AB InBev Reports First Quarter 2026 Results
Solidtop-andbottom-lineperformance:Revenueupby5.8%,Beervolumegrowthof1.2%anda20.8%UnderlyingEPSincrease
BRUSSELS--(BUSINESSWIRE)--Anheuser-BuschInBev(Brussel:ABI)(BMV:ANB)(JSE:ANH)(NYSE:BUD):
Regulatedinformation1
“Cheerstobeer-thestrengthofthecategoryandtheconsistentexecutionofourconsumer-centricstrategydrovecontinuedmomentumacrossourfootprint.Weareinvestingbehindourmegabrandsandinnovationstoleadandgrowthecategory.Withstrongexecutionbyourteamsandmajormomentsofcelebrationahead,wearewellpositionedfor2026.”–MichelDoukeris,CEO,ABInBev
Revenue
+5.8%
Revenueincreasedby5.8%withrevenueperhlgrowthof4.5%.
Reportedrevenueincreasedby12.0%to15267millionUSD,positivelyimpactedbycurrencytranslation.
8.2%increaseincombinedrevenuesofmegabrands,ledbyCorona,whichgrewby16%outsideofitshomemarket.
27%increaseinrevenueofno-alcoholbeer.
37%increaseinrevenueofBeyondBeer.
55%increaseinGrossMerchandiseValue(GMV)fromsalesofthird-partyproductsthroughBEESMarketplacetoreach1.1billionUSD.
Volumes
+0.8%
Volumesincreasedby0.8%,withbeervolumesupby1.2%andnon-beervolumesdownby1.9%.
NormalizedEBITDA
+5.3%
NormalizedEBITDAincreasedby5.3%to5437millionUSD,withamargincontractionof15bpsto35.6%.
UnderlyingProfit
1923millionUSD
UnderlyingProfitwas1923millionUSDin1Q26comparedto1606millionUSDin1Q25.
ReportedprofitattributabletoequityholdersofABInBevwas2563millionUSDin1Q26comparedto2148millionUSDin1Q25,bothpositivelyimpactedbynon-underlyingitems.
UnderlyingEPS
0.97USD
UnderlyingEPSincreasedby20.8%to0.97USDin1Q26,comparedto0.81USDin1Q25.
Onaconstantcurrencybasis,UnderlyingEPSincreasedby8.8%.
1TheenclosedinformationconstitutesregulatedinformationasdefinedintheBelgianRoyalDecreeof14November2007regardingthedutiesofissuersoffinancialinstrumentswhichhavebeenadmittedfortradingonaregulatedmarket.Forimportantdisclaimersandnotesonthebasisofpreparation,pleaserefertopage12.
Managementcomments
Consistentandcompoundinggrowthwithbeervolumeupby1.2%anda20.8%UnderlyingEPSincrease
Ourbusinessdeliveredasolidstarttotheyearwithbroad-basedvolumegrowthanda20.8%increaseinUnderlyingEPStoreach0.97USD,arecordhighforthefirstquarter.Megabrandmomentum,innovationinBalancedChoicesandaccelerationofourBeyondBeerportfoliodrovetop-andbottom-linegrowthin4ofour5zonesandweestimatetohavegainedormaintainedmarketsharein75%ofourmarkets.
Revenueincreasedby5.8%,withtotalvolumegrowthof0.8%andarevenueperhlincreaseof4.5%,drivenbyrevenuemanagementandpositivemixfrompremiumizationandBeyondBeer.Beervolumesgrewby1.2%,withrecordhighfirstquartervolumesinMexico,Colombia,Brazil,SouthAfricaandPeru.IntheUS,oursalestoretailervolumesgrewandwecontinuedtooutperformtheindustry.
EBITDAincreasedby5.3%withflattishmarginsasdisciplinedoverheadmanagementenabledincreasedsalesandmarketinginvestmentsandoffsettransactionalFXheadwinds.
Somekeyhighlightsfromourperformancethisquarterincludethefollowing:continuedmomentumofourglobalmegabrands,Corona,StellaArtoisandMichelobUltra,whichgrewrevenuesby16%,14%and39%respectivelyoutsideoftheirhomemarkets;expansionofourno-alcoholbeerandBeyondBeerportfolioswhichgrewrevenueby27%and37%respectively;BEESmarketplaceGMVincreasedby55%anddeliveredmorethan1billionUSDinquarterlyGMV.
Progressingourstrategicpriorities
Wecontinuetoexecuteon,andinvestin,threekeystrategicpillarstodeliverconsistentgrowthandlong-termvaluecreation.
(1)Leadandgrowthecategory:
Weincreasedouroverallportfoliobrandpowerdrivenbyincreasedmarketinginvestmentandeffectiveness.Inaddition,weestimatethatwegainedormaintainedmarketsharein75%ofourmarkets.
(2)Digitizeandmonetizeourecosystem:
BEESMarketplaceGMVincreasedby55%toreach1.1billionUSDinGMVfromsalesofthird-partyproducts.OverallBEESGMVincreasedby15%,reaching14.6billionUSD.
(3)Optimizeourbusiness:
UnderlyingEPSincreasedby20.8%to0.97USD,reachingarecordhighforthefirstquarter.
(1)Leadandgrowthecategory
Weareexecutingonourreplicableleverstodrivecategorygrowth.Performanceacrosseachoftheleverswasledbyourmegabrandswhichdeliveredan8.2%revenueincrease.
CoreSuperiority:Revenueofourmainstreamportfolioincreasedby0.8%,drivenbydouble-digitgrowthinColombia,PeruandtheDominicanRepublic.
BalancedChoices:OurBalancedChoicesportfoliooflowcarb,lowcalorie,sugarfree,glutenfreeandno-alcoholbeerbrandsdeliveredarevenueincreaseof17%.Ourno-alcoholbeerportfolioledourperformance,deliveringa27%revenueincreaseandgainingsharetonowbethegloballeaderinno-alcoholbeerbyvalue,accordingtoNielsen.
Premiumization:Ourabovecorebeerportfoliodeliveredan11%revenueincrease.PerformancewasdrivenbyCorona,StellaArtoisandMichelobUltrawhichdeliveredrevenuegrowthof16%,14%and39%respectivelyoutsideoftheirhomemarkets.CoronasuccessfullyactivatedtheMilanoCortinaWinterOlympicsandincreasedvolumebydouble-digitsin32markets.
BeyondBeer:GrowthofourBeyondBeerportfolioaccelerated,increasingrevenueby37%.PerformancewasledbytheglobalexpansionofFlyingFishandbyCutwaterintheUS,whichincreasedrevenuebytriple-digitsandwasthe3rdlargestcontributorbybrandtoourglobalrevenuegrowthin1Q26.
(2)Digitizeandmonetizeourecosystem
Digitizingourrelationshipswithmorethan6millioncustomersglobally:Asof31March2026,BEESwaslivein29marketswith72%ofourrevenuescapturedthroughB2Bdigitalplatforms.In1Q26,BEEScaptured14.6billionUSDinGMV,growthof15%versus1Q25.
Monetizingourroute-to-market;deliveringmorethan1billionUSDinquarterlyGMV:BEESMarketplacegrowthmomentumcontinued,withGMVincreasingby55%versus1Q25andreachingapproximately1.1billionUSDfromsalesofthird-partyproducts.
LeadingthewayinDTCsolutions:OurdigitalDTCmegabrands,ZéDelivery,TaDaDeliveryandPerfectDraft,served12millionactiveconsumersandgenerated139millionUSDinrevenue,representing5%growthversus1Q25.Salesofthird-partyproductsthroughourDTCmarketplacereached41millionUSDinGMV,a42%increaseversus1Q25.
(3)Optimizeourbusiness
Maximizingvaluecreation:EBITDAgrewby5.3%withflattishmarginsasdisciplinedresourceallocationandoverheadmanagementoffsettransactionalFXheadwinds.Capexoptimizationdroveincreasedefficiencyindepreciationandamortizationexpenses,resultingin7.1%EBITgrowth.Inrecognitionofourconsistentfinancialperformanceandthestrengthofourbalancesheet,ourcreditratingwasrecentlyupgradedfromA3toA2byMoody’s.Asof1May2026,wehavecompleted1.4billionUSDofour6billionUSDsharebuybackprogramannouncedon30October2025.
Advancingoursustainabilitypriorities:Afterclosingour2025sustainabilitygoals,wehavesetnew2030goalstostrengthenresilienceacrossourvaluechain,focusedonagriculture,water,andenergyandemissions.Forfurtherdetails,pleaserefertoourwebsitehere.
Continuedmomentumandreliablecompoundinggrowth
Themomentumofourbusinesscontinuedtostarttheyear,withbroad-basedvolumegrowth,revenuemanagementandpositivemixdrivinga5.8%revenueincrease.Top-linegrowth,disciplinedcostmanagementandtranslationalFXtailwindsdroveUnderlyingEPSgrowthof20.8%.
Weareencouragedbyourperformanceinthefirstquarterand,lookingahead,wearewellpositionedtoactivatethecategoryinsomeofthebiggestmomentsofcelebrationoftheyear,includingtheFIFAWorldCup.OurconsistentperformanceandthestrengthofthebeercategoryreinforceourconfidenceinourabilitytodeliverourFY26outlookandcreateafuturewithmorecheers.
2026Outlook
(i)OverallPerformance:WeexpectourEBITDAtogrowinlinewithourmedium-termoutlookofbetween4-8%.TheoutlookforFY26reflectsourcurrentassessmentofinflationandothermacroeconomicconditions.
(ii)NetFinanceCosts:Netpensioninterestexpensesandaccretionexpensesareexpectedtobeintherangeof190to220millionUSDperquarter,dependingoncurrencyandinterestratefluctuations.WeexpecttheaveragegrossdebtcouponinFY26tobeapproximately4%.
(iii)EffectiveTaxRate(ETR):WeexpectthenormalizedETRinFY26tobeintherangeof26%to28%.TheETRoutlookdoesnotconsidertheimpactofpotentialfuturechangesinlegislation.
(iv)NetCapitalExpenditure:Weexpectnetcapitalexpenditureofbetween3.5and4.0billionUSDinFY26.
Figure1.Consolidatedperformance
inUSDMio,exceptEPSinUSDpershareandVolumesinthousandhls
1Q25
1Q26
Organic
growth
Volumes
136268
136409
0.8
%
Beer
117385
118480
1.2
%
Non-Beer
18883
17929
(1.9
)%
Revenue
13628
15267
5.8
%
Grossprofit
7583
8647
7.2
%
Grossmargin
55.6
%
56.6
%
76bps
NormalizedEBITDA
4855
5437
5.3
%
NormalizedEBITDAmargin
35.6
%
35.6
%
(15)bps
NormalizedEBIT
3587
4073
7.1
%
NormalizedEBITmargin
26.3
%
26.7
%
33bps
ProfitattributabletoequityholdersofABInBev
2148
2563
UnderlyingProfit
1606
1923
BasicEPS
1.08
1.30
UnderlyingEPS
0.81
0.97
Figure2.Volumes
inthousandhls
1Q25
Scope
Organic
growth
1Q26
Organicgrowth
Total
Beer
NorthAmerica
19842
(97
)
(615
)
19131
(3.1
)%
(3.2
)%
MiddleAmericas
35081
(728
)
1632
35985
4.8
%
5.6
%
SouthAmerica
40891
-
(126
)
40765
(0.3
)%
0.8
%
EMEA
20752
(95
)
274
20931
1.3
%
1.5
%
AsiaPacific
19648
(18
)
(83
)
19548
(0.4
)%
(0.4
)%
GlobalExportandHoldingCompanies
54
8
(11
)
50
(18.4
)%
(18.4
)%
ABInBevWorldwide
136268
(931
)
1072
136409
0.8
%
1.2
%
KeyMarketsPerformance
UnitedStates:STRvolumegrowthdrivenbybeerandBeyondBeersharegainsandanimprovedindustry
Operatingperformance:Revenueincreasedby1.1%withrevenueperhlincreasingby4.4%drivenbyrevenuemanagementandpositivebrandmix.Sales-to-retailers(STRs)increasedby0.3%,estimatedtohaveoutperformedanimprovedindustry.Sales-to-wholesalers(STWs)declinedby3.2%aswecycledachallengingshipmentphasingcomparable.OurSTRsandSTWstendtoconvergeonafullyearbasis.EBITDAincreasedby0.2%,astop-linegrowthandproductivityinitiativeswerereinvestedinincreasedmarketingspendtofuelmomentum.
