AB InBev Reports Third Quarter 2026 Results
BRUSSELS--( BUSINESS WIRE)--Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD):
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 4.9% in 3Q26 with revenue per hl growth of 4.2% and by 5.4% in 9M26 with revenue per hl growth of 4.3%.
Reported revenue increased by 9.1% in 3Q26 to 16 512 million USD and by 10.7% in 9M26 to 48 439 million USD, positively impacted by currency translation.
7.7% increase in combined revenues of megabrands in 3Q26, led by Corona, which grew by 20% outside of its home market.
35% increase in revenue of no-alcohol beer in 3Q26.
19% increase in revenue of Beyond Beer in 3Q26.
45% increase in Gross Merchandise Value (GMV) from sales of third-party products through BEES Marketplace to reach 1.4 billion USD in 3Q26.
Volumes
+0.4%
Volumes increased by 0.4% in 3Q26, with beer volumes down by 0.1% and non-beer volumes up by 4.0%.
Volumes increased by 0.7% in 9M26, with beer volumes up by 0.7% and non-beer volumes up by 0.3%.
Normalized EBITDA
+3.9%
Normalized EBITDA increased by 3.9% to 5 957 million USD in 3Q26, with a margin contraction of 34bps to 36.1%.
Normalized EBITDA increased by 5.0% to 17 332 million USD in 9M26, with a margin contraction of 15bps to 35.8%.
Underlying Profit
2 396 million USD
Underlying Profit was 2 396 million USD in 3Q26 compared to 1 970 million USD in 3Q25 and was 6 710 million USD in 9M26 compared to 5 526 million USD in 9M25.
Reported profit attributable to equity holders of AB InBev was 1 597 million USD in 3Q26 compared to 1 054 million USD in 3Q25 and was 7 910 million USD in 9M26 compared to 4 878 million USD in 9M25.
Underlying EPS
1.21 USD
Underlying EPS increased by 22.4% to 1.21 USD in 3Q26, compared to 0.99 USD in 3Q25, and increased by 22.2% to 3.40 USD in 9M26, compared to 2.78 USD in 9M25.
On a constant currency basis, Underlying EPS 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.
1The 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.
(2) Digitize and monetize our ecosystem
(3) Optimize our business
Consistent execution and compounding growth
In 9M26, our business delivered revenue growth of 5.4%, EBITDA growth of 5.0% and an Underlying EPS increase of 22%, reflecting the momentum of our portfolio and the effectiveness of our commercial capabilities. We continued to invest in our megabrands, growth platforms and innovation to provide consumers with more choices across more occasions.
The strength of our ownership culture and execution, together with our best-in-class capabilities, reinforce our confidence in our ability to deliver our FY26 outlook. As we progress through the next phase of our strategy, we remain focused on creating superior shareholder value by delivering consistent, compounding results, investing to accelerate growth and increasing capital allocation flexibility.
2026 Outlook
(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.
(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%.
(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.
(iv) Net Capital Expenditure: We expect net capital expenditure of between 3.5 and 4.0 billion USD in FY26.
Figure 1. Consolidated performance
in USD Mio, except EPS in USD per share and Volumes in thousand hls
3Q25
3Q26
Organic
growth
Volumes
142 319
142 313
0.4
%
Beer
124 692
124 370
(0.1
)%
Non-Beer
17 627
17 943
4.0
%
Revenue
15 133
16 512
4.9
%
Gross profit
8 537
9 302
5.3
%
Gross margin
56.4
%
56.3
%
20bps
Normalized EBITDA
5 594
5 957
3.9
%
Normalized EBITDA margin
37.0
%
36.1
%
(34)bps
Normalized EBIT
4 205
4 538
6.0
%
Normalized EBIT margin
27.8
%
27.5
%
27bps
Profit attributable to equity holders of AB InBev
1 054
1 597
Underlying Profit
1 970
2 396
Basic EPS
0.53
0.81
Underlying EPS
0.99
1.21
9M25
9M26
Organic
growth
Volumes
421 934
422 726
0.7
%
Beer
367 697
369 796
0.7
%
Non-Beer
54 237
52 930
0.3
%
Revenue
43 764
48 439
5.4
%
Gross profit
24 566
27 528
6.6
%
Gross margin
56.1
%
56.8
%
65bps
Normalized EBITDA
15 750
17 332
5.0
%
Normalized EBITDA margin
