Volumes and absolute EBITDA figures came in below expectations, organic growth figures exceeded. Bud Light and Argentina hyperinflation had a large impact on the results. Deleverage continued, but dividend proposal is below expectation. Outlook for EBITDA growth of 4-8% in 2024 is line and there is room to exceed. However, given slightly lower base we expect estimates to come down marginally. Buy and TP of EUR 68 maintained.