AB InBev (ANH) 1H23 – Results Snapshot

Underlying EPS 1.37cps (+3.2% y-y).
Revenue increased by 4.7% y-y to USD29.3bn.
GPM down 50bps from 54.4% to 53.9%.
Expense increased by 5.0% y-y with expense to sales ratio up from 30.7%% to 30.9%.
EBIT% down to 24.1% (1H22: 25.4%).
No Dividend.
Net debt down to USD 80.8bn (1H22: USD 83.3bn) with net cash down to USD 6.7bn (1H22: USD 6.8bn).
Total volumes declined by -0.3% y-y, with own beer down by -0.8% y-y, and non-beer up 2.1% y-y.
In the US, total beer industry share declined in 2Q23, with Sales-to-wholesalers down by 15.0% Q-Q and Sales-to-retailers declining by 14.0% Q-Q primarily due to volume decline of Bud Light.