Anheuser Busch Inbev SA NV Overview
AB InBev is the world's largest brewer by volume, revenue and profit, selling 561 million hectolitres in FY25 across a portfolio anchored by the two most valuable beer brands globally (Corona and Budweiser, per Kantar BrandZ) and 20 billion-dollar-revenue beer brands. Its economic engine is an unusually concentrated, high-margin Latin American franchise — Middle Americas alone earns a ~50% EBITDA margin and contributed ~41% of FY25 segment EBITDA — complemented by a cash-generative but volume-challenged US business, a growing African footprint and a weakened China operation. The group converts ~36% of revenue into normalized EBITDA and generated USD 11.3bn of free cash flow in FY25. Strategic emphasis has shifted from megadeal-driven scale (Anheuser-Busch 2008, Modelo 2013, SABMiller 2016) to organic "category expansion," premiumization, a proprietary B2B digital platform (BEES) and capital returns as leverage approaches 2.9x net debt/EBITDA from over 6x post-SABMiller.
Company's own description
In its FY25 and 2Q26 releases, AB InBev describes itself as a publicly traded company based in Leuven, committed to building brands that stand the test of time and to brewing beer from the finest ingredients, with a stated purpose to "create a future with more cheers." It positions beer as "the drink for moderation," emphasizes "Balanced Choices" (low-carb, low-calorie, gluten-free and no-alcohol options), and describes itself as geographically diversified with balanced exposure to developed and developing markets. Its strategy is framed around three pillars: (1) lead and grow the category; (2) digitize and monetize the ecosystem; (3) optimize the business (FY25 release, 12 Feb 2026).
Independent characterization
| Revenue stream | Nature | Approximate weight | Basis |
|---|---|---|---|
| Beer (own and licensed brands, incl. no-alcohol beer, malt-based and spirits-based RTDs classified as "beer") | Product | ~86% of volume; majority of revenue | FY25 beer volume 484.2m hl of 561.1m hl total |
| Non-beer (soft drinks, energy drinks — primarily Ambev's carbonated soft drink and PepsiCo bottling business in South America) | Product | ~14% of volume | FY25 non-beer volume 76.9m hl |
| Beyond Beer (spirits-based RTDs, seltzers, flavored malt beverages, e.g., Cutwater, Nutrl, Flying Fish, Brutal Fruit, BeatBox) | Product | ~3% of revenue (FY25) | FY25 release |
| BEES Marketplace (third-party product sales to retailer customers) | Platform/distribution; GMV not equal to revenue | USD 3.5bn GMV FY25 | FY25 release |
| DTC ecosystem (Zé Delivery, TaDa Delivery, PerfectDraft and physical outlets) | Product/e-commerce | USD 1.3bn revenue FY25 (digital DTC USD 550m) | FY25 release |
| US non-beverage activities (e.g., container and agricultural by-products) | Product | Small; excluded from per-hl metrics | Notes to releases |
| Licensing (e.g., perpetual license of global brands to Asahi in Australia since 2020) | Licensing | — | 2019 CUB sale terms |
AB InBev is a vertically integrated, branded consumer-staples manufacturer and distributor. It owns or controls the full chain from malting (in several markets) and brewing through packaging (it owns US metal container plants — the 49.9% minority stake sold to an Apollo-led consortium in 2020 was reacquired for ~USD 2.9bn on 30 Jan 2026), to route-to-market (owned distribution in Mexico, Colombia, Brazil, South Africa and other emerging markets; the three-tier wholesaler system in the US; wholesaler/retail mixes in Europe and China).
Revenue model mix (analyst characterization, FY25):
There is no material subscription business. Licensing income is not separately disclosed.
Value-chain position: upstream (barley/malt sourcing via direct farmer programs; aluminum cans via owned and contracted plants), midstream (brewing in a global network of breweries), downstream (route-to-market and increasingly B2B digital — 72% of revenues captured through B2B digital platforms as of 30 June 2026).
Customer types: (i) wholesalers/distributors (US three-tier system; ~6 million customers digitized globally); (ii) on-premise points of sale (bars, restaurants, "tienditas," "botecos," shebeens); (iii) off-premise retail (modern trade, convenience, grocery); (iv) consumers directly (DTC apps).
End-markets served: global beer (mainstream, premium, super-premium, no-alcohol), Beyond Beer/RTD, soft drinks (South America), and B2B commerce services.
Strategy
Stated strategy (FY25 Annual Report / results themes)
-
Lead and grow the category — investing USD 7.4bn in sales and marketing in FY25 (USD 4.1bn in HY26, +9%) behind megabrands and "mega platforms." Four category expansion levers: Core Superiority (mainstream ~50% of FY25 revenue), Premiumization (above-core ~35% of FY25 revenue), Balanced Choices (no-alcohol revenue +34% FY25, +27% 2Q26), Beyond Beer (~3% of revenue, +44% 2Q26).
-
Digitize and monetize the ecosystem — BEES (B2B), BEES Marketplace (3P), DTC (Zé, TaDa, PerfectDraft).
-
Optimize the business — overhead efficiency, capital allocation (deleveraging toward ~2x, progressive dividend, buybacks, bolt-on M&A), and sustainability.
Management describes a goal of "reliable compounding growth," highlighting that organic EBITDA growth has been within or above the medium-term outlook every year since FY21.
