Financial Performance - ABMBBEV (Anheuser-Busch InBev) Q2 revenue missed expectations, leading to its worst day since March 2020 [1] - ABMBBEV delivered results in line or above consensus across most financial metrics, with EBITDA growth and strong cash flow generation [2] - ABMBBEV experienced a decline in volumes [2] Market Dynamics - Weakness in China and softness in Brazil significantly impacted ABMBBEV's volumes [2][3] - China's industry was improving but still negative, with ABMBBEV overindexing in weaker segments and geographies, presenting an opportunity to expand in off-trade channels [3][4] - Brazil experienced abnormal cold weather and revenue management initiatives (pricing) that led to a slowdown in volumes [4][5] - The US had one of its best quarters in years, driven by market share acceleration [6] - Michelob Ultra is the fastest-growing brand in the US, and Bud Light is the second-fastest [6] - Michelob Ultra Zero and Bud Light Apple innovations hit a sweet spot in the US market [7] Pricing Strategy - ABMBBEV's prices in the US tend to grow with inflation [7][8] - ABMBBEV is investing heavily in brand support through platforms like NBA, NFL, FIFA Clubs, and the World Cup [8]