- Anheuser-Busch InBev press release (BUD): Q2 Non-GAAP EPS of $0.90 beats by $0.05.
- Revenue of $15.33B (+2.7% Y/Y) in-line.
- In 2Q24, total volumes declined by 0.8%, with own beer volumes down by 1.3% and non-beer volumes up by 3.4%.
- 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.
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2024 Outlook
- Overall Performance: “We expect our EBITDA to grow in line with our medium-term outlook of between 4-8%. The outlook for FY24 reflects our current assessment of inflation and other macroeconomic conditions.”
- Net Finance Costs: “Net pension interest expenses and accretion expenses are expected to be in the range of 220 to 250 million USD per quarter, depending on currency and interest rate fluctuations. We expect the average gross debt coupon in FY24 to be approximately 4%.”
- Effective Tax Rates: “We expect the normalized ETR in FY24 to be in the range of 27% to 29%. The ETR outlook does not consider the impact of potential future changes in legislation.”
- Net Capital Expenditure: “We expect net capital expenditure of between 4.0 and 4.5 billion USD in FY24.”