About half of the Constellation’s sales come from Hispanic people in the US.
Earlier this month, Constellation cut its full-year guidance, pointing to a “challenging macroeconomic environment”.
Several consumer companies have in recent months highlighted a connection between US President Donald Trump administration’s stricter immigration policies and weak sales.
Coca-Cola and Colgate-Palmolive have also noted a slump in North American sales from Hispanic consumers.
Overall, the US beer industry has had a lacklustre year as US drinking habits are changing.
American have dialled down their beer consumption over the past four decades, according to the National Institute on Alcohol Abuse and Alcoholism.
Anheuser-Busch’s recent success comes after a difficult 2023.
As well as being facing boycotts for its social media work with Ms Mulvaney, Anheuser-Busch response to the criticism, which included putting two executives blamed for the relationship on leave, was also criticised.
Bud Light sales sank and it lost its spot as the top-selling beer in the US after more than two decades.
Anheuser-Busch on Monday said the launch of Michelob Ultra Zero, a non-alcoholic beer, has helped propel the brand’s popularity.
The brewer has also invested in marketing for Michelob Ultra, including at the FIFA Club World Cup and other major sporting events.