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Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD):
Regulated and inside information[1]
“Delivering solid growth today while investing for tomorrow - our portfolio of megabrands and mega platforms continues to win with consumers, and our performance this quarter reflects the strength of our diversified footprint, best-in-class capabilities and consistent execution of our strategy. Thank you to our colleagues around the world for their commitment and dedication as we continue to compound growth and create long-term value.” - Michel Doukeris, CEO, AB InBev
Revenue
+4.9%
Revenue increased by 4.9% in 3Q26 with revenue per hl growth of 4.2% and by 5.4% in 9M26 with revenue per hl growth of 4.3%.
Reported revenue increased by 9.1% in 3Q26 to 16 512 million USD and by 10.7% in 9M26 to 48 439 million USD, positively impacted by currency translation.
7.7% increase in combined revenues of megabrands in 3Q26, led by Corona, which grew by 20% outside of its home market.
35% increase in revenue of no-alcohol beer in 3Q26.
19% increase in revenue of Beyond Beer in 3Q26.
45% increase in Gross Merchandise Value (GMV) from sales of third-party products through BEES Marketplace to reach 1.4 billion USD in 3Q26.
Volumes
+0.4%
Volumes increased by 0.4% in 3Q26, with beer volumes down by 0.1% and non-beer volumes up by 4.0%.
Volumes increased by 0.7% in 9M26, with beer volumes up by 0.7% and non-beer volumes up by 0.3%.
Normalized EBITDA
+3.9%
Normalized EBITDA increased by 3.9% to 5 957 million USD in 3Q26, with a margin contraction of 34bps to 36.1%.
Normalized EBITDA increased by 5.0% to 17 332 million USD in 9M26, with a margin contraction of 15bps to 35.8%.
Underlying Profit
2 396 million USD
Underlying Profit was 2 396 million USD in 3Q26 compared to 1 970 million USD in 3Q25 and was 6 710 million USD in 9M26 compared to 5 526 million USD in 9M25.
Reported profit attributable to equity holders of AB InBev was 1 597 million USD in 3Q26 compared to 1 054 million USD in 3Q25 and was 7 910 million USD in 9M26 compared to 4 878 million USD in 9M25.
Underlying EPS
1.21 USD
Underlying EPS increased by 22.4% to 1.21 USD in 3Q26, compared to 0.99 USD in 3Q25, and increased by 22.2% to 3.40 USD in 9M26, compared to 2.78 USD in 9M25.
On a constant currency basis, Underlying EPS increased by 13.9% in 3Q26 and by 12.0% in 9M26.
Capital Allocation
0.40 EUR interim dividend
The AB InBev Board of Directors has approved an interim dividend of 0.40 EUR per share for the fiscal year 2026 compared to 0.15 EUR per share for the fiscal year 2025. A timeline showing the ex-dividend, record and payment dates can be found on page 13.
[1] The enclosed information constitutes inside information as defined in Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse, and regulated information as defined in the Belgian Royal Decree of 14 November 2007 regarding the duties of issuers of financial instruments which have been admitted for trading on a regulated market.
Management comments
Solid top- and bottom-line performance with volume growth, revenue up 4.9% and Underlying EPS up 22%
The consistent execution of our strategy, together with the strength of our diversified footprint, brand portfolio and best-in-class capabilities, delivered another quarter of compounding top- and bottom-line growth.
Revenue increased by 4.9%, with total volume growth of 0.4% and a revenue per hl increase of 4.2%, driven by revenue growth management and positive mix from premiumization and Beyond Beer. Overall beer volumes were flattish, as broad-based growth across our footprint was primarily offset by a challenging industry in China. We delivered record high third quarter volumes in 15 markets, including Colombia, Peru, Ecuador, South Africa, the Dominican Republic and India.
EBITDA increased by 3.9%, reflecting a step-up in sales and marketing investment to activate key mega platforms this quarter, as well as commodity cost headwinds, which were partially offset by disciplined overhead management. EBIT increased by 6.0% and Underlying EPS by 22%, as we continue to optimize the business and drive operating leverage through the P&L.
