AB InBev Reports First Quarter 2024 Results
Anheuser-Busch InBev (NYSE:BUD) reported a first-quarter 2024 revenue increase of 2.6% with a 5.4% EBITDA increase and a 16% growth in Underlying EPS. The company's strategic priorities focus on category leadership, digital monetization, and business optimization. Notable financial highlights include a 6.7% increase in megabrand revenues and a 3.3% rise in revenue per hl. The company's digital ecosystem, BEES, captured 11.3 billion USD of GMV, and the Underlying EPS reached 0.75 USD. AB InBev continues to invest in sustainability efforts while maintaining a positive outlook for FY24.
Revenue increased by 2.6% in the first quarter of 2024.
EBITDA rose by 5.4%, reaching 4,987 million USD.
Underlying EPS grew by 16% to 0.75 USD in 1Q24.
BEES captured 11.3 billion USD of GMV, a 23% increase compared to 1Q23.
Approximately 70% of revenue is generated through B2B digital platforms.
Total volumes declined by 0.6% in the first quarter.
Own beer volumes were down by 1.3%.
The net finance cost increased from -375 million USD to 309 million USD.
The reported 5.4% EBITDA increase and 16% growth in Underlying EPS suggest AB InBev is on a solid path, managing to grow despite a slight decline in total volumes. An important takeaway for investors is the company's ability to expand margins, which grew by 90 basis points to 34.3%, indicating efficiency in cost management and the success of premiumization strategies. The focus on higher-margin products is a positive sign, as it may underpin a more sustainable profit model in the context of the competitive beer market.
The digital transformation of the company, with 70% of revenue coming through B2B digital platforms, is particularly notable. The growth of the BEES platform and its contribution to gross merchandise value (GMV) reflects the shift in sales strategy, which could provide a competitive edge and a more direct relationship with consumers. However, the long-term effects of this strategy, in terms of costs and customer retention, will need to be monitored.
An underlying profit of
The revenue per hl growth of 3.3% is a testament to AB InBev's pricing power and hints at successful premiumization efforts, which is critical as the company aims to maintain its leadership in the beer industry. The impressive performance of megabrands like Corona, particularly the 15.5% growth outside its home market, highlights the strength and global appeal of AB InBev's product portfolio. This is important for retail investors to understand as brand power often translates to more resilient long-term sales.
Investments in digitization and monetization are paying off, with the BEES Marketplace showing robust GMV growth. For investors, these ventures into digital ecosystems may present growth opportunities, though they may come with increased execution risks and may require further capital investments.
The company's commitment to sustainability with reductions in emissions and water use could enhance its corporate image and potentially lead to cost savings. However, investors should weigh the potential benefits against the costs of implementing such environmental initiatives.
The actions taken by AB InBev to manage its debt portfolio, including a 2.5 billion USD cash tender offer and the issuance of new bonds, demonstrate a proactive approach to optimizing the debt maturity profile while maintaining a stable weighted average gross debt coupon of around 4%. This move should reassure investors about the company's financial stability and its ability to manage obligations effectively in the near term. However, the balance between leveraging for growth and maintaining a healthy credit profile should remain a point of investor attention, particularly if interest rates fluctuate.
Consistent execution of our strategy delivered a
![ABI Strategic Priorities - English (Graphic: Business Wire)](https://mms.businesswire.com/media/20240507296313/en/2123492/4/ABI_Strategic_Priorities_EN.jpg)
ABI Strategic Priorities - English (Graphic: Business Wire)
Regulated information1
“The strength of the beer category, our diversified global footprint and the continued momentum of our megabrands delivered another quarter of broad-based top- and bottom-line growth. We are encouraged by our results to start the year, and the consistent execution by our teams and partners reinforces our confidence in delivering on our 2024 growth ambitions.” – Michel Doukeris, CEO, AB InBev
Total Revenue
+
Revenue increased by
Approximately
Approximately
Total Volume
-
Total volumes declined by |
Normalized EBITDA
+
Normalized EBITDA increased by
Underlying Profit
1
Underlying profit (profit attributable to equity holders of AB InBev excluding non-underlying items and the impact of hyperinflation) was 1
Underlying EPS
Underlying EPS was
|
1The enclosed information constitutes regulated information as defined in the Belgian Royal Decree of 14 November 2007 regarding the duties of issuers of financial instruments which have been admitted for trading on a regulated market. For important disclaimers and notes on the basis of preparation, please refer to page 12. |
Management comments
Consistent execution of our strategy delivered a
Top-line increased by
Progressing our strategic priorities
We continue to execute on and invest in three key strategic pillars to deliver consistent growth and long-term value creation.
