Anheuser-Busch InBev Reports Second Quarter 2022 Results

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Anheuser-Busch InBev Euronext ABI
Jul. 28, 2022 15:30
BRUSSELS--(Business Wire / Korea Newswire)--Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD):

Regulated and inside information[1]

Continued momentum with double-digit top-line growth

“Our business delivered sustained profitable growth. Our volume increased by 3.4%, our top-line by 11.3% and EBITDA by 7.2%. The relentless execution of our strategy, the strength of our brands and accelerated digital transformation enabled us to meet the moment in an ongoing dynamic operating environment.” - Michel Doukeris, CEO

Total Revenue
Revenue increased by 11.3% in 2Q22 with revenue per hl growth of 7.5% and by 11.5% in HY22 with revenue per hl growth of 7.9%.

9.7% increase in combined revenues of our global brands, Budweiser, Stella Artois and Corona, outside of their respective home markets in 2Q22, and 7.9% in HY22.

Approximately 55% of our revenue now through B2B digital platforms with the monthly active user base of BEES reaching 2.9 million users as of 30 June 2022.

Over 385 million USD of revenue and over 16 million ecommerce orders generated by our direct-to-consumer ecosystem in 2Q22.

Total Volume
In 2Q22, total volumes grew by 3.4%, with own beer volumes up by 2.7% and non-beer volumes up by 8.2%. In HY22, total volumes grew by 3.1% with own beer volumes up by 2.4% and non-beer volumes up by 7.1%.

Normalized EBITDA
In 2Q22 normalized EBITDA of 5 096 million USD represents an increase of 7.2% with normalized EBITDA margin contraction of 127 bps to 34.5%. In HY22, normalized EBITDA increased by 7.5% to 9 583 million USD and normalized EBITDA margin contracted by 122 bps to 34.2%. Normalized EBITDA figures of HY22 and HY21 include an impact of 201 million USD and 226 million USD from tax credits in Brazil. For more details, please see page 10.

Underlying Profit
1 468 million USD
Underlying profit (normalized profit attributable to equity holders of AB InBev excluding mark-to-market gains and losses linked to the hedging of our share-based payment programs and the impact of hyperinflation) was 1 468 million USD in 2Q22 compared to 1 507 million USD in 2Q21 and was 2 672 million USD in HY22 compared to 2 606 million USD in HY21.

Underlying EPS
0.73 USD
Underlying EPS was 0.73 USD in 2Q22, a decrease from 0.75 USD in 2Q21 and was 1.33 USD in HY22, an increase from 1.30 USD in HY21.

Net Debt to EBITDA
Net debt to normalized EBITDA ratio was 3.86x at 30 June 2022 compared to 3.96x at 31 December 2021.

The 2022 Half Year Financial Report is available on our website at

[1] The enclosed information constitutes inside information as defined in Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse, and regulated information as defined in the Belgian Royal Decree of 14 November 2007 regarding the duties of issuers of financial instruments which have been admitted for trading on a regulated market. For important disclaimers and notes on the basis of preparation, please refer to page 16.

Management comments

Continued momentum with double-digit top-line growth

We delivered top-line growth of 11.3%, comprised of 3.4% volume and 7.5% revenue per hl growth, driven by revenue management initiatives, ongoing premiumization and expansion of the beer category across most of our key markets supported by increased investment in our brands. EBITDA increased by 7.2% despite anticipated commodity and supply chain cost headwinds.

At the recent 2022 Cannes Lions International Festival of Creativity, we were awarded 50 Lions, a record high for our company.

Consistent execution of our strategy

We continue to execute on and invest in three key strategic pillars to deliver consistent growth and long-term value creation.

See Image 1.

1. Lead and grow the category:
This quarter we delivered volume growth in more than 60% of our markets with total volume growth of 3.4%.

2. Digitize and monetize our ecosystem:
BEES is now live in 18 markets and has reached 2.9 million monthly active users as of 30 June 2022, a 7% increase versus 1Q22. BEES Marketplace is now live in 12 countries with 40% of BEES customers now also Marketplace buyers.

3. Optimize our business:
We continued to deleverage with our net debt to normalized EBITDA ratio decreasing from 3.96x at 31 December 2021 to 3.86x for the 12-month period ending 30 June 2022. Gross debt reduced by $5.5 billion USD in HY22.

