Anheuser-busch Inbev Sa/nv · EURONEXT:ABI
Anheuser-busch Inbev Sa/nv — Q2 2022 Earnings Presentation
30 slides from Anheuser-busch Inbev Sa/nv's earnings presentation, Jul 28, 2022
Slide 1: 2Q22 Results
2Q22 Results July 28, 2022
Slide 2: Legal disclaimer
Legal disclaimer Certain statements contained in this report that are not statements of historical fact constitute forward-looking statements, notwithstanding that such statements are not specifically identified. In addition, certain statements may be contained in the future filings of the Company w
Slide 3: Agenda
Agenda 01 2Q22 Operating performance highlights 02 Update on our strategic pillars • Lead and grow the category • Digitize and monetize our ecosystem • Optimize our business 03 Q&A
Slide 4: Operating performance highlights
Operating performance highlights © AB InBev 2022 – All rights reserved | 4
Slide 5: 2Q22 operating performance
2Q22 operating performance Total volumes +3.4% Own beer +2.7% and non-beer +8.2% Total revenue +11.3% Revenue per hl +7.5% EBITDA +7.2% EBITDA margin of 34.5% Normalized EPS of $0.75 Underlying EPS of $0.73 Gross debt reduced in 1H22 of $5.5Bn Net debt to EBITDA ratio decreased to 3.86x
Slide 6: Diversified geographic footprint
Diversified geographic footprint Top-line growth in all regions and increased volume in over 60% of our markets EMEA 13% EBITDA contribution1 +8.7% North America Organic revenue 30% EBITDA contribution1 2Q222 +13.3% Organic EBITDA +2.7% Organic revenue 2Q222 -0.6% Organic EBITDA APAC 11% EBITDA cont
Slide 7: 2Q22 key market headlines
2Q22 key market headlines United States Europe Continued top-line growth with flattish bottom-line High-single digit top- and double-digit bottom-line growth Mexico South Africa Double-digit top- and bottom-line growth High single-digit top-line and double-digit bottom-line growth Colombia China Ind
Slide 8: ESG highlights
ESG highlights © AB InBev 2022 – All rights reserved | 8
Slide 9: We continue to advance our ESG agenda
We continue to advance our ESG agenda Circularity Climate Action Sustainable Innovation Opened full scale Evergrain production facility Brought together 250+ supply chain partners Hosted the 100+ Accelerator Demo Day in the U.S. to upcycle barley used in the brewing to drive decarbonization with the
Slide 10: Update on our strategic pillars
Update on our strategic pillars © AB InBev 2022 – All rights reserved | 10
Slide 11: Lead and grow the category
3 1 Optimize our Lead and grow Lead and grow business the category the category 2 Digitize and monetize our ecosystem © AB InBev 2022 – All rights reserved | 11
Slide 12: Creativity and effectiveness are fundamental to our business
Creativity and effectiveness are fundamental to our business Cannes Lions 50 CREATIVE MARKETER GRAND PRIX OF THE YEAR (Effectiveness) 40 23 10x 19x 19x 20 GOLD SILVER BRONZE 8 6 2016 2017 2018 2019 2020/21 2022
Slide 13: Lead and grow the category: 5 category expansion levers
Lead and grow the category: 5 category expansion levers 1 2 3 4 5 Inclusive Core Superiority Occasions Premiumization Beyond Beer Category Development Increased participation of Mainstream portfolio Stella Artois grew Above core portfolio grew Beyond Beer portfolio consumers within our delivered hig
Slide 14: Premiumization: Global brands delivered 9.7% revenue growth in 2Q22
4 Premiumization: Global brands delivered 9.7% revenue growth in 2Q22 Outside of their home markets, where they command a premium price vs. 2Q21 vs. 2Q21 vs. 2Q21 +6.1% +7.7% +18.2% 2Q22 revenue outside the US 2Q22 revenue outside Belgium 2Q22 revenue outside Mexico © AB InBev 2022 – All rights rese
Slide 15: Lead and grow the category: 5 category expansion levers
Lead and grow the category: 5 category expansion levers 1 2 3 4 5 Inclusive Core Superiority Occasions Premiumization Beyond Beer Category Development Increased participation of Mainstream portfolio Stella Artois grew Above core portfolio grew Beyond Beer portfolio consumers within our delivered hig
