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AB InBev Reports Second Quarter and Half Year 2024 Results Short Form Announcement
Anheuser-Busch InBev SA/NV
(Incorporated in the Kingdom of Belgium)
Register of Companies Number: 0417.497.106
Euronext Brussels Share Code: ABI
Mexican Stock Exchange Share Code: ANB
NYSE ADS Code: BUD
JSE Share Code: ANH
ISIN: BE0974293251
("AB InBev", the "Company" or the "Group")
AB InBev Reports Second Quarter and Half Year 2024
Results
Short Form Announcement
KEY FIGURES
Total Revenue Normalized EBITDA
+ 2.7% + 10.2%
Revenue increased by 2.7% in 2Q24 with revenue per hl In 2Q24, normalized EBITDA increased by 10.2% to
growth of 3.6% and by 2.7% in HY24 with revenue per hl 5 302 million USD with a normalized EBITDA margin
growth of 3.5%. expansion of 236bps to 34.6%.
In HY24, normalized EBITDA increased by 7.8% to 10 288
3.3% increase in combined revenues of our megabrands, million USD with a normalized EBITDA margin expansion
led by Corona, which grew by 5.6% outside of its home of 165bps to 34.4%.
market in 2Q24.
Underlying Profit
Approximately 70% of our revenue is through B2B digital
platforms with the monthly active user base of BEES
reaching 3.8 million users in 2Q24. 1 811 million USD
Underlying profit (profit attributable to equity holders
Approximately 140 million USD of revenue generated by of AB InBev excluding non-underlying items and the
our digital direct-to-consumer ecosystem in 2Q24. impact of hyperinflation) was 1 811 million USD in
2Q24 compared to 1 452 million USD in 2Q23 and
Total Volume was 3 320 million USD in HY24 compared to 2 762
million USD in HY23.
- 0.8%
Underlying EPS
In 2Q24, total volumes declined by 0.8%, with own beer
volumes down by 1.3% and non-beer volumes up by
3.4%. 0.90 USD
In HY24, total volumes declined by 0.7% with own beer Underlying EPS was 0.90 USD in 2Q24, an increase from
volumes down by 1.3% and non-beer volumes up by 0.72 USD in 2Q23 and was 1.66 USD in HY24, an
3.5%. increase from 1.37 USD in HY23.
Net Debt to EBITDA
3.42x
Net debt to normalized EBITDA ratio was 3.42x at 30 June 2024 compared to 3.70x at 30 June 2023 and 3.38x at 31
December 2023.
2024 OUTLOOK
(i) 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.
(ii) 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%.
(iii) 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.
(iv) Net Capital Expenditure: We expect net capital expenditure of between 4.0 and 4.5 billion USD in FY24.
HEADLINE EARNINGS PER SHARE
Due to the secondary listing of the ordinary shares of AB InBev on the main board of the JSE Limited (JSE) in South Africa, the
Group is required to present headline earnings per share and diluted headline earnings per share, as alternative measures
of earnings per share, calculated in accordance with the circular entitled 'Headline Earnings' issued by the South African
Institute of Chartered Accountants, as amended from time to time.
The calculation of headline earnings per share is based on the headline earnings and a weighted average number of ordinary
and restricted shares outstanding (including deferred share instruments and stock lending) per end of the period, calculated
as follows:
HY24 HY23
Net of taxes Net of taxes
& non- & non-
Gross controlling Gross controlling
Million US dollar amount interests amount interests
Profit attributable to equity holders of AB InBev - 2 564 - 1 977
After tax impairment of goodwill, PP&E and intangible assets 114 92 61 33
After tax net (gain)/loss on disposal of PP&E, intangible and other assets 14 17 19 5
Headline earnings 2 673 2 016
Weighted average number of ordinary and restricted shares (million) 2 005 2 016
Headline earnings per share (US dollar) 1.33 1.00
Weighted average number of ordinary and restricted shares (diluted) (million) 2 043 2 054
Diluted headline earnings per share (US dollar) 1.31 0.98
SHORT FORM ANNOUNCEMENT
The unaudited condensed consolidated interim financial statements of AB InBev as of and for the six-month period ended 30
June 2024 have been reviewed by our statutory auditors PwC Bedrijfsrevisoren/Réviseurs d'Entreprises BV/SRL in
accordance with the International Standard on Review Engagements 2410. The auditors concluded that, based on their
review, nothing had come to their attention that caused them to believe that those interim financial statements were not
presented fairly, in all material respects, in accordance with IAS 34 "Interim Financial Reporting", as adopted by the European
Union.
Shareholders should refer to the full review report for an overview of the review engagement performed by the Group's
statutory auditors during the review engagement. The auditors' full review report can be accessed from close of business
today, at the following link:
https://www.ab-inbev.com/investors/results-center
This short-form announcement is the responsibility of the board of directors of AB InBev and is a summary of the information
in the detailed financial results announcement and does not contain full or complete details. Any investment decision in
relation to the Company's shares should be based on the full announcement.
The full announcement may be downloaded from:
https://senspdf.jse.co.za/documents/2024/jse/isse/anhe/Q22024.pdf
or from the Company's website at www.ab-inbev.com
Copies may be requested from the Company and the Johannesburg office of the Company's JSE Sponsor at no charge during
business hours for a period of 30 calendar days following the date of this announcement.
AB INBEV CONTACTS
Investors Media
Shaun Fullalove Media Relations
E-mail: shaun.fullalove@ab-inbev.com E-mail: media.relations@ab-inbev.com
Ekaterina Baillie
E-mail: ekaterina.baillie@ab-inbev.com
Cyrus Nentin
E-mail: cyrus.nentin@ab-inbev.com
1 August 2024
JSE Sponsor: Questco Corporate Advisory Proprietary Limited
Anheuser-Busch 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).
Date: 01-08-2024 08:25:00
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