Consistent execution of our strategy delivered double-digit EBITDA growth with margin expansion of 236bps and a 25% increase in Underlying EPS
BRUSSELS -- (BUSINESS WIRE) --
Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD):
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Regulated information1
“Our global momentum continued this quarter. The strength of our diversified footprint and consumer demand for our megabrands delivered another quarter of broad-based top- and bottom-line growth. EBITDA grew by double-digits and the continued optimization of our business drove a 25% increase in Underlying EPS. We are encouraged with our performance in the first half of the year and remain focused on consistent execution of our strategy.” – Michel Doukeris, CEO, AB InBev
Total Revenue + 2.7% Revenue increased by 2.7% in 2Q24 with revenue per hl growth of 3.6% and by 2.7% in HY24 with revenue per hl growth of 3.5%.
3.3% increase in combined revenues of our megabrands, led by Corona, which grew by 5.6% outside of its home market in 2Q24.
Approximately 70% of our revenue is through B2B digital platforms with the monthly active user base of BEES reaching 3.8 million users in 2Q24.
Approximately 140 million USD of revenue generated by our digital direct-to-consumer ecosystem in 2Q24.
Total Volume - 0.8% In 2Q24, total volumes declined by 0.8%, with own beer volumes down by 1.3% and non-beer volumes up by 3.4%. In HY24, total volumes declined by 0.7% with own beer volumes down by 1.3% and non-beer volumes up by 3.5%.
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Normalized EBITDA + 10.2% In 2Q24, normalized EBITDA increased by 10.2% to 5 302 million USD with a normalized EBITDA margin expansion of 236bps to 34.6%. In HY24, normalized EBITDA increased by 7.8% to 10 288 million USD with a normalized EBITDA margin expansion of 165bps to 34.4%.
Underlying Profit 1 811 million USD Underlying profit (profit attributable to equity holders of AB InBev excluding non-underlying items and the impact of hyperinflation) was 1 811 million USD in 2Q24 compared to 1 452 million USD in 2Q23 and was 3 320 million USD in HY24 compared to 2 762 million USD in HY23.
Underlying EPS 0.90 USD Underlying EPS was 0.90 USD in 2Q24, an increase from 0.72 USD in 2Q23 and was 1.66 USD in HY24, an increase from 1.37 USD in HY23.
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Net Debt to EBITDA 3.42x Net debt to normalized EBITDA ratio was 3.42x at 30 June 2024 compared to 3.70x at 30 June 2023 and 3.38x at 31 December 2023. |
The 2024 Half Year Financial Report is available on our website at www.ab-inbev.com
1The enclosed information constitutes 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
Consistent execution of our strategy delivered double-digit EBITDA growth with margin expansion of 236bps and a 25% increase in Underlying EPS
Top-line increased by 2.7%, with revenue growth in approximately 65% of our markets, driven by a revenue per hl increase of 3.6% as a result of revenue management initiatives. Volume growth in our Middle Americas, South America, Europe and Africa regions was primarily offset by performance in China and Argentina, resulting in an overall volume decline of 0.8%. EBITDA increased by 10.2% with production cost efficiencies and disciplined overhead management driving EBITDA margin expansion of 236bps. Underlying EPS was 0.90 USD, a 25% increase versus 2Q23, driven primarily by nominal EBITDA growth.
Progressing our strategic priorities
We continue to execute on and invest in three key strategic pillars to deliver consistent growth and long-term value creation.
(1) Lead and grow the category:
We delivered volume growth in 50% of our markets in 2Q24 and gained market share in the majority in HY24, according to our estimates.
(2) Digitize and monetize our ecosystem:
BEES captured 11.7 billion USD of gross merchandise value (GMV), a 20% increase versus 2Q23 with approximately 70% of our revenue through B2B digital channels. BEES Marketplace captured 530 million USD in GMV from sales of third-party products, a 55% increase versus 2Q23.
(3) Optimize our business:
We continue to make progress on deleveraging with net debt to EBITDA reaching 3.42x as of 30 June 2024 versus 3.70x as of 30 June 2023. In HY24, we invested 5.3 billion USD in capex and sales and marketing while delivering free cash flow of approximately 0.9 billion USD, a 1.4 billion USD improvement versus HY23.
(1) Lead and grow the category
We continued to invest in our megabrands, mega platforms and brand building capabilities this quarter. According to the Kantar BrandZ 2024 report, our portfolio now holds 8 of the top 10 most valuable beer brands in the world, with Corona and Budweiser #1 and #2 respectively. Our marketing effectiveness and creativity were recognized by again being named the most effective marketer in the world by both Effies and the World Advertising Research Center and being the most awarded beverage company at the 2024 Cannes Lions International Festival of Creativity. Our performance across each of our 5 category expansion levers was led by our megabrands which delivered continued volume growth and a 3.3% revenue increase in 2Q24.
(2) Digitize and monetize our ecosystem
(3) Optimize our business
Creating a future with more cheers
In the first half of this year, our business delivered EBITDA growth of 7.8% with margin expansion of 165bps, while we continued to invest for the long-term in our brands, facilities and digital initiatives. Our nominal EBITDA growth and the continued optimization of our business drove strong operating leverage, resulting in an Underlying EPS increase of 21% in HY24. Our performance is made possible by the dedication and hard work of our people and we take this opportunity to thank all our colleagues globally for their passion and commitment. The beer category is large and growing, and our unique global leadership advantages, replicable growth drivers and superior profitability position us well to deliver on our purpose to create a future with more cheers.
2024 Outlook
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