ANHEUSER-BUSCH INBEV SA/NV - AB InBev Reports Q3 2024 Results Short Form Announcement

AB InBev Reports Q3 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" or the "Company")

AB InBev Reports Q3 2024 Results
Short Form Announcement

KEY FIGURES

 Total Revenue                                       Normalized EBITDA

  + 2.1%                                              + 7.1%

 Revenue increased by 2.1% in 3Q24 with revenue      In 3Q24, normalized EBITDA increased by 7.1% to
 per hl growth of 4.6% and by 2.5% in 9M24 with      5 424 million USD with a normalized EBITDA margin
 revenue per hl growth of 3.9%.                      expansion of 169bps to 36.0%.

 3.1% increase in combined revenues of our           In 9M24, normalized EBITDA increased by 7.6% to
 megabrands, led by Corona, which grew by 10.2%      15 712 million USD with a normalized EBITDA
 outside of its home market in 3Q24.                 margin expansion of 166bps to 35.0%.

 72% of our revenue is through B2B digital platforms
 with the monthly active user base of BEES reaching  Underlying Profit
 3.9 million users in 3Q24.                     
                                                     1 971 million USD
 Approximately 140 million USD of revenue
 generated by our digital direct-to-consumer         Underlying profit (profit attributable to equity                                           
 ecosystem in 3Q24.                                  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
 Total Volume                                        USD in 3Q23 and was 5 291 million USD in 9M24
                                                     compared to 4 497 million USD in 9M23.
  - 2.4%                                     

 In 3Q24, total volumes declined by 2.4%, with own   Underlying EPS
 beer volumes down by 3.1% and non-beer volumes
 up by 0.6%.                                         0.98 USD
                                                      
 In 9M24, total volumes declined by 1.3% with own    Underlying EPS was 0.98 USD in 3Q24, an increase
 beer volumes down by 1.9% and non-beer volumes      from 0.86 USD in 3Q23 and was 2.64 USD in 9M24,
 up by 2.5%.                                         an increase from 2.23 USD in 9M23.

 Capital Allocation

 2 billion USD Share buyback program
 The AB InBev Board of Directors has approved a 2 billion USD share buyback program to be executed within the
 next 12 months. For further details please see the Recent Events section on page 14 of the full announcement.

2024 OUTLOOK

    (i)  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.

    (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.


SHORT FORM ANNOUNCEMENT
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/Q32024.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


31 October 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: 31-10-2024 08:54:00
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