Continued global momentum delivered all-time high revenue and
15% Underlying EPS growth in FY24
Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH)
(NYSE:BUD):
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Figure 14. Terms and debt repayment
schedule as of 31 December 2024 (billion USD) (Graphic: Business
Wire)
Regulated and inside information1
“Beer is a passion point for consumers and a vibrant category
globally. The strength of our 2024 results is a testament to the
consistent execution of our strategy and the hard work and
dedication of our people. We delivered EBITDA growth at the top-end
of our outlook and a step change in our free cash flow generation.
We are investing for the long-term and are confident in our ability
to lead and grow the category.” – Michel Doukeris, CEO, AB
InBev
Total Revenue
4Q +3.4% | FY +2.7%
Revenue increased by 3.4% in 4Q24 with
revenue per hl growth of 5.5% and by 2.7% in FY24 with revenue per
hl growth of 4.3%. Reported revenue increased by 2.5% in 4Q24 and
by 0.7% in FY24 to 14 841 million USD and 59 768 million USD
respectively, impacted by unfavorable currency translation.
Total Volume
4Q -1.9% | FY -1.4%
In 4Q24, total volumes declined by 1.9%, with own beer volumes
down by 2.1% and non-beer volumes down by 1.1%.
In FY24, total volumes declined by 1.4%
with own beer volumes down by 2.0% and non-beer volumes up by
1.5%.
Normalized EBITDA
4Q +10.1% | FY +8.2%
In 4Q24, normalized EBITDA increased by
10.1% to 5 245 million USD with a normalized EBITDA margin
expansion of 216bps to 35.3%.
In FY24, normalized EBITDA increased by
8.2% to 20 958 million USD with a normalized EBITDA margin
expansion of 179bps to 35.1%.
Underlying Profit (million USD)
4Q 1 770 | FY 7 061
Underlying Profit (Profit attributable to
equity holders of AB InBev excluding non-underlying items and the
impact of hyperinflation) was 1 770 million USD in 4Q24 compared to
1 661 million USD in 4Q23 and was 7 061 million USD in FY24
compared to 6 158 million USD in FY23. Reported profit attributable
to equity holders of AB InBev was 1 220 million USD in 4Q24 and 5
855 million USD in FY24 versus 1 891 million USD in 4Q23 and 5 341
million USD in FY23, negatively impacted by non-underlying
items.
Underlying EPS (USD)
4Q 0.88 | FY 3.53
Underlying EPS was 0.88 USD in 4Q24, an
increase from 0.82 USD in 4Q23 and was 3.53 USD in FY24, an
increase from 3.05 USD in FY23.
Net Debt to EBITDA
2.89x
Net debt to normalized EBITDA ratio was
2.89x at 31 December 2024, compared to 3.38x at 31 December
2023.
Capital Allocation
Dividend 1.00 EUR
The AB InBev Board proposes a full year 2024 dividend of 1.00
EUR per share, subject to shareholder approval at the AGM on 30
April 2025. A timeline showing the ex-dividend, record and payment
dates can be found on page 16.
Out of the two billion USD share buyback program announced on 31
October 2024, approximately 750 million USD was completed as of 21
February 2025.
The 2024 Full Year Financial Report is available on our website
at www.ab-inbev.com
1The enclosed information constitutes
inside information as defined in Regulation (EU) No 596/2014 of the
European Parliament and of the Council of 16 April 2014 on market
abuse, and 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 17.
Management comments
Consistent execution of our strategy
We made consistent progress across the 3 pillars of our strategy
in 2024 and delivered another year of reliable compounding growth.
The combination of our megabrands, mega platforms and our focus on
innovation to meet consumer trends with both balanced choices and
superior value is a winning proposition. While our overall volume
performance this year was constrained by the soft consumer
environments in China and Argentina, the global beer category
remains vibrant with our volumes growing in the majority of our
markets and by 0.9% overall when excluding these two countries.
We advanced our digital transformation, with 75% of our revenue
now transacted through B2B digital platforms. The momentum of BEES
marketplace accelerated, with the gross merchandise value (GMV)
growing by 57% versus FY23 to reach 2.5 billion USD.
As we continue to optimize our business we delivered a
high-quality set of financial results. USD revenues increased to an
all-time high, EBITDA grew at the top-end of our outlook,
Underlying EPS increased by 15.4% in USD and free cash flow
generation increased by 2.5 billion USD. We enhanced the efficiency
of our resource allocation and delivered an important milestone in
our capital allocation journey with our net debt to EBITDA ratio
reaching 2.89x as of 31 December 2024, below 3x for the first time
since 2015.
The beer category is large and profitable, continues to gain
share of alcohol globally and our footprint has structural
tailwinds for long-term volume growth with favorable demographics,
economic growth and opportunities to increase category
participation.
Continued global momentum
Our top-line increased by 2.7% in FY24, with revenue growth in
75% of our markets. Revenue per hl increased by 4.3%, accelerating
sequentially through the year, as we continued to make disciplined
revenue management choices and drive premiumization, while
investing in our brands to provide value to our consumers.
Excluding China and Argentina our volumes globally grew by 0.9% but
overall performance was significantly constrained by these two
countries, resulting in a total volume decline of 1.4%.
EBITDA increased by 8.2% with production cost efficiencies and
disciplined overhead management driving EBITDA margin expansion of
179bps. Underlying EPS was 3.53 USD, a 15.4% increase versus FY23,
driven primarily by USD EBIT growth and optimization of our net
finance costs.
Progressing our strategic priorities
- Lead and grow the category In FY24, we invested 7.2
billion USD in sales and marketing behind our megabrands, mega
platforms and brand building capabilities to lead the long-term
growth of the global beer category. The beer and Beyond Beer
category continued to gain share of total alcohol globally with
further growth projected over the next 5 years, according to IWSR.
We estimate that we gained or maintained share in two thirds of our
markets, with our megabrands, which represent 57% of our revenue,
leading our growth with a 4.6% revenue increase. Our unparalleled
portfolio holds 20 iconic billion-dollar revenue beer brands and 8
out of the top 10 most valuable beer brands in the world, with
Corona and Budweiser the #1 and #2, according to Kantar BrandZ. We
successfully activated our portfolio in some of the largest
consumer moments such as the Olympics, NBA, Copa America,
Lollapalooza, Wimbledon and the Super Bowl, driving an increase in
our overall portfolio brand power. Our marketing effectiveness and
creativity was recognized by again being named the most effective
marketer in the world by both Effies and the World Advertising
Research Center and being the most awarded beverage company at the
2024 Cannes Lions International Festival of Creativity.
- Category Participation: Investments in our megabrands
and innovations drove an estimated increase in the percentage of
beer consumers purchasing our portfolio globally of approximately
90 basis points. Participation increases were driven by
improvements with all consumer groups in the US and with new legal
drinking age consumers (LDA-24 years old) in 65% of our
markets.
- Core Superiority: Our mainstream beer portfolio
represented approximately 50% of our FY24 revenue and delivered
low-single digit revenue growth, with increases in 60% of our
markets, including high-single digit growth in South Africa and
Colombia.
- Occasions Development: We continue to focus on
innovating to expand occasions and meet consumer trends. Our
portfolio includes options for consumers seeking balanced choices
such as low carb, organic, sugar free, gluten free and no-alcohol
brands. In no-alcohol beer, our portfolio delivered a low-twenties
revenue increase in FY24 and is estimated to have gained share
globally, led by Corona Cero which delivered triple-digit volume
growth. We are the leader in no-alcohol beer in many of our key
markets, including the US, Brazil and Belgium, and see significant
headroom for future growth.
