Anheuser-Busch InBev SA/NV

Anheuser-Busch InBev is set to hold a Capital Market Day in St. Louis, Missouri, on September 22, the first time the beer giant has held the event in St. Louis since 2010. Ahead of the event, RBC Capital Markets analyst James Edwardes Jones highlighted that it is the first time he can remember the company approaching a Capital Markets Day needing to do no more than demonstrate it can continue to deliver 4% to 8% organic EBITDA growth and avoid any "rushes of blood to the head" in terms of capital allocation. Edwardes Jones thinks that if management can underpin confidence in the organic EBITDA growth, the strong share price performance should continue as the share price trends towards RBC's price target of €93. Shares of Anheuser-Busch InBev have solidly outperformed other beer and spirits stocks over the last year. Belgium-based InBev acquired Anheuser-Busch in 2008 in an all-cash deal worth about $52B, ending roughly 150 years of independence for the St. Louis brewer behind Budweiser, Bud Light, and Michelob and creating the world's largest brewer.

Anheuser-Busch InBev SA/NV announced on August 21 that it will invest $13 million in its Baldwinsville facility in New York to meet growing consumer demand for Michelob ULTRA and Cutwater, the top two fastest-growing alcohol brands in the United States. The investment is part of the brewing giant's broader strategy to direct capital toward its faster-growing brands and expand its US manufacturing footprint, increasing production of Michelob ULTRA and upgrading can and bottle lines, as well as expanding production capabilities for Cutwater. Cutwater was the fastest-growing brand in the US spirits industry in the second quarter, and since acquiring it in 2019, Anheuser-Busch has leveraged its logistics and packaging capabilities to expand it beyond its original 34-state footprint. Michelob ULTRA is the top-selling beer in the United States. This investment follows a $20 million-plus commitment to AB InBev's St. Louis brewery announced in June, which will also upgrade equipment and open a new technical skills training center. Despite these investments, the company faces risks from shifting drinking habits, as total North American beer volumes fell 1.9% year-over-year in the first half of 2026, and Bud Light sales are expected to decline to 12.7 million barrels this year from 41 million at its peak.

Anheuser-Busch InBev is investing $13 million at its Baldwinsville, New York facility to expand production of its Cutwater spirits ready-to-drink brand and Michelob Ultra beer. The capital injection is part of the group's plan to invest $300 million across its US production this year, matching the amount invested in 2025. The company said the move will add new production capabilities for Cutwater to meet rapidly growing demand, upgrade can and bottle lines, and launch a technical skills training centre at the site. CEO Michel Doukeris said on a recent earnings call that Cutwater revenue grew at a triple-digit rate and that the company is the main rival in the spirits RTD segment.

Anheuser-Busch InBev reported a return to volume growth in the second quarter of 2026, with beer volumes up 1.1% and total volumes up 0.9% year over year. Revenues advanced 5.6%, supported by 4.2% growth in revenue per hectoliter, and the company posted record second-quarter volumes in Mexico, Colombia, and Ecuador. Non-alcoholic beer revenues climbed 27%, led by Corona Cero and Michelob Ultra Zero, while Michelob Ultra saw 40% of its volume growth come from outside the United States. China remained a pressure point, with revenues down 8.8% amid adverse weather and a constrained consumer environment. AB InBev shares have lost 0.2% in the past six months, and the stock trades at a forward price-to-earnings ratio of 17.07X versus the industry average of 15.13X.

Anheuser-Busch InBev reported second-quarter results that beat analyst expectations, with adjusted earnings per share of $1.21 versus the $1.11 estimate and sales of $16.66 billion topping the $16.352 billion estimate. Organic revenue grew 5.6%, total volumes increased 0.9%, and normalized EBITDA rose 5.8% organically to $5.94 billion. CEO Michel Doukeris said the 2026 FIFA World Cup contributed about 20 to 30 basis points of volume growth during the quarter, while the bigger benefit would come over the longer term as the event serves as a launchpad for Michelob ULTRA's expansion across the Americas. The company maintained its 2026 outlook for EBITDA growth of 4% to 8% and net capital spending of $3.5 billion to $4 billion.

