AB InBev SA, the world’s largest brewer, raised the lower end of its profit growth forecast for the year on resilient consumer demand for beer, even amid rising inflation.
The maker of Budweiser and Stella Artois reported a 6.5% increase in adjusted Ebitda to $5.31 billion in the three months ending September 30, topping analyst estimates for 4.9% growth.
AB InBev, the main beer sponsor of the World Cup in Qatar in November, now sees annual Ebitda growth of 6% to 8%. It had previously forecast 4% to 8% growth.
Beer and spirits makers have been raising prices to offset higher raw material costs, but there are signs drinkers are starting to balk. Shares of Heineken NV dropped as much as 9% on Wednesday after the second-biggest brewer warned of slowing demand in Europe.
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