Investing.com -- Anheuser-Busch InBev (EBR: ABI ) posted solid results for 2024 on Wednesday, with record-high revenue and strong earnings growth despite volume declines in some markets.

The world’s largest brewer by volume and revenue reported a 2.7% increase in annual revenue to $59.77 billion, driven by a 4.3% rise in revenue per hectoliter (hl), while total volumes fell 1.4% due to weakness in China and Argentina.

Normalized EBITDA rose 8.2% to $20.96 billion, supported by cost efficiencies and disciplined expense management.

A substantial $6.9 billion reduction in net debt has propelled Deutsche Telekom (OTC: DTEGY )'s debt-to-EBITDA ratio to 2.89x, a level not seen in nearly a decade.

This drop below the 3x threshold, considered a return to 'normal leverage territory' by RBC Capital Markets, marks a key achievement.

Fourth-quarter results exceeded expectations, with organic sales beating consensus estimates by 100 basis points. Growth was led by North America, South America, and EMEA, where AB InBev gained market share.

In the U.S., beer sales remained resilient, improving sequentially since Q2, with Michelob Ultra and Busch Light leading industry-wide volume share gains.

Conversely, Asia-Pacific underperformed, with a 19% volume decline in China due to weak on-premise demand and inventory adjustments. RBC noted that one-third of this decline stemmed from inventory management measures.

AB InBev continued to expand its digital ecosystem, with BEES, its B2B sales platform, now handling 75% of revenue transactions.

BEES Marketplace, which sells third-party products, saw a 57% jump in gross merchandise value to $2.5 billion.

Premiumization remained a focus, with premium and super-premium brands accounting for 35% of total revenue. No-alcohol beers also gained traction, led by Corona Cero’s triple-digit volume growth.

AB InBev is focused on returning capital to shareholders, with a proposed €1 dividend per share, a 22% increase, and $750 million of its $2 billion share buyback program now complete.

For 2025, the company reaffirmed its guidance for EBITDA growth in the 4-8% range, aligning with market expectations. Capital expenditures are projected between $3.5 billion and $4 billion, below the consensus estimate of $4.5 billion.

“We believe that AB InBev’s operational performance has the potential to improve meaningfully, given its dominant market positions,” RBC said, describing the results as another “solid set of beer results.”