VOL. XCIV, NO. 247
★ WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES ★
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Sunday, December 28, 2025
Anheuser-Busch InBev SA/NV
ABI · Euronext Brussels
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
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Overview
AB InBev is a global brewer headquartered in Leuven, Belgium, with its primary listing on Euronext Brussels (ABI) and ADRs on the NYSE (BUD). Its reported segments are geographic (North America, Middle Americas, South America, EMEA, Asia Pacific, and Global Export & Holding Companies). The core moat is demand-side brand equity across global and local beer brands, reinforced by supply-side scale in procurement/production/marketing and a digitizing route-to-market (BEES B2B platform and DTC delivery in select markets). Key pressures on durability are changing consumer preferences (premiumization vs spirits/RTDs/no-alcohol), the bargaining power of distributors/retailers, and regulatory constraints on alcohol marketing and distribution. Market cap as of 2025-12-27 is recorded from a public market-cap aggregator (Nasdaq figure).
Primary segment
Middle Americas
Market structure
Duopoly
Market share
—
HHI: —
Coverage
6 segments · 8 tags
Updated 2025-12-28
Segments
North America
Beer and malt-based beverages
Revenue
24.5%
Structure
Oligopoly
Pricing
moderate
Share
—
Peers
Middle Americas
Beer and malt-based beverages (plus growing no-alcohol and Beyond Beer)
Revenue
28.6%
Structure
Duopoly
Pricing
moderate
Share
—
Peers
South America
Beer and malt-based beverages (mainstream + premium) and Beyond Beer
Revenue
20.8%
Structure
Oligopoly
Pricing
moderate
Share
—
Peers
EMEA
Beer and malt-based beverages (mainstream + premium) and Beyond Beer
Revenue
15.1%
Structure
Oligopoly
Pricing
moderate
Share
—
Peers
Asia Pacific
Beer and malt-based beverages (including premium/lager) and Beyond Beer
Revenue
10.4%
Structure
Competitive
Pricing
weak
Share
—
Peers
Global Export & Holding Companies
Global export of beer brands and centralized platforms (B2B and DTC enablement)
Revenue
0.7%
Structure
Competitive
Pricing
none
Share
—
Peers
Moat Claims
North America
Beer and malt-based beverages
Revenue share computed from FY2024 net revenue by reportable segment: North America $14,655m of $59,768m total (AB InBev Annual Report 2024, Note 3 Segment Reporting). Source PDF: https://cdn.builder.io/o/assets%2F2e5c7fb020194c1a8ee80f743d0b923e%2Ffa283055d37b49a2814094325ca5abf1?alt=media&apiKey=2e5c7fb020194c1a8ee80f743d0b923e&token=35f21c06-7ae0-4c9c-b6bf-85d79a306575
Brand Trust
Demand
Brand Trust
Strength: 4/5 · Durability: durable · Confidence: 3/5 · 1 evidence
Brand portfolio strength supports shelf space and premium mix in mature beer markets.
Erosion risks
- Category shifts toward spirits/RTDs or non-alcohol
- Brand damage from controversies or quality issues
- Private label and value competition in downturns
Leading indicators
- Brand volume/share trends (Budweiser family, Michelob Ultra, etc.)
- Price/mix and revenue per hl trend
- Retailer shelf-space and promo intensity
Counterarguments
- Craft and regional brands can chip away at mainstream loyalty
- Consumers can switch with low friction among comparable beer brands
Scale Economies Unit Cost
Supply
Scale Economies Unit Cost
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
Global scale supports procurement leverage, standardized production know-how, and marketing efficiency versus smaller brewers.
Erosion risks
- Input cost inflation (aluminum, glass, barley) compressing margins
- Operational disruptions (labor, logistics, weather)
- Regulatory constraints limiting consolidation benefits
Leading indicators
- Cost per hl / gross margin trend
- Net debt leverage and refinancing costs
- Capex efficiency and productivity savings
Counterarguments
- Large competitors also have global scale; procurement advantages are not exclusive
- Scale can reduce agility versus smaller, trend-driven entrants
Middle Americas
Beer and malt-based beverages (plus growing no-alcohol and Beyond Beer)
Revenue share computed from FY2024 net revenue by reportable segment: Middle Americas $17,072m of $59,768m total (AB InBev Annual Report 2024, Note 3). Source PDF: https://cdn.builder.io/o/assets%2F2e5c7fb020194c1a8ee80f743d0b923e%2Ffa283055d37b49a2814094325ca5abf1?alt=media&apiKey=2e5c7fb020194c1a8ee80f743d0b923e&token=35f21c06-7ae0-4c9c-b6bf-85d79a306575
Brand Trust
Demand
Brand Trust
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
Category-leading brands (e.g., Corona/Modelo franchises) underpin premiumization and defend share in a concentrated market.
