Michelob ULTRA

EXECUTIVE SUMMARY

AB InBev made history in January 2024 by becoming the first beer company in the 40-year history of the IOC's TOP (The Olympic Partner) Programme, with an initial agreement through LA 2028, subsequently extended to Brisbane 2032 in February 2025. This landmark partnership positions Corona Cero as the global beer sponsor of the Olympic Games while Michelob ULTRA serves as the exclusive U.S. market activation brand and Official Beer Sponsor of Team USA.

The partnership represents a strategic pivot for AB InBev following the 2023 Bud Light controversy, with Michelob ULTRA emerging as the company's growth engine. In September 2025, Michelob ULTRA achieved a historic milestone by becoming the #1 selling beer in America by volume, surpassing Modelo Especial. The brand has grown 15% since 2020, gaining over 2% market share.

The Olympic sponsorship builds on Michelob ULTRA's established sports marketing platform, which includes partnerships with the NBA, WNBA, PGA Tour, FIFA World Cup 2026, and Major League Soccer. The brand's "active lifestyle" positioning aligns naturally with Olympic values, while responsible consumption messaging satisfies IOC requirements. LA28 represents a pivotal activation opportunity - described by brand leadership as "Paris times 10" in terms of impact potential.

1. OLYMPIC HISTORY & MARKETING PRESENCE

1.1 AB InBev TOP Partnership

On January 12, 2024, the International Olympic Committee announced AB InBev as the newest Worldwide Olympic Partner (TOP Partner) - the first beer company in the 40-year history of the program. The initial agreement covered Paris 2024, Milano Cortina 2026, and Los Angeles 2028. In February 2025, following the success of Paris 2024 activations, the partnership was extended through the French Alps 2030 Winter Games and Brisbane 2032.

Key Partnership Structure: - Global Brand: Corona Cero (zero-alcohol beer) serves as the worldwide Olympic Games sponsor - U.S. Market Brand: Michelob ULTRA is the U.S. activation brand (Corona rights in U.S. are held by Constellation Brands, not AB InBev) - Paralympic Integration: Agreement includes marketing rights for the International Paralympic Committee through the IOC-IPC collaboration agreement - Estimated Value: TOP Partners typically pay $300 million+ per Olympic cycle; financial terms not disclosed

1.2 Michelob ULTRA Team USA Sponsorship

Simultaneously with the IOC announcement, Anheuser-Busch announced Michelob ULTRA as the exclusive beer sponsor of Team USA for Paris 2024, Milano Cortina 2026, and LA 2028, and the Official Beer Sponsor of the LA28 Games. This dual structure - Team USA sponsor and LA28 official sponsor - provides comprehensive U.S. market activation rights.

1.3 Paris 2024 Activations

Paris 2024 served as the inaugural activation for both partnerships, described as "the biggest summer program in Michelob ULTRA's history":

• Campaign Platform: "Summer of Team USA" integrated campaign
• Creative Work: Two TVCs - "Brewed Here" and "Home Team" - created by Wieden+Kennedy
• Packaging: Custom Team USA packaging with Olympic rings on bottle necks
• Broadcast: Opening Ceremony integrations; full linear takeover on August 2nd
• On-Ground: Presence at Team USA House in Paris; watch parties at Rockefeller Plaza
• Innovation: First brand to participate in Order of Ikkos Ceremony honoring athlete coaches

1.4 Milano Cortina 2026 Plans

For the upcoming Winter Games, Michelob ULTRA is executing a hockey-centric campaign:

• Flagship Event: "Run Back the Miracle" immersive experience at Herb Brooks Arena in Lake Placid (January 15, 2026), recreating the 1980 Miracle on Ice
• Broadcast Integration: Peacock special featuring event footage in Olympic lead-up
• Athlete Partnerships: Brady and Matthew Tkachuk (USA Hockey); Breezy Johnson (alpine skiing); Kaysha Love (bobsled); Kristen Santos-Griswold (speedskating)
• Media Buy: 155+ unit buy with NBC Sports across digital, OOH, and broadcast
• Packaging: Team USA-branded packaging with Olympic rings

2. LA28-SPECIFIC INITIATIVES

2.1 Official Sponsor Status

Michelob ULTRA holds dual roles for LA28: (1) Exclusive Beer Sponsor of Team USA and (2) Official Beer Sponsor of the LA28 Games. This comprehensive positioning - achieved through the joint venture between LA28, USOPC, and Comcast - provides extensive activation rights across all Olympic touchpoints.

2.2 Strategic Importance

Brand leadership has characterized LA28 as a transformational opportunity:

Ricardo Marques, SVP of Marketing: "It takes place, obviously, right here at home, so it's going to be Paris times 10 in terms of what it means for us in terms of impact."

