Continued momentum delivered over 15% top-line growth in FY21
“This year was an important step in our journey to create a future with more cheers. Relentless execution of our strategy
drove continued momentum to deliver over 15% top-line growth, EBITDA at the top-end of our outlook and another year of
strong cash flow generation.” - Michel Doukeris, CEO

Total Volume
+3.6%
In 4Q21, total volumes grew by 3.6%, with own beer volumes
up by 3.4% and non-beer volumes up by 3.8%. In FY21, total
volumes grew by 9.6% with own beer volumes up by 9.7%
and non-beer volumes up by 8.7%.
Total Revenue
+12.1%
Revenue increased by 12.1% in 4Q21 with revenue per hl
growth of 8.1% and by 15.6% in FY21 with revenue per hl
growth of 5.5%, including:
23.5% increase in combined revenues of our global brands,
Budweiser, Stella Artois and Corona, outside of their
respective home markets in 4Q21, and 22.9% in FY21.
Over 5 billion USD in revenue contributed from innovations
in FY21.
Over 50% of our revenue now through B2B digital platforms
with the monthly active user base of our proprietary B2B
brand, BEES, reaching 2.5 million users.
Nearly 1.5 billion USD of revenue generated by our directto-consumer ecosystem in FY21.
Normalized EBITDA
+5.0%
In 4Q21 normalized EBITDA of 4 882 million USD represents
an increase of 5.0% with normalized EBITDA margin
contraction of 231 bps to 34.4%. In FY21, normalized
EBITDA increased by 11.8% to 19 209 million USD and
normalized EBITDA margin contracted by 118 bps to 35.4%.
Normalized EBITDA figures include an impact of 226 million
USD from tax credits in Brazil. For more details, please see
page 11.

Underlying Profit
1 484 million USD
Underlying profit (normalized profit attributable to equity
holders of AB InBev excluding mark-to-market gains and
losses linked to the hedging of our share-based payment
programs and the impact of hyperinflation) was 1 484 million
USD in 4Q21 compared to 1 616 million USD in 4Q20 and
was 5 774 million USD in FY21 compared to 5 022 million
USD in FY20. Normalized profit attributable to equity holders
of AB InBev was 1 797 million USD in 4Q21 versus
2 154 million USD in 4Q20 and 5 723 million USD in FY21
versus 3 807 million USD in FY20. Both normalized and
underlying profit and EPS in 4Q20 were positively impacted
by 325 million USD after tax and non-controlling interest
related to tax credits in Brazil.
Underlying EPS
0.74 USD
Underlying EPS was 0.74 USD in 4Q21, a decrease from
0.81 USD in 4Q20 and was 2.88 USD in FY21, an increase
from 2.51 USD in FY20. Normalized EPS in 4Q21 was
0.90 USD, a decrease from 1.08 USD in 4Q20. Normalized
EPS in FY21 was 2.85 USD, an increase from 1.91 USD in
FY20.
Net Debt to EBITDA
3.96x
Net debt to normalized EBITDA ratio was 3.96x at
31 December 2021 compared to 4.78x at 31 December 2020
with a gross debt reduction of 9.8 billion USD in FY21.
Dividend
0.50 EUR
The AB InBev Board proposes a full year 2021 dividend of
0.50 EUR per share, subject to shareholder approval at the
AGM on 27 April 2022. A timeline showing the ex-coupon,
record and payment dates can be found on page 16.

The 2021 Full Year Financial Report and 2021 ESG Report are available on our website at www.ab-inbev.com

see & read more on

https://www.ab-inbev.com/assets/pdfs/AB%20InBev%20Press%20Release_FY21_EN.pdf