- Premiumization: We are the global leader in premium and
super premium beer. Our above core beer portfolio represented 35%
of our FY24 revenue and grew revenue by low-single digits. Corona
led our performance, increasing revenue by low-teens outside of
Mexico with double-digit volume growth in more than 30 markets. In
the US, Michelob Ultra led our growth and was the #1 volume share
gaining brand in the industry in 2H24. In Brazil, Budweiser was the
#1 volume share gaining brand in the industry with volumes
increasing by nearly 50%.
- Beyond Beer: In FY24, our Beyond Beer business
represented 2% of our revenue and grew revenue by low-single digits
led by double-digit growth in key brands such as Cutwater, Nütrl
and Brutal Fruit.
- Digitize and monetize our ecosystem We continued to
progress our digital transformation by expanding the availability
and usage of BEES, accelerating the growth of BEES Marketplace and
scaling our digital DTC megabrands.
- Digitizing our relationships with our more than six million
customers globally: As of 31 December 2024, BEES was live in 28
markets, with 75% of our revenues captured through B2B digital
platforms. In FY24, BEES captured 49 billion USD in GMV, growth of
19% versus FY23.
- Monetizing our route-to-market: BEES Marketplace
generated 36 million orders and captured 2.5 billion USD in GMV
from sales of third-party products this year, growth of 31% and 57%
versus FY23 respectively.
- Leading the way in DTC solutions: Our omnichannel DTC
ecosystem of digital and physical products generated revenue of 1.4
billion USD this year. Our DTC megabrands, Zé Delivery, TaDa
Delivery and PerfectDraft are available in 21 markets, generated
over 76 million e-commerce orders and delivered 560 million USD of
revenue in FY24, growth of 9% versus FY23.
- Optimize our business
- Maximizing value creation: We enhanced our resource
allocation efficiency this year, optimizing our net capex from 4.5
billion USD in FY23 to 3.7 billion USD in FY24 while continuing to
invest in our facilities, digital transformation and growth
priorities. Increased capex efficiency, USD EBITDA growth and the
optimization of our net working capital and finance costs drove
strong growth in our free cash flow generation, reaching 11.3
billion USD in FY24, a 2.5 billion USD increase versus FY23. We
continued to proactively manage our debt portfolio in FY24 with
bond repurchases of 9 billion USD and issuances of 5 billion USD
strengthening our debt maturity profile while maintaining our
average coupon. We reduced net debt by 6.9 billion USD to reach
60.6 billion USD, resulting in a net debt to EBITDA ratio of 2.89x
as of 31 December 2024, below 3.0x for the first time since 2015.
The AB InBev Board of Directors has proposed a full year dividend
of 1.00 EUR per share, a 22% increase versus FY23, with the
ambition to continue a progressive dividend over time. In addition,
as of 21 February 2025 we have completed 750 million USD of our 2
billion USD share buyback program announced on 31 October
2024.
- Advancing our sustainability priorities: In FY24, we
contracted the equivalent of 100% of our global purchased
electricity volume from renewable sources with 81.2% operational.
Since 2017, we reduced our absolute GHG emissions across Scopes 1
and 2 by 42% and GHG emissions intensity across Scopes 1, 2 and 3
by 29.5%. In sustainable agriculture, 100% of our direct farmers
met our criteria for skilled, connected and financially empowered.
In water stewardship, 89% of sites in scope for our 2025 goal are
already seeing improvement in watershed health. Our water use
efficiency ratio improved to 2.47 hl per hl, an improvement of 20%
versus a 2017 baseline. For circular packaging, 89.8% of our
products were in packaging that was returnable or made from
majority recycled content. We have supported responsible drinking
for decades and have invested over 1 billion USD in responsibility
programs across the globe since 2016. We continue to promote beer
as the beverage for moderation and provide choices for consumers,
including no alcohol and low alcohol beers. Please refer to our
Sustainability Statements in our 2024 annual report here for
further details, including how our metrics are calculated and the
related assumptions.
Delivering reliable compounding growth
2024 also marked three years since we introduced our 3-pillar
strategy and medium-term growth ambition and reoriented the
business to drive long-term value creation through organic growth.
While the operating environment over this time has been dynamic, we
are encouraged when we look back and evaluate the resilience of our
business, consistency of our performance and the progress we have
made in the execution of our strategy.
Since FY21, we have increased our revenue by 5.5 billion USD,
EBITDA by 1.7 billion USD and free cash flow by 2.0 billion USD.
Our Underlying EPS has increased by a CAGR of 7% in USD. Our
financial performance has been consistent, with organic EBITDA
growth within or above our medium-term growth ambition in every
quarter over the last 3 years. We have been disciplined in our
capital allocation choices, reducing net debt by 15.5 billion USD
to reach 2.89x net debt to EBITDA, progressively increased our
dividend each year and announced 3.2 billion USD of share buybacks.
We have advanced our digital transformation, with the GMV captured
by BEES more than doubling from approximately 20 billion USD in
FY21 to 49 billion USD in FY24, and we have built a fast-growing
Marketplace of third-party products from a standing start to a 2.5
billion USD GMV business.
We are encouraged by the progress we have made over the last
three years and will continue to work towards consistently
compounding our growth over the long-term to unlock our full value
creation potential. Our performance would not have been possible
without the hard work and dedication of our people and we thank our
colleagues globally for their passion and commitment.
Looking forward
Looking ahead to 2025, we are committed to investing for
long-term growth. While the operating environment remains dynamic
in certain markets, we are confident in our ability to deliver on
our outlook and energized about the opportunities ahead to grow the
category. Consumers are passionate about beer and our iconic
brands. We are well-positioned to lead category growth with our
industry-leading portfolio of beer, beyond beer and no-alcohol
beverages, diversified geographic footprint and unique leadership
advantages.
2025 Outlook
(i) Overall Performance: We expect our EBITDA to grow in
line with our medium-term outlook of between 4-8%. The outlook for
FY25 reflects our current assessment of inflation and other
macroeconomic conditions.
(ii) Net Finance Costs: Net pension interest expenses and
accretion expenses are expected to be in the range of 190 to 220
million USD per quarter, depending on currency and interest rate
fluctuations. We expect the average gross debt coupon in FY25 to be
approximately 4%.
(iii) Effective Tax Rates (ETR): We expect the normalized
ETR in FY25 to be in the range of 26% to 28%. The ETR outlook does
not consider the impact of potential future changes in
legislation.
(iv) Net Capital Expenditure: We expect net capital
expenditure of between 3.5 and 4.0 billion USD in FY25.