1. Lead and grow the category:
We delivered volume growth and market share gains in the majority of our markets, according to our estimates.
2. Digitize and monetize our ecosystem:
BEES captured
3. Optimize our business:
Underlying EPS increased by
1. Lead and grow the category
We are executing on our five proven and scalable levers to drive category expansion. Our performance across each of the levers was led by our megabrands, which represent the majority of our revenue and delivered a
-
Category Participation: Through our focus on brand, pack and liquid innovations, the percentage of consumers purchasing our portfolio of brands increased in approximately
40% of our markets, according to our estimates. Participation increases were led by female consumers across key markets inLatin America andEurope . -
Core Superiority: Our mainstream portfolio delivered a low-single digit revenue increase driven by double-digit growth in
South Africa ,Colombia and theDominican Republic . -
Occasions Development: Our global no-alcohol beer portfolio delivered high-teens revenue growth, with our performance led by Corona Cero and Budweiser Zero. The combination of our digital direct-to-consumer (DTC) products and our megabrands are developing new consumption occasions. In
Brazil , Zé Delivery executed a Carnival campaign focused on facilitating home-based events with in-app promotions while enhancing the out-of-home experience with access to exclusive festival events. -
Premiumization: Our above core beer portfolio grew revenue by low-single digits driven by our global brands and the double-digit growth of other local megabrands such as Leffe in
Europe and Spaten inBrazil . Our global brands grew revenue by5.2% outside of their home markets, led by Corona which grew by15.5% . -
Beyond Beer: Our global Beyond Beer business contributed approximately
320 million USD of revenue with a low-single digit volume increase versus 1Q23, as growth globally was partially offset by a soft malt-based seltzer industry in the US. Growth was primarily driven by our spirits-based ready-to-drink and flavored malt beverage portfolios in the US and the expansion of Brutal Fruit inAfrica .
2. Digitize and monetize our ecosystem
-
Digitizing our relationships with more than 6 million customers globally: As of 31 March 2024, BEES is live in 26 markets with approximately
70% of our 1Q24 revenues captured through B2B digital platforms. In 1Q24, BEES had 3.6 million monthly active users and captured11.3 billion USD in gross merchandise value (GMV), growth of16% and23% versus 1Q23 respectively.
BEES Marketplace is live in 19 markets, generated 7.3 million orders and captured465 million USD in GMV from sales of third-party products, growth of35% and47% versus 1Q23 respectively. -
Leading the way in DTC solutions: Our omnichannel DTC ecosystem of digital and physical products generated revenue of approximately
350 million USD . Our DTC megabrands, Zé Delivery, TaDa and PerfectDraft, are available in 21 markets, generated 18.1 million ecommerce orders and delivered approximately130 million USD in revenue, representing low-teens growth versus 1Q23.
3. Optimize our business
-
Maximizing value creation: Our Underlying EPS was
0.75 USD , a16% increase versus 1Q23, driven primarily by nominal EBITDA growth, margin expansion and continued optimization of our net finance costs. We continue to proactively manage our debt portfolio. In April 2024, we completed a2.5 billion USD cash tender offer for outstanding bonds following the issuance of4 billion Euro and1 billion USD in new bonds in March 2024. These transactions improved our debt maturity profile while maintaining our weighted average gross debt coupon at approximately4% . With increased flexibility in our capital allocation choices, we completed our1 billion USD share buyback program announced on 31 October 2023 and executed an additional200 million USD direct share buyback from Altria. -
Advancing our sustainability priorities: In Climate Action, our Scopes 1 and 2 emissions per hectoliter of production was 4.25 kgCO2e/hl in 1Q24, a reduction of approximately
6% from 1Q23. In Water Stewardship, we continue to work towards our ambition to reach a water use efficiency ratio of 2.5 hl per hl by 2025 with a water efficiency ratio of 2.55 hl/hl in 1Q24 versus 2.56 hl/hl in 1Q23. Collaboration is key to achieving a more sustainable future and, this quarter, we were named a top 2023 Supplier Engagement Leader by CDP.
