FY Results – AB InBev reported an 11.2% increase in revenue for FY22, driven mainly by pricing increases, with volume growth of 2.3%. The company’s net debt to EBITDA ratio decreased from 3.96x in 2021 to 3.51x in 2022. Normalized EBITDA increased by 7.2% in FY22, but the margin contracted by 126 bps to 34.3%. Underlying profit for FY22 was $6.1 billion, and underlying EPS was $3.03. The company expects EBITDA to grow between 4% and 8% in 2023, with net capital expenditure of between $4.5 billion and $5.0 billion. The proposed full-year 2022 dividend is 0.75 EUR per share.
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