South African Breweries (SAB) delivered record third-quarter volumes and high-single-digit revenue growth, helped by strong demand for premium beers and its fast-growing Beyond Beer portfolio, although profitability came under pressure from higher costs.
Parent company Anheuser-Busch InBev said revenue in South Africa rose by high-single digits in the third quarter of 2026, while revenue per hectolitre increased by mid-single digits, driven by revenue management initiatives and premiumisation across the portfolio.
Volumes grew by low-single digits despite cycling a strong comparative period in the previous year.
However, EBITDA was broadly unchanged, as topline growth was offset by elevated commodity and distribution costs, as well as the timing of sales and marketing investments.
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The performance came as SAB’s results contributec to a broader global quarter in which AB InBev reported record third-quarter volumes in 15 markets.
Gaining market share
Commenting on the results, SAB CEO Richard Rivett-Carnac said the beer and Beyond Beer industry continued to gain share of the broader alcoholic beverages market.
“The beer and Beyond Beer industry continued to grow and gain share of alcohol beverages year-to-date, according to our estimates. Consistent execution of our strategy and increased portfolio brand power drove record high third quarter volumes for our business,” Rivett-Carnac said.
Growth was led by SAB’s premium and super-premium beer brands, where volumes increased by the mid-thirties and gained share within the segment. The company’s Beyond Beer portfolio, which includes products outside traditional beer categories, recorded low-thirties volume growth and continued to outperform the broader category.
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For the first nine months of the year, SAB reported mid-single-digit growth in both revenue and revenue per hectoliter, while volumes increased by low single digits. EBITDA also rose by low-single digits over the period.
The South African business remained one of the stronger contributors within AB InBev’s Europe, Middle East and Africa region, where overall third-quarter volumes increased 2.5% and revenue rose 4.0%.
Globally, AB InBev reported a 4.9% increase in third-quarter revenue, supported by revenue per hectolitre growth of 4.2% and volume growth of 0.4%. The brewer said premiumisation and growth in Beyond Beer remained key drivers of performance across its markets.
- South African Breweries (SAB) achieved record third-quarter volumes and high-single-digit revenue growth in 2026, driven by demand for premium beers and its Beyond Beer portfolio.
- Revenue per hectolitre rose by mid-single digits due to revenue management initiatives and premiumisation, while volumes grew by low-single digits despite a strong previous year.
- EBITDA remained broadly unchanged as higher commodity and distribution costs, along with sales and marketing timing, offset topline growth.
- SAB's premium and super-premium beer brands saw volume increases in the mid-thirties, and the Beyond Beer portfolio experienced low-thirties volume growth.
- For the first nine months of 2026, SAB reported mid-single-digit growth in revenue and revenue per hectolitre, low-single-digit volume growth, and low-single-digit EBITDA growth.
