AB InBev was off to a good start of the year with Q1-26 resulting exceeding expectations on organic metrics and absolute figures. The positive volumes bode well for the rest of the year, especially with FIFA being an excellent opportunity to activate the category. Based on the Q1-26 results we expect EBITDA estimates to be raised to the mid-point of the guidance, adj EPS by 2-3%We reiterate our Buy rating, keeping our 12m TP unchanged at EUR 75. AB InBev is part of our preference list