Berenberg: AB InBev Q3 Results 'Generally In Line' Despite China Drag

08:22 AM EDT, 10/30/2026 (MT Newswires) -- Anheuser-Busch InBev (ABI.BR, ANH.JO), d/b/a AB InBev, delivered "generally in line" third-quarter results amid higher volumes in key emerging markets, although continued weakness in China weighed on performance, Berenberg said in a note published Friday. "The (very) weak region in Q3 was again China, which saw Q3 volumes decline by 16.8% yoy and EBITDA fall by 30.5% as inventories were managed in a challenging market," according to analysts. "The business underperformed an industry that management estimates declined by low teens, which it attributes to region and channel mix and to destocking. Management points to an improving Q4 and expects the channel to be fully destocked ahead of 2027. There was improving in-home share and double-digit growth in the online-to-offline channel, but those gains are in the lower-margin channel and do not offset the loss of on-premises profitability." Against this backdrop, the research firm left its 2026 earnings estimates "broadly unchanged." For 2027 and 2028, EPS forecasts were increased by 3.5% and 5.9%, respectively. The buy rating on the Belgium-based brewer's stock and price target of 89 euros remain unchanged.