Belgium's AB InBev Q2 revenue rises 5.6% on premium brands strength

Anheuser-Busch Inbev SA

30/07/2026 06:11

Overview
Belgium-based brewer's Q2 revenue rose 5.6% and underlying EPS climbed 23.4% yr/yr
Beer volumes grew 1.1%, offsetting a 1.1% decline in non-beer volumes
Company continued share buyback, completing $1.9 bln of $6 bln program

Outlook
AB InBev expects FY26 EBITDA growth in line with medium-term outlook of 4-8%
Company projects net finance costs of $190-$220 mln per qtr in FY26
AB InBev expects normalized effective tax rate of 26-28% in FY26
Company sees FY26 net capital expenditure of $3.5-$4.0 bln

Result Drivers
PREMIUMIZATION & MEGABRANDS - Revenue growth was driven by higher sales of premium and above core brands, with Corona, Stella Artois and Michelob Ultra posting double-digit revenue growth outside their home markets
BEYOND BEER & NO-ALCOHOL - Revenue from no-alcohol beer rose 27% and Beyond Beer revenue grew 44%, with brands like Flying Fish and Cutwater contributing to performance
DIGITAL & ROUTE-TO-MARKET INITIATIVES - Expansion of BEES Marketplace and digital direct-to-consumer platforms supported growth, with BEES Marketplace GMV up 50% yr/yr

Company press release: ID:nBw4dTyT4a

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
 
$16.66 bln
 
Q2 Adjusted EPS
 
$1.21
 
Q2 Underlying Profit
 
$2.39 bln
 
Q2 Normalized EBITDA
 
$5.94 bln
 
Q2 Gross Margin
 
57.50%
 
Q2 Gross Profit
 
$9.58 bln
 
Q2 Normalized EBIT
 
$4.60 bln
 
Q2 Normalized EBITDA Margin
 
35.60%
 
Q2 Normalized EBIT Margin
 
27.60%
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 24 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the brewers peer group is "buy"
Wall Street's median 12-month price target for Anheuser-Busch Inbev SA is €79.50, about 7.6% above its July 29 closing price of €73.90
The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 16 three months ago

Reuters Recommended Reads
July 30 - AB InBev Q2 profit and revenue beat forecasts 
July 29 - Budweiser Brewing APAC H1 revenue, EBITDA hit by weak China market
July 28 - Coca-Cola Q2 revenue beats on demand for sodas

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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.)