AB InBev pivots to non-beer portfolio as global volumes stagnate

The company’s third-quarter results highlight a divergence in performance, with premium brands like Corona, Stella Artois, and Michelob Ultra reporting significant international growth of 20%, 19%, and 50% respectively. CEO Michel Doukeris attributed the resilience of the group to this diversified footprint, even as core beer sales suffered in North America and Asia Pacific. The downturn in China, specifically, mirrored struggles reported by competitors like Carlsberg, which also faced headwinds in Western Europe.

RBC Capital Markets analyst James Edwardes Jones noted that while the company successfully balanced its portfolio, the underlying slide in beer volumes remains a concern. The brewer continues to navigate a complex recovery period following the Bud Light boycott and broader inflationary pressures that have constrained consumer spending. Despite these challenges, AB InBev maintained its annual guidance, projecting earnings before interest, taxes, depreciation, and amortization to grow between 4% and 8% for the full year.