Belgium's AB InBev Q1 revenue rises 5.8%, EPS up 20.8%

Anheuser-Busch Inbev SA

05/05/2026 06:13

Overview

Belgium-based brewer's Q1 revenue rose 5.8% and underlying EPS increased 20.8% yr/yr

Beer volumes grew 1.2%, while normalized EBITDA rose 5.3%

Company advanced $6 bln share buyback, completing $1.4 bln to date

Outlook

AB InBev expects FY26 EBITDA growth between 4% and 8%

Company expects FY26 net capital expenditure of $3.5 bln to $4.0 bln

AB InBev expects FY26 normalized effective tax rate of 26% to 28%

Result Drivers

MEGABRAND AND INNOVATION GROWTH - Revenue growth was driven by an 8.2% increase in megabrand revenues, led by Corona, Stella Artois, and Michelob Ultra, and strong expansion in no-alcohol and Beyond Beer portfolios

REVENUE MANAGEMENT AND PREMIUMIZATION - Revenue per hl increased by 4.5%, supported by revenue management and a positive mix from premiumization and Beyond Beer

DIGITAL ECOSYSTEM EXPANSION - BEES Marketplace GMV rose 55% to $1.1 bln, with 72% of revenues captured through B2B digital platforms

Company press release: ID:nBw4RYSNpa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
$15.27 bln
Q1 Adjusted EPS
$0.97
Q1 Underlying Profit
$1.92 bln
Q1 Normalized EBITDA
$5.44 bln
Q1 Gross Margin
56.60%
Q1 Gross Profit
$8.65 bln
Q1 Normalized EBIT
$4.07 bln
Q1 Normalized EBITDA Margin
35.60%
Q1 Normalized EBIT Margin
26.70%


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 23 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

Wall Street's median 12-month price target for Anheuser-Busch Inbev SA is €75.00, about 18.8% above its May 4 closing price of €63.14

The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 17 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)