What happened? We recently caught up with ABInBev ahead of its closed period (it reports Q125 results on 8th May) to get an update on what it has been saying to investors over recent weeks. There is no change to FY25 guidance. BNPP Exane View: We felt the tone was broadly neutral with respect to organic growth in Q1 with the expected flags on technical headwinds to growth in the quarter (e.g. Easter timing and lapping of the leap year). We would not expect material revision to BBG cons. Q1 volume growth expectation (-1.9%) with some possible downward revision in North America largely offset by other regions. From a profit''s perspective, cons. USD EBITDA may be subject to modest negative revision driven by translational FX (ABI highlighted that the MXN/USD declined -17% YOY (19% of group EBITDA) and BRL/USD -15% YOY (c.15 of group EBITDA)). Points of colour below: US: Circana estimates show ABInBev''s off-trade beer vols declined -4.2% in Q1TD (to 23 Mar) vs. industry at -4.5%. ABInBev faces a potential challenging shipment phasing headwind as Q1 saw some benefit from the build up of contingent inventory. SGandA will still partially cycle wholesaler support measures but ABI has also previously stated it would increase investments in its brand to fuel growth. Mexico: In Mexico the industry faces a challenging comp. due to the phasing of government support measures last year. The phasing of Easter is particularly relevant for the market. There were no call outs related to weather nor the underling consumer environment. Brazil: The beer business faces a somewhat challenging comp. (+3.6% vols. in the base). The weather in Brazil improved sequentially in Q1 (vs. an unfavourable Q4) and recent Nielsen data shows an improvement in off-trade industry trend but still slightly soft. From a cost perspective, COGS/HL inflation in Brazil Beer will be H2 weighted (driven by transactional FX); the non-Beer business faces higher sugar prices. China: Q1 faces the...