Figure 1. Consolidated
performance (million USD)
4Q23
4Q24
Organic
growth
Total Volumes (thousand hls)
144 706
141 829
-1.9%
AB InBev own beer
123 764
121 059
-2.1%
Non-beer volumes
19 998
19 775
-1.1%
Third party products
944
995
7.8%
Revenue
14 473
14 841
3.4%
Gross profit
7 794
8 197
6.3%
Gross margin
53.9%
55.2%
153bps
Normalized EBITDA
4 877
5 245
10.1%
Normalized EBITDA margin
33.7%
35.3%
216bps
Normalized EBIT
3 491
3 824
12.0%
Normalized EBIT margin
24.1%
25.8%
199bps
Profit attributable to equity holders of
AB InBev
1 891
1 220
Underlying profit attributable to
equity holders of AB InBev
1 661
1 770
Earnings per share (USD)
0.94
0.61
Underlying earnings per share
(USD)
0.82
0.88
FY23
FY24
Organic
growth
Total Volumes (thousand hls)
584 728
575 706
-1.4%
AB InBev own beer
505 899
495 496
-2.0%
Non-beer volumes
74 810
75 932
1.5%
Third party products
4 019
4 278
7.0%
Revenue
59 380
59 768
2.7%
Gross profit
31 984
33 024
5.4%
Gross margin
53.9%
55.3%
143bps
Normalized EBITDA
19 976
20 958
8.2%
Normalized EBITDA margin
33.6%
35.1%
179bps
Normalized EBIT
14 590
15 462
9.4%
Normalized EBIT margin
24.6%
25.9%
160bps
Profit attributable to equity holders of
AB InBev
5 341
5 855
Underlying profit attributable to
equity holders of AB InBev
6 158
7 061
Earnings per share (USD)
2.65
2.92
Underlying earnings per share
(USD)
3.05
3.53
Figure 2. Volumes (thousand
hls)
4Q23
Scope
Organic
4Q24
Organic growth
growth
Total
Own beer
North America
19 738
-
-223
19 516
-1.1%
-0.8%
Middle Americas
38 635
-4
276
38 907
0.7%
1.5%
South America
46 704
-
-1 753
44 950
-3.8%
-4.8%
EMEA
23 964
-
919
24 883
3.8%
2.9%
Asia Pacific
15 465
-75
-1 952
13 439
-12.7%
-12.7%
Global Export and Holding
Companies
200
-24
-41
135
-23.4%
-28.0%
AB InBev Worldwide
144 706
- 103
-2 774
141 829
-1.9%
-2.1%
FY23
Scope
Organic
FY24
Organic growth
growth
Total
Own beer
North America
90 140
-470
-3 397
86 272
-3.8%
-4.1%
Middle Americas
148 730
-18
1 373
150 086
0.9%
1.4%
South America
162 460
-
-1 692
160 768
-1.0%
-2.1%
EMEA
90 213
-
3 591
93 804
4.0%
3.0%
Asia Pacific
92 726
-75
-8 255
84 397
-8.9%
-8.9%
Global Export and Holding
Companies
459
-24
-56
380
-12.8%
-11.7%
AB InBev Worldwide
584 728
- 586
-8 435
575 706
-1.4%
-2.0%
Key Market Performances
United States: Increased investment driving momentum and
improved market share trend, led by the #1 and #2 volume share
growth brands in the industry in Q4
- Operating performance:
- 4Q24: Revenue increased by 0.8% with revenue per hl
increasing by 2.5% driven by revenue management initiatives and
premiumization. Our sales-to-retailers increased by 0.5%, estimated
to have outperformed the industry. Sales-to-wholesalers (STWs)
declined by 1.7%. EBITDA declined by 0.2% as productivity
initiatives and SG&A efficiencies were reinvested in increased
marketing investments.
- FY24: Revenue declined by 2.0%, with revenue per hl
increasing by 1.9%. Our STWs declined by 3.9%, supported by two
additional selling-days in the year, and STRs were down by 5.0%.
EBITDA increased by 2.2% with margin expansion of approximately
140bps.
- Commercial highlights: The beer industry remained
resilient, improving in both volume and revenue trends sequentially
since 2Q24 and gaining share of total alcohol by value in FY24,
according to Circana. Our beer portfolio is estimated to have
gained market share in 4Q24, driven by Michelob Ultra and Busch
Light which were the #1 and #2 volume share gainers in the industry
respectively. The momentum of our mainstream beer portfolio
improved throughout the year, gaining share of the segment in both
Q3 and Q4. We are the leader in no-alcohol beer and have seen
strong consumer demand for Michelob Ultra Zero post its launch in
January 2025. In Beyond Beer, the spirits-based ready-to-drink
category accounted for 100% of the spirits industry’s value growth
in FY24 with our portfolio outperforming the industry and
delivering volume growth in the mid-teens, led by Cutwater and
Nütrl. We continue to invest to rebalance our portfolio towards
growing segments with our above core portfolio of beer and Beyond
Beer brands representing approximately 45% of our revenue.
Mexico: Record high volumes with market share gain and margin
expansion
- Operating performance:
- 4Q24: Revenue grew by high-single digits, with
mid-single digit revenue per hl growth driven by revenue management
initiatives. Volumes grew by low-single digits, in-line with the
industry, which returned to growth in an improved consumer
environment. EBITDA grew by mid-teens with margin expansion.
- FY24: Revenue grew by mid-single digits with revenue per
hl growth of low-single digits. Volumes increased by low-single
digits, outperforming the industry. EBITDA grew by high-single
digits with margin expansion.
- Commercial highlights: The momentum of our business
continued in FY24, with our portfolio delivering record high
volumes and continuing to gain share of the industry. Our
performance was led by our core beer portfolio, which grew revenue
by mid-single digits driven by Corona, while our above core beer
brands continued to grow, delivering low-single digit revenue
growth. We are leading the growth in no-alcohol beer with Corona
Cero growing volume by strong double-digits. We continued to
progress our digital initiatives, with BEES Marketplace growing GMV
by 24% versus FY23 and our digital DTC platform, TaDa Delivery,
increasing the number of orders by 21%.
Colombia: Record high volumes delivered double-digit top- and
bottom-line growth
- Operating performance:
- 4Q24: Revenue increased by high-single digits with
mid-single digit revenue per hl growth, driven by revenue
management initiatives. Volumes grew by low-single digits. EBITDA
grew by mid-teens with margin expansion.
- FY24: Revenue grew by low-teens with high-single digit
revenue per hl growth. Volumes increased by low-single digits.
EBITDA grew by high-teens with margin expansion.
- Commercial highlights: Driven by the consistent
execution of our category expansion levers, the beer category
continues to grow, with our portfolio gaining 85 bps share of total
alcohol this year and with our volumes reaching a new record high.
Our performance was driven by our above core beer brands which
delivered high-single digit volume growth, led by Corona and Stella
Artois. Our mainstream beer portfolio continued to grow, delivering
a low-single digit volume increase.
Brazil: Market share gain and margin expansion drove
double-digit bottom-line growth
- Operating performance:
- 4Q24: Revenue grew by 0.9% with revenue per hl growth of
3.8% driven by premiumization and revenue management initiatives.
Total volumes declined by 2.8%, with beer volumes declining by
3.9%, estimated to have outperformed the industry which was
impacted by adverse weather. Non-beer volumes were flat. EBITDA
increased by 8.0% with margin expansion of 237bps.
- FY24: Revenue grew by 4.7% with a revenue per hl
increase of 3.1%. Total volumes grew by 1.5% with beer volumes up
by 0.6%, estimated to have outperformed the industry, and non-beer
volumes up by 4.1%. EBITDA grew by 14.5% with 284bps of margin
expansion.
- Commercial highlights: Our above core beer brands led
our performance this year, delivering low-teens volume growth,
driven by Budweiser and Corona. Within the core beer segment, the
momentum of Brahma continued with a mid-single digit volume
increase. We are the leader in no-alcohol beer, with our volumes
growing by double-digits, led by Budweiser Zero and Corona Cero.
Non-beer performance was led by our low- and no-sugar portfolio,
which grew volumes in the low-twenties. We continued to progress
our digital initiatives, with BEES Marketplace growing GMV by 47%
versus FY23, and our digital DTC platform, Zé Delivery, generating
over 66 million orders in FY24, a 10% increase versus last
year.
Europe: Market share gain and margin recovery drove
double-digit bottom-line growth
- Operating performance:
- 4Q24: Revenue declined by low-single digits with
low-single digit revenue per hl growth driven by continued
premiumization. Volumes declined by mid-single digits, estimated to
be in-line or outperforming a soft industry across the majority of
our key markets. EBITDA grew by approximately 20% with margin
recovery.
