AB InBev Reports First Quarter 2026 Results

About this update from Anheuser-busch Inbev Sa/nv

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We are investing behind our megabrands and innovations to lead and grow the category. With strong execution by our teams and major moments of celebration ahead, we are well positioned for 2026." – Michel Doukeris, CEO, AB InBev ","length":393,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:0.0px;width:50%;","val":[{"type":"text","content":" Revenue ","length":7,"tagName":"p","attribs":{}},{"type":"text","content":"+5.8%","length":5,"tagName":"p","attribs":{}},{"type":"text","content":"Revenue increased by 5.8% with revenue per hl growth of 4.5%.","length":61,"tagName":"p","attribs":{}},{"type":"text","content":"Reported revenue increased by 12.0% to 15 267 million USD, positively impacted by currency translation.","length":103,"tagName":"p","attribs":{}},{"type":"text","content":" 8.2% increase in combined revenues of megabrands, led by Corona, which grew by 16% outside of its home market.","length":110,"tagName":"p","attribs":{}},{"type":"text","content":" 27% increase in revenue of no-alcohol beer.","length":43,"tagName":"p","attribs":{}},{"type":"text","content":" 37% increase in revenue of Beyond Beer.","length":39,"tagName":"p","attribs":{}},{"type":"text","content":" 55% increase in Gross Merchandise Value (GMV) from sales of third-party products through BEES Marketplace to reach 1.1 billion USD.","length":131,"tagName":"p","attribs":{}},{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}},{"type":"text","content":" Volumes ","length":7,"tagName":"p","attribs":{}},{"type":"text","content":"+0.8%","length":5,"tagName":"p","attribs":{}},{"type":"text","content":"Volumes increased by 0.8%, with beer volumes up by 1.2% and non-beer volumes down by 1.9%.","length":90,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"vertical-align:top;padding-left:0.0px;width:50%;","val":[{"type":"text","content":" Normalized EBITDA ","length":17,"tagName":"p","attribs":{}},{"type":"text","content":"+5.3%","length":5,"tagName":"p","attribs":{}},{"type":"text","content":"Normalized EBITDA increased by 5.3% to 5 437 million USD, with a margin contraction of 15 bps to 35.6%.","length":103,"tagName":"p","attribs":{}},{"type":"text","content":"   ","length":6,"tagName":"p","attribs":{}},{"type":"text","content":" Underlying Profit ","length":17,"tagName":"p","attribs":{}},{"type":"text","content":"1 923 million USD","length":17,"tagName":"p","attribs":{}},{"type":"text","content":"Underlying Profit was 1 923 million USD in 1Q26 compared to 1 606 million USD in 1Q25.","length":86,"tagName":"p","attribs":{}},{"type":"text","content":"Reported profit attributable to equity holders of AB InBev was 2 563 million USD in 1Q26 compared to 2 148 million USD in 1Q25, both positively impacted by non-underlying items.","length":177,"tagName":"p","attribs":{}},{"type":"text","content":"   ","length":6,"tagName":"p","attribs":{}},{"type":"text","content":" Underlying EPS ","length":14,"tagName":"p","attribs":{}},{"type":"text","content":"0.97 USD","length":8,"tagName":"p","attribs":{}},{"type":"text","content":"Underlying EPS increased by 20.8% to 0.97 USD in 1Q26, compared to 0.81 USD in 1Q25.","length":84,"tagName":"p","attribs":{}},{"type":"text","content":"On a constant currency basis, Underlying EPS increased by 8.8%.","length":63,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"2","rowspan":"1","style":"padding-left:0.0px;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"2","rowspan":"1","style":"padding-left:0.0px;","val":[{"type":"text","content":" 1 The enclosed information constitutes 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. For important disclaimers and notes on the basis of preparation, please refer to page 12. ","length":325,"tagName":"p","attribs":{}}]}]}],"length":1547},{"type":"text","content":" Management comments ","length":19,"tagName":"p"},{"type":"text","content":" Consistent and compounding growth with beer volume up by 1.2% and a 20.8% Underlying EPS increase ","length":97,"tagName":"p"},{"type":"text","content":"Our business delivered a solid start to the year with broad-based volume growth and a 20.8% increase in Underlying EPS to reach 0.97 USD, a record high for the first quarter. Megabrand momentum, innovation in Balanced Choices and acceleration of our Beyond Beer portfolio drove top- and bottom-line growth in 4 of our 5 zones and we estimate to have gained or maintained market share in 75% of our markets.","length":406,"tagName":"p"},{"type":"readMore"},{"type":"text","content":"Revenue increased by 5.8%, with total volume growth of 0.8% and a revenue per hl increase of 4.5%, driven by revenue management and positive mix from premiumization and Beyond Beer. Beer volumes grew by 1.2%, with record high first quarter volumes in Mexico, Colombia, Brazil, South Africa and Peru. In the US, our sales to retailer volumes grew and we continued to outperform the industry.","length":390,"tagName":"p"},{"type":"text","content":"EBITDA increased by 5.3% with flattish margins as disciplined overhead management enabled increased sales and marketing investments and offset transactional FX headwinds.","length":170,"tagName":"p"},{"type":"text","content":"Some key highlights from our performance this quarter include the following: continued momentum of our global megabrands, Corona, Stella