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Even as US biz continued to decline and become a smaller piece of ABI's global pie, key difference this past yr: there's notable momentum in the US, quarterly report showed and execs shared during conference call yesterday. AB shipments and depletions were still down 3.2% with organic revs down 1.3% and normalized EBITDA down 0.4%. And AB beer-only shipments were down 4%, shedding over 2.5 mil bbls, INSIGHTS estimates. But AB posted the #1 volume share gain in US beer, a feat that co had yet to accomplish thruout the ABI era as it lost share virtually every yr since 2009. And AB winning big in spirits RTDs these days. So it's becoming a more formidable competitor across a converging alc bev landscape. Beer & Spirits Growth in Jan 2026 (Pre-BeatBox); AB $$ Would Be Up 4% in Scans If BeatBox Included Momentum carried into 2026 as AB grew US revenue and volume in Jan vs yr ago, Michel shared. That was certainly the case in tracked off-prem channels, as AB beer $$ grew 2% with volume up 1% for 5 wks thru Feb 1 and AB spirits grew nearly 80% in Circana multi-outlet + convenience data. Mich Ultra and Busch Light remain top 2 volume gainers in beer, Mich Ultra Zero is in top 5, and several other pieces of its beer portfolio are growin' early on. AB is consistently the 9th largest spirits supplier by $$ in this dataset. And tho it's not a done deal yet, BeatBox continues to post strong double-digit gains in these channels, outselling Cutwater in MULC with wine-based cocktails alone. Even more so with malt-based versions that are more than doubling sales off a smaller base. If included, AB total alc bev $$ sales with BeatBox woulda been up ~4% YTD thru Feb 1 in MULC.US Revs Down 15%, $2.2 Bil Since 2022; 87% of North America, 21% of Global; "Clouds Appear to Be Lifting" On conference call, Evercore ISI analyst Robert Ottenstein praised execs for US momentum, amplifying a point he's made before: AB is in "the best position to grow in many, many years." Asked about "key elements" driving this recent turnaround, Michel pointed to "the power of consistency" as the "biggest learning." The US mkt moves on a "long horizon," and consistency in team and strategy while "rebalancing" the portfolio toward growth segments and brands took time. But "I&#39;m very glad to see the team working very hard to execute this strategy and start harvesting some of the efforts" made over the last 5 yrs, Michel said.Yet it also took a massive hit relatively recently to get to this point in the US. AB's US revs slipped to $12.376 bil on a reported basis, down more than $2.2 bil, 15% in 3 yrs including $400 mil shed vs 2024. A portion of that is related to divestitures to Tilray (craft brands) and KDP (Ghost), plus currency exchange rates. But US revs were down to slightly under 21% of ABI global revs, 87% of ABI North America rev mix. Its US volume's down over 20% in that time, shedding nearly 17 mil bbls since 2022, now closer to 13% of its global volume mix, we estimate. Earnings also took a 20%-plus hit in US with EBITDA still down slightly in 2025 vs 2024. And co incurred an additional $214 mil in charges for business and asset disposals related to the planned sale of Newark facility plus closure of Fairfield and Merrimack breweries. But "clouds appear to be lifting" for ABI globally, including AB in US, wrote Jefferies' Ed Mundy. "The tanker is turning, and we think ABI has a credible playbook even in a subdued category" in US.Global EBITDA Continues to Grow; $11 Bil Cashflow & 2.87X Net Debt Add Flexibility Globally, ABI didn't really skip a beat thruout this tuffer stretch in the US as revenue and earnings continued to grow, even as volume was "below potential." That includes revs up 2% (on organic basis) to $59.3 bil despite total volume down 2.3% to ~478 mil bbls in 2025 vs 2024. Its normalized EBITDA grew 5% to $21.2 bil and EBITDA margin rose over 100 bps to 35.8%. Cash flow hit $11 bil for a 2d consecutive yr, up significantly from $8-9 bil range annually in FY21 thru FY23 with an oppy to build from this new base, cfo Fernando Tennenbaum commented. And net debt reduced to just 2.87x EBITDA, providing "increased flexibility" in capital allocation, he added.While execs spoke of this flexibility primarily in context of share buybacks and dividends, it could manifest in more aggressive investments in other aspects of the biz too. Already has to some extent with UFC and Champions League snatches from Constellation and Heineken, respectively, BeatBox acquisition and rebuying rest of its US metal container biz for ~$3 bil. Sales & mktg spend increased to $7.4 bil in 2025, marking 4 of 5 yrs spending over $7 bil in that dept and its highest spend in that stretch. Commenting on beyond beer oppys, Michel pointed to big growth potential for existing brands, led by Cutwater in particular, and "complement[ing]" the portfolio with brands like BeatBox. "Our portfolio is getting stronger, but we still have a lot of headroom to grow in this area," he stated. Tho "discipline and incremental innovation is a key enabler of our growth" in beyond beer globally too. Beyond beer is nearly 3% of US revs ($310-370 mil) excluding malt seltzers and 3% of global revs (~$1.8 bil). NA beer is over 1% of global ($600+ mil), led by Corona Cero, and "we are investing and innovating to lead the growth," Michel added."Position of Strength" Following a "Complicated Year" in 2025; Best BUD Stock Price Since Pre Covid 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. "I think that 2025 was definitely a very complicated year with many dynamics impacting different markets, industry and consumer goods in general," and "beer was not insulated from that," Michel noted. But momentum picked up globally for ABI and carried thru Jan "in the majority" of its mkts, including US. "We have a very good year in terms of opportunities to activate and land our innovations," he added. And while "World Cup always presents a unique opportunity for us&hellip;the fact that&#39;s going to happen in the Americas, 104 games&hellip;is going to be great," he stated. Net-net, "we are well positioned to activate the category and engage consumers." With all the puts and takes, the street seems equally encouraged. BUD stock is up ~4% since reporting year-end results. Up over 50% in last 12 mos and trading at its highest price since pre Covid.

AB Mkt Share Momentum in FY25, Growth in Jan 2026; Tuff 3-Yr Road to Get Here; "Position of Strength" Globally; BUD Bump

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