Commercialhighlights:Wewerethe#1sharegainerintotalalcoholaswecontinuedtogainshareinbothbeerandspirits,accordingtoCircana.OurbeerperformancewasledbyMichelobUltraandBuschLight,whichcontinuedtobethe#1and#2volumesharegainersintheindustryrespectively.OurBeyondBeerportfoliodeliveredrevenuegrowthinthehigh-sixties,ledbyCutwaterwhichgrewrevenueinthetriple-digitsandwasthe#1sharegainingbrandinthetotalspiritsindustryin1Q26.Wearetheleaderinno-alcoholbeer,withourportfoliogainingshareandgrowingrevenueinthelow-twenties.Beercategorytrendsimprovedin1Q26asweatherpatternsnormalizedandconsumersentimentstabilized,withrevenuegrowthandflattishvolumes,accordingtoCircana.
Mexico:Recordhighvolumesdrovehigh-singledigittopandmid-singledigitbottom-linegrowth
Operatingperformance:Revenueincreasedbyhigh-singledigits,withmid-singledigitrevenueperhlgrowthdrivenbyrevenuemanagement.Volumesincreasedbymid-singledigits,outperformingtheindustrywhichgrewbylow-singledigits,benefittingfromEastershipmentphasing.EBITDAgrewbymid-singledigits,astop-linegrowthwaspartiallyoffsetbytransactionalFXheadwindsandincreasedmarketinginvestments.
Commercialhighlights:Ourperformancewasledbyourabovecorebeerportfolio,whichgrewrevenuebylow-teensdrivenbyModeloandMichelobUltra.Ourmainstreambeerportfoliocontinuedtogrow,deliveringmid-singledigitrevenuegrowthledbyCorona.Westrengthenedourpositionastheindustryleaderinno-alcoholbeer,withourportfoliogrowingvolumebystrongdouble-digitsledbyCoronaCeroandModeloCero.InBeyondBeer,ourportfoliogrewvolumebystrongdouble-digits,ledbytheVicky’sbrandfamily.
Colombia:Recordhighvolumesdrovedouble-digittop-andbottom-linegrowth
Operatingperformance:Revenueincreasedbylow-teenswithmid-singledigitrevenueperhlgrowth,drivenbyrevenuemanagementandpositivemix.Volumesgrewbymid-singledigits,withourportfoliogainingshareofalcoholbeverages.EBITDAgrewbylow-teens,asdisciplinedcostmanagementandoperationalleverageoffsettransactionalFXheadwinds.
Commercialhighlights:Increasedbrandpowerandconsistentexecutiondroveourmomentumwithrevenuegrowingacrossallpricesegmentsofourportfolioandourbusinessdeliveringrecordhighfirstquartervolumes.Ourabovecorebeerbrandsledourperformancewithvolumegrowthofhigh-singledigits,ledbyCorona.Ourmainstreambeerportfoliocontinuedtogrow,deliveringamid-singledigitvolumeincrease.
Brazil:Recordhighbeervolumesanddouble-digitbottomlinegrowthdrivenbymarketsharegainandanimprovedindustry
Operatingperformance:Revenueincreasedby8.4%withrevenueperhlgrowthof8.6%,drivenbyrevenuemanagementandpremiumization.Beervolumesincreasedby1.2%,estimatedtohaveoutperformedtheindustry.Non-beervolumesdecreasedby3.9%,resultinginatotalvolumedeclineof0.2%.EBITDAincreasedby10.6%withmarginexpansionof71bps,asdisciplinedrevenueandcostmanagementmorethanoffsettransactionalFXheadwinds.
Commercialhighlights:Ourpremiumandsuperpremiumbeerbrandsledourperformance,deliveringlow-twentiesvolumegrowthandstrengtheningourleadershippositionofthepremiumsegment.Ourmainstreambeerperformanceimprovedsequentially,estimatedtohavegainedshareofthesegment.Weareleadingtheindustryinno-alcoholbeer,withourportfoliogrowingvolumesbylow-teensandestimatedtohavegainedshare.InBeyondBeer,ourportfoliogrewvolumesbyhigh-teens,ledbyBeatsandthelaunchofFlyingFish.
Europe:Continuedmarketsharegainsandpremiumizationoffsetasoftindustrytodrivetop-andbottom-linegrowth
Operatingperformance:Volumesgrewbylow-singledigits,estimatedtohaveoutperformedtheindustryinthemajorityofourkeymarkets,andsupportedbyEastershipmentphasing.Revenueandrevenueperhlincreasedbylow-singledigitsdrivenbyrevenuemanagementandpremiumization.EBITDAgrewbylow-singledigitswithflattishmarginsasweincreasedmarketinginvestments.
Commercialhighlights:Ourperformancewasdrivenbyourmegabrands,ledbyCoronawhichdeliveredhigh-singledigitvolumegrowth.Ourno-alcoholbeerportfolioisestimatedtohavegrownmarketsharein5ofour6keymarkets,ledbyCoronaCerowhichdeliveredstrongdouble-digitvolumegrowth.WesuccessfullyactivatedtheMilanoCortina2026WinterOlympicsandcreatedgoldenmomentsforconsumers,withCoronaandCoronaCeroaccountingfor60%ofallbeveragessoldinOlympicvenues.
SouthAfrica:Recordhighvolumesdrovemid-singledigittop-linegrowth
Operatingperformance:Revenueincreasedbymid-singledigitswithrevenueperhlgrowthoflow-singledigits.Volumesgrewbylow-singledigits,withbeervolumesestimatedtohaveunderperformedalow-singledigitgrowingindustry,whileBeyondBeeroutperformed.EBITDAdeclinedbylow-singledigits,withtop-linegrowthprimarilyoffsetbyphasingofsalesandmarketinginvestments.
Commercialhighlights:Themomentumofourbusinesscontinued,withtheconsistentexecutionofourstrategydrivinganincreaseinourportfoliobrandpowerandrecordhighfirstquartervolumes.Performancewasdrivenbyourpremiumandsuperpremiumbeerbrands,whichgrewvolumesbymid-twentiesledbyCorona.Ourmainstreambeerportfoliocontinuedtogrow,deliveringlow-singledigitrevenuegrowthledbyCarlingBlackLabel.InBeyondBeer,ourportfoliogrewvolumesbyhigh-singledigitsledbyFlyingFishandourspirits-basedRTDinnovations.
China:Improvedvolumetrendasweincreasedinvestmentstorebuildmomentum
Operatingperformance:Volumesdeclinedby1.5%,improvingsequentiallyfrom4Q25butunderperformingtheindustryaccordingtoourestimates.Revenueperhldecreasedby2.5%,drivenbyincreasedinvestmentstoexpandourin-homepresence,resultinginarevenuedeclineof3.9%.EBITDAdeclinedby11.8%,impactedbytop-lineperformanceandincreasedsalesandmarketinginvestments.
Commercialhighlights:Beerindustryvolumeimprovedsequentiallyandwasestimatedtohavegrownslightlyin1Q26.Ourtopprioritiesaretorebuildmomentumandreignitegrowth.Weareinvestingbehindourmegabrandsandinnovations,strengtheningourexecution,andexpandingourin-homechannelpresence.In1Q26,weincreasedsalesandmarketinginvestmentstoactivatetheChineseNewYearcampaignforBudweiserandwelaunchedHarbin1900,a100%puremaltclassiclagerinnovation,toincreaseourparticipationinthefastgrowingcoreplussegment.
Highlightsfromourothermarkets
Canada:Revenuewasflatwithlow-singledigitrevenueperhlgrowth.Volumesdeclinedbylow-singledigits,withbeerperformanceestimatedtobein-linewithasoftindustrywhileweoutperformedagrowingBeyondBeersegment.OurbeerperformancewasledbyMichelobUltraandBuschwhichwerethetoptwovolumesharegainersintheindustry.BeyondBeergrowthwasledbyCutwaterandMike’sHardLemonadewhichweretwoofthetopthreesharegainersinthecategory.
Peru:Volumesgrewbyhigh-singledigitstoreacharecordhighforthefirstquarter.Performancewasledbyourmainstreambeerbrands,whichgrewvolumesbyhigh-singledigits,andourBeyondBeerportfolio,whichgrewvolumesinthetriple-digits.Revenuegrewbylow-teenswithmid-singledigitrevenueperhlgrowth,drivenbyrevenuemanagementandpositivemix.
Ecuador:Revenuegrewbylow-teenswithgrowthledbyourabovecorebeerbrandswhichincreasedrevenuesbystrongdouble-digits.Volumesincreasedbyhigh-singledigits,withindustrygrowthdrivenbyanimprovedconsumerenvironmentandsupportedbycyclingasoftindustryin1Q25.
Argentina:Volumesdeclinedbylow-singledigits,withbeervolumesestimatedtohaveoutperformedtheindustryinaconstrainedconsumerenvironment.Revenuegrewbyhigh-singledigitsdrivenbyrevenuemanagement.
AfricaexcludingSouthAfrica:InNigeria,revenuegrewbymid-singledigits,drivenbyrevenuemanagement.Beervolumesdeclinedbymid-singledigits,estimatedtohaveoutperformedasoftindustry.
InourothermarketsinAfrica,revenuegrewinaggregatebyhigh-singledigitsandvolumesbylow-singledigits,drivenbyTanzania,MozambiqueandUganda.
SouthKorea:OurbusinesscycledachallengingshipmentphasingcomparableduetoourApril2025priceincrease,resultinginvolumesdecliningbylow-teens.Revenuedecreasedbyhigh-singledigitswithlow-singledigitrevenueperhlgrowth.Weestimatethatwehavecontinuedtogainmarketshareinboththeon-premiseandin-homechannels.