Artois and Michelob Ultra, which grew revenues by 16%, 14% and 39% respectively outside of their home markets; expansion of our no-alcohol beer and Beyond Beer portfolios which grew revenue by 27% and 37% respectively; BEES marketplace GMV increased by 55% and delivered more than 1 billion USD in quarterly GMV.","length":449,"tagName":"p"},{"type":"text","content":" Progressing our strategic priorities ","length":36,"tagName":"p"},{"type":"text","content":"We continue to execute on, and invest in, three key strategic pillars to deliver consistent growth and long-term value creation.","length":128,"tagName":"p"},{"type":"text","content":" (1) Lead and grow the category: We increased our overall portfolio brand power driven by increased marketing investment and effectiveness. In addition, we estimate that we gained or maintained market share in 75% of our markets.","length":228,"tagName":"p"},{"type":"text","content":" (2) Digitize and monetize our ecosystem: BEES Marketplace GMV increased by 55% to reach 1.1 billion USD in GMV from sales of third-party products. Overall BEES GMV increased by 15%, reaching 14.6 billion USD.","length":208,"tagName":"p"},{"type":"text","content":" (3) Optimize our business: Underlying EPS increased by 20.8% to 0.97 USD, reaching a record high for the first quarter.","length":119,"tagName":"p"},{"type":"text","content":" (1) Lead and grow the category ","length":30,"tagName":"p"},{"type":"text","content":"We are executing on our replicable levers to drive category growth. Performance across each of the levers was led by our megabrands which delivered an 8.2% revenue increase.","length":173,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Core Superiority: Revenue of our mainstream portfolio increased by 0.8%, driven by double-digit growth in Colombia, Peru and the Dominican Republic.","length":148,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Balanced Choices: Our Balanced Choices portfolio of low carb, low calorie, sugar free, gluten free and no-alcohol beer brands delivered a revenue increase of 17%. Our no-alcohol beer portfolio led our performance, delivering a 27% revenue increase and gaining share to now be the global leader in no-alcohol beer by value, according to Nielsen.","length":344,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Premiumization: Our above core beer portfolio delivered an 11% revenue increase. Performance was driven by Corona, Stella Artois and Michelob Ultra which delivered revenue growth of 16%, 14% and 39% respectively outside of their home markets. Corona successfully activated the Milano Cortina Winter Olympics and increased volume by double-digits in 32 markets.","length":360,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Beyond Beer: Growth of our Beyond Beer portfolio accelerated, increasing revenue by 37%. Performance was led by the global expansion of Flying Fish and by Cutwater in the US, which increased revenue by triple-digits and was the 3 rd largest contributor by brand to our global revenue growth in 1Q26.","length":298,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":1150,"olType":false},{"type":"text","content":" (2) Digitize and monetize our ecosystem ","length":39,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Digitizing our relationships with more than 6 million customers globally: As of 31 March 2026, BEES was live in 29 markets with 72% of our revenues captured through B2B digital platforms. In 1Q26, BEES captured 14.6 billion USD in GMV, growth of 15% versus 1Q25.","length":262,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Monetizing our route-to-market; delivering more than 1 billion USD in quarterly GMV: BEES Marketplace growth momentum continued, with GMV increasing by 55% versus 1Q25 and reaching approximately 1.1 billion USD from sales of third-party products.","length":246,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Leading the way in DTC solutions: Our digital DTC megabrands, Zé Delivery, TaDa Delivery and PerfectDraft, served 12 million active consumers and generated 139 million USD in revenue, representing 5% growth versus 1Q25. Sales of third-party products through our DTC marketplace reached 41 million USD in GMV, a 42% increase versus 1Q25.","length":336,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":844,"olType":false},{"type":"text","content":" (3) Optimize our business ","length":25,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Maximizing value creation: EBITDA grew by 5.3% with flattish margins as disciplined resource allocation and overhead management offset transactional FX headwinds. Capex optimization drove increased efficiency in depreciation and amortization expenses, resulting in 7.1% EBIT growth. In recognition of our consistent financial performance and the strength of our balance sheet, our credit rating was recently upgraded from A3 to A2 by Moody’s. As of 1 May 2026, we have completed 1.4 billion USD of our 6 billion USD share buyback program announced on 30 October 2025.","length":567,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Advancing our sustainability priorities: After closing our 2025 sustainability goals, we have set new 2030 goals to strengthen resilience across our value chain, focused on agriculture, water, and energy and emissions. For further details, please refer to our website here .","length":273,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":840,"olType":false},{"type":"text","content":" Continued