According to the company, Brazil saw high comparisons and adverse weather with a 6.5% decline, while China saw volumes fall 7.4%.

Despite the decline in volumes, quarterly operating profit rose 6.5% year-on-year.

Revenues saw a rise of 3% on an organic basis to USD$15bn, as sales picked up in one of its core markets of the US, despite a first-quarter drop.

Michel Doukeris, chief executive of AB InBev, said: “Beer is a passion point for consumers. The resilience of the beer category and the continued momentum of our megabrands delivered another quarter of profitable growth. EBITDA increased by 6.5% and the ongoing optimisation of our business drove underlying EPS growth of 8.7%. While the operating environment remains dynamic, the consistent execution of our strategy by our teams and partners drove a solid first half of the year and reinforces our confidence in delivering on our outlook for 2025.”