Key highlights from the quarter included: gaining or maintaining market share in an estimated two-thirds of our markets; continued momentum across our global premium brands, with Corona, Stella Artois and Michelob Ultra delivering revenue growth of 20%, 19% and 50%, respectively, outside of their home markets; continued growth across our Balanced Choices and Beyond Beer portfolios, with no-alcohol beer revenue increasing by 35% and Beyond Beer revenue by 19%; and BEES Marketplace quarterly GMV increasing by 45% to 1.4 billion USD.
Progressing our strategic priorities
We are executing on three key strategic pillars to deliver consistent compounding growth and long-term value creation.
(1) Lead and grow the category:
We strengthened our portfolio brand power and estimate that we gained or maintained share in two-thirds of our markets in 3Q26, reflecting the effectiveness of our execution and consumer-focused investments.
(2) Digitize and monetize our ecosystem:
BEES Marketplace GMV increased by 45% versus 3Q25 to 1.4 billion USD from third-party products. Overall BEES GMV increased by 12% versus 3Q25 to 15.9 billion USD.
(3) Optimize our business:
Our stronger balance sheet and free cash flow generation provide increased flexibility in our capital allocation choices. The AB InBev Board of Directors has approved an interim dividend of 0.40 EUR per share compared to 0.15 EUR per share in FY25.
(1) Lead and grow the category
We are executing on our four category expansion levers to drive growth across our portfolio, expand occasions and increase participation. In 3Q26, we estimate that the number of legal drinking age consumers purchasing our portfolio increased, driven by gains in our premium, no-alcohol beer and Beyond Beer brands.
· Core Superiority: Our mainstream beer portfolio delivered revenue growth of 2.1% in 3Q26, driven by double-digit growth in Colombia and Peru and high-single digit growth in Mexico and the Dominican Republic.
· Premiumization: Our above core beer portfolio delivered an 8.6% revenue increase in 3Q26, led by Corona, Stella Artois and Michelob Ultra, which grew revenue by 20%, 19% and 50%, respectively, outside of their home markets. Corona delivered double-digit volume growth in 37 markets, and Michelob Ultra continued its expansion across Latin America, with 60% of its volume growth coming from markets outside of the US.
· Balanced Choices: Our Balanced Choices portfolio, including low carb, low calorie, sugar free, gluten free and no-alcohol beer brands, delivered revenue growth of 19% in 3Q26. Our no-alcohol beer portfolio led performance, with revenue up by 35% and estimated share gains strengthening our leadership in no-alcohol beer by value, according to Nielsen.
· Beyond Beer: Our portfolio delivered revenue growth of 19% in 3Q26, led by Cutwater in the US, which grew revenue by high-thirties, and the continued global expansion of Flying Fish.
(2) Digitize and monetize our ecosystem
· Digitizing our relationships with more than 6 million customers globally: As of 30 September 2026, BEES was live in 30 markets with 73% of our revenues captured through B2B digital platforms. In 3Q26, BEES captured 15.9 billion USD in GMV, up 12% versus 3Q25.
· Monetizing our route-to-market; approaching 1.5 billion USD in quarterly GMV: BEES Marketplace GMV increased by 45% versus 3Q25 to reach 1.4 billion USD, further monetizing our route-to-market and strengthening our digital ecosystem.
· Leading the way in DTC solutions: Our digital DTC megabrands, Zé Delivery, TaDa Delivery and PerfectDraft, served 13 million active consumers and delivered 158 million USD in revenue, 9% growth versus 3Q25. Sales of third-party products through our DTC marketplace generated 49 million USD in GMV, a 57% increase versus 3Q25.
(3) Optimize our business
· Maximizing value creation: Our stronger balance sheet and free cash flow generation provide increased flexibility in our capital allocation choices. The AB InBev Board of Directors has approved an interim dividend of 0.40 EUR per share compared to 0.15 EUR per share in FY25, consistent with our ambition for a progressive dividend over time. As of 26 October 2026, we have completed 2.6 billion USD of our 6 billion USD share buyback program announced on 30 October 2025.
