AB InBev Upbeat for 2026 as Volumes Decline Slows — Update

By Joshua Kirby

Budweiser maker Anheuser-Busch InBev said it is confident of continued earnings growth in the year ahead after beer sales volumes fell by less than expected at the end of 2025.

The world's largest brewer said the soccer World Cup this summer and other sporting events should help it boost sales, countering recent weakness in volumes amid a broad-based downturn in drinking among consumers in many markets, and especially among younger people.

Zero-alcohol beers helped drive sales last year, the company said, as the teetotal portfolio, led by Corona Cero, surged 34% on year.

"We exit 2025 with improved momentum and enter 2026 well positioned to engage consumers with our megabrands and an unparalleled lineup of mega platforms," Chief Executive Michel Doukeris said.

Volumes fell 1.5% in the last quarter of 2025 compared with a year earlier, a less sharp decline than the 2.7% analysts had expected, according to a consensus of estimates compiled by the company. The previous quarter, volumes had declined by 3.7% on year.

That helped drive a 2.5% rise in revenue over the quarter, beating analysts' expectations and taking full-year revenue to $59.32 billion. Adjusted earnings before interest, taxes, depreciation and amortization climbed nearly 5% over the year to $21.22 billion.

AB InBev's fourth-quarter results followed the trend of modest revenue rises despite sliding volumes also booked by the brewer's European peers, Denmark's Carlsberg and Dutch group Heineken. "Three out of three ain't bad," analysts at RBC Capital Markets wrote following AB InBev's update.

The Belgian group, whose labels also include Michelob, Corona and Stella Artois, said it was confident of keeping up the momentum over the coming year. The company aims to book Ebitda for the year in line with its midterm guidance of 4%-8% annual growth. That marks a rosier outlook than the 2%-6% earnings growth targeted by both Carlsberg and Heineken.

"We remain confident in the long-term potential of the beer category, which has structural tailwinds for growth and plays an important role in bringing people together and creating moments of celebration," AB InBev said.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

February 12, 2026 02:27 ET (07:27 GMT)