- FY24: Revenue and revenue per hl increased by low-single
digits with slight volume growth, outperforming the industry in 5
of our 6 key markets according to our estimates. EBITDA grew by
mid-teens with margin recovery driven by top-line growth and cost
efficiencies.
- Commercial highlights: The beer category remained
resilient in FY24, estimated to have gained share of total alcohol
in 5 of our 6 key markets and with our own volumes growing
year-on-year. We continued to premiumize our portfolio, with our
premium and super premium portfolio making up approximately 57% of
our FY24 revenue. Our performance this year was driven by our
megabrands, Corona and Stella Artois, which successfully activated
the category in key moments such as the Olympic Games, Roland
Garros and Wimbledon. In the UK, as of January 2025, we have
strengthened our portfolio with the addition of the San Miguel
brand and are now the leading brewer in the industry. In no-alcohol
beer, we expanded the availability of Corona Cero to 27 markets,
growing volumes by strong double-digits.
South Africa: Market share gain and margin expansion drove
double digit top- and bottom-line growth
- Operating performance:
- 4Q24: Revenue increased by low-teens with revenue per hl
growth of low-single digits, driven by revenue management
initiatives and continued premiumization. Volumes grew by
low-teens, outperforming the industry according to our estimates,
with increased production capacity enabling us to meet the strong
consumer demand for our brands. EBITDA grew by high-single
digits.
- FY24: Revenue increased by low-teens with mid-single
digit revenue per hl growth. Volume grew by mid-single digits,
estimated to have outperformed the industry in both beer and Beyond
Beer. EBITDA increased by high-teens with margin expansion.
- Commercial highlights: The beer industry returned to
volume growth in FY24 following a volume decline in FY23. The
momentum of our business continued, with focused investments in our
megabrands increasing the Brand Power of our portfolio and driving
estimated market share gains in both beer and Beyond Beer. Our
performance was led by our above core beer brands, which grew
volumes by low-teens driven by Corona and Stella Artois, while our
core beer portfolio continued to grow, delivering a mid-single
digit volume increase. In Beyond Beer, our portfolio grew volumes
by high-single digits driven by Brutal Fruit, Flying Fish and
Redd’s.
China: Revenue declined by double-digits, impacted by soft
industry
- Operating performance:
- 4Q24: Volumes declined by 19.0%, underperforming a soft
industry according to our estimates, with our performance impacted
by inventory management, which accounted for approximately one
third of our volume decline, and continued weakness in the
on-premise channel. Revenue per hl decreased by 1.4%, driven by
negative channel mix, resulting in a revenue decline of 20.1%.
EBITDA declined by 8.9% with cost efficiencies partially offsetting
top-line performance.
- FY24: Revenue declined by 13.1% with revenue per hl
declining by 1.4% and volumes decreasing by 11.8%. EBITDA declined
by 11.9% with margin expansion of 48bps.
- Commercial highlights: We remain focused on the
execution of our strategy, centered on premiumization, channel and
geographic expansion, and digital transformation. In FY24, our
premium and super premium portfolio contributed approximately
two-thirds of our revenue with Budweiser distribution now expanded
to 235 cities. We continued to invest in our brands and innovations
to provide balanced choices to our consumers with the expansion of
zero sugar options. In the context of a soft on-premise channel, we
accelerated our premiumization of the in-home channel with the
expansion of our premium and super premium brands. The roll out and
adoption of the BEES platform continued, as of December 2024, BEES
is present in more than 320 cities with approximately 80% of our
revenue generated through digital channels.
Highlights from our other markets
- Canada: Revenue grew by high-single digits this quarter
with mid-single digit revenue per hl growth. Volumes grew by
mid-single digits, outperforming an improved beer industry
according to our estimates. Our performance was led by Michelob
Ultra, Busch and Corona, which were three of the top five volume
share gainers in the industry. In FY24, revenue declined by
low-single digits with a revenue per hl increase of low-single
digits driven by revenue management initiatives and premiumization.
Volumes declined by low-single digits.
- Peru: Revenue and revenue per hl grew by mid-single
digits this quarter, driven by revenue management initiatives.
Volumes grew by low-single digits, estimated to be in-line with the
industry, which returned to growth in an improving consumer
environment. In FY24, revenue increased by low single-digits with
revenue per hl growth of mid-single digits. Volumes declined by
low-single digits outperforming a soft industry according to our
estimates.
- Ecuador: Revenue grew by low-single digits in both 4Q24
and FY24, with performance led by our core beer portfolio which
grew revenue by mid-single digits in both the quarter and the full
year. Volumes declined by low-single digits in Q4 and were flat for
FY24, estimated to be in-line with the industry which was
negatively impacted by rolling blackouts and lower consumer
confidence.
- Argentina: Volumes declined by mid-teens in 4Q24 and by
high-teens in FY24, estimated to be in-line with the industry, as
overall consumer demand was impacted by inflationary pressures. For
FY24, the definition of organic revenue growth in Argentina has
been amended to cap the price growth to a maximum of 2% per month.
Revenue grew by low-teens in 4Q24 and by mid-single digits in FY24
on this basis.
- Africa excluding South Africa: In Nigeria, revenue grew
by strong double-digits in both 4Q24 and FY24, driven by revenue
management initiatives in a highly inflationary environment. Beer
volumes grew by mid-single digits in 4Q24 and by low-teens in FY24,
cycling a soft industry. In our other markets, we grew volume in
aggregate by low-single digits in 4Q24 and by mid-single digits in
FY24, driven by Tanzania, Zambia, Botswana and Ghana.
- South Korea: Revenue increased by high-single digits in
4Q24 with low-single digit revenue per hl growth. Driven by our
core portfolio and innovations, volumes increased by high-single
digits in 4Q24 and by mid-single digits in FY24, outperforming the
industry in both the on-premise and in-home channels and reaching
our highest market share in the last 10 years. Revenue increased by
low-teens in FY24 with high-single digit revenue per hl growth,
driven by revenue management initiatives and positive mix.
Consolidated Income
Statement
Figure 3. Consolidated income
statement (million USD)
4Q23
4Q24
Organic
growth
Revenue
14 473
14 841
3.4%
Cost of sales
-6 679
-6 645
0.0%
Gross profit
7 794
8 197
6.3%
SG&A
-4 537
-4 603
-1.7%
Other operating income/(expenses)
234
231
-2.3%
Normalized profit from operations
(normalized EBIT)
3 491
3 824
12.0%
Non-underlying items above EBIT (incl.
impairment losses)
-165
269
Net finance income/(cost)
-1 290
-958
Non-underlying net finance
income/(cost)
550
-701
Share of results of associates
95
103
Non-underlying share of results of
associates
-35
-
Income tax expense
-376
-848
Profit
2 270
1 691
Profit attributable to non-controlling
interest
379
471
Profit attributable to equity holders of
AB InBev
1 891
1 220
Normalized EBITDA
4 877
5 245
10.1%
Underlying profit attributable to
equity holders of AB InBev
1 661
1 770
FY23
FY24
Organic
growth
Revenue
59 380
59 768
2.7%
Cost of sales
-27 396
-26 744
0.5%
Gross profit
31 984
33 024
5.4%
SG&A
-18 172
-18 341
-2.0%
Other operating income/(expenses)
778
779
-0.3%
Normalized profit from operations
(normalized EBIT)
14 590
15 462
9.4%
Non-underlying items above EBIT (incl.
impairment losses)
-624
25
Net finance income/(cost)
-5 033
-4 358
Non-underlying net finance
income/(cost)
-69
-995
Share of results of associates
295
329
Non-underlying share of results of
associates
-35
104
Income tax expense
-2 234
-3 152
Profit
6 891
7 416
Profit attributable to non-controlling
interest
1 550
1 561
Profit attributable to equity holders of
AB InBev
5 341
5 855
Normalized EBITDA
19 976
20 958
8.2%
Underlying profit attributable to
equity holders of AB InBev
6 158
7 061
In FY24, Ambev recognized 49 million USD income in other
operating income related to tax credits (FY23: 44 million USD). The
year-over-year change is presented as a scope change and does not
affect the presented organic growth rates.
