Anheuser-Busch Inbev SA (BUD) Q4 2023 Earnings Conference Call February 29, 2024 9:00 AM ET
Company Participants
Michel Doukeris - CEO
Fernando Tennenbaum - CFO
Conference Call Participants
Mitchell Collett - Deutsche Bank
Trevor Stirling - Sanford C. Bernstein & Co.
Olivier Nicolai - Goldman Sachs Group
Chris Pitcher - Redburn
Sanjeet Aujla - UBS
Brett Cooper - Consumer Edge
Sarah Simon - Morgan Stanley
Robert Ottenstein - Evercore ISI
Operator
Welcome to Anheuser-Busch InBev's Full Year and Fourth Quarter 2023 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 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 17th of March 2023.
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 2023 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 have made in executing our strategic priorities. After that, we'll be happy to answer your questions.
Let's start with our operating performance. Our global momentum continued in 2023. Revenue reached approximately USD 59.4 billion, an all-time high for our company. Although our full growth potential was constrained by the performance of our U.S. business, our revenue grew by 7.8%. Net revenue per hectoliter increased by 9.9% as a result of pricing actions, ongoing premiumization and other revenue management initiatives. Total volumes declined by 1.7% as growth in Middle Americas, Africa and Asia Pacific was primarily offset by performance in the U.S. in a soft industry in Europe.