AB InBev said its Michelob Ultra brand gained more U.S. market share than any other beer over the second half of 2024.

The Budweiser brewer reported earnings that beat analysts’ expectations, boosted by higher prices and improvements in the U.S. that offset lingering weakness in China.

Beer giant Anheuser-Busch InBev on Wednesday reported forecast-beating fourth quarter profits, even as a slowdown in the Chinese beer market dragged volumes down.

Anheuser-Busch InBev (AB InBev), the world’s largest brewer, delivered stronger-than-expected fourth-quarter revenue, defying concerns over declining global beer demand. The company reported a 3.4% year-over-year revenue increase to $14.

The world’s largest brewer sold less beer than analysts expected in the fourth quarter, dragged by lingering weakness in China, but said it gained market share in the U.S.