as well as proof-of-mechanism for a range of disorders where the pathways can be applied. IDOR-1117-2520 is an oral first-in-class, selective CCR6 antagonist being investigated for the treatment of Th17-driven immuno-dermatology and autoimmune disorders. A study in patients with psoriasis will begin in Q4 2025.ACT-1004-1239 is a first-in-class, oral, brain-penetrating drug with potential to transform the treatment paradigm in MS by inducing remyelination and reducing neuroinflammation. A study in patients with progressive MS is expected to begin in Q1 2026.ACT-777991 is a first-in-class, oral antagonist of the chemokine receptor CXCR3. CXCR3 is primarily implicated in the migration of CD8+ T cells, responsible for targeting and destroying melanocytes. A study in patients with vitiligo is expected to begin in 2026. Synthetic glycan vaccine platform: Initial data showed that the C. difficile vaccine is well-tolerated and showed immunogenicity in a Phase 1 study. The vaccine has advanced to a higher-dose cohort, with top-line results anticipated in mid-2026. Partnership discussions have been activated to accelerate the development of this vaccine. Financial results

Idorsia reiterates its 2025 full-year financial guidance and remains focused on reaching profitability by the end of 2027.October 2025 CHF 65.6M financing extends cash runway into 2028, subject to refinancing of the new money facility.9-month financials reflect continued improvement in sales performance and disciplined control of R&D and SG&A expenses. US GAAP resultsNine MonthsThird Quarterin CHF millions, except EPS (CHF) and number of shares (millions)2025202420252024Net revenue173534126Operating expenses(162)(211)(87)(118)Operating income (loss)23(154)(41)(90)Net income (loss)(34)(180)(86)(101)Basic EPS(0.17)(1.00)(0.40)(0.55)Basic weighted average number of shares203.4180.5214.5182.4Diluted EPS(0.17)(1.00)(0.40)(0.55)Diluted weighted average number of shares203.4180.5214.5182.4 Net revenue of CHF 173 million in the first nine months of 2025 resulted from product sales (CHF 92 million), product sales to partners (CHF 3 million), and contract revenues (CHF 78 million). This compares to net revenue of CHF 53 million in the first nine months of 2024 as a result of QUVIVIQ product sales (CHF 49 million) and contract revenue (CHF 4 million).

US GAAP operating expenses of CHF 162 million in the first nine months of 2025 and CHF 211 million in the first nine months of 2024 were impacted by a one-off gain of CHF 90 million (Viatris deal amendment) in 2025 and CHF 125 million (Viatris deal) in 2024, respectively. Excluding these one-off gains, US GAAP operating expenses for the first nine months of 2025 decreased by CHF 84 million, mainly driven by R&D expenses of CHF 75 million decreasing by CHF 36 million compared to the first nine months of 2024 (CHF 111 million), and SG&A expenses of CHF 163 million decreasing by CHF 46 million compared to the first nine months of 2024 (CHF 209 million).

US GAAP net loss in the first nine months of 2025 amounted to CHF 34 million (CHF 124 million net loss excluding Viatris deal amendment) and CHF 79 million (net loss) in the first nine months of 2024 (CHF 204 million net loss excluding Viatris deal). Excluding these one-offs, the reduced net loss in the first nine months of 2025 was primarily driven by revenue growth and lower operating expenses as a result of an operational restructuring initiated in Q4 2024.

The US GAAP net loss resulted in a net loss per share of CHF 0.17 (basic and diluted) in the first nine months of 2025, compared to a net loss per share of CHF 1.00 (basic and diluted) in the first nine months of 2024.

Non-GAAP* measuresNine MonthsThird Quarterin CHF millions, except EPS (CHF) and number of shares (millions)2025202420252024Net revenue167533726Operating expenses(232)(305)(80)(106)Operating income (loss)(53)(248)(38)(78)Net income (loss)(65)(258)(40)(75)Basic and diluted EPS(0.32)(1.43)(0.19)(0.41)Basic and diluted weighted average number of shares203.4180.5214.5182.4 * Idorsia measures, reports, and issues guidance on non-GAAP operating performance. Idorsia believes that these non-GAAP financial measurements more accurately reflect the underlying business performance and therefore provide useful supplementary information to investors. These non-GAAP measures are reported in addition to, not as a substitute for, US GAAP financial performance.

Non-GAAP net loss in the first nine months of 2025 amounted to CHF 65 million; the difference versus US GAAP net income was mainly driven by the one-off gain from the amendment of the Viatris deal (CHF 90 million), depreciation and amortization (CHF 13 million), accretion expenses (CHF 10 million) and a debt extinguishment loss related to the debt restructuring (CHF 37 million).

The non-GAAP net loss resulted in a net loss per share of CHF 0.29 (basic and diluted) in the first nine months of 2025, compared to a net loss per share of CHF 1.43 (basic and diluted) in the first nine months of 2024.

Liquidity and indebtedness
Liquidity on September 30, 2025, amounted to CHF 64 million. This amount does not include the remaining CHF 80 million available under the new money facility (term loan) and the net proceeds of CHF 63 million from the offering of new shares successfully completed on October 10, 2025.

(in CHF millions)Sep 30, 2025Jun 30, 2025Dec 31, 2024Liquidity   Cash and cash equivalents6472106Total liquidity*6472106    Indebtedness   Convertible loan335335335Convertible bond49798797Debt notes**753--Term loan1349-Other financial debt186189189Total indebtedness1,3361,3701,321 *rounding differences may occur

** The debt notes issued by Idorsia Investments SARL in exchange for convertible bonds are senior secured with the shares in Idorsia Investments SARL. The A Notes only benefit from a limited and subordinated Swiss-law governed guarantee by Idorsia Ltd.

Financial guidance for 2025
As previously announced, for the Idorsia-led portfolio in 2025, the company expects a continued growth of QUVIVIQ with net sales of around CHF 130 million, COGS of around CHF 15 million, SG&A expenses of around CHF 200 million, and R&D expense of around CHF 90 million, leading to non-GAAP operating expenses of around CHF 305 million. This performance would result in an Idorsia-led business non-GAAP operating loss of around CHF 175 million and US-GAAP operating loss of around CHF 220 million.

The company expects US-GAAP EBIT for the partnered business of around CHF 165 million – and mainly driven by the amended deal with Viatris.

This would result in a US-GAAP operating loss for the global business of around CHF 55 million.

All amounts exclude unforeseen events and potential revenue related to additional business development activities.

Results Day Center
Investor community: To make your job easier, we provide all relevant documentation via the Results Day Center on our corporate website: www.idorsia.com/results-day-center.

Events

Jefferies Global Healthcare Conference in London on November 17-20, 2025Evercore Annual Healthcare Conference in Miami on December 2, 2025 Follow the fireside chat with CEO, Srishti Gupta, at 3pm ET on Dec 2 here Citi's Global Healthcare Conference in Miami on December 3, 2025J.P. Morgan Annual Healthcare Conference in San Francisco, January 12-15, 2026Full-Year 2025 Financial Results reporting on February 26, 2026 Notes to the editor

About Idorsia
The purpose of Idorsia is to challenge accepted medical paradigms, answering the questions that matter most. To achieve this, we will discover, develop, and commercialize transformative medicines – either with in-house capabilities or together with partners – and evolve Idorsia into a leading biopharmaceutical company, with a strong scientific core.

Headquartered near Basel, Switzerland – a European biotech hub – Idorsia has a highly experienced team of dedicated professionals, covering all disciplines from bench to bedside; QUVIVIQ™ (daridorexant), a different kind of insomnia treatment with the potential to revolutionize this mounting public health concern; strong partners to maximize the value of our portfolio; a promising in-house development pipeline; and a specialized drug discovery engine focused on small-molecule drugs that can change the treatment paradigm for many patients. Idorsia is listed on the SIX Swiss Exchange (ticker symbol: IDIA).

For further information, please contact
George Thampy
Senior Vice President, Head of Investor Relations
Idorsia Pharmaceuticals Ltd, Hegenheimermattweg 91, CH-4123 Allschwil
+41 58 844 10 10
[email protected] – [email protected] – www.idorsia.com

The above information contains certain "forward-looking statements", relating to the company's business, which can be identified by the use of forward-looking terminology such as “intend”, "estimates", "believes", "expects", "may", "are expected to", "will", "will continue", "should", "would be", "seeks", "pending" or "anticipates" or similar expressions, or by discussions of strategy, plans or intentions. Such statements include descriptions of the company's investment and research and development programs, business development activities and anticipated expenditures in connection therewith, descriptions of new products expected to be introduced by the company and anticipated customer demand for such products and products in the company's existing portfolio. Such statements reflect the current views of the company with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of the company to be materially different from any future results, performances or achievements that may be expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected.

Press Release PDF

AD HOC ANNOUNCEMENT PURSUANT TO ART. 53 LR

 THIRD QUARTER/NINE MONTHS | 2025

Q3 2025 sales decreased by 3 % in local currencies1 to CHF 906 million, as modest growth in Adsorbents & Additives was offset by lower sales in Care Chemicals and CatalystsQ3 2025 EBITDA margin before exceptional items increased by 230 basis points to 17.9 % from 15.6 % in Q3 2024, driven by performance improvement programs and price and cost management in all businesses 9M 2025 sales decreased by 1 % in local currencies1 to CHF 2.887 billion, driven by lower volumes9M 2025 EBITDA margin before exceptional items increased by 160 basis points to 18.0 % from 16.4 % in the prior year due to performance improvement programs and price and cost managementInvestor Day savings program of CHF 80 million is on track with CHF 31 million savings achieved year-to-dateOutlook 2025 confirmed: local currency sales growth expected at the lower end of the 1 – 3 % range and EBITDA margin before exceptional items of between 17 – 18 % “We achieved significant growth in profitability in the third quarter of 2025, showcasing the success of our performance improvement programs and effective price and cost management across our business units. Our EBITDA margin before exceptional items of 17.9 % increased by 230 basis points compared to the previous year’s quarter - a strong achievement that demonstrates our resilience and operational excellence in a continued challenging market environment. Adsorbents & Additives delivered a strong pricing performance, while lower volumes in Care Chemicals and Catalysts resulted in a modest overall decline in local currency sales,” said Conrad Keijzer, Chief Executive Officer of Clariant. “Our CHF 80 million Investor Day savings program is well underway, with CHF 31 million savings already achieved year-to-date. We maintain our 2025 profitability guidance of an EBITDA margin of 17 – 18 % and expect local currency sales growth at the lower end of our guided 1 – 3 % range as we navigate through a weaker industrial production outlook and consumer sentiment,” Conrad Keijzer added.

1 All references to local currency growth, pricing, volumes, and scope exclude the impact from hyperinflation countries Argentina and Türkiye. All references to currency include a net impact from hyperinflation countries Argentina and Türkiye.

Business Summary

Third QuarterNine Monthsin CHF million20252024% CHF% LC(1)20252024% CHF% LC(1)Sales906991- 9- 32 8873 061- 6- 1EBITDA15913914450478- 6- margin17.5 %14.0 %15.6 %15.6 %EBITDA before exceptional items16215555215034- margin 17.9 %15.6 %18.0 %16.4 %Sales bridge:Price 1 %; Volume - 4 %; Scope 0 %; Currency - 6 % Price 0 %; Volume - 2 %; Scope 1 %; Currency - 5 % (1)   Excluding hyperinflation accounting countries Argentina and Türkiye

Third Quarter 2025 Group Figures

MUTTENZ, 30 OCTOBER 2025

Clariant, a sustainability-focused specialty chemical company, today announced third quarter 2025 sales of CHF 906 million, representing a decrease of 3 % in local currency1 versus Q3 2024. Pricing was up 1 %, while volumes were down 4 %. Scope had no impact on the quarter. Sales in Swiss francs declined by 9 % year on year due to continued significant currency headwinds, particularly driven by the US dollar.

Care Chemicals sales decreased by 3 % in local currency versus Q3 2024. Pricing was flat, while volumes decreased by 3 %. Growth was strongest in Mining Solutions and Oil Services, driven by higher volumes. Sales in Personal & Home Care and Crop Solutions were down slightly, with more pronounced declines in Industrial Applications and Base Chemicals. Catalysts sales decreased by 8 % in local currency, with stable pricing and lower volumes, as growth in Specialties was more than offset by declines in the other segments, driven by lower demand, particularly in China. Adsorbents & Additives sales increased by 1 % in local currency, as positive pricing of 3 % more than offset 2 % lower volumes.

In the third quarter of 2025, local currency sales in the Europe, Middle East & Africa region declined by 6 % versus Q3 2024, driven by weaker demand in Europe and Germany in particular. Sales in the Americas decreased by 3 %, as slight growth in the United States was more than offset by declines in Brazil. Sales in Asia-Pacific increased by 1 % in local currency, as growth in India and South Korea more than offset lower sales in China.

Group EBITDA before exceptional items of CHF 162 million increased by 5 % year on year with the corresponding margin of 17.9 % representing a 230-basis point improvement versus 15.6 % in the prior year. This was the result of strong execution of our performance improvement programs in all business units as well as effective price and cost management. Lower raw material costs (- 1 %) were partially offset by increased energy costs (+ 2 %).