Erosion risks
- Aggressive pricing and innovation by key rivals
- Downtrading during macro weakness
- Excise tax increases and regulatory tightening
Leading indicators
- Revenue per hl and premium mix
- Share in core beer and no-alcohol categories
- Brand health tracking (awareness, consideration)
Counterarguments
- Duopoly can still be promotional and price-competitive
- Consumers may trade down quickly if disposable income weakens
Distribution Control
Supply
Distribution Control
Strength: 4/5 · Durability: medium · Confidence: 4/5 · 1 evidence
Digitized route-to-market (B2B + DTC) increases ordering convenience, improves execution, and can strengthen customer retention versus traditional distribution.
Erosion risks
- Competitors replicate B2B ordering and delivery capabilities
- Platform adoption stalls among small retailers
- Regulatory restrictions on alcohol delivery/e-commerce
Leading indicators
- BEES Marketplace GMV and retailer penetration
- DTC order growth and unit economics
- Fill-rate and on-time delivery
Counterarguments
- Digital ordering may not create strong switching costs if products are substitutable
- Retailers can multi-home across supplier portals
South America
Beer and malt-based beverages (mainstream + premium) and Beyond Beer
Revenue share computed from FY2024 net revenue by reportable segment: South America $12,423m of $59,768m total (AB InBev Annual Report 2024, Note 3). Source PDF: https://cdn.builder.io/o/assets%2F2e5c7fb020194c1a8ee80f743d0b923e%2Ffa283055d37b49a2814094325ca5abf1?alt=media&apiKey=2e5c7fb020194c1a8ee80f743d0b923e&token=35f21c06-7ae0-4c9c-b6bf-85d79a306575
Brand Trust
Demand
Brand Trust
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
Strong local champions and megabrands support premiumization and sustained category leadership in core markets like Brazil.
Erosion risks
- Local value competitors taking share in price-sensitive channels
- Anti-alcohol sentiment and regulation tightening
- Execution risk on innovation (no/low alcohol, RTD)
Leading indicators
- Premium share of revenue and volume
- Brand volume/share in Brazil
- No/low alcohol growth rates
Counterarguments
- Brand preference can be cyclical and promotion-driven
- Import/premium brands can face rapid competitive imitation
Distribution Control
Supply
Distribution Control
Strength: 4/5 · Durability: medium · Confidence: 4/5 · 1 evidence
Scaled route-to-market reinforced by large DTC delivery platforms and B2B ordering can improve availability and reduce lost sales versus rivals.
Erosion risks
- Competitors build comparable DTC/logistics networks
- Rising last-mile costs reduce DTC economics
- Regulatory limits on alcohol delivery
Leading indicators
- DTC orders (Ze Delivery) and retention
- BEES Marketplace GMV and active retailers
- Service levels (OTIF, fill rates)
Counterarguments
- Consumers can still buy competitors easily via traditional retail
- DTC scale may not translate to superior profitability
EMEA
Beer and malt-based beverages (mainstream + premium) and Beyond Beer
Revenue share computed from FY2024 net revenue by reportable segment: EMEA $9,003m of $59,768m total (AB InBev Annual Report 2024, Note 3). Source PDF: https://cdn.builder.io/o/assets%2F2e5c7fb020194c1a8ee80f743d0b923e%2Ffa283055d37b49a2814094325ca5abf1?alt=media&apiKey=2e5c7fb020194c1a8ee80f743d0b923e&token=35f21c06-7ae0-4c9c-b6bf-85d79a306575
Brand Trust
Demand
Brand Trust
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
Premium and super-premium brands (e.g., Corona, Stella Artois) drive mix and help defend margins in a mature, competitive region.
Erosion risks
- Beer category maturity and substitution to other beverages
- Discounting and private label expansion
- Marketing restrictions (advertising bans, labeling rules)
Leading indicators
- Premium portfolio mix (% of revenue)
- Revenue per hl and promo intensity
- Market share in key markets
Counterarguments
- High retailer concentration in Europe can pressure pricing
- Premiumization can reverse if consumers trade down
Scale Economies Unit Cost
Supply
Scale Economies Unit Cost
Strength: 4/5 · Durability: durable · Confidence: 3/5 · 1 evidence
Global procurement and shared operating platforms can offset region-level volume softness through productivity and cost efficiencies.
Erosion risks
- Energy and input cost volatility in EMEA
- Carbon/water constraints increasing compliance costs
- Operational complexity across many countries
Leading indicators
- Cost savings vs plan
- Energy cost per hl
- EBITDA margin trend in EMEA
Counterarguments
- Regional competitors also operate at scale (Heineken/Carlsberg)
- Scale benefits can be offset by higher fixed cost base in down cycles
Asia Pacific
Beer and malt-based beverages (including premium/lager) and Beyond Beer
Revenue share computed from FY2024 net revenue by reportable segment: Asia Pacific $6,196m of $59,768m total (AB InBev Annual Report 2024, Note 3). Source PDF: https://cdn.builder.io/o/assets%2F2e5c7fb020194c1a8ee80f743d0b923e%2Ffa283055d37b49a2814094325ca5abf1?alt=media&apiKey=2e5c7fb020194c1a8ee80f743d0b923e&token=35f21c06-7ae0-4c9c-b6bf-85d79a306575
Brand Trust
Demand
Brand Trust
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
A portfolio spanning global megabrands and local champions supports selective premium positioning, but competition is intense in key markets.
