BUD · Anheuser-Busch InBev SA/NV

AB InBev delivered a strong start to 2026, demonstrating broad-based volume growth and significant bottom-line expansion. Revenue increased by 5.8% to $15.267 billion, driven by revenue management actions and a positive mix shift from premiumization and the Beyond Beer portfolio, which offset a modest 0.8% total volume growth. The company's focus on megabrands proved effective, with Corona, Stella Artois, and Michelob Ultra delivering double-digit revenue growth outside their home markets. The digital ecosystem continued to scale, with BEES Marketplace GMV surging 55% to reach $1.1 billion, highlighting successful monetization of the B2B platform. Profitability remained robust, with Normalized EBITDA growing 5.3% to $5.437 billion, though margins contracted slightly by 15 basis points due to transactional FX headwinds and increased marketing investments. Underlying EPS outperformed the top line, rising 20.8% to $0.97, aided by translational FX tailwinds and disciplined cost management. The balance sheet strength was underscored by a Moody's credit rating upgrade to A2. Management expressed confidence in the full-year outlook, reiterating EBITDA growth guidance of 4-8% and highlighting upcoming catalysts such as the FIFA World Cup. The execution of $1.4 billion in share buybacks further signals management's commitment to returning capital to shareholders.