The AB InBev Group saw its sales rise to $14.21 billion in the first quarter of 2023, a 13.2% increase, the brewing giant said on Thursday.
It ended the quarter with an increase of 0.9% in volumes and 12.4% in revenue growth "driven by pricing actions, ongoing premiumisation, and other revenue initiatives," according to its Q1 report.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) were up 13.6% to $4.76 billion while profit attributable to AB InBev’s equity holders was $1.64 billion, up from just $95 million in the first quarter of 2022.
Earnings reached $0.81 per share in the first three months of the year.
The performance of the group, which brews Jupiler, Stella Artois and Budweiser among other beers, surpassed analysts’ forecasts of $4.6 billion in EBITDA.
AB InBev also beat analysts’ expectations for revenue.
The group’s bond portfolio, whose deleveraging efforts have eraned it upgraded credit ratings, maintains “a very reasonable weighted average coupon rate of around 4% pre-tax, with 95% of the portfolio at fixed rates,” AB InBev said.
The brewery group continues to forecast 2023 EBITDA growth in line with its medium-term outlook of 4% to 8%, and even higher revenue growth “driven by a healthy mix of volumes and pricing.”
