Anheuser-Busch InBev delivered impressive second-quarter earnings driven by strong American momentum and robust cash generation, even as China revenue dropped nearly 9%. Revenue grew 5.6% while underlying earnings per share surged over 23% to $1.21, backed by $3.9 billion in first-half free cash flow. While soft Chinese consumer demand keeps ratings at a Hold, expansion in the BEES digital platform and disciplined execution bolster management's full-year outlook.
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