Anheuser-Busch InBev SA/NV Q1 Earnings Call Highlights

Key Points

• Record Q1 results: AB InBev posted beer volumes up 1.2% (total volumes +0.8%), revenue +5.8% and a record first-quarter underlying EPS of $0.97 (+20.8%), with EBITDA up 5.3% and management reiterating a 2026 EBITDA growth target of 4%–8%.
• Growth was driven by strong performance in the Americas—record volumes and share gains in Mexico, Colombia, Brazil and the U.S.—and by premiumization and Beyond Beer/non-alcohol brands (Cutwater, Corona Cero, Michelob ULTRA Zero) delivering outsized revenue gains.
• Digital and balance-sheet strengths: the BEES ecosystem reported $14.6 billion GMV (marketplace $1.1B) and D2C revenue of $139M while the BEES business is EBITDA- and cash-positive, and the company has no bonds maturing in 2026, a 13-year weighted average maturity and a Moody’s upgrade to A2.

Anheuser-Busch InBev SA/NV NYSE: BUD executives pointed to continued “global momentum” in the first quarter of 2026, highlighting volume gains, revenue growth supported by revenue management and mix, and a sharp increase in underlying earnings per share.

Quarter highlights: volume growth, higher revenue, and record first-quarter EPS

Chief Executive Officer Michel Doukeris said the company’s “consumer-centric strategy drove solid top and bottom-line performance” to start the year. Beer volumes rose 1.2%, which Doukeris said included record first-quarter volumes in markets such as Mexico, Colombia, Brazil, South Africa, and Peru. Total volumes increased 0.8%.

Revenue increased 5.8% as the company benefited from “disciplined revenue management and positive mix from premiumization and Beyond Beer,” Doukeris said. Underlying EPS increased 20.8% to $0.97, which management described as an all-time high first-quarter EPS for the business. EBITDA rose 5.3%, with Doukeris describing margins as “flattish” as revenue and cost discipline enabled higher sales and marketing investment while offsetting transactional headwinds.

Doukeris said AB InBev estimated it “gained or maintained share in 75% of our markets,” and highlighted the role of “mega brands, non-alcohol beer and Beyond Beer” in driving results.

Regional performance: strength in the Americas, Europe growth, and China still a work in progress

In the U.S., Doukeris said sales to retailers (STR) volumes grew and the company was the “number one share gainer in total alcohol,” with share gains in both beer and spirits. Michelob ULTRA and Busch Light were cited as the top two volume share gainers. He also said the Beyond Beer portfolio delivered revenue growth in the “high 60s,” led by Cutwater, which grew revenue in the “triple digits” and was the number one share-gaining brand in the total spirits industry in the first quarter of 2026.

Across Middle Americas, Doukeris pointed to record volumes and outsized growth:

• Mexico: Record high volumes drove high single-digit top-line growth and mid-single-digit bottom-line growth, with the company outperforming the industry.
• Colombia: Record high volumes drove double-digit top- and bottom-line growth.
• Brazil: Market share gains and an improved industry drove record high beer volumes and double-digit bottom-line growth; premium and super premium brands delivered “low 20s” volume growth.

In Europe, volumes grew by low single digits, with share gains and premiumization offsetting what Doukeris called a “soft industry,” supporting top- and bottom-line growth. In South Africa, he said record volumes drove mid-single-digit top-line growth, led by premium and super premium brands that grew volumes by “mid-20s.”

In APAC, China remained a softer spot. Doukeris said the company increased investments to rebuild momentum, but volumes declined 1.5% and AB InBev estimated it underperformed a “slightly growing” industry. While noting “some initial signs of improved performance,” he said the company still needed to strengthen execution, expand in-home channel presence, and increase participation in growing segments.

Strategy and category commentary: premiumization, non-alcohol, and Beyond Beer

Doukeris cited IWSR data indicating beer gained 60 basis points of share of the alcohol beverage category in 2025, and an additional 10 basis points when including Beyond Beer. Combined, beer and Beyond Beer have gained more than 300 basis points of share since 2019, he said.

On the first pillar of AB InBev’s strategy—leading and growing the category—Doukeris said mega brands continued to outperform, with net revenue increasing 8.2%. He highlighted Corona’s role in premiumization, stating the brand grew revenue 16% outside of Mexico and delivered double-digit volume growth in 32 markets.

The company also emphasized growth in non-alcohol beer. Doukeris said the non-alcohol portfolio delivered 27% revenue growth, led by Corona Cero globally and Michelob ULTRA Zero in the U.S. He added that AB InBev estimates roughly 60% of non-alcohol volume comes from “new occasions and new consumers.”

Digital ecosystem: BEES and D2C expansion

Executives also discussed progress under the second pillar, “digitize and monetize our ecosystem.” Doukeris said BEES enables AB InBev to use AI to execute its commercial strategy, with “over 20 billion AI-driven touch points” on an annualized basis.

He said BEES captured $14.6 billion in gross merchandising value (GMV) during the quarter, a 15% increase versus last year. BEES marketplace GMV from third-party product sales rose 55% to $1.1 billion. Doukeris added that AB InBev’s D2C platforms served 12 million consumers and generated $139 million in revenue, and said the company has begun commercializing third-party products on its D2C platforms, building what he described as a “growing D2C marketplace” with annualized GMV of $160 million.

In Q&A, CFO Fernando Tennenbaum said the BEES business is “positive in EBITDA, positive in cash flow,” but is still not a major driver compared with other contributors to net revenue per hectoliter. Doukeris added that, over time, BEES could become a more meaningful contributor to mix, though he said mix is currently driven primarily by premiumization and Beyond Beer.

Outlook drivers: World Cup activation, inflation-linked pricing, and balance sheet position

Management discussed the upcoming FIFA World Cup as a near-term catalyst. Doukeris said historically FIFA contributes “anywhere from 20–30 basis points” to annual volume globally, concentrated in June and July and flowing through the second and third quarters. He said sales and marketing investment will be higher in Q2 and Q3, with Q2 “a little bit heavier” due to anticipation campaigns.

Doukeris also addressed pricing, stating AB InBev’s policy is to “price with inflation,” and said mix provides a “structural benefit” as the company invests in premium, non-alcohol, and Beyond Beer. In discussing first-quarter revenue per hectoliter growth, he told analysts that mix was “a very important component,” adding that inflation was “3%–3.5%,” with mix building on top as growing segments and brands expand.

Tennenbaum said underlying EPS growth was driven by topline growth, cost management, and translational tailwinds, with EBITDA growth contributing $0.11 per share, partially offset by below-the-line items. He also said AB InBev has “no bonds maturing in 2026,” a weighted average maturity of 13 years, and “no financial covenants.” He noted Moody’s upgraded the company’s credit rating from A3 to A2.

Looking ahead, Tennenbaum said first-quarter results and category momentum “reinforce our confidence” in delivering the company’s 2026 outlook of 4%–8% EBITDA growth.

About Anheuser-Busch InBev SA/NV NYSE: BUD

Anheuser-Busch InBev SA/NV NYSE: BUD is a multinational brewing company headquartered in Leuven, Belgium. It is one of the world's largest brewers and is primarily engaged in the production, distribution and marketing of beer and related beverages. The company's operations span brewing, packaging, logistics and retail/customer sales support, serving a broad set of channels from on-premise hospitality to retail and e-commerce.

AB InBev's portfolio includes a mix of global, regional and local beer brands across mainstream, premium, craft and non-alcoholic categories.

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