By Joshua Kirby
Budweiser maker Anheuser-Busch InBev booked its first sales-volumes growth in three years, adding to signs of a rebound in the beer industry.
The world's largest brewer, which also counts Stella Artois and Corona among its labels, booked a 0.8% organic increase in total volumes over the first three months of the year, ending a period of sliding volumes dating to mid-2023 as drinkers cut back against a backdrop of high inflation and growing health trends. The swing back to growth beat analysts' expectations for a continued slip, according to a consensus of estimates compiled by the company.
AB InBev's beer volumes rose 1.2% on year over the quarter, driven by record sales in some Latin American markets.
Growth in sales of AB InBev's beer labels adds to signs of recovery in an industry that has endured several years of sliding sales. Danish brewer Carlsberg said last week that demand for higher-end beers lifted volumes and revenue at the start of the year, while Dutch group Heineken saw its own volumes bounce back to growth over the quarter.
Still, beer sales in North America continued to fall back on year.
AB InBev plans further investment behind its biggest brands, said Michel Doukeris, chief executive of the Brussels-listed group.
"We are well-positioned for 2026," he said. Like other brewers, AB InBev is eyeing a boost to sales from the soccer World Cup due to be held in the U.S., Canada and Mexico starting next month.
Momentum in the first quarter goes some way toward justifying a strong share price, RBC Capital Markets analysts wrote in a note.
"That's a relief... In the event, the results were good," RBC said.
Growth in volumes helped drive a better-than-expected increase in the company's revenue to $15.27 billion for the quarter. Adjusted net profit rose to $1.92 billion and earnings before interest, taxes, depreciation and amortization rose broadly in line with revenue to $5.44 billion, with flat margins. AB InBev expects full-year Ebitda to grow in line with a medium-term outlook of 4% to 8%.
Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby
(END) Dow Jones Newswires
May 05, 2026 02:09 ET (06:09 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
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