1. Lead and grow the category
We are executing on five proven and scalable levers to drive category expansion:

· Inclusive Category: In 2Q22, participation of consumers with our portfolio increased in the majority of our key markets, according to our estimates, driven by brand, pack and liquid innovations. For example, in Colombia we further scaled our local easy-drinking lager brand, Costeña Bacana, with growth driven primarily by legal drinking age consumers between 18-24 years old. In Brazil, the combination of our digital direct-to-consumer (DTC) platform, Zé Delivery, and 300ml returnable glass bottles are driving in-home consumption.
· Core Superiority: In 2Q22, our mainstream portfolio continued to outperform the industry across most of our key markets according to our estimates and delivered high-single digit revenue growth, led by particularly strong performances in Brazil, Mexico and Colombia.
· Occasions Development: Our global brand Stella Artois grew revenue by 7.7% outside of its home market, led by the focus on meal occasions in key markets such as Brazil and Colombia. We continue to grow our non-alcoholic beer portfolio with the successful expansion of Corona Sunbrew in Canada.
· Premiumization: Our above core portfolio grew revenue by approximately 12% this quarter, led by continued double-digit growth of Michelob ULTRA in the US and Mexico and expansion of Spaten in Brazil. Our global brands grew revenue by 9.7% outside of their home markets, led by Corona with 18.2% and Stella Artois with 7.7%. Budweiser grew by 6.1%, despite the impact of COVID-19 restrictions in China, the brand’s largest market.
· Beyond Beer: Our global Beyond Beer business contributed over 425 million USD of revenue in the quarter. In the US, within the spirits-based-ready-to-drink segment, our portfolio continued to grow ahead of the industry led by Cutwater and NÜTRL vodka seltzer. In South Africa, Brutal Fruit and Flying Fish delivered continued double-digit volume growth.

2. Digitize and monetize our ecosystem

· Digitizing our relationships with our more than 6 million customers globally: In 2Q22, the BEES platform captured approximately 7.4 billion USD in gross merchandise value (GMV) with over 24 million orders placed, growth of over 60% and 40% respectively versus 2Q21. Our e-commerce platform for sales of third party products, BEES Marketplace, is now live in 12 countries with 40% of BEES customers now also Marketplace buyers.
· Leading the way in DTC solutions: Our omni-channel direct-to-consumer (DTC) ecosystem of digital and physical DTC products generated revenue of approximately 385 million USD in 2Q22. Our digital DTC brands generated over 16 million orders in the quarter, led by Zé Delivery in Brazil and the continued expansion of our on demand platform in 10 additional markets in Latin America.

3. Optimize our business
In HY22, we continued to efficiently allocate resources across our operations. This enabled further investment behind the organic growth of our business with over 5.3 billion USD in capex and sales and marketing, focused on capacity and capabilities to lead and grow the category, marketing creativity and accelerating digital transformation. Our gross debt reduced from 88.8 billion USD as of 31 December 2021 to 83.3 billion USD as of 30 June 2022, leading to a net debt to EBITDA ratio of 3.86x. Our net interest expense decreased by 134 million USD versus HY21, principally as a result of our gross debt reduction efforts.

Advancing our ESG priorities

We continue to advance our ESG agenda. In June, we commenced operations in our first EverGrain facility in St. Louis, upcycling barley used in the brewing process into high quality, sustainable protein ingredients with an annual capacity of 7 thousand tons. To drive sustainable innovation at scale, this quarter we brought together more than 250 supply chain partners with the launch of our global collaboration initiative Eclipse and, along with our CPG partners, we hosted the 3rd annual demo day of our 100+ Accelerator program. During the event, 34 startups showcased solutions to our sustainability challenges across water stewardship, climate action, smart agriculture, circular packaging and upcycling.

Creating a future with more cheers

Our business continues to build momentum and deliver consistent profitable growth even in the context of the ongoing dynamic operating environment. Our best-in-class portfolio of brands, accelerated digital transformation and global ecosystem provide a unique platform that positions us well to lead and grow the beer category and drive superior long-term value creation.

