AB InBev: earnings per share up 22.4% in third quarter, China weighs on volumes
AB InBev published on October 29, 2026 third quarter results marked by a 22.4% increase in underlying earnings per share, to $1.21. This level exceeds the average of $1.16 expected by analysts.
The board of directors also approved an interim dividend of €0.40 per share, compared to €0.15 for the 2025 financial year.
Operating income is progressing at a more moderate pace. Normalized EBITDA increased by 3.9%, to $5,957 million, and its margin declined by 34 basis points, to 36.1%.
The group attributes this gap to higher commercial and marketing investments and unfavorable raw material prices, partially offset by cost control.
Revenue up 4.9%, driven by price and mix
Revenue increased by 4.9% in organic growth in the third quarter, that is excluding currency and perimeter effects.
On a reported basis, it reached $16,512 million, up 9.1%, with a favorable currency effect. Over the first nine months, organic growth stood at 5.4%, for $48,439 million reported (+ 10.7%).
The bulk of the increase comes from revenue per hectolitre, up 4.2%, while volumes increased by only 0.4%.
Beer volumes declined by 0.1% and non-beer beverages volumes increased by 4.0%. According to management, growth recorded in most markets was mainly offset by difficult sector conditions in China.
By category, the combined revenue of the group's megabrands increased by 7.7%, with a 20% increase for Corona outside its home market.
Alcohol-free beers posted a 35% increase and non-beer beverages 19%. The gross merchandise volume of the BEES Marketplace platform increased by 45%, to $1.4 billion.
Lower financial charges and strong regional disparities
The gap between the increase in EBITDA and that of earnings per share is partly explained by the lines below operating income. Normalized EBIT increased by 6.0%, to $4,538 million.
Net financial charges declined from $1,165 to $908 million, while tax increased from $726 to $952 million.
The weighted average number of shares fell from 1,986 to 1,973 million. Currency also contributed: at constant exchange rates, underlying earnings per share increased by 13.9%.
Underlying profit reached $2,396 million, compared to $1,970 million a year earlier, and reported net income attributable to the group $1,597 million, compared to $1,054 million.
Regions are evolving in contrasting ways. In Central America, EBITDA increased by 15.6% organically, with volumes up 7.3%. In North America, it declined by 3.5%, and by 4.0% in the United States, where revenue fell by 1.2%.
In Asia-Pacific, EBITDA declined by 22.4% and volumes by 11.0%. In China, volumes decreased by 16.8% and EBITDA by 30.5%. The group cited inventory management in a sector affected by abnormal weather conditions and weak food service.
EBITDA growth targeted between 4% and 8% in 2026
For the 2026 financial year, AB InBev indicated it targets EBITDA growth in line with its medium-term outlook, namely between 4% and 8%. Over the first nine months, normalized EBITDA increased by 5.0%, to $17,332 million, with a margin down 15 basis points, to 35.8%.
The group plans net investments of between $3.5 and $4.0 billion, as well as a normalized effective tax rate between 26% and 28%. As of October 26, 2026, $2.6 billion of the $6 billion share buyback program announced on October 30, 2025 had been completed.
On Euronext, the interim dividend of €0.40 will be ex-date on November 19, 2026 and paid on November 23, 2026. The group presents it as consistent with its objective of a progressive dividend over time. Over nine months, underlying earnings per share reached $3.40, compared to $2.78 a year earlier, an increase of 22.2%.
