Anheuser-Busch InBev SA/NV - ADR

Strong Financial Performance: AB InBev reported a 6% year-over-year increase in underlying EPS to $3.73 per share, with a compound annual growth rate (CAGR) of 6.7% since 2021. EBITDA grew 4.9%, with margin expansion of 101 basis points, indicating effective cost management and a strong pricing strategy amid a constrained consumer environment.

Volume Challenges and Momentum: Despite overall volume performance being below potential, AB InBev saw improved momentum, particularly in December, and gained market share in 80% of its markets during the fourth quarter. The company expressed optimism for 2026, driven by a combination of strategy execution and anticipated growth from major events like the FIFA World Cup.

Focused Growth on Non-Alcohol and Premium Beers: Both the Beyond Beer portfolio and non-alcohol offerings experienced significant growth, with revenue increasing by 23% and 34%, respectively. Notably, Cutwater led the growth in the U.S. spirits market. The company expects these segments to contribute further to overall revenue and profit margins.