Anheuser-Busch Inbev Sa (ITKA) Q3 2026 Earnings Report

The call was strongly positive overall. The company delivered broad-based revenue, volume, market share, EBITDA, EBIT, and EPS growth; reported strong momentum in key brands, non-alcohol beer, Beyond Beer, digital platforms, and Middle Americas; and increased shareholder returns through a higher dividend and ongoing buybacks. The main challenges were the sharp decline in China, flattish consolidated margins, U.S. cost pressures, and uncertainty around Brazil's consumer and tax environment, but management expressed confidence in the 2026 outlook and continued operational momentum.

Management said it is not providing any guidance so far for 2027; its midterm outlook is evolving from EBITDA 4% to 8% to become EBIT 5% to 9%. Management remains confident in its ability to deliver its 2026 outlook, expects EBITDA growth to remain more or less balanced between first half and second half, and said next year is looking like more of a normal year, or another normal year, with no outlook for next year yet and disclosure planned during full year earnings in February. Pricing is expected to remain in line with CPI on average, while 25% to one third of revenue per hectoliter is a contribution from mix and around 70% is pure price rate; in China, the objective is to get to the end of this year with normal inventories.