BUDFF Anheuser Busch Inbev SA NV (PK)

Exhibit

Number

Description

ANHEUSER-BUSCH INBEV SA/NV

(Registrant)

/s/ Jan Vandermeersch

Name: Jan Vandermeersch

Title:  Global Legal Director Corporate

  Brussels – 31 October 2024 - 7:00am CET

Total Revenue

+ 2.1%

Revenue increased by 2.1% in 3Q24 with revenue per hl growth of 4.6% and by 2.5% in 9M24 with revenue per hl growth of 3.9%.

3.1% increase in combined revenues of our megabrands, led by Corona, which grew by 10.2% outside of its home market in 3Q24.

72% of our revenue is through B2B digital platforms with the monthly active user base of BEES reaching 3.9 million users in 3Q24.

Approximately 140 million USD of revenue generated by our digital direct-to-consumer ecosystem in 3Q24.

Total Volume

- 2.4%

In 3Q24, total volumes declined by 2.4%, with own beer volumes down by 3.1% and non-beer volumes up by 0.6%.

In 9M24, total volumes declined by 1.3% with own beer volumes down by 1.9% and non-beer volumes up by 2.5%.

Capital Allocation

2 billion USD Share buyback program

Normalized EBITDA

+ 7.1%

In 3Q24, normalized EBITDA increased by 7.1% to 5 424 million USD with a normalized EBITDA margin expansion of 169bps to 36.0%.

In 9M24, normalized EBITDA increased by 7.6% to 15 712 million USD with a normalized EBITDA margin expansion of 166bps to 35.0%.

Underlying Profit

1 971 million USD

Underlying profit (profit attributable to equity holders of AB InBev excluding non-underlying items and the impact of hyperinflation) was 1 971 million USD in 3Q24 compared to 1 735 million USD in 3Q23 and was 5 291 million USD in 9M24 compared to 4 497 million USD in 9M23.

Underlying EPS

0.98 USD

Underlying EPS was 0.98 USD in 3Q24, an increase from 0.86 USD in 3Q23 and was 2.64 USD in 9M24, an increase from 2.23 USD in 9M23.

Lead and grow the category:

We estimate we gained or maintained market share in 60% of our markets this quarter, with continued investment in our brands driving an increase in overall portfolio brand power.

Digitize and monetize our ecosystem:

BEES captured 12.1 billion USD of gross merchandise value (GMV), a 14% increase versus 3Q23 with 72% of our revenue through B2B digital channels. BEES Marketplace captured 630 million USD in GMV from sales of third-party products, a 51% increase versus 3Q23.

Optimize our business:

Underlying EPS increased by 14% to reach 0.98 USD, driven by nominal EBIT growth, continued margin expansion and optimization of our net finance costs. With increased flexibility in our capital allocation choices, the AB InBev Board of Directors has approved a 2 billion USD share buyback program to be executed within the next 12 months.

Lead and grow the category

We are executing on our five replicable levers to drive category expansion. Our performance across each of the levers was led by our megabrands which delivered a 3.1% revenue increase in 3Q24.

•   Category Participation: Through our focus on brand, pack and liquid innovations, the percentage of beer consumers purchasing our brands increased in a majority of our markets in 3Q24, according to our estimates. Participation increases were led by improvements with all consumer groups in the US.

•   Core Superiority: Our mainstream portfolio delivered a low-single digit revenue increase in 3Q24, driven by double-digit growth in South Korea and the Dominican Republic.

•   Occasions Development: Our global no-alcohol beer portfolio delivered mid-thirties revenue growth this quarter. Corona Cero, the official beer partner of the Olympic Games, delivered triple-digit volume growth and Budweiser Zero grew volume in the low twenties.

•   Premiumization: In 3Q24, the Corona brand grew revenue by 10.2% globally, outside of Mexico. Our overall above core beer portfolio delivered a low-single digit revenue increase, with growth constrained by a soft industry in China.