Creating a future with more cheers
Our business delivered another quarter of profitable growth with an EBITDA increase of
2024 Outlook
-
Overall Performance: We expect our EBITDA to grow in line with our medium-term outlook of between 4
-8% . The outlook for FY24 reflects our current assessment of inflation and other macroeconomic conditions. -
Net Finance Costs: Net pension interest expenses and accretion expenses are expected to be in the range of 220 to
250 million USD per quarter, depending on currency and interest rate fluctuations. We expect the average gross debt coupon in FY24 to be approximately4% . -
Effective Tax Rates (ETR): We expect the normalized ETR in FY24 to be in the range of
27% to29% . The ETR outlook does not consider the impact of potential future changes in legislation. -
Net Capital Expenditure: We expect net capital expenditure of between 4.0 and
4.5 billion USD in FY24.
Figure 1. Consolidated performance (million USD) |
||||||
1Q23 |
1Q24 |
Organic |
||||
|
|
growth |
||||
Total Volumes (thousand hls) |
140 548 |
139 536 |
- |
|||
AB InBev own beer |
121 060 |
119 387 |
- |
|||
Non-beer volumes |
18 587 |
19 230 |
|
|||
Third party products |
901 |
919 |
|
|||
Revenue |
14 213 |
14 547 |
|
|||
Gross profit |
7 696 |
7 894 |
|
|||
Gross margin |
|
|
3 bps |
|||
Normalized EBITDA |
4 759 |
4 987 |
|
|||
Normalized EBITDA margin |
|
|
90 bps |
|||
Normalized EBIT |
3 503 |
3 642 |
|
|||
Normalized EBIT margin |
|
|
56 bps |
|||
|
||||||
Profit attributable to equity holders of AB InBev |
1 639 |
1 091 |
||||
Underlying profit attributable to equity holders of AB InBev |
1 310 |
1 509 |
||||
|
||||||
Earnings per share (USD) |
0.81 |
0.54 |
||||
Underlying earnings per share (USD) |
0.65 |
0.75 |
|
Figure 2. Volumes (thousand hls) |
||||||||||||
1Q23 |
Scope |
Organic |
1Q24 |
Organic growth |
||||||||
|
|
growth |
|
Total |
Own beer |
|||||||
|
23 853 |
- 155 |
-2 345 |
21 353 |
- |
- |
||||||
Middle |
34 271 |
- 5 |
1 424 |
35 690 |
|
|
||||||
|
40 286 |
- |
61 |
40 347 |
|
- |
||||||
EMEA |
19 958 |
- |
1 072 |
21 030 |
|
|
||||||
|
22 114 |
- |
-1 069 |
21 045 |
- |
- |
||||||
Global Export and Holding Companies |
66 |
- |
4 |
70 |
|
|
||||||
AB InBev Worldwide |
140 548 |
- 160 |
- 853 |
139 536 |
- |
- |
Key Market Performances
-
Operating performance: Revenue declined by
9.1% with revenue per hl increasing by1.1% driven by revenue management initiatives. Sales-to-retailers (STRs) were down by13.7% , primarily due to the volume decline of Bud Light. Sales-to-wholesalers (STWs) declined by10.1% as 1Q24 shipments caught up with the stronger depletions in December 2023. EBITDA declined by17.9% , as top-line performance and support measures for our wholesaler partners were partially offset by productivity initiatives. - Commercial highlights: The beer industry remained resilient, with dollar sales continuing to grow versus last year, according to Circana. Our beer market share continued to improve sequentially. While mainstream beer volumes declined, our above core beer megabrands volume continued to grow. In Beyond Beer, our spirits-based ready-to-drink portfolio delivered strong double-digit volume growth, outperforming the industry.
- Operating performance: Revenue increased by mid-single digits, with low-single digit revenue per hl growth driven by revenue management initiatives. Volumes grew by mid-single digits, in-line with the industry, which was supported by the phasing impact of an earlier Easter. EBITDA grew by mid-single digits with continued margin expansion.
- Commercial highlights: Our core brands delivered mid-single digit volume growth and our above core portfolio continued to grow, led by the strong performance of Modelo and Pacifico. We continued to progress our digital initiatives, with our digital DTC platform, TaDa, reaching 100 000 monthly active users and fulfilling more than 350 000 orders in March.
- Operating performance: Revenue grew by mid-teens, with high-single digit revenue per hl growth, driven by pricing actions and revenue management initiatives. Volumes grew by mid-single digits, with our portfolio continuing to gain share of total alcohol. EBITDA grew by high-single digits as top-line growth was partially offset by anticipated transactional FX headwinds.
