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Strong first-quarter results boost hopes for this year

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Brewers shielded by local production and geographic

spread,

investors and companies say

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AB InBev says impact of aluminium tariffs 'not relevant'

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Carlsberg and Heineken more reliant on Africa and Asia

By Emma Rumney

LONDON, May 8 (Reuters) - European beer makers remain

confident about their growth potential despite U.S. tariffs

posing some threat to sales and investors see the companies as a

relatively safe haven in an intensifying global trade war.

Brewers such as Anheuser-Busch InBev, Heineken

and Carlsberg have been trying to restore

margin expansion and boost volumes after a difficult few years,

when surging costs led to higher prices, hurting sales volumes.

Solid first-quarter earnings have bolstered hopes they can

do so this year even as trade tensions rise.

Brewers are relatively shielded from effects on costs,

prices and consumer spending thanks to localised production and

geographic spread, which should support growth, the companies

and investors say.

"We produce everything locally," AB InBev finance chief

Fernando Tennenbaum told Reuters after the company reported a

surge in first-quarter profit on Thursday.

"We are not changing the outlook," he added, echoing

Carlsberg CEO Jacob Aarup-Andersen in saying the brewer had not

seen any change in consumer behaviour as a result of tariffs so

far.

He described the impact of tariffs on aluminium, which may

hurt AB InBev's can costs, as currently "not relevant".

Brewers are not directly under fire in the same way as other

industries like pharmaceuticals, said Tom Lemaigre, portfolio

manager at beer investor Janus Henderson.

While they could suffer if tariffs weaken economies,

brewers' share performance indicated the market saw them as

relatively protected, he said, adding: "That is probably a

sensible assumption to make".

GEOGRAPHIC ADVANTAGES

Brewers' geographical footprints also offer some protection

to any impact on consumers.

Lea Seanz, portfolio manager at investor Flornoy Ferri,

pointed out that AB InBev makes a hefty chunk of sales in Latin

America, where it enjoys high pricing power and growing

consumption, while easier comparative numbers should also

support brewers' performance in 2025.

"All in all, I think they should be able to compensate for

tariffs in the U.S.," she said.

Carlsberg has the least U.S. exposure, at less than 0.1% of

total volumes. Both it and Heineken are more reliant on

countries in regions like Africa and Asia for growth, though the

trade war nevertheless threatens local economies there too.

Carlsberg, AB InBev and Heineken all maintained their full

year outlooks in recent weeks.

U.S.-focused rivals like Molson Coors ( TAP/A ) and

Constellation Brands ( STZ ) have been harder hit. Molson Coors' ( TAP/A )

shares fell 8% on Thursday when the company cut its full-year

sales guidance due to tariffs.