36.0
%
35.8
%
(15)bps
Normalized EBIT
11 805
13 215
7.0
%
Normalized EBIT margin
27.0
%
27.3
%
40bps
Profit attributable to equity holders of AB InBev
4 878
7 910
Underlying Profit
5 526
6 710
Basic EPS
2.46
4.01
Underlying EPS
2.78
3.40
Figure 2. Volumes
in thousand hls
3Q25
Scope
Organic
growth
3Q26
Organic
growth
Total
Beer
North America
21 896
165
(541
)
21 520
(2.5
)%
(2.2
)%
Middle Americas
36 915
(596
)
2 648
38 967
7.3
%
6.9
%
South America
36 922
-
291
37 213
0.8
%
0.4
%
EMEA
24 149
(67
)
598
24 680
2.5
%
2.4
%
Asia Pacific
22 301
(25
)
(2 454
)
19 821
(11.0
)%
(11.0
)%
Global Export and Holding Companies
136
6
(29
)
112
(20.8
)%
(20.8
)%
AB InBev Worldwide
142 319
(518
)
512
142 313
0.4
%
(0.1
)%
9M25
Scope
Organic
growth
9M26
Organic
growth
Total
Beer
North America
64 115
286
(1 320
)
63 081
(2.1
)%
(2.0
)%
Middle Americas
110 818
(1 958
)
6 087
114 946
5.6
%
5.8
%
South America
112 011
-
632
112 643
0.6
%
1.6
%
EMEA
69 073
(297
)
1 074
69 850
1.6
%
1.6
%
Asia Pacific
65 665
(64
)
(3 646
)
61 955
(5.6
)%
(5.5
)%
Global Export and Holding Companies
252
28
(28
)
251
(10.1
)%
(10.1
)%
AB InBev Worldwide
421 934
(2 006
)
2 798
422 726
0.7
%
0.7
%
Key Markets Performance
United States: Portfolio momentum drove continued market share gains in beer and Beyond Beer
Mexico: Market share gain and margin expansion drove mid-single digit volume growth and double-digit bottom line growth
Colombia: Record high volumes and margin expansion drove double-digit top- and bottom-line growth
Brazil: Market share momentum and volume growth drove mid-single digit top- and bottom-line growth
Europe: Market share gains and premiumization drove continued top-line growth
South Africa: Record high volumes and premiumization drove high-single digit top-line growth
China: Top- and bottom-line declined, impacted by volume performance in a challenging industry
Highlights from our other markets
Consolidated Income Statement
Figure 3. Consolidated income statement
in USD Mio
3Q25
3Q26
Organic
growth
Revenue
15 133
16 512
4.9
%
Cost of sales
(6 596
)
(7 210
)
(4.4
)%
Gross profit
8 537
9 302
5.3
%
SG&A
(4 535
)
(4 979
)
(4.1
)%
Other operating income/(expenses)
203
215
(8.3
)%
Normalized EBIT
4 205
4 538
6.0
%
Non-underlying items above EBIT
55
(11
)
Net finance income/(expense)
(1 165
)
(908
)
Non-underlying net finance income/(expense)
(947
)
(791
)
Share of results of associates
110
97
Income tax expense
(726
)
(952
)
Profit
1 532
1 973
Profit attributable to non-controlling interest
478
376
Profit attributable to equity holders of AB InBev
1 054
1 597
.
Normalized EBITDA
5 594
5 957
3.9
%
Underlying Profit
1 970
2 396
9M25
9M26
Organic
growth
Revenue
43 764
48 439
5.4
%
Cost of sales
(19 198
)
(20 912
)
(3.9
)%
Gross profit
24 566
27 528
6.6
%
SG&A
(13 347
)
(14 897
)
(5.7
)%
Other operating income/(expenses)
585
584
(9.2
)%
Normalized EBIT
11 805
13 215
7.0
%
Non-underlying items above EBIT
(39
)
3
Net finance income/(expense)
(3 210
)
(3 015
)
Non-underlying net finance income/(expense)
(580
)
1 242
Share of results of associates
246
244
Non-underlying share of results of associates
9
-
Income tax expense
(2 130
)
(2 656
)
Profit
6 100
9 033
Profit attributable to non-controlling interest
1 222
1 123
Profit attributable to equity holders of AB InBev
4 878
7 910
Normalized EBITDA
15 750
17 332
5.0
%
Underlying Profit
5 526
6 710
Non-underlying items above EBIT & Non-underlying share of results of associates
Figure 4. Non-underlying items above EBIT & Non-underlying share of results of associates
in USD Mio
3Q25
3Q26
9M25
9M26
Restructuring
(20
)
(23
)
(68
)
(56
)
Business and asset disposals (including impairment losses)
94
12
47
73
Claims and legal costs
(18
)
-
(18
)
-
Acquisition-related costs (business combinations)
-
-
-
(14
)
Non-underlying items in EBIT
55
(11
)
(39
)
3
Non-underlying share of results of associates
-
-
9
-
Normalized EBIT excludes negative non-underlying items of 11 million USD in 3Q26 and positive non-underlying items of 3 million USD in 9M26.