Initiatives (last 24 months)
| Initiative | Date | Detail / target |
|---|---|---|
| Medium-term outlook | Ongoing (reiterated FY25, 1Q26, 2Q26) | EBITDA organic growth 4–8% annually |
| USD 6bn share buyback | Announced 30 Oct 2025 | Within 24 months; USD 1.9bn completed by 24 Jul 2026 |
| Interim dividend reinstated | 30 Oct 2025 | EUR 0.15 paid Nov 2025; "progressive dividend over time" ambition |
| Bond repurchases/redemptions | FY25 | USD 6bn retired; EUR 3.2bn issued; 98% fixed rate |
| US manufacturing consolidation | Dec 2025 | Newark sale, two closures; FY25 USD 214M non-underlying loss |
| Vertical integration — US cans | Jan 2026 | Reacquired 49.9% of metal container plants (~USD 2.9bn) |
| Beyond Beer M&A — BeatBox | Dec 2025 / Apr 2026 | 85% stake, ~USD 490m valuation |
| Mega platforms | 2025–2027 | Super Bowl, Winter Olympics Milano Cortina 2026, FIFA World Cup 2026, NBA, Roland Garros, Wimbledon, Lollapalooza; Netflix partnership; UEFA men's club competitions incl. Champions League from 2027 |
| BEES expansion | Ongoing | 29 markets (Dec 2025) to 30 markets (Jun 2026) |
| Sustainability 2025 goals closed; next-phase targets | 2025–2026 | See Section 20 |
2026 guidance (reiterated 30 Jul 2026)
| Item | Guidance |
|---|---|
| EBITDA growth | In line with 4–8% medium-term outlook |
| Net pension interest and accretion expense | USD 190–220M per quarter |
| Average gross debt coupon | ~4% |
| Normalized ETR | 26–28% |
| Net capex | USD 3.5–4.0bn |
Products & Services
AB InBev does not disclose brand-level revenue or pricing. The catalog below is organized by strategic portfolio tier (as the company reports performance) and by segment. Launch years refer to brand origin.
Global brands ("megabrands")
| Brand | Description | Target / positioning | Origin | Recent performance (company disclosure) |
|---|---|---|---|---|
| Corona (Corona Extra, Corona Cero, Corona Sunbrew) | Mexican pale lager; Corona Cero no-alcohol variant is worldwide Olympic partner beer | Premium / "beach" lifestyle, global | 1,925 | #1 most valuable beer brand (Kantar BrandZ 2026); revenue +8.3% outside Mexico FY25; +17% outside home market 2Q26; double-digit volume growth in 37 markets 2Q26 |
| Budweiser (incl. Budweiser Zero, Budweiser Magnum in China) | American lager; global flagship | Mainstream in US, premium internationally (China, UK, Brazil) | 1,876 | #2 most valuable beer brand (Kantar); Budweiser Magnum national rollout in China FY25 |
| Stella Artois (incl. Stella Artois Pure Gold, Strawberries & Cream LTO) | Belgian pilsner | Premium, food and tennis platforms (Roland Garros, Wimbledon) | 1,926 | +19% revenue outside home market 2Q26 |
| Michelob Ultra (incl. Michelob Ultra Zero) | Low-carb light lager | Health-conscious premium; sports (NBA, FIFA) | 2,002 | #1 US beer brand by volume (FY25); +21% revenue outside home market 2Q26; 40% of 2Q26 volume growth from outside US |
Multi-country and specialty brands
| Brand | Segment(s) | Description |
|---|---|---|
| Beck's | EMEA, global | German pilsner |
| Hoegaarden | EMEA, APAC | Belgian witbier |
| Leffe | EMEA | Belgian abbey beer |
| Franziskaner, Löwenbräu, Spaten | EMEA, South America (Spaten in Brazil) | German specialties |
| Goose Island | North America, global | Craft (Chicago) |
| Kona | North America, APAC | Hawaiian craft |
Local champions by segment
| Segment | Mainstream / core | Above-core / premium | No-alcohol / balanced |
|---|---|---|---|
| North America | Bud Light, Busch, Busch Light, Busch Light Apple, Natural Light, Labatt Blue (Canada) | Michelob Ultra, Stella Artois, Kona | Michelob Ultra Zero (#1 no-alc share gainer US 2Q26), Budweiser Zero |
| Middle Americas | Victoria, Corona Extra (MX core), Aguila, Poker (CO), Cristal, Pilsen Callao (PE), Pilsener (EC), Presidente (DR) | Modelo Especial, Pacifico, Negra Modelo, Club Colombia | Modelo Cero, Corona Cero |
| South America | Brahma, Skol, Antarctica (BR), Quilmes (AR) | Spaten, Original, Budweiser, Stella Artois, Corona (BR) | Brahma Zero, Stella Pure Gold, Michelob Ultra (BR, triple-digit growth 2Q26) |
| EMEA | Jupiler (BE), Castle, Carling Black Label, Hansa (ZA), Trophy, Hero (NG) | Stella Artois, Corona, Castle Lite, Leffe | Corona Cero, Jupiler 0.0 |
| Asia Pacific | Harbin, Sedrin (CN), Cass (KR), Haywards, Knock Out (IN) | Budweiser, Budweiser Magnum, Hoegaarden, Corona, Kona | Budweiser Zero |
Beyond Beer
| Brand | Category | Market | Note |
|---|---|---|---|
| Cutwater | Spirits-based canned cocktails | US, Canada | Triple-digit revenue growth; #1 share-gaining brand in total US spirits (4Q25, 2Q26) |
| Nutrl | Vodka seltzer | US | Investment priority (FY25) |
| BeatBox | 11.1% ABV "party punch" in cartons | US | 85% acquired (~USD 490m valuation), closed April 2026; path to 100% after five years |
| Mike's Hard Lemonade (Canada distribution) | Flavored malt beverage | Canada | Top-five share gainer in category |
| Flying Fish | Flavored beer/malt beverage | Africa, Europe, Latin America | Expanding globally; key Beyond Beer driver 2Q26 |
| Brutal Fruit | Spritzer | Africa, Europe | Expanded to new markets FY25 |
| Beats | Flavored malt/RTD | Brazil | Strong double-digit growth 2Q26 |
| Vicky's brand family | RTD | Mexico | Led Mexico Beyond Beer growth 2Q26 |
| Phorm Energy | Energy drink | US | Listed in Beyond Beer roster |
Beyond Beer represented ~3% of FY25 revenue (+23% FY25; +37% 1Q26; +44% 2Q26).
