第 99.1 号展品
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布鲁塞尔 — 二零二四年十月三十一日至中部时间上午七时 |
受监管和内幕消息1 | |||||
AB 银行公布 2024 年第三季度业绩
多元化的全球业务及我们的策略一致执行，使 EBITDA 增加 7.1%，基础 EPS 增长 14%
「啤酒是消费者的热情点。消费者对我们的巨型地带和我们的超级平台的执行需求达到了另一四分之一 顶部- 以及利润增长带来的底线增长。我们的团队和合作伙伴继续执行我们的策略，我们有信心能够实现我们提高的 24 财年 EBITDA 增长前景： 6-8%.” — 米歇尔·杜克里斯，Ab InBev 首席执行官
| 总收入
+ 2.1%
二零一四年第三季度营收增长 2.1%，每公升营业额为 4.6%，二零一四年九月增长 2.5%，每公升营业额为 3.9%。
3.1% 增加 在我们的总收入中 由科罗纳领导地位的巨头，24 年第三季度在其本地市场以外增长 10.2％。
72% 我们的收入是通过 B20亿美元数字平台，每月的 BEES 活跃用户群达到了 3.9 亿用户 第三季二十四季。
约 140百万 美元 我们的数字产生的收入 直接向消费者 第二十四季度的生态系统
总体积
- 2.4%
二零一四季度，总量下降 2.4%，自身啤酒量下降了 百分之三点一及 非啤酒 交易量增加了 0.6%。
二零一四年九月份，总量下降 1.3%，本身啤酒量下降 1.9%， 非啤酒 交易量增加了 2.5%。
资本配置
2 亿美元 股份回购计划 |
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标准化 EBITDA
+ 7.1%
第二十四季度，正常化 EBITDA 增加 7.1% 至 5 424 亿美元，正常化 EBITDA 利润率扩大 169 个基点至 36.0%。
二零一四年九月份，正常化 EBITDA 上升 7.6% 至 15 712 百万美元，正常利润利润率增加 166 个基点至 35.0%。
基础利润
1 971 亿美元
基本利润（Ab InBev 股权持有人应占溢利不包括 非基础 项目和影响 超通货膨胀）在二零一四年第三季度为 1 971 亿美元，而第二三季的 1 735 亿美元，二零一四年第九个月则为 5 291 亿美元，而二零一三年的 4 497 亿美元。
基础每股收益
0.98 美元
基础每股收益于二零一四季度为 0.98 美元，由 23 季度的 0.86 美元上升 二零一四年九月份为 2.64 美元，较二十三月的 2.23 美元上升。 |
Ab InBev 董事会批准了一项 200 亿美元的股份回购计划，将在未来 12 年内执行 几个月。有关更多详细信息，请参阅第 14 页的最近事件部分。
1随附的资料构成欧洲议会及理事会 2014 年 4 月 16 日有关滥用市场规例（欧盟）第 596/2014 号定义的内幕消息，并受监管 根据 2007 年 11 月 14 日的比利时皇家法令所定义的资料，就已被认可在受规管市场进行交易的金融工具发行人的职责。关于以下情况的重要免责声明和注意事项 准备，请参阅第 15 页。
| 网站-英文网 | 新闻稿 — 二零二四年十月三十一日 — 一 | |||
管理层评论
多元化的全球版图和稳健执行我们的策略，使EBITDA增长了7.1％，基础每股收益增长了14％。
营收 增长了2.1％，在60％以上的市场实现了营收增长，由于营收管理举措和持续的高端化，每升营收增长4.6％。我们估计在60％的市场获得或维持了市场份额，在其中有50％的市场成交量增加。然而，由于中国和阿根廷消费环境疲软，整体成交量表现受到影响，导致整体下降2.4％。通过生产成本效率和纪律性的管理开支，EBITDA增长了7.1％，推动EBITDA边际扩张了169个基点。基础每股收益为0.98美元，较3Q23增长14％，这是由于定量EBIT增长和持续优化我们的净融资成本所致。
推进我们的战略优先事项
我们继续执行并投资于三大关键战略支柱，以实现稳健增长和长期价值创造。
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引领和发展该品类:
我们估计本季度在60％的市场获得或维持了市场份额，持续投资于我们的品牌，带动整体组合品牌力量增加。
数位化并从我们的生态系统中赚钱：
BEES捕获了1210亿美元的商品总价值（GMV），较3Q23增长了14％，其中72％的营业收入来自B20亿数位渠道。BEES Marketplace从第三方产品销售中捕获了6.3亿美元的GMV，较3Q23增长了51％。
优化我们的业务：
基本每股收益增加了14％，达到0.98美元，这是由于名义EBIt增长，持续的利润扩张以及我们净融资成本的优化。随著我们在资本分配选择上增加的灵活性，Ab InBev董事会已经批准了一个20亿美元的股票回购计划，将在接下来的12个月内执行。 | ||
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领导并扩大该类别
我们正在执行我们的五个可复制杠杆来推动类别扩展。我们在每个杠杆上的表现都由我们的大品牌带动，在3Q24实现了3.1％的营收增长。 | |
| • 类别参与: 通过我们对品牌、包装和液体创新的关注，根据我们的估计，在3Q24，购买我们品牌的啤酒消费者的比例在我们大多数市场中上升。参与度的提高主要是由美国所有消费者群体的改进所带动的。 | ||
| •核心优势： 我们的主力组合在第3季度实现了两位数的营业收入增长，主要受到韩国和多明尼加共和国的两位数增长的推动。 湿宠物食品的成交量下降一位数%，而干宠物食品则保持大致平稳。该业务部门的营业利润为1.19亿美元，同比增长7%，主要由于节约管理成本、降低供应链成本、增加成交量推动，部分抵销了不利的净价适应和组合、原材料成本通胀以及双位数增长的媒体投资。 场合 发展 | ||
| • 我们的全球无酒精啤酒产品组合实现了: 全球 非酒精 啤酒组合实现了 三十多岁 本季度营收增长。Corona Cero，奥运会官方啤酒合作伙伴，成交量增长三位数，Budweiser Zero 的成交量增长在低二十位数。 | ||
| ab-inbev.com | 新闻稿 - 2024年10月31日 - 2 | |||
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• 高端化: 在第3季度24年，科罗纳品牌在全球（不包括墨西哥）实现了10.2%的营收增长。我们的整体核心啤酒组合取得了一位数营收增长。增长受到中国市场行业疲软的制约。 湿宠物食品的成交量下降一位数%，而干宠物食品则保持大致平稳。该业务部门的营业利润为1.19亿美元，同比增长7%，主要由于节约管理成本、降低供应链成本、增加成交量推动，部分抵销了不利的净价适应和组合、原材料成本通胀以及双位数增长的媒体投资。 更超越啤酒 | ||
| • 我们全球的非啤酒业务在第3季度24年为业务贡献了约3.65亿美元的营收，较第3季度23年下降一位数，因将重点品牌如Brutal Fruit、Cutwater、Nutrl和Beats的增长主要被北美市场麦芽基质气泡水的表现低迷所抵消。: In 3Q24，Corona品牌在全球（墨西哥除外）的营收增长了10.2%，我们整体的核心啤酒组合实现了一位数营收增长，增长受制于中国行业的疲软。 湿宠物食品的成交量下降一位数%，而干宠物食品则保持大致平稳。该业务部门的营业利润为1.19亿美元，同比增长7%，主要由于节约管理成本、降低供应链成本、增加成交量推动，部分抵销了不利的净价适应和组合、原材料成本通胀以及双位数增长的媒体投资。 我们全球的非啤酒业务在第3季度24年为业务贡献了约3.65亿美元的营收，比第3季度23年下降一位数，因主要品牌如Brutal Fruit、Cutwater、Nutrl和Beats的增长主要被北美市场的麦芽气泡水表现所抵消。 | ||
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数字化并实现我们的生态系统赚钱 | |
| • 与全球超过600万客户建立数位化关系: 截至2024年9月30日，BEES现在在28个市场上线，我们的72% 营业收入来自B20亿数位平台。在第3季24年， BEES拥有3.9百万月 活跃用户，商品总值（GMV）为121亿美元，这两者较第3季23年增长14%。 | ||
| BEES市场产生950万订单，并从第三方产品销售中在第3季24年捕获6.3亿美元的GMV，分别增长31%和51% 与第3季23年相比。 | ||
| • 引领DTC 解决方案: 我们的全通路DTC生态系统通过数位和实体产品在第3季24年产生约3.5亿美元的营业收入。我们的DTC 巨头品牌，Zé Delivery，TaDa Delivery 和 PerfectDraft，在21个市场可用，产生了1860万 电子商务， 本季我们的营收约为1.4亿美元，较第3季23年增长11%。 | ||
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优化我们的业务 | |
| • 最大化价值创造： 本季我们的基本每股收益为0.98美元，比第3季23年增长14%，主要由EBIt名义增长和我们净财务成本优化推动。由于我们持续全球势头良好且强劲的自由现金流产生，Ab InBev董事会已批准一项20亿美元的股票回购计划，将在接下来的12个月内执行。 | ||
| •推进我们的可持续优先事项： 在气候行动方面，我们的生产每升啤酒公斤的1和2范畴排放量为9M24年均为4.48公斤CO2e/hl，较2017年基准线改善46%。在水资源管理方面，我们的用水效率比率在9M24年改善至每升啤酒公斤2.47公升，较9M23年的每升啤酒公斤2.53公升，因为我们继续努力实现2025年每年达到每升啤酒公斤2.50公升的雄心。 | ||
打造更多欢笑的未来
我们的业务再次交出了一个盈利增长的季度，EBITDA增长了7.1%。每升啤酒净营收增长，名义EBIt增长和持续优化我们的业务导致在第3季24年和9M24年均实现基本每股收益双位数增长。我们的表现证明了啤酒行业的实力，我们多元化的全球版图以及我们员工持续的奉献和努力。啤酒行业庞大且增长迅速，我们独有的全球领导优势，可复制的增长动力和卓越的利润能力使我们有能力实现我们创造一个更多欢笑未来的使命。
| ab-inbev.com | 新闻发布 - 2024年10月31日 - 3 | |||
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. |
| ab-inbev.com | Press release – 31 October 2024 – 4 | |||
| Figure 1. Consolidated performance (million USD) |
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| 3Q23 | 3Q24 | Organic | ||||||||||
| growth | ||||||||||||
| Total Volumes (thousand hls) |
151 891 | 148 039 | -2.4% | |||||||||
| AB InBev own beer |
132 325 | 128 124 | -3.1% | |||||||||
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Non-beer volumes |
18 589 | 18 691 | 0.6% | |||||||||
| Third party products |
977 | 1 223 | 25.2% | |||||||||
| Revenue |
15 574 | 15 046 | 2.1% | |||||||||
| Gross profit |
8 394 | 8 366 | 5.6% | |||||||||
| Gross margin |
53.9% | 55.6% | 183bps | |||||||||
| Normalized EBITDA |
5 431 | 5 424 | 7.1% | |||||||||
| Normalized EBITDA margin |
34.9% | 36.0% | 169bps | |||||||||
| Normalized EBIT |
4 027 | 4 091 | 8.9% | |||||||||
| Normalized EBIT margin |
25.9% | 27.2% | 171bps | |||||||||
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| Profit attributable to equity holders of AB InBev |
1 472 | 2 071 | ||||||||||
| Underlying profit attributable to equity holders of AB InBev |
1 735 | 1 971 | ||||||||||
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| Earnings per share (USD) |
0.73 | 1.03 | ||||||||||
| Underlying earnings per share (USD) |
0.86 | 0.98 | ||||||||||
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| 9M23 | 9M24 | Organic | ||||||||||
| growth | ||||||||||||
| Total Volumes (thousand hls) |
440 021 | 433 877 | -1.3% | |||||||||
| AB InBev own beer |
382 135 | 374 438 | -1.9% | |||||||||
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Non-beer volumes |