-
Commercial highlights: Driven by the consistent execution of our expansion levers, the beer category continues to grow, with both the category and our first quarter volumes reaching a new record high. Our mainstream portfolio led our performance, delivering mid-teens revenue growth with a strong performance from Aguila. Our premium and super premium brands grew volumes by more than
20% , led by Corona.
-
Operating performance: Revenue grew by
5.8% with revenue per hl growth of1.4% driven by revenue management initiatives. Total volumes grew by4.4% , with beer volumes increasing by3.6% , outperforming the industry according to our estimates. Non-beer volumes increased by6.5% . EBITDA increased by16.9% with margin expansion of 311bps. -
Commercial highlights: Our premium and super premium brands continued to outperform, delivering low-teens volume growth led by Corona and Spaten, and driving record high first quarter total volumes. Our core beer portfolio remained healthy, increasing volumes by low-single digits. Our digital DTC platform, Zé Delivery, generated over 16 million orders, an
11% increase versus last year, with GMV growing by12% .
-
Operating performance: Revenue increased by high-single digits with revenue per hl growth of mid-single digits, driven by pricing actions and continued premiumization. Volumes grew by mid-single digits, outperforming the industry in more than
80% of our key markets according to our estimates, and supported by the phasing impact of an earlier Easter. EBITDA grew by strong double-digits with margin recovery driven by top-line growth and cost efficiencies. -
Commercial highlights: We continued to premiumize our portfolio in
Europe , with our premium and super premium portfolio now making up approximately56% of our revenue. Our megabrands delivered double-digit revenue growth, led by Corona. Corona Cero, the global beer sponsor of the Olympic Games, is now available in 22 markets acrossEurope and grew revenue by strong double-digits.
- Operating performance: Revenue increased by mid-teens, with revenue per hl growth of high-single digits, driven by pricing actions and continued premiumization. Volumes grew by mid-single digits, continuing to outperform the industry in both beer and beyond beer according to our estimates. EBITDA grew by mid-twenties with margin expansion.
- Commercial highlights: The momentum of our business continued, again delivering record high volumes for the first quarter and with our portfolio gaining share of both beer and total alcohol, according to our estimates. Our performance was led by our super premium portfolio, which grew volumes by double-digits driven by Corona and Stella Artois, and the continued strength of our core brands which delivered double-digit revenue growth.
-
Operating performance: Revenue declined by
2.7% with revenue per hl increasing by3.7% , driven by continued premiumization. Total volumes declined by6.2% , in-line with the industry according to our estimates, which was impacted by cycling channel reopening in 1Q23 and adverse weather in March 2024. EBITDA increased by0.5% with margin expansion of 137bps. - Commercial highlights: We continue to invest behind our commercial strategy, focused on premiumization, channel and geographic expansion, and digital transformation. Our premium brands continued to grow volumes, led by Budweiser, and the share of our total volume generated by our premium and super premium portfolio increased by 250bps.
Highlights from our other markets
-
Canada : Revenue declined by mid-single digits with revenue per hl growth of low-single digits driven by revenue management initiatives and continued premiumization. Our overall volumes declined by high-single digits, impacted by a soft industry and cycling a strong performance in 1Q23. -
Peru : Revenue and revenue per hl increased by mid-single digits, driven primarily by revenue management initiatives. Volumes grew by low-single digits, gaining share of total alcohol, driven by the performance of our leading core brand Pilsen Callao. -
Ecuador : Revenue grew by low-teens with volumes increasing by double-digits, continuing to gain share of total alcohol. Our core beer brands led our growth, delivering a mid-teens volume increase. -
Argentina : Volumes declined by high-teens as overall consumer demand was impacted by inflationary pressures. For FY24, the definition of organic revenue growth inArgentina was amended to cap the price growth to a maximum of2% per month (26.8% year-over-year). Revenue increased by low-single digits on this basis. -
Africa excludingSouth Africa : InNigeria , our beer volumes grew by high-teens, supported by a favorable comparable from the industry impact of temporary currency shortages in 1Q23. Revenue grew by more than80% , driven by revenue management initiatives in a highly inflationary environment. In our other markets inAfrica , we grew revenue in aggregate by high-single digits driven byZambia ,Botswana ,Tanzania andUganda . -
South Korea : Total revenue increased by mid-single digits with revenue per hl increasing by high-single digits, driven by revenue management initiatives. Volumes declined by mid-single digits, outperforming a soft industry which cycled a strong performance in 1Q23. Our performance was driven by Cass, which gained market share in both the on-premise and in-home channels.
