Summary of Q122 results Post buoyant peer reporting, it was not a great surprise that Q122 LFL sales growth at +11.1% (volumes +2.8% and rev/hl +7.8%) was materially ahead of consensus (co. cons: +7.6%). EMEA (+24.1% LFL vs. co. cons. at +13.7%) and South America (+24.5% LFL vs. co. cons. at +13.8%) were the principal sources of the beat. Turning towards the bottom-line, EBITDA grew by +7.4% on a LFL basis (co. cons: +4.6%) and was +1.6% ahead of co. cons. on a reported basis. Underlying basic EPS at USD0.60 was in-line with co. consensus. News We highlight that marketplace BEES revenues are currently annualising (based upon March revenues) at a GMV of USD800m. Earnings We leave our FY22e/FY23e/FY24e EPS broadly unchanged (operational revisions largely offsetting FX pressures (strong USD)). Investment thesis While it is relatively inexpensive, as with the rest of the brewers, we worry about the impact of what looks likely to be a further material step-up in cost pressures at a time when consumer purchasing power will be under pressure. Rating and target price We maintain our Neutral rating; our target price moves from EUR53 to EUR55. 15 questions for management Are we now getting close to a point where BEES and Ze Delivery start to become businesses within their own right as opposed to primarily being avenues to sell your beer brands?