Non-beer (South America)
Guaraná Antarctica, Pepsi and other PepsiCo brands (bottled by Ambev), H2OH!, low/no-sugar portfolio (mid-twenties volume growth in Brazil FY25).
Digital platforms and services
| Platform | Type | Scale (latest) | Monetization |
|---|---|---|---|
| BEES | B2B ordering app for retailers | Live in 30 markets (30 Jun 2026); GMV USD 52.5bn FY25 (+12%); USD 15.0bn in 2Q26 (+16%) | Drives own-brand sales efficiency; 72% of revenues via B2B digital platforms |
| BEES Marketplace | Third-party product marketplace on BEES | GMV USD 3.5bn FY25 (+61%); USD 1.2bn 2Q26 (+50%) | Margin on third-party sales; asset-light "3P" model GMV roughly tripled in FY25 |
| Zé Delivery | Consumer delivery app (Brazil) | ~67m orders FY25 | DTC revenue |
| TaDa Delivery | Consumer delivery (Mexico, others) | 4.2m orders in Mexico FY25 | DTC revenue |
| PerfectDraft | Home draft system (Europe) | — | Hardware + keg subscription-like repeat purchase |
| Combined digital DTC | — | USD 550m revenue FY25; USD 165m in 2Q26 (+12%); 13m active consumers | — |
Pricing models are not disclosed for any product.
Financial Narrative
Income statement: notes and sources
Sources: FY25 release (FY24/FY25, incl. restated FY24); FY21–FY23 revenue, EBITDA, profit attributable, Underlying EPS and dividends from respective annual results releases. FY21 and FY23 organic growth: FY21 and FY23 releases (FY23 release headline: revenue +7.8%, EBITDA +7.0%); FY22 organic figures from FY22 release. Pre-tax income note: AB InBev does not present a single "profit before tax" line in its press-release income statement; FY25 profit before tax can be derived as profit 8,477 + income tax 2,850 = USD 11,327M (incl. share of associates); FY24: 7,416 + 3,152 = USD 10,568M. Discrepancy flag: the FY25 release states Underlying EPS grew at a 6.7% USD CAGR since FY21; using the originally reported FY21 figure of 3.04 yields ~5.2% — the company figure likely reflects a restated FY21 base. Diluted EPS: not separately verified (historically within ~1–2 cents of basic).
Margins and growth
EBITDA and net margins derived. Revenue CAGR FY21–FY25 (reported USD): ~2.2% (derived); organic growth was far higher (cumulatively ~45% FY21–FY25) — the gap is FX translation (BRL, ARS, MXN, COP, ZAR, CNY) and Argentine hyperinflation accounting.
Commentary. The five-year arc has three phases. (1) Post-COVID recovery and pricing (FY21–FY22): revenue rose USD 3.5bn in FY22 but EBITDA margin compressed ~190bps as commodity, packaging and energy inflation outran pricing. (2) Margin trough and US shock (FY23): the Bud Light boycott removed US volume, while input costs peaked; EBITDA margin troughed at 33.6%. (3) Margin rebuild (FY24–FY25): cost deflation, revenue-per-hl growth (+4.3% FY24, +4.4% FY25) and overhead discipline lifted EBITDA margin ~220bps from trough, even as volumes fell (-1.4% FY24, -2.3% FY25). FY25 normalized EBIT grew 7.0% organically on only 2.0% revenue growth — classic operating leverage from overhead control. HY26 shows a volume inflection (+0.8% total, +1.2% beer) with Underlying EPS +22.1% in USD, helped by FX tailwinds and lower share count.
Balance sheet
Source: FY25 release Annex 3. FY21 net debt derived from the company statement that net debt fell USD 15.3bn from FY21 to FY25 (60.9 + 15.3). Leverage ratios FY21–FY23 from respective year-end releases. 30 June 2026: total assets 218,385; cash 7,658; current debt 3,381; non-current debt 68,908; net debt USD 64.2bn (higher on the container-plant buy-in and seasonal working capital); equity 101,185.
Commentary. Goodwill and intangibles (USD 159.9bn at FY25) equal ~73% of total assets — the legacy of the 2008–2016 acquisition spree — making impairment testing of slower markets (China, parts of Europe) a recurring watch item. Structurally negative working capital (payables > receivables + inventory) is a feature of AB InBev's supplier-financing and payment-term model; it also reverses seasonally in H1 (HY26 working capital outflow USD 2.4bn). Net debt plateaued at ~USD 61bn in FY24–FY25 as capital returns (dividends + buybacks ~USD 6.8bn in FY25) absorbed free cash flow; deleveraging now comes mainly from EBITDA growth. The company's stated optimal structure is ~2x net debt/EBITDA.
Cash flow
Sources: FY25 release Figure 13. FY21 FCF derived from the company's statement that FCF rose ~USD 2bn FY21–FY25; FY23 FCF derived from the FY24 earnings-call statement that FCF rose USD 2.5bn in FY24. Both derived figures are approximate. HY26: CFO 5,241; net capex 1,360; FCF 3,881 (+2,526 YoY); dividends 2,596; buybacks 1,301; acquisition of NCI 3,389 (container plants).
