Washington, United States. Europe’s biggest brewers and their shareholders are looking to 2026 for a rebound, betting the soccer World Cup and a shift toward soft drinks and low-alcohol offerings can help offset recent pressures. The outlook follows job cuts, weak profit growth and declining beer volumes across major groups.
Brewers report pressure on volumes and earnings
Heineken announced plans this week to cut up to 6,000 jobs over two years. Carlsberg warned of another difficult year for consumer spending and cited trade war risks, while Budweiser-maker Anheuser-Busch reported its lowest profit growth since 2020. All three companies reported falling volumes.
Investors look for relief after 2025 challenges
Despite the results, shares in the three biggest European brewers, which together generate $114 billion in annual sales, have risen as investors bet conditions will improve compared with 2025.
World Cup and non-beer products seen as growth drivers
AB InBev CEO Michel Doukeris told investors on Thursday the company sees opportunities to drive demand, citing an expected boost from events such as the June-July soccer World Cup in the United States, Mexico and Canada, as well as faster growth from non-beer and low-alcohol products.
Key markets show signs of easing
Doukeris said difficult conditions in major markets including China and Brazil, where bad weather has hurt sales in recent months, were easing, and described 2025 as “a very complicated” year.
Beer volumes have fallen since 2022
A slump in beer sales in 2025 added to years of weak or stagnant growth, leaving Heineken’s beer volumes down 8.6%, AB InBev’s down 6.5% and Carlsberg’s down more than 3% since 2022.
Analysts forecast modest volume growth
Analysts expect volumes could turn positive this year, with average forecasts of 0.4% growth at AB InBev, 1.1% at Heineken and 3% at Carlsberg. Berenberg analyst Javier Gonzalez Lastra said 2026 could be stronger for volume growth and described 2025 as “pretty horrific” for Heineken.
Carlsberg expands beyond beer through acquisition
Carlsberg has pushed aggressively into drinks other than beer, including through its $4.2 billion acquisition of soft drinks maker Britvic, completed last year, which has helped offset weak demand for its beers.
How do you think the World Cup and a shift toward soft drinks could affect brewers’ sales in 2026?