2022 Outlook

⒧ Overall Performance: We expect our EBITDA to grow in-line with our medium-term outlook of between 4-8% and our revenue to grow ahead of EBITDA from a healthy combination of volume and price. The outlook for FY22 reflects our current assessment of the scale and magnitude of the COVID-19 pandemic, which is subject to change as we continue to monitor ongoing developments.
⑵ Net Finance Costs: Net pension interest expenses and accretion expenses are expected to be in the range of 170 to 200 million USD per quarter, depending on currency and interest rate fluctuations. We expect the average gross debt coupon in FY22 to be approximately 4.0%. Net finance costs will continue to be impacted by any gains and losses related to the hedging of our share-based payment programs.
⑶ Effective Tax Rates (ETR): We expect the normalized ETR in FY22 to be in the range of 28% to 30%, excluding any gains and losses relating to the hedging of our share-based payment programs. The ETR outlook does not consider the impact of potential future changes in legislation.
⑷ Net Capital Expenditure: We expect net capital expenditure of between 4.5 and 5.0 billion USD in FY22.

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Key Market Performances

United States: Continued top-line growth with flattish bottom-line

· Operating performance:
。2Q22: Revenue grew by 2.7% with revenue per hl growing by 5.5% driven by revenue management initiatives and continued premiumization. Sales-to-wholesalers (STWs) were down by 2.7%. Sales-to-retailers (STRs) declined by 3.4%, estimated to be below the industry. EBITDA declined by 0.5%.
。HY22: Revenue grew by 2.4%. STWs declined by 3.2%, with revenue per hl growth of 5.8%. Our STR’s declined by 3.9%. EBITDA declined by 0.2%.
· Commercial highlights: The beer industry remained resilient even in the context of a higher inflationary environment. Despite underperforming the industry, we remain confident in our commercial strategy to rebalance our portfolio toward faster growing segments. Our above core beer and spirits-based ready-to-drink portfolios outperformed the industry, led by Michelob ULTRA which grew by double-digits and Cutwater and NÜTRL vodka seltzer which grew strong double-digits.

Mexico: Double-digit top- and bottom-line growth

· Operating performance:
。2Q22: Revenue grew by high-teens with revenue per hl growth of high-single digits driven primarily by revenue management initiatives. Our volumes grew by high-single digits, outperforming the industry, supported by ongoing channel and portfolio expansion and the phasing impact of a later Easter. EBITDA grew by mid-teens.
。HY22: Revenue grew by mid-teens with volumes growing by mid-single digits and revenue per hl growing by high-single digits. EBITDA grew by low-teens.
· Commercial highlights: Our performance was driven by ongoing portfolio development, channel expansion, and digital transformation. Our core brands delivered high-single digit volume growth and our above core portfolio once again grew by double-digits, led by Modelo and Michelob ULTRA. We continue to expand our distribution footprint, with the opening of over 150 new Modelorama stores and the continuation of the OXXO rollout, expanding into approximately 800 additional stores. Over 60% of our BEES customers are now also BEES Marketplace buyers.

Colombia: Double-digit top-line and high-single digit bottom-line growth

· Operating performance:
。2Q22: Revenue grew by high-twenties with low-teens revenue per hl growth, primarily driven by revenue management initiatives and premiumization. Our volumes grew by mid-teens, driven by the execution of our category expansion levers and supported by a favorable comparable. EBITDA grew by high-single digits, negatively impacted by a loss from the disposal of non-core assets.
。HY22: Revenue grew by mid-twenties with volume increasing more than 10% and revenue per hl growth of low-teens. EBITDA grew by mid-teens.
· Commercial highlights: We continue to grow the beer category, again delivering a new record high per capita consumption this quarter. Our premium and super premium portfolio reached an all-time high volume, delivering over 40% volume growth led by our global brands and local premium brand, Club Colombia. More than 30% of our BEES customers are now also BEES Marketplace buyers.

Brazil: Double-digit top- and bottom-line growth

· Operating performance:
。2Q22: Revenue grew by 26.8%, with volume growth of 10.4% and revenue per hl growth of 14.9%. Our beer volumes once again outperformed the industry according to our estimates, growing by 8.5%. Non-beer volumes grew by 16.2%. Our performance was driven by the consistent execution of our strategic priorities, continued recovery of out of home consumption occasions and channel expansion. EBITDA grew by 34.3%.
。HY22: Total volume grew by 7.9% with beer volumes up by 5.2% and non-beer volumes up by 16.5%. Revenue increased by 21.6%, with revenue per hl growth of 12.7%. EBITDA grew by 15.0%.
· Commercial highlights: Our premium and super premium brands delivered volume growth of more than 20% this quarter. Our core portfolio continued its momentum, increasing volumes low-teens, and we continued to invest behind developing our core plus brands. Over 60% of our BEES customers are now also BEES Marketplace buyers. Our digital DTC platform, Zé Delivery, fulfilled almost 15 million orders in 2Q22, and has reached 4.2 million monthly active users.

