Anheuser-Busch InBev (ABI.BR)

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Anheuser-Busch InBev (ABI.BR)

Equity Research

30 June 2026 | 2:46AM BST

(ABI.BR)Anheuser-Busch InBev

Expect volume growth to accelerate in Q2; reiterate Buy

ABI.BR 12m Price Target: €85.00 Price: €73.52 Upside: 15.6% CL BUY

BUD 12m Price Target: $97.00 Price: $83.84 Upside: 15.7% Olivier Nicolaï

+44(20)7774-2895 | olivier.nicolai@gs.com

Goldman Sachs International

ABInBev is renewing with volume growth in FY26; Post +0.8%

Aron Adamski

organic volume growth in Q1, we expect another +1.0% in Q2 due +44(20)7774-6224 | aron.adamski@gs.com

on July 30, with the Easter phasing largely offset by the FIFA World

Tom HullsCup boost while lapping easy comps in Brazil. The latter should see +44(20)7774-7641 | tom.hulls@gs.com

positive volume growth in beer, as should Middle Americas, while we Goldman Sachs International

expect North America to turn positive, helped by shipment phasing.

Key Data _____________________________________We forecast +4.5% organic sales growth in Q2 and +3.8% organic Market cap: €149.8bn / $171.1bn

EBITDA growth, still affected by negative transactional FX before it Enterprise value: €220.1bn / $251.4bn

becomes a tailwind in H2. 3m ADTV: €143.0mn / $166.2mnBelgium

Europe Consumer Products

Guidance to be reiterated; We believe management will maintain Leases incl. in net debtM&A& Rank:EV?: No3

its 4-8% organic EBITDA growth guidance in FY26 (GSe +5.7%), GS Forecast __________________________________

implying an acceleration in H2 supported by a positive transactional 12/25 12/26E 12/27E 12/28E

FX impact and relief in input costs, including diesel costs, in RevenueEBIT ($ mn)($ mn) 59,320.515,854.0 64,428.117,983.4 66,249.718,967.9 68,144.119,909.0

EPS ($) 3.73 4.55 5.11 5.69emerging markets. Cash generation is expected to improve by 11%