Key measures to deliver the targeted CHF 80 million Investor Day savings program by 2027 are being implemented and cumulatively contributed CHF 31 million as of 30 September 2025. These include announced headcount reductions, the closure of two sites and two production lines, and procurement savings. As a result, total cost savings of the Investor Day savings programs in the third quarter of approximately CHF 19 million contributed positively to offset inflation. Restructuring charges of CHF 3 million related to these savings programs were booked during the quarter.

Reported EBITDA for the Group increased by 14 % to CHF 159 million. EBITDA margin of 17.5 % increased by 350 basis points versus 14.0 % reported in the third quarter of 2024, when profitability was impacted by restructuring provisions and the inventory step-up in Lucas Meyer Cosmetics.

1 All references to local currency growth, pricing, volumes, and scope exclude the impact from hyperinflation countries Argentina and Türkiye. All references to currency include a net impact from hyperinflation countries Argentina and Türkiye.

Nine Months 2025 Group Figures

In the first nine months of 2025, sales of CHF 2.887 billion were down 1 % in local currency1 and 6 % in Swiss francs. Pricing was flat, while volumes were down 2 %. Scope had an impact of 1 %, reflecting the contribution of Lucas Meyer Cosmetics. The currency impact was - 5 %, particularly driven by the US dollar, the Brazilian real and the Euro.

Care Chemicals sales were flat in local currency and - 2 % organically, with growth in Crop Solutions, Personal & Home Care, and Mining Solutions. In Catalysts, sales decreased by 5 % in local currency as growth in Syngas & Fuels and Ethylene did not offset declines in Propylene and Specialties. Adsorbents & Additives sales increased by 1 % in local currency, as high single-digit growth in Additives offset declines in Adsorbents, especially for renewable oil purification in the United States.

In the first nine months of the year, local currency sales decreased by 1 % in the Europe, Middle East & Africa region, driven by weakness in Germany. Sales increased by 1 % in the Americas due to growth in Brazil and the United States. Sales in Asia declined by 2 % versus the prior year period, as regional growth in countries such as India, South Korea, and Australia could not offset a 10 % decrease in China.

Group EBITDA before exceptional items increased by 4 % against the prior year to CHF 521 million, while the corresponding margin increased by 160 basis points to 18.0 % from 16.4 %. Raw material costs were flat for the first nine months, while energy costs increased by 1 %. The execution of the savings programs resulted in additional cost savings of CHF 31 million in the first nine months of 2025.

Reported EBITDA for the Group decreased by 6 % to CHF 450 million due to restructuring charges of CHF 63 million being booked during the first nine months. Reported EBITDA margin of 15.6 % was flat compared to the same period in 2024.

1 All references to local currency growth, pricing, volumes, and scope exclude the impact from hyperinflation countries Argentina and Türkiye. All references to currency include a net impact from hyperinflation countries Argentina and Türkiye.

Sustainability

Clariant’s Scope 1 & 2 total greenhouse gas (GHG) emissions fell to 0.43 million tons in the last twelve months (LTM, September 2024 to September 2025), a decline of 12 % from 0.49 million tons in the full year 2024. The main driver for the GHG reduction in 2025 was a further switch to green electricity. The share of renewable electricity increased from 67 % to 74 % due to green electricity supply contracts and improved market-based emission factors of selected suppliers. The total indirect greenhouse gas emissions for purchased goods and services (Scope 3) were 5 % lower at 2.45 million tons in the last twelve months, compared to 2.58 million tons in the full year 2024, due to changing raw materials toward recycled or biobased raw materials and lower volumes.

In the first nine months of 2025, Clariant achieved a DART (Days Away, Restricted, or Transferred) rate of 0.11 (September 2025 LTM), placing the company in the top quartile of the chemical industry and reflecting the high awareness of and continued commitment to safety, training, and accountability.

Outlook 2025 confirmed

For the full year 2025, Clariant anticipates a moderation in general inflation but no recovery for the chemical industry due to persistent macroeconomic challenges, uncertainties, and risks, which include trade tensions and tariffs. While these tensions continue to be volatile and subject to change, Clariant’s current assessment anticipates a manageable direct cost impact on its performance. Indirectly, however, the ongoing tensions have a negative impact on the global demand environment and consumer sentiment, leading to lower industrial production and demand for durable and semi-durable goods. As a result, and based on the current situation, Clariant expects local currency sales growth to be at the lower end of the 1 – 3 % range for 2025. Sales in Care Chemicals and Adsorbents & Additives are expected to grow slightly, while sales in Catalysts are expected to be slightly below the levels of 2024.

Clariant expects continued profitability improvement in 2025 with an EBITDA margin before exceptional items of between 17 % and 18 %. Exceptional items in 2025 are expected to include restructuring charges of around CHF 75 million. These charges are related to the savings programs announced during the company’s Investor Day in November 2024. These programs are expected to deliver run-rate savings of around CHF 80 million through business unit and corporate actions by the end of 2027, with a significant part of these savings targeted to be achieved already in 2025. Other exceptional items for 2025 are expected to be around CHF 20 million. Clariant therefore continues to expect its reported EBITDA margin for 2025 to be between 15.0 % and 15.5 %. Clariant also expects to make further progress toward the targeted 40 % free cash flow conversion during 2025.

Clariant reiterates its commitment to its medium-term targets, to be achieved by 2027 at the latest: 4 – 6 % local currency sales growth; 19 – 21 % reported EBITDA margin; and around 40 % free cash flow conversion.

Business Unit Care Chemicals

Third QuarterNine Monthsin CHF million20252024% CHF% LC(1)20252024% CHF% LC(1)Sales491536- 8- 31 5871 682- 60EBITDA92920277313- 12- margin18.7 %17.2 %17.5 %18.6 %EBITDA before exceptional items93930311318- 2- margin 18.9 %17.4 %19.6 %18.9 %Sales bridge:Price 0 %; Volume - 3 %; Scope 0 %; Currency - 5 % Price 0 %; Volume - 2 %; Scope 2 %; Currency - 6 % (1)   Excluding hyperinflation accounting countries Argentina and Türkiye

Sales

In the third quarter of 2025, sales in the Business Unit Care Chemicals decreased by 3 % in local currency and by 8 % in Swiss francs versus Q3 2024. Pricing was flat and volumes declined by 3 %.

Growth was strongest in Mining Solutions, followed by Oil Services, and in both cases largely driven by higher volumes. Sales in Personal & Home Care were down slightly due to lower volumes, mainly driven by product life cycle phasing, despite continued growth in Lucas Meyer Cosmetics. Crop Solutions sales also declined slightly versus the high comparable of the prior year, when demand recovered after an extended destocking period. Sales in Industrial Applications and Base Chemicals saw more significant declines as volumes in industrial end markets in particular suffered from tariff uncertainties.

Care Chemicals sales in the Europe, Middle East & Africa region as well as the Americas decreased by a mid-single-digit percentage rate as destocking led to lower order volumes. Sales in Asia-Pacific increased at a low single-digit percentage rate as the capacity expansion in Daya Bay, China, drove local volume growth.

In the first nine months of 2025, sales in the Business Unit Care Chemicals were flat in local currency (- 2 % excluding scope) and decreased by 6 % in Swiss francs. Crop Solutions showed the strongest growth, followed by Personal & Home Care and Mining Solutions.

EBITDA Margin

In the third quarter of 2025, EBITDA before exceptional items was stable at CHF 93 million, despite the lower sales. EBITDA margin improved by 150 basis points to 18.9 % from 17.4 % in the prior year due to a positive mix effect, contribution from Lucas Meyer Cosmetics, contributions from the performance improvement programs, and a slight decrease (- 1 %) in raw material prices. Slightly higher energy costs (+ 2 %) weighed on profitability.

Reported EBITDA of CHF 92 million was stable compared to the prior year period, with a corresponding margin of 18.7 % versus 17.2 %.

EBITDA margin before exceptional items for the first nine months of 2025 increased to 19.6 % from 18.9 % in the prior year. Reported EBITDA decreased to CHF 277 million from CHF 313 million, including CHF 29 million of restructuring charges, with the corresponding margin decreasing by 110 basis points to 17.5 % from 18.6 %.

Business Unit Catalysts

Third QuarterNine Monthsin CHF million20252024% CHF% LC(1)20252024% CHF% LC(1)Sales171203- 16- 8551612- 10- 5EBITDA3237- 14104106- 2- margin18.7 %18.2 %18.9 %17.3 %EBITDA before exceptional items3338- 131081035- margin 19.3 %18.7 %19.6 %16.8 %Sales bridge:Price 0 %; Volume - 8 %; Scope 0 %; Currency - 8 % Price 0 %; Volume - 5 %; Scope 0 %; Currency - 5 % (1)   Excluding hyperinflation accounting countries Argentina and Türkiye

Sales

In the third quarter of 2025, sales in the Business Unit Catalysts decreased by 8 % in local currency and by 16 % in Swiss francs. While pricing was flat, volumes declined by 8 %.

Low double-digit sales growth in Specialties did not offset declines in the other segments. The weak economic environment and utilization rates continuing to trade below long-term averages impacted refill timings for Propylene catalysts in China in particular, leading to a high double-digit percentage rate decline. Sales in Syngas & Fuels (against a strong comparison base) and Ethylene were down by a mid-single digit percentage rate.

Sales decreased by a high double-digit percentage rate in the Europe, Middle East & Africa region, driven by lower sales in Ethylene catalysts. Sales in the Americas increased at a double-digit percentage rate because of project deliveries in Propylene and Ethylene catalysts. In Asia-Pacific, the largest geographic market, sales decreased at a high double-digit percentage rate, as sales of Propylene catalysts in China in particular were below the prior year.

In the first nine months of 2025, sales in the Business Unit Catalysts decreased by 5 % in local currency and by 10 % in Swiss francs. Growth in Syngas & Fuels and Ethylene catalysts did not offset the declines in Propylene and Specialties.

EBITDA Margin

In the third quarter, EBITDA before exceptional items decreased by 13 % to CHF 33 million, representing a margin of 19.3 %. This 60-basis point improvement against the 18.7 % margin of the prior year was driven by effective price and cost management and contributions from performance improvement programs, which more than offset the impact of lower volumes. Raw material prices were flat, while energy prices were slightly higher (+ 2 %) versus the prior year.

Reported EBITDA of CHF 32 million decreased by 14 % compared to the prior year, with a corresponding margin of 18.7 % versus 18.2 %.

EBITDA margin before exceptional items for the first nine months of 2025 increased to 19.6 % from 16.8 % in the prior year due to effective price and cost management and contributions from performance improvement programs. Reported EBITDA was CHF 104 million compared to CHF 106 million, with the corresponding margin increasing by 160 basis points to 18.9 % from 17.3 %.

Business Unit Adsorbents & Additives

Third QuarterNine Monthsin CHF million20252024% CHF% LC(1)20252024% CHF% LC(1)Sales244252- 31749767- 21EBITDA434081261214- margin17.6 %15.9 %16.8 %15.8 %EBITDA before exceptional items424051391298- margin 17.2 %15.9 %18.6 %16.8 %Sales bridge:Price 3 %; Volume - 2 %; Scope 0 %; Currency - 4 % Price 1 %; Volume 0 %; Scope 0 %; Currency - 3 % (1)   Excluding hyperinflation accounting countries Argentina and Türkiye

Sales

In the third quarter of 2025, sales in the Business Unit Adsorbents & Additives increased by 1 % in local currency and decreased by 3 % in Swiss francs. In the Adsorbents segments, sales decreased at a mid-single-digit percentage rate. In the Additives segments, sales increased at a high single-digit percentage rate. For the business unit, pricing was up 3 % while volumes were down 2 %.

In the Europe, Middle East & Africa region, the largest region, sales increased at a low single-digit percentage rate, driven by pricing. In the Americas, sales decreased at a high single-digit percentage rate, as growth in Additives did not fully offset a decline in Adsorbents with volumes impacted by US renewable fuel regulation. Asia-Pacific sales increased at a low double-digit percentage rate, driven by volume growth in both Adsorbents and Additives.

In the first nine months of 2025, sales in the Business Unit Adsorbents & Additives increased by 1 % in local currency and decreased by 2 % in Swiss francs, driven by a continued improvement in Additives.

EBITDA Margin

In the third quarter, EBITDA before exceptional items increased by 5 % to CHF 42 million, representing a margin of 17.2 %, which was a 130-basis point improvement versus 15.9 % in the prior year. Profitability was driven by a positive mix effect and benefits from the performance improvement programs. Lower raw material prices (- 5 %) also contributed positively, while slightly higher energy prices (+ 1 %) were offset by pricing.

The reported EBITDA of CHF 43 million increased by 8 % compared to the prior year, with a corresponding margin of 17.6 % compared to 15.9 % in the prior year. Restructuring charges for the quarter of CHF 3 million were recognized in 2025.