Net finance income/(expense)
Figure 5. Net finance income/(expense)
in USD Mio
3Q25
3Q26
9M25
9M26
Net interest expense
(675
)
(600
)
(1 959
)
(1 796
)
Accretion expense and interest on pensions
(228
)
(145
)
(580
)
(558
)
Other financial results
(262
)
(163
)
(672
)
(662
)
Net finance income/(expense)
(1 165
)
(908
)
(3 210
)
(3 015
)
Non-underlying net finance income/(expense)
Figure 6. Non-underlying net finance income/(expense)
in USD Mio
3Q25
3Q26
9M25
9M26
Mark-to-market
(947
)
(800
)
(608
)
1 233
Gain/(loss) on bond redemption and other
-
10
29
10
Non-underlying net finance income/(expense)
(947
)
(791
)
(580
)
1 242
Non-underlying net finance income includes mark-to-market gains or losses on derivative instruments entered into in order to hedge our share-based payment programs and shares issued in relation to the combinations with Grupo Modelo and SAB.
The number of shares covered by the hedging of our share-based payment program, the deferred share instrument and the restricted shares are shown below, together with the opening and closing share prices.
Figure 7. Non-underlying equity derivative instruments
3Q25
3Q26
9M25
9M26
Share price at the start of the period (Euro)
58.24
72.66
48.25
54.90
Share price at the end of the period (Euro)
50.80
65.32
50.80
65.32
Number of equity derivative instruments at the end of the period (in million)
100.5
90.5
100.5
90.5
Income tax expense
Figure 8. Income tax expense
in USD Mio
3Q25
3Q26
9M25
9M26
Income tax expense
726
952
2 130
2 656
Effective tax rate
33.8%
33.7%
26.7%
23.2%
Normalized effective tax rate
25.1%
26.9%
25.4%
26.1%
The 9M26 effective tax rate was positively impacted by non-taxable gains from derivatives related to the hedging of share-based payment programs and the hedging of the shares issued in a transaction related to the combinations with Grupo Modelo and SAB, while the 9M25 effective tax rate was negatively impacted by non-deductible losses from these derivatives. The increase in Normalized ETR in 3Q26 and 9M26 compared to 3Q25 and 9M25 was mainly driven by country mix.
Underlying EPS
Figure 9. Underlying EPS
in USD per share, except number of shares in million
3Q25
3Q26
9M25
9M26
Normalized EBITDA
2.82
3.02
7.93
8.78
Depreciation, amortization and impairment
(0.70
)
(0.72
)
(1.99
)
(2.09
)
Normalized EBIT
2.12
2.30
5.94
6.70
Net finance income/(expense)
(0.59
)
(0.46
)
(1.62
)
(1.53
)
Income tax expense
(0.38
)
(0.49
)
(1.10
)
(1.35
)
Associates & non-controlling interests
(0.16
)
(0.14
)
(0.47
)
(0.45
)
Hyperinflation impacts
0.01
0.01
0.03
0.03
Underlying EPS
0.99
1.21
2.78
3.40
Weighted average number of ordinary and restricted shares
1 986
1 973
1 986
1 973
Reconciliation of IFRS and Non-IFRS Financial Measures
Profit attributable to equity holders and Underlying Profit
Figure 10. Underlying Profit
in USD Mio
3Q25
3Q26
9M25
9M26
Profit attributable to equity holders of AB InBev
1 054
1 597
4 878
7 910
Net impact of non-underlying items on profit
898
777
593
(1 258)
Hyperinflation impacts
18
23
54
57
Underlying Profit
1 970
2 396
5 526
6 710
Basic and Underlying EPS
Figure 11. Basic and Underlying EPS
in USD per share, except number of shares in million
3Q25
3Q26
9M25
9M26
Basic EPS
0.53
0.81
2.46
4.01
Net impact of non-underlying items
0.45
0.39
0.30
(0.64
)
Hyperinflation impacts
0.01
0.01
0.03
0.03
Underlying EPS
0.99
1.21
2.78
3.40
FX translation impact
-
(0.08
)
-
(0.28
)
Underlying EPS in constant currency
0.99
1.13
2.78
3.12
Weighted average number of ordinary and restricted shares
1 986
1 973
1 986
1 973
Profit attributable to equity holders and Normalized EBITDA
Figure 12. Reconciliation of Normalized EBITDA to Profit attributable to equity holders of AB InBev
in USD Mio
3Q25
3Q26
9M25
9M26
Profit attributable to equity holders of AB InBev
1 054
1 597
4 878
7 910
Non-controlling interests
478
376
1 222
1 123
Profit
1 532
1 973
6 100
9 033
Income tax expense
726
952
2 130
2 656
Share of results of associates
(110)
(97)
(246)
(244)
Non-underlying share of results of associates
-
-
(9)
-
Net finance (income)/expense
1 165
908
3 210
3 015
Non-underlying net finance (income)/expense
947
791
580
(1 242)
Non-underlying items above EBIT (incl. impairment losses)
(55)
11
39
(3)
Normalized EBIT
4 205
4 538
11 805
13 215
Depreciation, amortization and impairment
1 390
1 419
3 945
4 117
Normalized EBITDA
5 594
5 957
15 750
17 332
Normalized EBITDA, Normalized EBIT and Underlying Profit are non-IFRS financial measures used by AB InBev to reflect the company’s underlying performance. Underlying EPS and constant currency Underlying EPS are non-IFRS financial measures that AB InBev believes are useful to investors because they facilitate comparisons of EPS from period to period.