•   Beyond Beer: Our global Beyond Beer business contributed approximately 365 million USD of revenue in 3Q24, a low-single digit decrease versus 3Q23, as growth in key brands such as Brutal Fruit, Cutwater, Nutrl and Beats was primarily offset by soft malt-based seltzer performance in North America.

Digitize and monetize our ecosystem

•   Digitizing our relationships with more than 6 million customers globally: As of 30 September 2024, BEES is now live in 28 markets with 72% of our revenues captured through B2B digital platforms. In 3Q24, BEES had 3.9 million monthly active users and captured 12.1 billion USD in gross merchandise value (GMV), both growing 14% versus 3Q23.

   BEES Marketplace generated 9.5 million orders and captured 630 million USD in GMV from sales of third-party products in 3Q24, growth of 31% and 51% versus 3Q23 respectively.

•   Leading the way in DTC solutions: Our omnichannel DTC ecosystem of digital and physical products generated revenue of approximately 350 million USD in 3Q24. Our DTC megabrands, Zé Delivery, TaDa Delivery and PerfectDraft, are available in 21 markets, generated 18.6 million e-commerce orders and delivered approximately 140 million USD in revenue this quarter, representing 11% growth versus 3Q23.

•   Maximizing value creation: Our Underlying EPS was 0.98 USD this quarter, a 14% increase versus 3Q23, driven primarily by nominal EBIT growth and optimization of our net finance costs. As a result of our continued global momentum and strong free cash flow generation, the AB InBev Board of Directors has approved a 2 billion USD share buyback program to be executed within the next 12 months.

•   Advancing our sustainability priorities: In Climate Action, our Scopes 1 and 2 emissions per hectoliter of production were 4.48 kgCO2e/hl in 9M24, an improvement of 46% versus our 2017 baseline. In Water Stewardship, our water use efficiency ratio improved to 2.47 hl per hl in 9M24 versus 2.53 hl per hl in 9M23, as we continue working towards our ambition to reach 2.50 hl per hl on an annual basis by 2025.

Overall Performance: We expect our FY24 EBITDA to grow between 6-8%. 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 approximately 4%.

Effective Tax Rates (ETR): We expect the normalized ETR in FY24 to be in the range of 27% to 29%. 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)

Total Volumes (thousand hls)

AB InBev own beer

Non-beer volumes

Third party products

 Revenue

 Gross profit

 Gross margin

 Normalized EBITDA

 Normalized EBITDA margin

 Normalized EBIT

 Normalized EBIT margin

 Profit attributable to equity holders of AB InBev

 Underlying profit attributable to equity holders of AB InBev

 Earnings per share (USD)

 Underlying earnings per share (USD)

Total Volumes (thousand hls)

AB InBev own beer

Non-beer volumes

Third party products

 Revenue

 Gross profit

 Gross margin

 Normalized EBITDA

 Normalized EBITDA margin

 Normalized EBIT

 Normalized EBIT margin

 Profit attributable to equity holders of AB InBev

 Underlying profit attributable to equity holders of AB InBev

 Earnings per share (USD)

 Underlying earnings per share (USD)

 Figure 2. Volumes (thousand hls)

 North America

 Middle Americas

 South America

 EMEA

 Asia Pacific

 Global Export and Holding Companies

 AB InBev Worldwide

 North America

 Middle Americas

 South America

 EMEA

 Asia Pacific

 Global Export and Holding Companies

 AB InBev Worldwide

Operating performance:

3Q24: Revenue increased by 1.8% with revenue per hl increasing by 2.0% driven by revenue management initiatives. Sales-to-wholesalers (STWs) declined by 0.2%, supported by one additional selling-day in the quarter. Sales-to-retailers (STRs) were down by 3.0% on a selling-day adjusted basis, outperforming the industry according to our estimates. EBITDA grew by 13.7% with a margin improvement of approximately 375bps, driven by productivity initiatives and SG&A efficiencies.

