1st BATCH OF FILES AVAILABLE NOW!

Anheuser Busch US revs up 1.9% for 6 mos, even tho its traditional beer volume continues to decline. The explosive triple digit growth of Cutwater and the BeatBox acquisition (all incremental Mar-Jun) drove AB’s US rev growth in first half 2026, considering Mich Ultra and Busch Light gains got mostly wiped out by other declining beer brands. BeatBox will still be all-incremental Jul-Dec, Cutwater continues on a tear (albeit slightly slower off bigger base) and AB first half depletions down 0.9% while shipments down 1.8%. So shipments will be about a point better than depletions in 2d half. Put that all together and AB is likely to grow revs in 2026 for the first time since before Bud Light crisis in 2023. AB revs fell $2.2 bil 2022-2025, so its return to rev growth is a big deal. INSIGHTS increasingly hears of AB distribs whose revs are up in 2026 and broadly they are feeling better about AB’s position and prospects. Only 2 of AB’s Top 7 Beer Brands Up; Cutwater Growth 2x Ultra in NIQ While lots going right for AB in US as its portfolio transforms, there are still many “puts and takes” as ABI ceo Michel Doukeris acknowledged on conference call, citing weather, calendar comps, and consumer pressures in the short-term. Total AB malt bev revs up $56 mil, 0.8% in Circana multi-outlet + convenience (less all-channel). But only 2 of AB’s top 7 brands up. Those 7 brands represent 80% of AB’s malt bev volume. Each of Mich Ultra and Busch Light up strong around 7% (see below), while Bud Light, Bud, Natty Light, Busch and Stella all declined. Meanwhile, Cutwater $$ sales up 2x as much as the Michelob brand family in NIQ data yr-to-date thru mid-July. And Ultra is getting the biggest growth in beer by far. That shows how important Cutwater has quickly become to AB’s US biz. Cutwater 2d Biggest Contributor to Global ABI Growth; Going Global? Unsurprisingly, Cutwater got a lotta love in ABI’s global earnings release and on its conference call. It was “the #1 share gaining brand in the total spirits industry” and the 2d biggest contributor to ABI’s global growth in Q2. Cutwater “is moving towards becoming a $1 billion brand,” said Michel. When questioned about competitor actions and potential threats, Michel responded: “we are the competition.” Indeed, ABI is an increasingly disruptive force in spirits biz. “We are gaining share, we will continue to invest to grow our presence in this segment,” Michel continued. “We are just at the beginning…. We think that we can do even more” globally. “We have a pipeline of customers in countries that is very strong.” Increasingly, ABI exports current US growth engines like Michelob Ultra and Cutwater. And it seems to be paying off. Fully 40% of Ultra growth in Q2 came from outside US. And ABI just rolled out Michelob Ultra to key countries like Argentina and Brazil during World Cup, getting off to a fast start. Meanwhile, AB is increasing its overall investment in US, despite overall volume declines, in part because of the global payoff. US Smaller Part of Global Earnings; EBITDA Flat; Mktg Up in US ABI is becoming increasingly less dependent on US earnings. US now 10-15% of ABI’s volume, Michel said and North America 20% of ABI EBITDA, chart showed. Used to be well over 30%. US EBITDA flat so far in 2026 as it was in 2025, while global EBITDA up 5.6% to $11.4 bil in first half. That’s far more than any other global brewer makes in full yr. And ABI has achieved its targeted 4-8% growth for several yrs running. ABI seemingly content to invest incrementally in US without increasing earnings, to “rebalance” its US biz towards growth, and for global possibilities. Ultra “Key Part of Global Brand Architecture” Michelob Ultra now “a key part of global brand architecture,” headlined report from Evercore ISI’s Robert Ottenstein following Q2 results and call. Ultra’s Q2 intl success “is of significant long-term importance as Ultra meets universal needs for a sessionable beer consistent with an active lifestyle, is gender neutral, and has a premium image that commands higher prices…. This role as a premiumization play in developing markets is especially important.” What’s more, ABI’s “success in RTDs holds the potential that the firm can also gain global share of alcohol.” Beyond Beer Up 44% Globally, NA Up 27%; “Carpet of Greenshoots” ABI’s total Beyond Beer portfolio jumped 44% in Q2. And it’s no alc revs jumped 27% globally (mid-30s in US), with Mich Ultra Zero still doubling for the qtr. NA beers are the other lever that ABI is increasingly pushing besides Beyond Beer. ABI has a “veritable carpet of greenshoots emerging,” reiterated Bernstein’s Trevor Stirling, and it has “continued to deliver on this vision.”

AB on Track to Grow US Revs for 1st Time in 4 Yrs; Spirits Strength, Ultra, NAs; M&A

Publishing Info