Commentary. FY24 marked a step-change in FCF (+USD 2.5bn) as capex normalized, finance costs fell and working capital was managed tightly; FY25 consolidated that level. Capex intensity has fallen to ~6% of revenue (FY25), with 2026 guidance of USD 3.5–4.0bn. Capital allocation has visibly pivoted to shareholders: dividends paid rose 70% in FY25 and the USD 6bn buyback (Oct 2025–Oct 2027) runs at roughly USD 250m/month.
Ratios
All derived from FY25 release (FY24 ratios on year-end balances; FY25 ROE/ROA on averages). Payable days are overstated because "trade and other payables" includes non-trade items (deposits on returnable packaging, indirect taxes, accruals); the CCC should be read directionally (deeply negative), not as a precise figure. Net interest expense FY25 USD 2,566M vs USD 2,704M FY24.
Commentary. Returns on capital remain modest (~7–8% ROIC) because of the acquisition goodwill base, not because of operating weakness — pre-goodwill returns are far higher. ROE is improving as profit grows faster than equity. Interest coverage improved with bond buybacks (USD 6bn repurchased/redeemed in FY25) and a ~4% average gross coupon.
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Segment Overview
| Segment | Principal countries | Key brands | Notes |
|---|---|---|---|
North America | United States, Canada | Michelob Ultra, Bud Light, Budweiser, Busch Light, Stella Artois, Kona, Cutwater, Nutrl, BeatBox, Labatt (Canada) | US route via independent and owned wholesalers; owned can plants |
Middle Americas | Mexico, Colombia, Peru, Ecuador, Central America, Caribbean | Corona, Modelo, Victoria, Pacifico, Aguila, Poker, Club Colombia, Cristal, Pilsen Callao, Pilsener, Presidente | Highest-margin segment; Barbados/other Caribbean assets disposed 2025 |
South America | Brazil, Argentina, Paraguay, Uruguay, Bolivia, Chile | Brahma, Skol, Antarctica, Spaten, Original, Quilmes, Guaraná Antarctica, Pepsi (bottled) | Operated largely through listed subsidiary Ambev; Cuba JV (Bucanero) moved to equity accounting from 1 Jan 2026 |
EMEA | Europe (Belgium, UK, Germany, France, Netherlands, Italy, Spain), South Africa, Nigeria, Tanzania, Uganda, Mozambique, Zambia, Ghana and others | Stella Artois, Jupiler, Leffe, Hoegaarden, Beck's, Corona, Castle, Castle Lite, Carling Black Label, Hansa, Flying Fish, Brutal Fruit, Trophy, Hero | UK San Miguel integration completed 2025 |
Asia Pacific | China, South Korea, India, Vietnam, Japan | Budweiser, Harbin, Sedrin, Cass, Hanmaek, Kona, Haywards, Knock Out | China/Korea via Budweiser APAC (HKEX-listed subsidiary) |
Global Export & Holding Companies | Corporate costs, export businesses | — | Negative EBITDA (corporate overhead) |
Revenue by Segment
| Segment | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
North America revenue (USD Mn) | — | 14,655 | 14,207 |
Middle Americas revenue (USD Mn) | — | 17,072 | 17,376 |
South America revenue (USD Mn) | — | 12,423 | 11,954 |
EMEA revenue (USD Mn) | — | 9,003 | 9,502 |
Asia Pacific revenue (USD Mn) | — | 6,196 | 5,693 |
Global Export & Holding revenue (USD Mn) | — | 418 | 588 |
Total revenue (USD Mn) | 59,380 | 59,768 | 59,320 |
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View Subscription PlansSegment Revenue
| Segment | FY2024 EBITDA | FY2025 EBITDA | FY2024 EBIT | FY2025 EBIT |
|---|---|---|---|---|
North America | 4,791 | 4,687 | 4,069 | 3,975 |
Middle Americas | 8,400 | 8,685 | 6,889 | 7,342 |
South America | 4,052 | 3,901 | 3,024 | 2,937 |
EMEA | 2,847 | 3,098 | 1,801 | 2,019 |
Asia Pacific | 1,933 | 1,700 | 1,284 | 1,094 |
Global Export & Holding | -1,065 | -848 | -1,604 | -1,513 |
Total | 20,958 | 21,223 | 15,462 | 15,854 |
Segment Revenue (FY24 EBITDA margin %–FY25 share of group revenue %)
| Segment | FY24 EBITDA margin % | FY25 EBITDA margin % | FY25 reported revenue growth % | FY25 organic revenue growth % | FY25 organic EBITDA growth % | FY25 share of group revenue % |
|---|---|---|---|---|---|---|
North America | 32.7 | 33.0 | -3.1 | -1.0 | 0.1 | 23.9 |
Middle Americas | 49.2 | 50.0 | 1.8 | 4.7 | 7.0 | 29.3 |
South America | 32.6 | 32.6 | -3.8 | 4.9 | 7.5 | 20.2 |
EMEA | 31.6 | 32.6 | 5.5 | 3.2 | 7.0 | 16.0 |
Asia Pacific | 31.2 | 29.9 | -8.1 | -6.5 | -9.0 | 9.6 |
Segment Overview — North America
| Segment | HY25 revenue | HY26 revenue | HY26 organic revenue growth % | HY25 EBITDA | HY26 EBITDA | HY26 organic EBITDA growth % | HY26 EBITDA margin % |