ConsolidatedIncomeStatement
Figure3.Consolidatedincomestatement
inUSDMio
1Q25
1Q26
Organic
growth
Revenue
13628
15267
5.8
%
Costofsales
(6044
)
(6620
)
(3.9
)%
Grossprofit
7583
8647
7.2
%
SG&A
(4188
)
(4743
)
(6.5
)%
Otheroperatingincome/(expenses)
192
170
(11.6
)%
NormalizedEBIT
3587
4073
7.1
%
Non-underlyingitemsaboveEBIT
(49
)
56
Netfinanceincome/(expense)
(984
)
(1050
)
Non-underlyingnetfinanceincome/(expense)
602
631
Shareofresultsofassociates
52
52
Incometaxexpense
(664
)
(786
)
Profit
2544
2977
Profitattributabletonon-controllinginterest
396
414
ProfitattributabletoequityholdersofABInBev
2148
2563
NormalizedEBITDA
4855
5437
5.3
%
UnderlyingProfit
1606
1923
Non-underlyingitemsaboveEBIT
Figure4.Non-underlyingitemsaboveEBIT&Non-underlyingshareofresultsofassociates
inUSDMio
1Q25
1Q26
Restructuring
(12
)
(23
)
Businessandassetdisposals(includingimpairmentlosses)
(37
)
79
Non-underlyingitemsinEBIT
(49
)
56
NormalizedEBITexcludespositivenon-underlyingitemsof56millionUSDin1Q26andnegativenon-underlyingitemsof49millionUSDin1Q25.
Netfinanceincome/(expense)
Figure5.Netfinanceincome/(expense)
inUSDMio
1Q25
1Q26
Netinterestexpense
(621
)
(613
)
Accretionexpenseandinterestonpensions
(167
)
(216
)
Otherfinancialresults
(196
)
(220
)
Netfinanceincome/(expense)
(984
)
(1050
)
Non-underlyingnetfinanceincome/(expense)
Figure6.Non-underlyingnetfinanceincome/(expense)
inUSDMio
1Q25
1Q26
Mark-to-market
602
631
Non-underlyingnetfinanceincome/(expense)
602
631
Non-underlyingnetfinanceincomeincludesmark-to-marketgainsonderivativeinstrumentsenteredintoinordertohedgeourshare-basedpaymentprogramsandsharesissuedinrelationtothecombinationswithGrupoModeloandSAB.
Thenumberofsharescoveredbythehedgingofourshare-basedpaymentprogram,thedeferredshareinstrumentandtherestrictedsharesareshownbelow,togetherwiththeopeningandclosingshareprices.
Figure7.Non-underlyingequityderivativeinstruments
1Q25
1Q26
Sharepriceatthestartoftheperiod(Euro)
48.25
54.90
Sharepriceattheendoftheperiod(Euro)
56.92
59.72
Numberofequityderivativeinstrumentsattheendoftheperiod(inmillion)
100.5
94.0
Incometaxexpense
Figure8.Incometaxexpense
inUSDMio
1Q25
1Q26
Incometaxexpense
664
786
Effectivetaxrate
21.0%
21.2%
Normalizedeffectivetaxrate
25.9%
25.2%
The1Q26and1Q25effectivetaxrateswerepositivelyimpactedbynon-taxablegainsfromderivativesrelatedtothehedgingofshare-basedpaymentprogramsandthehedgingofthesharesissuedinatransactionrelatedtothecombinationwithGrupoModeloandSAB.
ThedecreaseinNormalizedETRin1Q26comparedto1Q25wasprimarilyduetopositivecountrymix.
UnderlyingEPS
Figure9.UnderlyingEPS
inUSDpershare,exceptnumberofsharesinmillion
1Q25
1Q26
NormalizedEBITDA
2.43
2.75
Depreciation,amortizationandimpairment
(0.64
)
(0.69
)
NormalizedEBIT
1.80
2.06
Netfinanceincome/(expense)
(0.49
)
(0.53
)
Incometaxexpense
(0.34
)
(0.39
)
Associates&non-controllinginterests
(0.17
)
(0.18
)
Hyperinflationimpacts
0.01
0.01
UnderlyingEPS
0.81
0.97
Weightedaveragenumberofordinaryandrestrictedshares
1994
1978
ReconciliationofIFRSandNon-IFRSFinancialMeasures
ProfitattributabletoequityholdersandUnderlyingProfit
Figure10.UnderlyingProfit
inUSDMio
1Q25
1Q26
ProfitattributabletoequityholdersofABInBev
2148
2563
Netimpactofnon-underlyingitemsonprofit
(565
)
(667
)
Hyperinflationimpacts
23
28
UnderlyingProfit
1606
1923
BasicandUnderlyingEPS
Figure11.BasicandUnderlyingEPS
inUSDpershare,exceptnumberofsharesinmillion
1Q25
1Q26
BasicEPS
1.08
1.30
Netimpactofnon-underlyingitems
(0.28
)
(0.34
)
Hyperinflationimpacts
0.01
0.01
UnderlyingEPS
0.81
0.97
FXtranslationimpact
-
(0.09
)
UnderlyingEPSinconstantcurrency
0.81
0.88
Weightedaveragenumberofordinaryandrestrictedshares
1994
1978
ProfitattributabletoequityholdersandNormalizedEBITDA
Figure12.ReconciliationofNormalizedEBITDAtoProfitattributabletoequityholdersofABInBev
inUSDMio
1Q25
1Q26
ProfitattributabletoequityholdersofABInBev
2148
2563
Non-controllinginterests
396
414
Profit
2544
2977
Incometaxexpense
664
786
Shareofresultsofassociates
(52
)
(52
)
Netfinance(income)/expense
984
1050
Non-underlyingnetfinance(income)/expense
(602
)
(631
)
Non-underlyingitemsaboveEBIT(incl.impairmentlosses)
49
(56
)
NormalizedEBIT
3587
4073
Depreciation,amortizationandimpairment
1268
1364
NormalizedEBITDA
4855
5437
NormalizedEBITDA,NormalizedEBITandUnderlyingProfitarenon-IFRSfinancialmeasuresusedbyABInBevtoreflectthecompany’sunderlyingperformance.UnderlyingEPSandconstantcurrencyUnderlyingEPSarenon-IFRSfinancialmeasuresthatABInBevbelievesareusefultoinvestorsbecausetheyfacilitatecomparisonsofEPSfromperiodtoperiod.
NormalizedEBITDAiscalculatedbyadjustingprofitattributabletoequityholdersofABInBevtoexclude:(i)non-controllinginterest;(ii)incometaxexpense;(iii)shareofresultsofassociates;(iv)non-underlyingshareofresultsofassociates;(v)netfinanceincomeorcost;(vi)non-underlyingnetfinanceincomeorcost;(vii)non-underlyingitemsaboveEBIT;and(viii)depreciation,amortizationandimpairment.
UnderlyingProfitiscalculatedbyadjustingprofitattributabletoequityholdersofABInBevtoexclude:(i)non-underlyingitemsand(ii)hyperinflationimpacts.UnderlyingEPSiscalculatedasUnderlyingProfitdividedbytheweightedaveragenumberofordinaryandrestrictedshares.ConstantcurrencyUnderlyingEPSiscalculatedasUnderlyingEPSexcludingtheeffectsofforeigncurrencytranslationbytranslatingcurrentperiodfiguresusingtheexchangeratesfromthesameperiodintheprioryear.
NormalizedEBITDA,NormalizedEBITandUnderlyingProfitarenotaccountingmeasuresunderIFRSandshouldnotbeconsideredasanalternativetoprofitattributabletoequityholdersasameasureofoperationalperformance,oranalternativetocashflowasameasureofliquidity.UnderlyingEPSandconstantcurrencyUnderlyingEPSarenotaccountingmeasuresunderIFRSandshouldnotbeconsideredasalternativestoearningspershareasameasureofoperatingperformanceonapersharebasis.Thesenon-IFRSfinancialmeasuresdonothaveastandardcalculationmethodandABInBev’sdefinitionofNormalizedEBITDA,NormalizedEBIT,UnderlyingProfit,UnderlyingEPSandconstantcurrencyUnderlyingEPSmaynotbecomparabletothatofothercompanies.
Notes
TofacilitatetheunderstandingofABInBev’sunderlyingperformance,theanalysesofgrowth,includingallcommentsinthispressrelease,unlessotherwiseindicated,arebasedonorganicgrowthandnormalizednumbers.Inotherwords,financialsareanalyzedeliminatingtheimpactofchangesincurrenciesontranslationofforeignoperations,andscopechanges.Since1Q24,thedefinitionoforganicrevenuegrowthhasbeenamendedtocapthepricegrowthinArgentinatoamaximumof2%permonth(26.8%year-over-year).Correspondingadjustmentsaremadetoallincomestatementrelateditemsintheorganicgrowthcalculationsthroughscopechanges.Scopechangesalsorepresenttheimpactofacquisitionsanddivestitures,thestartorterminationofactivitiesorthetransferofactivitiesbetweensegments,curtailmentgainsandlossesandyearoveryearchangesinaccountingestimatesandotherassumptionsthatmanagementdoesnotconsideraspartoftheunderlyingperformanceofthebusiness.Beervolumesandrevenueincludeprimarilybeer,no-alcoholbeer,othermalt-basedalcoholbeveragesandspirits-basedbeverages.Non-beervolumesandrevenueincludeprimarilycarbonatedsoftdrinksandenergydrinks.Inaddition,beerandnon-beercategoriesincludenotonlybrandsthatweownorlicense,butalsothird-partybrandsthatwebrewandsell,andthird-partyproductsthatwesellthroughourdistributionnetwork.Theorganicgrowthofourglobalbrands,Budweiser,StellaArtois,andCoronaexcludesexportstoAustraliaforwhichaperpetuallicensewasgrantedtoathirdpartyupondisposaloftheAustraliaoperationsin2020.Allreferencesperhectoliter(perhl)excludeUSnon-beverageactivities.Wheneverpresentedinthisdocument,allperformancemeasures(EBITDA,EBIT,profit,taxrate,EPS)arepresentedona“normalized”basis,whichmeanstheyarepresentedbeforenon-underlyingitems.Non-underlyingitemsareeitherincomeorexpenseswhichdonotoccurregularlyaspartofthenormalactivitiesoftheCompany.TheyarepresentedseparatelybecausetheyareimportantfortheunderstandingoftheunderlyingsustainableperformanceoftheCompanyduetotheirsizeornature.NormalizedmeasuresareadditionalmeasuresusedbymanagementandshouldnotreplacethemeasuresdeterminedinaccordancewithIFRSasanindicatoroftheCompany’sperformance.Effective1January2026,CerveceríaBucaneroS.A.,aCubancompanyinwhichweindirectlyholda50%equityinterestthroughoursubsidiaryAmbev,isaccountedforasanassociateusingtheequitymethodofaccounting.Theimpactofthischangeinpresentationisreflectedasascopechange.WearereportingtheresultsfromArgentinaapplyinghyperinflationaccountingsince3Q18.TheIFRSrules(IAS29)requireustorestatetheyear-to-dateresultsforthechangeinthegeneralpurchasingpowerofthelocalcurrency,usingofficialindicesbeforeconvertingthelocalamountsattheclosingrateoftheperiod.In1Q26,wereportedanegativeimpactfromhyperinflationaccountingontheprofitattributabletoequityholdersofABInBevof28millionUSD.Theimpactin1Q26BasicEPSwas0.01USD.Valuesinthefiguresandannexesmaynotaddup,duetorounding.1Q26EPSisbaseduponaweightedaverageof1978millionsharescomparedtoaweightedaverageof1994millionsharesfor1Q25.
