This week, we review the pleasantly robust results from global beer companies during the first quarter of 2026. More importantly, we bid adieu to a dear friend and longtime contributor, Francois Sonneville.

For those wanting to thank Francois for years of fantastic industry coverage, please reach out: FSonneville@yahoo.co.uk.

We discuss individual company results at the following timestamps:

Heineken (7:32): Results are stable heading into a leadership transition.

AB InBev (15:44): Revenue, volumes, and EBITDA are all well ahead of expectations. RTDs, Michelob, and Busch are filling the gap left by Bud Light.

Constellation Brands (24:20): Business is stabilizing following a tough year in 2025.

Royal Unibrew (32:22): Despite strong results from a highly diversified business, the headline was the loss of the PepsiCo business in Denmark, Finland, and the Baltic states, which account for nearly one-sixth of company revenue. Carlsberg (38:40): Both volume and revenues grew, with strong performance in the UK as the integration of Britvic goes forward. The headline is the switch from Coca-Cola to PepsiCo in Denmark and Finland and taking on the Baltic states from Royal Unibrew. Molson Coors (48:20): Volume is down, but revenues are flat with improved EBITDA, though costs pressures – aluminum in particular – remain a headache.

Have a question, qualm or story to tell, reach out via email: Bourcard.Nesin@Rabobank.com

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