Anheuser-Busch Inbev, the Belgian drinks company, has met its quarterly revenue forecasts but has not fully recovered from the backlash it faced last year. The brewer announced on Wednesday that its revenue grew by 2.6% in the first three months of the year, which was in line with analysts’ expectations. However, sales of beer decreased slightly, with a decline of 0.6%. Revenue figures were boosted by sales of spirits-based drinks in cans.
In 2021, AB InBev sparked controversy when it decided to work with transgender influencer Dylan Mulvaney. The company sent her a personalized Bud Light can to celebrate her transition, leading to backlash from right-wing commentators who accused the brand of pushing a liberal agenda. Left-wing voices criticized the brewer for failing to support Mulvaney. Following backlash to the campaign seeking to promote diversity, AB InBev’s Europe CEO indicated that they would “stay in our lane” and focus on their core business instead of getting involved in political or social issues.
Despite this setback, AB InBev’s CEO Michel Doukeris stated that he was encouraged by the company’s first quarter results and attributed it to the strength of the beer category, diversified global footprint, and continued momentum of mega brands like Budweiser and Corona. 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%.
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