Legaldisclaimer
Thisreleasecontains“forward-lookingstatements”.ThesestatementsarebasedonthecurrentexpectationsandviewsoffutureeventsanddevelopmentsofthemanagementofABInBevandarenaturallysubjecttouncertaintyandchangesincircumstances.Theforward-lookingstatementscontainedinthisreleaseincludestatementsotherthanhistoricalfactsandincludestatementstypicallycontainingwordssuchas“will”,“may”,“should”,“believe”,“intends”,“expects”,“anticipates”,“targets”,“ambition”,“estimates”,“likely”,“foresees”andwordsofsimilarimport.Allstatementsotherthanstatementsofhistoricalfactsareforward-lookingstatements.Youshouldnotplaceunduerelianceontheseforward-lookingstatements,whichreflectthecurrentviewsofthemanagementofABInBev,aresubjecttonumerousrisksanduncertaintiesaboutABInBevandaredependentonmanyfactors,someofwhichareoutsideofABInBev’scontrol.Thereareimportantfactors,risksanduncertaintiesthatcouldcauseactualoutcomesandresultstobemateriallydifferent,including,butnotlimitedtotherisksanduncertaintiesrelatingtoABInBevthataredescribedunderItem3.DofABInBev’sAnnualReportonForm20-FfiledwiththeSECon3March2026.Manyoftheserisksanduncertaintiesare,andwillbe,exacerbatedbyanyfurtherworseningoftheglobalbusinessandeconomicenvironment,includingasaresultofforeigncurrencyexchangeratefluctuationsandongoinggeopoliticalinstability.Otherunknownorunpredictablefactorscouldcauseactualresultstodiffermateriallyfromthoseintheforward-lookingstatements.Theforward-lookingstatementsshouldbereadinconjunctionwiththeothercautionarystatementsthatareincludedelsewhere,includingABInBev’smostrecentForm20-FandotherreportsfurnishedonForm6-K,andanyotherdocumentsthatABInBevhasmadepublic.Anyforward-lookingstatementsmadeinthiscommunicationarequalifiedintheirentiretybythesecautionarystatementsandtherecanbenoassurancethattheactualresultsordevelopmentsanticipatedbyABInBevwillberealizedor,evenifsubstantiallyrealized,thattheywillhavetheexpectedconsequencesto,oreffectson,ABInBevoritsbusinessoroperations.Exceptasrequiredbylaw,ABInBevundertakesnoobligationtopubliclyupdateorreviseanyforward-lookingstatements,whetherasaresultofnewinformation,futureeventsorotherwise.Thefirstquarter2026(1Q26)financialdatasetoutinFigure1(exceptforthevolumeinformation),Figures3to6,8,10and12ofthispressreleasehavebeenextractedfromthegroup’sunauditedcondensedconsolidatedinterimfinancialstatementsasofandforthethree-monthperiodended31March2026,whichhavebeenreviewedbyourstatutoryauditorsPwCBedrijfsrevisorenBV/Réviseursd’EntreprisesSRLinaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard(UnitedStates).FinancialdataincludedinFigures7,9and11ofthispressreleasehavebeenextractedfromtheunderlyingaccountingrecordsasofandforthethree-monthperiodended31March2026.Referencesinthisdocumenttomaterialsonourwebsites,suchaswww.ab-inbev.com,areincludedasanaidtotheirlocationandarenotincorporatedbyreferenceintothisdocument.
Conferencecallandwebcast
InvestorConferencecallandwebcastonTuesday,5May2026:
3.00pmBrussels/2.00pmLondon/9.00amNewYork
Registrationdetails:
Webcast(listen-onlymode):
ABInBev1Q26ResultsWebcast
Tojoinbyphone,pleaseuseoneofthefollowingtwophonenumbers:
Toll-Free:+1-877-407-8029
Toll:+1-201-689-8029
AboutABInBev
Anheuser-BuschInBev(ABInBev)isapubliclytradedcompany(Euronext:ABI)basedinLeuven,Belgium,withsecondarylistingsontheMexico(MEXBOL:ANB)andSouthAfrica(JSE:ANH)stockexchangesandwithAmericanDepositaryReceiptsontheNewYorkStockExchange(NYSE:BUD).Asacompany,wedreambigtocreateafuturewithmorecheers.Wearealwayslookingtoserveupnewwaystomeetlife’smoments,moveourindustryforwardandmakeameaningfulimpactintheworld.Wearecommittedtobuildinggreatbrandsthatstandthetestoftimeandtobrewingthebestbeersusingthefinestingredients.Beeristhedrinkformoderation,andforoveracentury,ABInBevhaschampionedresponsibledrinking.WearecommittedtoprovidingourconsumerswithBalancedChoicestoenjoyonanyoccasion.Wealsoinvestinmarketingthataimstoreinforcepositivebehaviors,andweworkwithcommunities,customers,andpartnerstopromoteresponsibleconsumptionthroughevidence-basedinitiatives.
Ourdiverseportfolioofwellover400beerbrandsincludesglobalbrandsBudweiser®,Corona®,StellaArtois®andMichelobUltra®;multi-countrybrandsBeck’s®,Hoegaarden®andLeffe®;andlocalchampionssuchasAguila®,Antarctica®,BudLight®,Brahma®,Cass®,Castle®,CastleLite®,Cristal®,Harbin®,Jupiler®,ModeloEspecial®,Quilmes®,Victoria®,Sedrin®,andSkol®.Ourbrewingheritagedatesbackmorethan600years,spanningcontinentsandgenerations.FromourEuropeanrootsattheDenHoornbreweryinLeuven,Belgium.TothepioneeringspiritoftheAnheuser&CobreweryinSt.Louis,US.TothecreationoftheCastleBreweryinSouthAfricaduringtheJohannesburggoldrush.ToBohemia,thefirstbreweryinBrazil.Geographicallydiversifiedwithabalancedexposuretodevelopedanddevelopingmarkets,weleveragethecollectivestrengthsofapproximately137000colleaguesbasedinmorethan40countriesworldwide.For2025,ABInBev’sreportedrevenuewas59.3billionUSD(excludingJVsandassociates).
Annex1:Segmentreporting
ABInBevWorldwide
1Q25
Scope
CurrencyTranslation
OrganicGrowth
1Q26
OrganicGrowth
Volumes
136268
(931
)
-
1072
136409
0.8
%
Revenue
13628
(100
)
961
778
15267
5.8
%
Costofsales
(6044
)
59
(400
)
(235
)
(6620
)
(3.9
)%
Grossprofit
7583
(41
)
561
543
8647
7.2
%
SG&A
(4188
)
(7
)
(277
)
(271
)
(4743
)
(6.5
)%
Otheroperatingincome/(expenses)
192
(17
)
15
(20
)
170
(11.6
)%
NormalizedEBIT
3587
(64
)
300
251
4073
7.1
%
NormalizedEBITDA
4855
(69
)
396
255
5437
5.3
%
NormalizedEBITDAmargin
35.6
%
35.6
%
(15)bps
NorthAmerica
1Q25
Scope
CurrencyTranslation
OrganicGrowth
1Q26
OrganicGrowth
Volumes
19842
(97
)
-
(615
)
19131
(3.1
)%
Revenue
3364
(30
)
20
32
3385
0.9
%
Costofsales
(1410
)
30
(7
)
32
(1356
)
2.3
%
Grossprofit
1953
(1
)
13
63
2029
3.2
%
SG&A
(1052
)
(5
)
(9
)
(31
)
(1095
)
(2.9
)%
Otheroperatingincome/(expenses)
14
(0
)
(1
)
(10
)
2
(74.2
)%
NormalizedEBIT
916
(6
)
4
22
936
2.4
%
NormalizedEBITDA
1087
(2
)
5
7
1097
0.7
%
NormalizedEBITDAmargin
32.3
%
32.4
%
(9)bps
MiddleAmericas
1Q25
Scope
CurrencyTranslation
OrganicGrowth
1Q26
OrganicGrowth
Volumes
35081
(728
)
-
1632
35985
4.8
%
Revenue
3784
(78
)
450
349
4505
9.4
%
Costofsales
(1350
)
40
(151
)
(102
)
(1562
)
(7.8
)%
Grossprofit
2434
(37
)
299
247
2943
10.3
%
SG&A
(911
)
13
(110
)
(72
)
(1081
)
(8.0
)%
Otheroperatingincome/(expenses)
12
(0
)
1
(6
)
6
(48.1
)%
NormalizedEBIT
1535
(25
)
189
169
1869
11.2
%
NormalizedEBITDA
1858
(24
)
224
149
2206
8.1
%
NormalizedEBITDAmargin
49.1
%
49.0
%
(59)bps
SouthAmerica
1Q25
Scope
CurrencyTranslation
OrganicGrowth
1Q26
OrganicGrowth
Volumes
40891
-
-
(126
)
40765
(0.3
)%
Revenue
2978
3
192
267
3440
9.0
%
Costofsales
(1450
)
(3
)
(92
)
(112
)
(1657
)
(7.7
)%
Grossprofit
1528
(0
)
100
156
1784
10.2
%
SG&A
(849
)
(5
)
(47
)
(56
)
(957
)
(6.6
)%
Otheroperatingincome/(expenses)
97
(10
)
11
10
108
11.4
%
NormalizedEBIT
776
(15
)
64
110
935
14.4
%
NormalizedEBITDA
1007
(10
)
80
113
1190
11.3
%
NormalizedEBITDAmargin
33.8
%
34.6
%
73bps
EMEA
1Q25
Scope
CurrencyTranslation
OrganicGrowth
1Q26
OrganicGrowth
Volumes
20752
(95
)
-
274
20931
1.3
%
Revenue
1965
(31
)
252
87
2274
4.5
%
Costofsales
(1028
)
17
(129
)
(13
)
(1153
)
(1.3
)%
Grossprofit
937
(14
)
123
75
1121
8.1
%
SG&A
(607
)
(5
)
(84
)
(44
)
(739
)
(7.1
)%
Otheroperatingincome/(expenses)
44
(6
)
4
(8
)
35
(19.9
)%
NormalizedEBIT
375
(25
)
43
23
416
6.7
%
NormalizedEBITDA
624
(21
)
76
24
703
3.9
%
NormalizedEBITDAmargin
31.7
%
30.9
%
(18)bps
AsiaPacific
1Q25
Scope
CurrencyTranslation
OrganicGrowth
1Q26
OrganicGrowth
Volumes
19648
(18
)
-
(83
)
19548
(0.4
)%
Revenue
1450
(2
)
44
(19
)
1474
(1.3
)%
Costofsales
(685
)
1
(19
)
11
(691
)
1.7
%
Grossprofit
766
(1
)
26
(8
)
783
(1.0
)%
SG&A
(420
)
0
(13
)
(22
)
(455
)
(5.1
)%
Otheroperatingincome/(expenses)
24
(0
)
1
(6
)
18
(27.3
)%
NormalizedEBIT
369
(1
)
13
(36
)
346
(9.8
)%
NormalizedEBITDA
523
4
18
(48
)
497
(9.2
)%
NormalizedEBITDAmargin
36.1
%
33.7
%
(289)bps
GlobalExportandHoldingCompanies
1Q25
Scope
CurrencyTranslation
OrganicGrowth
1Q26
OrganicGrowth
Volumes
54
8
-
(11
)
50
(18.4
)%
Revenue
86
38
2
62
189
71.3
%
Costofsales
(122
)
(26
)
(2
)
(52
)
(202
)
(42.4
)%
Grossprofit
(36
)
13
0
10
(13
)
29.0
%
SG&A
(349
)
(6
)
(14
)
(47
)
(416
)
(13.6
)%
Otheroperatingincome/(expenses)
1
-
(0
)
(0
)
(0
)
(70.7
)%
NormalizedEBIT
(384
)
7
(14
)
(38
)
(429
)
(9.8
)%
NormalizedEBITDA
(244
)
(16
)
(7
)
11
(256
)
4.1
%
BRUSSELS--(BUSINESSWIRE)--Anheuser-BuschInBev(Brussel:ABI)(BMV:ANB)(JSE:ANH)(NYSE:BUD):
Regulatedinformation1
“Cheerstobeer-thestrengthofthecategoryandtheconsistentexecutionofourconsumer-centricstrategydrovecontinuedmomentumacrossourfootprint.Weareinvestingbehindourmegabrandsandinnovationstoleadandgrowthecategory.Withstrongexecutionbyourteamsandmajormomentsofcelebrationahead,wearewellpositionedfor2026.”–MichelDoukeris,CEO,ABInBev
Revenue
+5.8%
Revenueincreasedby5.8%withrevenueperhlgrowthof4.5%.
