Beer Is Outperforming Spirits. The Companies That Understood Why Are Now Building Something Different from a Beer Company.

The Q1 2026 earnings season produced a data point that most financial commentary around the drinks industry has noted but not properly analysed. AB InBev reported organic revenue growth of 5.8% and all-time high revenues. Heineken reported net revenue organic growth of 2.8%. Carlsberg reported organic revenue growth of 3.6% with all three regions growing simultaneously. In the same reporting period, Diageo reported organic net sales of +0.3%, Pernod Ricard reported +0.1%, Brown-Forman reported -2.8% for the nine months to January 2026, and Rémy Cointreau delivered its first positive full year in three years at +0.2%.