|---|---|---|---|---|---|---|---|
North America | 7,208 | 7,424 | 1.8 | 2,459 | 2,505 | 0.6 | 33.7 |
Middle Americas | 8,124 | 9,595 | 9.6 | 4,007 | 4,767 | 9.3 | 49.7 |
South America | 5,507 | 6,402 | 8.3 | 1,699 | 2,076 | 12.5 | 32.4 |
EMEA | 4,454 | 4,951 | 3.8 | 1,424 | 1,546 | 2.7 | 31.2 |
Asia Pacific | 3,108 | 3,122 | -2.1 | 1,056 | 990 | -10.0 | 31.7 |
Global Export & Holding | 231 | 433 | 68.0 | -489 | -508 | 6.0 | — |
Total | 28,632 | 31,927 | 5.7 | 10,156 | 11,375 | 5.6 | 35.6 |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 54,304 | 57,786 | 59,380 | 59,768 | 59,320 |
Organic revenue growth (%) | 15.3 | 11.2 | 7.8 | 2.7 | 2.0 |
Gross profit (USD Mn) | — | — | — | 33,024 | 33,179 |
Normalized EBIT (USD Mn) | — | — | — | 15,462 | 15,854 |
Normalized EBITDA (USD Mn) | 19,634 | 19,843 | 19,976 | 20,958 | 21,223 |
Organic EBITDA growth (%) | 12.8 | 7.2 | 7.0 | 8.2 | 4.9 |
Profit of the period incl. NCI (USD Mn) | — | — | — | 7,416 | 8,477 |
Profit attributable to equity holders (USD Mn) | 4,670 | 5,969 | 5,341 | 5,855 | 6,837 |
Underlying profit (USD Mn) | — | — | — | 7,061 | 7,410 |
Basic EPS (USD) | — | — | — | 2.92 | 3.45 |
Underlying EPS (USD) | 3.04 | 3.03 | 3.05 | 3.53 | 3.73 |
Dividend per share for fiscal year (EUR) | 0.50 | 0.75 | 0.82 | 1.00 | 1.15 |
Total volumes (m hl) | — | — | — | 575.7 | 561.1 |
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View Subscription PlansMargin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | — | — | — | 55.3 | 55.9 |
Normalized EBIT margin (%) | — | — | — | 25.9 | 26.7 |
Normalized EBITDA margin (%) | 36.2 | 34.3 | 33.6 | 35.1 | 35.8 |
Net margin, attributable (%) | 8.6 | 10.3 | 9.0 | 9.8 | 11.5 |
Normalized effective tax rate (%) | — | — | — | 26.5 | 26.0 |
Balance Sheet and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (USD Mn) | — | — | — | 206,637 | 218,808 |
Cash and cash equivalents (USD Mn) | — | — | — | 11,174 | 11,638 |
Short-term interest-bearing debt (USD Mn) | — | — | — | 1,449 | 885 |
Long-term interest-bearing debt (USD Mn) | — | — | — | 70,720 | 72,128 |
Net debt (USD Bn) | 76.2 | — | — | 60.6 | 60.9 |
Total equity (USD Mn) | — | — | — | 88,700 | 97,736 |
Equity attributable to shareholders (USD Mn) | — | — | — | 78,237 | 87,287 |
Goodwill (USD Mn) | — | — | — | 110,479 | 117,908 |
Intangible assets (USD Mn) | — | — | — | 40,034 | 41,985 |
Working capital, current assets minus current liabilities (USD Mn) | — | — | — | -10,067 | -9,706 |
Net debt / normalized EBITDA (x) | 3.97 | 3.50 | 3.38 | 2.89 | 2.87 |
Cash Flow
| Metric | FY2021 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Cash flow from operating activities (USD Mn) | — | — | 15,055 | 14,883 |
Net capex (USD Mn) | — | — | 3,735 | 3,552 |
Free cash flow, CFO less net capex (USD Mn) | 9,300 | 8,800 | 11,320 | 11,331 |
Dividends paid, incl. to NCI (USD Mn) | — | — | 2,672 | 4,543 |
Share buybacks (USD Mn) | — | — | 937 | 2,301 |
Net repayment of borrowings (USD Mn) | — | — | 3,830 | 2,460 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2024 | FY2025 |
|---|---|---|
ROE, attributable profit / attributable equity (%) | 7.5 | 8.3 |
ROA, profit / total assets (%) | 3.6 | 4.0 |
ROIC, NOPAT (normalized EBIT x (1 - normalized ETR)) / (total equity + net debt) (%) | 7.6 | 7.4 |
Current ratio (x) | 0.70 | 0.72 |
Gross debt / total equity (x) | 0.81 | 0.75 |
Net debt / normalized EBITDA (x) | 2.89 | 2.87 |
Interest coverage, normalized EBIT / net interest expense (x) | 5.7 | 6.2 |
Asset turnover, revenue / total assets (x) | 0.29 | 0.28 |
Inventory days (on cost of sales) | 69 | 71 |
Receivable days (on revenue) | 32 | 38 |
Payable days, trade and other payables on cost of sales | 325 | 355 |
Cash conversion cycle (days, indicative) | -224 | -246 |
Revenue by Region
| Region | FY2024 | FY2025 |
|---|---|---|
North America (USD Mn) | 14,655 | 14,207 |
Middle Americas (USD Mn) | 17,072 | 17,376 |
South America (USD Mn) | 12,423 | 11,954 |
EMEA (USD Mn) | 9,003 | 9,502 |
Asia Pacific (USD Mn) | 6,196 | 5,693 |
Geographic Revenue
| Region | FY2024 | FY2025 | HY2025 | HY2026 |
|---|---|---|---|---|
North America | 86,272 | 82,734 | 42,218 | 41,561 |
Middle Americas | 150,086 | 150,490 | 73,903 | 75,979 |
South America | 160,768 | 155,171 | 75,089 | 75,430 |
EMEA | 93,804 | 93,323 | 44,924 | 45,169 |
Asia Pacific | 84,397 | 78,999 | 43,365 | 42,134 |
