{"text":[[{"start":7.899,"text":"Non-alcoholic and low-calorie beers, along with soft drinks, drove growth at beermakers Anheuser-Busch InBev and Carlsberg as a global trend for alcohol moderation drives drinkers to ditch lager."}],[{"start":20.729,"text":"Beer volume at AB InBev fell 0.1 per cent compared with a 4 per cent increase for soft drinks and energy drinks in the three months to September 30. Group sales volumes at the world’s biggest brewer rose 0.4 per cent, slightly below analysts’ expectations."}],[{"start":37.57,"text":"The Stella Artois and Corona owner said revenues rose 4.9 per cent to $16.5bn, beating consensus while gross profit was up 5.3 per cent to $9.3bn."}],[{"start":48.643,"text":"Brewing giants are shifting their portfolios to pricier non-alcoholic beers, soft drinks and ready-to-drink cocktails as well as seltzers in search of growth."}],[{"start":66.64,"text":"AB InBev’s revenue growth was fuelled by 19 per cent growth in its “balanced choices” healthy beer portfolio, which includes low-calorie and gluten-free beers such as Michelob Ultra and Stella Artois Pure Gold."}],[{"start":72.213,"text":"Sales of zero-alcohol beer jumped 35 per cent, while non-beer sales rose 19 per cent, led by Cutwater in the US — up more than 35 per cent year on year."}],[{"start":83.079,"text":"The strong performance of non-beers offset deep declines in China, where sales volumes fell 16.8 per cent on weak demand. The group also struggled to boost sales in North America, where volumes dipped 2.5 per cent."}],[{"start":97.488,"text":"James Edwardes Jones, an RBC Capital Markets analyst, said the lack of volume growth in standard beer was “not ideal”."}],[{"start":106,"text":"“The beer performance was once again heavily impacted by China . . . on the back of market share loss,” he said."}],[{"start":111.74,"text":"The company maintained its medium-term outlook of 4 to 8 per cent growth in earnings before interest, taxes, depreciation and amortisation."}],[{"start":119.28,"text":"Danish brewer Carlsberg, which owns which owns brands including Kronenbourg, Poretti and Erdinger, said beer volumes declined 3.5 per cent while those for non-beer grew 8.5 per cent. Total volume grew 0.3 per cent, less than analysts expected, with third-quarter sales up 3 per cent on an organic basis and 4.9 per cent on a reported basis to DKr25.3bn ($3.8bn)."}],[{"start":145.083,"text":"Carlsberg has been the most aggressive of the global brewers in pushing into beverages other than beer. In 2025, the group acquired UK soft drinks company Britvic, doubling its soft drink sales to just below 30 per cent of group revenues."}],[{"start":160.96,"text":"The brewer also struggled with weak demand in China, which dragged volumes in Asia down 6.7 per cent. The company said the declines “reflected weak consumer sentiment and destocking following severe rainfall during the peak season in June and July”."}],[{"start":175.971,"text":"AB InBev shares fell 2.4 per cent in morning trading in Brussels but have risen more than 30 per cent this year. Carlsberg fell 1.3 per cent in Copenhagen but has gained almost 14 per cent this year."}],[{"start":194.08,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1793272444_6396.mp3"}