UBS: AB InBev to See Growth in Q3 Volumes Amid Expected China Headwind

07:18 AM EDT, 09/29/2026 (MT Newswires) -- UBS Global Research expects Anheuser-Busch InBev (ABI.BR, ANH.JO), d/b/a AB InBev, to post a year-over-year rise in third-quarter volumes when it releases its latest quarterly results on Oct. 29. The research firm projects a 0.3% organic volume growth for the Belgium-based brewer during the quarter, lower than the consensus estimate of 0.9% but "broadly consistent" with buy-side expectations, according to a Monday preview note. "Within this, we expect China to be a -1.7pp volume headwind in Q3 (weather and destocking), worse than Q2 -1.2pp ... Looking beyond the short-term headwinds in China, we think can ABI sustain +0.5-1% volume growth, which combined with mix and leverage though the P&L should be able to drive >12% US$ EPS CAGR or c15% including the dividend yield, and upside to FCF could support a step-up in buybacks over coming years," UBS said. Analysts also reduced their EPS estimates by 1% for 2026 and 2% for both 2027 and 2028, mainly due to foreign currency movements. UBS has a buy rating on the stock, with a price target of 90 euros.