Reportedrevenueincreasedby12.0%to15267millionUSD,positivelyimpactedbycurrencytranslation.
8.2%increaseincombinedrevenuesofmegabrands,ledbyCorona,whichgrewby16%outsideofitshomemarket.
27%increaseinrevenueofno-alcoholbeer.
37%increaseinrevenueofBeyondBeer.
55%increaseinGrossMerchandiseValue(GMV)fromsalesofthird-partyproductsthroughBEESMarketplacetoreach1.1billionUSD.
Volumes
+0.8%
Volumesincreasedby0.8%,withbeervolumesupby1.2%andnon-beervolumesdownby1.9%.
NormalizedEBITDA
+5.3%
NormalizedEBITDAincreasedby5.3%to5437millionUSD,withamargincontractionof15bpsto35.6%.
UnderlyingProfit
1923millionUSD
UnderlyingProfitwas1923millionUSDin1Q26comparedto1606millionUSDin1Q25.
ReportedprofitattributabletoequityholdersofABInBevwas2563millionUSDin1Q26comparedto2148millionUSDin1Q25,bothpositivelyimpactedbynon-underlyingitems.
UnderlyingEPS
0.97USD
UnderlyingEPSincreasedby20.8%to0.97USDin1Q26,comparedto0.81USDin1Q25.
Onaconstantcurrencybasis,UnderlyingEPSincreasedby8.8%.
1TheenclosedinformationconstitutesregulatedinformationasdefinedintheBelgianRoyalDecreeof14November2007regardingthedutiesofissuersoffinancialinstrumentswhichhavebeenadmittedfortradingonaregulatedmarket.Forimportantdisclaimersandnotesonthebasisofpreparation,pleaserefertopage12.
Managementcomments
Consistentandcompoundinggrowthwithbeervolumeupby1.2%anda20.8%UnderlyingEPSincrease
Ourbusinessdeliveredasolidstarttotheyearwithbroad-basedvolumegrowthanda20.8%increaseinUnderlyingEPStoreach0.97USD,arecordhighforthefirstquarter.Megabrandmomentum,innovationinBalancedChoicesandaccelerationofourBeyondBeerportfoliodrovetop-andbottom-linegrowthin4ofour5zonesandweestimatetohavegainedormaintainedmarketsharein75%ofourmarkets.
Revenueincreasedby5.8%,withtotalvolumegrowthof0.8%andarevenueperhlincreaseof4.5%,drivenbyrevenuemanagementandpositivemixfrompremiumizationandBeyondBeer.Beervolumesgrewby1.2%,withrecordhighfirstquartervolumesinMexico,Colombia,Brazil,SouthAfricaandPeru.IntheUS,oursalestoretailervolumesgrewandwecontinuedtooutperformtheindustry.
EBITDAincreasedby5.3%withflattishmarginsasdisciplinedoverheadmanagementenabledincreasedsalesandmarketinginvestmentsandoffsettransactionalFXheadwinds.
Somekeyhighlightsfromourperformancethisquarterincludethefollowing:continuedmomentumofourglobalmegabrands,Corona,StellaArtoisandMichelobUltra,whichgrewrevenuesby16%,14%and39%respectivelyoutsideoftheirhomemarkets;expansionofourno-alcoholbeerandBeyondBeerportfolioswhichgrewrevenueby27%and37%respectively;BEESmarketplaceGMVincreasedby55%anddeliveredmorethan1billionUSDinquarterlyGMV.
Progressingourstrategicpriorities
Wecontinuetoexecuteon,andinvestin,threekeystrategicpillarstodeliverconsistentgrowthandlong-termvaluecreation.
(1)Leadandgrowthecategory:
Weincreasedouroverallportfoliobrandpowerdrivenbyincreasedmarketinginvestmentandeffectiveness.Inaddition,weestimatethatwegainedormaintainedmarketsharein75%ofourmarkets.
(2)Digitizeandmonetizeourecosystem:
BEESMarketplaceGMVincreasedby55%toreach1.1billionUSDinGMVfromsalesofthird-partyproducts.OverallBEESGMVincreasedby15%,reaching14.6billionUSD.
(3)Optimizeourbusiness:
UnderlyingEPSincreasedby20.8%to0.97USD,reachingarecordhighforthefirstquarter.
(1)Leadandgrowthecategory
Weareexecutingonourreplicableleverstodrivecategorygrowth.Performanceacrosseachoftheleverswasledbyourmegabrandswhichdeliveredan8.2%revenueincrease.
CoreSuperiority:Revenueofourmainstreamportfolioincreasedby0.8%,drivenbydouble-digitgrowthinColombia,PeruandtheDominicanRepublic.
BalancedChoices:OurBalancedChoicesportfoliooflowcarb,lowcalorie,sugarfree,glutenfreeandno-alcoholbeerbrandsdeliveredarevenueincreaseof17%.Ourno-alcoholbeerportfolioledourperformance,deliveringa27%revenueincreaseandgainingsharetonowbethegloballeaderinno-alcoholbeerbyvalue,accordingtoNielsen.
Premiumization:Ourabovecorebeerportfoliodeliveredan11%revenueincrease.PerformancewasdrivenbyCorona,StellaArtoisandMichelobUltrawhichdeliveredrevenuegrowthof16%,14%and39%respectivelyoutsideoftheirhomemarkets.CoronasuccessfullyactivatedtheMilanoCortinaWinterOlympicsandincreasedvolumebydouble-digitsin32markets.
BeyondBeer:GrowthofourBeyondBeerportfolioaccelerated,increasingrevenueby37%.PerformancewasledbytheglobalexpansionofFlyingFishandbyCutwaterintheUS,whichincreasedrevenuebytriple-digitsandwasthe3rdlargestcontributorbybrandtoourglobalrevenuegrowthin1Q26.
(2)Digitizeandmonetizeourecosystem
Digitizingourrelationshipswithmorethan6millioncustomersglobally:Asof31March2026,BEESwaslivein29marketswith72%ofourrevenuescapturedthroughB2Bdigitalplatforms.In1Q26,BEEScaptured14.6billionUSDinGMV,growthof15%versus1Q25.
Monetizingourroute-to-market;deliveringmorethan1billionUSDinquarterlyGMV:BEESMarketplacegrowthmomentumcontinued,withGMVincreasingby55%versus1Q25andreachingapproximately1.1billionUSDfromsalesofthird-partyproducts.
LeadingthewayinDTCsolutions:OurdigitalDTCmegabrands,ZéDelivery,TaDaDeliveryandPerfectDraft,served12millionactiveconsumersandgenerated139millionUSDinrevenue,representing5%growthversus1Q25.Salesofthird-partyproductsthroughourDTCmarketplacereached41millionUSDinGMV,a42%increaseversus1Q25.
(3)Optimizeourbusiness
Maximizingvaluecreation:EBITDAgrewby5.3%withflattishmarginsasdisciplinedresourceallocationandoverheadmanagementoffsettransactionalFXheadwinds.Capexoptimizationdroveincreasedefficiencyindepreciationandamortizationexpenses,resultingin7.1%EBITgrowth.Inrecognitionofourconsistentfinancialperformanceandthestrengthofourbalancesheet,ourcreditratingwasrecentlyupgradedfromA3toA2byMoody’s.Asof1May2026,wehavecompleted1.4billionUSDofour6billionUSDsharebuybackprogramannouncedon30October2025.
Advancingoursustainabilitypriorities:Afterclosingour2025sustainabilitygoals,wehavesetnew2030goalstostrengthenresilienceacrossourvaluechain,focusedonagriculture,water,andenergyandemissions.Forfurtherdetails,pleaserefertoourwebsitehere.
Continuedmomentumandreliablecompoundinggrowth
Themomentumofourbusinesscontinuedtostarttheyear,withbroad-basedvolumegrowth,revenuemanagementandpositivemixdrivinga5.8%revenueincrease.Top-linegrowth,disciplinedcostmanagementandtranslationalFXtailwindsdroveUnderlyingEPSgrowthof20.8%.
Weareencouragedbyourperformanceinthefirstquarterand,lookingahead,wearewellpositionedtoactivatethecategoryinsomeofthebiggestmomentsofcelebrationoftheyear,includingtheFIFAWorldCup.OurconsistentperformanceandthestrengthofthebeercategoryreinforceourconfidenceinourabilitytodeliverourFY26outlookandcreateafuturewithmorecheers.
2026Outlook
(i)OverallPerformance:WeexpectourEBITDAtogrowinlinewithourmedium-termoutlookofbetween4-8%.TheoutlookforFY26reflectsourcurrentassessmentofinflationandothermacroeconomicconditions.
(ii)NetFinanceCosts:Netpensioninterestexpensesandaccretionexpensesareexpectedtobeintherangeof190to220millionUSDperquarter,dependingoncurrencyandinterestratefluctuations.WeexpecttheaveragegrossdebtcouponinFY26tobeapproximately4%.
(iii)EffectiveTaxRate(ETR):WeexpectthenormalizedETRinFY26tobeintherangeof26%to28%.TheETRoutlookdoesnotconsidertheimpactofpotentialfuturechangesinlegislation.
(iv)NetCapitalExpenditure:Weexpectnetcapitalexpenditureofbetween3.5and4.0billionUSDinFY26.
Figure1.Consolidatedperformance
inUSDMio,exceptEPSinUSDpershareandVolumesinthousandhls
1Q25
1Q26
Organic
growth
Volumes
136268
136409
0.8
%
Beer
117385
118480
1.2
%
Non-Beer
18883
17929
(1.9
)%
Revenue
13628
15267
5.8
%
Grossprofit
7583
8647
7.2
%
Grossmargin
55.6
%
56.6
%
76bps
NormalizedEBITDA
4855
5437
5.3
%
NormalizedEBITDAmargin
35.6
%
35.6
%
(15)bps
NormalizedEBIT
3587
4073
7.1
%
NormalizedEBITmargin
26.3
%
26.7
%
33bps
ProfitattributabletoequityholdersofABInBev
2148
2563
UnderlyingProfit
1606
1923
BasicEPS
1.08
1.30
UnderlyingEPS
0.81
0.97
Figure2.Volumes
inthousandhls
1Q25
Scope
Organic
growth
1Q26
Organicgrowth
Total
Beer
NorthAmerica
19842
(97
)
(615
)
19131
(3.1
)%
(3.2
)%
MiddleAmericas
35081
(728
)
1632
35985
4.8
%
5.6
%
SouthAmerica
40891
-
(126
)
40765
(0.3
)%
0.8
%
EMEA
20752
(95
)
274
20931
1.3
%
1.5
%
AsiaPacific
19648
(18
)
(83
)
19548
(0.4
)%
(0.4
)%
GlobalExportandHoldingCompanies
54
8
(11
)
50
(18.4
)%
(18.4
)%
ABInBevWorldwide
136268
(931
)
1072
136409
0.8
%
1.2
%
KeyMarketsPerformance
UnitedStates:STRvolumegrowthdrivenbybeerandBeyondBeersharegainsandanimprovedindustry
Operatingperformance:Revenueincreasedby1.1%withrevenueperhlincreasingby4.4%drivenbyrevenuemanagementandpositivebrandmix.Sales-to-retailers(STRs)increasedby0.3%,estimatedtohaveoutperformedanimprovedindustry.Sales-to-wholesalers(STWs)declinedby3.2%aswecycledachallengingshipmentphasingcomparable.OurSTRsandSTWstendtoconvergeonafullyearbasis.EBITDAincreasedby0.2%,astop-linegrowthandproductivityinitiativeswerereinvestedinincreasedmarketingspendtofuelmomentum.
