A very solid Q1 beat ABI has reported a solid Q1 result this morning. Organic volumes were +2.8% (consensus +0.4%), while organic revenue was +11.1% (consensus +7.6%). Revenue/hl grew 7.8% due to net revenue management, pricing and continued premiumisation trends. The above core portfolio grew revenue by 15%, but importantly the core mainstream portfolio also grew revenue by high single digits. Volumes grew in over 2/3 of ABI markets. Within the company’s key markets, only the US and China declined, the latter due to the COVID restrictions implemented during the period. Profits were likewise better than expected, with organic EBITDA +7.4% (consensus +4.6%). ABI takes a $1.1bn exceptional impairment charge on the exit from Russia. At EPS level, normalized EPS of $0.67 was 6% ahead of the consensus. The outlook is unchanged, with FY EBITDA to grow organically by 4-8% (consensus +5.9%) and revenue to grow ahead of this rate. We expect consensus will nudge up slightly on these results. We note ABI redeemed $3.1bn of its bonds in Q1. Growth drivers continue to deliver Digital continues to be a major growth driver for the company. Its BEES B2B digital system is now in 17 markets and has 2.7m monthly active users. BEES saw over 23m orders placed in Q1 with a total GMV of $6.5bn. The group’s global brands grew revenue by 6.0% outside their home markets – unusually they were below the group average, but this was due entirely to Budweiser which was heavily impacted by the COVID restrictions in China, its largest market outside the US. Low and no alcohol beers also remain in demand. The Beyond Beer segment delivered $350m in revenue in Q1. Mexico was very strong (revenue grew in the low teens) despite unfavourable Easter phasing. ABI has completed the seventh OXXO rollout, which expanded its presence to 3,600 additional stores. It also opened 200 Modelorama stores. Brazil revenue grew 16.9%, while Colombia grew revenue nearly 20%.