Anheuser-Busch InBev (BUD) is expected to miss its 4% to 8% organic EBITDA growth goal in one or both of Q3 and Q4 for the first time in 15 quarters, but the brewer remains on course to meet its full-year 2025 target, RBC Capital Markets said Friday.

The brokerage cited transactional currency headwinds and weak consumer demand as the main drags, estimating a 70-basis-point margin impact and about a one-point reduction in annual EBITDA growth.

The firm expects Anheuser-Busch to announce a share buyback of at least $3 billion or possibly resume its interim dividend, adding that the stock remains attractively valued even after a roughly $2.6 billion increase in debt due to euro appreciation.

RBC noted that while investors treat the company's 4% to 8% organic EBITDA growth range as a quarterly benchmark, it is a medium-term goal, and a temporary miss should not be concerning.

The firm maintained its outperform rating and 72 euros ($83.61) price target on the stock.

Shares of Anheuser-Busch were up 0.5% in recent trading.

Price: 59.47, Change: +0.29, Percent Change: +0.49