Anheuser-Busch InBev Beats Earnings Estimates as Americas Drive Outperformance

Core Insights - Anheuser-Busch InBev reported fourth-quarter underlying earnings per share of $0.95, exceeding analyst estimates of $0.88, with shares rising over 4% intra-day [1] - Total volumes declined 1.5%, outperforming the expected 2.7% decrease, while organic revenue increased by 2.5%, surpassing forecasts of 1.5% growth [1] Performance by Region - North America saw a revenue decline of 1%, better than the anticipated 2.3% drop, with volumes falling 3.5% versus expectations for a 5.5% decline; Michelob Ultra maintained its position as the leading volume share gainer in the U.S. beer market [3] - Middle Americas revenue increased by 5.9%, exceeding forecasts of 4% growth, driven by mid-single-digit expansion in Mexico and market share gains [4] - South America revenue rose by 5%, ahead of expectations of 3.2%, with Brazil benefiting from sequential volume improvements as weather conditions normalized in December [4] - In China, volumes declined by 3.9% in the fourth quarter, an improvement from the 11.4% drop in the third quarter, with market share trends improving to flat year over year [5] Future Guidance - For 2026, AB InBev guided to EBITDA growth of 4% to 8%, consistent with medium-term targets and above the 2% to 6% growth outlook from peers Carlsberg and Heineken [2]