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)
4Q23
4Q24
FY23
FY24
Restructuring
-64
-60
-142
-156
Business and asset disposal (incl.
impairment losses)
-23
331
-385
183
Claims and legal costs
-66
-
-85
-
AB InBev Efes related costs
-12
-2
-12
-2
Non-underlying items in EBIT
-165
269
-624
25
Non-underlying share of results of
associates
-35
-
- 35
104
EBIT excludes positive non-underlying items of 269 million USD
in 4Q24 and 25 million USD in FY24. Business and asset disposal
(including impairment losses) for FY24 mainly comprised a gain of
437 million USD recognized upon the sale of our share in associate
Ghost Beverages LLC, partially offset by impairment losses of
intangible assets and other non-core assets sold in the period.
Non-underlying share of results from associates of FY24 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)
4Q23
4Q24
FY23
FY24
Net interest expense
-712
-667
-3 131
-2 846
Net interest on net defined benefit
liabilities
-26
-21
-90
-89
Accretion expense
-228
-177
-808
-722
Net interest income on Brazilian tax
credits
61
47
168
142
Other financial results
-385
-139
-1 172
-843
Net finance income/(cost)
-1 290
- 958
-5 033
-4 358
Non-underlying net finance income/(cost)
Figure 6. Non-underlying net
finance income/(cost) (million USD)
4Q23
4Q24
FY23
FY24
Mark-to-market
294
-940
-325
-1 211
Gain/(loss) on bond redemption and
other
256
239
256
216
Non-underlying net finance
income/(cost)
550
-701
-69
-995
Non-underlying net finance cost in FY24 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.
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
4Q23
4Q24
FY23
FY24
Share price at the start of the period
(Euro)
52.51
59.38
56.27
58.42
Share price at the end of the period
(Euro)
58.42
48.25
58.42
48.25
Number of equity derivative instruments at
the end of the period (millions)
100.5
100.5
100.5
100.5
Income tax expense
Figure 8. Income tax expense
(million USD)
4Q23
4Q24
FY23
FY24
Income tax expense
376
848
2 234
3 152
Effective tax rate
14.5%
34.8%
25.2%
31.1%
Normalized effective tax rate
16.7%
26.4%
24.3%
26.5%
The FY23, 4Q24 and FY24 effective tax rates were negatively
impacted by non-deductible losses from derivatives related to the
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 4Q23 effective tax rate was positively impacted by
non-taxable gains from these derivatives.
The increase in normalized ETR in 4Q24 compared to 4Q23 and the
increase in FY24 compared to FY23 is driven mainly by changes in
tax legislation in Brazil effective 1 January 2024, partially
offset by country mix.
Figure 9. Underlying Profit
attributable to equity holders of AB InBev (million USD)
4Q23
4Q24
FY23
FY24
Profit attributable to equity holders
of AB InBev
1 891
1 220
5 341
5 855
Net impact of non-underlying items on
profit
-360
520
614
1 062
Hyperinflation impacts in underlying
profit
130
31
203
145
Underlying profit attributable to
equity holders of AB InBev
1 661
1 770
6 158
7 061
Basic and Underlying EPS
Figure 10. Earnings per share
(USD)
4Q23
4Q24
FY23
FY24
Basic EPS
0.94
0.61
2.65
2.92
Net impact of non-underlying items on
profit
-0.18
0.26
0.31
0.53
Hyperinflation impacts in EPS
0.06
0.02
0.10
0.07
Underlying EPS
0.82
0.88
3.05
3.53
Weighted average number of ordinary and
restricted shares (million)
2 016
2 003
2 016
2 003
Figure 11. Key components -
Underlying EPS in USD
4Q23
4Q24
FY23
FY24
Normalized EBIT before
hyperinflation
1.86
1.93
7.42
7.77
Hyperinflation impacts in normalized
EBIT
-0.13
-0.02
-0.18
-0.05
Normalized EBIT
1.73
1.91
7.24
7.72
Net finance cost
-0.64
-0.48
-2.50
-2.18
Income tax expense
-0.18
-0.38
-1.15
-1.47
Associates & non-controlling
interest
-0.15
-0.18
-0.64
-0.62
Hyperinflation impacts in EPS
0.06
0.02
0.10
0.07
Underlying EPS
0.82
0.88
3.05
3.53
Weighted average number of ordinary and
restricted shares (million)
2 016
2 003
2 016
2 003
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)
4Q23
4Q24
FY23
FY24
Profit attributable to equity holders
of AB InBev
1 891
1 220
5 341
5 855
Non-controlling interests
379
471
1 550
1 561
Profit
2 270
1 691
6 891
7 416
Income tax expense
376
848
2 234
3 152
Share of result of associates
-95
-103
-295
-329
Non-underlying share of results of
associates
35
-
35
-104
Net finance (income)/cost
1 290
958
5 033
4 358
Non-underlying net finance
(income)/cost
-550
701
69
995
Non-underlying items above EBIT (incl.
impairment losses)
165
-269
624
-25
Normalized EBIT
3 491
3 824
14 590
15 462
Depreciation, amortization and
impairment
1 386
1 421
5 386
5 496
Normalized EBITDA
4 877
5 245
19 976
20 958
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 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.
Financial position
Figure 13. Cash Flow Statement
(million USD)
FY23
FY24
Operating activities
Profit of the period
6 891
7 416
Interest, taxes and non-cash items
included in profit
14 181
13 990
Cash flow from operating activities
before changes in working capital and use of provisions
21 072
21 406
Change in working capital
-1 541
-22
Pension contributions and use of
provisions
-419
-374
Interest and taxes (paid)/received
-5 975
-6 189
Dividends received
127
234
Cash flow from/(used in) operating
activities
13 265
15 055
Investing activities
Net capex
-4 482
-3 735
Sale/(acquisition) of subsidiaries, net of
cash disposed/ acquired of
9
-46
Net proceeds from sale/(acquisition) of
other assets
83
523
Cash flow from/(used in) investing
activities
-4 390
-3 259
Financing activities
Net (repayments of) / proceeds from
borrowings
-2 896
-3 830
Dividends paid
-3 013
-2 672
Share buyback
-362
-937
Payment of lease liabilities
-780
-787
Derivative financial instruments
-841
-431
Sale/(acquisition) of non-controlling
interests
-22
-435
Other financing cash flows
-646
-763
Cash flow from/(used in) financing
activities
-8 560
-9 854
Net increase/(decrease) in cash and
cash equivalents
315
1 942
Our free cash flow (defined as cash flow from operating
activities less net capex) increased by 2 537 million USD to reach
11 320 million USD. FY24 recorded an increase in cash and cash
equivalents of 1 942 million USD compared to an increase of 315
million USD in FY23 with the following movements:
- Our cash flow from operating activities reached 15 055
million USD in FY24 compared to 13 265 million USD in FY23. The
increase was driven by higher profit for the period and an improved
cash flow impact from changes in working capital as a result of
cycling the negative cash flow impact in 2023 from extended credit
terms to our wholesalers in the US and lower payables from
optimizing inventory purchases and net capex.
