Anheuser-Busch InBev SA/NV Q1 FY2026 earnings call

Key highlights include global business momentum with beer volumes up 1.2%, revenue up 5.8%, underlying EPS up 20.8% to $0.97. Mega brands, non-alcohol beer, and beyond beer drove momentum. In North America, U.S. business built momentum with STR volume growth and beyond beer portfolio revenue growth. Middle Americas saw record high volumes in Mexico, Colombia, Brazil. Europe had low single-digit volume growth with market share gains and premiumization. APEC had improved volume trend in China. Industry and beer category gained share, and AB InBev's strategy pillars of leading and growing the category, digitizing and monetizing the ecosystem, and optimizing the business were discussed.

Results in first quarter reinforce confidence in delivering on 2026 outlook of 48% EBITDA growth.

Q: About future momentum of the portfolio and splitting revenue growth between mix and pricing.

A: Michelle discussed portfolio momentum based on strategy, rebalancing portfolio towards growing segments globally, with over 40% of revenues from premium, balanced choices, and young beer growing double-digit, and mix being important for revenue per hectolitre growth.

Q: About things done differently now vs five years ago for consistent results.

A: Michelle mentioned long-term point of view, investments in portfolio, digital capabilities, mega brands, strong culture, front-line decision-making supported by data, and operational and commercial efficiencies.

Q: Sentiment on U.S. consumer demand with higher gas prices and STWs vs STRs in Q2 and on RTDs.

A: Olivier was told consumer sentiment manageable now with delayed impact of energy costs, STWs and STRs tend to converge, and RTDs like Cutwater, Neutral, Beatbox complement the portfolio.

Q: U.S. underlying business growth from Beyond Beer portfolio, margin impact, and Cutwater growth.

A: Sanjit was informed Beyond Beer portfolio contributes to momentum, margins smaller than beer but improving with operating leverage, and Cutwater is a good brand with strong demand.

Q: FIFA activation impact on growth and SG&A spend, and price mix resilience.

A: Celine was told FIFA contributes 20-30 bps to year volume, SG&A spend concentrated in Q2 and Q3, and price mix resilient with structural benefit from revenue management.

Q: Phasing of 1H and 2H EBITDA growth and commonalities in markets with record high first quarter volumes.

A: Fernando mentioned proactive revenue and cost management to balance year, and commonalities in markets include structural beer category fundamentals and growth strategy execution.

Q: Q1 volume shipments and Brazil performance.

A: Simon was told no trade loading in Q1 volume shipments, Brazil had market share gains in premium segments with supportive calendar and innovation.

Q: Corona activation around Olympics and World Cup execution.

A: Richard was told Olympics activation worked well with Corona Zero growing, and World Cup execution will leverage global scale, support bars, and local markets.

Q: South Africa revenue per hectolitre and India performance.

A: Chris was told South Africa's revenue per hectolitre will continue to work well, and India has strong growth momentum with high potential.

Q: B's business growth in Brazil.

A: Trevor was told B's 3P business is growing but still a small component of overall revenue growth