EBITDA margin before exceptional items for the first nine months of 2025 increased by 180 basis points to 18.6 % from 16.8 % in the prior year, supported by similar factors that influenced the third quarter. Reported EBITDA increased to CHF 126 million from CHF 121 million, with the corresponding margin increasing to 16.8 % from 15.8 %.

Q3 / 9M 2025 Media Release

 CORPORATE MEDIA RELATIONS

 Jochen Dubiel
Phone +41 61 469 63 63
[email protected]

 Ellese Caruana
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 Luca Lavina
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[email protected]

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 INVESTOR RELATIONS

 Andreas Schwarzwälder
Phone +41 61 469 63 73
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 This media release contains certain statements that are neither reported financial results nor other historical information. This document also includes forward-looking statements. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors that are beyond Clariant’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators and other risk factors such as: the timing and strength of new product offerings; pricing strategies of competitors; the company’s ability to continue to receive adequate products from its vendors on acceptable terms, or at all, and to continue to obtain sufficient financing to meet its liquidity needs; and changes in the political, social and regulatory framework in which the Company operates or in economic or technological trends or conditions, including currency fluctuations, inflation and consumer confidence, on a global, regional or national basis. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. Clariant does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of these materials.

 www.clariant.com

 Clariant is a focused specialty chemical company led by the overarching purpose of “Greater chemistry – between people and planet.” By connecting customer focus, innovation, and people, the company creates solutions to foster sustainability in different industries. On 31 December 2024, Clariant totaled a staff number of 10 465 and recorded sales of CHF 4.152 billion in the fiscal year. Since January 2023, the Group conducts its business through the three Business Units Care Chemicals, Catalysts, and Adsorbents & Additives. Clariant is based in Switzerland.

Consistent execution of our strategy delivered an EBITDA increase of 3.3% with margin expansion and low-single digit Underlying EPS growth

BRUSSELS--(BUSINESS WIRE)--Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD):

Regulated and inside information1

“Driven by the momentum of our megabrands and our innovation in balanced choices and Beyond Beer, our business delivered continued top- and bottom-line growth, even as we navigated a dynamic consumer environment. Given the progress we have made on our deleveraging and solid year-to-date financial results we have announced a new 6 billion USD share buyback program and an interim dividend.” – Michel Doukeris, CEO, AB InBev

Management comments

Consistent execution of our strategy delivered an EBITDA increase of 3.3% with margin expansion and low-single digit Underlying EPS growth

The consistent execution of our strategy and our disciplined choices in revenue and cost management drove resilient financial performance. Megabrand momentum, innovation in balanced choices and acceleration of our Beyond Beer portfolio drove continued top- and bottom-line growth and increased portfolio brand power. We estimate that we gained or maintained share in the majority of our markets, including the US, Brazil, South Africa, South Korea, Canada and Ecuador.

Revenue per hl increased by 4.8% driving a top-line increase of 0.9%, with growth in 70% of our markets. Volumes declined by 3.7%, impacted primarily by performance in China and unseasonable weather in Brazil. Revenue growth combined with overhead management more than offset transactional FX headwinds to drive an EBITDA increase of 3.3% with margin expansion of 85bps and Underlying EPS growth of 1.0% in USD.

Some key highlights from our performance this quarter include the following: continued momentum of our no-alcohol beer and Beyond Beer portfolios which both grew revenue by 27%; Corona continued to lead premium performance globally, increasing volume by 5.9% outside of Mexico and growing by double-digits in 33 markets; in the US, led by Michelob Ultra, which is now the #1 brand by volume in the industry, we continued to gain market share; and in our digital initiatives, the quarterly growth of BEES Marketplace GMV continued to accelerate, growing by 66% versus 3Q24, and now approaching 1 billion USD.

Progressing our strategic priorities

We continue to execute on and invest in three key strategic pillars to deliver consistent growth and long-term value creation.

(1) Lead and grow the category:

Our portfolio brand power grew in 3Q25 driven by consumer-centric innovation, increased marketing effectiveness and focused investment. In addition, we estimate that we gained or maintained share in the majority of our markets.

(2) Digitize and monetize our ecosystem:

BEES Marketplace captured 935 million USD in GMV from sales of third-party products, a 66% increase versus 3Q24. Overall BEES GMV increased by 11% versus 3Q24, reaching 13.3 billion USD.

(3) Optimize our business:

The AB InBev Board of Directors has approved a new 6 billion USD share buyback program to be executed within the next 24 months and a 0.15 EUR per share interim dividend. We continue to proactively manage our debt portfolio and announced today the redemption of approximately 2 billion USD of outstanding bonds.

(1) Lead and grow the category

Driven by performance across each of the category expansion levers, consumer participation with our portfolio was estimated to have remained stable across our key markets in 3Q25, with participation increases for our megabrands and no-alcohol beer portfolio.

Core Superiority: Revenue of our mainstream portfolio increased by 0.8% in 3Q25, driven by high-single digit growth in Colombia and mid-single digit growth in South Africa.

Premiumization: In the US, Michelob Ultra’s momentum continued in 3Q25, becoming the #1 brand by volume in the industry year-to-date. Corona led our premium performance globally, increasing revenue by 6.3% outside of Mexico. Revenue growth of our overall above core beer portfolio was flattish, constrained by performance in China.

Balanced Choices: Growth in 3Q25 was driven by our no-alcohol beer portfolio which delivered a 27% revenue increase, successfully compounding on the mid-thirties revenue increase in 3Q24 following Olympic Games related activations. No-alcohol beer performance was led by Corona Cero which grew volumes in the low-forties. Our overall balanced choices portfolio of low carb, sugar free, gluten free and no-alcohol beer brands delivered a revenue increase of 6.5%.

Beyond Beer: Growth of our Beyond Beer portfolio accelerated in 3Q25, increasing revenue by 27%, led by the triple-digit growth of Cutwater in the US.

(2) Digitize and monetize our ecosystem

Digitizing our relationships with more than 6 million customers globally: As of 30 September 2025, BEES was live in 29 markets with approximately 70% of our revenues captured through B2B digital platforms. In 3Q25, BEES captured 13.3 billion USD in GMV, growth of 11% versus 3Q24.

Monetizing our route-to-market; approaching 1 billion USD in quarterly GMV: BEES Marketplace GMV growth accelerated in 3Q25, growing by 66% versus 3Q24 to reach 935 million USD from sales of third-party products.

Leading the way in DTC solutions: Our omnichannel DTC ecosystem of digital and physical products generated revenue of approximately 325 million USD in 3Q25. Our DTC megabrands, Zé Delivery, TaDa Delivery and PerfectDraft, generated 17.9 million e-commerce orders and delivered 138 million USD in revenue this quarter, growth of 4% versus 3Q24.

(3) Optimize our business

Maximizing value creation: We are committed to driving long-term shareholder value creation through a combination of profitable growth and disciplined capital allocation choices. Given the progress we have made on our deleveraging and our solid year-to-date financial results, the AB InBev Board of Directors has approved a 6 billion USD share buyback program to be executed within the next 24 months, and a 0.15 EUR per share interim dividend. We continue to proactively manage our debt portfolio and have announced today the redemption of approximately 2 billion USD of outstanding bonds.

Advancing our sustainability priorities: In Climate Action, our Scopes 1 and 2 emissions per hectoliter of production was 4.22 kgCO2e/hl in 9M25, a reduction of 48% versus our 2017 baseline. In Water Stewardship, our water use efficiency ratio improved to 2.38 hl per hl in 9M25 versus 2.47 hl per hl in 9M24.

Delivering reliable compounding growth

In the first 9 months of this year, our business delivered an EBITDA increase of 5.8% with margin expansion of 138bps and Underlying EPS growth of 5.4% in USD and 11.8% in constant currency. We made strategic choices across revenue management, resource allocation, and increased sales and marketing investments to lead and grow the category. The quarterly growth of BEES Marketplace GMV continued to accelerate and is now approaching 1 billion USD. We continued to increase our flexibility for capital allocation choices and announced a new 6 billion USD share buyback program and an interim dividend. Our footprint has structural tailwinds for long-term volume growth with favorable demographics, ongoing economic development and opportunities to increase category participation through innovation in premium, balanced choices, and Beyond Beer. Our solid year-to-date financial performance and the fundamental strengths of our business reinforce our confidence in our ability to deliver our FY25 outlook and long-term value creation.

2025 Outlook

(i) Overall Performance: We expect our EBITDA to grow in line with our medium-term outlook of between 4-8%. The outlook for FY25 reflects our current assessment of inflation and other macroeconomic conditions.

(ii) Net Finance Costs: Net pension interest expenses and accretion expenses are expected to be in the range of 190 to 220 million USD per quarter, depending on currency and interest rate fluctuations. We expect the average gross debt coupon in FY25 to be approximately 4%.

(iii) Effective Tax Rate (ETR): We expect the normalized ETR in FY25 to be in the range of 26% to 28%. The ETR outlook does not consider the impact of potential future changes in legislation.

(iv) Net Capital Expenditure: We expect net capital expenditure of between 3.5 and 4.0 billion USD in FY25.

Figure 1. Consolidated performance

in USD Mio, except EPS in USD per share and Volumes in thousand hls

3Q24

3Q25

Organic

growth

Volumes

148 039

142 319

(3.7

)%

Beer

128 534

123 757

(3.9

)%

Non-Beer

19 505

18 562

(2.2

)%

Revenue

15 046

15 133

0.9

%

Gross profit

8 366

8 537

2.0

%

Gross margin

55.6

%

56.4

%

58bps

Normalized EBITDA

5 424

5 594

3.3

%

Normalized EBITDA margin

36.0

%

37.0

%

85bps

Normalized EBIT

4 091

4 205

3.2

%

Normalized EBIT margin

27.2

%

27.8

%

61bps

Profit attributable to equity holders of AB InBev

2 071

1 054

Underlying Profit

1 971

1 970

Basic EPS

1.03

0.53

Underlying EPS

0.98

0.99

9M24

9M25

Organic

growth

Volumes

433 877

421 934

(2.6

)%

Beer

375 301

365 147

(2.9

)%

Non-Beer

58 575

56 787

(0.7

)%

Revenue

44 927

43 764

1.8

%

Gross profit

24 827

24 566

3.7

%

Gross margin

55.3

%

56.1

%

104bps

Normalized EBITDA

15 712

15 750

5.8

%

Normalized EBITDA margin

35.0

%

36.0

%

138bps

Normalized EBIT

11 638

11 805

7.8

%

Normalized EBIT margin

25.9

%

27.0

%

152bps

Profit attributable to equity holders of AB InBev

4 635

4 878

Underlying Profit

5 291

5 526

Basic EPS

2.31

2.46

Underlying EPS

2.64

2.78

Figure 2. Volumes

in thousand hls

3Q24

Scope

Organic

3Q25

Organic growth

growth

Total

Beer

North America

22 764

(271

)

(597

)

21 896

(2.7

)%

(4.0

)%

Middle Americas

37 107

(51

)

(141

)

36 915

(0.4

)%

(0.7

)%

South America

39 502

-

(2 580

)

36 922

(6.5

)%

(6.6

)%

EMEA

24 039

85

25

24 149

0.1

%

0.4

%

Asia Pacific

24 514

-

(2 213

)

22 301

(9.0

)%

(9.1

)%

Global Export and Holding Companies

112

-

23

136

20.6

%

20.6

%

AB InBev Worldwide

148 039

(237

)

(5 483

)

142 319

(3.7

)%

(3.9

)%

9M24

Scope

Organic

9M25

Organic growth

growth

Total

Beer

North America

66 756

(745

)

(1 896

)

64 115

(2.9

)%

(3.5

)%

Middle Americas

111 179

(51

)

(310

)

110 818

(0.3

)%

(0.2

)%

South America

115 818

-

(3 806

)

112 011

(3.3

)%

(3.9

)%

EMEA

68 921

162

(10

)

69 073

(0.0

)%

(0.1

)%

Asia Pacific

70 958

(93

)

(5 200

)

65 665

(7.3

)%

(7.3

)%

Global Export and Holding Companies

244

(9

)

16

252

6.9

%

6.9

%

AB InBev Worldwide

433 877

(736

)

(11 207

)

421 934

(2.6

)%

(2.9

)%

Key Markets Performance

United States: Michelob Ultra now the #1 brand in the industry; our portfolio continues to build momentum and gain market share

Operating performance:

3Q25: Revenue declined by 0.8% with revenue per hl increasing by 2.0% driven by revenue management initiatives and premiumization. Sales-to-retailers (STRs) declined by 2.5%, estimated to have outperformed a soft industry. Sales-to-wholesalers (STWs) declined by 2.7%. EBITDA increased by 0.4% with a margin improvement of 42bps, driven by productivity initiatives, even as we continued to increase our marketing investments to fuel momentum.

9M25: Revenue declined by 1.2%, with revenue per hl increasing by 1.8%. STRs declined by 3.1% and STWs were down by 3.0%, and we expect our STRs and STWs to converge on a full year basis. EBITDA increased by 1.1% with a margin improvement of 80bps.