· Advancing our sustainability priorities: Our water use efficiency ratio improved to 2.3 hl per hl in 9M26 versus 2.4 hl per hl in 9M25. Our average energy efficiency globally improved to 81.2 MJ/hl in 9M26 versus 84.6 MJ/hl in 9M25. Our absolute Scopes 1 and 2 emissions were 2.3 million metric tons of CO2e in 9M26, a 1.8% decrease compared to 9M25.
Consistent execution and compounding growth
In 9M26, our business delivered revenue growth of 5.4%, EBITDA growth of 5.0% and an Underlying EPS increase of 22%, reflecting the momentum of our portfolio and the effectiveness of our commercial capabilities. We continued to invest in our megabrands, growth platforms and innovation to provide consumers with more choices across more occasions.
The strength of our ownership culture and execution, together with our best-in-class capabilities, reinforce our confidence in our ability to deliver our FY26 outlook. As we progress through the next phase of our strategy, we remain focused on creating superior shareholder value by delivering consistent, compounding results, investing to accelerate growth and increasing capital allocation flexibility.
2026 Outlook
(i) Overall Performance: We expect our EBITDA to grow in line with our medium-term outlook of between 4-8%. The outlook for FY26 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 FY26 to be approximately 4%.
(iii) Effective Tax Rate (ETR): We expect the normalized ETR in FY26 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 FY26.
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Key Markets Performance
United States: Portfolio momentum drove continued market share gains in beer and Beyond Beer
· Operating performance:
- 3Q26: Revenue declined by 1.2% with revenue per hl increasing by 1.5%, driven by revenue management and positive brand mix. Sales-to-retailers (STRs) declined by 3.1%, estimated to have outperformed a soft industry. Sales-to-wholesalers (STWs) declined by 2.7%. EBITDA decreased by 4.0%, reflecting increased investment in sales and marketing and elevated commodity and transportation costs.
- 9M26: Revenue increased by 0.8%, with revenue per hl increasing by 3.0%. STRs declined by 1.7% and STWs were down by 2.1%. Our STRs and STWs tend to converge on a full year basis. EBITDA decreased by 1.3%.
· Commercial highlights: Our market share momentum continued in 3Q26, with share gains in both beer and spirits, according to Circana. We have gained share of total alcohol for ten consecutive quarters and are the #1 share gainer year-to-date. Our beer performance was led by Michelob Ultra and Busch Light, which were the top two volume share gainers in the industry, with Michelob Ultra ranking #1 for the last eight quarters. Our Beyond Beer portfolio continued to expand our total addressable market, delivering low-teens revenue growth, led by Cutwater and Nutrl. We are the leader in no-alcohol beer, with our portfolio gaining share and growing revenue in the high-thirties, led by Michelob Ultra Zero which was the #1 share gaining brand.
Mexico: Market share gain and margin expansion drove mid-single digit volume growth and double-digit bottom line growth
· Operating performance:
- 3Q26: Revenue increased by high-single digits, with volumes growing by mid-single digits, driven by market share gain and industry growth. Revenue per hl increased by low-single digits, driven by revenue management. EBITDA grew by low-teens with margin expansion.
- 9M26: Revenue grew by high-single digits, with revenue per hl growth of mid-single digits and volume increasing by low-single digits, outperforming the industry. EBITDA grew by high-single digits with margin expansion.
· Commercial highlights: Our above core beer portfolio led performance, delivering low-teens revenue growth driven by Modelo, Pacifico and Michelob Ultra, while our core beer portfolio grew revenue by high-single digits. We strengthened our leadership position in no-alcohol beer, with our portfolio growing volumes by low-thirties, led by Corona Cero and Michelob Ultra Zero. Our Beyond Beer portfolio grew volume by low-twenties.
Colombia: Record high volumes and margin expansion drove double-digit top- and bottom-line growth
· Operating performance:
- 3Q26: Revenue increased by mid-teens, with volumes growing by mid-single digits and our portfolio estimated to have gained share of total alcohol. Revenue per hl increased by high-single digits, driven by revenue management and premiumization. EBITDA grew by high-teens with margin expansion.
