• Q4 results were mixed with volumes missing across most regions, compensated by stronger than expected price mix. This also resulted in a marginal beat in organic EBITDA growth, although the absolute was in line with our estimate.• Main surprise: AB InBev raised its dividend by 50% to EUR 0.75 p/s. • Based on the results and outlook we expect to finetune our estimates.• We reiterate our Buy recommendation with a 12 month's TP of EUR 68