Anheuser-Busch InBev (ABI.BR, ANH.JO), d/b/a AB InBev, on Tuesday reported solid first-quarter performance due to the rise in demand for its beer and no-alcohol product lines.
For the three months ended March 31, the Belgian brewer saw its total revenue rise 5.8% on an organic basis to $15.27 billion, aided by a 4.5% increase in revenue per hectoliter. AB InBev said revenue management, as well as a positive mix from premiumization and the Beyond Beer portfolio, bolstered its top line.
Volumes ticked up 0.8% from the previous year, with beer volumes gaining 1.2%, while non-beer fell 1.9%. The owner of brands like Stella Artois, Corona and Michelob Ultra noted that the company achieved an all-time high in first-quarter volumes across Mexico, Colombia, Brazil, South Africa, and Peru. AB InBev also estimated that it gained or held share in 75% of its markets on the back of the acceleration of its megabrands and Beyond Beer line.
Profit attributable to equity holders for the quarter came in at $2.56 billion, up from $2.15 billion a year ago. Basic EPS moved to $1.30 from $1.08, while underlying EPS grew to $0.97 from $0.81 earlier.
Against this backdrop, the brewer reiterated its full-year 2026 EBITDA growth target of 4% to 8%, aligning with its midterm outlook.
"We had been nervous that ABI's 1Q results wouldn't do justice to the strong share price in the lead up. In the event, the results were good, with organic sales growth 280 [basis points] ahead of consensus - a function of volume and price - with every region exceeding expectations," RBC Capital Markets said in a quick-take note following the earnings release.