Consolidated Income Statement
Figure 3. Consolidated income statement (million USD) |
||||||
1Q23 |
1Q24 |
Organic |
||||
growth |
||||||
Revenue |
14 213 |
14 547 |
|
|||
Cost of sales |
-6 517 |
-6 653 |
- |
|||
Gross profit |
7 696 |
7 894 |
|
|||
SG&A |
-4 344 |
-4 435 |
- |
|||
Other operating income/(expenses) |
152 |
183 |
|
|||
Normalized profit from operations (normalized EBIT) |
3 503 |
3 642 |
|
|||
Non-underlying items above EBIT (incl. impairment losses) |
-46 |
-29 |
|
|||
Net finance income/(cost) |
-1 237 |
-1 187 |
|
|||
Non-underlying net finance income/(cost) |
375 |
- 309 |
|
|||
Share of results of associates |
50 |
57 |
|
|||
Non-underlying share of results of associates |
- |
104 |
|
|||
Income tax expense |
-597 |
-794 |
|
|||
Profit |
2 048 |
1 485 |
|
|||
Profit attributable to non-controlling interest |
409 |
393 |
|
|||
Profit attributable to equity holders of AB InBev |
1 639 |
1 091 |
|
|||
|
|
|||||
Normalized EBITDA |
4 759 |
4 987 |
|
|||
Underlying profit attributable to equity holders of AB InBev |
1 310 |
1 509 |
|
Consolidated other operating income/(expenses) in 1Q24 increased by
Non-underlying items above EBIT & Non-underlying share of results of associates
Figure 4. Non-underlying items above EBIT & Non-underlying share of results of associates (million USD) |
||||
1Q23 |
1Q24 |
|||
Restructuring |
-27 |
-31 |
||
Business and asset disposal (incl. impairment losses) |
-19 |
2 |
||
Non-underlying items in EBIT |
-46 |
-29 |
||
Non-underlying share of results of associates |
- |
104 |
Non-underlying share of results from associates of 1Q24 includes the impact from our associate Anadolu Efes’ adoption of IAS 29 hyperinflation accounting on their 2023 results.
Net finance income/(cost)
Figure 5. Net finance income/(cost) (million USD) |
||||
1Q23 |
1Q24 |
|||
Net interest expense |
-806 |
-714 |
||
Net interest on net defined benefit liabilities |
-21 |
-22 |
||
Accretion expense |
-183 |
-191 |
||
Net interest income on Brazilian tax credits |
31 |
36 |
||
Other financial results |
-257 |
-296 |
||
Net finance income/(cost) |
-1 237 |
-1 187 |
Non-underlying net finance income/(cost)
Figure 6. Non-underlying net finance income/(cost) (million USD) |
||||
1Q23 |
1Q24 |
|||
Mark-to-market |
375 |
-243 |
||
Gain/(loss) on bond redemption and other |
- |
-66 |
||
Non-underlying net finance income/(cost) |
375 |
-309 |
Non-underlying net finance cost in 1Q24 includes mark-to-market losses on derivative instruments entered into in order to hedge our share-based payment programs and shares issued in relation to the combination with Grupo Modelo and SAB, and
The number of shares covered by the hedging of our share-based payment program, the deferred share instrument and the restricted shares are shown in figure 7, together with the opening and closing share prices.
Figure 7. Non-underlying equity derivative instruments |
||||
1Q23 |
1Q24 |
|||
Share price at the start of the period (Euro) |
56.27 |
58.42 |
||
Share price at the end of the period (Euro) |
61.33 |
56.46 |
||
Number of equity derivative instruments at the end of the period (millions) |
100.5 |
100.5 |
Income tax expense
Figure 8. Income tax expense (million USD) |
||||
1Q23 |
1Q24 |
|||
Income tax expense |
597 |
794 |
||
Effective tax rate |
|
|
||
Normalized effective tax rate |
|
|
The 1Q24 effective tax rate was negatively impacted by the non-deductible losses from derivatives related to hedging of share-based payment programs and of the shares issued in a transaction related to the combination with Grupo Modelo and SAB, while the 1Q23 effective tax rate was positively impacted by non-taxable gains on these derivatives.
