AB InBev combines global beer dominance, 35.6% EBITDA margins, and deleveraging with underappreciated BEES and Beyond Beer upside.
Overview
Anheuser-Busch InBev is the global brewing leader, with more than 630 brands, 192 breweries, and operations in approximately 150 countries. Beer generated 89.43% of FY25 revenue, while non-beer contributed 10.57%; the Americas account for the majority of sales, led by Middle Americas at 29.29%, North America at 23.95%, and South America at 20.15%. **The investment case rests on premiumization, Beyond Beer growth, and BEES-led digitization** offsetting mature-market volume pressure. In Q2 2026, revenue rose 5.6% organically to $16.66 billion, organic volume increased 0.9%, normalized EBITDA grew 5.8% organically to $5.938 billion, and underlying EPS rose 23.4% to $1.21, beating the $1.09 consensus estimate. Management reaffirmed 4%–8% FY26 organic EBITDA growth and $3.5–$4.0 billion of capex guidance. Net debt/normalized EBITDA improved to 2.86x from 3.27x, although $64.2 billion of net debt remains a constraint. The shares trade at 17.14x forward P/E and 11.09x EV/EBITDA, below the historical 12.0x–14.0x EV/EBITDA range. Wells Fargo raised its target to $97 and JPMorgan maintained Overweight with a $93.83 target. The main near-term catalyst is continued earnings delivery and deleveraging, while the BeatBox acquisition and BEES marketplace create longer-term upside optionality.