54 812 | 56 157 | 2.5% | |||||||||
| Third party products |
3 075 | 3 282 | 6.7% | |||||||||
| Revenue |
44 907 | 44 927 | 2.5% | |||||||||
| Gross profit |
24 190 | 24 827 | 5.1% | |||||||||
| Gross margin |
53.9% | 55.3% | 140bps | |||||||||
| Normalized EBITDA |
15 099 | 15 712 | 7.6% | |||||||||
| Normalized EBITDA margin |
33.6% | 35.0% | 166bps | |||||||||
| Normalized EBIT |
11 099 | 11 638 | 8.6% | |||||||||
| Normalized EBIT margin |
24.7% | 25.9% | 147bps | |||||||||
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| Profit attributable to equity holders of AB InBev |
3 450 | 4 635 | ||||||||||
| Underlying profit attributable to equity holders of AB InBev |
4 497 | 5 291 | ||||||||||
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| Earnings per share (USD) |
1.71 | 2.31 | ||||||||||
| Underlying earnings per share (USD) |
2.23 | 2.64 | ||||||||||
| Figure 2. Volumes (thousand hls) |
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| 3Q23 | Scope | Organic | 3Q24 | Organic growth | ||||||||||||||||||||
| growth | Total | Own beer | ||||||||||||||||||||||
| North America |
23 007 | -159 | -83 | 22 764 | -0.4% | 0.0% | ||||||||||||||||||
| Middle Americas |
37 931 | -4 | - 819 | 37 107 | -2.2% | -1.7% | ||||||||||||||||||
| South America |
39 733 | - | - 231 | 39 502 | -0.6% | -1.6% | ||||||||||||||||||
| EMEA |
23 407 | - | 632 | 24 039 | 2.7% | 0.9% | ||||||||||||||||||
| Asia Pacific |
27 672 | - | -3 158 | 24 514 | -11.4% | -11.5% | ||||||||||||||||||
| Global Export and Holding Companies |
141 | - | -29 | 112 | -20.5% | -49.4% | ||||||||||||||||||
| AB InBev Worldwide |
151 891 | - 163 | -3 688 | 148 039 | -2.4% | -3.1% | ||||||||||||||||||
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| 9M23 | Scope | Organic | 9M24 | Organic growth | ||||||||||||||||||||
| growth | Total | Own beer | ||||||||||||||||||||||
| North America |
70 401 | -470 | -3 175 | 66 756 | -4.5% | -5.1% | ||||||||||||||||||
| Middle Americas |
110 095 | -13 | 1 097 | 111 179 | 1.0% | 1.4% | ||||||||||||||||||
| South America |
115 756 | - | 61 | 115 818 | 0.1% | -1.0% | ||||||||||||||||||
| EMEA |
66 249 | - | 2 672 | 68 921 | 4.0% | 3.1% | ||||||||||||||||||
| Asia Pacific |
77 261 | - | -6 303 | 70 958 | -8.2% | -8.1% | ||||||||||||||||||
| Global Export and Holding Companies |
259 | - | -14 | 244 | -5.6% | 1.3% | ||||||||||||||||||
| AB InBev Worldwide |
440 021 | - 484 | -5 661 | 433 877 | -1.3% | -1.9% | ||||||||||||||||||
| ab-inbev.com | Press release – 31 October 2024 – 5 | |||
United States: Improved market share trend and productivity initiatives delivered low-single digit top-line and double-digit bottom-line growth
| ● | Operating performance: |
| o | 3Q24: Revenue increased by 1.8% with revenue per hl increasing by 2.0% driven by revenue management initiatives. Sales-to-wholesalers (STWs) declined by 0.2%, supported by one additional selling-day in the quarter. Sales-to-retailers (STRs) were down by 3.0% on a selling-day adjusted basis, outperforming the industry according to our estimates. EBITDA grew by 13.7% with a margin improvement of approximately 375bps, driven by productivity initiatives and SG&A efficiencies. |
| o | 9M24: Revenue declined by 2.8%, with revenue per hl increasing by 1.8%. Our STWs declined by 4.5% and STRs were down by 6.8%. EBITDA increased by 2.9%. |
| ● | Commercial highlights: The beer industry remained resilient in 3Q24, improving in both volume and revenue trends quarter over quarter according to Circana, supported by the phasing of key holidays. Our beer portfolio is estimated to have gained market share this quarter, driven by Michelob Ultra and Busch Light, which were two of the top three volume share gainers in the industry. In Beyond Beer, our spirits-based ready-to-drink portfolio delivered volume growth in the mid-teens, outperforming the industry. |
Mexico: Market share gain with margin expansion
| ● | Operating performance: |
| o | 3Q24: Revenue was flattish, with low-single digit revenue per hl growth driven by revenue management initiatives. Volumes declined by low-single digits, outperforming the industry which was negatively impacted by adverse weather and a soft consumer environment. EBITDA grew by mid-single digits with continued margin expansion. |
| o | 9M24: Revenue grew by mid-single digits with revenue per hl growth of low-single digits. Volumes increased by low-single digits, outperforming the industry. EBITDA grew by high-single digits with margin expansion. |
| ● | Commercial highlights: Our above core portfolio outperformed, delivering continued volume growth this quarter, led by the performance of Modelo and Pacifico. We continued to progress our digital initiatives, with BEES Marketplace growing GMV by 14% versus 3Q23, and our digital DTC platform, TaDa Delivery, generating approximately 1.1 million orders, a 36% increase versus 3Q23. |
Colombia: Double-digit bottom-line growth with margin expansion
| ● | Operating performance: |
| o | 3Q24: Revenue increased by high-single digits with high-single digit revenue per hl growth, driven by pricing actions and other revenue management initiatives. Beer volumes were flattish while total volumes declined by low-single digits, as industry service levels were impacted by a week-long national trucking strike in September. EBITDA grew by low twenties with margin expansion. |
| o | 9M24: Revenue grew by low-teens with high-single digit revenue per hl growth. Volumes increased by low-single digits. EBITDA grew by high-teens with margin expansion. |
| ● | Commercial highlights: The beer category remained resilient this quarter with our portfolio continuing to gain share of total alcohol. Our performance was driven by our premium and super premium brands which delivered high-teens volume growth, led by Corona and Stella Artois. Our core beer portfolio continued to grow, delivering a low-single digit revenue increase. |
| ab-inbev.com | Press release – 31 October 2024 – 6 | |||
Brazil: Double-digit bottom-line growth with margin expansion
| ● | Operating performance: |
