By Jennifer Creery.
Anheuser-Busch InBev’s volumes missed estimates last quarter as sluggish beer sales in China and the US offset growth elsewhere at the world’s biggest brewer.
The maker of Stella Artois and Budweiser saw a 0.4% rise in organic volumes in the period, it said Thursday, shy of the average analyst estimate.
Growth in Latin America and AB InBev’s non-beer category, which includes canned cocktails and carbonated soft drinks, was offset by a decline in beer volumes, particularly in China, where poor weather discouraged people from drinking in bars and restaurants.
The Belgium-based company is combating soft demand for beer in some developed markets by focusing on “mega brands” like Corona and Michelob Ultra, as well as emerging markets, to drive growth. AB InBev said 60% of Michelob Ultra’s volume growth came from markets outside the US in the third quarter.
The company’s shares are up 33% so far this year, outpacing rivals Carlsberg A/S and Heineken NV.
The group’s organic revenue growth reached 4.9% in the third quarter, ahead of expectations, while adjusted earnings before interest, tax, depreciation and amortisation missed estimates.
AB InBev kept its forecast for up to 8% growth in Ebitda for the year.
Heineken surprised investors on Wednesday with a bigger-than-expected jump in third-quarter volumes, driven by a strong uptake of beer in Asia and an improvement in the Americas.
Rising everyday costs and concerns over the negative health impact of drinking are forcing alcohol companies to diversify their portfolios and find growth elsewhere. AB InBev is expanding into ready-to-drink beverages, including Cutwater cocktails and NÜTRL, a vodka-based hard seltzer.
© 2026 Bloomberg.