BUD · Anheuser-Busch InBev SA/NV

Anheuser-Busch InBev delivered strong Q1 2026 financial results with revenue growth of 12% to USD 15.3 billion, primarily fueled by effective revenue management, premiumization, and positive mix shifts in Beyond Beer categories, despite flat consolidated volumes of 136.4 million hectoliters. Excluding hyperinflation in Argentina, acquisitions/disposals, and currency effects, revenue per hectoliter rose 4.5-5.8%, with standout performances in Middle Americas (19% revenue growth, 2.6% volume increase led by Mexico and Colombia) and South America (15.5% revenue uptick despite slight volume dip). Gross profit expanded 14% to USD 8.6 billion, though cost of sales rose 9.5% due to volume, transactional FX headwinds, and input cost pressures partially offset by efficiencies. Operating expenses increased 14.4%, reflecting higher sales/marketing investments to support brand momentum. Profit from operations climbed 16.7% to USD 4.1 billion, bolstered by USD 56 million in exceptional items (mainly brewery sale gain). Normalized EBITDA grew 12% to USD 5.4 billion, showcasing operational leverage. Net profit surged 17% to USD 2.98 billion, with equity holders' profit at USD 2.56 billion and basic EPS at USD 1.30 (underlying USD 0.97). Regional highlights included North America's share gains in Michelob Ultra and Busch Light despite 3.6% volume decline, EMEA's megabrand strength (Corona up high-single digits), and digital platforms like BEES hitting USD 14.6 billion GMV. Management emphasized disciplined execution amid economic volatility, with no forward guidance provided but forward-looking statements cautioning on FX, inflation, and geopolitical risks.