Anheuser-Busch InBev (ABI) Q4 2024 earnings summary

Executive summary

• Achieved all-time high revenue in FY24, with 2.7% year-over-year growth and strong momentum in 75% of markets, including the U.S. and key international regions.

• EBITDA reached nearly $21 billion, at the top end of guidance, with margin expansion across all five operating regions.

• Underlying EPS increased by 15.7% in U.S. dollars, and free cash flow grew by $2.5 billion to $11.3 billion.

• Net debt reduced by $6.9 billion to $60.6 billion, with net debt/EBITDA at 2.89x, below 3x for the first time since 2015.

• Board proposed a full-year dividend of €1.00 per share, a 22% increase year-over-year, and initiated a $2 billion share buyback, with $750 million completed.

Financial highlights

• FY24 total revenue grew 2.7% year-over-year to $59.8 billion, with revenue per hectoliter up 4.3%.

• EBITDA increased by 8.2% for the full year and 10.1% in Q4, with margin expansion of 179bps to 35.1%.

• Underlying EPS was $3.53, up 15.7% year-over-year, with a 7% CAGR since 2021.

• Free cash flow reached $11.3 billion, up $2.5 billion from the prior year.

• Net debt reduced to $60.6 billion, with leverage at 2.89x EBITDA.

Outlook and guidance

• FY25 EBITDA expected to grow 4–8% organically, in line with medium-term outlook.

• Net CapEx guidance for FY25 is $3.5–4.0 billion; normalized effective tax rate expected at 26–28%.

• Net finance costs projected at $190–220 million per quarter; average gross debt coupon ~4%.

• Q1 2025 expected to face a high comparison base due to technical factors like fewer selling days and Easter timing.