AB InBev toasts in Brussels. Beer giant beats expectations in Q1

(Il Sole 24 Ore Radiocor) - Ab InBev toasts the Brussels Stock Exchange after better-than-expected quarterly accounts. The beer giant, owner of the Bud, Stella Artois and Corona brands among others, reported revenues of $15.3 billion (+5.8%) in the first three months of 2026, adjusted Ebitda of $5.4 billion (+5.3%) and earnings per share of $2.6 billion (up from $2.14 billion) and underlying net income of $1.9 billion (up from $1.6 billion). Adjusted earnings per share rose to $0.97 from $0.81, marking "a record for a first quarter," a statement said.

Volumes increased by 0.8%, reflecting a growth of 1.2% for beer and a decline of 1.9% for other beverages. North America, on the other hand, experienced a 3.2% decline in beer sales volumes, while Central America increased by 5.6%, South America by 0.8% and the Emea region by 1.5%. The guidance for 2026 points toEbitda growth in line with the medium-term outlook (+4/8%). As analysts point out, the overall volume increase is a positive sign after several difficult quarters for the beer sector. AB InBev attributes the quarterly performance to pricing strategy, a favourable mix related to 'premiumisation' and growth in the 'Beyond Beer' segment. "Our core beer portfolio recorded an 11% increase in sales. The performance was driven by Corona, Stella Artois and Michelob Ultra, which recorded sales growth of 16%, 14% and 39% respectively outside their respective home markets. Corona had a successful involvement in the Milan Cortina Winter Olympics and increased volumes by double digits in 32 markets,' AB InBev pointed out.

The 'Beyond Beer' segment accelerated, with a 37% increase in sales, driven by the global expansion of Flying Fish and Cutwater in the US. "Revenue growth, disciplined cost management and positive exchange rate effects contributed to a growth in earnings per share of 20.8%," the group points out. "We are encouraged by our first quarter results and, looking ahead, we are well positioned to enhance our business at some of the most important festive occasions of the year, including the FIFA World Cup. Our consistent performance and the strength of the beer segment reinforce our confidence in our ability to achieve our goals for the 2026 financial year,' AB InBev further indicated.

Analysts at JP Morgan confirm their buy recommendation with an unchanged price target of EUR 73. For the experts at Rbc Capital Markets, AB InBev's excellent first quarter justifies its share price, pointing out that the group recorded areturn to volume growth after years of slowdown, increasing revenues and profits for the period. "Every region exceeded expectations. We were concerned that AB InBev's first quarter results would not do justice to the strong share price that preceded them. Instead, the accounts look good,' they point out from RBC.