Solid top- and bottom-line performance with volume growth, revenue up 4.9% and Underlying EPS up 22%
BRUSSELS--(BUSINESS WIRE)--October 29, 2026--
Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD):
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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 Normalized EBITDA +3.9% Normalized
4.9% in 3Q26 with revenue per hl EBITDA increased by 3.9% to 5 957
growth of 4.2% and by 5.4% in 9M26 million USD in 3Q26, with a margin
with revenue per hl growth of 4.3%. contraction of 34bps to 36.1%.
Reported revenue increased by 9.1% in Normalized EBITDA increased by 5.0% to
3Q26 to 16 512 million USD and by 17 332 million USD in 9M26, with a
10.7% in 9M26 to 48 439 million USD, margin contraction of 15bps to 35.8%.
positively impacted by currency Underlying Profit 2 396 million USD
translation. 7.7% increase in combined Underlying Profit was 2 396 million
revenues of megabrands in 3Q26, led by USD in 3Q26 compared to 1 970 million
Corona, which grew by 20% outside of USD in 3Q25 and was 6 710 million USD
its home market. 35% increase in in 9M26 compared to 5 526 million USD
revenue of no-alcohol beer in 3Q26. in 9M25. Reported profit attributable
19% increase in revenue of Beyond Beer to equity holders of AB InBev was 1
in 3Q26. 45% increase in Gross 597 million USD in 3Q26 compared to 1
Merchandise Value (GMV) from sales of 054 million USD in 3Q25 and was 7 910
third-party products through BEES million USD in 9M26 compared to 4 878
Marketplace to reach 1.4 billion USD million USD in 9M25. Underlying EPS
in 3Q26. Volumes +0.4% Volumes 1.21 USD Underlying EPS increased by
increased by 0.4% in 3Q26, with beer 22.4% to 1.21 USD in 3Q26, compared to
volumes down by 0.1% and non-beer 0.99 USD in 3Q25, and increased by
volumes up by 4.0%. Volumes increased 22.2% to 3.40 USD in 9M26, compared to
by 0.7% in 9M26, with beer volumes up 2.78 USD in 9M25. On a constant
by 0.7% and non-beer volumes up by currency basis, Underlying EPS
0.3%. 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
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