Anheuser-Busch InBev stock weighs China drag after Q3 growth

Published on 11/02/2026 at 09:06 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Anheuser-Busch InBev stock faces a mixed setup after stronger third-quarter growth. China and higher investment costs pressured operating margins.

Growth Meets Regional Pressure

Organic revenue rose 4.9 percent in the third quarter, while normalized EBITDA increased 3.9 percent.
China volumes and revenue fell 16.8 percent as adverse weather and weak on-premise demand weighed on the region.
The board approved a 0.40 euro interim dividend per share for fiscal 2026, payable from November.

Anheuser-Busch InBev, BE0974293251, Illustration mit AI erstellt.

Anheuser-Busch InBev reported stronger third-quarter 2026 operating results on October 29, but a sharp downturn in China and a narrower operating margin kept the brewer's outlook mixed. The company said organic revenue increased 4.9 percent, while total volumes rose 0.4 percent.

According to the Business Wire release, reported revenue reached 16.512 billion US dollars, up 9.1 percent year over year, helped by currency translation. Revenue per hectoliter grew 4.2 percent, reflecting revenue management and a more premium brand mix.

Premium brands support revenue growth

Normalized EBITDA rose 3.9 percent to 5.957 billion US dollars. Its margin declined by 34 basis points to 36.1 percent, as higher sales and marketing spending and commodity costs offset part of the operating benefit from pricing and mix. Management said disciplined overhead control helped cushion those pressures.

Underlying profit increased to 2.396 billion US dollars from 1.970 billion US dollars a year earlier. Underlying earnings per share advanced 22.4 percent to 1.21 US dollars from 0.99 US dollars. The company cautioned that these normalized measures are non-IFRS indicators and should be considered alongside reported profit.

Premiumization remained a central growth driver. Revenue from the megabrand portfolio increased 7.7 percent, led by Corona, whose revenue outside its home market rose 20 percent. No-alcohol beer revenue climbed 35 percent, while Beyond Beer revenue increased 19 percent. BEES Marketplace gross merchandise value rose 45 percent to 1.4 billion US dollars.

China remains the main earnings drag

Asia Pacific was the weak point in the regional mix. In China, volumes and revenue both declined 16.8 percent in the third quarter, while EBITDA fell 30.5 percent. AB InBev attributed the setback to abnormal weather, continued weakness in bars and restaurants, inventory management and a difficult industry environment.

Management said overall beer volumes were broadly flat because growth across much of the footprint was offset by China. The company estimated that it gained or maintained market share in two-thirds of its markets and recorded third-quarter volume records in 15 countries, including Mexico, Colombia, India and South Africa.

Dividend increases as outlook holds

The board approved an interim dividend of 0.40 euro per share for fiscal 2026, compared with 0.15 euro for fiscal 2025. The ex-dividend date for Euronext is November 19, the record date is November 20 and payment is scheduled for November 23.

AB InBev retained its 2026 outlook for normalized EBITDA growth of 4 percent to 8 percent. It expects net capital expenditure of 3.5 billion to 4.0 billion US dollars. The guidance leaves investors balancing resilient pricing, premium brands and digital distribution against regional weakness and the cost of supporting future growth.

The real-time quote of Anheuser-Busch InBev stock was 71.81 euros on Lang & Schwarz at 09:05 CET on Monday, November 2, 2026.