Anheuser-Busch InBev (AB InBev) has reported a solid start to the new financial year, with record-high first-quarter beer volumes in Mexico, Colombia, Brazil, South Africa and Peru.
The group reported broad-based volume growth for the quarter to end-March and a 20.8% increase in underlying EPS to $0.97 (R16.30), a record high for the first quarter, the group said on Tuesday.
“Megabrand momentum, innovation in Balanced Choices and acceleration of our Beyond Beer portfolio drove top- and bottom-line growth in four of our five zones, and we estimate to have gained or maintained market share in 75% of our markets,” the company said.
“Cheers to beer — the strength of the category and the consistent execution of our consumer-centric strategy drove continued momentum across our footprint,” said CEO Michel Doukeris.
“We are investing behind our megabrands and innovations to lead and grow the category. With strong execution by our teams and major moments of celebration ahead, we are well positioned for 2026,” Doukeris said.
Revenue increased by 5.8% to $15.27bn (R256.6bn), while normalised earnings before interest, tax, depreciation and amortisation (ebitda) increased by 5.3% to $5.4bn (R90.7bn).
Beer volumes grew by 1.2%, with record-high first-quarter volumes in Mexico, Colombia, Brazil, South Africa and Peru. In the US, sales-to-retailer volumes grew and AB InBev continued to outperform the industry.
The group said disciplined overhead management enabled increased sales and marketing investments and offset transactional foreign exchange headwinds.
The group saw continued momentum of its global megabrands — Corona, Stella Artois and Michelob Ultra — which grew revenues by 16%, 14% and 39%, respectively, outside their home markets.
In addition, the expansion of the group’s no-alcohol beer and Beyond Beer portfolios continued, with revenue up by 27% and 37%, respectively.
“We are encouraged by our performance in the first quarter and, looking ahead, we are well positioned to activate the category in some of the biggest moments of celebration of the year, including the Fifa World Cup,” said Doukeris.
The group expects ebitda to grow in line with its medium-term outlook of between 4% and 8% based on its current assessment of inflation and other macroeconomic conditions.
Its capital expenditure for the 2026 financial year is seen between $3.5bn and $4bn.
Business Day
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