Global brewer AB InBev has reported a solid first quarter for 2026, with higher revenues, rising beer volumes and a sharp increase in profits, signalling continued strength in the global beer market. The company said revenue increased by 5.8% to 15.2 billion US dollars, while beer volumes grew by 1.2%. Overall volumes rose by 0.8%, despite a decline in non-beer products.
Chief executive Michel Doukeris said the performance reflects both strong consumer demand and the company’s long-term strategy. “Cheers to beer – the strength of the category and the consistent execution of our consumer-centric strategy drove continued momentum across our footprint,” said Doukeris.
He added that the group is investing in its biggest brands and new product lines to maintain growth. “With strong execution by our teams and major moments of celebration ahead, we are well positioned for 2026,” he said.
The company’s underlying earnings per share (EPS) increa
sed by 20.8% to 0.97 US dollars, marking a record high for a first quarter. Underlying profit rose to 1.9 billion US dollars, up from 1.6 billion US dollars a year earlier. Growth was supported by strong performance from global brands such as Corona, Stella Artois and Michelob Ultra, which recorded double-digit growth outside their home markets. Corona alone grew revenues by 16% internationally.
AB InBev also reported a 27% increase in revenue from no-alcohol beer and a 37% rise in its “Beyond Beer” category, which includes products like ready-to-drink beverages. Digital sales also played a growing role. The company’s BEES marketplace recorded a 55% increase in sales of third-party products, reaching 1.1 billion US dollars for the quarter.
In South Africa, the group’s local operation, South African Breweries, delivered record first quarter volumes, with revenue increasing by mid-single digits.
SAB CEO Richard Rivett-Carnac said the local business continues to gain momentum. “The momentum of our business continued with the consistent execution of our strategy, driving an increase in our portfolio brand power and record high first quarter volumes,” he said.
He noted that growth in South Africa was driven mainly by premium beer brands. “Performance was driven by premium and super premium beer brands which grew volumes by mid-20s led by Corona,” he said. Rivett-Carnac added that mainstream brands such as Carling Black Label also contributed to growth, while newer product categories showed strong gains.
“In Beyond Beer, our portfolio grew volumes by high single digits led by Flying Fish and our spirits-based RTD innovations,” he said.
Across its global operations, AB InBev said it gained or maintained market share in about 75% of its markets. Strong performances were reported in countries such as Mexico, Brazil, Colombia and Peru, all recording record first quarter beer volumes.
However, some markets showed weaker results. In China, volumes declined by 1.5% as the company increased investment to rebuild growth. North America also recorded a drop in volumes, although revenues still increased slightly.
Looking ahead, AB InBev expects its earnings to grow between 4% and 8% for the full year, in line with its medium-term outlook. The company said its forecast takes into account inflation and broader economic conditions. The brewer also pointed to upcoming global events, including the FIFA World Cup, as key opportunities to boost sales.
“The momentum of our business continued to start the year,” the company said. “We are well positioned to activate the category in some of the biggest moments of celebration of the year.” AB InBev remains one of the world’s largest brewers, with more than 400 brands sold across over 40 countries.
