February 12, 2026 9:04 AM, EST
Anheuser-Busch InBev offset a slump in volumes in western markets with growth in Africa and South America, alongside stronger sales of premium beer.
The world’s largest brewer said Feb. 12 overall volumes fell 1.5% in the fourth quarter, less than analysts expected.
The more upbeat update comes just a day after rival Heineken NV surprised the market by announcing plans to cut up to 6,000 jobs — about 7% of its workforce — as it copes with an industry wide slump in beer demand.
Shares of AB InBev rose as much as 3.5% in early trading. The stock is up about 33% in the past 12 months.
Anheuser-Busch Cos. ranks No. 12 on the Transport Topics list of the largest private beverage carriers in North America, operating 492 tractors.
Consumers worldwide are pulling back on their drinking following concerns over affordability and the negative health impacts of consuming alcohol. Peers Heineken, whose CEO Dolf van den Brink is on the way out, and Carlsberg A/S both cited uncertainty as the one of the main reasons for their weaker forecasts this year.
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AB InBev maintained its medium-term outlook of earnings before interest, tax, depreciation, and amortization growth of between 4% and 6%.
The company’s EBITDA growth target looks “conservative, given cost-of-sales is under control and volume should be boosted in June and July by the soccer World Cup in the U.S., Canada and Mexico, three of its core markets, tempering the need for price increases,” said Duncan Fox, an analyst at Bloomberg Intelligence.
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While sales were hit in traditional strongholds, the company reported record-high beer volumes in Colombia last year. Sales of premium beer Corona led double-digit volume growth in 30 markets, the company said.
Like its rivals, AB InBev has been expanding its non-beer category with products such as Cutwater Spirits. Volumes were up 0.6% in the fourth quarter, however, beer accounts for the bulk of overall volumes.
AB InBev has faced challenges in critical markets, including China, where a government crackdown on corporate hospitality and a shift toward at-home drinking has hurt sales. Unseasonably poor weather, particularly in Brazil, which had a negative impact on AB InBev’s performance last year, normalized in the final quarter, the company said.
