Continuedglobalmomentumdeliveredall-timehighrevenueand15%UnderlyingEPSgrowthinFY24
    BRUSSELS--(BUSINESSWIRE)--Anheuser-BuschInBev(Brussel:ABI)(BMV:ANB)(JSE:ANH)(NYSE:BUD):
    Regulatedandinsideinformation1
    “Beerisapassionpointforconsumersandavibrantcategoryglobally.Thestrengthofour2024resultsisatestamenttotheconsistentexecutionofourstrategyandthehardworkanddedicationofourpeople.WedeliveredEBITDAgrowthatthetop-endofouroutlookandastepchangeinourfreecashflowgeneration.Weareinvestingforthelong-termandareconfidentinourabilitytoleadandgrowthecategory.”–MichelDoukeris,CEO,ABInBev
    TotalRevenue
    4Q+3.4%|FY+2.7%
    Revenueincreasedby3.4%in4Q24withrevenueperhlgrowthof5.5%andby2.7%inFY24withrevenueperhlgrowthof4.3%.Reportedrevenueincreasedby2.5%in4Q24andby0.7%inFY24to14841millionUSDand59768millionUSDrespectively,impactedbyunfavorablecurrencytranslation.
    TotalVolume
    4Q-1.9%|FY-1.4%
    In4Q24,totalvolumesdeclinedby1.9%,withownbeervolumesdownby2.1%andnon-beervolumesdownby1.1%.
    InFY24,totalvolumesdeclinedby1.4%withownbeervolumesdownby2.0%andnon-beervolumesupby1.5%.
    NormalizedEBITDA
    4Q+10.1%|FY+8.2%
    In4Q24,normalizedEBITDAincreasedby10.1%to5245millionUSDwithanormalizedEBITDAmarginexpansionof216bpsto35.3%.
    InFY24,normalizedEBITDAincreasedby8.2%to20958millionUSDwithanormalizedEBITDAmarginexpansionof179bpsto35.1%.
    UnderlyingProfit(millionUSD)
    4Q1770|FY7061
    UnderlyingProfit(ProfitattributabletoequityholdersofABInBevexcludingnon-underlyingitemsandtheimpactofhyperinflation)was1770millionUSDin4Q24comparedto1661millionUSDin4Q23andwas7061millionUSDinFY24comparedto6158millionUSDinFY23.ReportedprofitattributabletoequityholdersofABInBevwas1220millionUSDin4Q24and5855millionUSDinFY24versus1891millionUSDin4Q23and5341millionUSDinFY23,negativelyimpactedbynon-underlyingitems.
    UnderlyingEPS(USD)
    4Q0.88|FY3.53
    UnderlyingEPSwas0.88USDin4Q24,anincreasefrom0.82USDin4Q23andwas3.53USDinFY24,anincreasefrom3.05USDinFY23.
    NetDebttoEBITDA
    2.89x
    NetdebttonormalizedEBITDAratiowas2.89xat31December2024,comparedto3.38xat31December2023.
    CapitalAllocation
    Dividend1.00EUR
    TheABInBevBoardproposesafullyear2024dividendof1.00EURpershare,subjecttoshareholderapprovalattheAGMon30April2025.Atimelineshowingtheex-dividend,recordandpaymentdatescanbefoundonpage16.
    OutofthetwobillionUSDsharebuybackprogramannouncedon31October2024,approximately750millionUSDwascompletedasof21February2025.
    The2024FullYearFinancialReportisavailableonourwebsiteatwww.ab-inbev.com
    1TheenclosedinformationconstitutesinsideinformationasdefinedinRegulation(EU)No596/2014oftheEuropeanParliamentandoftheCouncilof16April2014onmarketabuse,andregulatedinformationasdefinedintheBelgianRoyalDecreeof14November2007regardingthedutiesofissuersoffinancialinstrumentswhichhavebeenadmittedfortradingonaregulatedmarket.Forimportantdisclaimersandnotesonthebasisofpreparation,pleaserefertopage17.
    Managementcomments
    Consistentexecutionofourstrategy
    Wemadeconsistentprogressacrossthe3pillarsofourstrategyin2024anddeliveredanotheryearofreliablecompoundinggrowth.Thecombinationofourmegabrands,megaplatformsandourfocusoninnovationtomeetconsumertrendswithbothbalancedchoicesandsuperiorvalueisawinningproposition.WhileouroverallvolumeperformancethisyearwasconstrainedbythesoftconsumerenvironmentsinChinaandArgentina,theglobalbeercategoryremainsvibrantwithourvolumesgrowinginthemajorityofourmarketsandby0.9%overallwhenexcludingthesetwocountries.
    Weadvancedourdigitaltransformation,with75%ofourrevenuenowtransactedthroughB2Bdigitalplatforms.ThemomentumofBEESmarketplaceaccelerated,withthegrossmerchandisevalue(GMV)growingby57%versusFY23toreach2.5billionUSD.
    Aswecontinuetooptimizeourbusinesswedeliveredahigh-qualitysetoffinancialresults.USDrevenuesincreasedtoanall-timehigh,EBITDAgrewatthetop-endofouroutlook,UnderlyingEPSincreasedby15.4%inUSDandfreecashflowgenerationincreasedby2.5billionUSD.WeenhancedtheefficiencyofourresourceallocationanddeliveredanimportantmilestoneinourcapitalallocationjourneywithournetdebttoEBITDAratioreaching2.89xasof31December2024,below3xforthefirsttimesince2015.
    Thebeercategoryislargeandprofitable,continuestogainshareofalcoholgloballyandourfootprinthasstructuraltailwindsforlong-termvolumegrowthwithfavorabledemographics,economicgrowthandopportunitiestoincreasecategoryparticipation.
    Continuedglobalmomentum
    Ourtop-lineincreasedby2.7%inFY24,withrevenuegrowthin75%ofourmarkets.Revenueperhlincreasedby4.3%,acceleratingsequentiallythroughtheyear,aswecontinuedtomakedisciplinedrevenuemanagementchoicesanddrivepremiumization,whileinvestinginourbrandstoprovidevaluetoourconsumers.ExcludingChinaandArgentinaourvolumesgloballygrewby0.9%butoverallperformancewassignificantlyconstrainedbythesetwocountries,resultinginatotalvolumedeclineof1.4%.
    EBITDAincreasedby8.2%withproductioncostefficienciesanddisciplinedoverheadmanagementdrivingEBITDAmarginexpansionof179bps.UnderlyingEPSwas3.53USD,a15.4%increaseversusFY23,drivenprimarilybyUSDEBITgrowthandoptimizationofournetfinancecosts.
    Progressingourstrategicpriorities
    Leadandgrowthecategory
    InFY24,weinvested7.2billionUSDinsalesandmarketingbehindourmegabrands,megaplatformsandbrandbuildingcapabilitiestoleadthelong-termgrowthoftheglobalbeercategory.ThebeerandBeyondBeercategorycontinuedtogainshareoftotalalcoholgloballywithfurthergrowthprojectedoverthenext5years,accordingtoIWSR.Weestimatethatwegainedormaintainedshareintwothirdsofourmarkets,withourmegabrands,whichrepresent57%ofourrevenue,leadingourgrowthwitha4.6%revenueincrease.
    Ourunparalleledportfolioholds20iconicbillion-dollarrevenuebeerbrandsand8outofthetop10mostvaluablebeerbrandsintheworld,withCoronaandBudweiserthe#1and#2,accordingtoKantarBrandZ.WesuccessfullyactivatedourportfolioinsomeofthelargestconsumermomentssuchastheOlympics,NBA,CopaAmerica,Lollapalooza,WimbledonandtheSuperBowl,drivinganincreaseinouroverallportfoliobrandpower.
    OurmarketingeffectivenessandcreativitywasrecognizedbyagainbeingnamedthemosteffectivemarketerintheworldbybothEffiesandtheWorldAdvertisingResearchCenterandbeingthemostawardedbeveragecompanyatthe2024CannesLionsInternationalFestivalofCreativity.
    CategoryParticipation:Investmentsinourmegabrandsandinnovationsdroveanestimatedincreaseinthepercentageofbeerconsumerspurchasingourportfoliogloballyofapproximately90basispoints.ParticipationincreasesweredrivenbyimprovementswithallconsumergroupsintheUSandwithnewlegaldrinkingageconsumers(LDA-24yearsold)in65%ofourmarkets.
    CoreSuperiority:Ourmainstreambeerportfoliorepresentedapproximately50%ofourFY24revenueanddeliveredlow-singledigitrevenuegrowth,withincreasesin60%ofourmarkets,includinghigh-singledigitgrowthinSouthAfricaandColombia.
    OccasionsDevelopment:Wecontinuetofocusoninnovatingtoexpandoccasionsandmeetconsumertrends.Ourportfolioincludesoptionsforconsumersseekingbalancedchoicessuchaslowcarb,organic,sugarfree,glutenfreeandno-alcoholbrands.Inno-alcoholbeer,ourportfoliodeliveredalow-twentiesrevenueincreaseinFY24andisestimatedtohavegainedshareglobally,ledbyCoronaCerowhichdeliveredtriple-digitvolumegrowth.Wearetheleaderinno-alcoholbeerinmanyofourkeymarkets,includingtheUS,BrazilandBelgium,andseesignificantheadroomforfuturegrowth.
    Premiumization:Wearethegloballeaderinpremiumandsuperpremiumbeer.Ourabovecorebeerportfoliorepresented35%ofourFY24revenueandgrewrevenuebylow-singledigits.Coronaledourperformance,increasingrevenuebylow-teensoutsideofMexicowithdouble-digitvolumegrowthinmorethan30markets.IntheUS,MichelobUltraledourgrowthandwasthe#1volumesharegainingbrandintheindustryin2H24.InBrazil,Budweiserwasthe#1volumesharegainingbrandintheindustrywithvolumesincreasingbynearly50%.
