Solid top- and bottom-line performance: Revenue up by 5.6%, Beer volume growth of 1.1% and a 23.4% Underlying EPS increase
BRUSSELS--(BUSINESS WIRE)--Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD):
Regulated information1
“Cheers to beer – our performance this quarter reflects the strength of the beer category and the consistent execution of our strategy. Through investment in our megabrands and mega platforms, innovation and offering more choices across more occasions, we are strengthening the cultural relevance of our brands with consumers. Thank you to our colleagues for their commitment and disciplined execution, which position us well to continue our momentum.” – Michel Doukeris, CEO, AB InBev
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Revenue +5.6% Revenue increased by 5.6% in 2Q26 with revenue per hl growth of 4.2% and by 5.7% in HY26 with revenue per hl growth of 4.3%.
Reported revenue increased by 11.0% in 2Q26 to 16 660 million USD and by 11.5% in HY26 to 31 927 million USD, positively impacted by currency translation.
6.2% increase in combined revenues of megabrands in 2Q26, led by Corona, which grew by 17% outside of its home market. 27% increase in revenue of no-alcohol beer in 2Q26. 44% increase in revenue of Beyond Beer in 2Q26. 50% increase in Gross Merchandise Value (GMV) from sales of third-party products through BEES Marketplace to reach 1.2 billion USD in 2Q26. Volumes +0.9% Volumes increased by 0.9% in 2Q26, with beer volumes up by 1.1% and non-beer volumes down by 1.1%. Volumes increased by 0.8% in HY26, with beer volumes up by 1.2% and non-beer volumes down by 1.5%.
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Normalized EBITDA +5.8% Normalized EBITDA increased by 5.8% to 5 938 million USD in 2Q26, with a margin expansion of 4bps to 35.6%. Normalized EBITDA increased by 5.6% to 11 375 million USD in HY26, with a margin contraction of 5bps to 35.6%.
Underlying Profit 2 390 million USD Underlying Profit was 2 390 million USD in 2Q26 compared to 1 950 million USD in 2Q25 and was 4 314 million USD in HY26 compared to 3 556 million USD in HY25. Reported profit attributable to equity holders of AB InBev was 3 751 million USD in 2Q26 compared to 1 676 million USD in 2Q25, and was 6 314 million in HY26 compared to 3 824 million in HY25, with HY25, 2Q26 and HY26 positively impacted by non-underlying items.
Underlying EPS 1.21 USD Underlying EPS increased by 23.4% to 1.21 USD in 2Q26, compared to 0.98 USD in 2Q25, and increased by 22.1% to 2.18 USD in HY26, compared to 1.79 USD in HY25. On a constant currency basis, Underlying EPS increased by 12.9% in 2Q26 and by 11.0% in HY26. |
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Net Debt to EBITDA 2.86x Net debt to normalized EBITDA ratio was 2.86x at 30 June 2026 compared to 3.27x at 30 June 2025 and 2.87x at 31 December 25. |
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