Commercial highlights: Consistent execution and increased portfolio brand power drove our momentum with our business continuing to gain market share of the beer industry and the spirits-based ready-to-drink category, according to Circana. Our beer performance was led by Michelob Ultra, the #1 volume share gainer and now the leading brand by volume in the industry year-to-date, and Busch Light, which continued to be the #2 volume share gainer in the industry. We are the leaders in no-alcohol beer, with our portfolio growing revenue by double-digits, led by Michelob Ultra Zero which is the fastest growing no-alcohol beer brand in the industry year-to-date. In Beyond Beer, our portfolio momentum accelerated, with revenue growth in the mid-forties, led by Cutwater which grew revenue in the triple digits and was the #1 share gaining brand in the total spirits industry in August and September.

Mexico: Continued top-line growth driven by disciplined revenue management

Operating performance:

3Q25: Revenue increased by low-single digits, with mid-single digit revenue per hl growth driven by revenue management initiatives. Volumes decreased by low-single digits, underperforming the industry which was negatively impacted by a soft consumer environment and unseasonable weather. Our volumes improved sequentially through the quarter, both returning to growth and gaining market share in August and September. Disciplined revenue management choices and productivity initiatives partially offset transactional FX headwinds to deliver slight EBITDA growth.

9M25: Revenue grew by mid-single digits with revenue per hl growth of mid-single digits and flattish volumes, in-line with the industry. EBITDA grew by mid-single digits with margin expansion.

Commercial highlights: Our performance was led by our above core beer portfolio, which grew revenue by low-single digits driven by Modelo and Pacifico. We are leading the growth in no-alcohol beer, with Corona Cero growing volume by strong double-digits and Modelo Cero, an innovation launch earlier this year, already the #4 no-alcohol beer in the industry. We continue to progress our digital initiatives, with BEES Marketplace growing GMV by 26% versus 3Q24 and our digital DTC platform, TaDa Delivery, fulfilling 3.2 million orders year-to-date, a 5% increase versus 9M24.

Colombia: Record high volume drove double-digit top-line and mid-single digit bottom-line growth

Operating performance:

3Q25: Revenue increased by low-teens with high-single digit revenue per hl growth, driven by revenue management initiatives. Volumes grew by low-single digits, with our portfolio estimated to have gained share of alcohol beverages. EBITDA grew by mid-single digits.

9M25: Revenue grew by high-single digits with high-single digit revenue per hl growth. Volumes increased by low-single digits. EBITDA grew by high-single digits with margin expansion.

Commercial highlights: The beer industry continued to grow and gain share of alcohol beverages this quarter according to our estimates. Our premium and super premium brands led our performance, delivering mid-teens volume growth and driving record high third quarter volumes. Our mainstream beer portfolio continued to grow, delivering low-single digit volume growth.

Brazil: Market share gain and disciplined revenue and cost management offset a soft industry to deliver flat EBITDA with margin expansion

Operating performance:

3Q25: Revenue declined by 1.9% with revenue per hl growth of 6.5% driven by revenue management initiatives and premiumization. Total volumes declined by 7.9%, with beer volume decreasing by 7.7%, estimated to have outperformed a soft industry, and non-beer volumes decreasing by 8.5%, with both industries impacted by unseasonable weather and a soft consumer environment. EBITDA increased by 0.1% with margin expansion of 68bps as disciplined revenue management choices and productivity initiatives more than offset transactional FX headwinds.

9M25: Revenue grew by 0.4% with revenue per hl growth of 4.9%. Total volumes declined by 4.3% with beer volumes declining by 5.3% and non-beer volumes declining by 1.6%. EBITDA increased by 6.5% with margin expansion of 195bps.

Commercial highlights: Our premium and super premium beer brands led our performance, delivering mid-teens volume growth and gaining share of the segment to now be the #1 premium brewer in the industry year-to-date, according to Nielsen. The market share trend of our mainstream portfolio improved sequentially through the quarter, however volumes were negatively impacted by a soft industry. Our portfolio of balanced choices drove incremental growth with volumes of our no-alcohol beer brands increasing by low-twenties and Stella Artois Gluten Free more than doubling. In non-beer, our low- and no-sugar portfolio continued to outperform, delivering low-twenties volume growth. We continue to progress our digital initiatives, with BEES Marketplace growing GMV by 88% versus 3Q24, and our digital DTC platform, Zé Delivery, reaching 5.4 million monthly active users.

Europe: Continued market share gains and premiumization drove flattish volumes and margin recovery

Operating performance:

3Q25: Revenue declined by low-single digits with flattish revenue per hl. Volumes were flattish, estimated to have outperformed a soft industry in 5 of our 6 key markets. EBITDA grew by low-single digits with margin recovery.

9M25: Revenue declined by low-single digits with slight revenue per hl growth driven by continued premiumization. Volume declined by low-single digits, estimated to have gained or maintained market share in all 6 of our key markets. EBITDA grew by mid-single digits with margin recovery.

Commercial highlights: Market share gains and the continued premiumization of our portfolio drove flattish volumes, with our premium and super premium brands making up approximately 60% of our 3Q25 revenue. Our performance this quarter was driven by our megabrands, led by Corona, which delivered double-digit volume growth, and Stella Artois, which effectively activated the Perfect Serve campaign at the Wimbledon tennis tournament. The momentum of our no-alcohol beer portfolio continued, led by Corona Cero with mid-twenties volume growth, successfully compounding on the triple digit growth in 3Q24 following the Olympic Games.

South Africa: Continued momentum delivered mid-single digit top-line and high-single digit bottom-line growth

Operating performance:

3Q25: Revenue increased by mid-single digits with slight revenue per hl growth. Volumes grew by mid-single digits, supported by shipment phasing ahead of our October price increase, and estimated to have maintained share of beer and gained share of Beyond Beer. EBITDA grew by high-single digits with margin expansion.

9M25: Revenue increased by mid-single digits with revenue per hl growth of low-single digits. Volumes grew by low-single digits, estimated to have gained share in both beer and Beyond Beer. EBITDA grew by mid-single digits with margin expansion.

Commercial highlights: The beer industry continued to grow and gain share of alcohol beverages this quarter according to our estimates. Our performance was led by our core brands, which grew volumes by high-single digits driven by Carling Black Label. The momentum of our premium and super premium beer portfolio continued, with revenue growth of mid-single digits led by Stella Artois. In Beyond Beer, our portfolio grew volumes by mid-teens led by Flying Fish, Brutal Fruit and Redd’s.

China: Top- and bottom-line declined, impacted by volume performance

Operating performance:

3Q25: Volumes declined by 11.4%, underperforming the industry according to our estimates, with our performance impacted by continued weakness in our key regions and channels and inventory management. Revenue per hl declined by 4.3%, impacted by increased investments to expand our in-home presence and negative brand mix, resulting in a revenue decline of 15.2%. EBITDA declined by 16.9% as productivity initiatives partially offset the impact of operational deleverage.

9M25: Revenue declined by 11.3% with revenue per hl declining by 2.2% and volumes decreasing by 9.3%. EBITDA declined by 11.8%.

Commercial highlights: Industry volumes were estimated to have declined by low-single digits versus 3Q24, with a growing in-home channel outweighed by a soft on-premise. Our top priorities are to rebuild momentum and reignite growth. To achieve this, we are investing in our portfolio, innovation and mega platform activations, enhancing our route to market in the in-home channel, and expanding our footprint through targeted geographic expansion. As we move forward, our innovations will include the national rollout of Budweiser Magnum and launch of new packages for Budweiser and Corona such as the 1 liter can and a full-open lid can to bring the iconic lime ritual into the in-home occasion.

Highlights from our other markets

Canada: Revenue was flattish this quarter with low-single digit revenue per hl growth. Our volumes outperformed the industry in both beer and Beyond Beer according to our estimates, declining by low-single digits. Our beer performance was led by Michelob Ultra, Busch and Corona which were three of the top five volume share gainers in the industry. In Beyond Beer, our market share gains were led by Cutwater and Mike’s Hard Lemonade.

Peru: Revenue grew by mid-single digits in 3Q25 with mid-single digit revenue per hl growth, driven by revenue management initiatives. Volumes grew by low-single digits, with our performance led by our above core beer and non-beer portfolios which both grew volumes in the teens.

Ecuador: Revenue grew by low-teens in 3Q25 with volumes increasing by high-single digits, cycling a soft industry in 3Q24. Growth was led by our above core beer brands which increased volume by strong double-digits.

Argentina: Volume declined by low-single digits in 3Q25, as overall consumer demand continued to be impacted by inflationary pressures. Since 1Q24, the definition of organic revenue growth in Argentina has been amended to cap the price growth to a maximum of 2% per month. Revenue grew by high-single digits on this basis.

Africa excluding South Africa: In Nigeria, revenue grew by mid-single digits in 3Q25, driven by revenue management initiatives in a highly inflationary environment. Beer volumes declined by low-twenties, estimated to have underperformed the industry which was impacted by a soft consumer environment. In our other markets in Africa, revenue grew in aggregate by low-teens and volumes were flattish as we cycled a strong performance in 3Q24.

South Korea: Revenue increased by mid-single digits in 3Q25 with mid-single digit revenue per hl growth driven by revenue management initiatives. Volumes were flattish, estimated to have outperformed the industry in both the on-premise and in-home channels, with top-line performance led by our megabrand Cass.

Consolidated Income Statement

Figure 3. Consolidated income statement

in USD Mio

3Q24

3Q25

Organic

growth

Revenue

15 046

15 133

0.9

%

Cost of sales

(6 680

)

(6 596

)

0.4

%

Gross profit

8 366

8 537

2.0

%

SG&A

(4 490

)

(4 535

)

(0.5

)%

Other operating income/(expenses)

215

203

(5.4

)%

Normalized EBIT

4 091

4 205

3.2

%

Non-underlying items above EBIT

(125

)

55

Net finance income/(expense)

(1 043

)

(1 165

)

Non-underlying net finance income/(expense)

236

(947

)

Share of results of associates

89

110

Non-underlying share of results of associates

-

-

Income tax expense

(758

)

(726

)

Profit

2 489

1 532

Profit attributable to non-controlling interest

418

478

Profit attributable to equity holders of AB InBev

2 071

1 054

 

Normalized EBITDA

5 424

5 594

3.3

%

Underlying Profit

1 971

1 970

9M24

9M25

Organic

growth

Revenue

44 927

43 764

1.8

%

Cost of sales

(20 100

)

(19 198

)

0.6

%

Gross profit

24 827

24 566

3.7

%

SG&A

(13 738

)

(13 347

)

(0.6

)%

Other operating income/(expenses)

548

585

10.7

%

Normalized EBIT

11 638

11 805

7.8

%

Non-underlying items above EBIT

(244

)

(39

)

Net finance income/(expense)

(3 400

)

(3 210

)

Non-underlying net finance income/(expense)

(294

)

(580

)

Share of results of associates

226

246

Non-underlying share of results of associates

104

9

Income tax expense

(2 304

)

(2 130

)

Profit

5 725

6 100

Profit attributable to non-controlling interest

1 090

1 222

Profit attributable to equity holders of AB InBev

4 635

4 878

 

Normalized EBITDA

15 712

15 750

5.8

%

Underlying Profit

5 291

5 526

Non-underlying items above EBIT & Non-underlying share of results of associates

Figure 4. Non-underlying items above EBIT & Non-underlying share of results of associates

in USD Mio

3Q24

3Q25

9M24

9M25

Restructuring

(38

)

(20

)

(97

)

(68

)

Business and asset disposal (incl. impairment losses)

(87

)

94

(147

)

47

Claims and legal costs

-

(18

)

-

(18

)

Non-underlying items in EBIT

(125

)

55

(244

)

(39

)

Non-underlying share of results of associates

-

-

104

9

Normalized EBIT excludes positive non-underlying items of 55 million USD in 3Q25, mainly comprising of a gain of 96m US dollar recognized upon the disposal of assets held for sale in Barbados and other Caribbean islands and excludes negative non-underlying items of 39 million USD in 9M25. Non-underlying share of results from associates of 9M24 included the impact from our associate Anadolu Efes’ adoption of IAS 29 hyperinflation accounting on their 2023 results.

Net finance income/(expense)

Figure 5. Net finance income/(expense)

in USD Mio

3Q24

3Q25

9M24

9M25

Net interest expense

(685

)

(675

)

(2 084

)

(1 959

)

Accretion expense and interest on pensions

(185

)

(228

)

(612

)

(580

)

Other financial results

(173

)

(262

)

(704

)

(672

)

Net finance income/(expense)

(1 043

)

(1 165

)

(3 400

)

(3 210

)

Non-underlying net finance income/(expense)

Figure 6. Non-underlying net finance income/(expense)

in USD Mio

3Q24

3Q25

9M24

9M25

Mark-to-market

236

(947

)

(271

)

(608

)

Gain/(loss) on bond redemption and other

-

-

(23

)

29

Non-underlying net finance income/(expense)

236

(947

)

(294

)

(580

)

Non-underlying net finance expense in 3Q25 and 9M25 includes mark-to-market losses on derivative instruments entered into in order to hedge our share-based payment programs and shares issued in relation to the combination with Grupo Modelo and SAB.