Geographic Revenue (FY25 EBITDA–FY25 revenue)
| Country | FY25 revenue | FY25 EBITDA | HY26 revenue | HY26 EBITDA | Comment |
|---|---|---|---|---|---|
United States | -1.3% | -0.4% | +1.9% | +0.2% | STRs -3.2% FY25; #1 share gainer in total alcohol 2Q26 (Circana) |
Mexico | mid-single-digit growth | mid-single-digit growth | mid-single-digit growth | mid-single-digit growth | Share gains; record 2Q volumes |
Colombia | high-single-digit growth | low-teens growth | mid-teens growth | mid-teens growth | Record volumes; share of total alcohol gains |
Brazil | +1.0% | +6.1% | +8.1% | +13.1% | Beer volume back to growth in 2Q26 (+5.0%) |
Europe | low-single-digit decline | low-single-digit decline | low-single-digit growth | low-single-digit decline | Premium ~61% of revenue; share gains in 5 of 6 key markets |
South Africa | mid-single-digit growth | mid-single-digit growth | mid-single-digit growth | low-single-digit growth | Premium high-twenties volume growth 2Q26 |
China | -11.3% | -14.7% | -6.5% | -13.9% | Volumes -8.6% FY25, -9.7% 2Q26; on-premise weakness |
South Korea | low-single-digit growth | — | high-single-digit growth (2Q26) | — | Share gains in both channels |
Argentina | mid-teens (capped basis) | — | mid-teens (2Q26) | — | FY25 volume decline mid-single-digit |
Nigeria | +mid-twenties | — | low-single-digit decline (2Q26) | — | Hyperinflationary; beer volume -mid-teens FY25 |
Share Price & Returns
| Reference point | Price (EUR) | Source |
|---|---|---|
31 Dec 2023 | 58.42 | FY25 release (start-of-FY24 price) |
31 Dec 2024 | 48.25 | FY25 release |
30 Sep 2025 / 1 Oct 2025 | 50.80 | FY25 release (start of 4Q25) |
31 Dec 2025 | 54.90 | FY25 / 2Q26 releases |
31 Mar 2026 | 59.72 | 2Q26 release (start of 2Q26) |
30 Jun 2026 | 72.66 | 2Q26 release |
3 Aug 2026 | ~73.2 | AWP/Bloomberg |
9 Oct 2026 | 68.66 (daily average) | Buyback notice 12 Oct 2026 |
Performance metric | Value | Basis |
YTD 2026 (to ~9 Oct) | +25% | 54.90 to ~68.7 (derived) |
~1-year (1 Oct 2025 to 9 Oct 2026) | +35% | 50.80 to ~68.7 (derived); press reported +45% one-year move to early Aug 2026 |
~3-year (since end-2023) | +18% | 58.42 to ~68.7 (derived; ~2.8 years) |
Valuation Multiples
| Multiple | AB InBev | Basis |
|---|---|---|
Market cap (USD Bn) | ~138 | ~EUR 123.6bn |
Enterprise value (USD Bn) | ~210 | Market cap + net debt 64.2 + NCI 7.7 (book) |
P/E on LTM Underlying EPS (x) | ~18.7 | LTM Underlying EPS USD 4.12 (FY25 3.73 + HY26 2.18 - HY25 1.79) |
P/E on LTM basic EPS (x) | ~16.3 | LTM basic EPS USD 4.73 |
EV / LTM normalized EBITDA (x) | ~9.4 | LTM EBITDA USD 22.44bn |
EV / LTM sales (x) | ~3.4 | LTM revenue USD 62.6bn |
P / book (x) | ~1.5 | Attributable equity USD 93.5bn (30 Jun 2026) |
Analyst Ratings & Targets
| Broker | Date | Rating | Target |
|---|---|---|---|
RBC Capital Markets | 5 May 2026 | Outperform | EUR 85 (from 79) |
JPMorgan | 5 May 2026 | Overweight | EUR 73 |
Jefferies | May 2026 | Buy | EUR 73 |
Goldman Sachs | 12 May 2025 | Buy (upgraded from Neutral) | — |
Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividend per share (EUR) | 0.50 | 0.75 | 0.82 | 1.00 | 1.15 |
Capital Programmes
| Program | Size | Status |
|---|---|---|
FY2023–FY2025 programs (incl. USD 2bn Oct 2024 and USD 200m direct from Altria Mar 2024) | Cumulative USD 3.2bn completed since FY21 (company) | Complete |
30 Oct 2025 program | USD 6bn over 24 months | USD 1.9bn completed by 24 Jul 2026; ongoing at ~USD 17.5m/trading day |
Credit Ratings
| Agency | Rating | Outlook | Note |
|---|---|---|---|
Moody's | A3 (senior unsecured) | Stable (at upgrade) | Upgraded from Baa1 in April 2023 |
S&P Global Ratings | A- range (last verified historically) | — | Current rating/outlook should be confirmed |
Morningstar DBRS | A (low) | Stable | Confirmed 24 Sep 2024 |
Analyst Conclusions
Management guidance (FY26, reiterated 30 Jul 2026)
EBITDA growth within 4–8% (organic); normalized ETR 26–28%; net capex USD 3.5–4.0bn; average gross debt coupon ~4%; pension/accretion expense USD 190–220M per quarter. HY26 EBITDA growth of 5.6% sits mid-range.
Consensus expectations
Directionally, brokers raised EPS estimates by low-single digits after 1Q26 (JPMorgan comment) and the stock re-rated ~25% YTD, implying the market expects high-single-digit to double-digit USD EPS growth in FY26 (HY26 Underlying EPS already +22%, helped by FX and buybacks).
