The growth was driven by a 4.3% rise in revenue per hectoliter (hl), offsetting a 1.4% drop in total volumes, primarily due to weakness in China and Argentina. 

Normalized EBITDA rose 8.2% to US$20.96 billion, supported by cost efficiencies and disciplined expense management.  

Fourth-quarter results surpassed expectations, with organic sales outperforming consensus estimates by 100 basis points. Growth was led by North America, South America, and EMEA, where AB InBev gained market share. 

The brewer, which owns brands such as Budweiser, Corona, and Stella Artois, saw fourth-quarter revenue increase by 3.4% to US$14.84 billion, in contrast to the 2.9% decline to US$14.05 billion forecast by LSEG analysts.  

However, total volumes declined 1.9% in the fourth quarter, aligning with the full-year decline of 1.4%. 

CEO Michel Doukeris attributed the volume declines in China and Argentina to industrial weakness affecting consumer sentiment. He expressed confidence in a potential recovery in 2025, emphasizing that global beer demand remains resilient. 

Despite declining beer sales, AB InBev’s non-beer brands, such as Cutwater Spirits and Brutal Fruit Spritzer, performed better.  

The company highlighted its continued focus on premiumization, with premium and super-premium brands accounting for 35% of total revenue. No-alcohol beer also gained momentum, led by triple-digit volume growth of Corona Cero. 

AB InBev continued to expand its digital ecosystem during the year, with BEES, its B2B sales platform, now managing 75% of revenue transactions.  

BEES Marketplace, which offers third-party products, saw a 57% increase in gross merchandise value to US$2.5 billion. 

The company remains committed to returning capital to shareholders, proposing a €1 dividend per share, a 22% increase. Additionally, it has completed US$750 million of its planned US$2 billion share buyback program. 

Looking ahead to 2025, AB InBev reaffirmed its EBITDA growth target of 4-8%, in line with market expectations. Capital expenditures are projected to range between US$3.5 billion and US$4 billion, below the consensus estimate of US$4.5 billion. 

Concurrently, AB InBev extended its Worldwide Olympic Partnership with the International Olympic Committee (IOC) through 2032.  

Initially announced in January 2024 for the Olympic Games Los Angeles 2028, the agreement now includes the Olympic Winter Games French Alps 2030 and the Olympic Games Brisbane 2032.