Europe: High-single digit top- and double-digit bottom-line growth

· Operating performance:
。2Q22: Revenue grew by high-single digits, with low-single digit volume and high-single digit revenue per hl growth, supported by revenue management initiatives, ongoing premiumization and continued on-premise recovery. EBITDA grew by more than 10%. Versus 2Q19, top-line grew by mid-single digits despite on-premise volumes still not fully recovering to pre-pandemic levels.
。HY22: Revenue grew by low-teens with high-single digit revenue per hl and low-single digit volume growth. EBITDA increased by mid-teens.
· Commercial highlights: Our growth this quarter was led by our global and super premium brands, which delivered high-single digit revenue growth. Our DTC product, PerfectDraft, expanded the active shopper base by more than 25% versus 2Q21.

South Africa: High-single digit top-line and double-digit bottom-line growth

· Operating performance:
。2Q22: Revenue grew by 7.6%, with 7.5% revenue per hl growth and flat volumes, below the industry according to our estimates as our operations were impacted by significant production constraints in April and May due to floods impacting our Prospecton brewery. EBITDA grew by low double-digits.
。HY22: Revenue grew by double-digits with high-single digit revenue per hl and low-teens increase in volume. EBITDA grew by mid-twenties.
· Commercial highlights: Underlying demand for our portfolio remains strong. The premium, super premium and Beyond Beer portfolios led our growth this quarter, all delivering a double-digit revenue increase. Our leading core brands delivered continued revenue growth. Driven by BEES, digital channels now represent 91% of our revenues.

China: Industry impacted by COVID-19 restrictions with gradual improvement throughout the quarter

· Operating performance:
。2Q22: The total industry declined mid-single digits due to COVID-19 restrictions. The restrictions disproportionately impacted our key regions and sales channels, resulting in a 6.5% total volume decline, underperforming the industry according to our estimates. The operating environment gradually improved throughout the quarter resulting in volume growth of high-single digits in June year-over-year. In 2Q22, revenue per hl grew by 1.5% resulting in a total revenue decline of 5.1%. EBITDA declined by 11.8%.
。HY22: Volumes declined by 5.5% and revenue per hl grew by 2.4%, leading to total revenue decline of 3.3%. EBITDA declined by 6.5%.
· Commercial highlights: Underlying consumer demand for our brands remained strong. As restrictions eased in June, both our premium and super premium portfolios returned to volume growth increasing by double-digits.

Highlights from our other markets

· Canada: Total revenue grew by low-single digits. Our beer volume outperformed a soft industry this quarter, led by our core portfolio which grew revenue by mid-single digits.
· Peru: We delivered double-digit top-line growth in 2Q22 with a balance of mid-twenties volume and over 10% revenue per hl growth, driven by ongoing portfolio transformation, route to market expansion and supported by continued post COVID-19 recovery. Over 50% of BEES customers are now also BEES Marketplace buyers.
· Ecuador: We delivered mid-thirties top-line growth with a volume increase of low-twenties this quarter, supported by continued expansion of the beer category and post COVID-19 recovery. 60% of BEES customers are now also BEES Marketplace buyers.
· Argentina: Revenue grew by double-digits in 2Q22, driven primarily by revenue management initiatives in a highly inflationary environment, with flattish volumes.
· Africa excluding South Africa: In Nigeria, our top-line grew by 25% this quarter, driven by revenue management initiatives, though volumes were lower due to ongoing supply chain constraints. In other key markets, we continue to see strong consumer demand for our brands with double-digit volume and revenue growth in 2Q22 in Tanzania, Zambia and Uganda.
· South Korea: Volumes grew by high-single digits in 2Q22, supported by further market share gains in both the on-premise and in-home channels and continued improvement in the operating environment. Revenue per hl increased by high-single digits resulting in double-digit revenue growth.

