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AB InBev - Q1 2026 results
Key figures
- Revenue increased by 5.8% with revenue per hl growth of 4.5%.
- Reported revenue increased by 12.0% to USD15 267 million, positively impacted by currency translation.
- 8.2% increase in combined revenues of megabrands, led by Corona, which grew by 16% outside of its home market.
- 27% increase in revenue of no-alcohol beer.
- 37% increase in revenue of Beyond Beer.
- 55% increase in Gross Merchandise Value (GMV) from sales of third-party products through BEES Marketplace to reach USD1.1 billion.
- Volumes increased by 0.8%, with beer volumes up by 1.2% and non-beer volumes down by 1.9%.
- Normalized EBITDA increased by 5.3% to USD5 437 million, with a margin contraction of 15 bps to 35.6%.
- Underlying Profit was 1 923 million USD in 1Q26 compared to USD1 606 million in 1Q25.
- Reported profit attributable to equity holders of AB InBev was USD2 563 million in 1Q26 compared to USD2 148 million in 1Q25, both positively impacted by non-underlying items.
- Underlying EPS increased by 20.8% to USD0.97 in 1Q26, compared to USD0.81 in 1Q25.
- On a constant currency basis, Underlying EPS increased by 8.8%.
2026 outlook
(i) Overall performance: EBITDA is expected to grow in line with our medium-term outlook of between 4- 8%. The outlook for FY26 reflects the current assessment of inflation and other macroeconomic conditions.
(ii) Net finance costs: Net pension interest expenses and accretion expenses are expected to be in the range of USD190 to USD220 million per quarter, depending on currency and interest rate fluctuations. The average gross debt coupon expected in FY26 to be approximately 4%.
(iii) Effective tax rate (ETR): Normalized ETR in FY26 expected to be in the range of 26% to 28%. The ETR outlook does not consider the impact of potential future changes in legislation.
(iv) Net capital expenditure: Net capital expenditure expected to be between USD3.5 and USD4.0 billion in FY26.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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