As at: 7 September 2026

Executive Summary

Key highlights

In this report, we review ANH’s 2Q26 results released in July 2026, and assess the impact on our outlook:

Financial results at a glance:

• Group organic revenue increased by 5.6%, while total volumes rose 0.9%. Beer volumes, which accounted for 88% of total volumes, grew by 1.1%, partly offset by a 1.1% decline in non-beer volumes. Group normalised EBITDA advanced by 5.6%, while the EBITDA margin contracted by 5 basis points (bps) to 35.6%. The marginal decline reflected higher marketing expenditure to support sales growth, with total selling and general administration costs expanding by 6.5%.

• North America organic revenue rose by 1.8%, with volumes down by 1.8% driven by intense competition. Normalised EBITDA increased by 0.6%, with the margin contracting 43bps to 33.7%.

• Middle Americas organic revenue edged up by 6%, with volumes up 4.7%. Volume growth was supported by improved demand across the region and premiumisation playing a vital role. Normalised EBITDA grew by 9.3%, with the margin declining 15bps to 49.7%.

• South America organic revenue expanded by 8.3%, while volumes rose by 0.5%. Despite weak consumer spending conditions across parts of South America, volumes remained in positive territory, and revenue growth remained healthy. Normalised EBITDA margin was up 120bps, driven by top-line growth outpacing the increase in expenses.

• Europe, Middle East and Africa organic revenue moved 3.8% higher, with volumes up 1.1%. Volume performance was supported by premiumisation and the performance of core beer brands across these regions. Normalised EBITDA was up 2.7%, with the margin down 36bps to 31.2%, dampened by a faster pace in growth of marketing expenses to drive sales.

• Asia Pacific organic revenue declined by 2.1%, while volumes declined by 2.8%. Overall performance was subdued by softer demand across the region, partly offset by premiumisation. Normalised EBITDA decreased by 10%, with the margin contracting by 277bps to 31.7%, owing to top-line revenue and increased costs.

• Earnings per share expanded by 23.4%, primarily driven by operational resilience and top-line growth, together with market-to-market gains on derivative instruments held.

Analyst thesis

Our recommendation is based on:

• Anheuser-Busch InBev SA/NV (ANH) has a high-quality portfolio of global brands, supported by broad geographic diversification and one of the world's largest beer distribution networks.

• The group’s premiumisation strategy and expanding product portfolio position it to respond to evolving consumer preferences, particularly the growing focus on health and moderated alcohol consumption. By broadening its product range, ANH can benefit from changing consumer behaviour rather than be adversely affected by it.

• Margins have recovered steadily despite volatile demand, while earnings quality remains high. This performance is driven by core operational delivery, with minimal impacts from once-off items and non-cash adjustments.

• Rand hedge characteristics (reports in and operates across foreign currency, with assets predominantly located outside of South Africa) provide exposure to global markets and a degree of protection against adverse movements in the local economy and rand depreciation. The key risk is that a stronger rand may impact reported performance and dividends when translated into local currency.

• NTM P:E levels are at a 4% and 12% discount to the five- and 10-year averages, respectively. Considering year-to-date performance and anticipated medium-term growth, we view ANH as fairly priced on a risk-adjusted, scenario-weighted basis and recommend a hold.