Bull case
-
Volume inflection is real and broad-based: beer volumes +1.2% in HY26 after two years of decline, with record volumes in Mexico, Colombia, Brazil, Ecuador, Peru and South Africa — operating leverage on a 36% EBITDA margin base is powerful.
-
Capital-return compounding: ~USD 11bn+ FCF, USD 6bn buyback (~4% of market cap over two years) and a progressive dividend while leverage drifts toward 2x; share count already down from 2,003m (FY24 weighted) to 1,976m (HY26).
-
Optionality in growth vectors: Beyond Beer (+44%), no-alcohol (+27%), Michelob Ultra internationalization and BEES Marketplace (USD 1.2bn quarterly GMV) are each scaling faster than the core.
Bear case
-
Structural developed-market decline: US industry volumes continue to fall (US STRs -0.9% HY26) and North America EBITDA growth is near zero (+0.6% HY26) as growth is reinvested in marketing; moderation and GLP-1 adoption may be secular.
-
China is broken in the near term: HY26 China EBITDA -13.9%, 2Q26 volumes -9.7%; Asia Pacific margin down 277bps — risk of further impairment and minority-value erosion at Budweiser APAC.
-
Valuation and FX already reflect the good news: ~9.4x EV/EBITDA and ~19x underlying P/E after a ~35% rally; USD EPS growth in HY26 was boosted ~11pp by FX translation (constant-currency Underlying EPS +11.0% vs +22.1% reported) — a reversal in EM currencies or the energy shock could stall momentum; founding-family selling (EPS, Aug 2026) adds overhang.
Catalysts and monitorables (next 12 months)
| Date / period | Catalyst | What to watch |
|---|---|---|
| 30 Oct 2026 | 3Q26 results | Post-World Cup volume hangover; China trajectory; interim dividend decision; buyback pace |
| 4Q26 | US holiday season / Super Bowl LXI planning | US STR trend vs industry; Michelob Ultra vs Modelo leadership |
| Feb 2027 | FY26 results and FY27 outlook | Whether EBITDA growth lands upper half of 4–8%; dividend increase; leverage vs ~2x target |
| 2,027 | Start of UEFA club-competitions sponsorship | Marketing cost inflation vs European share gains |
| Ongoing | EM FX (BRL, MXN, COP, ZAR, ARS) | Translation impact on USD EPS |
| Ongoing | Energy and aluminum costs (Middle East conflict, US tariffs) | Gross margin (57.1% HY26) |
| Ongoing | BeatBox integration and Beyond Beer growth | Contribution to US top line |
| Ongoing | Control-group behavior (EPS/BRC/Altria sales) | Share overhang |
| Oct 2027 | Completion of USD 6bn buyback | Size of any successor program |
Concluding analyst verdict
AB InBev enters late 2026 in its strongest operating position since the SABMiller combination. The FY24–HY26 sequence demonstrates that the company has completed the pivot from a leverage-repair story to a compounding-and-capital-return story: normalized EBITDA margin rebuilt to ~36%, FCF stabilized above USD 11bn, net debt/EBITDA below 2.9x, a USD 6bn buyback under way and the dividend growing again with an interim payment restored. Crucially, HY26 delivered what had been missing for two years — positive beer volume — and it did so across the group's most profitable geographies. The Latin American franchise (Middle Americas and South America generated ~60% of HY26 segment EBITDA) remains the crown jewel, with pricing power, dominant share and growing premium mix.
The investment debate now centers on quality of growth and durability rather than solvency. Roughly half of HY26 USD EPS growth came from FX translation and buybacks, North America remains a no-growth earnings stream that must be continually reinvested to hold share, and China has deteriorated into a structural problem that management is addressing with route-to-market changes whose payoff is uncertain. Beyond Beer, no-alcohol and BEES are genuine growth engines but are still small relative to a USD 60bn revenue base. Governance remains founder-controlled, and the August 2026 block sale by a founding-family vehicle is a reminder that insiders are also sellers at current levels.
