Q4 2024 Anheuser-Busch Inbev SA Earnings Call Transcript
Key Points
- Anheuser-Busch InBev SA/NV (BUD) achieved all-time high US dollar revenues with growth in 75% of its markets.
- The BEES marketplace delivered $2.5 billion in GMV, a 57% increase compared to the previous year.
- EBITDA grew at the top end of the company's outlook, reaching nearly $21 billion with margin expansion across all five operating regions.
- The company achieved a significant milestone in its deleveraging journey with a net debt-to-EBITDA ratio of 2.89 times, below 3 times for the first time since 2015.
- The Board proposed a full-year dividend of EUR1 per share, a 22% increase compared to the previous year.
- Total volume performance in 2024 was constrained by a soft consumer environment in China and Argentina, leading to a total volume decline of 1.4%.
- The company underperformed in the Chinese market due to a challenging consumer environment and on-premise channel impacts.
- The US margin expansion in Q4 was lower than in previous quarters, partly due to increased investments and higher COGS.
- Currency depreciation in Latin America poses a concern for raw material costs and COGS.
- The first quarter of 2025 is expected to face challenges due to fewer selling days, Easter timing, and shipment phasing comparables in the US and China.
Welcome to AB InBev's full year 2024 earnings conference call and webcast. Hosting the call today from AB InBev are Mr. Michel Doukeris, Chief Executive Officer, and Mr. Fernando Tennenbaum, Chief Financial Officer.
To access the slides accompanying today's call, please visit AB InBev's website at www.ab-inbev.com and click on the Investors tab and the Reports and Results Center page. Today's webcast will be available for on-demand playback later today. (Operator Instructions)
Some of the information provided during the conference call may contain statements of future expectations and other forward-looking statements. These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties. It is possible that AB InBev's actual results and financial condition may differ possibly materially from the anticipated results and financial condition indicated in these forward-looking statements.
For a discussion of some of the risks and important factors that could
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