We expect AB InBev to publish negative volume growth in Q1, but organic EBITDA growth in excess of 4% thanks to mix and cost control. We are marginally above CSS. We expect no change in guidance, and management to comment that beer is a resilient category and that AB InBev can handle the current conditions.  We raise our 12m TP from EUR 57.5 to EUR 65 to reflect structurally higher FCF. Its cash flow allows for more share buybacks, dividends and M&A. We already included a new SBB in our estimates. Hold maintained.