AB InBev and Heineken stocks tumble as Brazil, Mexico exit World Cup
The elimination of Brazil and Mexico in the round of 16 of the 2026 FIFA World Cup prompted analysts at Morgan Stanley to warn of a potential short‑term dip in beer demand across Latin America. The bank wrote that “we identify a potential risk to third‑quarter demand … given that the increase in beer volume concentrates on selections that advance to later stages of the tournament.”
Following the news, shares of Anheuser‑Busch InBev fell more than 4% on the Brussels exchange, while Heineken dropped about 1.4% in Amsterdam. Brazil‑based Ambev sank 3.5% in São Paulo, and Constellation Brands, the U.S. distributor of Corona and Modelo, slid 5.9% on the New York exchange. Morgan Stanley noted that Brazil’s market size makes the impact larger than Mexico’s and that “we see this negative impact primarily as an absence of incremental growth that would have occurred if either team progressed further.”
About 20% of AB InBev’s revenue comes from the United States, so analysts are now watching the U.S. team’s performance against Belgium for any compensating boost. The early exits marked Brazil’s first failure to reach the quarter‑finals since 1990 and Mexico’s usual deep‑run hopes ended with a 3‑2 loss to England.