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AB's shipments and earnings trends took a slight backward step in Q4, with STRs down 3.5%, STWs off 3.9% and EBITDA down 6.2%. The latter was "impacted by phasing of sales and marketing investments." Plus, AB took a $214-mil loss related to the planned sale of Newark brewery and closure of Fairfield and Merrimack facilities. But co still finished the year "building momentum and gaining market share in beer and spirits, driven by Michelob Ultra and Cutwater," co reported this morn. For the yr, AB's US revs dipped 1.3% with both shipments and depletions down 3.2%, outperforming a softer industry thruout the yr, while EBITDA was down just 0.4% as margin improved 29 bps. Mich Ultra & Busch Light Led Growth; AB Beyond Beer Up "High-Thirties"; NA Beer Up "High-Twenties" All yr long, Mich Ultra and Busch Light were top 2 volume share gainers in Circana data, co highlighted. Its total beyond beer revenue grew "in the high-thirties, led by Cutwater" revs up "triple digits," becoming "the #1 share gaining brand in the total spirits industry" in Q4. AB "strengthened" leadership in non-alc beer and subpremium segments with Mich Ultra Zero and Busch Light Apple/Lime extensions, leading the industry in innovation. AB non-alc revs grew "by high-twenties" in 2025 scans. Altogether, "consistent execution, market share gains, and productivity initiatives enabled us to offset a soft industry and increase our sales and marketing investments to fuel momentum." And momentum carried over to 2026 so far, as AB grew volume in Jan 2025 scans.Non-Beer Improves North America Volume Trend by Nearly 1 Pt; Nearing 14% of Global Volume Keep in mind, spirits, non-alc and other non-beer products are playing a greater role in US and global results these days. While ABI's North America volume slipped 3% to 70.5 mil bbls, its beer-only volume declined 3.9%, co reported. That's nearing 1 full pt difference in volume trend and an even greater boost to its revenue trend, even before tacking on BeatBox acquisition. (US accounted for 87% of ABI North America revs in 2024.) Globally, total ABI volume dipped 2.3% to ~478.15 mil bbls with beer volume down 2.6% to ~412.6 mil bbls vs non-beer off just 0.4% to ~65.5 mil bbls.Global Revs at $59.3 Bil with EBITDA Up to $21.2 Bil; 20 Brands Over $1 Bil in Sales; $7.4 Bil Sales & Mktg Spend All told, ABI's reported global revs dipped 0.7% to $59.3 bil, tho rose 2% organically excluding the hit from currency translation. Yet normalized EBITDA rose in both reported and organic trend to over $21.2 bil, improving its reported EBITDA margin by 70 bps to 35.8. Net-debt to EBITDA improved to 2.87X by year-end 2025. Co remains an earnings growth machine globally even as North America EBITDA still down nearly $1.4 bil vs 2022, unable to recover since taking a 21% hit amid the Bud Light debacle in 2023. But North America EBITDA margin improved last yr and globally, ABI keeps chuggin' along. Global sales & mktg spend increased to $7.4 bil last yr, primarily behind megabrands that collectively grew revs by 4%. It has 20 billion-dollar brands globally including 8 of the top 10 and ABI gained or maintained share in 2/3 of its markets, per release."Position of Strength" In 2026, ABI expects more of the same, with EBITDA growth "in line with our medium-term outlook of between 4-8%" growth. "We enter 2026 in a position of strength, with a highly engaged team, improved momentum across many of our key markets and with an unparalleled portfolio and lineup of mega platforms," co touted. Super Bowl, Winter Olympics, FIFA World Cup, and Netflix partnership in 2026, and 2027 sponsorship of UEFA Men's Club Competitions including Champions League all got shoutouts looking ahead.

AB "Market Share Momentum Continued" in FY25; Revs -1.3%, Shipments & Depletions Down 3.2%, EBITDA -0.4%; "Position of Strength" in 2026

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