Anheuser-Busch InBev stock weighs China weakness after Q3 growth

Anheuser-Busch InBev delivered stronger third-quarter growth but faced a sharp setback in China, according to the company's results release published on Thursday, October 29, 2026. Business Wire carried the release, which quoted Chief Executive Michel Doukeris describing solid top- and bottom-line performance while the company continues to invest in its brands and platforms.

Revenue Growth Outpaces Volumes

Organic revenue rose 4.9% in the three months ended September 30, driven by revenue management, premiumization and the Beyond Beer portfolio. Revenue per hectoliter increased 4.2%, while total volumes grew 0.4%; beer volumes slipped 0.1% and non-beer volumes increased 4.0%.

Reported revenue reached 16.512 billion US dollars, up 9.1% year over year, with currency translation contributing to the reported increase. Normalized EBITDA rose 3.9% to 5.957 billion US dollars, but its margin contracted by 34 basis points to 36.1% as higher sales and marketing investment and commodity costs offset disciplined overhead management.

Underlying profit increased to 2.396 billion US dollars from 1.970 billion US dollars a year earlier. Underlying earnings per share rose 22.4% to 1.21 US dollars, although AB InBev's normalized measures exclude non-underlying items and are not IFRS accounting measures.

China Remains the Main Drag

China was the clearest weak spot. Volumes and revenue declined 16.8% in the quarter as abnormal weather, soft on-premise demand and inventory management weighed on the business. China EBITDA fell 30.5%, while Asia Pacific volumes declined 11.0% and regional revenue decreased 9.5%.

Other parts of the portfolio provided support. Revenue from no-alcohol beer increased 35%, Beyond Beer revenue rose 19% and combined megabrand revenue grew 7.7%. Corona revenue outside its home market increased 20%, while Stella Artois and Michelob Ultra also recorded strong growth outside their home markets.

Dividend and Outlook Hold Focus

The board approved an interim dividend of 0.40 euros per share for fiscal 2026, compared with 0.15 euros for fiscal 2025. The Euronext ex-dividend date is November 19, the record date is November 20 and payment is scheduled for November 23, 2026.

AB InBev maintained its full-year outlook for EBITDA growth in line with its medium-term range of 4% to 8%. The company expects net capital expenditure of 3.5 billion to 4.0 billion US dollars in fiscal 2026 and said it remains focused on brand investment, digital distribution and capital allocation flexibility.

The real-time quote of Anheuser-Busch InBev stock was 75.04 euros on Lang & Schwarz at 10:36 CET on Friday, November 6, 2026.

The Euro Stoxx 50 provides the broader market backdrop for euro-area equities.

More news and analyses on Anheuser-Busch InBev stock will remain focused on regional volume trends, margin development and the execution of the company's capital allocation plans.