Anheuser-Busch InBev SA/NV

ABI: XBRU (BEL)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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AB InBev Is Well Positioned To Capitalize on Premiumization Trends

Verushka Shetty

Feb 26, 2026

Business Strategy and Outlook

Anheuser-Busch InBev spearheaded the brewing industry consolidation. Previous acquisitions have led to InBev being the largest brewer with more than double the volume of its second-largest peer, Heineken. InBev’s monopolylike positions in several markets give the firm significant fixed cost leverage and procurement pricing power. The firm’s industry-leading margins, excess returns on invested capital, and best-in-class conversion reflect this.

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Anheuser-Busch InBev SA/NV

AB InBev Is Well Positioned To Capitalize on Premiumization Trends

Business Strategy and Outlook

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