| o | 3Q24: Revenue grew by 5.2% with revenue per hl growth of 3.8% driven by premiumization and revenue management initiatives. Total volumes grew by 1.3%, with beer volumes increasing by 0.6%. Non-beer volumes increased by 3.4%. EBITDA increased by 10.9% with margin expansion of 174bps. |
| o | 9M24: Total volumes grew by 3.2% with beer volumes up by 2.3% and non-beer volumes up by 5.8%. Revenue grew by 6.3% with a revenue per hl increase of 2.9%. EBITDA grew by 17.6% with 309bps of margin expansion. |
| ● | Commercial highlights: Our premium and super premium beer brands continued to lead our growth this quarter, delivering low twenties volume growth, led by Corona, Spaten and Original. Within the core beer segment, Brahma’s momentum continued, delivering a high-single digit volume increase. Non-beer performance was led by our low- and no-sugar portfolio, which grew volumes in the low twenties. We continued to progress our digital initiatives, with BEES Marketplace growing GMV by 43% versus 3Q23, and our digital DTC platform, Zé Delivery, generating over 16 million orders in 3Q24, an 8% increase versus 3Q23. |
Europe: Continued premiumization with margin recovery
| ● | Operating performance: |
| o | 3Q24: Revenue was flattish with slight revenue per hl growth driven by continued premiumization. Volume declined by low-single digits, outperforming a soft industry in a majority of our key markets according to our estimates. EBITDA grew by low-single digits with margin recovery. |
| o | 9M24: Volume grew by low-single digits, outperforming the industry in a majority of our key markets according to our estimates. Both revenue and revenue per hl increased by low-single digits. EBITDA grew by low-teens with margin recovery driven by top-line growth and cost efficiencies. |
| ● | Commercial highlights: We continued to premiumize our portfolio in Europe, with our premium and super premium portfolio making up approximately 57% of our revenue in 3Q24. Our performance this quarter was driven by our megabrands, led by Corona which delivered another quarter of double-digit volume growth. In the no-alcohol beer segment, Corona Cero, the official beer partner of the Olympic Games, delivered triple digit volume growth. |
South Africa: Continued momentum delivered double digit top- and bottom-line growth with margin expansion
| ● | Operating performance: |
| o | 3Q24: Revenue increased by low-teens, with low-single digit volume growth and a revenue per hl increase of high-single digits, driven by revenue management initiatives and continued premiumization. EBITDA grew by mid-teens with margin expansion. |
| o | 9M24: Revenue grew by low-teens with high-single digit revenue per hl growth and a mid-single digit increase in volume, estimated to have outperformed the industry in both beer and Beyond Beer. EBITDA increased by low twenties with margin expansion. |
| ab-inbev.com | Press release – 31 October 2024 – 7 | |||
| ● | Commercial highlights: The momentum of our business continued with both our premium beer and Beyond Beer portfolios estimated to have gained share of their respective segments. Our performance was led by our above core beer brands, which grew volumes by high-teens driven by Corona and Stella Artois. In Beyond Beer, our portfolio grew volumes by high-single digits driven by Flying Fish. |
China: Revenue declined by double-digits, impacted by soft industry
| ● | Operating performance: |
| o | 3Q24: Top-line performance was impacted by a soft industry, particularly from continued weakness in the on-premise channel. Revenue declined by 16.1% with volumes declining by 14.2% and revenue per hl decreasing by 2.2%. EBITDA declined by 20.1% with margin contraction of approximately 175bps. |
| o | 9M24: Revenue declined by 11.7% with revenue per hl declining by 1.2% and volumes decreasing by 10.6%. EBITDA declined by 12.2% with margin contraction of 26bps. |
| ● | Commercial highlights: We continued to invest behind our commercial strategy, focused on premiumization, channel and geographic expansion, and digital transformation, even in the context of a soft industry. We believe we are well positioned to lead the premiumization of the beer category with our premium and super premium portfolio contributing approximately two-thirds of our revenue in 9M24. The brand power of our portfolio combined with the long-term growth potential from geographic expansion and industry premiumization remains a compelling value creation opportunity. The roll out and adoption of the BEES platform continued, as of September 2024, BEES is present in 306 cities with approximately 70% of our revenue generated through digital channels. |
| ab-inbev.com | Press release – 31 October 2024 – 8 | |||
Highlights from our other markets
| ● | Canada: Revenue was flattish this quarter with revenue per hl growth of low-single digits, driven by revenue management initiatives and continued premiumization. Volumes declined by low-single digits, with beer volumes estimated to be in-line with the industry. Our portfolio has momentum, with four of our beer brands in the top five fastest growing in the country this quarter, led by Michelob Ultra which was number one. |
| ● | Peru: Revenue grew by low-single digits this quarter with revenue per hl growth of high-single digits, driven by revenue management initiatives. Volumes declined by mid-single digits, outperforming a soft industry according to our estimates, which was negatively impacted by adverse weather. |
| ● | Ecuador: Revenue decreased by high-single digits in 3Q24 with volumes declining by high-single digits, estimated to be in line with a soft industry, which was negatively impacted by rolling blackouts and lower consumer confidence. |
| ● | Argentina: Volumes declined by mid-teens in 3Q24 as overall consumer demand was impacted by inflationary pressures. For FY24, the definition of organic revenue growth in Argentina has been amended to cap the price growth to a maximum of 2% per month. Revenue grew by high-single digits on this basis. |
| ● | Africa excluding South Africa: In Nigeria, our total volumes grew by high-single digits this quarter, cycling a soft industry in 3Q23. Revenue grew by strong double-digits, driven by revenue management initiatives in a highly inflationary environment. In our other markets in Africa, we grew volume in aggregate by high-single digits in 3Q24, driven by Tanzania, Mozambique, Zambia and Ghana. |
