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ABI's "encouraged by the start to 2026" in the US and globally, ceo Michel Doukeris shared in prepared remarks on earnings call today. AB grew US volume and revenue in Jan, he highlighted. And globally, while 2025 was a "very complicated year with many dynamics impacting different markets," co "saw momentum accelerating" in Dec and "carrying on" thru Jan in "majority" of its mkts. It's "a very good year in terms of opportunities to activate" and as co stays consistent behind key strategy pillars that are "working," there's "more optimism," said Michel. Asked about learnings from momentum drivers in the US specifically during Q&A, Michel pointed to "the power of consistency" as the "biggest learning," noting that US mkt moves on a "long horizon." It's "been a long journey in the US" since 2008, as the portfolio had "structural disadvantages," he commented. As co began actively "rebalancing our portfolio for growth" in segments with low-to-no participation, leaning into megabrands and platforms with a team that's "working very hard to execute the strategy," co planted seeds for improvement and now can "start harvesting some of the efforts" it's made over the last 3-5 yrs, he noted.Beyond Beer $310-370 Mil in US; $550+ Mil with BeatBox; "A Lot of Headroom to Grow" and Global Oppys Part of that has been its journey in beyond beer, which has seen ups and downs in the US, but accounted for nearly 3% of US revenue mix in 2025. It's "growing very fast," with "huge" oppy to grow longer-term on Cutwater in particular, which grew triple digits in 2025, Michel shared. As AB US revs dipped to $12.376 bil for the year, suggests beyond beer generated between $310-370 mil in US. BeatBox "complement[s]" the portfolio nicely as a "different proposition" with different occasions and consumer base. Gotta note, that adds $250+ mil in annual revs (at 2025 rate) to the mix once deal is done, putting the portfolio at least at $550 mil before accounting for continued growth this yr. These products are "also margin incremental," said Michel, 30% more profitable on avg across key beyond beer mkts globally. So "the [beyond beer] portfolio is getting stronger," he acknowledged, but "we still have a lot of headroom to grow in this area."Beyond beer actually makes up a higher % of its mix in other global mkts, and fully 3% (~$1.8 bil) of ABI's global revs, Michel noted. He pointed to South African brand Flying Fish, which expanded into 10 countries in Europe and Americas and has been "fulfilling" plans so far. Brands like Cutwater have been "building in a very diligent way in the US," and "already started to expand to Canada," with other global mkts on deck, he added. And NUTRL, Brutal Fruit spritzer, and Beats are also expanding globally to more countries. "The opportunity is very big outside the US and outside Africa," and ABI's "just scratching the surface," in Michel and co's view. All told, beyond beer is expected to grow 2x the rate of the overall category thru 2029, per Euromonitor estimates. And "the innovation pipeline is strong," said Michel.NA Beer Over 1% of Global Mix, Up 34% in 2025; Small But Important, Sez Michel ABI has grown non-alc beer at a 21% CAGR since FY21 including 34% growth in 2025 vs 2024, marking its biggest yr-over-yr $$ increase yet, execs showcased. Now over 1% of ABI's global revs, suggests its non-alc beer portfolio reached $600+ mil globally in 2025. Portfolio is led by Corona Cero, which grew 75% last yr, now available in 70 mkts globally, plus new Mich Ultra Zero in the US. Non-alc beer category is expected to grow 3x faster than overall beer category thru 2029, ABI highlighted, citing Euromonitor. With outsized investment in brewing tech, extending its "winning brands" into the non-alc space, and then "walk[ing] the talk" with investments behind brands like Corona Cero and Mich Ultra Zero for Winter Olympics, that's been a recipe for "gaining share in an accelerated way in this segment," said Michel.

AB Grew US Revs & Vol in Jan, Sez Michel; Beyond Beer Near 3% of US Mix in 2025 & Growing Fast; Bigger Globally

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