AB InBev (ANH) FY23 – Results Snapshot

Diluted Underlying EPS 3.0cps (+0.9% y-y).
Revenue increased by 2.8% y-y to USD59.4bn.
GPM down 60bps to 53.9%.
Expense growth up by 3.5% y-y with expense to sales ratio up from 30.4% to 30.6%.
EBIT% down to 24.6% (LY: 25.6%).
Dividend of 0.82 EUR (USD 0.9cps).
Net debt down to USD 78.2bn (LY: USD 79.9bn) with net cash up to USD 10.3bn (LY: USD 9.9bn).
Total volumes declined by 1.7% y-y with own beer volumes down 2.3% y-y, while non-beer volumes were down 2.1% y-y.
18.2% y-y increase in combined revenues from global brands Budweiser, Stella Artois, Corona and Michelob Ultra outside of their respective home markets in FY23.
Over USD 550m in revenue generated by digital direct-to-consumer ecosystem.
Approximately 70% of ANH revenue came through B2B digital platforms. Monthly active user base of BEES reaching 3.7 million.