Slide 1: 3Q24 Results
3Q24 Results October 31, 2024
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 3Q24 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 2024 – All rights reserved |3
Slide 4: 3Q24 Operating performance highlights
3Q24 Operating performance highlights
Slide 5: Resilient strategy driving consistent results
• Revenue growth in more than 60% of our markets Resilient strategy • EBITDA +7.1% with margin expansion of 169bps driving consistent • Underlying EPS +14% results • FY24 EBITDA growth outlook raised to 6-8% • Share buyback program1 of $2Bn Notes: 1. Share buyback program to be executed over the nex
Slide 6: 3Q24 operating performance
3Q24 operating performance Total volumes -2.4% Own beer -3.1% and non-beer +0.6% Total revenue +2.1% Revenue per hl +4.6% EBITDA +7.1% EBITDA margin of 36.0% Underlying EPS of $0.98, +14% © AB InBev 2024 – All rights reserved |6
Slide 7: Diversified footprint provides unique scale to lead & grow the category
Diversified footprint provides unique scale to lead & grow the category, delivering revenue growth in ~60% of our markets EMEA 13% EBITDA contribution 1 North America +8.2% Organic revenue 22% EBITDA contribution 1 3Q24 +10.8% +1.5% Organic EBITDA Organic revenue 3Q24 +12.9% Organic EBITDA APAC 9% E
Slide 8: North America
North America United States Improved market share trend and productivity 3Q24 initiatives delivered low-single digit top-line and double-digit bottom-line growth Total Volume - 0.4% • EBITDA grew by 13.7% with margin improvement of approximately 375bps Net Revenue / hl + 1.9% • Michelob ULTRA and Bu
Slide 9: Middle Americas
Middle Americas Mexico Market share gain with margin expansion 3Q24 • Above core brands delivered continued volume Total Volume - 2.2% growth, led by Modelo and Pacifico Net Revenue / hl + 4.2% Net Revenue + 1.9% Colombia Double-digit bottom-line growth with margin expansion EBITDA + 9.3% • Premium
Slide 10: South America
South America Brazil Double-digit bottom-line growth with margin 3Q24 1 expansion • Premium and super premium brands grew volumes Total Volume - 0.6% in the low-twenties Net Revenue / hl + 6.2% Net Revenue + 5.6% Argentina • Total volumes declined by mid-teens as overall consumer demand was impacted
Slide 11: EMEA
EMEA Europe Continued premiumization with margin 3Q24 recovery • Premium and super premium portfolio makes up Total Volume + 2.7% approximately 57% of revenue • Performance led by Corona, which grew volumes by double-digits Net Revenue / hl + 5.4% Net Revenue + 8.2% South Africa Continued momentum d
Slide 12: Asia Pacific
Asia Pacific China Revenue declined by double-digits impacted by 3Q24 soft industry • Continue to invest behind our commercial Total Volume - 11.4% strategy, focused on premiumization, geographic expansion and digital transformation Net Revenue / hl + 2.2% Net Revenue - 9.5% South Korea • Volumes gr
Slide 13: Update on our strategic pillars
Update on our strategic pillars © AB InBev 2024 – All rights reserved |13
Slide 14: Lead and grow the category
Lead and grow the category © AB InBev 2024 – All rights reserved |14
Slide 15: Megabrands driving efficient growth Led by Corona
Megabrands driving efficient growth Led by Corona +3.1% 3Q24 NR growth +10.2% 3Q24 NR growth 2 with increase in portfolio Brand Power 1 ~5 BRANDS per market Making up the majority of volumes & growth Receiving disproportionate S&M investment Note: 1. According to our estimates 2. Outside of Mexico,
Slide 16: Consistent execution across the category expansion levers
Consistent execution across the 5 category expansion levers Category Core Occasions Participation Superiority Development Premiumization Beyond Beer Above core beer Participation increased Mainstream portfolio Mid-thirties revenue portfolio delivered low- Beyond Beer contributed in the majority of o
