SOUTH AFRICA · COMPANY RESULTS
Key Facts
- The country South Africa is where AB InBev lists its shares in Johannesburg and runs a large local brewing arm.
- What happened On 29 October 2026 AB InBev reported third-quarter revenue of US$16.5 billion, up 4.9% on an organic basis.
- The profit figure Underlying earnings per share rose 22.4% to US$1.21, about 20.17 rand (about US$1.21).
- Shareholders The board set an interim dividend of 0.40 euro (about US$0.45); US$2.6 billion of shares bought back.
- South Africa Local revenue grew by high-single digits, but operating profit was flattish on higher commodity and distribution costs.
Anheuser-Busch InBev, the largest brewer, said on Thursday 29 October 2026 that underlying profit per share rose 22.4% to US$1.21 in the third quarter. That equals about 20.17 rand (about US$1.21) at about 16.67 rand to the US dollar on 31 October 2026.
The result matters to US readers because the group trades in New York and owns Budweiser, Stella Artois and Corona. It shows that a brewer can lift profit while selling about the same amount of beer.
In Plain English
Anheuser-Busch InBev SA/NV, often shortened to AB InBev, is a Belgian company and the world’s largest brewer. Its shares trade in Brussels, New York and on the Johannesburg Stock Exchange (JSE), South Africa’s main market, under the code ANH.
Underlying earnings per share is profit after removing one-off items, divided by the number of shares. It is the figure investors watch most closely, and the company reports it in US dollars.
The Third Quarter in Numbers
Revenue reached US$16.5 billion in the three months to 30 September 2026, up 4.9% once currency effects are removed and 9.1% as reported. Normalized EBITDA, a measure of operating profit before interest, tax and depreciation, rose 3.9% to US$5.96 billion.
Total volumes rose 0.4% to about 142.3 million hectoliters, while revenue per hectoliter grew 4.2%. In plain terms, higher prices and a richer mix of premium beers did most of the work, not extra bottles.
Nine Months and the Bottom Line
For the nine months to 30 September, revenue was US$48.4 billion, up 5.4% organically, and underlying profit was US$6.7 billion. Profit attributable to shareholders jumped to US$7.9 billion from US$4.9 billion a year earlier.
A big part of that jump came from gains of about US$1.2 billion on financial contracts, against a loss of about US$0.6 billion last year. A lower tax rate of 23.2%, down from 26.7%, also helped.
What Happened in South Africa and Africa
In South Africa, revenue rose by high-single digits and volumes by low-single digits, which the company estimates lagged the industry. Premium and super-premium beers led, with volume up by the mid-thirties in percent.
Operating profit before interest, tax and depreciation (EBITDA) there was flattish because higher commodity and distribution costs offset the sales gains. In Nigeria, beer volumes grew by high-single digits and revenue by the low-teens, while other African markets grew revenue by high-single digits.
Dividend and Share Buyback
The board approved an interim dividend of 0.40 euro (about US$0.45) per share, against 0.15 euro (about US$0.17) a year ago. The shares go ex-dividend on 18 November in Johannesburg, 19 November in Brussels and 20 November in New York.
The company has also completed US$2.6 billion of its US$6 billion share buyback program, which it announced on 30 October 2025. Fewer shares in circulation lift earnings per share, and underlying profit also rose to US$2.4 billion in the quarter from US$2.0 billion.
What It Means for US Readers
Anheuser-Busch InBev shares trade in New York, and its US business, home of Michelob Ultra, saw revenue fall 1.2% in the quarter. US EBITDA fell 4.0%, which the company ties to higher sales, marketing, commodity and transport costs.
Investors can compare this with Latin America, where Ambev, the group’s Brazilian arm, reported its own quarter.
The Outlook for 2026
The company expects its EBITDA to grow in line with its medium-term outlook of 4% to 8% this year. It also expects net capital spending of US$3.5 billion to US$4.0 billion and a normalized tax rate of 26% to 28%.
Chief executive Michel Doukeris described the quarter as “delivering solid growth today while investing for tomorrow.” He said the company’s portfolio of megabrands and mega platforms continues to win with consumers.
What Is Not Known
The company gives South African results only in broad ranges, so the exact local revenue and profit in rand are not published. At constant exchange rates the per-share rise was 13.9% rather than 22.4%.
Whether South African volumes catch up with the industry after a strong third quarter last year is not yet known. Whether cost pressures in South Africa ease in the final quarter of 2026 is also open.
More: South Africa news in English, every day from The Rio Times.
Frequently Asked Questions
What did Anheuser-Busch InBev report on 29 October 2026?
Third-quarter revenue was US$16.5 billion, up 4.9% organically. Underlying earnings per share rose 22.4% to US$1.21.
Why is AB InBev listed in Johannesburg?
Anheuser-Busch InBev holds a secondary listing on the Johannesburg Stock Exchange under the code ANH. South Africa is also home to its large local brewing business.
Did AB InBev sell more beer?
Only slightly. Total volumes rose 0.4%, and growth came mainly from higher prices and premium brands.
How much is the dividend?
The interim dividend is 0.40 euro (about US$0.45) per share, up from 0.15 euro (about US$0.17) a year ago. It is payable on 23 November in Johannesburg and Brussels.
How did South Africa perform?
Revenue rose by high-single digits, but operating profit was flattish. Higher commodity and distribution costs offset the sales gains.
Sources: Anheuser-Busch InBev: third quarter and nine months 2026 results release (Form 6-K, exhibit 99.1), 29 October 2026; AB InBev: results center, 29 October 2026.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error
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