Slide 16: Scaling innovation at speed into new markets
Scaling innovation at speed into new markets, contributing ~8% of total net revenue year-to-date Inclusive Category Core Superiority Occasions Premiumization Beyond Beer © AB InBev 2022 – All rights reserved | 16
Slide 17: Digitize and monetize our ecosystem
3 1 Digitize and Optimize our business Lead and grow the category monetize our ecosystem 2 Digitize and monetize our ecosystem © AB InBev 2022 – All rights reserved | 17
Slide 18: BEES continues to expand and empower our customers
BEES continues to expand and empower our customers June 2021 June 2022 Monthly Active Users 1.8m 2.9m (“MAU”) Gross Merchandise Value ~$4.5bn ~$7.4bn (“GMV”) 2Q2021 2Q2022 Orders per week >1.4m >1.9m Minutes per week per buyer 25min 28min Marketplace buyers 21% 40% % of current BEES buyers © AB InBe
Slide 19: BEES Marketplace further empowers our ecosystem
BEES Marketplace further empowers our ecosystem 12 40% Countries Marketplace buyers % of present current BEES customers ~$800m >100 Annualized Revenue Partners © AB InBev 2021 – All rights reserved | 19
Slide 20: Leading expansion in direct-to-consumer solutions
Leading expansion in direct-to-consumer solutions Reaching Surpassing ~$385m 2Q22 revenue 16m 2Q22 online orders PerfectDraft Retail stores Zé Delivery +28% growth of active ~17% 2Q22 YoY ~5m Consumers YTD households vs. LY revenue growth © AB InBev 2022 – All rights reserved | 20
Slide 21: Optimize our business
3 1 Optimize our Lead and grow Optimize our business the category business 2 Digitize and monetize our ecosystem © AB InBev 2022 – All rights reserved | 21
Slide 22: Maximizing value by focusing on:
Maximizing value by focusing on: Optimized resource allocation Robust risk management Efficient capital structure © AB InBev 2022 – All rights reserved | 22
Slide 23: Dynamically balancing capital allocation priorities to maximize value creation
Dynamically balancing capital allocation priorities to maximize value creation Deleveraging Invest behind organic growth Selective Return of M&A Capital © AB InBev 2022 – All rights reserved | 23
Slide 24: Net Debt / EBITDA ratio decreased to 3.86x, with $5.5Bn gross debt reduction
Net Debt / EBITDA ratio decreased to 3.86x, with $5.5Bn gross debt reduction in 1H’22 Net Leverage (x)1. Gross Debt ($B) 1. 2. 5.50x 3. 4.80x 4.78x 122.6 4.61x 116.4 111.6 4. 4.01x 3.96x 3.86x 103.0 98.6 88.8 83.3 2016 2017 2018 2019 2020 2021 1H’2022 Notes 1. Net Leverage (x) represents Net Debt to
Slide 25: Well-distributed bond maturity profile with very manageable coupon
Well-distributed bond maturity profile with very manageable coupon and limited medium-term refinancing needs $3.2B ~4% ~16 yrs weighted average maturing through 2025 Pre-tax coupon maturity 12 Principal ($B) 10 8 6 4 2 0 2027 2038 2049 2022 2023 2024 2025 2026 2028 2029 2030 2031 2032 2033 2034 2035
Slide 26: Bond portfolio is mostly fixed rate
Bond portfolio is mostly fixed rate Diverse currency mix reduces risk 94% of our bond portfolio is fixed rate Floating rate 6% CAD 4% GBP 6% 6% Other 28% EUR 56% USD 94% Fixed rate Note : Represents full bond portfolio as of June 30 th 2022, after hedging © AB InBev 2022 – All rights reserved | 26
Slide 27: Underlying EPS declined by $0.02 to $0.73 in 2Q22
Underlying EPS declined by $0.02 to $0.73 in 2Q22 0.03 0.75 0.07 0.03 0.02 0.02 0.73 2Q21 Normalized EBIT Hyperinflation Net Finance Cost Income Tax Non-controlling 2Q22 Impact Expense Interest © AB InBev 2022 – All rights reserved | 27
Slide 28: Meeting the moment in 2022
Meeting the moment in 2022 © AB InBev 2021 – All rights reserved | 28
Slide 29: Building momentum as we deliver and transform
Building momentum as we deliver and transform Beer gaining Business Tech-first Revenue Activating share of throat momentum FMCG management demand Strong results in a Leading brands and Disciplined revenue Unique opportunities The beer category is: dynamic operating accelerated digital management inc
Slide 30: Q&A
Q&A © AB InBev 2022 – All rights reserved | 30