Slide 17: Occasions Development: No-Alcohol Beer
Occasions Development: No-Alcohol Beer No-alcohol beer growth accelerating led by Corona Cero Revenue Growth % of Markets 1 + Mid-Thirties > 60% Gaining market share 2 > 50% + Triple-Digits #1 Market positions No-Alc Portfolio 3Q23 3Q24 Note 1. Q3 QTD data Jul-Aug’2024; key markets based on markets
Slide 18: Digitize and monetize our ecosystem
Digitize and monetize our ecosystem © AB InBev 2024 – All rights reserved |18
Slide 19: BEES continues to expand and empower our customers
BEES continues to expand and empower our customers 3Q23 3Q24 YoY Monthly Active Users (“MAU”) 3.4m 3.9m +14% Gross Merchandise Value (“GMV”) ~$10.4bn ~$12.1bn +14%3 Net Promoter Score (“NPS”)1 +60 +66 +6 Marketplace GMV $420m $630m +51%3 Marketplace orders2 7.2m 9.5m 31% Notes: 1. Reflects weighted
Slide 20: Scaling our digital direct-to-consumer megabrands
Scaling our digital direct- to-consumer megabrands 3Q23 3Q24 YoY Revenue $128m $142m +11% Online orders ~17m ~19m +10% Active Consumers 10.2m 11.1m (R12M) +9% © AB InBev 2024 – All rights reserved |20
Slide 21: Optimize our business
Optimize our business © AB InBev 2024 – All rights reserved |21
Slide 22: Maximizing value
Maximizing value Optimized resource allocation Robust risk management Efficient capital structure © AB InBev 2024 – All rights reserved |22
Slide 23: Advancing our sustainability priorities to support our commercial vision
Advancing our sustainability priorities to support our commercial vision Climate Action Water Stewardship 46% Improvement in Scopes 2.47 Hectoliter per hectoliter 1 and 2 emissions per (hl/hl) water use efficiency hectoliter of production ratio vs 2017 baseline vs 2.53 hl/hl in 9M23 © AB InBev 2024
Slide 24: Margin expansion of 169bps; EBITDA margin expansion in four of five regions
Margin expansion of 169bps EBITDA margin expansion in four of five regions Margin evolution North Americas EBITDA margin +363 bps margin expansion 1 40.3% +169 bps1 36.0% 34.9% Middle Americas +343 bps margin expansion 1 EMEA South America +80 bps 2019 3Q23 3Q24 +156 bps margin expansion 1 margin ex
Slide 25: Actively managed debt portfolio with manageable coupon
Actively managed debt portfolio with manageable coupon and no relevant medium-term refinancing needs Well-distributed bond 1 maturity profile with manageable average coupon Diverse currency mix 2 CNY Other KRW 12 CAD 4% 3%3% 1% 10 8 $bn 6 EUR 33% 56% USD 4 2 0 2026 2027 2029 2032 2024 2033 2037 2042
Slide 26: Underlying EPS grew by 14% to $0.98
Underlying EPS grew by 14% to $0.98 Note 1. Translational FX & scopes impact on Normalized EBITDA organic © AB InBev 2024 – All rights reserved |26
Slide 27: Dynamic capital allocation: $2Bn share buyback program
Dynamic capital allocation: $2Bn share buyback program DELEVERAGING $2Bn Share buyback program 1 INVEST IN ORGANIC GROWTH SELECTIVE M&A RETURN OF CAPITAL Notes: 1. Share buyback program to be executed over the next 12 months. Our current intention is to hold the shares acquired as Treasury Shares to
Slide 28: Meeting the moment in 2024
Meeting the moment in 2024 © AB InBev 2024 – All rights reserved |28
Slide 29: Consistent execution of our strategy
Consistent execution of our strategy Continued global Global leader in large and momentum growing category • +7.1% EBITDA growth with margin • Gained or maintained market share in 60% expansion of 169 bps of our markets • Raised FY24 EBITDA growth outlook to 6-8% • Revenue growth in more than 60% of
Slide 30: Shareholder value creation
SHAREHOLDER VALUE CREATION © AB InBev 2024 – All rights reserved |30
Slide 31: Q&A
Q&A © AB InBev 2024 – All rights reserved |31