Anheuser-Busch InBev Retains Buy Rating Despite Slight EBITDA Reduction and EPS DeclineWe are updating our estimates to reflect latest scanner data in European and US markets, as well as latest FX rates, which have both a translational and transactional impact on profitability (transactional is captured in organic numbers). All in, we cut organic EBITDA growth by 20bps in both 2024 and 2025, and by 75bps in 2026, which is more impacted by transactional FX (Brazilian Real and Mexican Peso). Our EPS is broadly flat for FY24, but reduced by 4% in FY26, reflecting a modest offset from slightly lower below the line financial charges. While we continue to see ABI as offering very attractive cash returns, growth (and share price performance) is likely to be H2 weighted and we see better near-term opportunities elsewhere in Beverages, hence our removal of Top Pick.