Anheuser-Busch InBev SA/NV is a Leuven, Belgium-headquartered global brewer (Euronext: ABI, NYSE: BUD, MEXBOL: ANB, JSE: ANH) with a portfolio of 400+ brands spanning global icons (Budweiser, Corona, Stella Artois, Michelob ULTRA), multi-country brands (Beck's, Hoegaarden, Leffe), and local champions (Aguila, Antarctica, Brahma, Cass, Castle, Cristal, Harbin, Jupiler, Modelo Especial, Quilmes, Victoria, Sedrin, Skol). For H1 2026 (six months ended June 30, 2026), the Company delivered revenue of $31.9B (+11.5% YoY, +3.3% organic), volumes of 280.4M hectoliters (+0.3%), Normalized EBITDA of $11.4B (+12.0% YoY, +5.5% organic), profit of $7.1B (+54.6%), and Underlying EPS of $2.18. Cash flow from operations of $5.2B (+93.8% YoY). Net debt and leverage metrics managed amid FX headwinds (Argentine hyperinflation, currency translation). The Company completed a $1.3B share buyback in H1 2026. Geographic performance: North America volumes flat but revenue/hl growth; Middle America volume +2.7%; South America volume +1.8%; EMEA volume -2.1%; Asia Pacific volume -1.5%; Global Export +5.2%. The 20-F (filed March 2026) showed FY2025 revenue of $59.3B, Normalized EBITDA of $19.5B, and continued deleveraging.
The investment thesis rests on three variables. The revenue per hectoliter growth and the premiumization trajectory is the load-bearing top-line variable, with H1 2026 revenue of $31.9B on 280.4M hl (+11.5% revenue vs +0.3% volume), implying significant price/mix improvement driven by premium brands (Corona, Stella Artois, Michelob ULTRA), and the strategic intent is to continue the revenue/hl growth through premiumization and pricing discipline. The Normalized EBITDA margin expansion and the cost discipline is the load-bearing profitability variable, with Normalized EBITDA of $11.4B (+12.0% YoY, +5.5% organic) and margin expansion despite commodity cost inflation (aluminum, barley, energy), and the strategic intent is to sustain margin expansion through procurement savings, manufacturing efficiency, and SG&A leverage. The deleveraging and the shareholder return framework is the load-bearing financial variable, with $5.2B operating cash flow (+93.8%), $1.3B share buyback, net debt management, and the strategic intent is to continue deleveraging toward the 2.0x Net Debt/EBITDA target while returning capital via buybacks and dividends.