• LA28 represents the first Summer Olympics on U.S. soil since Atlanta 1996
• Brand will activate across all major international tournaments in U.S. through 2028: FIFA World Cup 2026, Milano Cortina 2026, and LA28

2.3 Planned Activation Framework

Based on Paris 2024 and Milano Cortina 2026 patterns, anticipated LA28 activations include:

• Venue Presence: On-premise activations at LA28 venues and fan zones
• Broadcast Integration: NBC partnership including Opening/Closing Ceremonies
• Athlete Program: "Team ULTRA" roster with multi-sport athlete ambassadors
• Custom Packaging: LA28-branded packaging with Olympic and Team USA marks
• Consumer Promotions: Rebate programs, sweepstakes, and superior access experiences
• Responsible Drinking: Messaging aligned with IOC requirements; Michelob ULTRA Zero (non-alcoholic) activations

LA28 Venue Context: The Games will use 40+ competition venues across the LA metro area, with a dual-venue Opening Ceremony shared between the LA Memorial Coliseum and SoFi Stadium (announced May 2025). SoFi Stadium will be reconfigured for swimming in Week 2 (38,000 capacity, largest swimming venue in Olympic history). Athletics moves to Week 1 at the Coliseum, which will host the Closing Ceremony and earn the distinction of being the first venue in history to host events at three Olympic Games (1932, 1984, 2028). The dispersed venue footprint creates multiple on-premise activation sites across the LA metro area. LA28 announced a first-of-its-kind venue naming rights program in August 2025. The Ticket Draw registration opened January 14, 2026 with tickets from $28. The 50-state Olympic torch relay, beginning April 2028, provides national activation opportunities for Michelob ULTRA's retail distribution network.

2.4 Los Angeles Market Context

Los Angeles represents a key growth market for Michelob ULTRA. The brand's SVP of Marketing noted that LA and similar markets offer "the most room for growth" for the brand, making LA28 a strategic priority beyond typical Olympic activation.

3. EXECUTIVE LEADERSHIP & DECISION-MAKERS

3.1 AB InBev Global Leadership

• Michel Doukeris: CEO, AB InBev (since July 2021). Brazilian national. Previously led AB InBev's North America zone. Oversaw the decision to join the IOC TOP Programme and the post-Bud Light controversy brand strategy pivot toward Michelob ULTRA.
• Fernando Tennenbaum: CFO, AB InBev
• Marcel Marcondes: Global CMO, AB InBev. Leads the global IOC TOP partnership relationship. Previously CMO of Anheuser-Busch U.S.

3.2 Anheuser-Busch U.S. Leadership

• Brendan Whitworth: CEO, Anheuser-Busch (since July 2021). West Point graduate, former CIA officer, former Diageo executive. Signed original Team USA and LA28 partnership in January 2024.
• Kyle Norrington: Chief Commercial Officer, Anheuser-Busch. Oversees U.S. sports marketing strategy including Olympic activations.
• Ricardo Marques: SVP of Marketing, Michelob ULTRA. Leads U.S.-specific Olympic activation and Team USA partnership. Described LA28 as "Paris times 10."

3.3 Key Partnership Contacts

IOC/Olympic Relationship Management: - Marcel Marcondes (CMO) leads global IOC partnership at TOP level - Ricardo Marques leads U.S.-specific activation and Team USA partnership

USOPC/Team USA Relationship: - Brendan Whitworth (CEO) signed original partnership January 2024 - Ricardo Marques manages day-to-day activation and athlete partnerships

4. AGENCY & CREATIVE PARTNERS

4.1 Creative Agencies

• Wieden+Kennedy: Lead creative agency for Michelob ULTRA. Created Paris 2024 TVCs "Brewed Here" and "Home Team" and ongoing Olympic campaign work.
• FCB (Foote, Cone & Belding): Additional creative support across AB InBev portfolio
• draftLine: AB InBev's in-house creative agency. Handles rapid-turnaround digital content, social media, and campaign adaptations. Growing role in Olympic content production.

4.2 Media Agencies

• Dentsu (formerly Dentsu Aegis Network): Handles media planning and buying for AB InBev's U.S. portfolio including Michelob ULTRA. Manages the 155+ unit NBC Sports buy for Milano Cortina 2026 and Olympic broadcast integrations.

4.3 Sports Marketing & Activation

Michelob ULTRA sports marketing is primarily managed in-house through Anheuser-Busch's internal teams with support from:

• Momentum Worldwide: Experiential activation support
• Various production companies: Campaign-specific work (Emmy Award-winning "McEnroe vs McEnroe" and "Dreamcaster" campaigns)
• Athlete management: Athletes accessed through individual representation; no single sports marketing agency

4.4 Estimated Media Spend

AB InBev's total U.S. measured media spend exceeds $700 million annually. Michelob ULTRA specifically spends under $100 million on digital, print, and national TV, according to MediaRadar data, though this likely underestimates total investment including sports sponsorship activations.

