Anheuser-Busch Inbev has announced its quarterly revenue results, which have shown that the company has not fully recovered from the backlash it experienced last year. While the company’s revenue grew by 2.6% in the first three months of the year, this is historically low due to the lasting effects of a customer boycott.
The backlash came after AB InBev worked with transgender influencer Dylan Mulvaney, sending her a personalised Bud Light can to celebrate her transition. This sparked controversy and led to criticism from both right-wing and left-wing commentators. The Europe CEO indicated that they will “stay in our lane” following the backlash, indicating that they will focus on their core business rather than getting involved in political or social issues.
Despite this setback, it is believed that the effects of the boycott will begin to fade. AB InBev’s CEO Michel Doukeris stated that he was encouraged by the company’s first quarter results and attributed them to the strength of the beer category, diversified global footprint, and continued momentum of mega brands. However, there were lacklustre improvements in the Asia-Pacific region and North America were offset by stronger growth in countries such as Mexico, Brazil, and South Africa.
Normalised EBITDA increased by 5.4% to almost $5 billion (€4.65 billion) and the company expects full-year EBITDA to grow in line with its medium-term outlook of between 4% and 8%. Despite these challenges, AB InBev remains committed to delivering value for its shareholders and continuing to grow its business over time.