Normalized EBITDA is calculated by adjusting profit attributable to equity holders of AB InBev to exclude: (i) non-controlling interest; (ii) income tax expense; (iii) share of results of associates; (iv) non-underlying share of results of associates; (v) net finance income or cost; (vi) non-underlying net finance income or cost; (vii) non-underlying items above EBIT; and (viii) depreciation, amortization and impairment.
Underlying Profit is calculated by adjusting profit attributable to equity holders of AB InBev to exclude: (i) non-underlying items and (ii) hyperinflation impacts. Underlying EPS is calculated as Underlying Profit divided by the weighted average number of ordinary and restricted shares. Constant currency Underlying EPS is calculated as Underlying EPS excluding the effects of foreign currency translation by translating current period figures using the exchange rates from the same period in the prior year.
Normalized EBITDA, Normalized EBIT and Underlying Profit are not accounting measures under IFRS and should not be considered as an alternative to profit attributable to equity holders as a measure of operational performance, or an alternative to cash flow as a measure of liquidity. Underlying EPS and constant currency Underlying EPS are not accounting measures under IFRS and should not be considered as alternatives to earnings per share as a measure of operating performance on a per share basis. These non-IFRS financial measures do not have a standard calculation method and AB InBev’s definition of Normalized EBITDA, Normalized EBIT, Underlying Profit, Underlying EPS and constant currency Underlying EPS may not be comparable to that of other companies.
Interim 2026 dividend
The AB InBev Board of Directors has approved an interim dividend of 0.40 EUR per share for the fiscal year 2026. In line with the Company’s financial discipline and deleveraging objectives, the interim dividend balances the Company’s capital allocation priorities and dividend policy while returning cash to shareholders. A timeline showing the ex-dividend, record and payment dates can be found below:
Interim dividend timeline
Ex-dividend date
Record Date
Payment date
Euronext
19 November 2026
20 November 2026
23 November 2026
MEXBOL
19 November 2026
20 November 2026
23 November 2026
JSE
18 November 2026
20 November 2026
23 November 2026
NYSE (ADR program)
20 November 2026
20 November 2026
16 December 2026
Restricted Shares
19 November 2026
20 November 2026
23 November 2026
Notes
To facilitate the understanding of AB InBev’s underlying performance, the analyses of growth, including all comments in this press release, unless otherwise indicated, are based on organic growth and normalized numbers. In other words, financials are analyzed eliminating the impact of changes in currencies on translation of foreign operations, and scope changes. Since 1Q24, the definition of organic revenue growth has been amended to cap the price growth in Argentina to a maximum of 2% per month (26.8% year-over-year). Corresponding adjustments are made to all income statement related items in the organic growth calculations through scope changes. Scope changes also represent the impact of acquisitions and divestitures, the start or termination of activities or the transfer of activities between segments, curtailment gains and losses and year over year changes in accounting estimates and other assumptions that management does not consider as part of the underlying performance of the business. Effective 1 January 2026, Cervecería Bucanero S.A., a Cuban company in which we indirectly hold a 50% equity interest through our subsidiary Ambev, is accounted for as an associate using the equity method of accounting. Furthermore, the company performed changes in classification in 3Q26 compared to 3Q25. The impact of these changes in presentation are reflected as scope changes. Beer volumes and revenue include primarily beer, no-alcohol beer, other malt-based alcohol beverages and spirits-based beverages. Non-beer volumes and revenue include primarily carbonated soft drinks and energy drinks. In addition, beer and non-beer categories include not only brands that we own or license, but also third-party brands that we brew and sell, and third-party products that we sell through our distribution network. The organic growth of our global brands, Budweiser, Stella Artois, and Corona excludes exports to Australia for which a perpetual license was granted to a third party upon disposal of the Australia operations in 2020. All references per hectoliter (per hl) exclude US non-beverage activities. Whenever presented in this