Anheuser-Busch InBev stock weighs Q3 growth against China drag

Anheuser-Busch InBev reported solid third-quarter growth on Thursday, October 29, while a sharp downturn in China continued to weigh on the brewer's regional mix. The results release, carried by Agence France-Presse, showed organic revenue growth of 4.9% in the quarter and a 22.4% increase in underlying earnings per share.

Anheuser-Busch InBev stock traded at 75.73 euros on Lang & Schwarz at 10:31 CET on Wednesday, November 11, 2026.

Pricing supports the global portfolio

Reported revenue rose 9.1% to 16.512 billion US dollars, helped by currency translation. Organic revenue growth reflected a 4.2% increase in revenue per hectoliter, with revenue management and premiumization offsetting broadly stable beer volumes. Total volumes increased 0.4%, as beer volumes slipped 0.1% and non-beer volumes grew 4.0%.

Normalized EBITDA increased 3.9% to 5.957 billion US dollars, but the margin narrowed by 34 basis points to 36.1%. AB InBev attributed the pressure to higher sales and marketing investment and commodity costs, partly offset by overhead discipline. Underlying profit rose to 2.396 billion US dollars from 1.970 billion US dollars a year earlier, while underlying EPS increased to 1.21 US dollars from 0.99 US dollars.

The brewer's growth platforms continued to expand. Revenue from no-alcohol beer rose 35%, Beyond Beer revenue increased 19%, and combined revenue from megabrands grew 7.7%. BEES Marketplace gross merchandise value rose 45% to 1.4 billion US dollars. Management said the company gained or held market share in an estimated two-thirds of its markets and recorded a quarterly volume high in 15 markets.

China remains the central risk

China was the clear weak spot. Volumes and revenue declined 16.8%, while EBITDA fell 30.5%. AB InBev cited abnormal weather, weak on-premise demand and inventory management in a difficult industry. The company said its performance was below potential, although it saw improvement in the in-home market-share trend, continued growth in premium and core-plus brands, and double-digit growth in online-to-offline sales.

Asia Pacific volumes declined 11.0% and regional revenue fell 9.5%, showing how strongly China affected the quarter. By contrast, Middle Americas revenue grew 12.1% organically, South America 9.1% and EMEA 4.0%, according to the release. That geographic spread supports the case for a diversified earnings base, but it also leaves the stock exposed to a prolonged recovery delay in China.

Outlook and shareholder return

Management maintained its 2026 outlook for EBITDA growth of 4% to 8%. The company also expects net capital expenditure of 3.5 billion to 4.0 billion US dollars and a normalized effective tax rate of 26% to 28%. The next material investor milestone is the full-year 2026 results release scheduled for October 29, 2026, while the 2026 interim dividend has an Euronext ex-dividend date of November 19.

AB InBev's board approved an interim dividend of 0.40 euros per share, compared with 0.15 euros for fiscal 2025. The company had also completed 2.6 billion US dollars of its 6 billion US dollar share buyback by October 26. The combination of earnings growth, capital returns and premium-brand momentum remains constructive, but margin pressure and China's weak demand remain the key issues for investors.

European markets provide the broader setting for Anheuser-Busch InBev through the Euro Stoxx 50.

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