- Our cash outflow from investing activities was 3 259
million USD in FY24 compared to a cash outflow of 4 390 million USD
in FY23. The decrease in the cash outflow from investing activities
was mainly due to lower net capital expenditures in FY24 compared
to FY23 and proceeds from the sale of our share in associate Ghost
Beverages LLC. Out of the total FY24 capital expenditures,
approximately 44% was used to improve the company’s production
facilities while 40% was used for logistics and commercial
investments and 16% was used for the purchase of hardware and
software and improving administrative capabilities.
- Our cash outflow from financing activities amounted to 9
854 million USD in FY24, as compared to a cash outflow of 8 560
million USD in FY23. The increase is primarily driven by higher
debt redemption and share buyback in FY24 compared to FY23, and the
acquisition of additional non-controlling interests in Cervecería
Nacional Dominicana S.A. for a net consideration of 0.3 billion
USD.
Our net debt decreased to 60.6 billion USD as of 31 December
2024 from 67.6 billion USD as of 31 December 2023.
Our net debt to normalized EBITDA ratio was 2.89x as of 31
December 2024. Our optimal capital structure is a net debt to
normalized EBITDA ratio of around 2x.
We continue to proactively manage our debt portfolio. After bond
repurchases of 9 billion USD and issuances of 5 billion USD in
FY24, 97% of our bond portfolio holds a fixed-interest rate, 47% is
denominated in currencies other than USD and maturities are
well-distributed across the next several years.
In addition to a very comfortable debt maturity profile and
strong cash flow generation, as of 31 December 2024, we had total
liquidity of 21.5 billion USD, which consisted of 10.1 billion USD
available under committed long-term credit facilities and 11.4
billion USD of cash, cash equivalents and short-term investments in
debt securities less bank overdrafts.
Proposed full year 2024 dividend
The AB InBev Board proposes a full year 2024 dividend of 1.00
EUR per share, subject to shareholder approval at the AGM on 30
April 2025. In line with the Company’s financial discipline and
deleveraging objectives, the recommended dividend balances the
Company’s capital allocation priorities and dividend policy while
returning cash to shareholders. A timeline showing the ex-dividend,
record and payment dates can be found below:
Dividend Timeline
Ex-dividend date
Record Date
Payment date
Euronext
6 May 2025
7 May 2025
8 May 2025
MEXBOL
6 May 2025
7 May 2025
8 May 2025
JSE
5 May 2025
7 May 2025
8 May 2025
NYSE (ADR program)
6 May 2025
7 May 2025
6 June 2025
Restricted Shares
6 May 2025
7 May 2025
8 May 2025
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. Since 1Q24,
the definition of organic revenue growth has been amended to cap
the price growth in Argentina to a maximum of 2% per month (26.8%
year-over-year). Corresponding adjustments are made to all income
statement related items in the organic growth calculations through
scope changes. Scope changes also represent the impact of
acquisitions and divestitures, the start or termination of
activities or the transfer of activities between segments,
curtailment gains and losses and year over year changes in
accounting estimates and other assumptions that management does not
consider as part of the underlying performance of the business. The
organic growth of our global brands, Budweiser, Stella Artois,
Corona and Michelob Ultra, excludes exports to Australia for which
a perpetual license was granted to a third party upon disposal of
the Australia operations in 2020. All references per hectoliter
(per hl) exclude US non-beer activities. Whenever presented in this
document, all performance measures (EBITDA, EBIT, profit, tax rate,
EPS) are presented on a “normalized” basis, which means they are
presented before non-underlying items. Non-underlying items are
either income or expenses which do not occur regularly as part of
the normal activities of the Company. They are presented separately
because they are important for the understanding of the underlying
sustainable performance of the Company due to their size or nature.
Normalized measures are additional measures used by management and
should not replace the measures determined in accordance with IFRS
as an indicator of the Company’s performance. We are reporting the
results from Argentina applying hyperinflation accounting since
3Q18. The IFRS rules (IAS 29) require us to restate the
year-to-date results for the change in the general purchasing power
of the local currency, using official indices before converting the
local amounts at the closing rate of the period. In FY24, we
reported a negative impact from hyperinflation accounting on the
profit attributable to equity holders of AB InBev of 145 million
USD. The impact in FY24 Basic EPS was -0.07 USD. Values in the
figures and annexes may not add up, due to rounding. 4Q24 and FY24
EPS is based upon a weighted average of 2 003 million shares
compared to a weighted average of 2 016 million shares for 4Q23 and
FY23.
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”,
“ambition”, “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 foreign currency exchange rate
fluctuations and ongoing geopolitical conflicts. Other unknown or
unpredictable factors could cause actual results to differ
materially from those in the forward-looking statements. The
forward-looking statements should be read in conjunction with the
other cautionary statements that are included elsewhere, including
AB InBev’s most recent Form 20-F and other reports furnished on
Form 6-K, and any other documents that AB InBev has made public.
Any forward-looking statements made in this communication are
qualified in their entirety by these cautionary statements and
there can be no assurance that the actual results or developments
anticipated by AB InBev will be realized or, even if substantially
realized, that they will have the expected consequences to, or
effects on, AB InBev or its business or operations. Except as
required by law, AB InBev undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. The full
year 2024 (FY24) financial data set out in Figure 1 (except for the
volume information), Figures 3 to 5, 6, 8, 9,12 and 13 of this
press release have been extracted from the group’s audited
consolidated financial statements as of and for the twelve months
ended 31 December 2024, which have been audited by our statutory
auditors PwC Réviseurs d’Entreprises SRL / PwC Bedrijfsrevisoren
BV. The fourth quarter 2024 (4Q24) financial data set out in Figure
1 (except for the volume information), Figures 3 to 5, 6, 8, 9, 12
and 13 and the financial data included in Figures 7, 10, 11 and 14
have been extracted from the underlying accounting records as of
and for the twelve months ended 31 December 2024. References in
this document to materials on our websites, such as
www.ab-inbev.com, are included as an aid to their location and are
not incorporated by reference into this document.
Conference call and
webcast
Investor Conference call and webcast on Wednesday, 26
February 2025: 1.00pm Brussels / 12.00pm London / 7.00am New
York
Registration details: Webcast (listen-only mode): AB
InBev 4Q24 Results Webcast
To join by phone, please use one of the following two phone
numbers: Toll-Free: +1-877-407-8029 Toll: +1-201-689-8029
About AB InBev
Anheuser-Busch InBev (AB InBev) is a publicly traded company
(Euronext: ABI) based in Leuven, Belgium, with secondary listings
on the Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock
exchanges and with American Depositary Receipts on the New York
Stock Exchange (NYSE: BUD). As a company, we dream big to create a
future with more cheers. We are always looking to serve up new ways
to meet life’s moments, move our industry forward and make a
meaningful impact in the world. We are committed to building great
brands that stand the test of time and to brewing the best beers
using the finest ingredients. Our diverse portfolio of well over
500 beer brands includes global brands Budweiser®, Corona®, Stella
Artois® and Michelob Ultra®; multi-country brands Beck’s®,
Hoegaarden® and Leffe®; and local champions such as Aguila®,
Antarctica®, Bud Light®, Brahma®, Cass®, Castle®, Castle Lite®,
Cristal®, Harbin®, Jupiler®, Modelo Especial®, Quilmes®, Victoria®,
Sedrin®, and Skol®. Our brewing heritage dates back more than 600
years, spanning continents and generations. From our European roots
at the Den Hoorn brewery in Leuven, Belgium. To the pioneering
spirit of the Anheuser & Co brewery in St. Louis, US. To the
creation of the Castle Brewery in South Africa during the
Johannesburg gold rush. To Bohemia, the first brewery in Brazil.
Geographically diversified with a balanced exposure to developed
and developing markets, we leverage the collective strengths of
approximately 144 000 colleagues based in nearly 50 countries
worldwide. For 2024, AB InBev’s reported revenue was 59.8 billion
USD (excluding JVs and associates).
