Halfway Through 10-Year Plan, A-B Sizes Billions of Run Room in Newer Spaces

Dear Client: Anheuser-Busch InBev used its 2026 Capital Markets Day in St. Louis this week (which kicked off Tuesday) to declare the halfway point of its 10-year plan, moving from the first-half phase it calls "Re-Set" into its "next" growth phase, dubbed "Re-Ignite." For the next half-decade, CEO Michel Doukeris vowed to keep compounding results while spending more to accelerate. The financials are in good shape. Nominal EBITDA has grown from $19.2bn in 2021 to $22.4bn over the last twelve