The number of shares covered by the hedging of our share-based payment program, the deferred share instrument and the restricted shares are shown below, together with the opening and closing share prices.

Figure 7. Non-underlying equity derivative instruments

3Q24

3Q25

9M24

9M25

Share price at the start of the period (Euro)

54.12

58.24

58.42

48.25

Share price at the end of the period (Euro)

59.38

50.80

59.38

50.80

Number of equity derivative instruments at the end of the period (in million)

100.5

100.5

100.5

100.5

Income tax expense

Figure 8. Income tax expense

in USD Mio

3Q24

3Q25

9M24

9M25

Income tax expense

758

726

2 304

2 130

Effective tax rate

24.0%

33.8%

29.9%

26.7%

Normalized effective tax rate

25.5%

25.1%

26.6%

25.4%

The 9M24, 3Q25 and 9M25 effective tax rates were negatively impacted by non-deductible losses from derivatives related to the hedging of share-based payment programs and of the shares issued in a transaction related to the combinations with Grupo Modelo and SAB, while the 3Q24 effective tax rate was positively impacted by non-taxable gains from these derivatives. Furthermore, the 9M25 effective tax rate included 56 million USD of non-underlying tax income, mainly reflecting 66m US dollar in income resulting from the renegotiation of the terms of the 2017 Brazilian Federal Tax Regularization Program. The 9M24 effective tax rate included 114 million USD of non-underlying tax expense.

The decrease in Normalized ETR in 3Q25 and 9M25 compared to 3Q24 and 9M24 was mainly driven by country mix.

Underlying EPS

Figure 9. Underlying EPS

in USD per share, except number of shares in million

3Q24

3Q25

9M24

9M25

Normalized EBITDA

2.71

2.82

7.84

7.93

Depreciation, amortization and impairment

(0.67

)

(0.70

)

(2.03

)

(1.99

)

Normalized EBIT

2.04

2.12

5.81

5.94

Net finance income/(expense)

(0.52

)

(0.59

)

(1.70

)

(1.62

)

Income tax expense

(0.39

)

(0.38

)

(1.09

)

(1.10

)

Associates & non-controlling interests

(0.17

)

(0.16

)

(0.43

)

(0.47

)

Hyperinflation impacts

0.02

0.01

0.06

0.03

Underlying EPS

0.98

0.99

2.64

2.78

Weighted average number of ordinary and restricted shares

2 004

1 986

2 004

1 986

Reconciliation of IFRS and Non-IFRS Financial Measures

Profit attributable to equity holders and Underlying Profit

Figure 10. Underlying Profit

in USD Mio

3Q24

3Q25

9M24

9M25

Profit attributable to equity holders of AB InBev

2 071

1 054

4 635

4 878

Net impact of non-underlying items on profit

(133

)

898

542

593

Hyperinflation impacts

33

18

114

54

Underlying Profit

1 971

1 970

5 291

5 526

Basic and Underlying EPS

Figure 11. Basic and Underlying EPS

in USD per share, except number of shares in million

3Q24

3Q25

9M24

9M25

Basic EPS

1.03

0.53

2.31

2.46

Net impact of non-underlying items

(0.07

)

0.45

0.27

0.30

Hyperinflation impacts

0.02

0.01

0.06

0.03

Underlying EPS

0.98

0.99

2.64

2.78

FX translation impact

-

-

-

0.17

Underlying EPS in constant currency

0.98

0.99

2.64

2.95

Weighted average number of ordinary and restricted shares

2 004

1 986

2 004

1 986

Profit attributable to equity holders and Normalized EBITDA

Figure 12. Reconciliation of Normalized EBITDA to Profit attributable to equity holders of AB InBev

in USD Mio

3Q24

3Q25

9M24

9M25

Profit attributable to equity holders of AB InBev

2 071

1 054

4 635

4 878

Non-controlling interests

418

478

1 090

1 222

Profit

2 489

1 532

5 725

6 100

Income tax expense

758

726

2 304

2 130

Share of result of associates

(89

)

(110

)

(226

)

(246

)

Non-underlying share of results of associates

-

-

(104

)

(9

)

Net finance (income)/expense

1 043

1 165

3 400

3 210

Non-underlying net finance (income)/expense

(236

)

947

294

580

Non-underlying items above EBIT (incl. impairment losses)

125

(55

)

244

39

Normalized EBIT

4 091

4 205

11 638

11 805

Depreciation, amortization and impairment

1 333

1 390

4 074

3 945

Normalized EBITDA

5 424

5 594

15 712

15 750

Normalized EBITDA, Normalized EBIT and Underlying Profit are non-IFRS financial measures used by AB InBev to reflect the company’s underlying performance. Underlying EPS and constant currency Underlying EPS are non-IFRS financial measures that AB InBev believes are useful to investors because they facilitate comparisons of EPS from period to period.

Normalized EBITDA is calculated by adjusting profit attributable to equity holders of AB InBev to exclude: (i) non-controlling interest; (ii) income tax expense; (iii) share of results of associates; (iv) non-underlying share of results of associates; (v) net finance income or cost; (vi) non-underlying net finance income or cost; (vii) non-underlying items above EBIT; and (viii) depreciation, amortization and impairment.

Underlying Profit is calculated by adjusting profit attributable to equity holders of AB InBev to exclude: (i) non-underlying items and (ii) hyperinflation impacts. Underlying EPS is calculated as Underlying Profit divided by the weighted average number of ordinary and restricted shares. Constant currency Underlying EPS is calculated as Underlying EPS excluding the effects of foreign currency translation by translating current period figures using the exchange rates from the same period in the prior year.

Normalized EBITDA, Normalized EBIT and Underlying Profit are not accounting measures under IFRS and should not be considered as an alternative to profit attributable to equity holders as a measure of operational performance, or an alternative to cash flow as a measure of liquidity. Underlying EPS and constant currency Underlying EPS are not accounting measures under IFRS and should not be considered as alternatives to earnings per share as a measure of operating performance on a per share basis. These non-IFRS financial measures do not have a standard calculation method and AB InBev’s definition of Normalized EBITDA, Normalized EBIT, Underlying Profit, Underlying EPS and constant currency Underlying EPS may not be comparable to that of other companies.

Interim 2025 dividend

The AB InBev Board of Directors has approved an interim dividend of 0.15 EUR per share for the fiscal year 2025. In line with the Company’s financial discipline and deleveraging objectives, the interim dividend balances the Company’s capital allocation priorities and dividend policy while returning cash to shareholders. A timeline showing the ex-dividend, record and payment dates can be found below:

Interim dividend timeline

Ex-dividend date

Record Date

Payment date

Euronext

18 November 2025

19 November 2025

20 November 2025

MEXBOL

18 November 2025

19 November 2025

20 November 2025

JSE

17 November 2025

19 November 2025

20 November 2025

NYSE (ADR program)

19 November 2025

19 November 2025

17 December 2025

Restricted Shares

18 November 2025

19 November 2025

20 November 2025

Recent Events

Announcement of 6 Billion USD share buyback program to be executed within the next 24 months

On 29 October 2025, the AB InBev Board of Directors approved a 6 billion USD share buyback program to be executed within the next 24 months1. Based on the closing price of AB InBev’s ordinary shares on the Euronext Brussels on 29 October, this amount represented approximately 97.3 million shares. Such number of shares will fluctuate depending on share price movements. The share buyback program will be implemented in accordance with industry best practices and in compliance with the applicable buyback rules and regulations. To this end, an independent financial intermediary will be appointed to repurchase on the basis of a discretionary mandate. The precise timing of the repurchase of shares pursuant to the program will depend on a variety of factors including market conditions. During the share buyback program, the company will regularly publish press releases with updates on the progress made (if any) as required by law. This information will also be available on the investor relations pages of our website under the return of capital program section (https://www.ab-inbev.com/investors/share-information/return-of-capital-program). Our current intention is to hold the shares acquired as treasury shares to fulfil future share delivery commitments under the stock ownership plans and/or, subject to approval by the General Meeting of Shareholders to be held on 29 April 2026, to cancel the shares through a capital reduction. The program will be executed under the powers granted at the General Meeting of Shareholders on 28 April 2021 to be renewed, subject to approval, by the General Meeting of Shareholders of 29 April 2026.

Announcement of 2 Billion USD bond redemption

On 30 October 2025, the company announced the redemption of approximately 2 billion USD of outstanding bonds. Additional details will be provided in the press release section of our website at https://www.ab-inbev.com/news-media/press-releases/.

Notes

To facilitate the understanding of AB InBev’s underlying performance, the analyses of growth, including all comments in this press release, unless otherwise indicated, are based on organic growth and normalized numbers. In other words, financials are analyzed eliminating the impact of changes in currencies on translation of foreign operations, and scope changes. Since 1Q24, the definition of organic revenue growth has been amended to cap the price growth in Argentina to a maximum of 2% per month (26.8% year-over-year). Corresponding adjustments are made to all income statement related items in the organic growth calculations through scope changes. Scope changes also represent the impact of acquisitions and divestitures, the start or termination of activities or the transfer of activities between segments, curtailment gains and losses and year over year changes in accounting estimates and other assumptions that management does not consider as part of the underlying performance of the business. The organic growth of our global brands, Budweiser, Stella Artois, and Corona excludes exports to Australia for which a perpetual license was granted to a third party upon disposal of the Australia operations in 2020. All references per hectoliter (per hl) exclude US non-beverage activities. Whenever presented in this document, all performance measures (EBITDA, EBIT, profit, tax rate, EPS) are presented on a “normalized” basis, which means they are presented before non-underlying items. Non-underlying items are either income or expenses which do not occur regularly as part of the normal activities of the Company. They are presented separately because they are important for the understanding of the underlying sustainable performance of the Company due to their size or nature. Normalized measures are additional measures used by management and should not replace the measures determined in accordance with IFRS as an indicator of the Company’s performance. We are reporting the results from Argentina applying hyperinflation accounting since 3Q18. The IFRS rules (IAS 29) require us to restate the year-to-date results for the change in the general purchasing power of the local currency, using official indices before converting the local amounts at the closing rate of the period. In 3Q25, we reported a negative impact from hyperinflation accounting on the profit attributable to equity holders of AB InBev of (18) million USD. The impact in 3Q25 Basic EPS was (0.01) USD. Values in the figures and annexes may not add up, due to rounding. 3Q25 and 9M25 EPS is based upon a weighted average of 1 986 million shares compared to a weighted average of 2 004 million shares for 3Q24 and 9M24.

Legal disclaimer

This release contains “forward-looking statements”. These statements are based on the current expectations and views of future events and developments of the management of AB InBev and are naturally subject to uncertainty and changes in circumstances. The forward-looking statements contained in this release include statements other than historical facts and include statements typically containing words such as “will”, “may”, “should”, “believe”, “intends”, “expects”, “anticipates”, “targets”, “ambition”, “estimates”, “likely”, “foresees” and words of similar import. All statements other than statements of historical facts are forward-looking statements. You should not place undue reliance on these forward-looking statements, which reflect the current views of the management of AB InBev, are subject to numerous risks and uncertainties about AB InBev and are dependent on many factors, some of which are outside of AB InBev’s control. There are important factors, risks and uncertainties that could cause actual outcomes and results to be materially different, including, but not limited to the risks and uncertainties relating to AB InBev that are described under Item 3.D of AB InBev’s Annual Report on Form 20-F filed with the SEC on 12 March 2025. Many of these risks and uncertainties are, and will be, exacerbated by any further worsening of the global business and economic environment, including as a result of foreign currency exchange rate fluctuations and ongoing geopolitical conflicts. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. The forward-looking statements should be read in conjunction with the other cautionary statements that are included elsewhere, including AB InBev’s most recent Form 20-F and other reports furnished on Form 6-K, and any other documents that AB InBev has made public. Any forward-looking statements made in this communication are qualified in their entirety by these cautionary statements and there can be no assurance that the actual results or developments anticipated by AB InBev will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, AB InBev or its business or operations. Except as required by law, AB InBev undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The nine months 2025 (9M25) financial data set out in Figure 1 (except for the volume information), Figures 3 to 6, 8, 10 and 12 of this press release have been extracted from the group’s unaudited condensed consolidated interim financial statements as of and for the nine-month period ended 30 September 2025, which have been reviewed by our statutory auditors PwC Bedrijfsrevisoren BV/Réviseurs d’Entreprises SRL in accordance with the standards of the Public Company Accounting Oversight Board (United States). The third quarter 2025 (3Q25) financial data set out in Figure 1 (except for the volume information), Figures 3 to 6, 8, 10 and 12, and the financial data included in Figures 7, 9 and 11 of this press release have been extracted from the underlying accounting records as of and for the nine-month period ended 30 September 2025. References in this document to materials on our websites, such as www.ab-inbev.com, are included as an aid to their location and are not incorporated by reference into this document.

