Anheuser-busch Inbev Sa/nv · EURONEXT:ABI
Anheuser-busch Inbev Sa/nv — AB InBev — Q1 2026 Earnings Presentation
28 slides from Anheuser-busch Inbev Sa/nv's earnings presentation, May 5, 2026
Slide 1: 1Q26 Results
SUPERIOR if LIGHT BEER @ ja ULTRA’ 28 |
Slide 2: Legal disclaimer
Legal disclaimer Certain statements contained in this report that are not statements of historical fact constitute forward-looking statements, notwithstanding that such statements are not specifically identified. In addition, certain statements may be contained in the future filings of the Company w
Slide 3: 1Q26 Operating Performance Highlights
1Q26 Operating Performance Highlights © AB InBev 2026 – All rights reserved | 3
Slide 4: Continued momentum drove solid top- and bottom-line performance
• Beer volumes +1.2% and a +20.8% Underlying EPS increase • Revenue growth +5.8% with revenue per hl +4.5% • Business momentum: Continued momentum • Gained or maintained market share in 75% of markets drove solid top- and • Record high 1Q volumes in Mexico, Colombia, Brazil, South Africa, and Peru •
Slide 5: Strong portfolio and positive mix driving NR/hl growth
Operating performance Strong portfolio and positive mix driving NR/hl growth 1Q26 YoY NR/hl growth (%) Total volumes +0.8% 4.5% 4.5 Revenue per hl +4.5% 4.0 Total revenue +5.8% 3.7% 3.5 EBITDA +5.3% 3.3% EBITDA margin -15 bps 3.0 Underlying EPS (USD) +20.8% 2.5 Constant Currency +8.8% 2.0 1Q24 1Q25
Slide 6: Diversified geographic footprint driving consistent performance
Diversified geographic footprint driving consistent performance with top- and bottom-line growth in 4 of our 5 zones North America EMEA 21% EBITDA contribution1 14% EBITDA contribution1 +0.9% +4.5% Organic revenue Organic revenue +0.7% +3.9% Organic EBITDA Organic EBITDA Middle Americas APAC 40% EBI
Slide 7: North America 1Q26
North America United States Sales-to-retailer volume growth driven by beer and Beyond Beer share gains and an improved 1Q26 industry • Michelob Ultra and Busch Light the #1 and #2 volume share gainers Volumes - 3.1% in the beer industry • Beyond Beer portfolio revenue growth in the high-sixties, led
Slide 8: Middle Americas 1Q26
Middle Americas Mexico Record high volumes drove high-single digit top- and mid-single digit bottom-line growth 1Q26 • Volume grew by mid-single digits, outperforming the industry Volumes + 4.8% • Above core beer portfolio delivered low-teens revenue growth, led by Modelo and Michelob Ultra Revenue
Slide 9: South America 1Q26
South America Brazil Record high beer volumes and double-digit bottom line growth driven by market share 1Q26 1 gain and an improved industry • Beer volumes grew by 1.2%, estimated to have gained share Volumes - 0.3% • Premium and super premium beer brands increased volumes by low-twenties, strength
Slide 10: EMEA 1Q26
EMEA Europe Continued market share gains and premiumization offset a soft industry to 1Q26 drive top- and bottom-line growth • Volumes grew by low-single digits, estimated to have Volumes + 1.3% outperformed the industry in the majority of our key markets • Performance led by Corona, which delivered
Slide 11: Asia Pacific 1Q26
Asia Pacific China Improved volume trend as we increased investments to rebuild momentum 1Q26 • Volumes declined by 1.5%, improving sequentially from 4Q25 Volumes - 0.4% • Investing behind our megabrands and innovation Revenue / hl - 0.9% Revenue - 1.3% South Korea Normalized EBITDA - 9.2% 33.7% • V
Slide 12: Consistent execution of our strategy
Consistent execution of our strategy © AB InBev 2026 – All rights reserved | 12
Slide 13: Beer category continued to grow share of total alcohol in 2025
Beer category continued to grow share of total alcohol in 2025 Beer growing +60bps share of total alcohol Stable alcohol participation Share of total alcohol beverage (% LBE) 1 Share of Alcohol P6M % LDA+ that consumed alcohol 2 50.1 ∆ 25 v 24 49.4 BEER +BB +0.7pp 46.8 78% 77% 46.8 46.2 BEER +0.6pp
Slide 14: Megabrands driving efficient growth Led by Corona