    BeyondBeer:InFY24,ourBeyondBeerbusinessrepresented2%ofourrevenueandgrewrevenuebylow-singledigitsledbydouble-digitgrowthinkeybrandssuchasCutwater,NütrlandBrutalFruit.
    Digitizeandmonetizeourecosystem
    WecontinuedtoprogressourdigitaltransformationbyexpandingtheavailabilityandusageofBEES,acceleratingthegrowthofBEESMarketplaceandscalingourdigitalDTCmegabrands.
    Digitizingourrelationshipswithourmorethansixmillioncustomersglobally:Asof31December2024,BEESwaslivein28markets,with75%ofourrevenuescapturedthroughB2Bdigitalplatforms.InFY24,BEEScaptured49billionUSDinGMV,growthof19%versusFY23.
    Monetizingourroute-to-market:BEESMarketplacegenerated36millionordersandcaptured2.5billionUSDinGMVfromsalesofthird-partyproductsthisyear,growthof31%and57%versusFY23respectively.
    LeadingthewayinDTCsolutions:OuromnichannelDTCecosystemofdigitalandphysicalproductsgeneratedrevenueof1.4billionUSDthisyear.OurDTCmegabrands,ZéDelivery,TaDaDeliveryandPerfectDraftareavailablein21markets,generatedover76millione-commerceordersanddelivered560millionUSDofrevenueinFY24,growthof9%versusFY23.
    Optimizeourbusiness
    Maximizingvaluecreation:Weenhancedourresourceallocationefficiencythisyear,optimizingournetcapexfrom4.5billionUSDinFY23to3.7billionUSDinFY24whilecontinuingtoinvestinourfacilities,digitaltransformationandgrowthpriorities.Increasedcapexefficiency,USDEBITDAgrowthandtheoptimizationofournetworkingcapitalandfinancecostsdrovestronggrowthinourfreecashflowgeneration,reaching11.3billionUSDinFY24,a2.5billionUSDincreaseversusFY23.
    WecontinuedtoproactivelymanageourdebtportfolioinFY24withbondrepurchasesof9billionUSDandissuancesof5billionUSDstrengtheningourdebtmaturityprofilewhilemaintainingouraveragecoupon.Wereducednetdebtby6.9billionUSDtoreach60.6billionUSD,resultinginanetdebttoEBITDAratioof2.89xasof31December2024,below3.0xforthefirsttimesince2015.
    TheABInBevBoardofDirectorshasproposedafullyeardividendof1.00EURpershare,a22%increaseversusFY23,withtheambitiontocontinueaprogressivedividendovertime.Inaddition,asof21February2025wehavecompleted750millionUSDofour2billionUSDsharebuybackprogramannouncedon31October2024.
    Advancingoursustainabilitypriorities:InFY24,wecontractedtheequivalentof100%ofourglobalpurchasedelectricityvolumefromrenewablesourceswith81.2%operational.Since2017,wereducedourabsoluteGHGemissionsacrossScopes1and2by42%andGHGemissionsintensityacrossScopes1,2and3by29.5%.Insustainableagriculture,100%ofourdirectfarmersmetourcriteriaforskilled,connectedandfinanciallyempowered.Inwaterstewardship,89%ofsitesinscopeforour2025goalarealreadyseeingimprovementinwatershedhealth.Ourwateruseefficiencyratioimprovedto2.47hlperhl,animprovementof20%versusa2017baseline.Forcircularpackaging,89.8%ofourproductswereinpackagingthatwasreturnableormadefrommajorityrecycledcontent.
    Wehavesupportedresponsibledrinkingfordecadesandhaveinvestedover1billionUSDinresponsibilityprogramsacrosstheglobesince2016.Wecontinuetopromotebeerasthebeverageformoderationandprovidechoicesforconsumers,includingnoalcoholandlowalcoholbeers.
    PleaserefertoourSustainabilityStatementsinour2024annualreporthereforfurtherdetails,includinghowourmetricsarecalculatedandtherelatedassumptions.
    Deliveringreliablecompoundinggrowth
    2024alsomarkedthreeyearssinceweintroducedour3-pillarstrategyandmedium-termgrowthambitionandreorientedthebusinesstodrivelong-termvaluecreationthroughorganicgrowth.Whiletheoperatingenvironmentoverthistimehasbeendynamic,weareencouragedwhenwelookbackandevaluatetheresilienceofourbusiness,consistencyofourperformanceandtheprogresswehavemadeintheexecutionofourstrategy.
    SinceFY21,wehaveincreasedourrevenueby5.5billionUSD,EBITDAby1.7billionUSDandfreecashflowby2.0billionUSD.OurUnderlyingEPShasincreasedbyaCAGRof7%inUSD.Ourfinancialperformancehasbeenconsistent,withorganicEBITDAgrowthwithinoraboveourmedium-termgrowthambitionineveryquarteroverthelast3years.Wehavebeendisciplinedinourcapitalallocationchoices,reducingnetdebtby15.5billionUSDtoreach2.89xnetdebttoEBITDA,progressivelyincreasedourdividendeachyearandannounced3.2billionUSDofsharebuybacks.Wehaveadvancedourdigitaltransformation,withtheGMVcapturedbyBEESmorethandoublingfromapproximately20billionUSDinFY21to49billionUSDinFY24,andwehavebuiltafast-growingMarketplaceofthird-partyproductsfromastandingstarttoa2.5billionUSDGMVbusiness.
    Weareencouragedbytheprogresswehavemadeoverthelastthreeyearsandwillcontinuetoworktowardsconsistentlycompoundingourgrowthoverthelong-termtounlockourfullvaluecreationpotential.Ourperformancewouldnothavebeenpossiblewithoutthehardworkanddedicationofourpeopleandwethankourcolleaguesgloballyfortheirpassionandcommitment.
    Lookingforward
    Lookingaheadto2025,wearecommittedtoinvestingforlong-termgrowth.Whiletheoperatingenvironmentremainsdynamicincertainmarkets,weareconfidentinourabilitytodeliveronouroutlookandenergizedabouttheopportunitiesaheadtogrowthecategory.Consumersarepassionateaboutbeerandouriconicbrands.Wearewell-positionedtoleadcategorygrowthwithourindustry-leadingportfolioofbeer,beyondbeerandno-alcoholbeverages,diversifiedgeographicfootprintanduniqueleadershipadvantages.
    2025Outlook
    (i)OverallPerformance:WeexpectourEBITDAtogrowinlinewithourmedium-termoutlookofbetween4-8%.TheoutlookforFY25reflectsourcurrentassessmentofinflationandothermacroeconomicconditions.
    (ii)NetFinanceCosts:Netpensioninterestexpensesandaccretionexpensesareexpectedtobeintherangeof190to220millionUSDperquarter,dependingoncurrencyandinterestratefluctuations.WeexpecttheaveragegrossdebtcouponinFY25tobeapproximately4%.
    (iii)EffectiveTaxRates(ETR):WeexpectthenormalizedETRinFY25tobeintherangeof26%to28%.TheETRoutlookdoesnotconsidertheimpactofpotentialfuturechangesinlegislation.
    (iv)NetCapitalExpenditure:Weexpectnetcapitalexpenditureofbetween3.5and4.0billionUSDinFY25.
    Figure1.Consolidatedperformance(millionUSD)
    4Q23
    4Q24
    Organic
    growth
    TotalVolumes(thousandhls)
    144706
    141829
    -1.9%
    ABInBevownbeer
    123764
    121059
    -2.1%
    Non-beervolumes
    19998
    19775
    -1.1%
    Thirdpartyproducts
    944
    995
    7.8%
    Revenue
    14473
    14841
    3.4%
    Grossprofit
    7794
    8197
    6.3%
    Grossmargin
    53.9%
    55.2%
    153bps
    NormalizedEBITDA
    4877
    5245
    10.1%
    NormalizedEBITDAmargin
    33.7%
    35.3%
    216bps
    NormalizedEBIT
    3491
    3824
    12.0%
    NormalizedEBITmargin
    24.1%
    25.8%
    199bps
    ProfitattributabletoequityholdersofABInBev
    1891
    1220
    UnderlyingprofitattributabletoequityholdersofABInBev
    1661
    1770
    Earningspershare(USD)
    0.94
    0.61
    Underlyingearningspershare(USD)
    0.82
    0.88
    FY23
    FY24
    Organic
    growth
    TotalVolumes(thousandhls)
    584728
    575706
    -1.4%
    ABInBevownbeer
    505899
    495496
    -2.0%
    Non-beervolumes
    74810
    75932
    1.5%
    Thirdpartyproducts
    4019
    4278
    7.0%
    Revenue
    59380
    59768
    2.7%
    Grossprofit
    31984
    33024
    5.4%
    Grossmargin
    53.9%
    55.3%
    143bps
    NormalizedEBITDA
    19976
    20958
    8.2%
    NormalizedEBITDAmargin
    33.6%
    35.1%
    179bps
    NormalizedEBIT
    14590
    15462
    9.4%
    NormalizedEBITmargin
    24.6%
    25.9%
    160bps
    ProfitattributabletoequityholdersofABInBev
    5341
    5855
    UnderlyingprofitattributabletoequityholdersofABInBev
    6158
    7061
    Earningspershare(USD)
    2.65
    2.92
    Underlyingearningspershare(USD)
    3.05
    3.53
    Figure2.Volumes(thousandhls)
    4Q23
    Scope
    Organic
    4Q24
    Organicgrowth
    growth
    Total
    Ownbeer
    NorthAmerica
    19738
    -
    -223
    19516
    -1.1%
    -0.8%
    MiddleAmericas
    38635
    -4
    276
    38907
    0.7%
    1.5%
    SouthAmerica
    46704
    -
    -1753
    44950
    -3.8%
    -4.8%
    EMEA
    23964
    -
    919
    24883
    3.8%
    2.9%
    AsiaPacific
    15465
    -75
    -1952
    13439
    -12.7%
    -12.7%
    GlobalExportandHoldingCompanies
    200
    -24
    -41
    135
    -23.4%
    -28.0%
    ABInBevWorldwide
    144706
    -103
    -2774
    141829
    -1.9%
    -2.1%
    FY23
    Scope
    Organic
    FY24
    Organicgrowth
    growth
    Total
    Ownbeer
    NorthAmerica
    90140
    -470
    -3397
    86272
    -3.8%
    -4.1%
    MiddleAmericas
    148730
    -18
    1373
    150086
    0.9%
    1.4%
    SouthAmerica
    162460
    -
    -1692
    160768
    -1.0%
    -2.1%
    EMEA
    90213
    -
    3591
    93804
    4.0%
    3.0%
    AsiaPacific
    92726
    -75
    -8255
    84397
    -8.9%
    -8.9%
    GlobalExportandHoldingCompanies
    459
    -24
    -56
    380
    -12.8%
    -11.7%
    ABInBevWorldwide
    584728
    -586
    -8435
    575706
    -1.4%
    -2.0%
    KeyMarketPerformances
    UnitedStates:Increasedinvestmentdrivingmomentumandimprovedmarketsharetrend,ledbythe#1and#2volumesharegrowthbrandsintheindustryinQ4
    Operatingperformance:
    4Q24:Revenueincreasedby0.8%withrevenueperhlincreasingby2.5%drivenbyrevenuemanagementinitiativesandpremiumization.Oursales-to-retailersincreasedby0.5%,estimatedtohaveoutperformedtheindustry.Sales-to-wholesalers(STWs)declinedby1.7%.EBITDAdeclinedby0.2%asproductivityinitiativesandSG&Aefficiencieswerereinvestedinincreasedmarketinginvestments.