Furthermore, the 1Q24 effective tax rate includes
Figure 9. Underlying Profit attributable to equity holders of AB InBev (million USD) |
||||
1Q23 |
1Q24 |
|||
Profit attributable to equity holders of AB InBev |
1 639 |
1 091 |
||
Net impact of non-underlying items on profit |
- 342 |
363 |
||
Hyperinflation impacts in underlying profit |
13 |
55 |
||
Underlying profit attributable to equity holders of AB InBev |
1 310 |
1 509 |
Basic and underlying EPS
Figure 10. Earnings per share (USD) |
||||
1Q23 |
1Q24 |
|||
Basic EPS |
0.81 |
0.54 |
||
Net impact of non-underlying items on profit |
-0.18 |
0.18 |
||
Hyperinflation impacts in EPS |
0.01 |
0.03 |
||
Underlying EPS |
0.65 |
0.75 |
||
Weighted average number of ordinary and restricted shares (million) |
2 015 |
2 007 |
Figure 11. Key components - Underlying EPS in USD |
||||
1Q23 |
1Q24 |
|||
Normalized EBIT before hyperinflation |
1.76 |
1.83 |
||
Hyperinflation impacts in normalized EBIT |
-0.02 |
-0.01 |
||
Normalized EBIT |
1.74 |
1.81 |
||
Net finance cost |
-0.61 |
-0.59 |
||
Income tax expense |
-0.30 |
-0.33 |
||
Associates & non-controlling interest |
-0.18 |
-0.17 |
||
Hyperinflation impacts in EPS |
0.01 |
0.03 |
||
Underlying EPS |
0.65 |
0.75 |
||
Weighted average number of ordinary and restricted shares (million) |
2 015 |
2 007 |
Reconciliation between normalized EBITDA and profit attributable to equity holders
Figure 12. Reconciliation of normalized EBITDA to profit attributable to equity holders of AB InBev (million USD) |
||||
1Q23 |
1Q24 |
|||
Profit attributable to equity holders of AB InBev |
1 639 |
1 091 |
||
Non-controlling interests |
409 |
393 |
||
Profit |
2 048 |
1 485 |
||
Income tax expense |
597 |
794 |
||
Share of result of associates |
-50 |
-57 |
||
Non-underlying share of results of associates |
- |
-104 |
||
Net finance (income)/cost |
1 237 |
1 187 |
||
Non-underlying net finance (income)/cost |
-375 |
309 |
||
Non-underlying items above EBIT (incl. impairment losses) |
46 |
29 |
||
Normalized EBIT |
3 503 |
3 642 |
||
Depreciation, amortization and impairment |
1 255 |
1 344 |
||
Normalized EBITDA |
4 759 |
4 987 |
Normalized EBITDA and normalized EBIT are measures utilized by AB InBev to demonstrate the company’s underlying performance.
Normalized EBITDA is calculated excluding the following effects from profit attributable to equity holders of AB InBev: (i) non-controlling interest; (ii) income tax expense; (iii) share of results of associates; (iv) non-underlying share of results of associates; (v) net finance income or cost; (vi) non-underlying net finance income or cost; (vii) non-underlying items above EBIT; and (viii) depreciation, amortization and impairment.
Normalized EBITDA and normalized EBIT are not accounting measures under IFRS accounting and should not be considered as an alternative to profit attributable to equity holders as a measure of operational performance, or an alternative to cash flow as a measure of liquidity. Normalized EBITDA and normalized EBIT do not have a standard calculation method and AB InBev’s definition of normalized EBITDA and normalized EBIT may not be comparable to that of other companies.
