AB InBev tops earnings forecasts, eyes sports boost in 2026

By Emma Rumney

LONDON, Feb 12 (Reuters) - Brewer Anheuser-Busch InBev ABI.BR beat fourth-quarter forecasts for profit, revenue and volumes on Thursday, saying major sporting events such as the soccer World Cup could help it outperform earnings at top rivals in 2026 despite a tough market backdrop.

The world's most valuable beer maker and its rivals are grappling with weak sales as demand slips across key markets, hit by strained consumer finances and bad weather. Rival Heineken HEIN.AS said on Wednesday it would cut up to 6,000 jobs over the next two years.

The maker of Budweiser and Stella Artois repeated regular annual guidance for profit growth of between 4% and 8% in 2026. Heineken and Carlsberg CARLb.CO expect between 2% and 6%.

AB InBev said it had invested $7.4 billion in sales and marketing, gained or held share in two-thirds of its markets, and was set to benefit in 2026 from events including the Super Bowl, Winter Olympics and soccer World Cup.

"We exit 2025 with improved momentum and enter 2026 well positioned," CEO Michel Doukeris said.

A SLOWER 2025

AB InBev's shares were up 2% at 0817 GMT. Profit and revenue rose more than expected in the quarter, while volumes fell less than forecast.

Steve Minnaar, portfolio manager at shareholder Abax Investments, said AB InBev was "doing all the right things" but still faced declining volumes globally and an unclear path back to high growth in key markets such as the U.S.

"It shows you it's a tough business," he said.

Annual profit growth of 4.9% hit the bottom of AB InBev's guidance and marked a slowdown from more than 8% in 2024.

Alongside weak demand, the brewer has been weighed down by poor performance in China, foreign-exchange swings pushing up costs and U.S. tariffs on key inputs such as aluminium for cans.

The company continued to lag key rivals in China. Quarterly profit there fell 38.7%, hurt by declining sales and spending to revive the business, including efforts to boost at-home consumption.