Commercialhighlights:Wewerethe#1sharegainerintotalalcoholaswecontinuedtogainshareinbothbeerandspirits,accordingtoCircana.OurbeerperformancewasledbyMichelobUltraandBuschLight,whichcontinuedtobethe#1and#2volumesharegainersintheindustryrespectively.OurBeyondBeerportfoliodeliveredrevenuegrowthinthehigh-sixties,ledbyCutwaterwhichgrewrevenueinthetriple-digitsandwasthe#1sharegainingbrandinthetotalspiritsindustryin1Q26.Wearetheleaderinno-alcoholbeer,withourportfoliogainingshareandgrowingrevenueinthelow-twenties.Beercategorytrendsimprovedin1Q26asweatherpatternsnormalizedandconsumersentimentstabilized,withrevenuegrowthandflattishvolumes,accordingtoCircana.
Mexico:Recordhighvolumesdrovehigh-singledigittopandmid-singledigitbottom-linegrowth
Operatingperformance:Revenueincreasedbyhigh-singledigits,withmid-singledigitrevenueperhlgrowthdrivenbyrevenuemanagement.Volumesincreasedbymid-singledigits,outperformingtheindustrywhichgrewbylow-singledigits,benefittingfromEastershipmentphasing.EBITDAgrewbymid-singledigits,astop-linegrowthwaspartiallyoffsetbytransactionalFXheadwindsandincreasedmarketinginvestments.
Commercialhighlights:Ourperformancewasledbyourabovecorebeerportfolio,whichgrewrevenuebylow-teensdrivenbyModeloandMichelobUltra.Ourmainstreambeerportfoliocontinuedtogrow,deliveringmid-singledigitrevenuegrowthledbyCorona.Westrengthenedourpositionastheindustryleaderinno-alcoholbeer,withourportfoliogrowingvolumebystrongdouble-digitsledbyCoronaCeroandModeloCero.InBeyondBeer,ourportfoliogrewvolumebystrongdouble-digits,ledbytheVicky’sbrandfamily.
Colombia:Recordhighvolumesdrovedouble-digittop-andbottom-linegrowth
Operatingperformance:Revenueincreasedbylow-teenswithmid-singledigitrevenueperhlgrowth,drivenbyrevenuemanagementandpositivemix.Volumesgrewbymid-singledigits,withourportfoliogainingshareofalcoholbeverages.EBITDAgrewbylow-teens,asdisciplinedcostmanagementandoperationalleverageoffsettransactionalFXheadwinds.
Commercialhighlights:Increasedbrandpowerandconsistentexecutiondroveourmomentumwithrevenuegrowingacrossallpricesegmentsofourportfolioandourbusinessdeliveringrecordhighfirstquartervolumes.Ourabovecorebeerbrandsledourperformancewithvolumegrowthofhigh-singledigits,ledbyCorona.Ourmainstreambeerportfoliocontinuedtogrow,deliveringamid-singledigitvolumeincrease.
Brazil:Recordhighbeervolumesanddouble-digitbottomlinegrowthdrivenbymarketsharegainandanimprovedindustry
Operatingperformance:Revenueincreasedby8.4%withrevenueperhlgrowthof8.6%,drivenbyrevenuemanagementandpremiumization.Beervolumesincreasedby1.2%,estimatedtohaveoutperformedtheindustry.Non-beervolumesdecreasedby3.9%,resultinginatotalvolumedeclineof0.2%.EBITDAincreasedby10.6%withmarginexpansionof71bps,asdisciplinedrevenueandcostmanagementmorethanoffsettransactionalFXheadwinds.
Commercialhighlights:Ourpremiumandsuperpremiumbeerbrandsledourperformance,deliveringlow-twentiesvolumegrowthandstrengtheningourleadershippositionofthepremiumsegment.Ourmainstreambeerperformanceimprovedsequentially,estimatedtohavegainedshareofthesegment.Weareleadingtheindustryinno-alcoholbeer,withourportfoliogrowingvolumesbylow-teensandestimatedtohavegainedshare.InBeyondBeer,ourportfoliogrewvolumesbyhigh-teens,ledbyBeatsandthelaunchofFlyingFish.
Europe:Continuedmarketsharegainsandpremiumizationoffsetasoftindustrytodrivetop-andbottom-linegrowth
Operatingperformance:Volumesgrewbylow-singledigits,estimatedtohaveoutperformedtheindustryinthemajorityofourkeymarkets,andsupportedbyEastershipmentphasing.Revenueandrevenueperhlincreasedbylow-singledigitsdrivenbyrevenuemanagementandpremiumization.EBITDAgrewbylow-singledigitswithflattishmarginsasweincreasedmarketinginvestments.
Commercialhighlights:Ourperformancewasdrivenbyourmegabrands,ledbyCoronawhichdeliveredhigh-singledigitvolumegrowth.Ourno-alcoholbeerportfolioisestimatedtohavegrownmarketsharein5ofour6keymarkets,ledbyCoronaCerowhichdeliveredstrongdouble-digitvolumegrowth.WesuccessfullyactivatedtheMilanoCortina2026WinterOlympicsandcreatedgoldenmomentsforconsumers,withCoronaandCoronaCeroaccountingfor60%ofallbeveragessoldinOlympicvenues.
SouthAfrica:Recordhighvolumesdrovemid-singledigittop-linegrowth
Operatingperformance:Revenueincreasedbymid-singledigitswithrevenueperhlgrowthoflow-singledigits.Volumesgrewbylow-singledigits,withbeervolumesestimatedtohaveunderperformedalow-singledigitgrowingindustry,whileBeyondBeeroutperformed.EBITDAdeclinedbylow-singledigits,withtop-linegrowthprimarilyoffsetbyphasingofsalesandmarketinginvestments.
Commercialhighlights:Themomentumofourbusinesscontinued,withtheconsistentexecutionofourstrategydrivinganincreaseinourportfoliobrandpowerandrecordhighfirstquartervolumes.Performancewasdrivenbyourpremiumandsuperpremiumbeerbrands,whichgrewvolumesbymid-twentiesledbyCorona.Ourmainstreambeerportfoliocontinuedtogrow,deliveringlow-singledigitrevenuegrowthledbyCarlingBlackLabel.InBeyondBeer,ourportfoliogrewvolumesbyhigh-singledigitsledbyFlyingFishandourspirits-basedRTDinnovations.
China:Improvedvolumetrendasweincreasedinvestmentstorebuildmomentum
Operatingperformance:Volumesdeclinedby1.5%,improvingsequentiallyfrom4Q25butunderperformingtheindustryaccordingtoourestimates.Revenueperhldecreasedby2.5%,drivenbyincreasedinvestmentstoexpandourin-homepresence,resultinginarevenuedeclineof3.9%.EBITDAdeclinedby11.8%,impactedbytop-lineperformanceandincreasedsalesandmarketinginvestments.
Commercialhighlights:Beerindustryvolumeimprovedsequentiallyandwasestimatedtohavegrownslightlyin1Q26.Ourtopprioritiesaretorebuildmomentumandreignitegrowth.Weareinvestingbehindourmegabrandsandinnovations,strengtheningourexecution,andexpandingourin-homechannelpresence.In1Q26,weincreasedsalesandmarketinginvestmentstoactivatetheChineseNewYearcampaignforBudweiserandwelaunchedHarbin1900,a100%puremaltclassiclagerinnovation,toincreaseourparticipationinthefastgrowingcoreplussegment.
Highlightsfromourothermarkets
Canada:Revenuewasflatwithlow-singledigitrevenueperhlgrowth.Volumesdeclinedbylow-singledigits,withbeerperformanceestimatedtobein-linewithasoftindustrywhileweoutperformedagrowingBeyondBeersegment.OurbeerperformancewasledbyMichelobUltraandBuschwhichwerethetoptwovolumesharegainersintheindustry.BeyondBeergrowthwasledbyCutwaterandMike’sHardLemonadewhichweretwoofthetopthreesharegainersinthecategory.
Peru:Volumesgrewbyhigh-singledigitstoreacharecordhighforthefirstquarter.Performancewasledbyourmainstreambeerbrands,whichgrewvolumesbyhigh-singledigits,andourBeyondBeerportfolio,whichgrewvolumesinthetriple-digits.Revenuegrewbylow-teenswithmid-singledigitrevenueperhlgrowth,drivenbyrevenuemanagementandpositivemix.
Ecuador:Revenuegrewbylow-teenswithgrowthledbyourabovecorebeerbrandswhichincreasedrevenuesbystrongdouble-digits.Volumesincreasedbyhigh-singledigits,withindustrygrowthdrivenbyanimprovedconsumerenvironmentandsupportedbycyclingasoftindustryin1Q25.
Argentina:Volumesdeclinedbylow-singledigits,withbeervolumesestimatedtohaveoutperformedtheindustryinaconstrainedconsumerenvironment.Revenuegrewbyhigh-singledigitsdrivenbyrevenuemanagement.
AfricaexcludingSouthAfrica:InNigeria,revenuegrewbymid-singledigits,drivenbyrevenuemanagement.Beervolumesdeclinedbymid-singledigits,estimatedtohaveoutperformedasoftindustry.
InourothermarketsinAfrica,revenuegrewinaggregatebyhigh-singledigitsandvolumesbylow-singledigits,drivenbyTanzania,MozambiqueandUganda.
SouthKorea:OurbusinesscycledachallengingshipmentphasingcomparableduetoourApril2025priceincrease,resultinginvolumesdecliningbylow-teens.Revenuedecreasedbyhigh-singledigitswithlow-singledigitrevenueperhlgrowth.Weestimatethatwehavecontinuedtogainmarketshareinboththeon-premiseandin-homechannels.
ConsolidatedIncomeStatement
Figure3.Consolidatedincomestatement
inUSDMio
1Q25
1Q26
Organic
growth
Revenue
13628
15267
5.8
%
Costofsales
(6044
)
(6620
)
(3.9
)%
Grossprofit
7583
8647
7.2
%
SG&A
(4188
)
(4743
)
(6.5
)%
Otheroperatingincome/(expenses)
192
170
(11.6
)%
NormalizedEBIT
3587
4073
7.1
%
Non-underlyingitemsaboveEBIT
(49
)
56
Netfinanceincome/(expense)
(984
)
(1050
)
Non-underlyingnetfinanceincome/(expense)
602
631
Shareofresultsofassociates
52
52
Incometaxexpense
(664
)
(786
)
Profit
2544
2977
Profitattributabletonon-controllinginterest
396
414
ProfitattributabletoequityholdersofABInBev
2148
2563
NormalizedEBITDA
4855
5437
5.3
%
UnderlyingProfit
1606
1923
Non-underlyingitemsaboveEBIT
Figure4.Non-underlyingitemsaboveEBIT&Non-underlyingshareofresultsofassociates
inUSDMio
1Q25
1Q26
Restructuring
(12
)
(23
)
Businessandassetdisposals(includingimpairmentlosses)
(37
)
79
Non-underlyingitemsinEBIT
(49
)
56
NormalizedEBITexcludespositivenon-underlyingitemsof56millionUSDin1Q26andnegativenon-underlyingitemsof49millionUSDin1Q25.