    FY24:Revenuedeclinedby2.0%,withrevenueperhlincreasingby1.9%.OurSTWsdeclinedby3.9%,supportedbytwoadditionalselling-daysintheyear,andSTRsweredownby5.0%.EBITDAincreasedby2.2%withmarginexpansionofapproximately140bps.
    Commercialhighlights:Thebeerindustryremainedresilient,improvinginbothvolumeandrevenuetrendssequentiallysince2Q24andgainingshareoftotalalcoholbyvalueinFY24,accordingtoCircana.Ourbeerportfolioisestimatedtohavegainedmarketsharein4Q24,drivenbyMichelobUltraandBuschLightwhichwerethe#1and#2volumesharegainersintheindustryrespectively.Themomentumofourmainstreambeerportfolioimprovedthroughouttheyear,gainingshareofthesegmentinbothQ3andQ4.Wearetheleaderinno-alcoholbeerandhaveseenstrongconsumerdemandforMichelobUltraZeropostitslaunchinJanuary2025.InBeyondBeer,thespirits-basedready-to-drinkcategoryaccountedfor100%ofthespiritsindustry’svaluegrowthinFY24withourportfoliooutperformingtheindustryanddeliveringvolumegrowthinthemid-teens,ledbyCutwaterandNütrl.WecontinuetoinvesttorebalanceourportfoliotowardsgrowingsegmentswithourabovecoreportfolioofbeerandBeyondBeerbrandsrepresentingapproximately45%ofourrevenue.
    Mexico:Recordhighvolumeswithmarketsharegainandmarginexpansion
    Operatingperformance:
    4Q24:Revenuegrewbyhigh-singledigits,withmid-singledigitrevenueperhlgrowthdrivenbyrevenuemanagementinitiatives.Volumesgrewbylow-singledigits,in-linewiththeindustry,whichreturnedtogrowthinanimprovedconsumerenvironment.EBITDAgrewbymid-teenswithmarginexpansion.
    FY24:Revenuegrewbymid-singledigitswithrevenueperhlgrowthoflow-singledigits.Volumesincreasedbylow-singledigits,outperformingtheindustry.EBITDAgrewbyhigh-singledigitswithmarginexpansion.
    Commercialhighlights:ThemomentumofourbusinesscontinuedinFY24,withourportfoliodeliveringrecordhighvolumesandcontinuingtogainshareoftheindustry.Ourperformancewasledbyourcorebeerportfolio,whichgrewrevenuebymid-singledigitsdrivenbyCorona,whileourabovecorebeerbrandscontinuedtogrow,deliveringlow-singledigitrevenuegrowth.Weareleadingthegrowthinno-alcoholbeerwithCoronaCerogrowingvolumebystrongdouble-digits.Wecontinuedtoprogressourdigitalinitiatives,withBEESMarketplacegrowingGMVby24%versusFY23andourdigitalDTCplatform,TaDaDelivery,increasingthenumberofordersby21%.
    Colombia:Recordhighvolumesdelivereddouble-digittop-andbottom-linegrowth
    Operatingperformance:
    4Q24:Revenueincreasedbyhigh-singledigitswithmid-singledigitrevenueperhlgrowth,drivenbyrevenuemanagementinitiatives.Volumesgrewbylow-singledigits.EBITDAgrewbymid-teenswithmarginexpansion.
    FY24:Revenuegrewbylow-teenswithhigh-singledigitrevenueperhlgrowth.Volumesincreasedbylow-singledigits.EBITDAgrewbyhigh-teenswithmarginexpansion.
    Commercialhighlights:Drivenbytheconsistentexecutionofourcategoryexpansionlevers,thebeercategorycontinuestogrow,withourportfoliogaining85bpsshareoftotalalcoholthisyearandwithourvolumesreachinganewrecordhigh.Ourperformancewasdrivenbyourabovecorebeerbrandswhichdeliveredhigh-singledigitvolumegrowth,ledbyCoronaandStellaArtois.Ourmainstreambeerportfoliocontinuedtogrow,deliveringalow-singledigitvolumeincrease.
    Brazil:Marketsharegainandmarginexpansiondrovedouble-digitbottom-linegrowth
    Operatingperformance:
    4Q24:Revenuegrewby0.9%withrevenueperhlgrowthof3.8%drivenbypremiumizationandrevenuemanagementinitiatives.Totalvolumesdeclinedby2.8%,withbeervolumesdecliningby3.9%,estimatedtohaveoutperformedtheindustrywhichwasimpactedbyadverseweather.Non-beervolumeswereflat.EBITDAincreasedby8.0%withmarginexpansionof237bps.
    FY24:Revenuegrewby4.7%witharevenueperhlincreaseof3.1%.Totalvolumesgrewby1.5%withbeervolumesupby0.6%,estimatedtohaveoutperformedtheindustry,andnon-beervolumesupby4.1%.EBITDAgrewby14.5%with284bpsofmarginexpansion.
    Commercialhighlights:Ourabovecorebeerbrandsledourperformancethisyear,deliveringlow-teensvolumegrowth,drivenbyBudweiserandCorona.Withinthecorebeersegment,themomentumofBrahmacontinuedwithamid-singledigitvolumeincrease.Wearetheleaderinno-alcoholbeer,withourvolumesgrowingbydouble-digits,ledbyBudweiserZeroandCoronaCero.Non-beerperformancewasledbyourlow-andno-sugarportfolio,whichgrewvolumesinthelow-twenties.Wecontinuedtoprogressourdigitalinitiatives,withBEESMarketplacegrowingGMVby47%versusFY23,andourdigitalDTCplatform,ZéDelivery,generatingover66millionordersinFY24,a10%increaseversuslastyear.
    Europe:Marketsharegainandmarginrecoverydrovedouble-digitbottom-linegrowth
    Operatingperformance:
    4Q24:Revenuedeclinedbylow-singledigitswithlow-singledigitrevenueperhlgrowthdrivenbycontinuedpremiumization.Volumesdeclinedbymid-singledigits,estimatedtobein-lineoroutperformingasoftindustryacrossthemajorityofourkeymarkets.EBITDAgrewbyapproximately20%withmarginrecovery.
    FY24:Revenueandrevenueperhlincreasedbylow-singledigitswithslightvolumegrowth,outperformingtheindustryin5ofour6keymarketsaccordingtoourestimates.EBITDAgrewbymid-teenswithmarginrecoverydrivenbytop-linegrowthandcostefficiencies.
    Commercialhighlights:ThebeercategoryremainedresilientinFY24,estimatedtohavegainedshareoftotalalcoholin5ofour6keymarketsandwithourownvolumesgrowingyear-on-year.Wecontinuedtopremiumizeourportfolio,withourpremiumandsuperpremiumportfoliomakingupapproximately57%ofourFY24revenue.Ourperformancethisyearwasdrivenbyourmegabrands,CoronaandStellaArtois,whichsuccessfullyactivatedthecategoryinkeymomentssuchastheOlympicGames,RolandGarrosandWimbledon.IntheUK,asofJanuary2025,wehavestrengthenedourportfoliowiththeadditionoftheSanMiguelbrandandarenowtheleadingbrewerintheindustry.Inno-alcoholbeer,weexpandedtheavailabilityofCoronaCeroto27markets,growingvolumesbystrongdouble-digits.
    SouthAfrica:Marketsharegainandmarginexpansiondrovedoubledigittop-andbottom-linegrowth
    Operatingperformance:
    4Q24:Revenueincreasedbylow-teenswithrevenueperhlgrowthoflow-singledigits,drivenbyrevenuemanagementinitiativesandcontinuedpremiumization.Volumesgrewbylow-teens,outperformingtheindustryaccordingtoourestimates,withincreasedproductioncapacityenablingustomeetthestrongconsumerdemandforourbrands.EBITDAgrewbyhigh-singledigits.
