Anheuser-Busch InBev (ABI) CMD 2026 Day 1 summary

Strategic progress and transformation

• Transitioned from an inorganic, acquisition-driven model to an organic growth strategy, achieving consistent, compounding EBITDA growth of 7.2% CAGR and EPS growth of 8.3% CAGR since 2021, with EBITDA rising from $19.2B to $22.4B and net revenue from $54B to $63B.

• Capital allocation shifted from deleveraging to increased shareholder returns, including debt paydown, dividends, and share buybacks, supported by a net debt ratio below 3x.

• Built industry-leading capabilities in consumer insights, digital platforms, and portfolio management, benchmarking against top CPG peers and embedding best-in-class practices.

• Developed a focused MegaBrands strategy, reducing supported brands from 500 to about 50, now representing 65% of the mix and 80% of sales and marketing.

• Enhanced digital and AI-driven platforms (BEES, D2C) to optimize commercial execution, revenue management, and innovation at scale, with BEES reaching $60B in annualized GMV and $5B in marketplace GMV.

Financial performance and guidance

• Delivered consistent organic EBITDA growth, reaching $22.4B LTM as of June 2026, with a 6% organic net revenue CAGR and EBITDA margin expansion to 35.8%.

• Free cash flow reached $13.9B, and net leverage fell below 3.0x, supporting increased capital returns.

• Outperformed CPG peers in EPS and revenue growth, ranking in the top quartile for both metrics over the past five years.

• Portfolio rebalancing resulted in nearly half of net revenue now coming from above-core and beyond beer brands, up from 30% in 2018.

• BEES Marketplace is now the #7 contributor to EBITDA growth, and the platform is profitable and cash accretive.

Category leadership and brand strategy

• Outperformed global beer volume growth, capturing 98% of all beer volume growth in emerging and developing markets since 2019.

• MegaBrands strategy focuses on 5 core brands per market, driving scale, profitability, and growth, with 22 brands generating over $1B in revenue.

• Brand power and market share are at all-time highs, with 16 markets achieving record volumes and 8 of the top 10 most valuable alcohol brands globally.

• Innovation and premiumization are key growth levers, with new launches in non-alcoholic, low-calorie, and beyond beer segments.

• Partnerships with major global events (FIFA, Olympics, NFL, Netflix) drive engagement and brand visibility.