The owner of Budweiser, Corona and Stella Artois posted nearly flat volume, 22.4% higher earnings per share and 35% growth in non-alcoholic beer
AB InBev, owner of Budweiser, Corona, Stella Artois and Michelob Ultra, sold 0.4% more in the third quarter of 2026, according to results released on October 29. Beer volume fell 0.1%, and volume of the group's other drinks rose 4%. Over the first nine months of the year, total volume rose 0.7%. The company describes beer as flat: growth spread across its markets was offset, mainly, by China.
In the Chinese market, the brewer's volume and revenue fell 16.8%, and EBITDA fell 30.5%. AB InBev blamed abnormal weather, weak demand in bars and restaurants and inventory adjustments, and estimates that it sold less than the industry in the country. On the other hand, the company posted record third-quarter volume in 15 markets, including Colombia, Peru, Ecuador, South Africa, the Dominican Republic and India.
Revenue grew 4.9% organically. Normalized EBITDA rose 3.9%, to about US$ 6 billion, with a 36.1% margin, and underlying earnings per share increased 22.4%, to US$ 1.21. The company kept its forecast of 4% to 8% EBITDA growth for 2026.
In Brazil, where it operates through Ambev, revenue rose 5.3%, with total volume up 1.4% and revenue per hectoliter up 3.9%. According to the company, its portfolio gained share in a market whose sales to consumers grew by a mid-single-digit percentage, according to Nielsen, and Stella Artois Pure Gold and Michelob Ultra grew by triple digits in the country.
Revenue from non-alcoholic beer increased 35% in the quarter. On the conference call with analysts, transcribed by The Motley Fool, management said this segment now accounts for about 1.5% to 2% of the group's total volume.
Bebidário's catalog includes AB InBev labels such as Corona Extra, Spaten Munich Helles, Leffe Blonde and Budweiser.
Sources: AB InBev (October 29, 2026), The Motley Fool (October 29, 2026).