    FY24:Revenueincreasedbylow-teenswithmid-singledigitrevenueperhlgrowth.Volumegrewbymid-singledigits,estimatedtohaveoutperformedtheindustryinbothbeerandBeyondBeer.EBITDAincreasedbyhigh-teenswithmarginexpansion.
    Commercialhighlights:ThebeerindustryreturnedtovolumegrowthinFY24followingavolumedeclineinFY23.Themomentumofourbusinesscontinued,withfocusedinvestmentsinourmegabrandsincreasingtheBrandPowerofourportfolioanddrivingestimatedmarketsharegainsinbothbeerandBeyondBeer.Ourperformancewasledbyourabovecorebeerbrands,whichgrewvolumesbylow-teensdrivenbyCoronaandStellaArtois,whileourcorebeerportfoliocontinuedtogrow,deliveringamid-singledigitvolumeincrease.InBeyondBeer,ourportfoliogrewvolumesbyhigh-singledigitsdrivenbyBrutalFruit,FlyingFishandRedd’s.
    China:Revenuedeclinedbydouble-digits,impactedbysoftindustry
    Operatingperformance:
    4Q24:Volumesdeclinedby19.0%,underperformingasoftindustryaccordingtoourestimates,withourperformanceimpactedbyinventorymanagement,whichaccountedforapproximatelyonethirdofourvolumedecline,andcontinuedweaknessintheon-premisechannel.Revenueperhldecreasedby1.4%,drivenbynegativechannelmix,resultinginarevenuedeclineof20.1%.EBITDAdeclinedby8.9%withcostefficienciespartiallyoffsettingtop-lineperformance.
    FY24:Revenuedeclinedby13.1%withrevenueperhldecliningby1.4%andvolumesdecreasingby11.8%.EBITDAdeclinedby11.9%withmarginexpansionof48bps.
    Commercialhighlights:Weremainfocusedontheexecutionofourstrategy,centeredonpremiumization,channelandgeographicexpansion,anddigitaltransformation.InFY24,ourpremiumandsuperpremiumportfoliocontributedapproximatelytwo-thirdsofourrevenuewithBudweiserdistributionnowexpandedto235cities.Wecontinuedtoinvestinourbrandsandinnovationstoprovidebalancedchoicestoourconsumerswiththeexpansionofzerosugaroptions.Inthecontextofasofton-premisechannel,weacceleratedourpremiumizationofthein-homechannelwiththeexpansionofourpremiumandsuperpremiumbrands.TherolloutandadoptionoftheBEESplatformcontinued,asofDecember2024,BEESispresentinmorethan320citieswithapproximately80%ofourrevenuegeneratedthroughdigitalchannels.
    Highlightsfromourothermarkets
    Canada:Revenuegrewbyhigh-singledigitsthisquarterwithmid-singledigitrevenueperhlgrowth.Volumesgrewbymid-singledigits,outperforminganimprovedbeerindustryaccordingtoourestimates.OurperformancewasledbyMichelobUltra,BuschandCorona,whichwerethreeofthetopfivevolumesharegainersintheindustry.InFY24,revenuedeclinedbylow-singledigitswitharevenueperhlincreaseoflow-singledigitsdrivenbyrevenuemanagementinitiativesandpremiumization.Volumesdeclinedbylow-singledigits.
    Peru:Revenueandrevenueperhlgrewbymid-singledigitsthisquarter,drivenbyrevenuemanagementinitiatives.Volumesgrewbylow-singledigits,estimatedtobein-linewiththeindustry,whichreturnedtogrowthinanimprovingconsumerenvironment.InFY24,revenueincreasedbylowsingle-digitswithrevenueperhlgrowthofmid-singledigits.Volumesdeclinedbylow-singledigitsoutperformingasoftindustryaccordingtoourestimates.
    Ecuador:Revenuegrewbylow-singledigitsinboth4Q24andFY24,withperformanceledbyourcorebeerportfoliowhichgrewrevenuebymid-singledigitsinboththequarterandthefullyear.Volumesdeclinedbylow-singledigitsinQ4andwereflatforFY24,estimatedtobein-linewiththeindustrywhichwasnegativelyimpactedbyrollingblackoutsandlowerconsumerconfidence.
    Argentina:Volumesdeclinedbymid-teensin4Q24andbyhigh-teensinFY24,estimatedtobein-linewiththeindustry,asoverallconsumerdemandwasimpactedbyinflationarypressures.ForFY24,thedefinitionoforganicrevenuegrowthinArgentinahasbeenamendedtocapthepricegrowthtoamaximumof2%permonth.Revenuegrewbylow-teensin4Q24andbymid-singledigitsinFY24onthisbasis.
    AfricaexcludingSouthAfrica:InNigeria,revenuegrewbystrongdouble-digitsinboth4Q24andFY24,drivenbyrevenuemanagementinitiativesinahighlyinflationaryenvironment.Beervolumesgrewbymid-singledigitsin4Q24andbylow-teensinFY24,cyclingasoftindustry.
    Inourothermarkets,wegrewvolumeinaggregatebylow-singledigitsin4Q24andbymid-singledigitsinFY24,drivenbyTanzania,Zambia,BotswanaandGhana.
    SouthKorea:Revenueincreasedbyhigh-singledigitsin4Q24withlow-singledigitrevenueperhlgrowth.Drivenbyourcoreportfolioandinnovations,volumesincreasedbyhigh-singledigitsin4Q24andbymid-singledigitsinFY24,outperformingtheindustryinboththeon-premiseandin-homechannelsandreachingourhighestmarketshareinthelast10years.Revenueincreasedbylow-teensinFY24withhigh-singledigitrevenueperhlgrowth,drivenbyrevenuemanagementinitiativesandpositivemix.
    ConsolidatedIncomeStatement
    Figure3.Consolidatedincomestatement(millionUSD)
    4Q23
    4Q24
    Organic
    growth
    Revenue
    14473
    14841
    3.4%
    Costofsales
    -6679
    -6645
    0.0%
    Grossprofit
    7794
    8197
    6.3%
    SG&A
    -4537
    -4603
    -1.7%
    Otheroperatingincome/(expenses)
    234
    231
    -2.3%
    Normalizedprofitfromoperations(normalizedEBIT)
    3491
    3824
    12.0%
    Non-underlyingitemsaboveEBIT(incl.impairmentlosses)
    -165
    269
    Netfinanceincome/(cost)
    -1290
    -958
    Non-underlyingnetfinanceincome/(cost)
    550
    -701
    Shareofresultsofassociates
    95
    103
    Non-underlyingshareofresultsofassociates
    -35
    -
    Incometaxexpense
    -376
    -848
    Profit
    2270
    1691
    Profitattributabletonon-controllinginterest
    379
    471
    ProfitattributabletoequityholdersofABInBev
    1891
    1220
    NormalizedEBITDA
    4877
    5245
    10.1%
    UnderlyingprofitattributabletoequityholdersofABInBev
    1661
    1770
    FY23
    FY24
    Organic
    growth
    Revenue
    59380
    59768
    2.7%
    Costofsales
    -27396
    -26744
    0.5%
    Grossprofit
    31984
    33024
    5.4%
    SG&A
    -18172
    -18341
    -2.0%
    Otheroperatingincome/(expenses)
    778
    779
    -0.3%
    Normalizedprofitfromoperations(normalizedEBIT)
    14590
    15462
    9.4%
    Non-underlyingitemsaboveEBIT(incl.impairmentlosses)
    -624
    25
    Netfinanceincome/(cost)
    -5033
    -4358
    Non-underlyingnetfinanceincome/(cost)
    -69
    -995
    Shareofresultsofassociates
    295
    329
    Non-underlyingshareofresultsofassociates
    -35
    104
    Incometaxexpense
    -2234
    -3152
    Profit
    6891
    7416
    Profitattributabletonon-controllinginterest
    1550
    1561
    ProfitattributabletoequityholdersofABInBev
    5341
    5855
    NormalizedEBITDA
    19976
    20958
    8.2%
    UnderlyingprofitattributabletoequityholdersofABInBev
    6158
    7061
    InFY24,Ambevrecognized49millionUSDincomeinotheroperatingincomerelatedtotaxcredits(FY23:44millionUSD).Theyear-over-yearchangeispresentedasascopechangeanddoesnotaffectthepresentedorganicgrowthrates.
    Non-underlyingitemsaboveEBIT&Non-underlyingshareofresultsofassociates
    Figure4.Non-underlyingitemsaboveEBIT&Non-underlyingshareofresultsofassociates(millionUSD)
    4Q23
    4Q24
    FY23
    FY24
    Restructuring
    -64
    -60
    -142
    -156
    Businessandassetdisposal(incl.impairmentlosses)
    -23
    331
    -385
    183
    Claimsandlegalcosts
    -66
    -
    -85
    -
    ABInBevEfesrelatedcosts
    -12
    -2
    -12
    -2
    Non-underlyingitemsinEBIT
    -165
    269
    -624
    25
    Non-underlyingshareofresultsofassociates
    -35
    -
    -35
    104
    EBITexcludespositivenon-underlyingitemsof269millionUSDin4Q24and25millionUSDinFY24.Businessandassetdisposal(includingimpairmentlosses)forFY24mainlycomprisedagainof437millionUSDrecognizeduponthesaleofourshareinassociateGhostBeveragesLLC,partiallyoffsetbyimpairmentlossesofintangibleassetsandothernon-coreassetssoldintheperiod.
    Non-underlyingshareofresultsfromassociatesofFY24includestheimpactfromourassociateAnadoluEfes’adoptionofIAS29hyperinflationaccountingontheir2023results.
