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.

Anheuser-Busch InBev on Wednesday reported forecast-beating fourth-quarter profits and progress in cutting debts that have hung over the company for a decade, sending its shares up 8% even as China weakness dragged on sales.

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