Summary of Q4/FY24 results A strong set of FY24 results from ABInBev. While Q4 organic volume growth (-1.9% vs. co. cons. -1.3%) was a touch light, this was partly explained by a material decline in China (which itself was c.1/3rd driven by proactive inventory management). All other key group operational metrics were ahead of expectation. Q4 LFL sales grew +3.4% (co. cons. +2.4%) and Q4 organic EBITDA growth of +10.1% (co. cons. +7.7%) contributed to a c.+5% USD EBITDA beat, primarily driven by South America which lapped negative hyperinflation accounting adjustments in Argentina. FY EPS (underlying, basic) at USD3.53 grew +15.4%. FY DPS at EUR1.00 (co. cons. EUR0.91) was also materially ahead of expectation. ABInBev ended FY24 with a leverage ratio of 2.9x (ND/EBITDA), below 3x for the first time since 2015. News We highlight that ABInBev believes its US portfolio is reaching an inflection point. Earnings We revise our FY25e / FY26e / FY27e EPS estimates by +4% / +6% / +7%. Investment thesis We expect material share buybacks to drive a high-teens mid-term TSR at ABInBev. Rating and target price We maintain our Outperform rating. Our target price moves from EUR62 to EUR65. 15 questions for management There is much debate about whether overall alcohol demand in development markets is facing a headwind from accelerating moderation trends. What is your perspective on this?