Slide 1: 1Q23 Results
1Q23 Results May 4, 2023
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 1Q23 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 © AB InBev 2023 – All rights reserved | 3
Slide 4: Operating performance highlights
Operating performance highlights © AB InBev 2023– All rights reserved | 4
Slide 5: 1Q23 operating performance
1Q23 operating performance Total volumes + 0.9% Strong revenue per hl growth Own beer +0.4% and non-beer +3.6% 12.4% 11.2% Total revenue +13.2% Revenue per hl +12.4% 8.6% 5.5% EBITDA +13.6% 4.5% EBITDA margin of 33.5% 3.1% 2.1% Underlying EPS of $0.65, +8.7% FY18 FY19 FY20 FY21 FY22 4Q22 1Q23 © AB I
Slide 6: Diversified footprint provides a unique platform to lead & grow the category
Diversified footprint provides a unique platform to lead & grow the category, delivering volume growth in 60% of our markets EMEA 13% EBITDA contribution1 +9.4% North America Organic revenue 29% EBITDA contribution1 1Q23 +2.7% Organic EBITDA +5.1% Organic revenue 1Q23 +0.3% Organic EBITDA APAC 10% E
Slide 7: North America
North America United States Continued top-line growth with stable EBITDA despite the 1Q23 elevated cost environment • Above core beer and Beyond Beer brands increasing share of revenue Total Volume - 1.0% Net Revenue / hl + 6.2% Net Revenue + 5.1% Canada • Mid-single digit volume growth, outperformi
Slide 8: © AB InBev 2023 – All rights reserved | 8
© AB InBev 2023 – All rights reserved | 8
Slide 9: Middle Americas
Middle Americas Mexico Double-digit top- and bottom-line growth 1Q23 • Broad-based volume growth across price segments, with above core portfolio growing by low-teens Total Volume + 0.1% Net Revenue / hl + 10.9% Net Revenue + 11.0% Colombia Continued top-line growth and share of alcohol gains despit
Slide 10: South America
South America Brazil Double-digit top- and bottom-line growth with margin 1Q23 expansion • Volume growth led by premium and super premium brands, growing in the mid-thirties Total Volume - 0.2% Net Revenue / hl + 32.3% Net Revenue + 31.9% Argentina • Revenue increased by high-single digits on a repo
Slide 11: EMEA
EMEA Europe Double-digit top-line and high single digit 1Q23 bottom-line growth • Global brands and super premium portfolio delivered low- teens revenue growth Total Volume - 1.0% Net Revenue / hl + 10.5% Net Revenue + 9.4% South Africa High-single digit top-line growth with record high quarterly vo
Slide 12: Asia Pacific
Asia Pacific China Double-digit top- and bottom-line growth as consumer 1Q23 demand accelerates • Premium and super premium brands grew volumes by approximately 10% Total Volume + 9.0% Net Revenue / hl + 3.5% Net Revenue + 12.8% South Korea • Double-digit volume growth with market share expansion EB
Slide 13: Sustainability highlights
Sustainability highlights © AB InBev 2023 – All rights reserved | 13
Slide 14: Advancing our sustainability priorities
Advancing our sustainability priorities Climate Circular packaging Won PAC Global Awards for our circular packaging innovations made with Recognized by CDP as a 2022 top Supplier Engagement Leader upcycled barley straw and majority recycled marine plastic © AB InBev 2023 – All rights reserved | 14
Slide 15: Update on our strategic pillars
Update on our strategic pillars © AB InBev 2023 – All rights reserved | 15
Slide 16: 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 2023 – All rights reserved | 16
Slide 17: Lead and grow the category: 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 Continued brand, pack Mainstream portfolio Over 30% revenue Above core portfolio Contributed over $325m and liquid innovations delivered low-teens gr
Slide 18: Our global brands delivered 15.4% revenue growth in 1Q23
Our global brands delivered 15.4% revenue growth in 1Q23 Outside of their home markets, where they command a premium price vs. 1Q22 vs. 1Q22 vs. 1Q22 +11.9% +13.3% +17.8% 1Q23 revenue outside Mexico1 1Q23 revenue outside Belgium 1Q23 revenue outside the US Notes 1. Excludes exports to Australia f or
Slide 19: 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 2023 – All rights reserved | 19
Slide 20: BEES continues to expand and empower our customers
BEES continues to expand and empower our customers March 2022 March 2023 YoY Monthly Active Users 2.7m 3.1m +16% (“MAU”) >98% digital retention 2 Gross Merchandise Value ~$6.5bn ~$8.2bn +32% (“GMV”) 1Q22 1Q23 Net Promoter Score +48 +59 +11 (“NPS”) 1 Marketplace Markets 11 15 +4 Marketplace buyers 31
Slide 21: Scaling our digital direct-to-consumer products
Scaling our digital direct-to-consumer products Surpas s ing Over $100m 1Q23 revenue 16m 1Q23 online orders PerfectDraft On-Demand Zé Delivery TaDa Delivery More active machines ~8m ~2m than pubs in (+174% YoY) Active UK and Consumers (R12M) 1Q23 Orders France © AB InBev 2023 – All rights reserved |
Slide 22: Optimize our business
3 1 Optimize our Lead and grow Optimize our business the category business 2 Digitize and monetize our ecosystem © AB InBev 2023 – All rights reserved | 22
Slide 23: Maximizing value
Maximizing value Optimized resource allocation Robust risk management Efficient capital structure © AB InBev 2023 – All rights reserved | 23
Slide 24: 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 2023 – All rights reserved | 24
Slide 25: Well-distributed bond maturity profile with limited medium-term refinancing needs
Well-distributed bond maturity profile with very manageable coupon and limited medium-term refinancing needs ~$3Bn ~4% ~14.5 yrs maturing through 2025 Pre-tax coupon weighted average maturity 12 10 Principal ($B) 8 6 4 2 0 2025 2028 2030 2033 2035 2038 2041 2043 2046 2049 2051 2054 2057 2059 2023 20
Slide 26: Bond portfolio is diversified across currencies and 95% fixed rate
Bond portfolio is diversified across currencies and 95% fixed rate Diverse currency mix reduces risk 95% of our bond portfolio is fixed rate 6% CAD Floating rate 3% GBP 5% Other 5% 28% EUR 58% USD 95% Fixed rate Note: Represents full bond portfolio as of March 31st, 2023, after hedging © AB InBev 20
Slide 27: Deleveraging progress is being recognized
Deleveraging progress is being recognized A3 A- Baa1 BBB+ © AB InBev 2023 – All rights reserved | 27
Slide 28: Underlying EPS grew by 8.7% to $0.65, driven by operating profit growth
Underlying EPS grew by 8.7% to $0.65, driven by operating profit growth 0.17 0.30 0.03 0.01 0.03 0.04 0.65 0.60 0.00 0.01 1Q22 Normalized Normalized Depreciation Net interest Other financial Income tax Associates Hyperinflation 1Q23 EBITDA EBITDA FX 1 & amortization expense results expense & Non- im
Slide 29: 1Q23 Takeaways
1Q23 Takeaways © AB InBev 2023 – All rights reserved | 29
Slide 30: Superior platform to deliver long-term value creation
Superior platform to deliver long-term value creation Delivering consistent Global leader in big, profitable profitable growth and growing beer category 3 1 • 13.6% organic EBITDA growth • 0.9% volume growth, growing in over Optimize our Lead and grow the 60% of our markets • 8.7% underlying EPS gro
Slide 31: Q&A
Q&A © AB InBev 2023 – All rights reserved | 31