Conference call and webcast

Investor Conference call and webcast on Thursday, 30 October 2025:

2.00pm Brussels / 1.00pm London / 9.00am New York

Registration details:

Webcast (listen-only mode):

AB InBev 3Q25 Results Webcast

To join by phone, please use one of the following two phone numbers:

Toll-Free: +1-877-407-8029

Toll: +1-201-689-8029

About AB InBev

Anheuser-Busch InBev (AB InBev) is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings on the Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on the New York Stock Exchange (NYSE: BUD). As a company, we dream big to create a future with more cheers. We are always looking to serve up new ways to meet life’s moments, move our industry forward and make a meaningful impact in the world. We are committed to building great brands that stand the test of time and to brewing the best beers using the finest ingredients. Our diverse portfolio of well over 500 beer brands includes global brands Budweiser®, Corona®, Stella Artois® and Michelob Ultra®; multi-country brands Beck’s®, Hoegaarden® and Leffe®; and local champions such as Aguila®, Antarctica®, Bud Light®, Brahma®, Cass®, Castle®, Castle Lite®, Cristal®, Harbin®, Jupiler®, Modelo Especial®, Quilmes®, Victoria®, Sedrin®, and Skol®. Our brewing heritage dates back more than 600 years, spanning continents and generations. From our European roots at the Den Hoorn brewery in Leuven, Belgium. To the pioneering spirit of the Anheuser & Co brewery in St. Louis, US. To the creation of the Castle Brewery in South Africa during the Johannesburg gold rush. To Bohemia, the first brewery in Brazil. Geographically diversified with a balanced exposure to developed and developing markets, we leverage the collective strengths of approximately 144 000 colleagues based in nearly 50 countries worldwide. For 2024, AB InBev’s reported revenue was 59.8 billion USD (excluding JVs and associates).

Annex 1: Segment reporting (3Q)

AB InBev Worldwide

3Q24

Scope

Currency

Translation

Organic

Growth

3Q25

Organic

Growth

Volumes

148 039

(237

)

-

(5 483

)

142 319

(3.7

)%

Revenue

15 046

(59

)

9

136

15 133

0.9

%

Cost of sales

(6 680

)

34

23

28

(6 596

)

0.4

%

Gross profit

8 366

(25

)

32

164

8 537

2.0

%

SG&A

(4 490

)

(16

)

(6

)

(23

)

(4 535

)

(0.5

)%

Other operating income/(expenses)

215

(8

)

7

(11

)

203

(5.4

)%

Normalized EBIT

4 091

(49

)

33

129

4 205

3.2

%

Normalized EBITDA

5 424

(51

)

45

177

5 594

3.3

%

Normalized EBITDA margin

36.0

%

37.0

%

85bps

North America

3Q24

Scope

Currency

Translation

Organic

Growth

3Q25

Organic

Growth

Volumes

22 764

(271

)

-

(597

)

21 896

(2.7

)%

Revenue

3 867

(74

)

(2

)

(26

)

3 765

(0.7

)%

Cost of sales

(1 602

)

56

1

45

(1 500

)

2.9

%

Gross profit

2 265

(18

)

(2

)

19

2 264

0.8

%

SG&A

(1 094

)

(20

)

0

(7

)

(1 121

)

(0.6

)%

Other operating income/(expenses)

8

-

0

(5

)

3

(68.9

)%

Normalized EBIT

1 179

(39

)

(1

)

7

1 146

0.6

%

Normalized EBITDA

1 358

(39

)

(1

)

5

1 323

0.4

%

Normalized EBITDA margin

35.1

%

35.1

%

37bps

Middle Americas

3Q24

Scope

Currency

Translation

Organic

Growth

3Q25

Organic

Growth

Volumes

37 107

(51

)

-

(141

)

36 915

(0.4

)%

Revenue

4 103

6

41

174

4 325

4.2

%

Cost of sales

(1 462

)

(2

)

(10

)

(53

)

(1 527

)

(3.6

)%

Gross profit

2 641

4

31

121

2 797

4.6

%

SG&A

(936

)

(27

)

(13

)

16

(960

)

1.7

%

Other operating income/(expenses)

3

(0

)

0

(2

)

1

(85.8

)%

Normalized EBIT

1 707

(23

)

18

136

1 838

8.0

%

Normalized EBITDA

2 068

(25

)

21

106

2 170

5.2

%

Normalized EBITDA margin

50.4

%

50.2

%

45bps

 

South America

3Q24

Scope

Currency

Translation

Organic

Growth

3Q25

Organic

Growth

Volumes

39 502

-

-

(2 580

)

36 922

(6.5

)%

Revenue

2 932

(54

)

(136

)

59

2 802

2.0

%

Cost of sales

(1 502

)

29

87

(26

)

(1 413

)

(1.8

)%

Gross profit

1 430

(25

)

(49

)

33

1 389

2.3

%

SG&A

(870

)

10

48

(28

)

(841

)

(3.2

)%

Other operating income/(expenses)

104

(12

)

3

4

100

4.8

%

Normalized EBIT

664

(26

)

2

9

648

1.4

%

Normalized EBITDA

908

(24

)

(6

)

3

881

0.4

%

Normalized EBITDA margin

31.0

%

31.5

%

(48)bps

EMEA

3Q24

Scope

Currency

Translation

Organic

Growth

3Q25

Organic

Growth

Volumes

24 039

85

-

25

24 149

0.1

%

Revenue

2 351

(8

)

111

70

2 524

3.0

%

Cost of sales

(1 188

)

6

(57

)

(5

)

(1 244

)

(0.4

)%

Gross profit

1 163

(2

)

54

65

1 280

5.7

%

SG&A

(689

)

(17

)

(35

)

(20

)

(760

)

(2.9

)%

Other operating income/(expenses)

47

4

3

4

59

8.7

%

Normalized EBIT

521

(15

)

22

50

579

9.9

%

Normalized EBITDA

780

(15

)

35

58

859

7.6

%

Normalized EBITDA margin

33.2

%

34.0

%

148bps

Asia Pacific

3Q24

Scope

Currency

Translation

Organic

Growth

3Q25

Organic

Growth

Volumes

24 514

-

-

(2 213

)

22 301

(9.0

)%

Revenue

1 691

0

(6

)

(153

)

1 533

(9.0

)%

Cost of sales

(797

)

(8

)

3

84

(718

)

10.4

%

Gross profit

894

(8

)

(2

)

(69

)

814

(7.8

)%

SG&A

(580

)

(10

)

2

43

(546

)

7.2

%

Other operating income/(expenses)

27

-

-

6

32

20.8

%

Normalized EBIT

340

(18

)

(0

)

(21

)

300

(6.4

)%

Normalized EBITDA

503

(18

)

(1

)

(32

)

452

(6.6

)%

Normalized EBITDA margin

29.8

%

29.5

%

77bps

Global Export and Holding Companies

3Q24

Scope

Currency

Translation

Organic

Growth

3Q25

Organic

Growth

Volumes

112

-

-

23

136

20.6

%

Revenue

102

71

1

12

185

11.4

%

Cost of sales

(129

)

(47

)

(1

)

(17

)

(194

)

(13.3

)%

Gross profit

(27

)

24

0

(5

)

(8

)

(20.8

)%

SG&A

(320

)

49

(8

)

(27

)

(307

)

(10.4

)%

Other operating income/(expenses)

26

0

0

(18

)

8

(68.4

)%

Normalized EBIT

(321

)

72

(7

)

(51

)

(306

)

(19.4

)%

Normalized EBITDA

(194

)

70

(3

)

36

(91

)

26.6

%

Annex 2: Segment reporting (9M)

AB InBev Worldwide

9M24

Scope

Currency Translation

Organic Growth

9M25

Organic Growth

Volumes

433 877

(736

)

-

(11 207

)

421 934

(2.6

)%

Revenue

44 927

(190

)

(1 777

)

805

43 764

1.8

%

Cost of sales

(20 100

)

(5

)

793

114

(19 198

)

0.6

%

Gross profit

24 827

(196

)

(984

)

919

24 566

3.7

%

SG&A

(13 738

)

(35

)

504

(78

)

(13 347

)

(0.6

)%

Other operating income/(expenses)

548

5

(26

)

57

585

10.7

%

Normalized EBIT

11 638

(225

)

(505

)

898

11 805

7.8

%

Normalized EBITDA

15 712

(225

)

(647

)

909

15 750

5.8

%

Normalized EBITDA margin

35.0

%

36.0

%

138bps

 

North America

9M24

Scope

Currency Translation

Organic Growth

9M25

Organic Growth

Volumes

66 756

(745

)

-

(1 896

)

64 115

(2.9

)%

Revenue

11 324

(200

)

(40

)

(111

)

10 973

(1.0

)%

Cost of sales

(4 752

)

147

14

144

(4 447

)

3.2

%

Gross profit

6 572

(53

)

(27

)

33

6 525

0.5

%

SG&A

(3 280

)

(29

)

14

(0

)

(3 295

)

(0.0

)%

Other operating income/(expenses)

(1

)

-

1

25

26

-

Normalized EBIT

3 291

(82

)

(11

)

58

3 256

1.8

%

Normalized EBITDA

3 822

(82

)

(14

)

55

3 781

1.5

%

Normalized EBITDA margin

33.8

%

34.5

%

84bps

 

Middle Americas

9M24

Scope

Currency Translation

Organic Growth

9M25

Organic Growth

Volumes

111 179

(51

)

-

(310

)

110 818

(0.3

)%

Revenue

12 677

(19

)

(758

)

549

12 449

4.3

%

Cost of sales

(4 641

)

(32

)

263

17

(4 393

)

0.4

%

Gross profit

8 036

(51

)

(495

)

566

8 055

7.1

%

SG&A

(3 002

)

(11

)

179

(26

)

(2 858

)

(0.9

)%

Other operating income/(expenses)

26

(0

)

(1

)

(10

)

15

(36.8

)%

Normalized EBIT

5 060

(61

)

(317

)

530

5 212

10.6

%

Normalized EBITDA

6 172

(63

)

(383

)

451

6 177

7.4

%

Normalized EBITDA margin

48.7

%

49.6

%

140bps

 

South America

9M24

Scope

Currency Translation

Organic Growth

9M25

Organic Growth

Volumes

115 818

-

-

(3 806

)

112 011

(3.3

)%

Revenue

8 950

(40

)

(1 036

)

435

8 309

4.9

%

Cost of sales

(4 515

)

(70

)

548

(140

)

(4 176

)

(3.1

)%

Gross profit

4 435

(110

)

(487

)

295

4 132

6.7

%

SG&A

(2 787

)

(16

)

335

(85

)

(2 553

)

(3.0

)%

Other operating income/(expenses)

319

(9

)

(27

)

18

302

6.2

%

Normalized EBIT

1 967

(135

)

(180

)

228

1 881

11.9

%

Normalized EBITDA

2 742

(131

)

(268

)

236

2 580

8.8

%

Normalized EBITDA margin

30.6

%

31.1

%

113bps

EMEA

9M24

Scope

Currency

Translation

Organic

Growth

9M25

Organic

Growth

Volumes

68 921

162

-

(10

)

69 073

(0.0

)%

Revenue

6 579

(7

)

127

278

6 978

4.3

%

Cost of sales

(3 403

)

19

(62

)

(77

)

(3 523

)

(2.3

)%

Gross profit

3 176

12

65

202

3 454

6.4

%

SG&A

(1 994

)

(54

)

(44

)

(40

)

(2 131

)

(2.0

)%

Other operating income/(expenses)

126

14

4

16

159

11.1

%

Normalized EBIT

1 308

(27

)

25

177

1 483

13.9

%

Normalized EBITDA

2 070

(27

)

40

200

2 283

9.8

%

Normalized EBITDA margin

31.5

%

32.7

%

166bps

 

Asia Pacific

9M24

Scope

Currency

Translation

Organic

Growth

9M25

Organic

Growth

Volumes

70 958

(93

)

-

(5 200

)

65 665

(7.3

)%

Revenue

5 074

(6

)

(71

)

(356

)

4 641

(7.0

)%

Cost of sales

(2 381

)

(17

)

32

192

(2 174

)

8.0

%

Gross profit

2 694

(23

)

(39

)

(164

)

2 466

(6.1

)%

SG&A

(1 575

)

(13

)

23

77

(1 487

)

4.9

%

Other operating income/(expenses)

82

0

(0

)

(9

)

73

(11.4

)%

Normalized EBIT

1 202

(36

)

(16

)

(96

)

1 053

(8.2

)%

Normalized EBITDA

1 689

(36

)

(22

)

(123

)

1 508

(7.4

)%

Normalized EBITDA margin

33.3

%

32.5

%

(12)bps

 

Global Export and Holding Companies

9M24

Scope

Currency

Translation

Organic

Growth

9M25

Organic

Growth

Volumes

244

(9

)

-

16

252

6.9

%

Revenue

323

82

1

10

416

3.5

%

Cost of sales

(408

)

(51

)

(2

)

(22

)

(484

)

(5.9

)%

Gross profit

(86

)

31

(0

)

(12

)

(68

)

(13.1

)%

SG&A

(1 101

)

86

(3

)

(5

)

(1 023

)

(0.5

)%

Other operating income/(expenses)

(5

)

0

(2

)

17

11

-

Normalized EBIT

(1 191

)

117

(5

)

0

(1 079

)

0.0

%

Normalized EBITDA

(784

)

114

(1

)

91

(580

)

13.2

%

SummaryOneMain Holdings has been in business for over a hundred years, weathered several poor markets, reliably pays a 7% dividend, and trades at a forward PE of around 9.The company still looks this attractive, partially because of the perceived competition by a host of FinTech companies competing for loan origination.Yet, several of these FinTechs, many of which promote their AI-risk differentiation, operate largely unproven models in what looks to be a more uncertain macro environment.With possible stress in the non/near-prime credit market that I believe would be disproportionately negative for its competitors, this looks like a great setup for OMF. PM Images/DigitalVision via Getty Images

Introduction OneMain Holdings is one of those companies Benjamin Graham would consider buyable. They have a 100-year history, transparent management and reporting, trade at a tolerable forward PE of 9, and pay a 7% dividend. Stable management, safe dividends, transparent reporting, decent valuation, and

Analyst’s Disclosure:I/we have a beneficial long position in the shares of OMF either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You

Felix Pinkston
Oct 30, 2025 04:59

Little Pepe (LILPEPE), a zero-tax, fast Layer 2 memecoin, is gaining traction as the 'new PEPE' with a $27 million presale nearing sellout.

