Anheuser-Busch InBev stock posts Q3 growth despite China setback

Published on 11/09/2026 at 10:38 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Anheuser-Busch InBev stock reflects stronger third-quarter growth, while China remains a drag. Management kept its 2026 outlook unchanged.

Growth Meets Regional Pressure

Organic revenue increased in the third quarter, supported by pricing, premiumization and the Beyond Beer portfolio.
China remained the main weak spot, while management reaffirmed its 2026 EBITDA growth outlook.
The board approved a higher interim dividend, with the next ex-dividend date set for November 19.

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

Anheuser-Busch InBev reported stronger third-quarter growth on October 29, 2026, but a sharp setback in China kept pressure on the brewer's regional mix. In its third-quarter results release, the company said organic revenue rose 4.9 percent in the three months ended September 30.

Pricing Offsets Soft Volumes

Reported revenue increased 9.1 percent to 16.512 billion US dollars, helped by currency translation. Organic revenue growth reflected a 4.2 percent increase in revenue per hectoliter, as revenue management, premiumization and the Beyond Beer portfolio supported the top line.

Total volumes increased 0.4 percent. Beer volumes declined 0.1 percent, while non-beer volumes rose 4.0 percent. AB InBev said it gained or maintained market share in an estimated two-thirds of its markets and recorded its highest third-quarter volumes in 15 markets, including Colombia, Peru, Ecuador, South Africa, the Dominican Republic and India.

Normalized EBITDA increased 3.9 percent to 5.957 billion US dollars, but the margin contracted by 34 basis points to 36.1 percent. The company attributed the pressure to higher sales and marketing investment and commodity costs, partly offset by disciplined overhead management. Underlying earnings per share rose 22.4 percent to 1.21 US dollars from 0.99 US dollars a year earlier.

China Remains The Main Risk

China was the clearest drag on the quarter. Revenue and volumes both fell 16.8 percent, while regional Asia Pacific volumes declined 11.0 percent and revenue decreased 9.5 percent. AB InBev cited abnormal weather, weaker on-premise consumption and inventory management. China EBITDA fell 30.5 percent as lower sales created operating deleverage.

Management said the company was making progress in the in-home channel, online-to-offline sales and its core-plus and super-premium brands. It also aims to end 2026 with normal inventory levels in China. That leaves the investment case balanced: pricing and brand mix are supporting growth, but weak Chinese demand and margin investment remain risks to earnings momentum.

Outlook And Capital Allocation

AB InBev reaffirmed its 2026 outlook for normalized EBITDA growth of 4 to 8 percent and expects net capital expenditure of 3.5 billion to 4.0 billion US dollars. The company reported nine-month organic revenue growth of 5.4 percent and normalized EBITDA growth of 5.0 percent.

The board approved an interim dividend of 0.40 euros per share for fiscal 2026, compared with 0.15 euros for fiscal 2025. The Euronext shares are scheduled to trade ex-dividend on November 19, with payment set for November 23.

Anheuser-Busch InBev stock traded at 75.17 euros on Lang & Schwarz at 10:34 CET on Monday, November 9, 2026. For the real-time quote of Anheuser-Busch InBev stock, investors should watch the company's China recovery, margin trajectory and delivery against the reaffirmed full-year outlook.

The broader market environment is covered in the Euro Stoxx 50 market overview.

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