Notes
To facilitate the understanding of AB InBev’s underlying performance, the analyses of growth, including all comments in this press release, unless otherwise indicated, are based on organic growth and normalized numbers. In other words, financials are analyzed eliminating the impact of changes in currencies on translation of foreign operations, and scope changes. For FY24, the definition of organic revenue growth has been amended to cap the price growth in
Legal disclaimer
This release contains “forward-looking statements”. These statements are based on the current expectations and views of future events and developments of the management of AB InBev and are naturally subject to uncertainty and changes in circumstances. The forward-looking statements contained in this release include statements other than historical facts and include statements typically containing words such as “will”, “may”, “should”, “believe”, “intends”, “expects”, “anticipates”, “targets”, “estimates”, “likely”, “foresees” and words of similar import. All statements other than statements of historical facts are forward-looking statements. You should not place undue reliance on these forward-looking statements, which reflect the current views of the management of AB InBev, are subject to numerous risks and uncertainties about AB InBev and are dependent on many factors, some of which are outside of AB InBev’s control. There are important factors, risks and uncertainties that could cause actual outcomes and results to be materially different, including, but not limited to the risks and uncertainties relating to AB InBev that are described under Item 3.D of AB InBev’s Annual Report on Form 20-F filed with the SEC on 11 March 2024. Many of these risks and uncertainties are, and will be, exacerbated by any further worsening of the global business and economic environment, including as a result of the ongoing conflict in
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About Anheuser-Busch InBev (AB InBev)
Anheuser-Busch InBev (AB InBev) is a publicly traded company (Euronext: ABI) based in Leuven,
Annex 1: Segment reporting
AB InBev Worldwide |
1Q23 |
Scope |
Currency
|
Organic
|
1Q24 |
Organic
|
||||||
Total volumes (thousand hls) |
140 548 |
- 160 |
- |
- 853 |
139 536 |
- |
||||||
of which AB InBev own beer |
121 060 |
- 150 |
- |
-1 524 |
119 387 |
- |
||||||
Revenue |
14 213 |
1 310 |
-1 348 |
372 |
14 547 |
|
||||||
Cost of sales |
-6 517 |
- 624 |
655 |
- 166 |
-6 653 |
- |
||||||
Gross profit |
7 696 |
686 |
- 693 |
207 |
7 894 |
|
||||||
SG&A |
-4 344 |
- 389 |
361 |
- 62 |
-4 435 |
- |
||||||
Other operating income/(expenses) |
152 |
-2 |
4 |
29 |
183 |
|
||||||
Normalized EBIT |
3 503 |
295 |
- 329 |
173 |
3 642 |
|
||||||
Normalized EBITDA |
4 759 |
391 |
- 419 |
255 |
4 987 |
|
||||||
Normalized EBITDA margin |
|
|
|
|
|
90 bps |
||||||
|
|
|
|
|
|
|
||||||
|
1Q23 |
Scope |
Currency
|
Organic
|
1Q24 |
Organic
|
||||||
Total volumes (thousand hls) |
23 853 |
- 155 |
- |
-2 345 |
21 353 |
- |
||||||
Revenue |
3 973 |
- 37 |
2 |
- 346 |
3 593 |
- |
||||||
Cost of sales |
-1 675 |
21 |
- 1 |
111 |
-1 544 |
|
||||||
Gross profit |
2 298 |
- 16 |
1 |
- 234 |
2 049 |
- |
||||||
SG&A |
-1 138 |
17 |
- 1 |
37 |
-1 085 |
|
||||||
Other operating income/(expenses) |
8 |
- |
- |
-20 |
-12 |
- |
||||||
Normalized EBIT |
1 168 |
1 |
- |
- 218 |
951 |
- |
||||||
Normalized EBITDA |
1 350 |
- 1 |
1 |
- 224 |
1 126 |
- |
||||||
Normalized EBITDA margin |
|
|
|
|
|
-293 bps |
