Top brewer Anheuser-Busch InBev beat forecasts for fourth-quarter profits, revenues and volumes on Thursday, saying that major sporting events like the FIFA World Cup could help it grow profits at a faster rate than its main rivals in 2026 in a tough environment for beer.
The world’s most valuable beer maker and its rivals have been battling with weak sales as demand for beer slips in many key markets, driven by everything from strained consumer finances to bad weather. Rival Heineken announced on Wednesday it would cut up to 6,000 jobs in the next two years.
But the maker of Budweiser and Stella Artois grew fourth-quarter organic operating profit 2.3%, ahead of the 1.4% rise expected by analysts. It repeated regular annual guidance for further growth of between 4% and 8% in 2026, even as Heineken and Carlsberg forecast up to 6% growth.
AB InBev said it had invested $7.4 billion in sales and marketing, gained or maintained share in two-thirds of its markets, and was set to benefit in 2026 from a variety of major events like the Super Bowl, Winter Olympics and FIFA World Cup.
“We exit 2025 with improved momentum and enter 2026 well positioned,” CEO Michel Doukeris said.
A SLOWER 2025
The company’s revenues and volumes, which brewers have been struggling to revive amid weak demand for beer, were ahead of expectations in the fourth quarter.
However, AB InBev’s annual profit growth of 4.9% hit the bottom end of its guidance range and marked a significant slowdown from the more than 8% it achieved in 2024.
Besides weak demand, the brewer has also been hit by poor performance from its Chinese unit, foreign exchange volatility pushing up costs and U.S. tariffs on key commodities like the aluminium it uses for cans.
The company continued to struggle in China, where rivals are performing far better in a declining market, though it said the industry was showing signs of stabilising.
Fourth quarter profits in the country fell 38.7% due to falling sales and spending by AB InBev to turn the business around, including by growing sales for at-home consumption.
(Reporting by Emma Rumney)
