2Q26 Results: Back of the net

Research evidence excerpt

2Q26 Results: Back of the net

Update

July 30, 2026 05:54 AM GMT

Morgan Stanley & Co. International plc+MAnheuser-Busch InBev SA | Europe Sarah Simon

Equity Analyst

2Q26 Results: Back of the net Sarah.Simon@morganstanley.comTilly Eno +44 20 7425-6064

Tilly.Eno@morganstanley.com +44 20 7677-3662

AlphaSignals Earnings Reaction David J Roux

Strengthens our thesis Modest upside Meaningful revision higher David.Roux@morganstanley.com +44 20 7425-1040

Impact to our thesis Financial results versus consensus Direction of next 12-month Chris Linford, CFA

consensus EPS

Research Associate

Source: Company data, Morgan Stanley Research Chris.Linford@morganstanley.com +44 20 7425-1639

Richard Li

Key Takeaways Richard.Li@morganstanley.com +44 20 7425-1976

ABI delivered slightly better than expected volume growth for the quarter at Anheuser-Busch InBev SA (ABI.BR, ABI BB)

+0.9% vs +0.7% consensus, despite continued softness in China, as expected Top Pick

OSG and organic EBITDA/EBIT growth were all ahead, by 118bps/125bps and ADRBUD.N

Beverages | Belgium

275bps, respectively

Stock Rating Overweight

EPS thus 8.5% ahead in absolute terms, + 23% yoy, supported by lower financing Industry View In-Line

Price target €74.00

costs and minorities (likely due to Bud APAC) Shr price, close (Jul 29, 2026) €73.90

52-Week Range €74.68-48.87

This was a strong quarter, which will have benefited from the World Cup, but it Mkt cap, curr (mn) US$169,516

confirms ABI's continued ability to drive growth from the portfolio Net debt (12/26e) (mn)* US$58,578

EV, curr (mn)* US$240,783

Expect positive share price reaction. ABI reported 2Q26 OSG of 5.6%, vs cons. of * = GAAP or approximated based on GAAP

4.4%, with EBITDA, EBIT and EPS growth all ahead. All in, EPS was 9% above

company-compiled consensus.