Anheuser-Busch InBev confident on 2026 earnings growth as beer volumes fall lower than expected 

BELGIUM – Anheuser-Busch InBev has said it is confident of continued earnings growth in the year ahead after beer sales volumes declined by less than expected toward the end of 2025, supported by improving momentum and strong performance from its premium and zero-alcohol portfolio. 

The world’s largest brewer said major sporting events, including the soccer World Cup scheduled for this summer, are expected to help drive sales growth, countering recent volume weakness linked to a broad-based moderation in alcohol consumption across several markets, particularly among younger consumers. 

Zero-alcohol beers were a key growth driver in 2025, with the company reporting a 34% year-on-year surge in volumes across its no- and low-alcohol range, led by Corona Cero. 

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

In 2025, Anheuser-Busch InBev sold 484.2 million hectolitres of beer, representing a 2.6% decline compared with the previous year.  

Volumes of non-beer beverages totalled 77 million hectolitres, down 0.4%. In the fourth quarter, total volumes fell 1.5%, a smaller decline than analysts had anticipated. 

Doukeris said full-year volumes were “below potential” but noted that momentum improved through the fourth quarter, with stronger performance in December.  

The company attributed full-year revenue growth to higher revenue per hectolitre and a continued focus on premium brands. 

For the full year, organic revenue rose 2%, while revenue per hectolitre increased 4.4%. However, reported revenue declined 0.8% to US$59.3 billion, reflecting adverse currency movements. 

The brewer highlighted rapidly evolving consumer preferences, including health and wellness trends and the growing use of new medications that may influence drinking patterns. Management said it continues to monitor these shifts closely as part of its long-term planning. 

Normalized EBITDA rose 2.3% to US$5.47 billion in the fourth quarter, exceeding market expectations, although margins slipped by 10 basis points to 35.2%.  

For the full year, normalized EBITDA increased 4.9% to US$21.2 billion, with margins expanding 101 basis points to 35.8%, at the lower end of the company’s medium-term growth target range of 4% to 8%. 

Reported profit attributable to equity holders increased to US$1.96 billion in the fourth quarter from US$1.22 billion a year earlier. Full-year reported profit rose to US$6.84 billion from US$5.86 billion. 

Following the results, the board proposed a final dividend of €1.00 per share (US$1.08), bringing the full-year dividend to €1.15 (US$1.24), up 15% from 2024.  

As of 9 February, the company had completed around US$635 million of its US$6 billion share buyback programme announced in October. 

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