Anheuser-Busch InBev: Post the call: Reassurance on underlying fundamentals and scope for quality growth ahead

Research evidence excerpt

Anheuser-Busch InBev: Post the call: Reassurance on underlying fundamentals and scope for quality growth ahead

J P M O R G A N Europe Equity Research

30 July 2026

Anheuser-Busch InBev Overweight

ABI.BR, ABI BB

Post the call: Reassurance on underlying fundamentals Price (30 Jul 26):€73.76

and scope for quality growth ahead Price Target (Dec-27):€79.88

Following ABI’s encouraging set of Q226 results with continued momentum and Overweight

volume growth (despite disappointments in select markets), management gave a

BUD, BUD US

reassuring tone on the quality of the volume delivery and further scope for growth Price (30 Jul 26):$86.14

in the year ahead and the MT. Management pointed to broad share gains (notably

Price Target (Dec-27):$93.83

in the US across beer and beyond beer, and across key Middle Americas markets)

and reiterated confidence in its 2026 outlook of +4-8% EBITDA growth,

underpinned by ongoing premiumisation, disciplined revenue and cost European Food Producers,

management initiatives, and scaling growth drivers in non-alcohol and beyond Household & Personal Care

beer. FIFA should deliver a 20–30bps FY volume lift, as expected, and more Products, Beverages & Tobacco

importantly for ABI, enabled the rollout of Michelob Ultra across the Americas, Celine Pannuti, CFA AC

with 40% of Ultra’s Q2 volume growth coming from outside the US. Management (44-20) 7134-7123

also emphasized the scaling of the BEES marketplace. Finally, stronger cash celine.pannuti@jpmorgan.com

generation in H1 (FCF up $2.5bn to $3.9bn) and improved leverage were framed Edward G Hockin

as increasing capital allocation flexibility, enabling a dynamic mix of (44-20) 7742-6937

edward.hockin@jpmorgan.com

reinvestment, dividends, selective M&A and continued deleveraging.While we

Samuel Lewis