document, all performance measures (EBITDA, EBIT, profit, tax rate, EPS) are presented on a “normalized” basis, which means they are presented before non-underlying items. Non-underlying items are either income or expenses which do not occur regularly as part of the normal activities of the Company. They are presented separately because they are important for the understanding of the underlying sustainable performance of the Company due to their size or nature. Normalized measures are additional measures used by management and should not replace the measures determined in accordance with IFRS as an indicator of the Company’s performance. We are reporting the results from Argentina applying hyperinflation accounting since 3Q18. The IFRS rules (IAS 29) require us to restate the year-to-date results for the change in the general purchasing power of the local currency, using official indices before converting the local amounts at the closing rate of the period. In 3Q26, we reported a negative impact from hyperinflation accounting on the profit attributable to equity holders of AB InBev of 23 million USD. The impact in 3Q26 Basic EPS was 0.01 USD. Values in the figures and annexes may not add up due to rounding. 3Q26 and 9M26 EPS is based upon a weighted average of 1 973 million shares compared to a weighted average of 1 986 million shares for 3Q25 and 9M25.
Legal disclaimer
This release contains “forward-looking statements”. These statements are based on the current expectations and views of future events and developments of the management of AB InBev and are naturally subject to uncertainty and changes in circumstances. The forward-looking statements contained in this release include statements other than historical facts and include statements typically containing words such as “will”, “may”, “should”, “believe”, “intends”, “expects”, “anticipates”, “targets”, “ambition”, “estimates”, “likely”, “foresees” and words of similar import. All statements other than statements of historical facts are forward-looking statements. You should not place undue reliance on these forward-looking statements, which reflect the current views of the management of AB InBev, are subject to numerous risks and uncertainties about AB InBev and are dependent on many factors, some of which are outside of AB InBev’s control. There are important factors, risks and uncertainties that could cause actual outcomes and results to be materially different, including, but not limited to the risks and uncertainties relating to AB InBev that are described under Item 3.D of AB InBev’s Annual Report on Form 20-F filed with the SEC on 3 March 2026. Many of these risks and uncertainties are, and will be, exacerbated by any further worsening of the global business and economic environment, including as a result of foreign currency exchange rate fluctuations and ongoing geopolitical instability. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. The forward-looking statements should be read in conjunction with the other cautionary statements that are included elsewhere, including AB InBev’s most recent Form 20-F and other reports furnished on Form 6-K, and any other documents that AB InBev has made public. Any forward-looking statements made in this communication are qualified in their entirety by these cautionary statements and there can be no assurance that the actual results or developments anticipated by AB InBev will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, AB InBev or its business or operations. Except as required by law, AB InBev undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The nine month 2026 (9M26) financial data set out in Figure 1 (except for the volume information), Figures 3 to 6, 8, 10 and 12 of this press release have been extracted from the group’s unaudited condensed consolidated interim financial statements as of and for the nine-month period ended 30 September 2026, which have been reviewed by our statutory auditors PwC Bedrijfsrevisoren BV/Réviseurs d’Entreprises SRL in accordance with the standards of the Public Company Accounting Oversight Board (United States). The third quarter 2026 (3Q26) financial data set out in Figure 1 (except for the volume information), Figures 3 to 6, 8, 10 and 12, and the financial data included in Figures 7, 9 and 11 of this press release have been extracted from the underlying accounting records as of and for the nine-month period ended 30 September 2026. References in this document to materials on our websites, such as www.ab-inbev.com, are included as an aid to their location and are not incorporated by reference into this document.
