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ABInBev Regulated and inside information¹ Total Volume + 20.8 % In 2021 , total volumes grew by 20.8 % , with own beer volumes up by 20.5 % and non - beer volumes up by 23.2 % . In HY21 , total volumes grew by 17.0 % with own beer volumes up by 17.7 % and non - beer volumes up by 12.6 % . Total Revenue + 27.6 % In 2021 , revenue grew by 27.6 % with revenue per hl growth of 5.8 % . In HY21 , revenue grew by 22.4 % with revenue per hl growth of 4.7 % . Anheuser - Busch InBev Reports Second Quarter 2021 Results Continued momentum in 2021 with top - line growth ahead of pre - pandemic levels " The consistent execution of our commercial strategy centered around winning brands , category development and digital transformation - delivered continued momentum in the second quarter with top - line growth 3.2 % ahead of 2019 pre - pandemic levels , even in light of ongoing COVID - 19 impacts . Looking forward , we will continue to build upon our customer- and consumer - first approach to drive growth and value creation . " - Michel Doukeris , CEO Global Brands Revenue + 19.3 % ( outside their home markets ) In 2021 , combined revenues of our three global brands , Budweiser , Stella Artois and Corona , increased by 23.0 % globally and by 19.3 % outside of their respective home markets . In HY21 , the combined revenues of our global brands increased by 26.2 % globally and by 31.4 % outside of their respective home markets . Normalized EBITDA + 31.0 % Normalized EBITDA increased by 31.0 % in 2021 and by 22.1 % in HY21 . Normalized EBITDA margin was 35.8 % in 2021 and 35.3 % in HY21 . The 2Q21 and HY21 Normalized EBITDA figures include an impact of 226 million USD from tax credits in Brazil . For more details , please see page 11 . Press release ab-inbev.com Brussels / 29 July 2021 / 7.00am CET Underlying Profit 1512 million USD Underlying profit ( normalized profit attributable to equity holders of AB InBev excluding mark - to - market gains and losses linked to the hedging of our share based payment programs and the impact of hyperinflation ) was 1 512 million USD in 2021 compared to 790 million USD in 2020 and was 2 606 million USD in HY21 compared to 1 805 million USD in HY20 . Normalized profit attributable to equity holders of AB InBev was 1911 million USD in 2021 versus 921 million USD in 2020 and 2 924 million USD in HY21 versus 76 million USD in HY20 . Underlying EPS 0.75 USD Underlying EPS ( normalized EPS excluding mark - to market gains and losses linked to the hedging of our share - based payment programs and the impact of hyperinflation ) was 0.75 USD in 2021 , an increase from 0.40 USD in 2020 and was 1.30 USD in HY21 , an increase from 0.90 USD in HY20 . Normalized EPS in 2021 was 0.95 USD , an increase from 0.46 USD in 2020. Normalized EPS in HY21 was 1.46 USD , an increase from 0.04 USD in HY20 . Net Debt to EBITDA 4.4x Our net debt to normalized EBITDA ratio was 4.4x at 30 June 2021 compared to 4.8x at 31 December 2020 . The 2021 Half Year Financial Report is available on our website at www.ab-inbev.com . Press release - 29 July 2021 -1 ¹The enclosed information constitutes inside information as defined in Regulation ( EU ) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse , and regulated information as defined in the Belgian Royal Decree of 14 November 2007 regarding the duties of issuers of financial instruments which have been admitted for trading on a regulated market .