| ● | South Korea: Revenue increased by high-teens in 3Q24 with revenue per hl growth of low-teens, driven by revenue management initiatives and positive brand and packaging mix. Volumes grew by mid-single digits, outperforming the industry in both the on-premise and in-home channels, with performance led by our megabrand Cass. |
| ab-inbev.com | Press release – 31 October 2024 – 9 | |||
Consolidated Income Statement
| Figure 3. Consolidated income statement (million USD) |
| |||||||||||
| 3Q23 | 3Q24 | Organic growth |
||||||||||
| Revenue |
15 574 | 15 046 | 2.1 | % | ||||||||
| Cost of sales |
-7 180 | -6 680 | 2.0 | % | ||||||||
| Gross profit |
8 394 | 8 366 | 5.6 | % | ||||||||
| SG&A |
-4 583 | -4 490 | -2.7 | % | ||||||||
| Other operating income/(expenses) |
217 | 215 | 5.6 | % | ||||||||
| Normalized profit from operations (normalized EBIT) |
4 027 | 4 091 | 8.9 | % | ||||||||
| Non-underlying items above EBIT (incl. impairment losses) |
-352 | -125 | ||||||||||
| Net finance income/(cost) |
-1 223 | -1 043 | ||||||||||
| Non-underlying net finance income/(cost) |
84 | 236 | ||||||||||
| Share of results of associates |
95 | 89 | ||||||||||
| Income tax expense |
-666 | -758 | ||||||||||
| Profit |
1 966 | 2 489 | ||||||||||
| Profit attributable to non-controlling interest |
494 | 418 | ||||||||||
| Profit attributable to equity holders of AB InBev |
1 472 | 2 071 | ||||||||||
| Normalized EBITDA |
5 431 | 5 424 | 7.1 | % | ||||||||
| Underlying profit attributable to equity holders of AB InBev |
1 735 | 1 971 | ||||||||||
| 9M23 | 9M24 | Organic growth |
||||||||||
| Revenue |
44 907 | 44 927 | 2.5 | % | ||||||||
| Cost of sales |
-20 717 | -20 100 | 0.6 | % | ||||||||
| Gross profit |
24 190 | 24 827 | 5.1 | % | ||||||||
| SG&A |
-13 635 | -13 738 | -2.2 | % | ||||||||
| Other operating income/(expenses) |
544 | 548 | 0.4 | % | ||||||||
| Normalized profit from operations (normalized EBIT) |
11 099 | 11 638 | 8.6 | % | ||||||||
| Non-underlying items above EBIT (incl. impairment losses) |
-458 | -244 | ||||||||||
| Net finance income/(cost) |
-3 743 | -3 400 | ||||||||||
| Non-underlying net finance income/(cost) |
-619 | -294 | ||||||||||
| Share of results of associates |
201 | 226 | ||||||||||
| Non-underlying share of results of associates |
– | 104 | ||||||||||
| Income tax expense |
-1 858 | -2 304 | ||||||||||
| Profit |
4 621 | 5 725 | ||||||||||
| Profit attributable to non-controlling interest |
1 171 | 1 090 | ||||||||||
| Profit attributable to equity holders of AB InBev |
3 450 | 4 635 | ||||||||||
| Normalized EBITDA |
15 099 | 15 712 | 7.6 | % | ||||||||
| Underlying profit attributable to equity holders of AB InBev |
4 497 | 5 291 | ||||||||||
| ab-inbev.com | Press release – 31 October 2024 – 10 | |||
Non-underlying items above EBIT & Non-underlying share of results of associates
| Figure 4. Non-underlying items above EBIT & Non-underlying share of results of associates (million USD) |
| |||||||||||||||
| 3Q23 | 3Q24 | 9M23 | 9M24 | |||||||||||||
| Restructuring |
-28 | -38 | -78 | -97 | ||||||||||||
| Business and asset disposal (incl. impairment losses) |
-324 | -87 | -361 | -147 | ||||||||||||
| Claims and legal costs |
- | - | -19 | – | ||||||||||||
| Non-underlying items in EBIT |
-352 | -125 | -458 | -244 | ||||||||||||
| Non-underlying share of results of associates |
- | - | - | 104 | ||||||||||||
Non-underlying share of results from associates of 9M24 includes the impact from our associate Anadolu Efes’ adoption of IAS 29 hyperinflation accounting on their 2023 results.
Net finance income/(cost)
| Figure 5. Net finance income/(cost) (million USD) |
| |||||||||||||||
| 3Q23 | 3Q24 | 9M23 | 9M24 | |||||||||||||
| Net interest expense |
-789 | -719 | -2 419 | -2 179 | ||||||||||||
| Net interest on net defined benefit liabilities |
-22 | -22 | -64 | -67 | ||||||||||||
| Accretion expense |
-194 | -163 | -579 | -545 | ||||||||||||
| Net interest income on Brazilian tax credits |
29 | 34 | 107 | 95 | ||||||||||||
| Other financial results |
-247 | -173 | -787 | -704 | ||||||||||||
| Net finance income/(cost) |
-1 223 | -1 043 | -3 743 | -3 400 | ||||||||||||
Non-underlying net finance income/(cost)
| Figure 6. Non-underlying net finance income/(cost) (million USD) |
| |||||||||||||||
| 3Q23 | 3Q24 | 9M23 | 9M24 | |||||||||||||
|
Mark-to-market |
84 | 236 | -619 | -271 | ||||||||||||
| Gain/(loss) on bond redemption and other |
- | - | - | -23 | ||||||||||||
| Non-underlying net finance income/(cost) |
84 | 236 | -619 | -294 | ||||||||||||
Non-underlying net finance cost in 9M24 includes mark-to-market losses on derivative instruments entered into in order to hedge our share-based payment programs and shares issued in relation to the combination with Grupo Modelo and SAB.
The number of shares covered by the hedging of our share-based payment program, the deferred share instrument and the restricted shares are shown in figure 7, together with the opening and closing share prices.
| Figure 7. Non-underlying equity derivative instruments |
| |||||||||||||||
| 3Q23 | 3Q24 | 9M23 | 9M24 | |||||||||||||
| Share price at the start of the period (Euro) |
51.83 | 54.12 | 56.27 | 58.42 | ||||||||||||
| Share price at the end of the period (Euro) |
52.51 | 59.38 | 52.51 | 59.38 | ||||||||||||
| Number of equity derivative instruments at the end of the period (millions) |
100.5 | 100.5 | 100.5 | 100.5 | ||||||||||||
| ab-inbev.com | Press release – 31 October 2024 – 11 | |||
Income tax expense
| Figure 8. Income tax expense (million USD) |
| |||||||||||||||
| 3Q23 | 3Q24 | 9M23 | 9M24 | |||||||||||||
| Income tax expense |
666 | 758 | 1 858 | 2 304 | ||||||||||||
| Effective tax rate |
26.3% | 24.0% | 29.6% | 29.9% | ||||||||||||
| Normalized effective tax rate |
25.2% | 25.5% | 26.5% | 26.6% | ||||||||||||
The 3Q23 and 3Q24 effective tax rates were positively impacted by non-taxable gains from derivatives related to the hedging of share-based payment programs and of the shares issued in a transaction related to the combination with Grupo Modelo and SAB.
