Q4 results to be depressed by the Bud Light saga and Argentine peso devaluation. Nevertheless, we expect full year organic EBITDA growth of 6.5%, in line with the company's guidance. Given the ongoing deleverage we foresee dividend to be raised from EUR 0.75 to EUR 1.00 We reiterate our Buy rating as we are very optimistic on the earnings growth for 2024 and 2025 further deleveraging the company. However, as it is early in the year, with market condition still challenging and Bud Light still being depressed, we expect AB InBev to stay within its medium-term guidance of 4-8% EBITDA growth.
