Anheuser-Busch InBev SA/NV - ADR

Strong Q3 momentum across “volume, price & mix” → EPS acceleration - Volumes: grew for the third consecutive quarter; total volumes +0.4% YoY, led by soft drinks. - Beer: essentially flat (“flattish”); strength in parts of the portfolio offset by challenging China. - Revenue: +4.9% YoY; revenue per hectoliter +4.2% (driven by best-in-class revenue management + positive mix from mega brands and pack/pricing strategy). - Profitability/EPS: EBITDA +3.9% with flattish margins; underlying EPS +22% to $1.21 (and 10% YoY for $-denominated EBITDA year-to-date).

Strategic pillars delivering results (especially mega brands + non-alcohol + BEES) - Mega brands / category growth: net revenue +7.7% in Q3; Corona continued premiumization (Corona revenue +20% outside Mexico; double-digit volume growth in 37 markets). - Non-alcohol beer outperformance: portfolio delivered 35% revenue growth, led by Corona Zero and Michelob ULTRA Zero. - Company view: non-alcohol is early-stage but real—~60% of volume from new occasions/new consumers. - Management indicated it’s scaling toward ~2% of business run-rate (from <1% previously), suggesting a potential “tipping point” later—but they stressed it is still early. - E-commerce/digital: BEES marketplace GMV $1.4bn (+45% YoY); GMV $1.4bn and gross merchandising value $15.9bn (+12%). - Digital D2C: 13m consumers, $158m revenue; third-party marketplace annualized GMV ~$200m.

Regional picture: strong emerging markets; China is the main negative - North America (U.S.): continued share gains; 10 consecutive quarters gaining share of total alcohol; #1 share gainer YTD. Beyond Beer revenue growth low teens. - Middle Americas: strong across Mexico/Colombia/Brazil with share gains and mix effects. - Mexico: mid-single digit volume growth; double-digit bottom line growth. - Colombia: record Q3 volumes → double-digit top & bottom line growth; gained share across price segments. - Brazil: premium/super premium-led; mid-single digit top & bottom line improvement. - Europe & South Africa: share gains/premiumization support growth; South Africa high single digit top line with premium beer delivering mid-thirds volume growth. - China (negative surprise/drag): revenue & volumes -16.8%; company estimates industry down “low teens” in footprint due to abnormal weather + on-premise weakness. - Management explicitly attributed much of the shortfall to industry + inventory channel adjustments (wholesaler/retailer dynamics), not purely underlying consumer collapse. - They aim to reach “normal inventories” by year-end to set up a cleaner 2027 comp.