Summary of Q223 results Q2 LFL sales growth at +7.2% was c.80bp ahead of co. consensus driven by a rev/hl. beat (+9.0% vs. co. cons. at +7.9%). The volume decline at -1.4% was in-line with co. cons. expectations. While LFL EBITDA growth at +5.0% was 460bp ahead of co. cons, the absolute EBITDA delivery at EUR4,909m was only +1.1% ahead due to FX (South America being the culprit). Basic underlying EPS at USD0.72 was 7.4% ahead of co. cons. News We highlight that ABInBev''s US market share has been relatively stable since late April. Earnings We revise our FY23e-FY25e EBITDA by -1% to -2%. Investment thesis We believe that investors will gradually start to accept that the Bud Light situation does not continue to pose material downside to ABInBev consensus and hence have more confidence in playing the stock. Rating and target price We maintain our Outperform rating. Our TP moves from EUR64 to EUR65 reflecting our estimate revisions and recent minority valuation / FX moves. 15 questions for management Excluding Argentina, do you anticipate that FY LFL EBITDA growth will still be in the +4-8% range;