    Netfinanceincome/(cost)
    Figure5.Netfinanceincome/(cost)(millionUSD)
    4Q23
    4Q24
    FY23
    FY24
    Netinterestexpense
    -712
    -667
    -3131
    -2846
    Netinterestonnetdefinedbenefitliabilities
    -26
    -21
    -90
    -89
    Accretionexpense
    -228
    -177
    -808
    -722
    NetinterestincomeonBraziliantaxcredits
    61
    47
    168
    142
    Otherfinancialresults
    -385
    -139
    -1172
    -843
    Netfinanceincome/(cost)
    -1290
    -958
    -5033
    -4358
    Non-underlyingnetfinanceincome/(cost)
    Figure6.Non-underlyingnetfinanceincome/(cost)(millionUSD)
    4Q23
    4Q24
    FY23
    FY24
    Mark-to-market
    294
    -940
    -325
    -1211
    Gain/(loss)onbondredemptionandother
    256
    239
    256
    216
    Non-underlyingnetfinanceincome/(cost)
    550
    -701
    -69
    -995
    Non-underlyingnetfinancecostinFY24includesmark-to-marketlossesonderivativeinstrumentsenteredintoinordertohedgeourshare-basedpaymentprogramsandsharesissuedinrelationtothecombinationwithGrupoModeloandSAB.
    Thenumberofsharescoveredbythehedgingofourshare-basedpaymentprogram,thedeferredshareinstrumentandtherestrictedsharesareshowninfigure7,togetherwiththeopeningandclosingshareprices.
    Figure7.Non-underlyingequityderivativeinstruments
    4Q23
    4Q24
    FY23
    FY24
    Sharepriceatthestartoftheperiod(Euro)
    52.51
    59.38
    56.27
    58.42
    Sharepriceattheendoftheperiod(Euro)
    58.42
    48.25
    58.42
    48.25
    Numberofequityderivativeinstrumentsattheendoftheperiod(millions)
    100.5
    100.5
    100.5
    100.5
    Incometaxexpense
    Figure8.Incometaxexpense(millionUSD)
    4Q23
    4Q24
    FY23
    FY24
    Incometaxexpense
    376
    848
    2234
    3152
    Effectivetaxrate
    14.5%
    34.8%
    25.2%
    31.1%
    Normalizedeffectivetaxrate
    16.7%
    26.4%
    24.3%
    26.5%
    TheFY23,4Q24andFY24effectivetaxrateswerenegativelyimpactedbynon-deductiblelossesfromderivativesrelatedtothehedgingofshare-basedpaymentprogramsandofthesharesissuedinatransactionrelatedtothecombinationwithGrupoModeloandSAB,whilethe4Q23effectivetaxratewaspositivelyimpactedbynon-taxablegainsfromthesederivatives.
    TheincreaseinnormalizedETRin4Q24comparedto4Q23andtheincreaseinFY24comparedtoFY23isdrivenmainlybychangesintaxlegislationinBrazileffective1January2024,partiallyoffsetbycountrymix.
    Figure9.UnderlyingProfitattributabletoequityholdersofABInBev(millionUSD)
    4Q23
    4Q24
    FY23
    FY24
    ProfitattributabletoequityholdersofABInBev
    1891
    1220
    5341
    5855
    Netimpactofnon-underlyingitemsonprofit
    -360
    520
    614
    1062
    Hyperinflationimpactsinunderlyingprofit
    130
    31
    203
    145
    UnderlyingprofitattributabletoequityholdersofABInBev
    1661
    1770
    6158
    7061
    BasicandUnderlyingEPS
    Figure10.Earningspershare(USD)
    4Q23
    4Q24
    FY23
    FY24
    BasicEPS
    0.94
    0.61
    2.65
    2.92
    Netimpactofnon-underlyingitemsonprofit
    -0.18
    0.26
    0.31
    0.53
    HyperinflationimpactsinEPS
    0.06
    0.02
    0.10
    0.07
    UnderlyingEPS
    0.82
    0.88
    3.05
    3.53
    Weightedaveragenumberofordinaryandrestrictedshares(million)
    2016
    2003
    2016
    2003
    Figure11.Keycomponents-UnderlyingEPSinUSD
    4Q23
    4Q24
    FY23
    FY24
    NormalizedEBITbeforehyperinflation
    1.86
    1.93
    7.42
    7.77
    HyperinflationimpactsinnormalizedEBIT
    -0.13
    -0.02
    -0.18
    -0.05
    NormalizedEBIT
    1.73
    1.91
    7.24
    7.72
    Netfinancecost
    -0.64
    -0.48
    -2.50
    -2.18
    Incometaxexpense
    -0.18
    -0.38
    -1.15
    -1.47
    Associates&non-controllinginterest
    -0.15
    -0.18
    -0.64
    -0.62
    HyperinflationimpactsinEPS
    0.06
    0.02
    0.10
    0.07
    UnderlyingEPS
    0.82
    0.88
    3.05
    3.53
    Weightedaveragenumberofordinaryandrestrictedshares(million)
    2016
    2003
    2016
    2003
    ReconciliationbetweennormalizedEBITDAandprofitattributabletoequityholders
    Figure12.ReconciliationofnormalizedEBITDAtoprofitattributabletoequityholdersofABInBev(millionUSD)
    4Q23
    4Q24
    FY23
    FY24
    ProfitattributabletoequityholdersofABInBev
    1891
    1220
    5341
    5855
    Non-controllinginterests
    379
    471
    1550
    1561
    Profit
    2270
    1691
    6891
    7416
    Incometaxexpense
    376
    848
    2234
    3152
    Shareofresultofassociates
    -95
    -103
    -295
    -329
    Non-underlyingshareofresultsofassociates
    35
    -
    35
    -104
    Netfinance(income)/cost
    1290
    958
    5033
    4358
    Non-underlyingnetfinance(income)/cost
    -550
    701
    69
    995
    Non-underlyingitemsaboveEBIT(incl.impairmentlosses)
    165
    -269
    624
    -25
    NormalizedEBIT
    3491
    3824
    14590
    15462
    Depreciation,amortizationandimpairment
    1386
    1421
    5386
    5496
    NormalizedEBITDA
    4877
    5245
    19976
    20958
    NormalizedEBITDAandnormalizedEBITaremeasuresutilizedbyABInBevtodemonstratethecompany’sunderlyingperformance.
    NormalizedEBITDAiscalculatedexcludingthefollowingeffectsfromprofitattributabletoequityholdersofABInBev:(i)non-controllinginterest;(ii)incometaxexpense;(iii)shareofresultsofassociates;(iv)non-underlyingshareofresultsofassociates;(v)netfinanceincomeorcost;(vi)non-underlyingnetfinanceincomeorcost;(vii)non-underlyingitemsaboveEBIT;and(viii)depreciation,amortizationandimpairment.
    NormalizedEBITDAandnormalizedEBITarenotaccountingmeasuresunderIFRSandshouldnotbeconsideredasanalternativetoprofitattributabletoequityholdersasameasureofoperationalperformance,oranalternativetocashflowasameasureofliquidity.NormalizedEBITDAandnormalizedEBITdonothaveastandardcalculationmethodandABInBev’sdefinitionofnormalizedEBITDAandnormalizedEBITmaynotbecomparabletothatofothercompanies.
    Financialposition
    Figure13.CashFlowStatement(millionUSD)
    FY23
    FY24
    Operatingactivities
    Profitoftheperiod
    6891
    7416
    Interest,taxesandnon-cashitemsincludedinprofit
    14181
    13990
    Cashflowfromoperatingactivitiesbeforechangesinworkingcapitalanduseofprovisions
    21072
    21406
    Changeinworkingcapital
    -1541
    -22
    Pensioncontributionsanduseofprovisions
    -419
    -374
    Interestandtaxes(paid)/received
    -5975
    -6189
    Dividendsreceived
    127
    234
    Cashflowfrom/(usedin)operatingactivities
    13265
    15055
    Investingactivities
    Netcapex
    -4482
    -3735
    Sale/(acquisition)ofsubsidiaries,netofcashdisposed/acquiredof
    9
    -46
    Netproceedsfromsale/(acquisition)ofotherassets
    83
    523
    Cashflowfrom/(usedin)investingactivities
    -4390
    -3259
    Financingactivities
    Net(repaymentsof)/proceedsfromborrowings
    -2896
    -3830
    Dividendspaid
    -3013
    -2672
    Sharebuyback
    -362
    -937
    Paymentofleaseliabilities
    -780
    -787
    Derivativefinancialinstruments
    -841
    -431
    Sale/(acquisition)ofnon-controllinginterests
    -22
    -435
    Otherfinancingcashflows
    -646
    -763
    Cashflowfrom/(usedin)financingactivities
    -8560
    -9854
    Netincrease/(decrease)incashandcashequivalents
    315
    1942
    Ourfreecashflow(definedascashflowfromoperatingactivitieslessnetcapex)increasedby2537millionUSDtoreach11320millionUSD.FY24recordedanincreaseincashandcashequivalentsof1942millionUSDcomparedtoanincreaseof315millionUSDinFY23withthefollowingmovements:
    Ourcashflowfromoperatingactivitiesreached15055millionUSDinFY24comparedto13265millionUSDinFY23.Theincreasewasdrivenbyhigherprofitfortheperiodandanimprovedcashflowimpactfromchangesinworkingcapitalasaresultofcyclingthenegativecashflowimpactin2023fromextendedcredittermstoourwholesalersintheUSandlowerpayablesfromoptimizinginventorypurchasesandnetcapex.
    Ourcashoutflowfrominvestingactivitieswas3259millionUSDinFY24comparedtoacashoutflowof4390millionUSDinFY23.ThedecreaseinthecashoutflowfrominvestingactivitieswasmainlyduetolowernetcapitalexpendituresinFY24comparedtoFY23andproceedsfromthesaleofourshareinassociateGhostBeveragesLLC.OutofthetotalFY24capitalexpenditures,approximately44%wasusedtoimprovethecompany’sproductionfacilitieswhile40%wasusedforlogisticsandcommercialinvestmentsand16%wasusedforthepurchaseofhardwareandsoftwareandimprovingadministrativecapabilities.
