(May 5): Anheuser-Busch InBev posted its first expansion in volumes since 2023 as demand for its top-selling beers Michelob and Corona grew in several key markets.
The world’s largest brewer reported a 0.8% rise in organic volume growth for the first quarter (1Q), confounding expectations for a 0.3% drop. Demand for beer, which accounts for nearly 90% of volumes, surged in Mexico and across South America, offsetting sluggishness in the US and China.
Shares in AB InBev gained as much as 7.7%, the most since February 2025. They’re up by about 15% over the past 12 months.
“This is a high-quality print,” Edward Mundy and Sebastian Hickman, analysts at Jefferies, wrote in a note. They cited beats across volumes, revenue and Ebitda.
Producers of alcoholic drinks have long been grappling with a consumer pullback due to concerns about cost and negative health impacts.
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While it still relies heavily on beer megabrands, including Corona, Stella Artois and Michelob Ultra, AB InBev is seeking to diversify its portfolio with its non-beer products.
The latest volumes figures suggest AB InBev may be well placed compared with rivals Heineken NV and Carlsberg A/S. The Belgium-based company is also expected to benefit from a boost to sales thanks to the football World Cup starting in June, co-hosted by the US, Mexico and Canada.
It maintained its medium-term outlook of growth in earnings before interest, tax, depreciation, and amortisation of between 4% and 8%.
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“AB InBev is likely to stabilise 2026 volume given the World Cup in the US and Mexico — two key markets. The beverage maker’s strategy relies on greater marketing to spur premium-branded revenue, bolster profitability and pare net debt,” says Bloomberg Intelligence senior industry analyst Duncan Fox.
AB InBev said it posted record beer volumes in Mexico, Colombia, Brazil, South Africa and Peru in 1Q, helping to counteract declines in North America and the region that includes China.
While Heineken and Carlsberg have warned the conflict in Middle East has raised the cost of energy and raw materials, Citigroup Inc analyst Simon Hales said AB InBev is less exposed due to its skew to the Americas.
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