Barclays downgraded Anheuser-Busch InBev to equal weight from overweight. The bank cited significant financial risks stemming from upcoming tax structural changes in Brazil.
Ambev generates nearly half of its EBITDA from the Brazilian beer market. This concentration exposes the parent company to a new Sin Tax scheduled to take effect in January 2027.
Barclays warned that brewers must either raise consumer prices or absorb the tax costs, potentially hurting sales volumes or profit margins. Future earnings visibility is further clouded by difficult year-over-year comparisons following the 2026 World Cup.