Anheuser-Busch InBev Unveils ‘Reignite' Growth Plan at Capital Markets Day

Anheuser-Busch InBev SA/ NV NYSE: BUD used its 2026 Capital Markets Day in St. Louis to outline the next phase of its 10-year strategy, emphasizing organic growth, portfolio expansion, digital platforms and increased capital-allocation flexibility. Chief Executive Officer Michel Doukeris said the brewer has completed the first half of its plan, known internally as “Reset,” and is entering a new phase called “Reignite.” The company reiterated its focus on delivering consistent, compounding EBITDA growth within its 4% to 8% outlook range while increasing investments intended to accelerate growth. Doukeris said ABI’s EBITDA increased from $19.2 billion in 2021 to $22.4 billion over the last 12 months, while net revenue rose from $54 billion to about $63 billion. Free cash flow reached $13.9 billion, up $4.6 billion since 2021, and the company reduced its net-debt ratio to below three times.

Chief Growth Officer Ricardo Tadeu said ABI expects structural beer-volume growth of roughly 0.3% to 0.5% annually across its footprint based on historical market trends. He said emerging and developing markets are a key advantage for ABI, accounting for more than 60% of its volume, and claimed the company captured 98% of beer-volume growth in those regions since 2019. Tadeu said ABI’s growth model is designed to combine volume growth, net revenue per hectoliter expansion and cash-flow generation rather than pursuing volume “at any cost.” The company is concentrating marketing support behind fewer brands, reducing the number of brands receiving meaningful investment from about 500 to 50. Chief Marketing Officer Marcel Marcondes said those priority brands, referred to as “mega brands,” now represent 60% of ABI’s volume. The company has also built major marketing platforms around sports, music, travel and entertainment, including partnerships involving FIFA, the Olympics, tennis, the NBA, UEFA Champions League, Netflix and Live Nation. Marcondes said ABI’s innovation business generates more than $6 billion annually. Its growth framework includes four principal levers: Superior core beer brands supported by affordability and local relevance. Premiumization through Corona, Stella Artois, Michelob ULTRA and Budweiser. “Balanced choices,” including non-alcoholic and lower-calorie or lower-carbohydrate beers. Beyond-beer products, including ready-to-drink cocktails, flavored beverages and other spirits-based offerings.