Erosion risks
- Price competition and local champions in China and SE Asia
- Channel shifts away from on-premise affecting premium mix
- Regulatory constraints and local protectionism
Leading indicators
- Premium volume growth vs mainstream
- Revenue per hl and channel mix
- Market share trends in China and South Korea
Counterarguments
- Local incumbents can outspend or out-distribute in home markets
- Premium brand positioning is vulnerable in weak macro environments
Scale Economies Unit Cost
Supply
Scale Economies Unit Cost
Strength: 4/5 · Durability: durable · Confidence: 3/5 · 1 evidence
Global operating model (procurement, brewing expertise, marketing playbooks) provides cost and execution advantages versus sub-scale local brewers.
Erosion risks
- FX volatility and import costs for premium brands
- Rising local ingredient/packaging costs
- Geopolitical restrictions on supply chains
Leading indicators
- Gross margin in APAC
- Local sourcing % and input cost trends
- Capacity utilization
Counterarguments
- Scale advantages are less decisive if demand is weak and price competition dominates
- Large regional brewers also enjoy substantial scale
Global Export & Holding Companies
Global export of beer brands and centralized platforms (B2B and DTC enablement)
Revenue share computed from FY2024 net revenue by reportable segment: Global Export & Holding Companies $418m of $59,768m total (AB InBev Annual Report 2024, Note 3). Source PDF: https://cdn.builder.io/o/assets%2F2e5c7fb020194c1a8ee80f743d0b923e%2Ffa283055d37b49a2814094325ca5abf1?alt=media&apiKey=2e5c7fb020194c1a8ee80f743d0b923e&token=35f21c06-7ae0-4c9c-b6bf-85d79a306575
Data Workflow Lockin
Demand
Data Workflow Lockin
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
BEES embeds ordering, assortment discovery, delivery and invoicing into retailer workflows, raising switching friction and improving execution.
Erosion risks
- Retailers multi-home across supplier apps
- Competing platforms or wholesalers digitize ordering similarly
- Regulatory limits on data usage and digital marketing
Leading indicators
- % of revenue transacted through B2B digital platforms
- Active BEES users and order frequency
- Churn/retention of small retailers
Counterarguments
- Workflow tools may be nice-to-have rather than sticky if product choice is the main driver
- Switching costs can remain low if payments/credit are not embedded
Two Sided Network
Network
Two Sided Network
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
BEES Marketplace can connect retailers with third-party suppliers; more participating retailers can attract more sellers and vice versa.
Erosion risks
- Marketplace disintermediation by large suppliers
- Margin pressure if the marketplace competes mainly on price
- Cybersecurity and platform reliability issues
Leading indicators
- Marketplace GMV and take rate
- Number of third-party SKUs and suppliers
- Order frequency and repeat rate
Counterarguments
- Incumbent e-commerce marketplaces can outcompete on breadth and logistics
- Network effects may be weaker if retailers primarily use BEES for AB InBev products
Evidence
Michelob Ultra, Busch and Corona were three of the top five volume share gainers.
Cites leading brands gaining share, consistent with brand equity supporting demand.
Describes AB InBev as geographically diversified across ~50 countries with ~144,000 colleagues and ~$59.8B reported revenue (ex-JVs), consistent with scale advantages.
Mexico section highlights revenue growth driven by revenue management and performance led by core beer portfolio (including Corona), consistent with brand-led demand.
Annual report frames AB InBev as the world's leading brewer and discusses productivity and optimization levers, consistent with scale-based cost advantages.
Our diverse portfolio of well over 500 beer brands includes global brands Budweiser, Corona, Stella Artois and Michelob ULTRA.
Lists flagship global brands, supporting a brand equity moat even in competitive APAC markets.
Showing 5 of 6 sources.
Risks & Indicators
Erosion risks
- Category shifts toward spirits/RTDs or non-alcohol
- Brand damage from controversies or quality issues
- Private label and value competition in downturns
- Input cost inflation (aluminum, glass, barley) compressing margins
- Operational disruptions (labor, logistics, weather)
- Regulatory constraints limiting consolidation benefits
Leading indicators
- Brand volume/share trends (Budweiser family, Michelob Ultra, etc.)
- Price/mix and revenue per hl trend
- Retailer shelf-space and promo intensity
- Cost per hl / gross margin trend
- Net debt leverage and refinancing costs
- Capex efficiency and productivity savings
Curation & Accuracy
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