    Ourcashoutflowfromfinancingactivitiesamountedto9854millionUSDinFY24,ascomparedtoacashoutflowof8560millionUSDinFY23.TheincreaseisprimarilydrivenbyhigherdebtredemptionandsharebuybackinFY24comparedtoFY23,andtheacquisitionofadditionalnon-controllinginterestsinCerveceríaNacionalDominicanaS.A.foranetconsiderationof0.3billionUSD.
    Ournetdebtdecreasedto60.6billionUSDasof31December2024from67.6billionUSDasof31December2023.
    OurnetdebttonormalizedEBITDAratiowas2.89xasof31December2024.OuroptimalcapitalstructureisanetdebttonormalizedEBITDAratioofaround2x.
    Wecontinuetoproactivelymanageourdebtportfolio.Afterbondrepurchasesof9billionUSDandissuancesof5billionUSDinFY24,97%ofourbondportfolioholdsafixed-interestrate,47%isdenominatedincurrenciesotherthanUSDandmaturitiesarewell-distributedacrossthenextseveralyears.
    Inadditiontoaverycomfortabledebtmaturityprofileandstrongcashflowgeneration,asof31December2024,wehadtotalliquidityof21.5billionUSD,whichconsistedof10.1billionUSDavailableundercommittedlong-termcreditfacilitiesand11.4billionUSDofcash,cashequivalentsandshort-terminvestmentsindebtsecuritieslessbankoverdrafts.
    Proposedfullyear2024dividend
    TheABInBevBoardproposesafullyear2024dividendof1.00EURpershare,subjecttoshareholderapprovalattheAGMon30April2025.InlinewiththeCompany’sfinancialdisciplineanddeleveragingobjectives,therecommendeddividendbalancestheCompany’scapitalallocationprioritiesanddividendpolicywhilereturningcashtoshareholders.Atimelineshowingtheex-dividend,recordandpaymentdatescanbefoundbelow:
    DividendTimeline
    Ex-dividenddate
    RecordDate
    Paymentdate
    Euronext
    6May2025
    7May2025
    8May2025
    MEXBOL
    6May2025
    7May2025
    8May2025
    JSE
    5May2025
    7May2025
    8May2025
    NYSE(ADRprogram)
    6May2025
    7May2025
    6June2025
    RestrictedShares
    6May2025
    7May2025
    8May2025
    Notes
    TofacilitatetheunderstandingofABInBev’sunderlyingperformance,theanalysesofgrowth,includingallcommentsinthispressrelease,unlessotherwiseindicated,arebasedonorganicgrowthandnormalizednumbers.Inotherwords,financialsareanalyzedeliminatingtheimpactofchangesincurrenciesontranslationofforeignoperations,andscopechanges.Since1Q24,thedefinitionoforganicrevenuegrowthhasbeenamendedtocapthepricegrowthinArgentinatoamaximumof2%permonth(26.8%year-over-year).Correspondingadjustmentsaremadetoallincomestatementrelateditemsintheorganicgrowthcalculationsthroughscopechanges.Scopechangesalsorepresenttheimpactofacquisitionsanddivestitures,thestartorterminationofactivitiesorthetransferofactivitiesbetweensegments,curtailmentgainsandlossesandyearoveryearchangesinaccountingestimatesandotherassumptionsthatmanagementdoesnotconsideraspartoftheunderlyingperformanceofthebusiness.Theorganicgrowthofourglobalbrands,Budweiser,StellaArtois,CoronaandMichelobUltra,excludesexportstoAustraliaforwhichaperpetuallicensewasgrantedtoathirdpartyupondisposaloftheAustraliaoperationsin2020.Allreferencesperhectoliter(perhl)excludeUSnon-beeractivities.Wheneverpresentedinthisdocument,allperformancemeasures(EBITDA,EBIT,profit,taxrate,EPS)arepresentedona“normalized”basis,whichmeanstheyarepresentedbeforenon-underlyingitems.Non-underlyingitemsareeitherincomeorexpenseswhichdonotoccurregularlyaspartofthenormalactivitiesoftheCompany.TheyarepresentedseparatelybecausetheyareimportantfortheunderstandingoftheunderlyingsustainableperformanceoftheCompanyduetotheirsizeornature.NormalizedmeasuresareadditionalmeasuresusedbymanagementandshouldnotreplacethemeasuresdeterminedinaccordancewithIFRSasanindicatoroftheCompany’sperformance.WearereportingtheresultsfromArgentinaapplyinghyperinflationaccountingsince3Q18.TheIFRSrules(IAS29)requireustorestatetheyear-to-dateresultsforthechangeinthegeneralpurchasingpowerofthelocalcurrency,usingofficialindicesbeforeconvertingthelocalamountsattheclosingrateoftheperiod.InFY24,wereportedanegativeimpactfromhyperinflationaccountingontheprofitattributabletoequityholdersofABInBevof145millionUSD.TheimpactinFY24BasicEPSwas-0.07USD.Valuesinthefiguresandannexesmaynotaddup,duetorounding.4Q24andFY24EPSisbaseduponaweightedaverageof2003millionsharescomparedtoaweightedaverageof2016millionsharesfor4Q23andFY23.
    Legaldisclaimer
    Thisreleasecontains“forward-lookingstatements”.ThesestatementsarebasedonthecurrentexpectationsandviewsoffutureeventsanddevelopmentsofthemanagementofABInBevandarenaturallysubjecttouncertaintyandchangesincircumstances.Theforward-lookingstatementscontainedinthisreleaseincludestatementsotherthanhistoricalfactsandincludestatementstypicallycontainingwordssuchas“will”,“may”,“should”,“believe”,“intends”,“expects”,“anticipates”,“targets”,“ambition”,“estimates”,“likely”,“foresees”andwordsofsimilarimport.Allstatementsotherthanstatementsofhistoricalfactsareforward-lookingstatements.Youshouldnotplaceunduerelianceontheseforward-lookingstatements,whichreflectthecurrentviewsofthemanagementofABInBev,aresubjecttonumerousrisksanduncertaintiesaboutABInBevandaredependentonmanyfactors,someofwhichareoutsideofABInBev’scontrol.Thereareimportantfactors,risksanduncertaintiesthatcouldcauseactualoutcomesandresultstobemateriallydifferent,including,butnotlimitedtotherisksanduncertaintiesrelatingtoABInBevthataredescribedunderItem3.DofABInBev’sAnnualReportonForm20-FfiledwiththeSECon11March2024.Manyoftheserisksanduncertaintiesare,andwillbe,exacerbatedbyanyfurtherworseningoftheglobalbusinessandeconomicenvironment,includingasaresultofforeigncurrencyexchangeratefluctuationsandongoinggeopoliticalconflicts.Otherunknownorunpredictablefactorscouldcauseactualresultstodiffermateriallyfromthoseintheforward-lookingstatements.Theforward-lookingstatementsshouldbereadinconjunctionwiththeothercautionarystatementsthatareincludedelsewhere,includingABInBev’smostrecentForm20-FandotherreportsfurnishedonForm6-K,andanyotherdocumentsthatABInBevhasmadepublic.Anyforward-lookingstatementsmadeinthiscommunicationarequalifiedintheirentiretybythesecautionarystatementsandtherecanbenoassurancethattheactualresultsordevelopmentsanticipatedbyABInBevwillberealizedor,evenifsubstantiallyrealized,thattheywillhavetheexpectedconsequencesto,oreffectson,ABInBevoritsbusinessoroperations.Exceptasrequiredbylaw,ABInBevundertakesnoobligationtopubliclyupdateorreviseanyforward-lookingstatements,whetherasaresultofnewinformation,futureeventsorotherwise.Thefullyear2024(FY24)financialdatasetoutinFigure1(exceptforthevolumeinformation),Figures3to5,6,8,9,12and13ofthispressreleasehavebeenextractedfromthegroup’sauditedconsolidatedfinancialstatementsasofandforthetwelvemonthsended31December2024,whichhavebeenauditedbyourstatutoryauditorsPwCRéviseursd’EntreprisesSRL/PwCBedrijfsrevisorenBV.Thefourthquarter2024(4Q24)financialdatasetoutinFigure1(exceptforthevolumeinformation),Figures3to5,6,8,9,12and13andthefinancialdataincludedinFigures7,10,11and14havebeenextractedfromtheunderlyingaccountingrecordsasofandforthetwelvemonthsended31December2024.Referencesinthisdocumenttomaterialsonourwebsites,suchaswww.ab-inbev.com,areincludedasanaidtotheirlocationandarenotincorporatedbyreferenceintothisdocument.