Conference call and webcast
Investor Conference call and webcast on Thursday, 29 October 2026:
2.00pm Brussels / 1.00pm London / 9.00am New York
Registration details:
Webcast (listen-only mode):
AB InBev 3Q26 Results Webcast
To join by phone, please use one of the following two phone numbers:
Toll-Free: +1-877-407-8029
Toll: +1-201-689-8029
About AB InBev
Anheuser-Busch InBev (AB InBev) is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings on the Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on the New York Stock Exchange (NYSE: BUD). As a company, we dream big to create a future with more cheers. We are always looking to serve up new ways to meet life’s moments, move our industry forward and make a meaningful impact in the world. We are committed to building great brands that stand the test of time and to brewing the best beers using the finest ingredients. Beer is the drink for moderation, and for over a century, AB InBev has championed responsible drinking. We are committed to providing our consumers with Balanced Choices to enjoy on any occasion. We also invest in marketing that aims to reinforce positive behaviors, and we work with communities, customers, and partners to promote responsible consumption through evidence-based initiatives.
Our diverse portfolio of well over 400 beer brands includes global brands Budweiser®, Corona®, Stella Artois® and Michelob Ultra®; multi-country brands Beck’s®, Hoegaarden® and Leffe®; and local champions such as Aguila®, Antarctica®, Bud Light®, Brahma®, Cass®, Castle®, Castle Lite®, Cristal®, Harbin®, Jupiler®, Modelo Especial®, Quilmes®, Victoria®, Sedrin®, and Skol®. Our brewing heritage dates back more than 600 years, spanning continents and generations. From our European roots at the Den Hoorn brewery in Leuven, Belgium. To the pioneering spirit of the Anheuser & Co brewery in St. Louis, US. To the creation of the Castle Brewery in South Africa during the Johannesburg gold rush. To Bohemia, the first brewery in Brazil. Geographically diversified with a balanced exposure to developed and developing markets, we leverage the collective strengths of approximately 137 000 colleagues based in more than 40 countries worldwide. For 2025, AB InBev’s reported revenue was 59.3 billion USD (excluding JVs and associates).
Annex 1: Segment reporting (3Q)
AB InBev Worldwide
3Q25
Scope
Currency
Translation
Organic
Growth
3Q26
Organic
Growth
Volumes
142 319
(518
)
-
512
142 313
0.4
%
Revenue
15 133
(19
)
662
736
16 512
4.9
%
Cost of sales
(6 596
)
(39
)
(284
)
(291
)
(7 210
)
(4.4
)%
Gross profit
8 537
(58
)
378
446
9 302
5.3
%
SG&A
(4 535
)
(91
)
(167
)
(187
)
(4 979
)
(4.1
)%
Other operating income/(expenses)
203
23
6
(17
)
215
(8.3
)%
Normalized EBIT
4 205
(126
)
217
242
4 538
6.0
%
Normalized EBITDA
5 594
(125
)
274
213
5 957
3.9
%
Normalized EBITDA margin
37.0
%
36.1
%
(34)bps
North America
3Q25
Scope
Currency
Translation
Organic
Growth
3Q26
Organic
Growth
Volumes
21 896
165
-
(541
)
21 520
(2.5
)%
Revenue
3 765
81
(12
)
(33
)
3 801
(0.9
)%
Cost of sales
(1 500
)
(31
)
4
(12
)
(1 540
)
(0.8
)%
Gross profit
2 264
50
(8
)
(45
)
2 261
(2.0
)%
SG&A
(1 121
)
(30
)
5
(3
)
(1 150
)
(0.3
)%
Other operating income/(expenses)
3
0
0
3
6
-
Normalized EBIT
1 146
20
(3
)
(45
)
1 117
(4.0
)%
Normalized EBITDA
1 323
23
(4
)
(46
)
1 296
(3.5
)%
Normalized EBITDA margin
35.1
%
34.1
%
(93)bps
Middle Americas
3Q25
Scope
Currency
Translation
Organic
Growth
3Q26
Organic
Growth
Volumes
36 915
(596
)
-