- 9M26: Revenue grew by mid-teens with high-single digit revenue per hl growth. Volumes increased by high-single digits. EBITDA grew by mid-teens with margin expansion.
· Commercial highlights: Continued investment behind our megabrands strengthened our portfolio brand power and drove broad-based growth across our portfolio. Volume and revenue grew across all price segments, with our business delivering record high third quarter volumes. Our above core beer portfolio led performance, delivering mid-teens revenue growth driven by Corona, and our mainstream beer portfolio also grew revenue by mid-teens.
Brazil: Market share momentum and volume growth drove mid-single digit top- and bottom-line growth
· Operating performance:
- 3Q26: Revenue increased by 5.3%, with total volume growth of 1.4% and revenue per hl growth of 3.9%, driven by revenue management and premiumization. Beer volumes increased by 0.5% and non-beer volumes increased by 3.6%. EBITDA increased by 6.1%, with margin expansion of 26bps as disciplined revenue and cost management more than offset increased sales and marketing investment.
- 9M26: Revenue grew by 7.1% with revenue per hl growth of 6.0%. Beer volumes grew by 2.1% and non-beer volumes declined by 1.7%, resulting in total volume growth of 1.1%. EBITDA increased by 10.6% with margin expansion of 106bps.
· Commercial highlights: Our portfolio continued to gain market share in 3Q26 in an industry that grew sales-to-consumer volume by mid-single digits, according to Nielsen. Increased investment behind our megabrands, innovation and mega platforms strengthened our portfolio brand power. Our premium and super premium beer portfolio led our performance, delivering high-teens volume growth and reinforcing our leadership position in the premium segment. We continued to lead the industry in Balanced Choices, with no-alcohol beer volumes increasing in the forties and Stella Artois Pure Gold and Michelob Ultra both delivering triple-digit growth. Our Beyond Beer portfolio delivered mid-twenties volume growth.
Europe: Market share gains and premiumization drove continued top-line growth
· Operating performance:
- 3Q26: Volumes were flat, estimated to have gained or maintained share in a majority of our key markets. Revenue and revenue per hl grew slightly, driven by premiumization. EBITDA declined by mid-single digits, with top-line growth offset by increased sales and marketing investment and elevated commodity costs.
- 9M26: Volumes grew slightly, estimated to have gained or maintained share in a majority of our key markets. Revenue and revenue per hl increased by low-single digits driven by premiumization. EBITDA declined by mid-single digits.
· Commercial highlights: The beer industry remained resilient, estimated to have gained share of alcohol beverages in all of our key markets in 3Q26. Our megabrands led our performance, with Corona delivering high-teens volume growth. We continued to connect our brands with consumers at key moments in music and culture through our partnerships with Live Nation and Tomorrowland. We expanded our portfolio through innovation, increasing the availability of Flying Fish across Europe and Modelo Especial in the UK. Momentum of our no-alcohol beer portfolio continued, with volumes growing by low-twenties, led by Corona Cero.
South Africa: Record high volumes and premiumization drove high-single digit top-line growth
· Operating performance:
- 3Q26: Revenue increased by high-single digits with revenue per hl growth of mid-single digits, driven by revenue management and premiumization. Volumes grew by low-single digits, estimated to have underperformed the industry, as we cycled a strong performance in 3Q25. EBITDA was flattish with top-line growth offset by elevated commodity and distribution costs and the phasing of sales and marketing investments.
- 9M26: Revenue and revenue per hl increased by mid-single digits. Volumes grew by low-single digits. EBITDA grew by low-single digits.
· Commercial highlights: The beer and Beyond Beer industry continued to grow and gain share of alcohol beverages year-to-date, according to our estimates. Consistent execution of our strategy and increased portfolio brand power drove record high third quarter volumes for our business. Growth was led by our premium and super premium beer portfolio, which increased volume by mid-thirties and gained share of the segment. Our Beyond Beer portfolio continued to outperform the category, delivering low-thirties volume growth.