Annex 1: Segment reporting
(4Q)
AB InBev Worldwide
4Q23
Scope
Currency
Translation
Organic
Growth
4Q24
Organic
Growth
Total volumes (thousand hls)
144 706
-103
-
-2 774
141 829
-1.9%
of which AB InBev own beer
123 764
-77
-
-2 628
121 059
-2.1%
Revenue
14 473
-1 030
905
493
14 841
3.4%
Cost of sales
-6 679
633
-600
1
-6 645
0.0%
Gross profit
7 794
-397
305
494
8 197
6.3%
SG&A
-4 537
375
-365
-76
-4 603
-1.7%
Other operating income/(expenses)
234
11
-11
-4
231
-2.3%
Normalized EBIT
3 491
-11
-70
414
3 824
12.0%
Normalized EBITDA
4 877
-136
17
487
5 245
10.1%
Normalized EBITDA margin
33.7%
35.3%
216bps
North America
4Q23
Scope
Currency
Translation
Organic
Growth
4Q24
Organic
Growth
Total volumes (thousand hls)
19 738
-
-
-223
19 516
-1.1%
Revenue
3 283
-
-6
54
3 331
1.7%
Cost of sales
-1 442
-4
2
-39
-1 483
-2.7%
Gross profit
1 841
-4
-4
15
1 848
0.8%
SG&A
-1 098
-4
2
22
-1 078
2.0%
Other operating income/(expenses)
18
-
-
-10
8
-57.4%
Normalized EBIT
761
-9
-1
26
777
3.5%
Normalized EBITDA
957
-9
-2
22
969
2.3%
Normalized EBITDA margin
29.2%
29.1%
18bps
Middle Americas
4Q23
Scope
Currency
Translation
Organic
Growth
4Q24
Organic
Growth
Total volumes (thousand hls)
38 635
-4
-
276
38 907
0.7%
Revenue
4 437
14
-348
292
4 395
6.6%
Cost of sales
-1 731
1
125
4
-1 601
0.2%
Gross profit
2 706
15
-222
296
2 794
10.9%
SG&A
-934
-35
83
-88
-975
-9.2%
Other operating income/(expenses)
27
-
-1
-18
8
-66.3%
Normalized EBIT
1 799
-20
-141
189
1 828
10.6%
Normalized EBITDA
2 170
-35
-176
268
2 227
12.5%
Normalized EBITDA margin
48.9%
50.7%
267bps
South America
4Q23
Scope
Currency
Translation
Organic
Growth
4Q24
Organic
Growth
Total volumes (thousand hls)
46 704
-
-
-1 753
44 950
-3.8%
Revenue
3 084
-998
1 287
100
3 473
3.2%
Cost of sales
-1 450
616
-759
35
-1 558
2.4%
Gross profit
1 635
-381
527
135
1 915
8.2%
SG&A
-890
371
-450
-24
-992
-2.7%
Other operating income/(expenses)
119
9
-13
19
133
25.5%
Normalized EBIT
863
-1
64
130
1 056
15.5%
Normalized EBITDA
1 106
-107
189
122
1 310
11.3%
Normalized EBITDA margin
35.8%
37.7%
273bps
EMEA
4Q23
Scope
Currency
Translation
Organic
Growth
4Q24
Organic
Growth
Total volumes (thousand hls)
23 964
-
-
919
24 883
3.8%
Revenue
2 252
6
-30
196
2 424
8.7%
Cost of sales
-1 253
-6
35
-52
-1 276
-4.1%
Gross profit
999
-
5
145
1 149
14.5%
SG&A
-655
-13
-2
-38
-708
-5.7%
Other operating income/(expenses)
53
2
2
-5
51
-9.8%
Normalized EBIT
397
-11
5
101
493
25.5%
Normalized EBITDA
675
-11
2
110
776
16.3%
Normalized EBITDA margin
30.0%
32.0%
209bps
Asia Pacific
4Q23
Scope
Currency
Translation
Organic
Growth
4Q24
Organic
Growth
Total volumes (thousand hls)
15 465
-75
-
-1 952
13 439
-12.7%
Revenue
1 267
-9
2
-137
1 122
-10.9%
Cost of sales
-637
-5
-
53
-589
8.2%
Gross profit
630
-14
2
-85
533
-13.7%
SG&A
-533
-15
4
60
-484
11.3%
Other operating income/(expenses)
26
-
-
8
33
29.3%
Normalized EBIT
122
-29
6
-17
83
-15.3%
Normalized EBITDA
288
-32
6
-18
244
-6.6%
Normalized EBITDA margin
22.8%
21.7%
104bps
Global Export and Holding
Companies
4Q23
Scope
Currency
Translation
Organic
Growth
4Q24
Organic
Growth
Total volumes (thousand hls)
200
-24
-
-41
135
-23.4%
Revenue
150
-43
-
-12
95
-10.8%
Cost of sales
-166
31
-3
1
-138
0.7%
Gross profit
-17
-12
-3
-11
-42
-36.6%
SG&A
-427
71
-2
-9
-367
-2.1%
Other operating income/(expenses)
-8
-
1
4
-3
45.0%
Normalized EBIT
-453
59
-3
-16
-412
-3.4%
Normalized EBITDA
-320
58
-2
-16
-281
-4.9%
Annex 2: Segment reporting
(FY)
AB InBev Worldwide
FY23
Scope
Currency
Translation
Organic
Growth
FY24
Organic
Growth
Total volumes (thousand hls)
584 728
-586
-
-8 435
575 706
-1.4%
of which AB InBev own beer
505 899
-541
-
-9 862
495 496
-2.0%
Revenue
59 380
777
-1 995
1 606
59 768
2.7%
Cost of sales
-27 396
-557
1 079
129
-26 744
0.5%
Gross profit
31 984
221
-916
1 735
33 024
5.4%
SG&A
-18 172
-343
543
-369
-18 341
-2.0%
Other operating income/(expenses)
778
31
-28
-2
779
-0.3%
Normalized EBIT
14 590
-91
-401
1 364
15 462
9.4%
Normalized EBITDA
19 976
-53
-589
1 624
20 958
8.2%
Normalized EBITDA margin
33.6%
35.1%
179bps
North America
FY23
Scope
Currency
Translation
Organic
Growth
FY24
Organic
Growth
Total volumes (thousand hls)
90 140
-470
-
-3 397
86 272
-3.8%
Revenue
15 072
-115
-18
-284
14 655
-1.9%
Cost of sales
-6 517
61
6
214
-6 236
3.3%
Gross profit
8 554
-53
-12
-69
8 419
-0.8%
SG&A
-4 619
7
7
247
-4 358
5.4%
Other operating income/(expenses)
34
-
1
-28
7
-81.0%
Normalized EBIT
3 970
-47
-5
150
4 069
3.8%
Normalized EBITDA
4 727
-50
-6
120
4 791
2.5%
Normalized EBITDA margin
31.4%
32.7%
143bps
Middle Americas
FY23
Scope
Currency
Translation
Organic
Growth
FY24
Organic
Growth
Total volumes (thousand hls)
148 730
-18
-
1 373
150 086
0.9%
Revenue
16 348
-29
-141
894
17 072
5.5%
Cost of sales
-6 379
1
48
88
-6 242
1.4%
Gross profit
9 969
-27
-94
982
10 830
9.9%
SG&A
-3 792
-19
34
-199
-3 976
-5.3%
Other operating income/(expenses)
51
-
-
-17
34
-33.0%
Normalized EBIT
6 228
-46
-59
766
6 889
12.3%
Normalized EBITDA
7 715
-69
-79
832
8 400
10.8%
Normalized EBITDA margin
47.2%
49.2%
239bps
South America
FY23
Scope
Currency
Translation
Organic
Growth
FY24
Organic
Growth
Total volumes (thousand hls)
162 460
-
-
-1 692
160 768
-1.0%
Revenue
12 040
982
-1 200
602
12 423
5.0%
Cost of sales
-5 984
-627
613
-74
-6 073
-1.2%
Gross profit
6 056
354
-587
528
6 350
8.6%
SG&A
-3 575
-465
370
-108
-3 779
-2.9%
Other operating income/(expenses)
394
25
-27
60
452
17.1%
Normalized EBIT
2 875
-87
-244
480
3 024
17.1%
Normalized EBITDA
3 884
-13
-346
527
4 052
13.8%
Normalized EBITDA margin
32.3%
32.6%
267bps
EMEA
FY23
