AB InBev (ANH) FY24 – Results Snapshot

Diluted Underlying EPS of USD 3.5 (FY23: USD 3.1).
Revenue increased by 0.7% y-y to USD59.8bn.
GPM increased by 140bps to 55.3%.
EBIT% increased by 130bps to 25.9%.
Total expenses increased by 0.9% y-y to USD18.3bn, while expense-to-sales increased from 30.6% to 30.7%.
Dividend of 1.0 EUR (FY23: 0.82 EUR)
Cash generated from operating activities increased from USD 13 265m to USD 15 055m.
Net debt down to USD 72.2bn (LY: USD 78.2bn), with net cash increasing to USD 11.2bn (LY: USD 10.3bn).
In FY24, total volumes declined by 1.4% y-y with own beer volumes down by 2.0% y-y and non-beer volumes up by 1.5% y-y.
ANH’s mainstream beer portfolio represented approximately 50% of FY24 revenue and delivered low-single digit revenue growth, with increases in 60% of markets.
Approximately, 75% of revenues captured through B2B digital platforms, with BEES platform live in 28 markets.