Furthermore, the 9M24 effective tax rate includes 114 million USD of non-underlying tax expenses, reflecting mainly the impact of a 240 million USD (4.5 billion ZAR) non-underlying tax cost following the resolution of the South African tax matters as described in note 21 Contingencies of the HY24 Unaudited Interim Report and the release of tax provisions.
| Figure 9. Underlying Profit attributable to equity holders of AB InBev (million USD) |
| |||||||||||||||
| 3Q23 | 3Q24 | 9M23 | 9M24 | |||||||||||||
| Profit attributable to equity holders of AB InBev |
1 472 | 2 071 | 3 450 | 4 635 | ||||||||||||
| Net impact of non-underlying items on profit |
224 | -133 | 973 | 542 | ||||||||||||
| Hyperinflation impacts in underlying profit |
39 | 33 | 74 | 114 | ||||||||||||
| Underlying profit attributable to equity holders of AB InBev |
1 735 | 1 971 | 4 497 | 5 291 | ||||||||||||
Basic and underlying EPS
| Figure 10. Earnings per share (USD) |
| |||||||||||||||
| 3Q23 | 3Q24 | 9M23 | 9M24 | |||||||||||||
| Basic EPS |
0.73 | 1.03 | 1.71 | 2.31 | ||||||||||||
| Net impact of non-underlying items on profit |
0.11 | -0.07 | 0.48 | 0.27 | ||||||||||||
| Hyperinflation impacts in EPS |
0.02 | 0.02 | 0.04 | 0.06 | ||||||||||||
| Underlying EPS |
0.86 | 0.98 | 2.23 | 2.64 | ||||||||||||
| Weighted average number of ordinary and restricted shares (million) |
2 016 | 2 004 | 2 016 | 2 004 | ||||||||||||
| Figure 11. Key components - Underlying EPS in USD |
| |||||||||||||||
| 3Q23 | 3Q24 | 9M23 | 9M24 | |||||||||||||
| Normalized EBIT before hyperinflation |
2.02 | 2.06 | 5.56 | 5.84 | ||||||||||||
| Hyperinflation impacts in normalized EBIT |
-0.03 | -0.02 | -0.06 | -0.04 | ||||||||||||
| Normalized EBIT |
2.00 | 2.04 | 5.51 | 5.81 | ||||||||||||
| Net finance cost |
-0.61 | -0.52 | -1.86 | -1.70 | ||||||||||||
| Income tax expense |
-0.35 | -0.39 | -0.97 | -1.09 | ||||||||||||
| Associates & non-controlling interest |
-0.20 | -0.17 | -0.49 | -0.43 | ||||||||||||
| Hyperinflation impacts in EPS |
0.02 | 0.02 | 0.04 | 0.06 | ||||||||||||
| Underlying EPS |
0.86 | 0.98 | 2.23 | 2.64 | ||||||||||||
| Weighted average number of ordinary and restricted shares (million) |
2 016 | 2 004 | 2 016 | 2 004 | ||||||||||||
| ab-inbev.com | Press release – 31 October 2024 – 12 | |||
Reconciliation between normalized EBITDA and profit attributable to equity holders
| Figure 12. Reconciliation of normalized EBITDA to profit attributable to equity holders of AB InBev (million USD) |
| |||||||||||||||
| 3Q23 | 3Q24 | 9M23 | 9M24 | |||||||||||||
| Profit attributable to equity holders of AB InBev |
1 472 | 2 071 | 3 450 | 4 635 | ||||||||||||
| Non-controlling interests |
494 | 418 | 1 171 | 1 090 | ||||||||||||
| Profit |
1 966 | 2 489 | 4 621 | 5 725 | ||||||||||||
| Income tax expense |
666 | 758 | 1 858 | 2 304 | ||||||||||||
| Share of result of associates |
-95 | -89 | -201 | -226 | ||||||||||||
| Non-underlying share of results of associates |
- | - | - | -104 | ||||||||||||
| Net finance (income)/cost |
1 223 | 1 043 | 3 743 | 3 400 | ||||||||||||
| Non-underlying net finance (income)/cost |
-84 | -236 | 619 | 294 | ||||||||||||
| Non-underlying items above EBIT (incl. impairment losses) |
352 | 125 | 458 | 244 | ||||||||||||
| Normalized EBIT |
4 027 | 4 091 | 11 099 | 11 638 | ||||||||||||
| Depreciation, amortization and impairment |
1 403 | 1 333 | 3 999 | 4 074 | ||||||||||||
| Normalized EBITDA |
5 431 | 5 424 | 15 099 | 15 712 | ||||||||||||
Normalized EBITDA and normalized EBIT are measures utilized by AB InBev to demonstrate the company’s underlying performance.
Normalized EBITDA is calculated excluding the following effects from profit attributable to equity holders of AB InBev: (i) non-controlling interest; (ii) income tax expense; (iii) share of results of associates; (iv) non-underlying share of results of associates; (v) net finance income or cost; (vi) non-underlying net finance income or cost; (vii) non-underlying items above EBIT; and (viii) depreciation, amortization and impairment.
Normalized EBITDA and normalized EBIT are not accounting measures under IFRS and should not be considered as an alternative to profit attributable to equity holders as a measure of operational performance, or an alternative to cash flow as a measure of liquidity. Normalized EBITDA and normalized EBIT do not have a standard calculation method and AB InBev’s definition of normalized EBITDA and normalized EBIT may not be comparable to that of other companies.
| ab-inbev.com | Press release – 31 October 2024 – 13 | |||
Recent Events
Announcement of 2 Billion USD share buyback program to be executed within the next 12 months
On 30 October 2024, the AB InBev Board of Directors approved a 2 billion USD share buyback program to be executed within the next 12 months. Based on the closing price of AB InBev’s ordinary shares on the Euronext Brussels on 30 October, this amount represented approximately 31.7 million shares. Such number of shares will fluctuate depending on share price movements. The share buyback program will be implemented in accordance with industry best practices and in compliance with the applicable buyback rules and regulations. To this end, an independent financial intermediary will be appointed to repurchase on the basis of a discretionary mandate. The precise timing of the repurchase of shares pursuant to the program will depend on a variety of factors including market conditions. During the share buyback program, the company will regularly publish press releases with updates on the progress made (if any) as required by law. This information will also be available on the investor relations pages of our website under the return of capital program section (https://www.ab-inbev.com/investors/share-information/return-of-capital-program ). Our current intention is to hold the shares acquired as treasury shares to fulfil future share delivery commitments under the stock ownership plans. The program will be executed under the powers granted at the General Meeting of Shareholders on 28 April 2021.