Netfinanceincome/(expense)
Figure5.Netfinanceincome/(expense)
inUSDMio
1Q25
1Q26
Netinterestexpense
(621
)
(613
)
Accretionexpenseandinterestonpensions
(167
)
(216
)
Otherfinancialresults
(196
)
(220
)
Netfinanceincome/(expense)
(984
)
(1050
)
Non-underlyingnetfinanceincome/(expense)
Figure6.Non-underlyingnetfinanceincome/(expense)
inUSDMio
1Q25
1Q26
Mark-to-market
602
631
Non-underlyingnetfinanceincome/(expense)
602
631
Non-underlyingnetfinanceincomeincludesmark-to-marketgainsonderivativeinstrumentsenteredintoinordertohedgeourshare-basedpaymentprogramsandsharesissuedinrelationtothecombinationswithGrupoModeloandSAB.
Thenumberofsharescoveredbythehedgingofourshare-basedpaymentprogram,thedeferredshareinstrumentandtherestrictedsharesareshownbelow,togetherwiththeopeningandclosingshareprices.
Figure7.Non-underlyingequityderivativeinstruments
1Q25
1Q26
Sharepriceatthestartoftheperiod(Euro)
48.25
54.90
Sharepriceattheendoftheperiod(Euro)
56.92
59.72
Numberofequityderivativeinstrumentsattheendoftheperiod(inmillion)
100.5
94.0
Incometaxexpense
Figure8.Incometaxexpense
inUSDMio
1Q25
1Q26
Incometaxexpense
664
786
Effectivetaxrate
21.0%
21.2%
Normalizedeffectivetaxrate
25.9%
25.2%
The1Q26and1Q25effectivetaxrateswerepositivelyimpactedbynon-taxablegainsfromderivativesrelatedtothehedgingofshare-basedpaymentprogramsandthehedgingofthesharesissuedinatransactionrelatedtothecombinationwithGrupoModeloandSAB.
ThedecreaseinNormalizedETRin1Q26comparedto1Q25wasprimarilyduetopositivecountrymix.
UnderlyingEPS
Figure9.UnderlyingEPS
inUSDpershare,exceptnumberofsharesinmillion
1Q25
1Q26
NormalizedEBITDA
2.43
2.75
Depreciation,amortizationandimpairment
(0.64
)
(0.69
)
NormalizedEBIT
1.80
2.06
Netfinanceincome/(expense)
(0.49
)
(0.53
)
Incometaxexpense
(0.34
)
(0.39
)
Associates&non-controllinginterests
(0.17
)
(0.18
)
Hyperinflationimpacts
0.01
0.01
UnderlyingEPS
0.81
0.97
Weightedaveragenumberofordinaryandrestrictedshares
1994
1978
ReconciliationofIFRSandNon-IFRSFinancialMeasures
ProfitattributabletoequityholdersandUnderlyingProfit
Figure10.UnderlyingProfit
inUSDMio
1Q25
1Q26
ProfitattributabletoequityholdersofABInBev
2148
2563
Netimpactofnon-underlyingitemsonprofit
(565
)
(667
)
Hyperinflationimpacts
23
28
UnderlyingProfit
1606
1923
BasicandUnderlyingEPS
Figure11.BasicandUnderlyingEPS
inUSDpershare,exceptnumberofsharesinmillion
1Q25
1Q26
BasicEPS
1.08
1.30
Netimpactofnon-underlyingitems
(0.28
)
(0.34
)
Hyperinflationimpacts
0.01
0.01
UnderlyingEPS
0.81
0.97
FXtranslationimpact
-
(0.09
)
UnderlyingEPSinconstantcurrency
0.81
0.88
Weightedaveragenumberofordinaryandrestrictedshares
1994
1978
ProfitattributabletoequityholdersandNormalizedEBITDA
Figure12.ReconciliationofNormalizedEBITDAtoProfitattributabletoequityholdersofABInBev
inUSDMio
1Q25
1Q26
ProfitattributabletoequityholdersofABInBev
2148
2563
Non-controllinginterests
396
414
Profit
2544
2977
Incometaxexpense
664
786
Shareofresultsofassociates
(52
)
(52
)
Netfinance(income)/expense
984
1050
Non-underlyingnetfinance(income)/expense
(602
)
(631
)
Non-underlyingitemsaboveEBIT(incl.impairmentlosses)
49
(56
)
NormalizedEBIT
3587
4073
Depreciation,amortizationandimpairment
1268
1364
NormalizedEBITDA
4855
5437
NormalizedEBITDA,NormalizedEBITandUnderlyingProfitarenon-IFRSfinancialmeasuresusedbyABInBevtoreflectthecompany’sunderlyingperformance.UnderlyingEPSandconstantcurrencyUnderlyingEPSarenon-IFRSfinancialmeasuresthatABInBevbelievesareusefultoinvestorsbecausetheyfacilitatecomparisonsofEPSfromperiodtoperiod.
NormalizedEBITDAiscalculatedbyadjustingprofitattributabletoequityholdersofABInBevtoexclude:(i)non-controllinginterest;(ii)incometaxexpense;(iii)shareofresultsofassociates;(iv)non-underlyingshareofresultsofassociates;(v)netfinanceincomeorcost;(vi)non-underlyingnetfinanceincomeorcost;(vii)non-underlyingitemsaboveEBIT;and(viii)depreciation,amortizationandimpairment.
UnderlyingProfitiscalculatedbyadjustingprofitattributabletoequityholdersofABInBevtoexclude:(i)non-underlyingitemsand(ii)hyperinflationimpacts.UnderlyingEPSiscalculatedasUnderlyingProfitdividedbytheweightedaveragenumberofordinaryandrestrictedshares.ConstantcurrencyUnderlyingEPSiscalculatedasUnderlyingEPSexcludingtheeffectsofforeigncurrencytranslationbytranslatingcurrentperiodfiguresusingtheexchangeratesfromthesameperiodintheprioryear.
NormalizedEBITDA,NormalizedEBITandUnderlyingProfitarenotaccountingmeasuresunderIFRSandshouldnotbeconsideredasanalternativetoprofitattributabletoequityholdersasameasureofoperationalperformance,oranalternativetocashflowasameasureofliquidity.UnderlyingEPSandconstantcurrencyUnderlyingEPSarenotaccountingmeasuresunderIFRSandshouldnotbeconsideredasalternativestoearningspershareasameasureofoperatingperformanceonapersharebasis.Thesenon-IFRSfinancialmeasuresdonothaveastandardcalculationmethodandABInBev’sdefinitionofNormalizedEBITDA,NormalizedEBIT,UnderlyingProfit,UnderlyingEPSandconstantcurrencyUnderlyingEPSmaynotbecomparabletothatofothercompanies.
Notes
TofacilitatetheunderstandingofABInBev’sunderlyingperformance,theanalysesofgrowth,includingallcommentsinthispressrelease,unlessotherwiseindicated,arebasedonorganicgrowthandnormalizednumbers.Inotherwords,financialsareanalyzedeliminatingtheimpactofchangesincurrenciesontranslationofforeignoperations,andscopechanges.Since1Q24,thedefinitionoforganicrevenuegrowthhasbeenamendedtocapthepricegrowthinArgentinatoamaximumof2%permonth(26.8%year-over-year).Correspondingadjustmentsaremadetoallincomestatementrelateditemsintheorganicgrowthcalculationsthroughscopechanges.Scopechangesalsorepresenttheimpactofacquisitionsanddivestitures,thestartorterminationofactivitiesorthetransferofactivitiesbetweensegments,curtailmentgainsandlossesandyearoveryearchangesinaccountingestimatesandotherassumptionsthatmanagementdoesnotconsideraspartoftheunderlyingperformanceofthebusiness.Beervolumesandrevenueincludeprimarilybeer,no-alcoholbeer,othermalt-basedalcoholbeveragesandspirits-basedbeverages.Non-beervolumesandrevenueincludeprimarilycarbonatedsoftdrinksandenergydrinks.Inaddition,beerandnon-beercategoriesincludenotonlybrandsthatweownorlicense,butalsothird-partybrandsthatwebrewandsell,andthird-partyproductsthatwesellthroughourdistributionnetwork.Theorganicgrowthofourglobalbrands,Budweiser,StellaArtois,andCoronaexcludesexportstoAustraliaforwhichaperpetuallicensewasgrantedtoathirdpartyupondisposaloftheAustraliaoperationsin2020.Allreferencesperhectoliter(perhl)excludeUSnon-beverageactivities.Wheneverpresentedinthisdocument,allperformancemeasures(EBITDA,EBIT,profit,taxrate,EPS)arepresentedona“normalized”basis,whichmeanstheyarepresentedbeforenon-underlyingitems.Non-underlyingitemsareeitherincomeorexpenseswhichdonotoccurregularlyaspartofthenormalactivitiesoftheCompany.TheyarepresentedseparatelybecausetheyareimportantfortheunderstandingoftheunderlyingsustainableperformanceoftheCompanyduetotheirsizeornature.NormalizedmeasuresareadditionalmeasuresusedbymanagementandshouldnotreplacethemeasuresdeterminedinaccordancewithIFRSasanindicatoroftheCompany’sperformance.Effective1January2026,CerveceríaBucaneroS.A.,aCubancompanyinwhichweindirectlyholda50%equityinterestthroughoursubsidiaryAmbev,isaccountedforasanassociateusingtheequitymethodofaccounting.Theimpactofthischangeinpresentationisreflectedasascopechange.WearereportingtheresultsfromArgentinaapplyinghyperinflationaccountingsince3Q18.TheIFRSrules(IAS29)requireustorestatetheyear-to-dateresultsforthechangeinthegeneralpurchasingpowerofthelocalcurrency,usingofficialindicesbeforeconvertingthelocalamountsattheclosingrateoftheperiod.In1Q26,wereportedanegativeimpactfromhyperinflationaccountingontheprofitattributabletoequityholdersofABInBevof28millionUSD.Theimpactin1Q26BasicEPSwas0.01USD.Valuesinthefiguresandannexesmaynotaddup,duetorounding.1Q26EPSisbaseduponaweightedaverageof1978millionsharescomparedtoaweightedaverageof1994millionsharesfor1Q25.