Little Pepe (LILPEPE) is creating a buzz in the cryptocurrency world as it positions itself as the 'new PEPE'. This zero-tax, lightning-fast Layer 2 memecoin is gaining significant attention, particularly as it approaches the sellout of its presale, having already raised an impressive $27 million, according to CoinMarketCap.

Little Pepe: The New Memecoin Sensation
Dubbed the 'new PEPE', Little Pepe is not just another addition to the memecoin market. It stands out with its unique offering—a Layer 2 blockchain specifically designed for memes. This innovative approach combines speed, fairness, and top-tier security, making it a compelling choice for investors and traders alike. The memecoin's infrastructure is backed by CertiK security, enhancing its credibility and appeal in the market.

Investor Interest and Market Dynamics
As the presale of LILPEPE nears its conclusion, investor interest is peaking. The memecoin's promise of zero tax and swift transactions is drawing enthusiasts who value both the novelty and practicality of such features. With its focus on a community-driven approach and a fair trading environment, Little Pepe is poised to capture a significant market share among memecoin enthusiasts.

Comparisons with PEPE
The comparison with PEPE, another well-known memecoin, has been instrumental in Little Pepe's rising popularity. The moniker 'new PEPE' suggests a lineage of innovation and community engagement that has been the hallmark of successful memecoins. This association has further fueled interest and speculation around LILPEPE's potential to replicate or even surpass the success of its predecessor.

For more detailed information, you can visit the CoinMarketCap page.

Image source: Shutterstock

little pepe
memecoin
cryptocurrency

Ethereum (ETH) is once again taking center stage in the crypto market, as fresh institutional data reveals a remarkable surge in fund holdings. Over the past year, holdings of Ethereum in institutional funds have climbed by an impressive 138%, according to data from CryptoQuant.

Follow up to the hour updates on what is happening in crypto today, October 30. Market movements, crypto news, and more!

A trader who earned over $12 million from meme coins has invested $18,300 in GhostwareOS (GHOST).GHOST surged 24% in a day and hit an all-time high of $0.015 as privacy-focused projects gain traction across the crypto market.Analysts say privacy could be a major crypto trend, with GHOST positioned for further growth.A trader noted for earning over $12 million from meme coins has now bet on GhostwareOS (GHOST), a privacy-focused cryptocurrency.

This investment comes amid a growing focus on privacy-first technologies in crypto. The privacy coin sector has seen notable growth recently, with the market cap now at $14.5 billion.

Sponsored

Sponsored

High-Profile Trader Backs New Privacy CoinAccording to the latest data from Lookonchain, the trader, identified as “LeBron,” made millions from several coins earlier this year. In February, the blockchain analytics firm highlighted that the trader had gained over $12 million from PolitiFi meme coins.

This included $8.9 million from Melania Meme (MELANIA) and $3.2 million from Official Trump (TRUMP). Furthermore, he also made $4.56 million from LIBRA and $1 million from Harry Bōlz (HARRYBOLZ), which surged after Elon Musk’s user name change on X (formerly Twitter).

Now, the trader has invested 102 Solana (SOL) worth around $18,300 to obtain 2.9 million GHOST tokens.

Trader LeBron’s GHOST Purchase. Source: X/LookonchainGhostWare bills itself as a platform built for “total invisibility.” It is a decentralized framework that anonymizes user activity across communications, wallets, and identity layers through tools like GhostMask (alias management), GhostScrub (on-chain trace cleaning), and GhostRelay (encrypted communication relays).

Sponsored

Sponsored

Its native token, GHOST, is a new market entrant but has positioned itself as the top daily gainer among privacy coins on CoinGecko. The token has appreciated nearly 24% over the past day.

Furthermore, it peaked at an all-time high of $0.015 in early Asian trading hours today before stabilizing to a press time value of $0.013.

GhostwareOS (GHOST) Price Performance. Source: BeInCrypto MarketsGHOST’s arrival comes as the privacy narrative is gaining increased attention in the space. BeInCrypto reported that privacy tokens have outperformed every other sector this year, with coins like ZCash (ZEC) leading the rally with massive gains. This broader interest has also raised optimism for GHOST.

“Very bullish on GHOST. Privacy could be the next trillion-dollar meta. Every major voice is screaming the same thing: privacy = the next 1000x. Team behind this is legit and strong,” Altcoin Gordon wrote.

Another prominent cryptocurrency trader noted that privacy is the primary narrative where innovation remains underdeveloped. The trader expects renewed Solana ecosystem activity if market conditions strengthen later in the year, potentially benefiting GHOST.

“Ghost looks like it’s gonna be the next Solana runner,” he added.

For GHOST, strong price movement and community support suggest a solid early reception. However, lasting relevance depends on GhostWare’s ability to move from short-term hype to real user adoption in Solana’s competitive ecosystem.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Elon Musk’s space exploration company, SpaceX, moved another 281 Bitcoin on Thursday, according to blockchain analytics firm Arkham Intelligence.

The third major Bitcoin transfer by the firm sparked speculations within the crypto community as BTC price slipped below $110K again after Fed Chair Jerome Powell’s hawkish remarks.

SpaceX Moves Another 281 Bitcoin
SpaceX moved $31.33 million to a new wallet rather than to the wallets in the previous transfers, on-chain analyst Lookonchain reported on October 30. As per the on-chain expert, the latest transfer is likely related to custody purposes.

Arkham transaction data revealed over 1207 BTC moved from the wallet linked to SpaceX. Unspent 281 BTC worth $31.33 moved to ‘bc1qmg’ and spent $19.33 in BTC moved to Coinbase Prime. Also, the remaining 927 BTC moved back to the SpaceX wallet.

Elon Musk’s SpaceX Moves BTC. Source: Arkham
In the past 10 days, Elon Musk’s space exploration company has moved its BTC holdings three times. The company transferred $133.7 million and $268 million in Bitcoin earlier. The company has now moved a total of approximately $450 million.

Bitcoin Transfers Follow Elon Musk’s Pro-Bitcoin Remarks
The sudden and huge transactions have caused a strong stir across the global crypto market. The crypto community speculates whether Elon Musk is taking caution ahead of a potential market correction or strategically restructuring assets in preparation for something big.

Notably, Bitcoin transfers surfaced after Elon Musk mentioned Bitcoin on October 14, the first time in many years. He praised BTC’s true energy basis, making a notable shift from criticizing BTC’s energy consumption to a pro-Bitcoin rhetoric.

In 2022, SpaceX reduced its Bitcoin holdings by around 70%, possibly triggered by the crypto market crash caused by the Terra-Luna crisis and the collapse of FTX.

BTC Price Tumbles to $108K
The panic related to Elon Musk’s SpaceX moving Bitcoin and hawkish remarks from Fed Chair Jerome Powell on an uncertain Fed rate cut in December caused BTC price to plunge over 2% to $108K in just an hour.

BTC price is now down more than 4% in the last 24 hours, with a 24-hour low and high of $108,097 and $113,642, respectively. Trading volume remains flat in the last 24 hours, signaling that traders are turning cautious.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

The company behind the TRUMP memecoin, Fight Fight Fight LLC, is now negotiating to buy the US operations of Republic.com, according to Bloomberg. The token, which launched just before Donald Trump's second presidential inauguration, could gain a new use case if the acquisition closes.

Bitcoin price is correcting gains below $112,500. BTC could continue to move down if it stays below the $112,000 resistance.

Bitcoin started a downside correction below the $112,000 support.
The price is trading below $112,000 and the 100 hourly Simple moving average.
There is a bearish trend line forming with resistance at $111,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move down if it trades below the $108,800 zone.

Bitcoin Price Dips Further
Bitcoin price failed to stay above the $113,500 pivot level and extended losses. BTC dipped below $112,500 and $112,000 to enter a bearish zone.

The decline was such that the price traded below the 61.8% Fib retracement level of the upward move from the $106,718 swing low to the $116,310 high. Besides, there is a bearish trend line forming with resistance at $111,500 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $112,000 and the 100 hourly Simple moving average. If the bulls attempt a fresh increase, the price could face resistance near the $111,500 level and the trend line. The first key resistance is near the $112,000 level.

Source: BTCUSD on TradingView.com
The next resistance could be $112,500. A close above the $112,500 resistance might send the price further higher. In the stated case, the price could rise and test the $113,200 resistance. Any more gains might send the price toward the $113,500 level. The next barrier for the bulls could be $115,000 and $115,500.

More Losses In BTC?
If Bitcoin fails to rise above the $112,500 resistance zone, it could continue to move down. Immediate support is near the $110,000 level. The first major support is near the $108,800 level or the 76.4% Fib retracement level of the upward move from the $106,718 swing low to the $116,310 high.

The next support is now near the $108,000 zone. Any more losses might send the price toward the $106,500 support in the near term. The main support sits at $103,500, below which BTC might struggle to recover in the short term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $108,800, followed by $108,000.

Major Resistance Levels – $111,500 and $112,000.

Bitcoin's price movement this week reflects a market in quiet anticipation. After briefly dipping below $112,000 in early Asian trading hours, the world's largest cryptocurrency managed to stabilize around that level as traders await the U.S. Federal Reserve's interest rate decision.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin (BTC) is attempting to push above critical demand levels today as traders position ahead of the US Federal Reserve meeting, a key event that could influence market direction for the weeks ahead. The market remains cautious but tense, with volatility expected to spike once the Fed reveals its stance on interest rates and quantitative tightening (QT). A dovish signal could ignite renewed buying momentum across risk assets, while a reaffirmation of restrictive policy might extend the current consolidation phase.

According to fresh on-chain data from CryptoQuant, Long-Term Holders (LTHs) have been actively selling throughout the past month—a trend that points to an ongoing distribution phase in Bitcoin’s cycle. Over the last 30 days, these seasoned investors have offloaded significant amounts of BTC, signaling profit-taking behavior after months of accumulation earlier in the year.

While short-term traders watch for a potential breakout, the sustained selling pressure from long-term holders introduces a layer of caution. Still, analysts note that such distribution patterns often occur during mid-cycle transitions, when capital rotates from patient holders to new participants. How Bitcoin reacts to today’s Fed announcement may determine whether this phase evolves into renewed strength or deeper consolidation.

Bitcoin Prepares For Volatility
According to data shared by top analyst Maartunn, Long-Term Holders (LTHs) have offloaded approximately 325,600 BTC over the past 30 days—the sharpest monthly drawdown since July 2025. This wave of distribution marks a significant shift in market dynamics, suggesting that even the most patient investors are realizing profits or repositioning amid growing macro uncertainty. Historically, such large-scale LTH sell-offs tend to occur near key market transitions—either during late-stage rallies or deep consolidation phases where capital begins rotating back into circulation.

Bitcoin STH/LTH supply vs. ETF flow vs. MicroStrategy | Source: Maartunn
The timing of this distribution is particularly notable, coming just as Bitcoin consolidates around the $112,000–$113,000 range and the market braces for the US Federal Reserve’s policy announcement. While selling from long-term holders can initially pressure prices, it often sets the foundation for new market entrants to accumulate at more favorable levels. Once this supply redistributes and selling momentum fades, the market can stabilize and form a stronger base for the next upward move.

Maartunn’s analysis suggests that this could be part of a healthy market rotation, not necessarily the start of a broader downtrend. If Bitcoin manages to hold above its 200-day moving average and liquidity remains resilient, the recent LTH distribution may ultimately serve as a reset phase—transferring supply from experienced holders to new investors ahead of a renewed bullish impulse.

Looking ahead, the key to Bitcoin’s next major move will likely depend on macro conditions—specifically, the Fed’s tone on interest rates and liquidity management. A dovish or neutral stance could reignite demand and absorb the excess supply, while a more hawkish message may extend consolidation. Either way, this phase appears to be setting the stage for Bitcoin’s next decisive trend.