| ab-inbev.com | Press release – 31 October 2024 – 14 | |||
Notes
To facilitate the understanding of AB InBev’s underlying performance, the analyses of growth, including all comments in this press release, unless otherwise indicated, are based on organic growth and normalized numbers. In other words, financials are analyzed eliminating the impact of changes in currencies on translation of foreign operations, and scope changes. For FY24, the definition of organic revenue growth has been amended to cap the price growth in Argentina to a maximum of 2% per month (26.8% year-over-year). Corresponding adjustments are made to all income statement related items in the organic growth calculations through scope changes. Scope changes also represent the impact of acquisitions and divestitures, the start or termination of activities or the transfer of activities between segments, curtailment gains and losses and year over year changes in accounting estimates and other assumptions that management does not consider as part of the underlying performance of the business. The organic growth of our global brands, Budweiser, Stella Artois, Corona and Michelob Ultra, excludes exports to Australia for which a perpetual license was granted to a third party upon disposal of the Australia operations in 2020. All references per hectoliter (per hl) exclude US non-beer activities. Whenever presented in this document, all performance measures (EBITDA, EBIT, profit, tax rate, EPS) are presented on a “normalized” basis, which means they are presented before non-underlying items. Non-underlying items are either income or expenses which do not occur regularly as part of the normal activities of the Company. They are presented separately because they are important for the understanding of the underlying sustainable performance of the Company due to their size or nature. Normalized measures are additional measures used by management and should not replace the measures determined in accordance with IFRS as an indicator of the Company’s performance. We are reporting the results from Argentina applying hyperinflation accounting since 3Q18. The IFRS rules (IAS 29) require us to restate the year-to-date results for the change in the general purchasing power of the local currency, using official indices before converting the local amounts at the closing rate of the period. In 9M24, we reported a negative impact from hyperinflation accounting on the profit attributable to equity holders of AB InBev of 114 million USD. The impact in 9M24 Basic EPS was -0.06 USD. Values in the figures and annexes may not add up, due to rounding. 3Q24 and 9M24 EPS is based upon a weighted average of 2 004 million shares compared to a weighted average of 2 016 million shares for 3Q23 and 9M23.
Legal disclaimer
This release contains “forward-looking statements”. These statements are based on the current expectations and views of future events and developments of the management of AB InBev and are naturally subject to uncertainty and changes in circumstances. The forward-looking statements contained in this release include statements other than historical facts and include statements typically containing words such as “will”, “may”, “should”, “believe”, “intends”, “expects”, “anticipates”, “targets”, “estimates”, “likely”, “foresees” and words of similar import. All statements other than statements of historical facts are forward-looking statements. You should not place undue reliance on these forward-looking statements, which reflect the current views of the management of AB InBev, are subject to numerous risks and uncertainties about AB InBev and are dependent on many factors, some of which are outside of AB InBev’s control. There are important factors, risks and uncertainties that could cause actual outcomes and results to be materially different, including, but not limited to the risks and uncertainties relating to AB InBev that are described under Item 3.D of AB InBev’s Annual Report on Form 20-F filed with the SEC on 11 March 2024. Many of these risks and uncertainties are, and will be, exacerbated by any further worsening of the global business and economic environment, including as a result of the ongoing conflict in Russia and Ukraine and in the Middle East, including the conflict in the Red Sea. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. The forward-looking statements should be read in conjunction with the other cautionary statements that are included elsewhere, including AB InBev’s most recent Form 20-F and other reports furnished on Form 6-K, and any other documents that AB InBev has made public. Any forward-looking statements made in this communication are qualified in their entirety by these cautionary statements and there can be no assurance that the actual results or developments anticipated by AB InBev will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, AB InBev or its business or operations. Except as required by law, AB InBev undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The third quarter 2024 (3Q24) and nine months 2024 (9M24) financial data set out in Figure 1 (except for the volume information), Figures 3 to 5, 6, 8, 9 and 12 of this press release have been extracted from the group’s unaudited condensed consolidated interim financial statements as of and for the nine months ended 30 September 2024, which have been reviewed by our statutory auditors PwC Réviseurs d’Entreprises SRL / PwC Bedrijfsrevisoren BV in accordance with the standards of the Public Company Accounting Oversight Board (United States). Financial data included in Figures 7, 10, and 11 have been extracted from the underlying accounting records as of and for the nine months ended 30 September 2024 (except for the volume information). References in this document to materials on our websites, such as www.ab-inbev.com, are included as an aid to their location and are not incorporated by reference into this document.
| ab-inbev.com | Press release – 31 October 2024 – 15 | |||
Conference call and webcast
Investor Conference call and webcast on Thursday, 31 October 2024:
2.00pm Brussels / 1.00pm London / 9.00am New York
Registration details:
Webcast (listen-only mode):
AB InBev 3Q24 Results Webcast
To join by phone, please use one of the following two phone numbers:
Toll-Free: +1-877-407-8029
Toll: +1-201-689-8029
| 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 |
||
About AB InBev
Anheuser-Busch InBev (AB 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). As a company, we dream big to create a future with more cheers. We are always looking to serve up new ways to meet life’s moments, move our industry forward and make a meaningful impact in the world. We are committed to building great brands that stand the test of time and to brewing the best beers using the finest ingredients. Our diverse portfolio of well over 500 beer brands includes global brands Budweiser®, Corona®, Stella Artois® and Michelob Ultra®; multi-country brands Beck’s®, Hoegaarden® and Leffe®; and local champions such as Aguila®, Antarctica®, Bud Light®, Brahma®, Cass®, Castle®, Castle Lite®, Cristal®, Harbin®, Jupiler®, Modelo Especial®, Quilmes®, Victoria®, Sedrin®, and Skol®. Our brewing heritage dates back more than 600 years, spanning continents and generations. From our European roots at the Den Hoorn brewery in Leuven, Belgium. To the pioneering spirit of the Anheuser & Co brewery in St. Louis, US. To the creation of the Castle Brewery in South Africa during the Johannesburg gold rush. To Bohemia, the first brewery in Brazil. Geographically diversified with a balanced exposure to developed and developing markets, we leverage the collective strengths of approximately 155,000 colleagues based in nearly 50 countries worldwide. For 2023, AB InBev’s reported revenue was 59.4 billion USD (excluding JVs and associates).