Legaldisclaimer
Thisreleasecontains“forward-lookingstatements”.ThesestatementsarebasedonthecurrentexpectationsandviewsoffutureeventsanddevelopmentsofthemanagementofABInBevandarenaturallysubjecttouncertaintyandchangesincircumstances.Theforward-lookingstatementscontainedinthisreleaseincludestatementsotherthanhistoricalfactsandincludestatementstypicallycontainingwordssuchas“will”,“may”,“should”,“believe”,“intends”,“expects”,“anticipates”,“targets”,“ambition”,“estimates”,“likely”,“foresees”andwordsofsimilarimport.Allstatementsotherthanstatementsofhistoricalfactsareforward-lookingstatements.Youshouldnotplaceunduerelianceontheseforward-lookingstatements,whichreflectthecurrentviewsofthemanagementofABInBev,aresubjecttonumerousrisksanduncertaintiesaboutABInBevandaredependentonmanyfactors,someofwhichareoutsideofABInBev’scontrol.Thereareimportantfactors,risksanduncertaintiesthatcouldcauseactualoutcomesandresultstobemateriallydifferent,including,butnotlimitedtotherisksanduncertaintiesrelatingtoABInBevthataredescribedunderItem3.DofABInBev’sAnnualReportonForm20-FfiledwiththeSECon3March2026.Manyoftheserisksanduncertaintiesare,andwillbe,exacerbatedbyanyfurtherworseningoftheglobalbusinessandeconomicenvironment,includingasaresultofforeigncurrencyexchangeratefluctuationsandongoinggeopoliticalinstability.Otherunknownorunpredictablefactorscouldcauseactualresultstodiffermateriallyfromthoseintheforward-lookingstatements.Theforward-lookingstatementsshouldbereadinconjunctionwiththeothercautionarystatementsthatareincludedelsewhere,includingABInBev’smostrecentForm20-FandotherreportsfurnishedonForm6-K,andanyotherdocumentsthatABInBevhasmadepublic.Anyforward-lookingstatementsmadeinthiscommunicationarequalifiedintheirentiretybythesecautionarystatementsandtherecanbenoassurancethattheactualresultsordevelopmentsanticipatedbyABInBevwillberealizedor,evenifsubstantiallyrealized,thattheywillhavetheexpectedconsequencesto,oreffectson,ABInBevoritsbusinessoroperations.Exceptasrequiredbylaw,ABInBevundertakesnoobligationtopubliclyupdateorreviseanyforward-lookingstatements,whetherasaresultofnewinformation,futureeventsorotherwise.Thefirstquarter2026(1Q26)financialdatasetoutinFigure1(exceptforthevolumeinformation),Figures3to6,8,10and12ofthispressreleasehavebeenextractedfromthegroup’sunauditedcondensedconsolidatedinterimfinancialstatementsasofandforthethree-monthperiodended31March2026,whichhavebeenreviewedbyourstatutoryauditorsPwCBedrijfsrevisorenBV/Réviseursd’EntreprisesSRLinaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard(UnitedStates).FinancialdataincludedinFigures7,9and11ofthispressreleasehavebeenextractedfromtheunderlyingaccountingrecordsasofandforthethree-monthperiodended31March2026.Referencesinthisdocumenttomaterialsonourwebsites,suchaswww.ab-inbev.com,areincludedasanaidtotheirlocationandarenotincorporatedbyreferenceintothisdocument.
Conferencecallandwebcast
InvestorConferencecallandwebcastonTuesday,5May2026:
3.00pmBrussels/2.00pmLondon/9.00amNewYork
Registrationdetails:
Webcast(listen-onlymode):
ABInBev1Q26ResultsWebcast
Tojoinbyphone,pleaseuseoneofthefollowingtwophonenumbers:
Toll-Free:+1-877-407-8029
Toll:+1-201-689-8029
AboutABInBev
Anheuser-BuschInBev(ABInBev)isapubliclytradedcompany(Euronext:ABI)basedinLeuven,Belgium,withsecondarylistingsontheMexico(MEXBOL:ANB)andSouthAfrica(JSE:ANH)stockexchangesandwithAmericanDepositaryReceiptsontheNewYorkStockExchange(NYSE:BUD).Asacompany,wedreambigtocreateafuturewithmorecheers.Wearealwayslookingtoserveupnewwaystomeetlife’smoments,moveourindustryforwardandmakeameaningfulimpactintheworld.Wearecommittedtobuildinggreatbrandsthatstandthetestoftimeandtobrewingthebestbeersusingthefinestingredients.Beeristhedrinkformoderation,andforoveracentury,ABInBevhaschampionedresponsibledrinking.WearecommittedtoprovidingourconsumerswithBalancedChoicestoenjoyonanyoccasion.Wealsoinvestinmarketingthataimstoreinforcepositivebehaviors,andweworkwithcommunities,customers,andpartnerstopromoteresponsibleconsumptionthroughevidence-basedinitiatives.
Ourdiverseportfolioofwellover400beerbrandsincludesglobalbrandsBudweiser®,Corona®,StellaArtois®andMichelobUltra®;multi-countrybrandsBeck’s®,Hoegaarden®andLeffe®;andlocalchampionssuchasAguila®,Antarctica®,BudLight®,Brahma®,Cass®,Castle®,CastleLite®,Cristal®,Harbin®,Jupiler®,ModeloEspecial®,Quilmes®,Victoria®,Sedrin®,andSkol®.Ourbrewingheritagedatesbackmorethan600years,spanningcontinentsandgenerations.FromourEuropeanrootsattheDenHoornbreweryinLeuven,Belgium.TothepioneeringspiritoftheAnheuser&CobreweryinSt.Louis,US.TothecreationoftheCastleBreweryinSouthAfricaduringtheJohannesburggoldrush.ToBohemia,thefirstbreweryinBrazil.Geographicallydiversifiedwithabalancedexposuretodevelopedanddevelopingmarkets,weleveragethecollectivestrengthsofapproximately137000colleaguesbasedinmorethan40countriesworldwide.For2025,ABInBev’sreportedrevenuewas59.3billionUSD(excludingJVsandassociates).
Annex1:Segmentreporting
ABInBevWorldwide
1Q25
Scope
CurrencyTranslation
OrganicGrowth
1Q26
OrganicGrowth
Volumes
136268
(931
)
-
1072
136409
0.8
%
Revenue
13628
(100
)
961
778
15267
5.8
%
Costofsales
(6044
)
59
(400
)
(235
)
(6620
)
(3.9
)%
Grossprofit
7583
(41
)
561
543
8647
7.2
%
SG&A
(4188
)
(7
)
(277
)
(271
)
(4743
)
(6.5
)%
Otheroperatingincome/(expenses)
192
(17
)
15
(20
)
170
(11.6
)%
NormalizedEBIT
3587
(64
)
300
251
4073
7.1
%
NormalizedEBITDA
4855
(69
)
396
255
5437
5.3
%
NormalizedEBITDAmargin
35.6
%
35.6
%
(15)bps
NorthAmerica
1Q25
Scope
CurrencyTranslation
OrganicGrowth
1Q26
OrganicGrowth
Volumes
19842
(97
)
-
(615
)
19131
(3.1
)%
Revenue
3364
(30
)
20
32
3385
0.9
%
Costofsales
(1410
)
30
(7
)
32
(1356
)
2.3
%
Grossprofit
1953
(1
)
13
63
2029
3.2
%
SG&A
(1052
)
(5
)
(9
)
(31
)
(1095
)
(2.9
)%
Otheroperatingincome/(expenses)
14
(0
)
(1
)
(10
)
2
(74.2
)%
NormalizedEBIT
916
(6
)
4
22
936
2.4
%
NormalizedEBITDA
1087
(2
)
5
7
1097
0.7
%
NormalizedEBITDAmargin
32.3
%
32.4
%
(9)bps
MiddleAmericas
1Q25
Scope
CurrencyTranslation
OrganicGrowth
1Q26
OrganicGrowth
Volumes
35081
(728
)
-
1632
35985
4.8
%
Revenue
3784
(78
)
450
349
4505
9.4
%
Costofsales
(1350
)
40
(151
)
(102
)
(1562
)
(7.8
)%
Grossprofit
2434
(37
)
299
247
2943
10.3
%
SG&A
(911
)
13
(110
)
(72
)
(1081
)
(8.0
)%
Otheroperatingincome/(expenses)
12
(0
)
1
(6
)
6
(48.1
)%
NormalizedEBIT
1535
(25
)
189
169
1869
11.2
%
NormalizedEBITDA
1858
(24
)
224
149
2206
8.1
%
NormalizedEBITDAmargin
49.1
%
49.0
%
(59)bps
SouthAmerica
1Q25
Scope
CurrencyTranslation
OrganicGrowth
1Q26
OrganicGrowth
Volumes
40891
-
-
(126
)
40765
(0.3
)%
Revenue
2978
3
192
267
3440
9.0
%
Costofsales
(1450
)
(3
)
(92
)
(112
)
(1657
)
(7.7
)%
Grossprofit
1528
(0
)
100
156
1784
10.2
%
SG&A
(849
)
(5
)
(47
)
(56
)
(957
)
(6.6
)%
Otheroperatingincome/(expenses)
97
(10
)
11
10
108
11.4
%
NormalizedEBIT
776
(15
)
64
110
935
14.4
%
NormalizedEBITDA
1007
(10
)
80
113
1190
11.3
%
NormalizedEBITDAmargin
33.8
%
34.6
%
73bps
EMEA
1Q25
Scope
CurrencyTranslation
OrganicGrowth
1Q26
OrganicGrowth
Volumes
20752
(95
)
-
274
20931
1.3
%
Revenue
1965
(31
)
252
87
2274
4.5
%
Costofsales
(1028
)
17
(129
)
(13
)
(1153
)
(1.3
)%
Grossprofit
937
(14
)
123
75
1121
8.1
%
SG&A
(607
)
(5
)
(84
)
(44
)
(739
)
(7.1
)%
Otheroperatingincome/(expenses)
44
(6
)
4
(8
)
35
(19.9
)%
NormalizedEBIT
375
(25
)
43
23
416
6.7
%
NormalizedEBITDA
624
(21
)
76
24
703
3.9
%
NormalizedEBITDAmargin
31.7
%
30.9
%
(18)bps
AsiaPacific
1Q25
Scope
CurrencyTranslation
OrganicGrowth
1Q26
OrganicGrowth
Volumes
19648
(18
)
-
(83
)
19548
(0.4
)%
Revenue
1450
(2
)
44
(19
)
1474
(1.3
)%
Costofsales
(685
)
1
(19
)
11
(691
)
1.7
%
Grossprofit
766
(1
)
26
(8
)
783
(1.0
)%
SG&A
(420
)
0
(13
)
(22
)
(455
)
(5.1
)%
Otheroperatingincome/(expenses)
24
(0
)
1
(6
)
18
(27.3
)%
NormalizedEBIT
369
(1
)
13
(36
)
346
(9.8
)%
NormalizedEBITDA
523
4
18
(48
)
497
(9.2
)%
NormalizedEBITDAmargin
36.1
%
33.7
%
(289)bps
GlobalExportandHoldingCompanies
1Q25
Scope
CurrencyTranslation
OrganicGrowth
1Q26
OrganicGrowth
Volumes
54
8
-
(11
)
50
(18.4
)%
Revenue
86
38
2
62
189
71.3
%
Costofsales
(122
)
(26
)
(2
)
(52
)
(202
)
(42.4
)%
Grossprofit
(36
)
13
0
10
(13
)
29.0
%
SG&A
(349
)
(6
)
(14
)
(47
)
(416
)
(13.6
)%
Otheroperatingincome/(expenses)
1
-
(0
)
(0
)
(0
)
(70.7
)%
NormalizedEBIT
(384
)
7
(14
)
(38
)
(429
)
(9.8
)%
NormalizedEBITDA
(244
)
(16
)
(7
)
11
(256
)
4.1
%
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