    Conferencecallandwebcast
    InvestorConferencecallandwebcastonWednesday,26February2025:
    1.00pmBrussels/12.00pmLondon/7.00amNewYork
    Registrationdetails:
    Webcast(listen-onlymode):
    ABInBev4Q24ResultsWebcast
    Tojoinbyphone,pleaseuseoneofthefollowingtwophonenumbers:
    Toll-Free:+1-877-407-8029
    Toll:+1-201-689-8029
    AboutABInBev
    Anheuser-BuschInBev(ABInBev)isapubliclytradedcompany(Euronext:ABI)basedinLeuven,Belgium,withsecondarylistingsontheMexico(MEXBOL:ANB)andSouthAfrica(JSE:ANH)stockexchangesandwithAmericanDepositaryReceiptsontheNewYorkStockExchange(NYSE:BUD).Asacompany,wedreambigtocreateafuturewithmorecheers.Wearealwayslookingtoserveupnewwaystomeetlife’smoments,moveourindustryforwardandmakeameaningfulimpactintheworld.Wearecommittedtobuildinggreatbrandsthatstandthetestoftimeandtobrewingthebestbeersusingthefinestingredients.Ourdiverseportfolioofwellover500beerbrandsincludesglobalbrandsBudweiser®,Corona®,StellaArtois®andMichelobUltra®;multi-countrybrandsBeck’s®,Hoegaarden®andLeffe®;andlocalchampionssuchasAguila®,Antarctica®,BudLight®,Brahma®,Cass®,Castle®,CastleLite®,Cristal®,Harbin®,Jupiler®,ModeloEspecial®,Quilmes®,Victoria®,Sedrin®,andSkol®.Ourbrewingheritagedatesbackmorethan600years,spanningcontinentsandgenerations.FromourEuropeanrootsattheDenHoornbreweryinLeuven,Belgium.TothepioneeringspiritoftheAnheuser&CobreweryinSt.Louis,US.TothecreationoftheCastleBreweryinSouthAfricaduringtheJohannesburggoldrush.ToBohemia,thefirstbreweryinBrazil.Geographicallydiversifiedwithabalancedexposuretodevelopedanddevelopingmarkets,weleveragethecollectivestrengthsofapproximately144000colleaguesbasedinnearly50countriesworldwide.For2024,ABInBev’sreportedrevenuewas59.8billionUSD(excludingJVsandassociates).
    Annex1:Segmentreporting(4Q)
    ABInBevWorldwide
    4Q23
    Scope
    Currency
    Translation
    Organic
    Growth
    4Q24
    Organic
    Growth
    Totalvolumes(thousandhls)
    144706
    -103
    -
    -2774
    141829
    -1.9%
    ofwhichABInBevownbeer
    123764
    -77
    -
    -2628
    121059
    -2.1%
    Revenue
    14473
    -1030
    905
    493
    14841
    3.4%
    Costofsales
    -6679
    633
    -600
    1
    -6645
    0.0%
    Grossprofit
    7794
    -397
    305
    494
    8197
    6.3%
    SG&A
    -4537
    375
    -365
    -76
    -4603
    -1.7%
    Otheroperatingincome/(expenses)
    234
    11
    -11
    -4
    231
    -2.3%
    NormalizedEBIT
    3491
    -11
    -70
    414
    3824
    12.0%
    NormalizedEBITDA
    4877
    -136
    17
    487
    5245
    10.1%
    NormalizedEBITDAmargin
    33.7%
    35.3%
    216bps
    NorthAmerica
    4Q23
    Scope
    Currency
    Translation
    Organic
    Growth
    4Q24
    Organic
    Growth
    Totalvolumes(thousandhls)
    19738
    -
    -
    -223
    19516
    -1.1%
    Revenue
    3283
    -
    -6
    54
    3331
    1.7%
    Costofsales
    -1442
    -4
    2
    -39
    -1483
    -2.7%
    Grossprofit
    1841
    -4
    -4
    15
    1848
    0.8%
    SG&A
    -1098
    -4
    2
    22
    -1078
    2.0%
    Otheroperatingincome/(expenses)
    18
    -
    -
    -10
    8
    -57.4%
    NormalizedEBIT
    761
    -9
    -1
    26
    777
    3.5%
    NormalizedEBITDA
    957
    -9
    -2
    22
    969
    2.3%
    NormalizedEBITDAmargin
    29.2%
    29.1%
    18bps
    MiddleAmericas
    4Q23
    Scope
    Currency
    Translation
    Organic
    Growth
    4Q24
    Organic
    Growth
    Totalvolumes(thousandhls)
    38635
    -4
    -
    276
    38907
    0.7%
    Revenue
    4437
    14
    -348
    292
    4395
    6.6%
    Costofsales
    -1731
    1
    125
    4
    -1601
    0.2%
    Grossprofit
    2706
    15
    -222
    296
    2794
    10.9%
    SG&A
    -934
    -35
    83
    -88
    -975
    -9.2%
    Otheroperatingincome/(expenses)
    27
    -
    -1
    -18
    8
    -66.3%
    NormalizedEBIT
    1799
    -20
    -141
    189
    1828
    10.6%
    NormalizedEBITDA
    2170
    -35
    -176
    268
    2227
    12.5%
    NormalizedEBITDAmargin
    48.9%
    50.7%
    267bps
    SouthAmerica
    4Q23
    Scope
    Currency
    Translation
    Organic
    Growth
    4Q24
    Organic
    Growth
    Totalvolumes(thousandhls)
    46704
    -
    -
    -1753
    44950
    -3.8%
    Revenue
    3084
    -998
    1287
    100
    3473
    3.2%
    Costofsales
    -1450
    616
    -759
    35
    -1558
    2.4%
    Grossprofit
    1635
    -381
    527
    135
    1915
    8.2%
    SG&A
    -890
    371
    -450
    -24
    -992
    -2.7%
    Otheroperatingincome/(expenses)
    119
    9
    -13
    19
    133
    25.5%
    NormalizedEBIT
    863
    -1
    64
    130
    1056
    15.5%
    NormalizedEBITDA
    1106
    -107
    189
    122
    1310
    11.3%
    NormalizedEBITDAmargin
    35.8%
    37.7%
    273bps
    EMEA
    4Q23
    Scope
    Currency
    Translation
    Organic
    Growth
    4Q24
    Organic
    Growth
    Totalvolumes(thousandhls)
    23964
    -
    -
    919
    24883
    3.8%
    Revenue
    2252
    6
    -30
    196
    2424
    8.7%
    Costofsales
    -1253
    -6
    35
    -52
    -1276
    -4.1%
    Grossprofit
    999
    -
    5
    145
    1149
    14.5%
    SG&A
    -655
    -13
    -2
    -38
    -708
    -5.7%
    Otheroperatingincome/(expenses)
    53
    2
    2
    -5
    51
    -9.8%
    NormalizedEBIT
    397
    -11
    5
    101
    493
    25.5%
    NormalizedEBITDA
    675
    -11
    2
    110
    776
    16.3%
    NormalizedEBITDAmargin
    30.0%
    32.0%
    209bps
    AsiaPacific
    4Q23
    Scope
    Currency
    Translation
    Organic
    Growth
    4Q24
    Organic
    Growth
    Totalvolumes(thousandhls)
    15465
    -75
    -
    -1952
    13439
    -12.7%
    Revenue
    1267
    -9
    2
    -137
    1122
    -10.9%
    Costofsales
    -637
    -5
    -
    53
    -589
    8.2%
    Grossprofit
    630
    -14
    2
    -85
    533
    -13.7%
    SG&A
    -533
    -15
    4
    60
    -484
    11.3%
    Otheroperatingincome/(expenses)
    26
    -
    -
    8
    33
    29.3%
    NormalizedEBIT
    122
    -29
    6
    -17
    83
    -15.3%
    NormalizedEBITDA
    288
    -32
    6
    -18
    244
    -6.6%
    NormalizedEBITDAmargin
    22.8%
    21.7%
    104bps
    GlobalExportandHoldingCompanies
    4Q23
    Scope
    Currency
    Translation
    Organic
    Growth
    4Q24
    Organic
    Growth
    Totalvolumes(thousandhls)
    200
    -24
    -
    -41
    135
    -23.4%
    Revenue
    150
    -43
    -
    -12
    95
    -10.8%
    Costofsales
    -166
    31
    -3
    1
    -138
    0.7%
    Grossprofit
    -17
    -12
    -3
    -11
    -42
    -36.6%
    SG&A
    -427
    71
    -2
    -9
    -367
    -2.1%
    Otheroperatingincome/(expenses)
    -8
    -
    1
    4
    -3
    45.0%
    NormalizedEBIT
    -453
    59
    -3
    -16
    -412
    -3.4%
    NormalizedEBITDA
    -320
    58
    -2
    -16
    -281
    -4.9%
    Annex2:Segmentreporting(FY)
    ABInBevWorldwide
    FY23
    Scope
    Currency
    Translation
    Organic
    Growth
    FY24
    Organic
    Growth
    Totalvolumes(thousandhls)
    584728
    -586
    -
    -8435
    575706
    -1.4%
    ofwhichABInBevownbeer
    505899
    -541
    -
    -9862
    495496
    -2.0%
    Revenue
    59380
    777
    -1995
    1606
    59768
    2.7%
    Costofsales
    -27396
    -557
    1079
    129
    -26744
    0.5%
    Grossprofit
    31984
    221
    -916
    1735
    33024
    5.4%
    SG&A
    -18172
    -343
    543
    -369
    -18341
    -2.0%
    Otheroperatingincome/(expenses)
    778
    31
    -28
    -2
    779
    -0.3%
    NormalizedEBIT
    14590
    -91
    -401
    1364
    15462
    9.4%
    NormalizedEBITDA
    19976
    -53
    -589
    1624
    20958
    8.2%
    NormalizedEBITDAmargin
    33.6%
    35.1%
    179bps
    NorthAmerica
    FY23
    Scope
    Currency
    Translation
    Organic
    Growth
    FY24
    Organic
    Growth
    Totalvolumes(thousandhls)
    90140
    -470
    -
    -3397
    86272
    -3.8%
    Revenue
    15072
    -115
    -18
    -284
    14655
    -1.9%
    Costofsales
    -6517
    61
    6
    214
    -6236
    3.3%
    Grossprofit
    8554
    -53
    -12
    -69
    8419
    -0.8%
    SG&A
    -4619
    7
    7
    247
    -4358
    5.4%
    Otheroperatingincome/(expenses)
    34
    -
    1
    -28
    7
    -81.0%
    NormalizedEBIT
    3970
    -47
    -5
    150
    4069
    3.8%
