AB InBev has made light of weak demand for beer globally by beating revenue and volume expectations in its fiscal fourth quarter.
The Budweiser and Stella Artois owner said sales grew 2.5% organically to $15.6bn in the three months to 31 December 2025, ahead of consensus forecasts of a 1.5% rise. While volumes for the quarter sunk by 1.5%, this was less than the –2.7% decline expected by analysts.
Profits, meanwhile, climbed 2.3%, ahead of the 1.4% rise expected by analysts.
Analysts at Bernstein said AB InBev had demonstrated “solid performance across the board”, highlighting strong performance across its Middle Americas reporting region, and a less-bad-than-expected showing in Asia Pacific.
Despite a challenging environment for beer – with weak demand in key markets weighing on rivals such as Heineken – the Corona brewer remained bullish, insisting partnerships at major sporting events including the Winter Olympics and FIFA World Cup would help it “engage consumers and activate the category” in 2026.
AB InBev invested $7.4bn in sales and marketing for its so-called “megabrands” in 2025, helping it gain or maintain market share in two-thirds of its markets.
“We exit 2025 with improved momentum and enter 2026 well positioned to engage consumers with our megabrands and an unparalleled lineup of mega platforms,” said CEO Michel Doukeris.
Premiumisation and the growth of low & no-alcohol were the main drivers of AB InBev’s growth last year, leading to a 2.0% rise in full-year revenues.
The brewer’s “above-core” portfolio accounted for 35% of its revenue and grew in single digits. Low & no sales, meanwhile, leapt 34%, driven by Corona Cero.
Mainstream beer sales – accounting for around half of revenues – were flat, with growth in Africa, Middle Americas and South America offset by softness in Europe and North America.
A declining beer market in China also continued to give AB InBev a headache, with volumes down 3.9% in Q4 and 8.6% across the full year. Profits were “impacted by top-line performance” and slid by 38.7% in the region, the brewer said.
Looking ahead, AB InBev said it expected to grow profits between 4%-8% in 2026, having posted a 4.9% rise in 2025.
The outlook, which compares to growth guidance of up to 6% set by rivals Heineken and Carlsberg, reflected the brewer’s “current assessment of inflation and other macroeconomic conditions”, it said.
AB InBev shares rose 2.6% in mid-morning trading on Thursday (12 Feburary).
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