Anheuser-Busch InBev stock faces China pressure after Q3 growth

Anheuser-Busch InBev reported solid third-quarter growth on Thursday, October 29, while China and higher investment costs weighed on operating margins. The figures were published in the company release carried by AFP.

Organic revenue increased 4.9 percent from the year-earlier quarter, driven by pricing, premiumization and growth in Beyond Beer. Reported revenue reached 16.512 billion US dollars, up 9.1 percent because currency translation added to the organic performance. Total volumes rose 0.4 percent, although beer volumes slipped 0.1 percent and non-beer volumes advanced 4.0 percent.

Premium brands offset weak markets

Normalized EBITDA rose 3.9 percent to 5.957 billion US dollars, but the margin contracted by 34 basis points to 36.1 percent. AB InBev said higher sales and marketing investment and commodity costs partly offset disciplined overhead management. Normalized EBIT increased 6.0 percent, while underlying EPS climbed 22.4 percent to 1.21 US dollars. On a constant-currency basis, the increase was 13.9 percent, highlighting the contribution from currency movements to the reported figure.

The portfolio mix supported the quarter. Combined revenue from the brewer's megabrands grew 7.7 percent, with Corona revenue up 20 percent outside Mexico. Revenue from no-alcohol beer increased 35 percent, and Beyond Beer revenue gained 19 percent. BEES Marketplace gross merchandise value for third-party products rose 45 percent to 1.4 billion US dollars.

Regional performance was uneven. The Middle Americas delivered 12.1 percent organic revenue growth and 15.6 percent EBITDA growth, while South America posted 9.1 percent revenue growth and 13.8 percent EBITDA growth. In Asia Pacific, revenue declined 9.5 percent organically and EBITDA fell 22.4 percent. China was the main pressure point: volumes and revenue both dropped 16.8 percent, while EBITDA fell 30.5 percent.

Dividend and outlook support

The board approved an interim dividend of 0.40 euros per share for fiscal 2026, compared with 0.15 euros for fiscal 2025. The ex-dividend date for Euronext is November 19, 2026, with payment scheduled for November 23. AB InBev had completed 2.6 billion US dollars of its 6 billion US dollar share buyback by October 26.

Management reaffirmed confidence in delivering the 2026 outlook. The company expects EBITDA growth in line with its medium-term range of 4 to 8 percent, net capital expenditure of 3.5 to 4.0 billion US dollars and a normalized effective tax rate of 26 to 28 percent.

Anheuser-Busch InBev stock traded at 71.73 euros on Lang & Schwarz at 10:41 CET on Friday, October 30, 2026. Investors can follow the real-time quote of Anheuser-Busch InBev stock.

The Euro Stoxx 50 provides the broader eurozone market context for investors tracking the stock.

More news and analyses are available in the Anheuser-Busch InBev stock coverage.