Anheuser-Busch InBev SA/NV (BUD) Q4 2022 Earnings Call Transcript

For the period ending December 31, 2022

March 2, 2023 9:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Welcome to Anheuser-Busch InBev’s Full Year and Fourth Quarter 2022 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. At this time, all participants have been placed in a listen-only mode and the floor will be open for your questions following the presentation. [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 affect AB InBev’s future results, see risk factors in the Company’s latest annual report on Form 20-F filed with the Securities and Exchange Commission on the 18th of March, 2022. AB InBev assumes no obligation to update or revise any forward-looking information provided during the conference call and shall not be liable for any action taken in reliance upon such information.

It is now my pleasure to turn the floor over to Mr. Michel Doukeris. Sir, you may begin.

Michel Doukeris

Thank you, Jessie, and welcome, everyone, to our full year 2022 earnings call. It is a great pleasure to be speaking with you all today.

Today, Fernando and I will take you through our full year and fourth quarter operating highlights and provide you with an update on the progress we’ve made in executing our strategic priorities. After that, we will be happy to answer your questions.

Let’s start with our operating performance. We are very pleased with the continued momentum of our business and the strength of the beer category across our footprint in both the fourth quarter and the full year 2022. For the full year, our top line grew by 11.2%, with volumes increasing by 2.3%, reaching a new all-time high. Revenue per hectoliter increased by 8.6% accelerating in the second half of the year, driven by revenue management initiatives and continued premiumization. Driven by the consistent execution of our strategy and top line growth across all operating regions, our reported revenue is now $5.5 billion above full year ‘19 pre-pandemic levels, with our volumes 5.8% ahead.