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AB InBev has posted 2.3% organic volume growth for 2022, with own beer volumes up by 1.8% and non-beer volumes up by 5.2%. However, the Budweiser, Corona and Stella Artois owner said its total volumes fell by 0.6% in the fourth quarter. Budweiser grew its revenue by 2.5% outside of the US in 2022, despite the impact of Covid-19 restrictions in China. Nevertheless, restrictions in China in Q4 in particular “significantly impacted the industry,” according to AB InBev, and the brewer's volumes declined by 6.9% in the country. Corona and Stella Artois led the growth of AB InBev’s global brands in 2022, with revenue increases of 18.6% and 11.7% respectively, outside of their home markets. On an organic basis, the brewer's revenue grew 11.2% in 2022 to $57.79 billion. According to AB InBev, its reported revenue was $5.5 billion ahead of 2019 pre-pandemic levels, with volumes 5.8% ahead. CEO Michel Doukeris said: “We delivered all-time-high full-year volumes with accelerated revenue per hectolitre, resulting in 11.2% revenue growth and EBITDA growth at the top end of our outlook. Underlying EPS increased by 5.2%, and another year of strong free cash flow generation resulted in deleveraging to a net debt to EBITDA ratio of 3.51x.”