5. COMPETITIVE POSITIONING

5.1 Brand Positioning

Michelob ULTRA occupies a unique position as the "fitness beer" or "active lifestyle beer" in the premium light beer category. Key positioning pillars include:

• Product Attributes: 95 calories, 2.6 carbs, no artificial flavors or colors
• Target Consumer: Active adults seeking balance between fitness and social enjoyment
• Brand Promise: "Superior light beer that celebrates the active, balanced lifestyle of its drinkers"
• Current Platform: "Play For An ULTRA" (2025) - celebrating friendly competition and social athletics

5.2 Competitive Landscape

U.S. beer market competitors and their sports sponsorship strategies:

• Constellation Brands (Modelo, Corona): Modelo Especial is the #1 beer in America by dollar sales (distinct from ULTRA's volume leadership). Corona sponsors UFC, and Modelo sponsors several boxing properties. Neither holds Olympic affiliation. The Modelo-ULTRA rivalry for #1 beer status is the central competitive dynamic in U.S. beer.
• Molson Coors (Coors Light, Miller Lite): Coors Light is the primary light beer competitor. Sponsors NFL (Official Beer), NHL. No Olympic affiliation. Coors Light's "Made to Chill" positioning targets relaxation rather than ULTRA's active lifestyle.
• Heineken: Sponsors UEFA Champions League, F1 (major global presence). No Olympic affiliation. Competes in the premium import segment rather than light beer directly.
• Diageo (Guinness): Sponsors Six Nations Rugby, Premier League clubs. Guinness 0.0 competes in the non-alcoholic space against Michelob ULTRA Zero.

No beer competitor holds any Olympic or comparable multi-sport global sponsorship. AB InBev's TOP Partner status gives Michelob ULTRA exclusive Olympic category rights that directly reinforce its "active lifestyle" positioning in ways unavailable to Modelo, Coors Light, or any other beer brand.

5.3 Olympic Sponsorship Differentiation

The Olympic partnership provides significant competitive advantages:

• Category Exclusivity: AB InBev is the only beer company in the TOP Programme; no competing beer brands can use Olympic IP
• Values Alignment: Olympic athletics naturally reinforces "active lifestyle" positioning in ways unavailable to competitors
• Global Reach: Olympics provide unmatched reach (30+ million daily viewers for Paris 2024)
• Home-Market Advantage: LA28 offers maximum U.S. exposure without time zone challenges

6. KEY METRICS & BUSINESS CONTEXT

6.1 Market Leadership

Historic Milestone (September 2025): Michelob ULTRA became the #1 selling beer in America by volume, according to Circana data for the 52 weeks ending September 14, 2025. The brand also leads in bars and restaurants per Nielsen IQ data.

6.2 Growth Trajectory

• Five-Year Growth: 15% volume growth since 2020
• Market Share Gain: Over 2% market share gained in past five years
• 2024 Performance: Achieved all-time high market share in 2024
• Draft Leadership: Largest share of U.S. draft lines since November 2024 (Draftline Technologies)
• Innovation Success: Michelob ULTRA Zero became one of top-selling non-alcoholic beers within 9 months of launch

6.3 Sports Marketing ROI Context

Kyle Norrington (CCO) on sports strategy success: "For more than twenty years, Michelob ULTRA has connected with its fans during the occasions they love. The brand's playbook has been simple and relentless: invest, learn, and execute as the Official Beer Sponsor of America's most prominent sports and active-lifestyle moments... This approach has turned Michelob ULTRA into an absolute rocket ship."

6.4 Industry Context

• Category Headwinds: U.S. retail beer sales declined nearly 5% YoY in H1 2025 to $34.7 billion
• Health Trends: 53% of Americans view drinking as bad; younger consumers seeking moderation
• Non-Alcoholic Growth: Non-alcoholic beer sales up 32.6% in 2024
• Michelob ULTRA Resilience: Growing despite category decline due to "fitness beer" positioning

6.5 AB InBev Corporate Performance

• Q3 2024 Revenue: $15.13 billion (0.58% YoY increase)
• Stock Performance: AB InBev (BUD) shares up 17% YTD through September 2025
• Global Brand Portfolio: 8 of top 10 most valuable beer brands worldwide (Kantar BrandZ 2025)

APPENDIX: SOURCES

Primary Sources: - International Olympic Committee official announcements (olympics.com) - AB InBev corporate communications (ab-inbev.com) - Anheuser-Busch press releases (anheuser-busch.com) - LA28 official announcements (la28.org)

Industry Publications: - Ad Age, Adweek, Marketing Dive, Campaign US - Sportico, SportBusiness, SportsTravel - Marketing Brew, The Drum - VinePair, Brewbound

Data Sources: - Circana (retail sales tracking) - Nielsen IQ (on-premise tracking) - Draftline Technologies (draft line monitoring) - Kantar BrandZ (brand valuation)

News Coverage: - CNBC, CNN Business, Fox Business - Associated Press, U.S. News

End of Research Brief