China: Top- and bottom-line declined, impacted by volume performance in a challenging industry
· Operating performance:
- 3Q26: Volumes declined by 16.8%, as we managed inventory levels in a challenging industry, which was impacted by abnormal weather and continued weakness in the on-premise channel. We estimate the industry declined by low-teens in our footprint. Revenue per hl was flat, resulting in a revenue decline of 16.8%. EBITDA declined by 30.5%, impacted by top-line performance and operational deleverage.
- 9M26: Volumes declined by 9.7% in an industry that we estimate declined by mid-single digits. Revenue per hl decreased by 0.1% resulting in a revenue decline of 9.8%. EBITDA declined by 18.5%.
· Commercial highlights: Our volume performance in 3Q26 was estimated to be below the industry, impacted by region and channel mix and inventory management. While our overall results were below potential, we saw progress in areas of strategic focus. Our market share trend in the in-home channel was estimated to have improved versus last year, supported by increased portfolio brand power, continued momentum in our super premium and core plus brands and double-digit growth in the online-to-offline (‘O2O’) channel. We continue to invest in our megabrands and commercial capabilities while adapting our route-to-market to ongoing channel shifts in the industry.
Highlights from our other markets
· Canada: Our portfolio gained share of both beer and Beyond Beer in 3Q26, according to our estimates, remaining the #1 share gainer in both categories year-to-date. Revenue and revenue per hl grew by low-single digits, while volumes declined by low-single digits in a soft industry. Performance was led by Michelob Ultra, Busch and Corona, which were the top three share gainers in the beer industry, while our Beyond Beer portfolio delivered mid-single digit revenue growth.
· Peru: Volumes grew by low-teens to reach a record high for the third quarter, with our portfolio estimated to have gained share of total alcohol. Performance was led by our mainstream beer brands and supported by triple-digit volume growth in our Beyond Beer portfolio. Revenue increased by mid-teens, with low-single digit revenue per hl growth.
· Ecuador: Volumes grew by mid-teens to reach a record high for the third quarter, led by our above core beer portfolio. Revenue increased by high-teens, with mid-single digit revenue per hl growth driven by revenue management and premiumization.
· Argentina: Volumes declined by mid-single digits in 3Q26, as overall consumer demand continued to be constrained by an unfavorable macro environment. Revenue grew by strong double-digits driven by revenue management.
· Africa excluding South Africa: In 3Q26, Nigeria beer volumes grew by high-single digits, supported by an improved industry which cycled a soft performance in 3Q25. Revenue grew by low-teens.
In our other markets in Africa, revenue grew in aggregate by high-single digits and volumes by mid-single digits, with record high third quarter volumes in Mozambique, Tanzania and Uganda.
· South Korea: Volumes declined by low-single digits in 3Q26, estimated to have outperformed a soft industry, with performance led by our premium beer brands. We continued to expand our portfolio in Beyond Beer, with the launch of Nutrl and Chalrang Soju. Revenue and revenue per hl declined by low-single digits, impacted by channel and packaging mix.
Consolidated Income Statement
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Non-underlying items above EBIT & Non-underlying share of results of associates
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Normalized EBIT excludes negative non-underlying items of 11 million USD in 3Q26 and positive non-underlying items of 3 million USD in 9M26.
Net finance income/(expense)
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Non-underlying net finance income/(expense)
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Non-underlying net finance income includes mark-to-market gains or losses on derivative instruments entered into in order to hedge our share-based payment programs and shares issued in relation to the combinations 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.
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Income tax expense
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The 9M26 effective tax rate was positively impacted by non-taxable gains from derivatives related to the hedging of share-based payment programs and the hedging of the shares issued in a transaction related to the combinations with Grupo Modelo and SAB, while the 9M25 effective tax rate was negatively impacted by non-deductible losses from these derivatives. The increase in Normalized ETR in 3Q26 and 9M26 compared to 3Q25 and 9M25 was mainly driven by country mix.
Underlying EPS
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Reconciliation of IFRS and Non-IFRS Financial Measures
Profit attributable to equity holders and Underlying Profit
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Basic and Underlying EPS
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Profit attributable to equity holders and Normalized EBITDA
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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 2026 dividend
The AB InBev Board of Directors has approved an interim dividend of 0.40 EUR per share for the fiscal year 2026. 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:
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