Total revenue increased by 27.6% to $13.54 billion, beating consensus analyst estimates of $13.22 billion.

However, the soaring price of raw materials and the impact of foreign exchange meant that the Stella Artois, Budweiser and Corona reported a lower-than-expected increase in profits,

Adjusted EBITDA was up 31% in the three months to June 30, while analysts were expecting 41.6%.

Yet there were plenty of reasons to be cheerful for the world’s largest brewer. Companies increasingly measure their performance against 2019 – pre-pandemic trading conditions – and AB InBev saw top-line growth of 3.2% compared to Q2 2019. That is encouraging when you consider that the industry is still significantly impacted by the Covid-19 pandemic.

The brewer expects EBITDA to increase by between 8% and 12% for FY21.