9M24: Revenue declined by 2.8%, with revenue per hl increasing by 1.8%. Our STWs declined by 4.5% and STRs were down by 6.8%. EBITDA increased by 2.9%.

Commercial highlights: The beer industry remained resilient in 3Q24, improving in both volume and revenue trends quarter over quarter according to Circana, supported by the phasing of key holidays. Our beer portfolio is estimated to have gained market share this quarter, driven by Michelob Ultra and Busch Light, which were two of the top three volume share gainers in the industry. In Beyond Beer, our spirits-based ready-to-drink portfolio delivered volume growth in the mid-teens, outperforming the industry.

Operating performance:

3Q24: Revenue was flattish, with low-single digit revenue per hl growth driven by revenue management initiatives. Volumes declined by low-single digits, outperforming the industry which was negatively impacted by adverse weather and a soft consumer environment. EBITDA grew by mid-single digits with continued margin expansion.

9M24: 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: Our above core portfolio outperformed, delivering continued volume growth this quarter, led by the performance of Modelo and Pacifico. We continued to progress our digital initiatives, with BEES Marketplace growing GMV by 14% versus 3Q23, and our digital DTC platform, TaDa Delivery, generating approximately 1.1 million orders, a 36% increase versus 3Q23.

Operating performance:

3Q24: Revenue increased by high-single digits with high-single digit revenue per hl growth, driven by pricing actions and other revenue management initiatives. Beer volumes were flattish while total volumes declined by low-single digits, as industry service levels were impacted by a week-long national trucking strike in September. EBITDA grew by low twenties with margin expansion.

9M24: 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: The beer category remained resilient this quarter with our portfolio continuing to gain share of total alcohol. Our performance was driven by our premium and super premium brands which delivered high-teens volume growth, led by Corona and Stella Artois. Our core beer portfolio continued to grow, delivering a low-single digit revenue increase.

Operating performance:

3Q24: Revenue grew by 5.2% with revenue per hl growth of 3.8% driven by premiumization and revenue management initiatives. Total volumes grew by 1.3%, with beer volumes increasing by 0.6%. Non-beer volumes increased by 3.4%. EBITDA increased by 10.9% with margin expansion of 174bps.

9M24: Total volumes grew by 3.2% with beer volumes up by 2.3% and non-beer volumes up by 5.8%. Revenue grew by 6.3% with a revenue per hl increase of 2.9%. EBITDA grew by 17.6% with 309bps of margin expansion.

Commercial highlights: Our premium and super premium beer brands continued to lead our growth this quarter, delivering low twenties volume growth, led by Corona, Spaten and Original. Within the core beer segment, Brahma’s momentum continued, delivering a high-single digit volume increase. 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 43% versus 3Q23, and our digital DTC platform, Zé Delivery, generating over 16 million orders in 3Q24, an 8% increase versus 3Q23.

Operating performance:

3Q24: Revenue was flattish with slight revenue per hl growth driven by continued premiumization. Volume declined by low-single digits, outperforming a soft industry in a majority of our key markets according to our estimates. EBITDA grew by low-single digits with margin recovery.

9M24: Volume grew by low-single digits, outperforming the industry in a majority of our key markets according to our estimates. Both revenue and revenue per hl increased by low-single digits. EBITDA grew by low-teens 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 making up approximately 57% of our revenue in 3Q24. Our performance this quarter was driven by our megabrands, led by Corona which delivered another quarter of double-digit volume growth. In the no-alcohol beer segment, Corona Cero, the official beer partner of the Olympic Games, delivered triple digit volume growth.

Operating performance:

3Q24: Revenue increased by low-teens, with low-single digit volume growth and a revenue per hl increase of high-single digits, driven by revenue management initiatives and continued premiumization. EBITDA grew by mid-teens with margin expansion.

9M24: Revenue grew by low-teens with high-single digit revenue per hl growth and a mid-single digit increase in volume, estimated to have outperformed the industry in both beer and Beyond Beer. EBITDA increased by low twenties with margin expansion.