Scope
Currency
Translation
Organic
Growth
FY24
Organic
Growth
Total volumes (thousand hls)
90 213
-
-
3 591
93 804
4.0%
Revenue
8 589
16
-508
907
9 003
10.5%
Cost of sales
-4 645
-15
358
-376
-4 678
-8.1%
Gross profit
3 944
1
-150
530
4 325
13.4%
SG&A
-2 614
-47
86
-127
-2 701
-4.8%
Other operating income/(expenses)
198
4
-2
-23
177
-11.4%
Normalized EBIT
1 528
-42
-66
381
1 801
24.9%
Normalized EBITDA
2 570
-42
-121
440
2 847
17.1%
Normalized EBITDA margin
29.9%
31.6%
178bps
Asia Pacific
FY23
Scope
Currency
Translation
Organic
Growth
FY24
Organic
Growth
Total volumes (thousand hls)
92 726
-75
-
-8 255
84 397
-8.9%
Revenue
6 824
-12
-128
-487
6 196
-7.1%
Cost of sales
-3 272
-24
58
269
-2 970
8.2%
Gross profit
3 551
-36
-71
-218
3 227
-6.2%
SG&A
-2 133
-41
44
72
-2 059
3.4%
Other operating income/(expenses)
113
3
-2
3
116
2.2%
Normalized EBIT
1 531
-75
-29
-143
1 284
-9.6%
Normalized EBITDA
2 186
-81
-41
-131
1 933
-6.1%
Normalized EBITDA margin
32.0%
31.2%
35bps
Global Export and Holding
Companies
FY23
Scope
Currency
Translation
Organic
Growth
FY24
Organic
Growth
Total volumes (thousand hls)
459
-24
-
-56
380
-12.8%
Revenue
508
-65
1
-26
418
-5.8%
Cost of sales
-598
47
-3
8
-546
1.5%
Gross profit
-90
-18
-2
-17
-128
-16.1%
SG&A
-1 439
223
3
-255
-1 468
-17.9%
Other operating income/(expenses)
-13
-
2
3
-8
24.2%
Normalized EBIT
-1 542
205
2
-269
-1 604
-17.5%
Normalized EBITDA
-1 106
203
3
-165
-1 065
-14.8%
Annex 3: Consolidated statement of
financial position
Million US dollar
31 December 2023
31 December 2024
ASSETS
Non-current assets
Property, plant and equipment
26 818
23 503
Goodwill
117 043
110 479
Intangible assets
41 286
40 034
Investments in associates
4 872
4 612
Investment securities
178
168
Deferred tax assets
2 935
2 493
Pensions and similar obligations
12
42
Income tax receivables
844
470
Derivatives
44
261
Trade and other receivables
1 941
1 577
Total non-current assets
195 973
183 637
Current assets
Investment securities
67
221
Inventories
5 583
5 020
Income tax receivables
822
727
Derivatives
505
554
Trade and other receivables
6 024
5 270
Cash and cash equivalents
10 332
11 174
Assets classified as held for sale
34
33
Total current assets
23 367
22 999
Total assets
219 340
206 637
EQUITY AND LIABILITIES
Equity
Issued capital
1 736
1 736
Share premium
17 620
17 620
Reserves
20 276
12 304
Retained earnings
42 215
46 577
Equity attributable to equity holders
of AB InBev
81 848
78 237
Non-controlling interests
10 828
10 463
Total equity
92 676
88 700
Non-current liabilities
Interest-bearing loans and borrowings
74 163
70 720
Pensions and similar obligations
1 673
1 296
Deferred tax liabilities
11 874
11 321
Income tax payables
589
284
Derivatives
151
68
Trade and other payables
738
797
Provisions
320
385
Total non-current liabilities
89 508
84 871
Current liabilities
Bank overdrafts
17
-
Interest-bearing loans and borrowings
3 987
1 449
Income tax payables
1 583
1 805
Derivatives
5 318
5 817
Trade and other payables
25 981
23 804
Provisions
269
191
Total current liabilities
37 156
33 066
Total equity and liabilities
219 340
206 637
Annex 4: Consolidated statement of cash
flows
For the year ended 31 December
Million US dollar
2023
2024
OPERATING ACTIVITIES
Profit of the period
6 891
7 416
Depreciation, amortization and
impairment
5 411
5 544
Net finance cost/(income)
5 102
5 353
Equity-settled share-based payment
expense
570
644
Income tax expense
2 234
3 152
Other non-cash items
1 125
-269
Share of result of associates
-260
-433
Cash flow from operating activities
before changes in working capital and use of provisions
21 072
21 406
Decrease/(increase) in trade and other
receivables
-1 147
341
Decrease/(increase) in inventories
717
-149
Increase/(decrease) in trade and other
payables
-1 110
-215
Pension contributions and use of
provisions
-419
-374
Cash generated from operations
19 113
21 009
Interest paid
-3 877
-3 649
Interest received
598
594
Dividends received
127
234
Income tax paid
-2 696
-3 134
Cash flow from/(used in) operating
activities
13 265
15 055
INVESTING ACTIVITIES
Acquisition of property, plant and
equipment and of intangible assets
-4 638
-3 863
Proceeds from sale of property, plant and
equipment and of intangible assets
156
128
Sale/(acquisition) of subsidiaries, net of
cash disposed/ acquired of
9
-46
Proceeds from sale/(acquisition) of other
assets
83
523
Cash flow from/(used in) investing
activities
-4 390
-3 259
FINANCING ACTIVITIES
Proceeds from borrowings
202
5 465
Repayments of borrowings
-3 098
-9 295
Dividends paid
-3 013
-2 672
Share buyback
-362
-937
Payment of lease liabilities
-780
-787
Derivative financial instruments
-841
-431
Sale/(acquisition) of non-controlling
interests
-22
-435
Other financing cash flows
-646
-763
Cash flow from/(used in) financing
activities
-8 560
-9 854
Net increase/(decrease) in cash and
cash equivalents
315
1 942
Cash and cash equivalents less bank
overdrafts at beginning of year
9 890
10 314
Effect of exchange rate fluctuations
109
-1 082
Cash and cash equivalents less bank
overdrafts at end of period
10 314
11 174
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250225267454/en/
Investors Shaun Fullalove E-mail:
shaun.fullalove@ab-inbev.com
Ekaterina Baillie E-mail:
ekaterina.baillie@ab-inbev.com
Cyrus Nentin E-mail: cyrus.nentin@ab-inbev.com
Media Media Relations E-mail:
media.relations@ab-inbev.com
Grafico Azioni Anheuser Busch Inbev SA NV (NYSE:BUD)
Storico
Da Gen 2025 a Feb 2025
Grafico Azioni Anheuser Busch Inbev SA NV (NYSE:BUD)
Storico
Da Feb 2024 a Feb 2025