| ab-inbev.com | Press release – 31 October 2024 – 16 | |||
Annex 1: Segment reporting (3Q)
| AB InBev Worldwide | 3Q23 | Scope | Currency Translation |
Organic Growth |
3Q24 | Organic Growth | ||||||||||||||||||
| Total volumes (thousand hls) |
151 891 | -163 | - | -3 688 | 148 039 | -2.4% | ||||||||||||||||||
| of which AB InBev own beer |
132 325 | -159 | - | -4 041 | 128 124 | -3.1% | ||||||||||||||||||
| Revenue |
15 574 | 76 | -931 | 327 | 15 046 | 2.1% | ||||||||||||||||||
| Cost of sales |
-7 180 | -171 | 531 | 139 | -6 680 | 2.0% | ||||||||||||||||||
| Gross profit |
8 394 | -95 | -399 | 467 | 8 366 | 5.6% | ||||||||||||||||||
| SG&A |
-4 583 | -45 | 262 | -123 | -4 490 | -2.7% | ||||||||||||||||||
| Other operating income/(expenses) |
217 | 10 | -23 | 11 | 215 | 5.6% | ||||||||||||||||||
| Normalized EBIT |
4 027 | -131 | -161 | 355 | 4 091 | 8.9% | ||||||||||||||||||
| Normalized EBITDA |
5 431 | -135 | -254 | 382 | 5 424 | 7.1% | ||||||||||||||||||
| Normalized EBITDA margin |
34.9% | 36.0% | 169bps | |||||||||||||||||||||
| North America | 3Q23 | Scope | Currency Translation |
Organic Growth |
3Q24 | Organic Growth | ||||||||||||||||||
| Total volumes (thousand hls) |
23 007 | -159 | - | -83 | 22 764 | -0.4% | ||||||||||||||||||
| Revenue |
3 863 | -40 | -13 | 58 | 3 867 | 1.5% | ||||||||||||||||||
| Cost of sales |
-1 656 | 23 | 5 | 26 | -1 602 | 1.6% | ||||||||||||||||||
| Gross profit |
2 207 | -17 | -9 | 84 | 2 265 | 3.8% | ||||||||||||||||||
| SG&A |
-1 168 | -10 | 5 | 79 | -1 094 | 6.9% | ||||||||||||||||||
| Other operating income/(expenses) |
-2 | - | - | 9 | 8 | - | ||||||||||||||||||
| Normalized EBIT |
1 038 | -27 | -4 | 172 | 1 179 | 16.5% | ||||||||||||||||||
| Normalized EBITDA |
1 231 | -28 | -4 | 160 | 1 358 | 12.9% | ||||||||||||||||||
| Normalized EBITDA margin |
31.9% | 35.1% | 363bps | |||||||||||||||||||||
| Middle Americas | 3Q23 | Scope | Currency Translation |
Organic Growth |
3Q24 | Organic Growth | ||||||||||||||||||
| Total volumes (thousand hls) |
37 931 | -4 | - | -819 | 37 107 | -2.2% | ||||||||||||||||||
| Revenue |
4 338 | -31 | -287 | 83 | 4 103 | 1.9% | ||||||||||||||||||
| Cost of sales |
-1 722 | 13 | 104 | 142 | -1 462 | 8.3% | ||||||||||||||||||
| Gross profit |
2 617 | -18 | -183 | 226 | 2 641 | 8.7% | ||||||||||||||||||
| SG&A |
-995 | 12 | 74 | -27 | -937 | -2.8% | ||||||||||||||||||
| Other operating income/(expenses) |
16 | -13 | -1 | 1 | 3 | - | ||||||||||||||||||
| Normalized EBIT |
1 637 | -19 | -110 | 199 | 1 707 | 12.1% | ||||||||||||||||||
| Normalized EBITDA |
2 051 | -35 | -139 | 190 | 2 068 | 9.3% | ||||||||||||||||||
| Normalized EBITDA margin |
47.3% | 50.4% | 343bps | |||||||||||||||||||||
| South America | 3Q23 | Scope | Currency Translation |
Organic Growth |
3Q24 | Organic Growth | ||||||||||||||||||
| Total volumes (thousand hls) |
39 733 | - | - | -231 | 39 502 | -0.6% | ||||||||||||||||||
| Revenue |
3 106 | 167 | -516 | 175 | 2 932 | 5.6% | ||||||||||||||||||
| Cost of sales |
-1 586 | -213 | 346 | -49 | -1 502 | -3.1% | ||||||||||||||||||
| Gross profit |
1 521 | -46 | -170 | 126 | 1 430 | 8.2% | ||||||||||||||||||
| SG&A |
-882 | -116 | 157 | -30 | -870 | -3.3% | ||||||||||||||||||
| Other operating income/(expenses) |
105 | 20 | -23 | 2 | 104 | 2.2% | ||||||||||||||||||
| Normalized EBIT |
744 | -142 | -36 | 98 | 664 | 13.4% | ||||||||||||||||||
| Normalized EBITDA |
1 013 | -127 | -86 | 108 | 908 | 10.7% | ||||||||||||||||||
| Normalized EBITDA margin |
32.6% | 31.0% | 156bps | |||||||||||||||||||||
| ab-inbev.com | Press release – 31 October 2024 – 17 | |||
| EMEA | 3Q23 | Scope | Currency Translation |
Organic Growth |
3Q24 | Organic Growth | ||||||||||||||||||
| Total volumes (thousand hls) |
23 407 | - | - | 632 | 24 039 | 2.7% | ||||||||||||||||||
| Revenue |
2 266 | 4 | -106 | 187 | 2 351 | 8.2% | ||||||||||||||||||
| Cost of sales |
-1 181 | -3 | 74 | -77 | -1 188 | -6.5% | ||||||||||||||||||
| Gross profit |
1 085 | - | -32 | 110 | 1 163 | 10.1% | ||||||||||||||||||
| SG&A |
-652 | -27 | 18 | -28 | -689 | -4.3% | ||||||||||||||||||
| Other operating income/(expenses) |
62 | 1 | -1 | -15 | 47 | -24.5% | ||||||||||||||||||
| Normalized EBIT |
496 | -26 | -15 | 67 | 521 | 13.3% | ||||||||||||||||||
| Normalized EBITDA |
752 | -26 | -28 | 82 | 780 | 10.8% | ||||||||||||||||||
| Normalized EBITDA margin |
33.2% | 33.2% | 80bps | |||||||||||||||||||||
| Asia Pacific | 3Q23 | Scope | Currency Translation |
Organic Growth |
3Q24 | Organic Growth | ||||||||||||||||||
| Total volumes (thousand hls) |
27 672 | - | - | -3 158 | 24 514 | -11.4% | ||||||||||||||||||
| Revenue |
1 878 | -1 | -8 | -178 | 1 691 | -9.5% | ||||||||||||||||||
| Cost of sales |
-886 | -7 | 3 | 93 | -797 | 10.4% | ||||||||||||||||||
| Gross profit |
993 | -8 | -5 | -86 | 894 | -8.7% | ||||||||||||||||||
| SG&A |
-567 | -18 | 5 | - | -580 | -0.1% | ||||||||||||||||||
| Other operating income/(expenses) |
34 | 1 | - | -9 | 27 | -26.3% | ||||||||||||||||||
| Normalized EBIT |
460 | -25 | 1 | -96 | 340 | -20.8% | ||||||||||||||||||
| Normalized EBITDA |
625 | -27 | 1 | -95 | 503 | -15.3% | ||||||||||||||||||
| Normalized EBITDA margin |
33.3% | 29.8% | -213bps | |||||||||||||||||||||
| Global Export and Holding Companies | 3Q23 | Scope | Currency Translation |
Organic Growth |
3Q24 | Organic Growth | ||||||||||||||||||
| Total volumes (thousand hls) |
141 | - | - | -29 | 112 | -20.5% | ||||||||||||||||||
| Revenue |
122 | -22 | -1 | 2 | 102 | 2.3% | ||||||||||||||||||
| Cost of sales |
-151 | 16 | - | 5 | -129 | 3.9% | ||||||||||||||||||
| Gross profit |
-28 | -6 | -1 | 8 | -27 | 22.1% | ||||||||||||||||||
| SG&A |
-320 | 114 | 3 | -117 | -320 | -33.6% | ||||||||||||||||||
| Other operating income/(expenses) |
1 | - | 1 | 24 | 26 | - | ||||||||||||||||||
| Normalized EBIT |
-347 | 108 | 3 | -85 | -321 | -22.3% | ||||||||||||||||||
| Normalized EBITDA |
-240 | 107 | 3 | -63 | -194 | -22.6% | ||||||||||||||||||
| ab-inbev.com | Press release – 31 October 2024 – 18 | |||
Annex 2: Segment reporting (9M)