Consolidated Income Statement

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HY22 recorded a decrease in cash and cash equivalents of 5 128 million USD compared to a decrease of 8 377 million USD in HY21, with the following movements:

· Our cash flow from operating activities reached 2 182 million USD in HY22 compared to 3 939 million USD in HY21. The decrease was primarily driven by changes in working capital for HY22 compared to HY21 as 2021 figures were impacted by lower capital expenditure and bonus accruals in 2020. In addition, changes in working capital in the first half of 2022 and 2021 reflect higher working capital levels at the end of June than at year-end as a result of seasonality.
· Our cash outflow from investing activities was 1 917 million USD in HY22 compared to a cash outflow of 2 209 million USD in HY21. The decrease in the cash flow from investing activities was mainly due to lower net capital expenditures and lower outflows from acquisition of subsidiaries in HY22 compared to HY21. Out of the total HY22 capital expenditures, approximately 32% was used to improve the company’s production facilities while 49% was used for logistics and commercial investments and 19% was used for improving administrative capabilities and for the purchase of hardware and software.
· Our cash outflow from financing activities amounted to 5 392 million USD in HY22, as compared to a cash outflow of 10 107 million USD in HY21. The decrease is primarily driven by lower debt redemption in HY22 compared to HY21.

Our net debt decreased to 75.9 billion USD as of 30 June 2022 from 76.2 billion USD as of 31 December 2021.

Our net debt to normalized EBITDA ratio was 3.86x as of 30 June 2022. Our optimal capital structure is a net debt to normalized EBITDA ratio of around 2x.

We continue to proactively manage our debt portfolio. After redemptions in January 2022, 94% of our bond portfolio holds a fixed-interest rate, 44% is denominated in currencies other than USD and maturities are well-distributed across the next several years.

In addition to a very comfortable debt maturity profile and strong cash flow generation, as of 30 June 2022, we had total liquidity of 17.0 billion USD, which consisted of 10.1 billion USD available under committed long-term credit facilities and 6.9 billion USD of cash, cash equivalents and short-term investments in debt securities less bank overdrafts.

Figure 15. Terms and debt repayment schedule as of 30 June 2022 (billion USD)


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. Scope changes 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. All references per hectoliter (per hl) exclude US non-beer activities. References to the High End Company refer to a business unit made up of a portfolio of global, specialty and craft brands across more than 30 countries. 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, starting from the 3Q18 results release in which we accounted for the hyperinflation impact for the first nine months of 2018. 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. These impacts are excluded from organic calculations and are identified separately in the annexes within the column labeled “Hyperinflation restatement”. In HY22, we reported a negative impact on the profit attributable to equity holders of AB InBev of 26 million USD. The impact in HY22 normalized EPS was -0.01 USD. Values in the figures and annexes may not add up, due to rounding. 2Q22 and HY22 EPS is based upon a weighted average of 2 012 million shares compared to a weighted average of 2 004 million shares for 2Q21 and HY21.

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 effects of the COVID-19 pandemic and uncertainties about its impact and duration and the risks and uncertainties relating to AB InBev described under Item 3.D of AB InBev’s Annual Report on Form 20-F filed with the SEC on 18 March 2022. Many of these risks and uncertainties are, and will be, exacerbated by the COVID-19 pandemic and the ongoing conflict in Russia and Ukraine and any worsening of the global business and economic environment as a result. 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 second quarter 2022 (2Q22) and half year 2022 (HY22) financial data set out in Figure 1 (except for the volume information), Figures 3 to 5, 7, 9, 10 and 13 and 14 of this press release have been extracted from the group’s unaudited condensed consolidated interim financial statements as of and for the six months ended 30 June 2022, 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 6, 8 11, 12 and 15 have been extracted from the underlying accounting records as of and for the six months ended 30 June 2022 (except for the volume information). References in this document to materials on our websites, such as, are included as an aid to their location and are not incorporated by reference into this document.

Conference call and webcast

Investor Conference call and webcast on Thursday, 28 July 2022:
3.00pm Brussels / 2.00pm London / 9.00am New York

Registration details:
Webcast (listen-only mode):
AB InBev 2Q & HY22 Results Webcast

To join by phone, please use one of the following two phone numbers:
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About Anheuser-Busch InBev

Anheuser-Busch 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® and Stella Artois®; multi-country brands Beck’s®, Hoegaarden®, Leffe® and Michelob ULTRA®; 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 169,000 colleagues based in nearly 50 countries worldwide. For 2021, AB InBev’s reported revenue was 54.3 billion USD (excluding JVs and associates).

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