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AB InBev Reports Second Quarter and Half Year 2026 Results - Short Form Announcement
Anheuser-Busch InBev SA/NV
(Incorporated in the Kingdom of Belgium)
Register of Companies Number: 0417.497.106
Euronext Brussels Share Code: ABI
Mexican Stock Exchange Share Code: ANB
NYSE ADS Code: BUD
JSE Share Code: ANH
ISIN: BE0974293251
("AB InBev", the "Company" or the "Group")
AB InBev Reports Second Quarter and Half Year 2026 Results
Short Form Announcement
KEY FIGURES
Revenue Normalized EBITDA
+5.6% +5.8%
Revenue increased by 5.6% in 2Q26 with revenue per hl Normalized EBITDA increased by 5.8% to 5 938 million USD in
growth of 4.2% and by 5.7% in HY26 with revenue per hl 2Q26, with a margin expansion of 4bps to 35.6%.
growth of 4.3%. Normalized EBITDA increased by 5.6% to 11 375 million USD in
HY26, with a margin contraction of 5bps to 35.6%.
Reported revenue increased by 11.0% in 2Q26 to 16 660
million USD and by 11.5% in HY26 to 31 927 million USD, Underlying Profit
positively impacted by currency translation.
2 390 million USD
6.2% increase in combined revenues of megabrands in Underlying Profit was 2 390 million USD in 2Q26 compared to 1 950
2Q26, led by Corona, which grew by 17% outside of its million USD in 2Q25 and was 4 314 million USD in HY26 compared
home market. to 3 556 million USD in HY25.
27% increase in revenue of no-alcohol beer in 2Q26. Reported profit attributable to equity holders of AB InBev was 3 751
44% increase in revenue of Beyond Beer in 2Q26. million USD in 2Q26 compared to 1 676 million USD in 2Q25, and
50% increase in Gross Merchandise Value (GMV) from was 6 314 million in HY26 compared to 3 824 million in HY25, with
sales of third-party products through BEES Marketplace to HY25, 2Q26 and HY26 positively impacted by non-underlying
reach 1.2 billion USD in 2Q26. items.
Volumes Underlying EPS
+0.9% 1.21 USD
Volumes increased by 0.9% in 2Q26, with beer volumes up Underlying EPS increased by 23.4% to 1.21 USD in 2Q26,
by 1.1% and non-beer volumes down by 1.1%. compared to 0.98 USD in 2Q25, and increased by 22.1% to 2.18
USD in HY26, compared to 1.79 USD in HY25.
Volumes increased by 0.8% in HY26, with beer volumes up
by 1.2% and non-beer volumes down by 1.5%. On a constant currency basis, Underlying EPS increased by 12.9%
in 2Q26 and by 11.0% in HY26.
Net Debt to EBITDA
2.86x
Net debt to normalized EBITDA ratio was 2.86x at 30 June 2026 compared to 3.27x at 30 June 2025 and 2.87x at 31 December
2025.
2026 OUTLOOK
(i) Overall Performance: We expect our EBITDA to grow in line with our medium-term outlook of between 4-8%.
The outlook for FY26 reflects our current assessment of inflation and other macroeconomic conditions.
(ii) Net Finance Costs: Net pension interest expenses and accretion expenses are expected to be in the range of
190 to 220 million USD per quarter, depending on currency and interest rate fluctuations. We expect the average
gross debt coupon in FY26 to be approximately 4%.
(iii) Effective Tax Rate (ETR): We expect the normalized ETR in FY26 to be in the range of 26% to 28%. The ETR
outlook does not consider the impact of potential future changes in legislation.
(iv) Net Capital Expenditure: We expect net capital expenditure of between 3.5 and 4.0 billion USD in FY26.
HEADLINE EARNINGS PER SHARE
Due to the secondary listing of the ordinary shares of AB InBev on the main board of the JSE Limited (JSE) in South
Africa, the Group is required to present headline earnings per share and diluted headline earnings per share, as
alternative measures of earnings per share, calculated in accordance with the circular entitled 'Headline Earnings' issued
by the South African Institute of Chartered Accountants, as amended from time to time.
The calculation of headline earnings per share is based on the headline earnings and a weighted average number of
ordinary and restricted shares outstanding (including deferred share instruments and stock lending) per end of the
period, calculated as follows:
HY26 HY25
Net of taxes Net of taxes
& non- & non-
Gross controlling Gross controlling
Million US dollar amount interests amount interests
Profit attributable to equity holders of AB InBev - 6 314 - 3 824
After tax impairment of goodwill, PP&E and intangible assets 108 78 84 54
After tax net (gain)/loss on disposal of PP&E, intangible and other assets -71 -43 -12 -7
Headline earnings 6 349 3 871
Weighted average number of ordinary and restricted shares (million) 1 976 1 989
Headline earnings per share (US dollar) 3.21 1.95
Weighted average number of ordinary and restricted shares (diluted) (million) 2 009 2 026
Diluted headline earnings per share (US dollar) 3.16 1.91
SHORT FORM ANNOUNCEMENT
The unaudited condensed consolidated interim financial statements of AB InBev as of and for the six-month period
ended 30 June 2026 have been reviewed by our statutory auditors PwC Bedrijfsrevisoren/Réviseurs d'Entreprises
BV/SRL in accordance with the International Standard on Review Engagements 2410. The auditors concluded that,
based on their review, nothing had come to their attention that caused them to believe that those interim financial
statements were not presented fairly, in all material respects, in accordance with IAS 34 "Interim Financial Reporting",
as adopted by the European Union.
Shareholders should refer to the full review report for an overview of the review engagement performed by the Group's
statutory auditors during the review engagement. The auditors' full review report can be accessed from close of business
today, at the following link:
https://www.ab-inbev.com/investors/results-center
This short-form announcement is the responsibility of the board of directors of AB InBev and is a summary of the
information in the detailed financial results announcement and does not contain full or complete details. Any investment
decision in relation to the Company's shares should be based on the full announcement.
The full announcement may be downloaded from:
https://senspdf.jse.co.za/documents/2026/jse/isse/anhe/Q22026.pdf
or from the Company's website at www.ab-inbev.com
Copies may be requested from the Company and the Johannesburg office of the Company's JSE Sponsor at no charge
during business hours for a period of 30 calendar days following the date of this announcement.
AB INBEV CONTACTS
Investors Media
Shaun Fullalove Media Relations
E-mail: shaun.fullalove@ab-inbev.com E-mail: media.relations@ab-inbev.com
Ekaterina Baillie
E-mail: ekaterina.baillie@ab-inbev.com
Patrick Ryan
E-mail: patrick.ryan@ab-inbev.com
30 July 2026
JSE Sponsor: Questco Corporate Advisory Proprietary Limited
Anheuser-Busch InBev is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings
on the Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts
on the New York Stock Exchange (NYSE: BUD).
Date: 30-07-2026 07:48:00
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