Anheuser-Busch InBev reported strong second-quarter 2026 results, posting market share gains in 70% of its markets. Half-year sales reached US$31,927 million and net income hit US$6,314 million, up from US$28,632 million and US$3,824 million a year earlier, while basic earnings per share from continuing operations rose to US$3.20 from US$1.92. The company recorded 1.1% volume growth, record volumes in several Latin American markets, and further expansion in non-alcohol and Beyond Beer segments. The stock last closed at €75.2, up 38.2% year to date and 52.4% over the past year.

Southern Glazer’s Wine & Spirits has completed its acquisition of substantially all of the assets of Eagle Rock Distributing Co.’s Colorado operations. The deal brings Anheuser-Busch’s full Colorado product portfolio—including Michelob ULTRA, Busch Light, Budweiser, Bud Light, Cutwater Spirits, NÜTRL Vodka Seltzer, BeatBox Beverages, and Phorm Energy—as well as brands like Tilray Brands, Talking Rain, AriZona Beverages, Novamex, Essentia Water, Station 26 Brewing Co., Happy Dad, and Nestle under Southern Glazer’s distribution. Jeffrey Gerali, formerly Senior Commercial Director at Anheuser-Busch, has been named Senior Vice President, General Manager of Southern Glazer’s Beverage Company of Colorado, and Jason Charboneau becomes Senior Vice President, Sales for the Colorado unit. Eagle Rock will continue to operate its Georgia business in full.

Anheuser-Busch InBev's digital B2B platform BEES delivered a strong performance, generating $14.6 billion in gross merchandise value, up 15% year over year. The company's digital transformation continues to deepen customer engagement, with B2B digital platforms contributing about 72% to revenues in the first quarter of 2026. Its direct-to-consumer megabrands Zé Delivery, TaDa Delivery and PerfectDraft served 12 million active consumers, generating $139 million in revenues, while third-party sales through the DTC marketplace reached $41 million of GMV. Premiumization also drove results, with the above-core beer portfolio posting an 11% revenue increase led by Corona, Stella Artois and Michelob Ultra. AB InBev shares have gained 27.5% over the past six months, and the Zacks Consensus Estimate projects 2026 earnings per share growth of 16.1%.

Anheuser-Busch InBev is sustaining strong revenue momentum driven by premiumization, disciplined pricing, and digital transformation. Combined revenues of its megabrands increased 8.2% in the first quarter of 2026, led by Corona, while Stella Artois and Michelob Ultra also contributed outside their home markets. B2B digital platforms accounted for about 72% of revenues in the same period, reflecting the growing importance of its BEES and Zé Delivery ecosystems. The company is expanding its Beyond Beer portfolio into ready-to-drink beverages, hard seltzers, and non-alcoholic beers. AB InBev shares have gained 25.7% over the past six months, and the Zacks Consensus Estimate projects 2026 earnings per share growth of 15.8%.

Anheuser-Busch InBev has appointed Dirk Van de Put as its new chairman in a unanimous board decision. Van de Put, who has been an independent director at the brewer since April 2023, currently serves as chairman and CEO of Mondelez International and previously led McCain Foods, with senior roles at Novartis, Danone, Coca-Cola, and Mars. The company highlighted his three decades of global consumer packaged goods experience and familiarity with its long-term strategy, noting the appointment maintains an independent chair structure and reinforces a focus on brand-driven growth. The move comes as Anheuser-Busch InBev continues a strong turnaround, with shares rebounding and earnings growth, volume recovery, and cash returns rebuilding investor confidence.

Anheuser-Busch has launched the ComBar, a first-of-its-kind 10-ton, 400-plus-square-foot mobile bar built from a real combine harvester to celebrate American farmers and its commitment to U.S. agriculture. The company spends $700 million annually sourcing high-quality barley, rice, corn, and hops from 700 U.S. farmers, and holds U.S. Farmed certification for several of its iconic beers, including Busch Light, Budweiser, and Bud Light. The ComBar will embark on a nationwide tour in summer 2026, coinciding with America's 250th birthday, as part of the Choose Beer Grown Here initiative encouraging consumers to support American growers by choosing products made with U.S.-grown ingredients. Stops include the St. Louis 4th of July Celebration, the North Dakota State Fair, the Iowa State Fair, and the Farm Progress Show, among others.