AB InBev raises interim dividend to €0.40 and keeps EBITDA growth outlook at 4%–8%
Key Facts
AB InBev reported third-quarter results on October 29 and approved an interim dividend of €0.40 per share for fiscal 2026, compared with €0.15 per share for 2025. The company kept its forecast for EBITDA growth in 2026 at 4% to 8%, a range it said was in line with its medium-term outlook. Adjusted underlying EPS rose 22.4% to $1.21, from $0.99 in the corresponding quarter of 2025. On a constant-currency basis, EPS growth was 13.9%. The results combine higher earnings and a cash dividend with mixed volume performance across markets and products.
Total volumes increased 0.4% in the third quarter, with beer volumes down 0.1% and non-beer volumes up 4.0%. The company attributed revenue growth to revenue management and product mix, with contributions from premium products and the Beyond Beer category. Revenue from its combined flagship brands rose 7.7%, while revenue from non-alcoholic beer increased 35% and Beyond Beer revenue rose 19%. The chief executive said the company recorded volume growth for the third consecutive quarter. He added that third-quarter volumes reached record levels in 15 markets. The company estimated that it gained or maintained market share in about two-thirds of its markets during the quarter.
By contrast, the company’s volumes in China fell 16.8% in the third quarter. AB InBev said it managed inventory levels in a challenging industry, affected by unusual weather and continued weakness in off-premise consumption channels. This showed a divergence between the company’s overall volume growth and contraction in one of its key markets. For the nine-month period, underlying EPS was $3.40 in the first nine months of 2026, compared with $2.78 in the corresponding period of 2025, an increase of 22.2%. The result came alongside year-on-year EPS growth in the third quarter, despite the sharp decline in volumes in China.
EBITDA increased 3.9% in the third quarter, and management said the increase came despite higher sales and marketing spending to activate key platforms, alongside commodity cost pressures. Reuters, in a report published via MarketScreener, cited higher commodity, distribution and transportation costs in key markets including the United States, Europe and South Africa. In those markets, investment in sales and marketing added pressure on earnings. The company said discipline in overhead expenses eased some of the pressure. Quarterly EBITDA growth of 3.9% came alongside the company’s forecast for the measure to grow between 4% and 8% in fiscal 2026.
The company announced a medium-term target in September 2026 for EBIT growth of between 5% and 9%. That target is separate from the 2026 forecast, which the company reaffirmed measures EBITDA growth of between 4% and 8%. For shareholders, the board raised the interim dividend for fiscal 2026 to €0.40 per share, from €0.15 per share for 2025. The company set November 23, 2026, as the payment date for dividends on its Euronext-listed shares. It also said its $6 billion share buyback program, announced on October 30, 2025, had reached $2.6 billion in completed purchases as of October 26, 2026.
AB InBev shares fell 3.4% to €70.64 in early trading on October 29 after the results were released. An Investing.com report said underlying EPS of $1.21 exceeded the average analyst estimate of $1.15. The shares fell despite beating that estimate, while the report also said revenue topped the average analyst estimate. The negative market reaction therefore coincided with growth in adjusted EPS and an increase in the interim dividend. The company’s fiscal 2026 outlook remains EBITDA growth of between 4% and 8%.