Bitcoin Faces Rejection As Bulls Defend Key Support
Bitcoin (BTC) is trading around $113,130, showing mild weakness after failing to break above the $117,500 resistance, a critical supply zone that has rejected price advances multiple times this month. The 4-hour chart highlights a clear rejection near this level, followed by a short-term pullback that has brought BTC back toward its 50-period moving average (blue), currently acting as intraday support.

BTC consolidates below $115K | Source: BTCUSDT chart on TradingView
Below current levels, the 100-period (green) and 200-period (red) moving averages sit between $111,000–$112,000, forming a solid confluence of dynamic support. As long as Bitcoin holds above this zone, the broader structure remains constructive, suggesting this pullback could be a retest before another breakout attempt.

A confirmed break above $117,500 would invalidate the short-term bearish setup and potentially trigger a move toward $120,000–$123,000, where the next resistance cluster lies. However, if BTC closes below $111,500, it could invite deeper corrections toward $108,000, which served as a strong reaction zone earlier this month.

Featured image from ChatGPT, chart from TradingView.com

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.
As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community.
To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.
Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance.
Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

Ethereum price started a downside correction below $4,120. ETH is moving lower below $4,000 and might decline further if it trades below $3,880.

Ethereum started a downside correction below $4,050 and $4,000.
The price is trading below $4,000 and the 100-hourly Simple Moving Average.
There is a bearish trend line forming with resistance at $4,000 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move down if it trades below $3,880.

Ethereum Price Dips Further
Ethereum price failed to stay in a positive zone and started a fresh decline, like Bitcoin. ETH price declined below $4,120 and $4,050 to enter a bearish zone.

There was a clear move below the 61.8% Fib retracement level of the upward move from the $3,708 swing low to the $4,252 high. Besides, there is a bearish trend line forming with resistance at $4,000 on the hourly chart of ETH/USD.

Ethereum price is now trading below $4,000 and the 100-hourly Simple Moving Average. If there is another increase, the price could face resistance near the $4,000 level and the trend line. The next key resistance is near the $4,030 level and the 100-hourly Simple Moving Average.

Source: ETHUSD on TradingView.com
The first major resistance is near the $4,080 level. A clear move above the $4,080 resistance might send the price toward the $4,120 resistance. An upside break above the $4,120 region might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $4,200 resistance zone or even $4,220 in the near term.

More Losses In ETH?
If Ethereum fails to clear the $4,000 resistance, it could start a fresh decline. Initial support on the downside is near the $3,880 level. The first major support sits near the $3,840 zone and the 76.4% Fib retracement level of the upward move from the $3,708 swing low to the $4,252 high.

A clear move below the $3,840 support might push the price toward the $3,750 support. Any more losses might send the price toward the $3,700 region in the near term. The next key support sits at $3,650 and $3,620.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,880

Major Resistance Level – $4,000

10 minutes ago

Over the last three months, three wallets that participated in the Ethereum ICO have started moving tokens again after nearly a decade of inactivity.

69

Long-term Ether holders have become increasingly active in the second half of the year as Ether toyed with its all-time highs, with more “ICO-era” holders “awakening” after years of dormancy. 

September saw two of the most significant spikes in long-term holder activity since the year’s peak in July, as measured by Santiment's analytics platform Sanbase’s age consumed metric. 

The metric measures the total amount of Ether (ETH) changing addresses, multiplied by the time since they last moved. A spike indicates a significant amount of old Ether moving, according to the description.

The metric shows a spike to 502 million, around Sept. 6, and then 603 million at the end of September, the highest in the year outside of July’s high of around 804 million. 

September saw two of the most significant spikes in long-term holder Ether activity for the year outside of July. Source: Sanbase “ICO-era” Ether holders are wakingThe spike in long-term Ether holder activity also includes some of Ether’s early holders.

On Wednesday, a whale that received 20,000 Ether during the Ethereum ICO moved 1,500 tokens to the crypto exchange Kraken after eight years of inactivity, according to Nansen. 

When the address first acquired the tokens, the 20,000 Ether cost just over $6,000, but in the years since, it has grown significantly in value to over $78 million. 

Two other ICO holders made moves in August and SeptemberAnother Ethereum ICO participant who received a total of 1 million in Ether in three installments of 200,000 Ether, 300,000 and 500,000 to three separate wallets during the ecosystem’s genesis days also started making moves in September, moving 150,000 Ether to a new wallet for staking.

The whale spent a total of $310,000 as part of the ICO to receive its Ether, which has since grown in value to over $3.9 billion. 

At the same time, a much smaller holder performed their first action in a decade during August, sending 0.001 Ether as a test transaction. Unlike the whales, this holder only bought up 158 Ether in the rollout for $49. 

Magazine: How Ethereum treasury companies could spark ‘DeFi Summer 2.0’

5 minutes ago

Activity on Tron is booming, with a 69% week-on-week rise in active addresses to 11.1 million, and Tuesday’s 12.6 million transaction count being the network’s largest in two years.

28

Blockchain data suggests more people are transacting on the Tron network than ever before amid strong retail adoption and the rising popularity of the high-speed, low-cost chain.

The number of daily Tron daily active addresses rose to a record 5.7 million on Tuesday — beating the previous record of 5.4 million set the day before — while the more than 12.6 million transactions clocked on Tuesday were the highest daily tally since June 12, 2023, TRONSCAN data shows.

“No headlines. No hype. Just raw throughput. That’s top-tier activity with zero fanfare,” blockchain analytics platform Nansen said in a post to X on Wednesday.

Daily Tron transaction tally over the last 180 days. Source: Nansen
Data from Nansen shows a 69% rise in daily active Tron addresses over the last week, reaching nearly 11.1 million — marking the largest week-on-week change among major blockchains.

USDT on Tron is the combo of choice for manyWhile Tron’s decentralized finance ecosystem isn’t as prominent as Ethereum’s, it facilitates between 15-20 million Tether (USDT) stablecoin transfers weekly, making it one of the most common token and chain payment combinations in the crypto space.

Split of Tron transactions between TRX, USDT and “Other.” Source: Nansen
It is widely used in Africa, Asia and South America — allowing locals to benefit from high-speed, low-cost US dollar-pegged token transfers where real US dollar access is often limited.

Tether notched its 500 millionth USDT user on Oct. 21 — an achievement its CEO, Paolo Ardoino, said is “likely the biggest financial inclusion achievement in history.” 

The World Bank Group estimates there are around 1.4 billion adults who don’t have access to a bank account. Crypto is one solution to the problem, as anyone with a phone can download a crypto wallet to receive money and store funds securely.

USDT is still by far the largest stablecoinUSDT is by far the largest stablecoin, with a market cap of $183.2 billion, representing a 58.8% market share, according to CoinGecko. Circle’s USDC comes in next at $76.2 billion.

Ethereum is home to the most USDT in circulation at $83.4 billion, while Tron comes in second at $78.7 million, DefiLlama data shows. 

Magazine: Bitcoin OG Kyle Chassé is one strike away from a YouTube permaba

Journalist

Posted: October 30, 2025

Key Takeaways
Is ETH doing well right now?
A $113 million whale purchase, $380 million in ETF inflows, and progress on the Fusaka upgrade mean Ethereum is doing well.

What needs to happen for Ethereum to hit $7K?
ETH must break above its current range with rising volume, stronger ETF inflows, and more whale buys.

Ethereum [ETH] is finding good momentum.

A major purchase by Bitmine, ETF inflows, and developments on the Fusaka front are causing optimism just as analysts eye a $7,000 target. Can ETH turn this alignment into a breakout?

Ethereum whale activity picks up!
Ethereum’s whale transactions surged following Bitmine’s recent $113 million purchase, so accumulation is at a high!

Source: X

Santiment data showed whale transactions exceeding $1 million spiked sharply on the 29th of October, reaching one of the highest levels in over three weeks.

Source: Santiment

This coincided with ETH’s rebound toward $4,000 — institutional buying could be reinforcing support around press time levels. If this trend continues, it may provide the boost needed for Ethereum to run faster.

ETF flows recover as network makes moves
Ethereum ETFs had also been recovering, recording $379.9 million in net inflows this week and lifting total net assets to $27.66 billion, according to SoSoValue.

Source: SoSoValue

This rebound followed two weeks of outflows and was in tandem with excitement around the Fusaka upgrade, now live on the Hoodi test network.

ethereum

With the mainnet activation set for the 3rd of December, the upgrade is said to enhance scalability, reduce gas costs, and enable parallel execution.

These are all key steps toward improving rollup efficiency and maintaining network competitiveness ahead of the next market cycle.

ETH to $7K if…

Source: X

ETH traded near $4,000 inside a tight consolidation box at press time, with volume at 25.8K. This is similar to May’s pre-rally structure posted by analyst MaxCrypto.

Source: TradingView

The momentum was neutral: RSI at 47 and CMF -0.06, indicating tepid buying pressure.

For a $7K run to materialize, price needs a proper break above the box with rising daily volume, CMF flipping positive, and continued ETF inflows/whale accumulation (Bitmine’s $113 million buy helps).

Failure to break would likely retest the lower support band and invalidate the steep upside projection. The setup is plausible, not guaranteed.

IBM’s latest quantum computing milestone has intensified fears in the crypto community about the potential vulnerability of Bitcoin’s encryption. In a groundbreaking study titled “Big Cats: Entanglement in 120 Qubits and Beyond,” IBM researchers announced the successful creation of a 120-qubit entangled quantum state—the largest and most stable of its kind ever achieved. This experiment marks a significant step toward fault-tolerant quantum computers capable of executing algorithms powerful enough to compromise modern cryptography, including Bitcoin’s encryption.

The team leveraged superconducting circuits and advanced compiler technology to minimize noise and maintain qubit stability. By employing techniques from graph theory, stabilizer groups, and temporary uncomputation, they achieved genuine multipartite entanglement across all qubits. The result reached a fidelity score of 0.56—surpassing the 0.5 threshold that confirms true quantum entanglement—demonstrating that all 120 qubits functioned as one coherent system.

IBM’s accomplishment outpaces Google Quantum AI’s 105-qubit “Willow” chip, which recently demonstrated quantum advantage by outperforming classical computers in physics simulations. The race among tech giants like IBM, Google, and Quantinuum highlights the rapid acceleration toward practical quantum computing—technology that could one day render traditional encryption obsolete.

Although today’s quantum systems remain far from breaking Bitcoin’s cryptography, experts warn that the danger is approaching. According to Project 11, around 6.6 million BTC—valued at more than $767 billion—could be at risk once fault-tolerant quantum systems emerge. These include Satoshi Nakamoto’s dormant coins, which are currently inaccessible but potentially vulnerable in a post-quantum era.

With IBM targeting fully fault-tolerant quantum computers by 2030, the countdown has begun for blockchain networks to transition toward quantum-resistant security measures. The quantum era is coming—and with it, a new challenge for the future of cryptocurrency security.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

One of Solana’s leading trading platforms is taking a new step that could reshape how tokens are launched across the network.

Summary

HumidiFi DEX will debut its WET token on Jupiter’s DTF ICO platform.
The Solana-based DEX processes up to 40% of network DEX volume.
DTF grants JUP stakers exclusive access and introduces a controlled token sale format.

HumidiFi, a leading decentralized exchange on Solana, will launch its native WET token through Jupiter’s new Decentralized Token Formation platform, the first project to debut on the service. 

Jupiter (JUP) confirmed the news in an Oct. 30 post on X, marking a major milestone for both platforms as Solana’s (SOL) decentralized sector continues to expand.

Solana’s prop AMM leader enters the token market
Launched in June 2025, HumidiFi has become one of Solana’s most active DEXs, handling between 35% and 40% of all Solana DEX volume. The platform specializes in proprietary automated market makers (prop AMMs) — sometimes described as “dark pools” — that route trades privately through aggregators like Jupiter to reduce slippage, front-running, and MEV attacks.

In the past month alone, HumidiFi processed more than $34 billion in transactions, recently surpassing competitors such as Raydium, Meteora, and PumpSwap. On its busiest day, its 24-hour trading volume reached $1.1 billion, a record for the Solana-based DEX.

Although HumidiFi has grown, its “dark AMM” model has sparked concerns about transparency because its operators are still partially anonymous, and community members have demanded audits to ensure user safety.

The WET token launch, set for Oct. 30, is the first to use Jupiter’s DTF platform, a new system for structured, community-backed token offerings. The DTF model allows JUP token stakers exclusive early access to token sales while controlling initial supply to avoid post-launch volatility.

While no public price for WET has been revealed, it will serve as both a governance and utility token, with allocations expected for liquidity incentives, community programs, and future integrations. Following the sale, WET will trade through Jupiter’s aggregator, with initial liquidity sourced from DTF participants.

For HumidiFi, the token launch opens a new phase of growth by aligning users and liquidity providers through incentives. For Jupiter, DTF strengthens its position in Solana’s fast-growing launchpad market, projected to exceed $140 million in quarterly volume. The platform directs 80% of revenue to JUP holders, increasing demand for staking as more token launches follow.