Anheuser-Busch InBev (NYSE:BUD) delivered better-than-expected first-quarter results on Thursday, driven by robust growth in South America and reduced financing costs, helping to counter weaker performances in North America and China.

The company reported revenue of $14.55 billion, reflecting 2.6% organic growth year-over-year and topping the consensus estimate of $14.36 billion. EBITDA rose 5.4% organically to $5.02 billion, ahead of the $4.91 billion analysts had projected.

Earnings per share came in at €0.85, beating expectations by 11%, with analysts attributing the surprise primarily to lower financial expenses during the quarter.

The company highlighted the resilience of its diversified geographic footprint, with solid gains in South America helping to offset softer results in Asia-Pacific and North America. While volumes declined 2.6% globally, revenue per hectoliter improved by 5.3%, indicating strong pricing power.

AB InBev reaffirmed its full-year guidance for 4% to 8% organic EBITDA growth, consistent with its longer-term strategic targets. Current consensus is anchored at 6.1%, keeping expectations firmly in the middle of that range.