On balance, the evidence supports a constructive view on fundamentals with more balanced risk/reward after the re-rating: at ~9.4x EV/EBITDA the shares price in delivery of the 4–8% EBITDA algorithm plus continued buybacks, but not a sustained acceleration. Upside from here depends on volume momentum persisting after the World Cup, China stabilizing, and EM currencies holding. Key confirmation points are 3Q26 (30 Oct 2026) and the FY27 outlook in February 2027. Verdict: high-quality, cash-compounding staples leader; positive operating trajectory, fair-to-full valuation, monitor China, FX and US volume closely.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure / context | Prior roles / notes |
|---|---|---|---|
Michel Doukeris | Chief Executive Officer | CEO since 1 Jul 2021 | Previously CEO of Anheuser-Busch (North America); led China and Asia Pacific businesses; Brazilian; chemical engineering and postgraduate business studies (per company bio) |
Fernando Tennenbaum | Chief Financial Officer | CFO since 2020 | Previously CFO of Ambev; long-tenured group finance executive |
Brendan Whitworth | CEO, Anheuser-Busch (North America zone) | Since 2022 | Led BeatBox integration (2026); former US Marine and P&G/PepsiCo/Philip Morris experience per public bios |
John Blood | Chief Legal & Corporate Affairs Officer and Company Secretary | Long-serving | Group legal head |
Marcel Marcondes | Global Chief Marketing Officer | Long-serving | Led Cannes "Creative Marketer of the Year" wins (2022, 2023, 2026) |
Nelson Jamel | Chief People Officer | Long-serving | Former Ambev CFO |
Governance Overview
| Feature | Detail |
|---|---|
Chair | Dirk Van de Put — independent director since April 2023; Chairman since 16 Jun 2026; Chairman & CEO of Mondelēz International since 2017; formerly CEO of McCain Foods (from 2011) with earlier roles at Coca-Cola, Mars, Danone, Novartis; dual Belgian-US citizen |
Previous chair | Martin J. Barrington (former Altria CEO; joined board 2016 as Altria nominee) — retired 2026 |
Chair/CEO separation | Yes — CEO is not a board member |
Composition model | Directors nominated by the Reference Shareholder (Stichting Anheuser-Busch InBev, representing the Belgian founding families and the BRC/3G-associated Brazilian investors), restricted-shareholder nominees (historically Altria and BEVCO/Santo Domingo), and independent directors |
Committees | Audit Committee, Nomination Committee, Remuneration Committee, Finance Committee (per governance charter) |
Independence | A minority of the board is independent, reflecting the controlled-company structure — a persistent governance-rating discount |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
1 Jul 2021 | Michel Doukeris succeeds Carlos Brito as CEO | Strategic pivot to organic growth/digital |
2026 AGM (29 Apr 2026) | Barrington retirement | Long-serving Altria-linked chair |
16 Jun 2026 | Dirk Van de Put appointed Chairman (unanimous board selection) | Signals continuity with the "ten-year plan" he publicly endorsed |
13 May 2026 | New "2026 Shareholders' Agreement" among Stichting AB InBev, BRC, EPS and Rayvax (Schedule 13D/A No. 8) | Renewal of the control-group arrangements |
Major Shareholders
| Holder | Shares / stake | Source |
|---|---|---|
Stichting Anheuser-Busch InBev (Reference Shareholder; owned by BRC S.à r.l. and EPS) | 663,074,832 shares; 33.57% of voting rights (FY24 Annual Report); 32.84% on FSMA denominator of 2,019,241,973 (Apr 2026) | 2024 AR; FSMA overview |
EPS Participations / EPS SA (Belgian families: Van Damme, de Mevius, de Spoelberch) | ~3.4% direct; EPS sold ~10m shares (~EUR 731m at EUR 73.10) on 3 Aug 2026 | 2024 AR; Bloomberg via AWP (Aug 2026) |
Altria Group | 125.1m restricted shares + ~34.0m ordinary; ~8.1% aggregate (after Mar 2024 sale) | 2024 AR |
BEVCO (Santo Domingo family) | Restricted shareholder; party to voting agreement; stake ~4–5% historically | — |
BRC S.à r.l. (Brazilian investors incl. Lemann, Telles, Sicupira families) | ~1.5% direct plus joint control of Stichting | Marketscreener holdings data |
BlackRock, Inc. | 2.93% voting rights (notification 12 Mar 2026) | FSMA |
Fonds Baillet Latour / Fonds Voorzitter Verhelst | ~0.28% / ~0.35% | 2024 AR |
Dodge & Cox (ADS) | ~40.0m ADS (Q1 2025 13F) | Fintel via Nasdaq |
Treasury shares | Increasing via buyback (≈1.9bn USD repurchased Oct 2025–Jul 2026) | Company |
Competitive Landscape
Key Competitors
| Competitor | Primary overlap | Relative positioning |
|---|---|---|
Heineken N.V. | Global; Mexico (Heineken/Tecate), Brazil (#2), Europe, Africa (Nigeria, South Africa), Vietnam | #2 global brewer; strongest challenger in Brazil and Mexico; F1/UEFA (until 2027) sponsor |
Carlsberg Group | Europe, Asia (China via Chongqing Brewery, Vietnam, India) | #3/#4 global; acquired Britvic (2025), broadening into soft drinks |
China Resources Beer (Snow) | China | #1 China by volume; strong in-home and premium push (Heineken China brand partner) |
Tsingtao Brewery | China | #2 China; north-China strength |
Asahi Group | Europe (Peroni, Pilsner Urquell — ex-SAB), Australia (CUB), Japan | Built from AB InBev divestitures |
Kirin Holdings | Japan, Asia | Limited direct overlap |
Molson Coors | US (Coors Light, Miller Lite), Canada, UK, CEE | Main US mainstream rival; gained share during Bud Light boycott |
Constellation Brands | US imports (Modelo Especial, Corona in US) | Modelo Especial became US #1 brand in 2023; competes directly with Michelob Ultra for US leadership |
Diageo (Guinness; RTDs; spirits) | Beer (Guinness) and spirits/RTD competing for share of throat | Beyond Beer competitor |
Boston Beer | US flavored malt beverages/hard tea (Twisted Tea), seltzer | Beyond Beer competitor |
Grupo Petrópolis | Brazil | #3 Brazil, value segment |
CCU (Compañía Cervecerías Unidas) | Argentina, Chile | Southern Cone challenger |
Hite Jinro | South Korea | #2 Korea (Terra) |
United Breweries (Heineken) | India | #1 India |
Peer Comparison FY2025
| Metric | AB InBev FY2025 | Heineken FY2024 | Carlsberg FY2024 | Molson Coors FY2024 |
|---|---|---|---|---|
Revenue (USD Bn, approx.) | 59.3 | 32.3 | 10.9 | 11.6 |
Organic revenue growth (%) | 2.0 | 5.0 | 3.0 | -1.0 |
EBITDA or operating margin | 35.8 EBITDA | ~15 operating (beia) | ~15 operating | ~20 underlying EBITDA |
R&D intensity | Not disclosed (<1%) | Not disclosed (<1%) | Not disclosed (<1%) | Not disclosed (<1%) |
Net debt / EBITDA (x) | 2.87 | ~2.5 | ~1.6 pre-Britvic | ~2.0 |