Commercial highlights: The momentum of our business continued with both our premium beer and Beyond Beer portfolios estimated to have gained share of their respective segments. Our performance was led by our above core beer brands, which grew volumes by high-teens driven by Corona and Stella Artois. In Beyond Beer, our portfolio grew volumes by high-single digits driven by Flying Fish.

Operating performance:

3Q24: Top-line performance was impacted by a soft industry, particularly from continued weakness in the on-premise channel. Revenue declined by 16.1% with volumes declining by 14.2% and revenue per hl decreasing by 2.2%. EBITDA declined by 20.1% with margin contraction of approximately 175bps.

9M24: Revenue declined by 11.7% with revenue per hl declining by 1.2% and volumes decreasing by 10.6%. EBITDA declined by 12.2% with margin contraction of 26bps.

Commercial highlights: We continued to invest behind our commercial strategy, focused on premiumization, channel and geographic expansion, and digital transformation, even in the context of a soft industry. We believe we are well positioned to lead the premiumization of the beer category with our premium and super premium portfolio contributing approximately two-thirds of our revenue in 9M24. The brand power of our portfolio combined with the long-term growth potential from geographic expansion and industry premiumization remains a compelling value creation opportunity. The roll out and adoption of the BEES platform continued, as of September 2024, BEES is present in 306 cities with approximately 70% of our revenue generated through digital channels.

Canada: Revenue was flattish this quarter with revenue per hl growth of low-single digits, driven by revenue management initiatives and continued premiumization. Volumes declined by low-single digits, with beer volumes estimated to be in-line with the industry. Our portfolio has momentum, with four of our beer brands in the top five fastest growing in the country this quarter, led by Michelob Ultra which was number one.

Peru: Revenue grew by low-single digits this quarter with revenue per hl growth of high-single digits, driven by revenue management initiatives. Volumes declined by mid-single digits, outperforming a soft industry according to our estimates, which was negatively impacted by adverse weather.

Ecuador: Revenue decreased by high-single digits in 3Q24 with volumes declining by high-single digits, estimated to be in line with a soft industry, which was negatively impacted by rolling blackouts and lower consumer confidence.

Argentina: Volumes declined by mid-teens in 3Q24 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 high-single digits on this basis.

Africa excluding South Africa: In Nigeria, our total volumes grew by high-single digits this quarter, cycling a soft industry in 3Q23. Revenue grew by strong double-digits, driven by revenue management initiatives in a highly inflationary environment. In our other markets in Africa, we grew volume in aggregate by high-single digits in 3Q24, driven by Tanzania, Mozambique, Zambia and Ghana.

South Korea: Revenue increased by high-teens in 3Q24 with revenue per hl growth of low-teens, driven by revenue management initiatives and positive brand and packaging mix. Volumes grew by mid-single digits, outperforming the industry in both the on-premise and in-home channels, with performance led by our megabrand Cass.

 Figure 3. Consolidated income statement (million USD)

Revenue

Cost of sales

Gross profit

SG&A

Other operating income/(expenses)

Normalized profit from operations (normalized EBIT)

Non-underlying items above EBIT (incl. impairment losses)

Net finance income/(cost)

Non-underlying net finance income/(cost)

Share of results of associates

Income tax expense

Profit

Profit attributable to non-controlling interest

Profit attributable to equity holders of AB InBev

Normalized EBITDA

Underlying profit attributable to equity holders of AB InBev

Revenue

Cost of sales

Gross profit

SG&A

Other operating income/(expenses)

Normalized profit from operations (normalized EBIT)

Non-underlying items above EBIT (incl. impairment losses)

Net finance income/(cost)

Non-underlying net finance income/(cost)

Share of results of associates

Non-underlying share of results of associates

Income tax expense

Profit

Profit attributable to non-controlling interest

Profit attributable to equity holders of AB InBev

Normalized EBITDA

Underlying profit attributable to equity holders of AB InBev

 Figure 4. Non-underlying items above EBIT & Non-underlying share of results of associates (million USD)

