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Main » 2023 » May » 5 » AB InBev Reports First Quarter 2023 Results
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AB InBev Reports First Quarter 2023 Results

BRUSSELSBRUSSELS - Thursday, 04. May 2023 AETOSWire Print 

Consistent execution of our strategy drives double-digit top and bottom-line growth


Regulated and inside information1

“Our business momentum continued this quarter, delivering a 13.2% increase in revenue through a combination of both volume and revenue per hl growth, and an EBITDA increase of 13.6%. We continue to invest for the long-term and these results reinforce our confidence in the resilience of the beer category, the effectiveness of our strategy and the strength of our platform to deliver consistent profitable growth.” – Michel Doukeris, CEO, AB InBev

Total Revenue

+ 13.2%

Revenue increased by 13.2% with revenue per hl growth of 12.4%.

15.4% increase in combined revenues of our global brands, Budweiser, Stella Artois and Corona, outside of their respective home markets.

Approximately 62% of our revenue through B2B digital platforms with the monthly active user base of BEES reaching 3.1 million users.

Over 100 million USD of revenue generated by our digital direct-to-consumer ecosystem.

Total Volume


Total volumes grew by 0.9%, with own beer volumes up by 0.4% and non-beer volumes up by 3.6%.

 Normalized EBITDA
+ 13.6%
Normalized EBITDA increased by  13.6% to 4 759 million USD with a normalized EBITDA margin expansion of 13 bps to 33.5%.

Underlying Profit
1 310 million USD
Underlying profit (normalized profit attributable to equity holders of AB InBev excluding the impact of hyperinflation) was 1 310 million USD in 1Q23 compared to 1 204 million USD in 1Q22.

Underlying EPS
0.65 USD
Underlying EPS was 0.65 USD in 1Q23, an increase from 0.60 USD in 1Q22.


1The 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 13.

Management comments

Consistent execution of our strategy drives double-digit top and bottom-line growth

We delivered top-line growth of 13.2%, comprised of a mix of 0.9% volume and 12.4% revenue per hl growth, driven by pricing actions, ongoing premiumization and other revenue management initiatives. EBITDA increased by 13.6% with margin expansion of 13bps, despite anticipated commodity cost headwinds and while increasing sales and marketing investments in our brands. Underlying USD earnings per share increased by 8.7%.

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.

Lead and grow the category:

This quarter we delivered a broad-based total volume increase of 0.9% with volume growth and revenue growth in more than 60% and 80% of our markets, respectively.

Digitize and monetize our ecosystem:

BEES captured approximately $8.2 billion USD of gross merchandise value (GMV), a 32% increase versus 1Q22 with 62% of our revenue through B2B digital channels. BEES Marketplace is live in 15 markets and generated an annualized GMV of approximately 1.2 billion USD with 59% of BEES customers now also Marketplace buyers.

Optimize our business:

EBITDA grew by 13.6% with margin expansion of 13bps, supported by disciplined resource allocation and overhead management.

Lead and grow the category

We are executing on five proven and scalable levers to drive category expansion:

Inclusive Category: Through our focus on brand, pack and liquid innovations, we continued to increase the average percentage of consumers purchasing our portfolio of brands, according to our estimates. This increase in participation was led by consumers in our emerging markets.

Core Superiority: Our mainstream portfolio delivered low-teens revenue growth and gained market share in 75% of our key markets, according to our estimates.

Occasions Development: Our global no-alcohol beer portfolio delivered over 30% revenue growth, with our performance driven by Budweiser Zero in Brazil and the US, where the brand was the #1 no-alcohol beer by volume in 1Q23, and growth of Corona Cero across Canada and Europe. In addition, our digital direct-to-consumer products are enabling a deeper understanding of our consumers, resulting in the development of new consumption occasions such as Brahma Soccer Wednesday’s and Corona Sunsets.

Premiumization: Our above core beer portfolio grew revenue by mid-teens, led by continued double-digit growth of Michelob ULTRA in the US and Mexico and double-digit growth of Original and Spaten in Brazil. Our global brands grew revenue by 15.4% outside of their home markets, led by Budweiser with 17.8% growth, supported by the return of consumer demand in China and continued growth in India. Stella Artois grew by 13.3% and Corona by 11.9%.

Beyond Beer: Our global Beyond Beer business contributed over 325 million USD of revenue and grew by low-single digits as growth globally was partially offset by a soft malt-based seltzer industry in the US. In Brazil, Beats successfully activated demand during the return of Carnival and delivered over 75% revenue growth. In the US, within the spirits-based ready-to-drink segment, Cutwater and NÜTRL vodka seltzer combined grew revenues by over 50%.

Digitize and monetize our ecosystem

Digitizing our relationships with more than 6 million customers globally: As of 31 March 2023, BEES is live in 20 markets with approximately 62% of our 1Q23 revenues captured through B2B digital platforms. In 1Q23, BEES had 3.1 million monthly active users and captured approximately 8.2 billion USD in gross merchandise value (GMV), growth of 16% and 32% versus 1Q22 respectively. BEES Marketplace is live in 15 markets with 59% of BEES customers also marketplace buyers. Marketplace captured approximately 295 million USD in GMV from sales of third-party products, growth of 34% versus 1Q22.

Leading the way in DTC solutions: Our omnichannel direct-to-consumer (DTC) ecosystem of digital and physical products generated revenue of more than 330 million USD, high-single digit growth versus 1Q22. Our digital DTC products, Zé Delivery, TaDa and PerfectDraft are now available in 20 markets, and generated over 100 million USD in revenue, representing low-teens growth versus 1Q22.

Optimize our business

EBITDA grew by 13.6% with margin expansion of 13bps, supported by disciplined resource allocation and overhead management. Our bond portfolio maintains a very manageable weighted average pre-tax coupon rate of approximately 4% with 95% of the portfolio fixed rate. In recognition of our deleveraging progress and strong free cash flow generation our credit rating was recently upgraded from Baa1 to A3 by Moody’s and from BBB+ to A- by S&P.

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