momentum and reliable compounding growth ","length":50,"tagName":"p"},{"type":"text","content":"The momentum of our business continued to start the year, with broad-based volume growth, revenue management and positive mix driving a 5.8% revenue increase. Top-line growth, disciplined cost management and translational FX tailwinds drove Underlying EPS growth of 20.8%.","length":272,"tagName":"p"},{"type":"text","content":"We are encouraged by our performance in the first quarter and, looking ahead, we are well positioned to activate the category in some of the biggest moments of celebration of the year, including the FIFA World Cup. Our consistent performance and the strength of the beer category reinforce our confidence in our ability to deliver our FY26 outlook and create a future with more cheers.","length":385,"tagName":"p"},{"type":"text","content":" 2026 Outlook ","length":12,"tagName":"p"},{"type":"text","content":" (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.","length":209,"tagName":"p","attribs":{}},{"type":"text","content":" (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%.","length":273,"tagName":"p","attribs":{}},{"type":"text","content":" (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.","length":191,"tagName":"p","attribs":{}},{"type":"text","content":" (iv) Net Capital Expenditure: We expect net capital expenditure of between 3.5 and 4.0 billion USD in FY26.","length":107,"tagName":"p","attribs":{}},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;background-color:#D3D3D3;width:58%;","val":[{"type":"text","content":" Figure 1. 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EBITDA declined by 11.8%, impacted by top-line performance and increased sales and marketing investments.","length":386,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Commercial highlights: Beer industry volume improved sequentially and was estimated to have grown slightly in 1Q26. Our top priorities are to rebuild momentum and reignite growth. We are investing behind our megabrands and innovations, strengthening our execution, and expanding our in-home channel presence. In 1Q26, we increased sales and marketing investments to activate the Chinese New Year campaign for Budweiser and we launched Harbin 1900, a 100% pure malt classic lager innovation, to increase our participation in the fast growing core plus segment.","length":559,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":945,"olType":false},{"type":"text","content":" Highlights from our other markets ","length":33,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Canada: Revenue was flat with low-single digit revenue per hl growth. Volumes declined by low-single digits, with beer performance estimated to be in-line with a soft industry while we outperformed a growing Beyond Beer segment. Our beer performance was led by Michelob Ultra and Busch which were the top two volume share gainers in the industry. Beyond Beer growth was led by Cutwater and Mike’s Hard Lemonade which were two of the top three share gainers in the category.","length":473,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Peru: Volumes grew by high-single digits to reach a record high for the first quarter. Performance was led by our mainstream beer brands, which grew volumes by high-single digits, and our Beyond Beer portfolio, which grew volumes in the triple-digits. Revenue grew by low-teens with mid-single digit revenue per hl growth, driven by revenue management and positive mix.","length":369,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Ecuador: Revenue grew by low-teens with growth led by our above core beer brands which increased revenues by strong double-digits. Volumes increased by high-single digits, with industry growth driven by an improved consumer environment and supported by cycling a soft industry in 1Q25.","length":285,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Argentina: Volumes declined by low-single digits, with beer volumes estimated to have outperformed the industry in a constrained consumer environment. Revenue grew by high-single digits driven by revenue management.","length":215,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" Africa excluding South Africa: In Nigeria, revenue grew by mid-single digits, driven by revenue management. Beer volumes declined by mid-single digits, estimated to have outperformed a soft industry. In our other markets in Africa, revenue grew in aggregate by high-single digits and volumes by low-single digits, driven by Tanzania, Mozambique and Uganda.","length":356,"tagName":"p","attribs":{}}]},{"val":[{"type":"text","content":" South Korea: Our business cycled a challenging shipment phasing comparable due to our April 2025 price increase, resulting in volumes declining by low-teens. Revenue decreased by high-single digits with low-single digit revenue per hl growth. We estimate that we have continued to gain market share in both the on-premise and in-home channels.","length":343,"tagName":"p","attribs":{}}]}],"tagName":"ul","bulletedList":true,"length":2041,"olType":false},{"type":"text","content":" Consolidated Income Statement ","length":29,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"vertical-align:bottom;padding-left:0.0px;background-color:#D3D3D3;width:52%;","val":[{"type":"text","content":" Figure 3. 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