    NormalizedEBITDA
    4727
    -50
    -6
    120
    4791
    2.5%
    NormalizedEBITDAmargin
    31.4%
    32.7%
    143bps
    MiddleAmericas
    FY23
    Scope
    Currency
    Translation
    Organic
    Growth
    FY24
    Organic
    Growth
    Totalvolumes(thousandhls)
    148730
    -18
    -
    1373
    150086
    0.9%
    Revenue
    16348
    -29
    -141
    894
    17072
    5.5%
    Costofsales
    -6379
    1
    48
    88
    -6242
    1.4%
    Grossprofit
    9969
    -27
    -94
    982
    10830
    9.9%
    SG&A
    -3792
    -19
    34
    -199
    -3976
    -5.3%
    Otheroperatingincome/(expenses)
    51
    -
    -
    -17
    34
    -33.0%
    NormalizedEBIT
    6228
    -46
    -59
    766
    6889
    12.3%
    NormalizedEBITDA
    7715
    -69
    -79
    832
    8400
    10.8%
    NormalizedEBITDAmargin
    47.2%
    49.2%
    239bps
    SouthAmerica
    FY23
    Scope
    Currency
    Translation
    Organic
    Growth
    FY24
    Organic
    Growth
    Totalvolumes(thousandhls)
    162460
    -
    -
    -1692
    160768
    -1.0%
    Revenue
    12040
    982
    -1200
    602
    12423
    5.0%
    Costofsales
    -5984
    -627
    613
    -74
    -6073
    -1.2%
    Grossprofit
    6056
    354
    -587
    528
    6350
    8.6%
    SG&A
    -3575
    -465
    370
    -108
    -3779
    -2.9%
    Otheroperatingincome/(expenses)
    394
    25
    -27
    60
    452
    17.1%
    NormalizedEBIT
    2875
    -87
    -244
    480
    3024
    17.1%
    NormalizedEBITDA
    3884
    -13
    -346
    527
    4052
    13.8%
    NormalizedEBITDAmargin
    32.3%
    32.6%
    267bps
    EMEA
    FY23
    Scope
    Currency
    Translation
    Organic
    Growth
    FY24
    Organic
    Growth
    Totalvolumes(thousandhls)
    90213
    -
    -
    3591
    93804
    4.0%
    Revenue
    8589
    16
    -508
    907
    9003
    10.5%
    Costofsales
    -4645
    -15
    358
    -376
    -4678
    -8.1%
    Grossprofit
    3944
    1
    -150
    530
    4325
    13.4%
    SG&A
    -2614
    -47
    86
    -127
    -2701
    -4.8%
    Otheroperatingincome/(expenses)
    198
    4
    -2
    -23
    177
    -11.4%
    NormalizedEBIT
    1528
    -42
    -66
    381
    1801
    24.9%
    NormalizedEBITDA
    2570
    -42
    -121
    440
    2847
    17.1%
    NormalizedEBITDAmargin
    29.9%
    31.6%
    178bps
    AsiaPacific
    FY23
    Scope
    Currency
    Translation
    Organic
    Growth
    FY24
    Organic
    Growth
    Totalvolumes(thousandhls)
    92726
    -75
    -
    -8255
    84397
    -8.9%
    Revenue
    6824
    -12
    -128
    -487
    6196
    -7.1%
    Costofsales
    -3272
    -24
    58
    269
    -2970
    8.2%
    Grossprofit
    3551
    -36
    -71
    -218
    3227
    -6.2%
    SG&A
    -2133
    -41
    44
    72
    -2059
    3.4%
    Otheroperatingincome/(expenses)
    113
    3
    -2
    3
    116
    2.2%
    NormalizedEBIT
    1531
    -75
    -29
    -143
    1284
    -9.6%
    NormalizedEBITDA
    2186
    -81
    -41
    -131
    1933
    -6.1%
    NormalizedEBITDAmargin
    32.0%
    31.2%
    35bps
    GlobalExportandHoldingCompanies
    FY23
    Scope
    Currency
    Translation
    Organic
    Growth
    FY24
    Organic
    Growth
    Totalvolumes(thousandhls)
    459
    -24
    -
    -56
    380
    -12.8%
    Revenue
    508
    -65
    1
    -26
    418
    -5.8%
    Costofsales
    -598
    47
    -3
    8
    -546
    1.5%
    Grossprofit
    -90
    -18
    -2
    -17
    -128
    -16.1%
    SG&A
    -1439
    223
    3
    -255
    -1468
    -17.9%
    Otheroperatingincome/(expenses)
    -13
    -
    2
    3
    -8
    24.2%
    NormalizedEBIT
    -1542
    205
    2
    -269
    -1604
    -17.5%
    NormalizedEBITDA
    -1106
    203
    3
    -165
    -1065
    -14.8%
    Annex3:Consolidatedstatementoffinancialposition
    MillionUSdollar
    31December2023
    31December2024
    ASSETS
    Non-currentassets
    Property,plantandequipment
    26818
    23503
    Goodwill
    117043
    110479
    Intangibleassets
    41286
    40034
    Investmentsinassociates
    4872
    4612
    Investmentsecurities
    178
    168
    Deferredtaxassets
    2935
    2493
    Pensionsandsimilarobligations
    12
    42
    Incometaxreceivables
    844
    470
    Derivatives
    44
    261
    Tradeandotherreceivables
    1941
    1577
    Totalnon-currentassets
    195973
    183637
    Currentassets
    Investmentsecurities
    67
    221
    Inventories
    5583
    5020
    Incometaxreceivables
    822
    727
    Derivatives
    505
    554
    Tradeandotherreceivables
    6024
    5270
    Cashandcashequivalents
    10332
    11174
    Assetsclassifiedasheldforsale
    34
    33
    Totalcurrentassets
    23367
    22999
    Totalassets
    219340
    206637
    EQUITYANDLIABILITIES
    Equity
    Issuedcapital
    1736
    1736
    Sharepremium
    17620
    17620
    Reserves
    20276
    12304
    Retainedearnings
    42215
    46577
    EquityattributabletoequityholdersofABInBev
    81848
    78237
    Non-controllinginterests
    10828
    10463
    Totalequity
    92676
    88700
    Non-currentliabilities
    Interest-bearingloansandborrowings
    74163
    70720
    Pensionsandsimilarobligations
    1673
    1296
    Deferredtaxliabilities
    11874
    11321
    Incometaxpayables
    589
    284
    Derivatives
    151
    68
    Tradeandotherpayables
    738
    797
    Provisions
    320
    385
    Totalnon-currentliabilities
    89508
    84871
    Currentliabilities
    Bankoverdrafts
    17
    -
    Interest-bearingloansandborrowings
    3987
    1449
    Incometaxpayables
    1583
    1805
    Derivatives
    5318
    5817
    Tradeandotherpayables
    25981
    23804
    Provisions
    269
    191
    Totalcurrentliabilities
    37156
    33066
    Totalequityandliabilities
    219340
    206637
    Annex4:Consolidatedstatementofcashflows
    Fortheyearended31December
    MillionUSdollar
    2023
    2024
    OPERATINGACTIVITIES
    Profitoftheperiod
    6891
    7416
    Depreciation,amortizationandimpairment
    5411
    5544
    Netfinancecost/(income)
    5102
    5353
    Equity-settledshare-basedpaymentexpense
    570
    644
    Incometaxexpense
    2234
    3152
    Othernon-cashitems
    1125
    -269
    Shareofresultofassociates
    -260
    -433
    Cashflowfromoperatingactivitiesbeforechangesinworkingcapitalanduseofprovisions
    21072
    21406
    Decrease/(increase)intradeandotherreceivables
    -1147
    341
    Decrease/(increase)ininventories
    717
    -149
    Increase/(decrease)intradeandotherpayables
    -1110
    -215
    Pensioncontributionsanduseofprovisions
    -419
    -374
    Cashgeneratedfromoperations
    19113
    21009
    Interestpaid
    -3877
    -3649
    Interestreceived
    598
    594
    Dividendsreceived
    127
    234
    Incometaxpaid
    -2696
    -3134
    Cashflowfrom/(usedin)operatingactivities
    13265
    15055
    INVESTINGACTIVITIES
    Acquisitionofproperty,plantandequipmentandofintangibleassets
    -4638
    -3863
    Proceedsfromsaleofproperty,plantandequipmentandofintangibleassets
    156
    128
    Sale/(acquisition)ofsubsidiaries,netofcashdisposed/acquiredof
    9
    -46
    Proceedsfromsale/(acquisition)ofotherassets
    83
    523
    Cashflowfrom/(usedin)investingactivities
    -4390
    -3259
    FINANCINGACTIVITIES
    Proceedsfromborrowings
    202
    5465
    Repaymentsofborrowings
    -3098
    -9295
    Dividendspaid
    -3013
    -2672
    Sharebuyback
    -362
    -937
    Paymentofleaseliabilities
    -780
    -787
    Derivativefinancialinstruments
    -841
    -431
    Sale/(acquisition)ofnon-controllinginterests
    -22
    -435
    Otherfinancingcashflows
    -646
    -763
    Cashflowfrom/(usedin)financingactivities
    -8560
    -9854
    Netincrease/(decrease)incashandcashequivalents
    315
    1942
    Cashandcashequivalentslessbankoverdraftsatbeginningofyear
    9890
    10314
    Effectofexchangeratefluctuations
    109
    -1082
    Cashandcashequivalentslessbankoverdraftsatendofperiod
    10314
    11174
    Contacts
    Investors
    ShaunFullalove
    E-mail:shaun.fullalove@ab-inbev.com
    EkaterinaBaillie
    E-mail:ekaterina.baillie@ab-inbev.com
    CyrusNentin
    E-mail:cyrus.nentin@ab-inbev.com
    Media
    MediaRelations
    E-mail:media.relations@ab-inbev.com

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