Solid top- and bottom-line performance with volume growth, revenue up 4.9% and Underlying EPS up 22%

BRUSSELS--(BUSINESS WIRE)--Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD):

Regulated and inside information1

“Delivering solid growth today while investing for tomorrow - our portfolio of megabrands and mega platforms continues to win with consumers, and our performance this quarter reflects the strength of our diversified footprint, best-in-class capabilities and consistent execution of our strategy. Thank you to our colleagues around the world for their commitment and dedication as we continue to compound growth and create long-term value.” – Michel Doukeris, CEO, AB InBev

Management comments

Solid top- and bottom-line performance with volume growth, revenue up 4.9% and Underlying EPS up 22%

The consistent execution of our strategy, together with the strength of our diversified footprint, brand portfolio and best-in-class capabilities, delivered another quarter of compounding top- and bottom-line growth.

Revenue increased by 4.9%, with total volume growth of 0.4% and a revenue per hl increase of 4.2%, driven by revenue growth management and positive mix from premiumization and Beyond Beer. Overall beer volumes were flattish, as broad-based growth across our footprint was primarily offset by a challenging industry in China. We delivered record high third quarter volumes in 15 markets, including Colombia, Peru, Ecuador, South Africa, the Dominican Republic and India.

EBITDA increased by 3.9%, reflecting a step-up in sales and marketing investment to activate key mega platforms this quarter, as well as commodity cost headwinds, which were partially offset by disciplined overhead management. EBIT increased by 6.0% and Underlying EPS by 22%, as we continue to optimize the business and drive operating leverage through the P&L.

Key highlights from the quarter included: gaining or maintaining market share in an estimated two-thirds of our markets; continued momentum across our global premium brands, with Corona, Stella Artois and Michelob Ultra delivering revenue growth of 20%, 19% and 50%, respectively, outside of their home markets; continued growth across our Balanced Choices and Beyond Beer portfolios, with no-alcohol beer revenue increasing by 35% and Beyond Beer revenue by 19%; and BEES Marketplace quarterly GMV increasing by 45% to 1.4 billion USD.

Progressing our strategic priorities

We are executing on three key strategic pillars to deliver consistent compounding growth and long-term value creation.

(1) Lead and grow the category:
We strengthened our portfolio brand power and estimate that we gained or maintained share in two-thirds of our markets in 3Q26, reflecting the effectiveness of our execution and consumer-focused investments.

(2) Digitize and monetize our ecosystem:
BEES Marketplace GMV increased by 45% versus 3Q25 to 1.4 billion USD from third-party products. Overall BEES GMV increased by 12% versus 3Q25 to 15.9 billion USD.

(3) Optimize our business:
Our stronger balance sheet and free cash flow generation provide increased flexibility in our capital allocation choices. The AB InBev Board of Directors has approved an interim dividend of 0.40 EUR per share compared to 0.15 EUR per share in FY25.

(1) Lead and grow the category

We are executing on our four category expansion levers to drive growth across our portfolio, expand occasions and increase participation. In 3Q26, we estimate that the number of legal drinking age consumers purchasing our portfolio increased, driven by gains in our premium, no-alcohol beer and Beyond Beer brands.

• Core Superiority: Our mainstream beer portfolio delivered revenue growth of 2.1% in 3Q26, driven by double-digit growth in Colombia and Peru and high-single digit growth in Mexico and the Dominican Republic.
• Premiumization: Our above core beer portfolio delivered an 8.6% revenue increase in 3Q26, led by Corona, Stella Artois and Michelob Ultra, which grew revenue by 20%, 19% and 50%, respectively, outside of their home markets. Corona delivered double-digit volume growth in 37 markets, and Michelob Ultra continued its expansion across Latin America, with 60% of its volume growth coming from markets outside of the US.
• Balanced Choices: Our Balanced Choices portfolio, including low carb, low calorie, sugar free, gluten free and no-alcohol beer brands, delivered revenue growth of 19% in 3Q26. Our no-alcohol beer portfolio led performance, with revenue up by 35% and estimated share gains strengthening our leadership in no-alcohol beer by value, according to Nielsen.
• Beyond Beer: Our portfolio delivered revenue growth of 19% in 3Q26, led by Cutwater in the US, which grew revenue by high-thirties, and the continued global expansion of Flying Fish.

(2) Digitize and monetize our ecosystem

• Digitizing our relationships with more than 6 million customers globally: As of 30 September 2026, BEES was live in 30 markets with 73% of our revenues captured through B2B digital platforms. In 3Q26, BEES captured 15.9 billion USD in GMV, up 12% versus 3Q25.
• Monetizing our route-to-market; approaching 1.5 billion USD in quarterly GMV: BEES Marketplace GMV increased by 45% versus 3Q25 to reach 1.4 billion USD, further monetizing our route-to-market and strengthening our digital ecosystem.
• Leading the way in DTC solutions: Our digital DTC megabrands, Zé Delivery, TaDa Delivery and PerfectDraft, served 13 million active consumers and delivered 158 million USD in revenue, 9% growth versus 3Q25. Sales of third-party products through our DTC marketplace generated 49 million USD in GMV, a 57% increase versus 3Q25.

(3) Optimize our business

• Maximizing value creation: Our stronger balance sheet and free cash flow generation provide increased flexibility in our capital allocation choices. The AB InBev Board of Directors has approved an interim dividend of 0.40 EUR per share compared to 0.15 EUR per share in FY25, consistent with our ambition for a progressive dividend over time. As of 26 October 2026, we have completed 2.6 billion USD of our 6 billion USD share buyback program announced on 30 October 2025.
• Advancing our sustainability priorities: Our water use efficiency ratio improved to 2.3 hl per hl in 9M26 versus 2.4 hl per hl in 9M25. Our average energy efficiency globally improved to 81.2 MJ/hl in 9M26 versus 84.6 MJ/hl in 9M25. Our absolute Scopes 1 and 2 emissions were 2.3 million metric tons of CO2e in 9M26, a 1.8% decrease compared to 9M25.