AB InBev today released its first quarter results which showed a strong start in 2021. Results were even above pre-pandemic levels, as beer volumes were up by 2.8% versus 1Q19 with healthy revenue per hl growth. EBITDA increased by 14.2% year-over-year, even in the context of ongoing COVID-19 related impacts, such as on-premise channel restrictions across many markets (particularly in Europe) and a one-month ban on the sale of alcohol in South Africa.
Underlying profit was 1 099 million USD in 1Q21 compared to 1 015 million USD in 1Q20. Normalized profit attributable to equity holders of AB InBev was 1 013 million USD in 1Q21 versus -845 million USD in 1Q20.
AB Inbev’s premium portfolio grew by 28% in 1Q21, representing over 30% of its revenue and carrying a higher profit per hectoliter than its core brands. The global brands – Budweiser, Stella Artois and Corona – led that growth, delivering 46% revenue growth outside of their respective home markets, where they typically command a price premium. Compared to 1Q19, they grew by 24% outside of their home markets.
The Beyond Beer business, which includes brands such as Mike’s Hard, Flying Fish and Bud Light Seltzer, generated over 1 billion USD in 2020 and grew by more than 40% in 1Q21.
In 1Q21, the company’s proprietary B2B platform, BEES, captured over 3 billion USD in gross merchandise value (GMV), growing more than 50% from 4Q20. In March 2021, the monthly active user base (MAU) exceeded 1.5 million users, more than 60% above December 2020. BEES generated incremental revenue through a combination of accelerated growth of AB InBev’s base business and expanding into new offerings through the platform.
AB InBev’s owned e-commerce business quadrupled in size this quarter. The courier platforms are now available in nine markets and 220 cities, covering nearly 120 million consumers. In Brazil, Zé Delivery continues to grow exponentially, delivering over 14 million orders in 1Q21, more than half of the amount delivered in all of 2020.
The whole report can be found here.