| AB InBev Worldwide | 9M23 | Scope | Currency Translation |
Organic Growth |
9M24 | Organic Growth | ||||||||||||||||||
| Total volumes (thousand hls) |
440 021 | -484 | - | -5 661 | 433 877 | -1.3% | ||||||||||||||||||
| of which AB InBev own beer |
382 135 | -463 | - | -7 233 | 374 438 | -1.9% | ||||||||||||||||||
| Revenue |
44 907 | 1 807 | -2 900 | 1 113 | 44 927 | 2.5% | ||||||||||||||||||
| Cost of sales |
-20 717 | -1 190 | 1 679 | 128 | -20 100 | 0.6% | ||||||||||||||||||
| Gross profit |
24 190 | 617 | -1 221 | 1 241 | 24 827 | 5.1% | ||||||||||||||||||
| SG&A |
-13 635 | -717 | 908 | -293 | -13 738 | -2.2% | ||||||||||||||||||
| Other operating income/(expenses) |
544 | 20 | -18 | 2 | 548 | 0.4% | ||||||||||||||||||
| Normalized EBIT |
11 099 | -80 | -331 | 950 | 11 638 | 8.6% | ||||||||||||||||||
| Normalized EBITDA |
15 099 | 83 | -606 | 1 136 | 15 712 | 7.6% | ||||||||||||||||||
| Normalized EBITDA margin |
33.6% | 35.0% | 166bps | |||||||||||||||||||||
| North America | 9M23 | Scope | Currency Translation |
Organic Growth |
9M24 | Organic Growth | ||||||||||||||||||
| Total volumes (thousand hls) |
70 401 | -470 | - | -3 175 | 66 756 | -4.5% | ||||||||||||||||||
| Revenue |
11 789 | -115 | -12 | -338 | 11 324 | -2.9% | ||||||||||||||||||
| Cost of sales |
-5 076 | 66 | 4 | 254 | -4 752 | 5.1% | ||||||||||||||||||
| Gross profit |
6 713 | -49 | -8 | -85 | 6 572 | -1.3% | ||||||||||||||||||
| SG&A |
-3 521 | 11 | 4 | 226 | -3 280 | 6.5% | ||||||||||||||||||
| Other operating income/(expenses) |
16 | - | - | -17 | -1 | - | ||||||||||||||||||
| Normalized EBIT |
3 209 | -38 | -3 | 124 | 3 291 | 3.9% | ||||||||||||||||||
| Normalized EBITDA |
3 769 | -42 | -4 | 98 | 3 822 | 2.6% | ||||||||||||||||||
| Normalized EBITDA margin |
32.0% | 33.8% | 183bps | |||||||||||||||||||||
| Middle Americas | 9M23 | Scope | Currency Translation |
Organic Growth |
9M24 | Organic Growth | ||||||||||||||||||
| Total volumes (thousand hls) |
110 095 | -13 | - | 1 097 | 111 179 | 1.0% | ||||||||||||||||||
| Revenue |
11 911 | -43 | 206 | 602 | 12 677 | 5.1% | ||||||||||||||||||
| Cost of sales |
-4 648 | - | -78 | 84 | -4 641 | 1.8% | ||||||||||||||||||
| Gross profit |
7 263 | -42 | 129 | 686 | 8 036 | 9.5% | ||||||||||||||||||
| SG&A |
-2 858 | 16 | -48 | -111 | -3 002 | -3.9% | ||||||||||||||||||
| Other operating income/(expenses) |
24 | - | 1 | 1 | 26 | - | ||||||||||||||||||
| Normalized EBIT |
4 429 | -27 | 82 | 576 | 5 060 | 13.0% | ||||||||||||||||||
| Normalized EBITDA |
5 545 | -34 | 97 | 564 | 6 172 | 10.2% | ||||||||||||||||||
| Normalized EBITDA margin |
46.6% | 48.7% | 227bps | |||||||||||||||||||||
| South America | 9M23 | Scope | Currency Translation |
Organic Growth |
9M24 | Organic Growth | ||||||||||||||||||
| Total volumes (thousand hls) |
115 756 | - | - | 61 | 115 818 | 0.1% | ||||||||||||||||||
| Revenue |
8 956 | 1 979 | -2 487 | 502 | 8 950 | 5.6% | ||||||||||||||||||
| Cost of sales |
-4 535 | -1 244 | 1 372 | -109 | -4 515 | -2.4% | ||||||||||||||||||
| Gross profit |
4 421 | 736 | -1 115 | 393 | 4 435 | 8.8% | ||||||||||||||||||
| SG&A |
-2 686 | -836 | 820 | -85 | -2 787 | -3.1% | ||||||||||||||||||
| Other operating income/(expenses) |
276 | 16 | -14 | 42 | 319 | 15.2% | ||||||||||||||||||
| Normalized EBIT |
2 011 | -85 | -309 | 350 | 1 967 | 17.8% | ||||||||||||||||||
| Normalized EBITDA |
2 779 | 93 | -535 | 406 | 2 742 | 14.9% | ||||||||||||||||||
| Normalized EBITDA margin |
31.0% | 30.6% | 267bps | |||||||||||||||||||||
| ab-inbev.com | Press release – 31 October 2024 – 19 | |||
| EMEA | 9M23 | Scope | Currency Translation |
Organic Growth |
9M24 | Organic Growth | ||||||||||||||||||
| Total volumes (thousand hls) |
66 249 | - | - | 2 672 | 68 921 | 4.0% | ||||||||||||||||||
| Revenue |
6 337 | 10 | -478 | 710 | 6 579 | 11.2% | ||||||||||||||||||
| Cost of sales |
-3 392 | -9 | 323 | -324 | -3 403 | -9.5% | ||||||||||||||||||
| Gross profit |
2 945 | 1 | -155 | 386 | 3 176 | 13.1% | ||||||||||||||||||
| SG&A |
-1 959 | -34 | 88 | -89 | -1 994 | -4.5% | ||||||||||||||||||
| Other operating income/(expenses) |
145 | 2 | -4 | -18 | 126 | -12.0% | ||||||||||||||||||
| Normalized EBIT |
1 131 | -31 | -71 | 279 | 1 308 | 24.7% | ||||||||||||||||||
| Normalized EBITDA |
1 894 | -31 | -123 | 330 | 2 070 | 17.4% | ||||||||||||||||||
| Normalized EBITDA margin |
29.9% | 31.5% | 167bps | |||||||||||||||||||||
| Asia Pacific | 9M23 | Scope | Currency Translation |
Organic Growth |
9M24 | Organic Growth | ||||||||||||||||||
| Total volumes (thousand hls) |
77 261 | - | - | -6 303 | 70 958 | -8.2% | ||||||||||||||||||
| Revenue |
5 557 | -2 | -131 | -349 | 5 074 | -6.3% | ||||||||||||||||||
| Cost of sales |
-2 635 | -20 | 58 | 216 | -2 381 | 8.1% | ||||||||||||||||||
| Gross profit |
2 921 | -22 | -73 | -133 | 2 694 | -4.6% | ||||||||||||||||||
| SG&A |
-1 600 | -26 | 40 | 12 | -1 575 | 0.7% | ||||||||||||||||||
| Other operating income/(expenses) |
87 | 2 | -2 | -5 | 82 | -5.6% | ||||||||||||||||||
| Normalized EBIT |
1 408 | -45 | -35 | -126 | 1 202 | -9.1% | ||||||||||||||||||
| Normalized EBITDA |
1 897 | -49 | -47 | -113 | 1 689 | -6.0% | ||||||||||||||||||
| Normalized EBITDA margin |
34.1% | 33.3% | 9bps | |||||||||||||||||||||
| Global Export and Holding Companies | 9M23 | Scope | Currency Translation |
Organic Growth |
9M24 | Organic Growth | ||||||||||||||||||
| Total volumes (thousand hls) |
259 | - | - | -14 | 244 | -5.6% | ||||||||||||||||||
| Revenue |
358 | -22 | 1 | -14 | 323 | -4.2% | ||||||||||||||||||
| Cost of sales |
-431 | 16 | - | 7 | -408 | 1.7% | ||||||||||||||||||
| Gross profit |
-73 | -6 | - | -7 | -86 | - | ||||||||||||||||||
| SG&A |
-1 012 | 152 | 5 | -246 | -1 101 | -24.5% | ||||||||||||||||||
| Other operating income/(expenses) |
-4 | - | - | -1 | -5 | -16.5% | ||||||||||||||||||
| Normalized EBIT |
-1 089 | 146 | 5 | -253 | -1 191 | -23.3% | ||||||||||||||||||
| Normalized EBITDA |
-786 | 145 | 5 | -148 | -784 | -19.0% | ||||||||||||||||||
| ab-inbev.com | Press release – 31 October 2024 – 20 | |||