2 648
38 967
7.3
%
Revenue
4 325
(64
)
454
518
5 232
12.1
%
Cost of sales
(1 527
)
(16
)
(151
)
(83
)
(1 777
)
(5.4
)%
Gross profit
2 797
(80
)
303
435
3 454
16.0
%
SG&A
(960
)
(8
)
(98
)
(92
)
(1 158
)
(9.5
)%
Other operating income/(expenses)
1
0
(1
)
2
2
-
Normalized EBIT
1 838
(88
)
204
344
2 299
19.7
%
Normalized EBITDA
2 170
(85
)
234
325
2 644
15.6
%
Normalized EBITDA margin
50.2
%
50.5
%
151bps
South America
3Q25
Scope
Currency
Translation
Organic
Growth
3Q26
Organic
Growth
Volumes
36 922
-
-
291
37 213
0.8
%
Revenue
2 802
1
122
255
3 180
9.1
%
Cost of sales
(1 413
)
(19
)
(83
)
(93
)
(1 608
)
(6.5
)%
Gross profit
1 389
(18
)
38
162
1 572
11.8
%
SG&A
(841
)
(5
)
(49
)
(56
)
(951
)
(6.7
)%
Other operating income/(expenses)
100
26
6
(0
)
131
(0.4
)%
Normalized EBIT
648
3
(6
)
106
751
16.6
%
Normalized EBITDA
881
13
11
121
1 025
13.8
%
Normalized EBITDA margin
31.5
%
32.3
%
135bps
EMEA
3Q25
Scope
Currency
Translation
Organic
Growth
3Q26
Organic
Growth
Volumes
24 149
(67
)
-
598
24 680
2.5
%
Revenue
2 524
(41
)
78
100
2 660
4.0
%
Cost of sales
(1 244
)
27
(43
)
(69
)
(1 329
)
(5.7
)%
Gross profit
1 280
(15
)
35
31
1 331
2.4
%
SG&A
(760
)
2
(15
)
(36
)
(809
)
(4.8
)%
Other operating income/(expenses)
59
(3
)
(0
)
(6
)
50
(10.2
)%
Normalized EBIT
579
(15
)
20
(11
)
572
(2.0
)%
Normalized EBITDA
859
(11
)
29
(12
)
866
(1.4
)%
Normalized EBITDA margin
34.0
%
32.5
%
(177)bps
Asia Pacific
3Q25
Scope
Currency
Translation
Organic
Growth
3Q26
Organic
Growth
Volumes
22 301
(25
)
-
(2 454
)
19 821
(11.0
)%
Revenue
1 533
4
21
(145
)
1 412
(9.5
)%
Cost of sales
(718
)
1
(11
)
31
(697
)
4.3
%
Gross profit
814
5
10
(114
)
715
(14.0
)%
SG&A
(546
)
(28
)
(7
)
37
(544
)
6.8
%
Other operating income/(expenses)
32
(0
)
1
(13
)
21
(39.5
)%
Normalized EBIT
300
(24
)
4
(89
)
192
(29.8
)%
Normalized EBITDA
452
(20
)
9
(102
)
339
(22.4
)%
Normalized EBITDA margin
29.5
%
24.0
%
(426)bps
Global Export and Holding Companies
3Q25
Scope
Currency
Translation
Organic
Growth
3Q26
Organic
Growth
Volumes
136
6
-
(29
)
112
(20.8
)%
Revenue
185
1
(0
)
42
227
22.3
%
Cost of sales
(194
)
(1
)
(0
)
(65
)
(259
)
(33.4
)%
Gross profit
(8
)
0
(1
)
(23
)
(32
)
(295.2
)%
SG&A
(307
)
(22
)
(2
)
(36
)
(367
)
(10.9
)%
Other operating income/(expenses)
8
(0
)
(1
)
(2
)
5
(29.3
)%
Normalized EBIT
(306
)
(22
)
(3
)
(62
)
(393
)
(18.8
)%
Normalized EBITDA
(91
)
(45
)
(5
)
(73
)
(214
)
(54.0
)%
Annex 2: Segment reporting (9M)
AB InBev Worldwide
9M25
Scope
Currency
Translation
Organic
Growth
9M26
Organic
Growth
Volumes
421 934
(2 006
)
-
2 798
422 726
0.7
%
Revenue
43 764
(125
)
2 445
2 355
48 439
5.4
%
Cost of sales
(19 198
)
32
(1 010
)
(737
)
(20 912
)
(3.9
)%
Gross profit
24 566
(92
)
1 435
1 618
27 528
6.6
%
SG&A
(13 347
)
(139
)
(653
)
(758
)
(14 897
)
(5.7
)%
Other operating income/(expenses)
585
13
38
(52
)
584
(9.2
)%
Normalized EBIT
11 805
(218
)
820
808
13 215
7.0
%
Normalized EBITDA
15 750
(228
)
1 040
770
17 332
5.0
%
Normalized EBITDA margin
36.0
%
35.8
%
(15)bps
North America
9M25
Scope
Currency
Translation
Organic
Growth
9M26
Organic
Growth
Volumes
64 115
286
-
(1 320
)
63 081
(2.1
)%
Revenue
10 973
140
15
98
11 225
0.9
%
Cost of sales
(4 447
)
(38
)
(5
)
18
(4 472
)
0.4
%
Gross profit
6 525
103
10
116
6 753
1.8
%
SG&A
(3 295
)
(65
)
(6
)
(111
)
(3 478
)
(3.4
)%
Other operating income/(expenses)
26
0
(0
)
(2
)
24
(6.3
)%
Normalized EBIT
3 256
37
3
3
3 300
0.1
%
Normalized EBITDA
3 781
48
4
(33
)
3 801
(0.9
)%
Normalized EBITDA margin
34.5
%
33.9
%
(60)bps
.