Restructuring

Business and asset disposal (incl. impairment losses)

Claims and legal costs

Non-underlying items in EBIT

Non-underlying share of results of associates

 Figure 5. Net finance income/(cost) (million USD)

Net interest expense

Net interest on net defined benefit liabilities

Accretion expense

Net interest income on Brazilian tax credits

Other financial results

Net finance income/(cost)

 Figure 6. Non-underlying net finance income/(cost) (million USD)

Mark-to-market

Gain/(loss) on bond redemption and other

Non-underlying net finance income/(cost)

  Figure 7. Non-underlying equity derivative instruments

Share price at the start of the period (Euro)

Share price at the end of the period (Euro)

Number of equity derivative instruments at the end of the period (millions)

  Figure 8. Income tax expense (million USD)

Income tax expense

Effective tax rate

Normalized effective tax rate

  Figure 9. Underlying Profit attributable to equity holders of AB InBev (million USD)

Profit attributable to equity holders of AB InBev

Net impact of non-underlying items on profit

Hyperinflation impacts in underlying profit

Underlying profit attributable to equity holders of AB InBev

  Figure 10. Earnings per share (USD)

Basic EPS

Net impact of non-underlying items on profit

Hyperinflation impacts in EPS

Underlying EPS

Weighted average number of ordinary and restricted shares (million)

  Figure 11. Key components - Underlying EPS in USD

Normalized EBIT before hyperinflation

Hyperinflation impacts in normalized EBIT

Normalized EBIT

Net finance cost

Income tax expense

Associates & non-controlling interest

Hyperinflation impacts in EPS

Underlying EPS

Weighted average number of ordinary and restricted shares (million)

 Figure 12. Reconciliation of normalized EBITDA to profit attributable to equity holders of AB InBev (million USD)

Profit attributable to equity holders of AB InBev

Non-controlling interests

Profit

Income tax expense

Share of result of associates

Non-underlying share of results of associates

Net finance (income)/cost

Non-underlying net finance (income)/cost

Non-underlying items above EBIT (incl. impairment losses)

Normalized EBIT

Depreciation, amortization and impairment

Normalized EBITDA

E-mail: shaun.fullalove@ab-inbev.com

E-mail: media.relations@ab-inbev.com

E-mail: ekaterina.baillie@ab-inbev.com

E-mail: cyrus.nentin@ab-inbev.com

Organic 

Growth 

 Total volumes (thousand hls)

of which AB InBev own beer

 Revenue

 Cost of sales

 Gross profit

 SG&A

 Other operating income/(expenses)

 Normalized EBIT

 Normalized EBITDA

 Normalized EBITDA margin

Organic 

Growth 

 Total volumes (thousand hls)

 Revenue

 Cost of sales

 Gross profit

 SG&A

 Other operating income/(expenses)

 Normalized EBIT

 Normalized EBITDA

 Normalized EBITDA margin

Organic 

Growth 

 Total volumes (thousand hls)

 Revenue

 Cost of sales

 Gross profit

 SG&A

 Other operating income/(expenses)

 Normalized EBIT

 Normalized EBITDA

 Normalized EBITDA margin

Organic 

Growth 

 Total volumes (thousand hls)

 Revenue

 Cost of sales

 Gross profit

 SG&A

 Other operating income/(expenses)

 Normalized EBIT

 Normalized EBITDA

 Normalized EBITDA margin

 Total volumes (thousand hls)

 Revenue

 Cost of sales

 Gross profit

 SG&A

 Other operating income/(expenses)

 Normalized EBIT

 Normalized EBITDA

 Normalized EBITDA margin

Organic 

Growth 

 Total volumes (thousand hls)

 Revenue

 Cost of sales

 Gross profit

 SG&A

 Other operating income/(expenses)