Megabrands driving efficient growth Led by Corona +8.2% 1Q26 NR Growth +16% 1Q26 NR growth 1 +14% 1Q26 Volume growth 1 32 Markets with double-digit volume growth ~5 Brands per market Making up the majority of Volumes & Growth Receiving disproportionate S&M Investment >20pp Prem. price vs. comparable
Slide 15: Celebrating with consumers in the most iconic moments of the year
Celebrating with consumers in the most iconic moments of the year H1 2026 H2 2026 COMING IN 2027 ALWAYS ON NETFLIX © AB InBev 2026 – All rights reserved | 15
Slide 16: Consistent execution of category expansion levers
Consistent execution of category expansion levers Core Superiority Premiumization Balanced Choices Beyond Beer ≈≈≈ +0.8% +11% +17% +37% Mainstream portfolio Above core beer portfolio Balanced Choices beer portfolio Beyond Beer portfolio NR Growth vs LY NR Growth vs LY NR Growth vs LY NR Growth vs LY
Slide 17: Corona Cero leading the growth in no-alcohol beer
Corona Cero leading the growth in no-alcohol beer No-alcohol beer outperforming the industry YoY Net Revenue growth (%) >100% 46% 27% 8% No-alc beer ABI no-alc beer industry1 portfolio Notes: 1. Feb YTD Revenue industry growth according to Nielsen © AB InBev 2026 – All rights reserved | 17
Slide 18: BEES Marketplace quarterly GMV more than $1Bn
BEES Marketplace quarterly GMV more than $1Bn, growing by 55% $14.6B Total GMV SELLERS +15% vs LY +55% vs LY RETAILERS Marketplace GMV $1.1B +13% vs LY +24% vs LY Orders 36M Marketplace buyers 2.0M +35% vs LY Orders including Marketplace products1 14M >20Bn AI-Powered Touchpoints (annualized) Notes:
Slide 19: Building a global digital DTC business
Building a global digital DTC business 1Q26 Net +5% vs LY Revenue $139M Active +12% vs LY Consumers 12M Marketplace +42% vs LY GMV (1Q26) $41M © AB InBev 2026 – All rights reserved | 19
Slide 20: Optimizing our business
Optimizing our business Superior profitability Compounding USD EPS growth Increased capital allocation flexibility Sustainability of our supply chain © AB InBev 2026 – All rights reserved | 20
Slide 21: Superior profitability: increasing investment in S&M to fuel momentum
Superior profitability Increasing investment in S&M to fuel momentum Margin evolution Scaled & efficient investments in S&M EBITDA margin Sales & Marketing Spend ($Bn) 35.6% 35.6% 7.6 34.3% 7.2 7.2 7.4 33.5% 1Q23 1Q24 1Q25 1Q26 FY23 FY24 FY25 LTM © AB InBev 2026 – All rights reserved | 21
Slide 22: Underlying EPS grew by 20.8% to $0.97
Underlying EPS grew by 20.8% to $0.97 +20.8% 0.97 0.00 0.01 0.02 0.09 0.01 0.02 0.88 0.00 0.00 0.11 0.81 +8.8% Constant Currency Underlying EPS 1Q25 Normalized Depreciation Net interest Accretion Other financial Income tax Associates & Hyperinflation 1Q26 FX translation 1Q26 EBITDA & amortization ex
Slide 23: Actively managed debt portfolio with no relevant medium-term refinancing needs
Actively managed debt portfolio with manageable coupon and no relevant medium-term refinancing needs Well-distributed bond 1 maturity profile with manageable average coupon Diverse currency mix 2 CNY Other 12 KRW CAD 4% 3%3% 1% 10 8 $bn 50% USD 6 39% 4 EUR 2 0 2042 2032 2047 2027 2037 2052 2057 2049
Slide 24: Strengthening resilience and sustainability of our supply chain
Strengthening resilience and sustainability of our supply chain Agriculture Water Energy & Emissions © AB InBev 2026 – All rights reserved | 24
Slide 25: 2026 Outlook
2026 Outlook Overall performance Net Capex 4-8% Organic EBITDA growth 1 $3.5 - 4.0 Bn Normalized effective tax rate (ETR) Net Finance Costs 26-28% $190-220M Net pension interest expenses ~4% and accretion expenses Average gross debt coupon (per quarter – USD, millions) Note: 1. Since 1Q24, the defin
Slide 26: Meeting the moment in 2026
Meeting the moment in 2026 © AB InBev 2026 – All rights reserved | 26
Slide 27: Consistent execution driving reliable compounding growth
• Solid start to the year with beer volume growth and record high Q1 EPS • Resilient strategy and strong execution • Diversified footprint and global scale Consistent execution driving reliable • Disciplined revenue and cost management compounding growth • Consistent investment in our megabrands and
Slide 28: Q&A
Q&A © AB InBev 2026 – All rights reserved | 28