However, it more than compensated for the decline with higher prices.
The company's core profit – earnings before interest, tax, depreciation and amortisation – rose 7.6% on a like-for-like basis to $4.95 billion (€4.65 billion), above the 7.1% gain expected by analysts in a company-compiled poll.
“We delivered all-time high full-year volumes with accelerated revenue per hl, resulting in 11.2% revenue growth and EBITDA growth at the top-end of our outlook," commented CEO Michel Doukeris.
"Underlying EPS increased by 5.2% and another year of strong free cash flow generation resulted in deleveraging to a net debt to EBITDA ratio of 3.51x.”
AB InBev's core global brands, Budweiser, Stella Artois and Corona reported a 8.9% increase in revenue for the year, it said, as well as 6.6% growth in the fourth quarter, outside of their respective home markets.
Total beer volumes for the year rose by 2.3%, with own beer volumes up 1.8% and non-beer volumes rising by 5.2%.
The Belgium-based company said that core profit would grow in 2023 in line with its medium-term outlook range of 4% to 8%, with revenue expanding at a higher rate than profit.