Middle Americas
9M25
Scope
Currency
Translation
Organic
Growth
9M26
Organic
Growth
Volumes
110 818
(1 958
)
-
6 087
114 946
5.6
%
Revenue
12 449
(219
)
1 312
1 286
14 827
10.5
%
Cost of sales
(4 393
)
67
(434
)
(276
)
(5 036
)
(6.4
)%
Gross profit
8 055
(152
)
878
1 010
9 791
12.8
%
SG&A
(2 858
)
18
(299
)
(260
)
(3 399
)
(9.1
)%
Other operating income/(expenses)
15
1
(1
)
(20
)
(5
)
-
Normalized EBIT
5 212
(134
)
578
731
6 387
14.4
%
Normalized EBITDA
6 177
(129
)
669
694
7 411
11.5
%
Normalized EBITDA margin
49.6
%
50.0
%
43bps
.
South America
9M25
Scope
Currency
Translation
Organic
Growth
9M26
Organic
Growth
Volumes
112 011
-
-
632
112 643
0.6
%
Revenue
8 309
10
549
713
9 581
8.6
%
Cost of sales
(4 176
)
(36
)
(281
)
(233
)
(4 727
)
(5.6
)%
Gross profit
4 132
(27
)
268
480
4 854
11.6
%
SG&A
(2 553
)
(13
)
(163
)
(190
)
(2 920
)
(7.4
)%
Other operating income/(expenses)
302
24
32
28
386
9.9
%
Normalized EBIT
1 881
(15
)
136
318
2 320
17.2
%
Normalized EBITDA
2 580
3
185
333
3 101
13.0
%
Normalized EBITDA margin
31.1
%
32.4
%
125bps
EMEA
9M25
Scope
Currency
Translation
Organic
Growth
9M26
Organic
Growth
Volumes
69 073
(297
)
-
1 074
69 850
1.6
%
Revenue
6 978
(110
)
475
268
7 611
3.9
%
Cost of sales
(3 523
)
64
(245
)
(98
)
(3 802
)
(2.8
)%
Gross profit
3 454
(46
)
230
170
3 809
5.0
%
SG&A
(2 131
)
(9
)
(136
)
(114
)
(2 389
)
(5.3
)%
Other operating income/(expenses)
159
(11
)
4
(29
)
123
(19.5
)%
Normalized EBIT
1 483
(66
)
99
27
1 543
1.9
%
Normalized EBITDA
2 283
(52
)
156
25
2 412
1.1
%
Normalized EBITDA margin
32.7
%
31.7
%
(87)bps
Asia Pacific
9M25
Scope
Currency
Translation
Organic
Growth
9M26
Organic
Growth
Volumes
65 665
(64
)
-
(3 646
)
61 955
(5.6
)%
Revenue
4 641
13
91
(211
)
4 534
(4.6
)%
Cost of sales
(2 174
)
3
(38
)
72
(2 138
)
3.3
%
Gross profit
2 466
16
53
(139
)
2 397
(5.6
)%
SG&A
(1 487
)
(40
)
(27
)
(5
)
(1 559
)
(0.3
)%
Other operating income/(expenses)
73
(1
)
3
(27
)
48
(37.4
)%
Normalized EBIT
1 053
(25
)
28
(171
)
885
(16.3
)%
Normalized EBITDA
1 508
(13
)
43
(209
)
1 329
(13.8
)%
Normalized EBITDA margin
32.5
%
29.3
%
(316)bps
.
Global Export and Holding Companies
9M25
Scope
Currency
Translation
Organic
Growth
9M26
Organic
Growth
Volumes
252
28
-
(28
)
251
(10.1
)%
Revenue
416
41
3
200
660
47.7
%
Cost of sales
(484
)
(28
)
(6
)
(219
)
(737
)
(45.2
)%
Gross profit
(68
)
14
(3
)
(19
)
(76
)
(28.7
)%
SG&A
(1 023
)
(29
)
(22
)
(77
)
(1 151
)
(7.4
)%
Other operating income/(expenses)
11
-
1
(3
)
8
(27.1
)%
Normalized EBIT
(1 079
)
(15
)
(25
)
(99
)
(1 219
)
(9.0
)%
Normalized EBITDA
(580
)
(85
)
(16
)
(41
)
(722
)
(6.2
)%