||||||
|
|
|
|
|
|
|||||||
Middle |
1Q23 |
Scope |
Currency
|
Organic
|
1Q24 |
Organic
|
||||||
Total volumes (thousand hls) |
34 271 |
- 5 |
- |
1 424 |
35 690 |
|
||||||
Revenue |
3 489 |
- 4 |
289 |
278 |
4 051 |
|
||||||
Cost of sales |
-1 355 |
- 7 |
- 115 |
- 109 |
-1 586 |
- |
||||||
Gross profit |
2 133 |
- 11 |
174 |
169 |
2 465 |
|
||||||
SG&A |
- 878 |
4 |
- 71 |
- 20 |
- 965 |
- |
||||||
Other operating income/(expenses) |
-2 |
7 |
1 |
6 |
12 |
- |
||||||
Normalized EBIT |
1 254 |
- |
104 |
155 |
1 512 |
|
||||||
Normalized EBITDA |
1 578 |
7 |
133 |
168 |
1 886 |
|
||||||
Normalized EBITDA margin |
|
|
|
|
|
111 bps |
||||||
|
|
|
|
|
|
|
||||||
|
1Q23 |
Scope |
Currency
|
Organic
|
1Q24 |
Organic
|
||||||
Total volumes (thousand hls) |
40 286 |
- |
- |
61 |
40 347 |
|
||||||
Revenue |
3 107 |
1 349 |
-1 383 |
159 |
3 233 |
|
||||||
Cost of sales |
-1 526 |
- 630 |
602 |
- 32 |
-1 586 |
- |
||||||
Gross profit |
1 581 |
719 |
- 780 |
127 |
1 647 |
|
||||||
SG&A |
- 878 |
- 410 |
378 |
- 32 |
- 941 |
- |
||||||
Other operating income/(expenses) |
90 |
-9 |
14 |
21 |
116 |
|
||||||
Normalized EBIT |
793 |
301 |
- 388 |
116 |
821 |
|
||||||
Normalized EBITDA |
1 029 |
392 |
- 480 |
144 |
1 084 |
|
||||||
Normalized EBITDA margin |
|
|
|
|
|
281 bps |
EMEA |
1Q23 |
Scope |
Currency
|
Organic
|
1Q24 |
Organic
|
||||||
Total volumes (thousand hls) |
19 958 |
- |
- |
1 072 |
21 030 |
|
||||||
Revenue |
1 823 |
2 |
- 195 |
298 |
1 927 |
|
||||||
Cost of sales |
-1 004 |
- 1 |
127 |
- 158 |
-1 036 |
- |
||||||
Gross profit |
819 |
- |
- 67 |
140 |
892 |
|
||||||
SG&A |
- 645 |
- 1 |
36 |
- 4 |
- 614 |
- |
||||||
Other operating income/(expenses) |
35 |
- |
-3 |
11 |
44 |
|
||||||
Normalized EBIT |
209 |
- |
-34 |
147 |
322 |
|
||||||
Normalized EBITDA |
462 |
- |
- 55 |
162 |
569 |
|
||||||
Normalized EBITDA margin |
|
|
|
|
|
409 bps |
||||||
|
|
|
|
|
|
|
||||||
|
1Q23 |
Scope |
Currency
|
Organic
|
1Q24 |
Organic
|
||||||
Total volumes (thousand hls) |
22 114 |
- |
- |
-1 069 |
21 045 |
- |
||||||
Revenue |
1 705 |
- |
-63 |
-8 |
1 634 |
- |
||||||
Cost of sales |
- 823 |
-7 |
28 |
38 |
- 763 |
|
||||||
Gross profit |
883 |
-7 |
-35 |
30 |
871 |
|
||||||
SG&A |
- 449 |
- |
16 |
-12 |
-445 |
- |
||||||
Other operating income/(expenses) |
32 |
- |
-1 |
-5 |
26 |
- |
||||||
Normalized EBIT |
465 |
-7 |
-19 |
13 |
452 |
|
||||||
Normalized EBITDA |
628 |
-7 |
-25 |
20 |
616 |
|
||||||
Normalized EBITDA margin |
|
|
|
|
|
138 bps |
||||||
|
|
|
|
|
|
|
||||||
Global Export and Holding Companies |
1Q23 |
Scope |
Currency
|
Organic
|
1Q24 |
Organic
|
||||||
Total volumes (thousand hls) |
66 |
- |
- |
4 |
70 |
|
||||||
Revenue |
117 |
- |
1 |
-9 |
109 |
- |
||||||
Cost of sales |
-134 |
- |
12 |
-16 |
-138 |
- |
||||||
Gross profit |
-18 |
- |
13 |
-25 |
-29 |
- |
||||||
SG&A |
-356 |
1 |
2 |
-31 |
-385 |
- |
||||||
Other operating income/(expenses) |
-12 |
- |
-8 |
17 |
-3 |
- |
||||||
Normalized EBIT |
-386 |
1 |
8 |
-39 |
-417 |
- |
||||||
Normalized EBITDA |
-288 |
1 |
9 |
-16 |
-295 |
- |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240507296313/en/
Investors
Shaun Fullalove
+1 212 573 9287
shaun.fullalove@ab-inbev.com
Ekaterina Baillie
+32 16 276 888
ekaterina.baillie@ab-inbev.com
Cyrus Nentin
+1 646 746 9673
cyrus.nentin@ab-inbev.com
Media
Media Relations
media.relations@ab-inbev.com
Source: Anheuser-Busch InBev
FAQ
What was the revenue growth in the first quarter of 2024 for AB InBev?
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