AB InBev SA (NYSE: BUD) reported Q1 EPS of $0.65, $0.07 better than the analyst estimate of $0.58. Revenue for the quarter came in at $14.21 billion versus the consensus estimate of $14.06 billion.

2023 Outlook:

Overall Performance: We expect our EBITDA to grow in line with our medium-term outlook of between 4-8% and our revenue to grow ahead of EBITDA from a healthy combination of volume and price. The outlook for FY23 reflects our current assessment of inflation and other macroeconomic conditions.

Net Finance Costs: Net pension interest expenses and accretion expenses are expected to be in the range of 200 to 230 million USD per quarter, depending on currency and interest rate fluctuations. We expect the average gross debt coupon in FY23 to be approximately 4%.

We expect the normalized ETR in FY23 to be in the range of 27% to 29%. The ETR outlook does not consider the impact of potential future changes in legislation.

For earnings history and earnings-related data on AB InBev SA (BUD) click here.