Solid top- and bottom-line performance: Revenue up by 5.6%, Beer volume growth of 1.1% and a 23.4% Underlying EPS increase
BRUSSELS--(BUSINESS WIRE)--July 30, 2026--
Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD):
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Regulated information(1)
"Cheers to beer -- our performance this quarter reflects the strength of the beer category and the consistent execution of our strategy. Through investment in our megabrands and mega platforms, innovation and offering more choices across more occasions, we are strengthening the cultural relevance of our brands with consumers. Thank you to our colleagues for their commitment and disciplined execution, which position us well to continue our momentum." -- Michel Doukeris, CEO, AB InBev
Revenue +5.6% Revenue increased by Normalized EBITDA +5.8% Normalized
5.6% in 2Q26 with revenue per hl EBITDA increased by 5.8% to 5 938
growth of 4.2% and by 5.7% in HY26 million USD in 2Q26, with a margin
with revenue per hl growth of 4.3%. expansion of 4bps to 35.6%. Normalized
Reported revenue increased by 11.0% in EBITDA increased by 5.6% to 11 375
2Q26 to 16 660 million USD and by million USD in HY26, with a margin
11.5% in HY26 to 31 927 million USD, contraction of 5bps to 35.6%.
positively impacted by currency Underlying Profit 2 390 million USD
translation. 6.2% increase in combined Underlying Profit was 2 390 million
revenues of megabrands in 2Q26, led by USD in 2Q26 compared to 1 950 million
Corona, which grew by 17% outside of USD in 2Q25 and was 4 314 million USD
its home market. 27% increase in in HY26 compared to 3 556 million USD
revenue of no-alcohol beer in 2Q26. in HY25. Reported profit attributable
44% increase in revenue of Beyond Beer to equity holders of AB InBev was 3
in 2Q26. 50% increase in Gross 751 million USD in 2Q26 compared to 1
Merchandise Value (GMV) from sales of 676 million USD in 2Q25, and was 6 314
third-party products through BEES million in HY26 compared to 3 824
Marketplace to reach 1.2 billion USD million in HY25, with HY25, 2Q26 and
in 2Q26. Volumes +0.9% Volumes HY26 positively impacted by
increased by 0.9% in 2Q26, with beer non-underlying items. Underlying EPS
volumes up by 1.1% and non-beer 1.21 USD Underlying EPS increased by
volumes down by 1.1%. Volumes 23.4% to 1.21 USD in 2Q26, compared to
increased by 0.8% in HY26, with beer 0.98 USD in 2Q25, and increased by
volumes up by 1.2% and non-beer 22.1% to 2.18 USD in HY26, compared to
volumes down by 1.5%. 1.79 USD in HY25. On a constant
currency basis, Underlying EPS
increased by 12.9% in 2Q26 and by
11.0% in HY26.
Net Debt to EBITDA 2.86x Net debt to normalized EBITDA ratio was 2.86x at 30
June 2026 compared to 3.27x at 30 June 2025 and 2.87x at 31 December 25.
The 2026 Half Year Financial Report is available on our website at www.ab-inbev.com.
(1) The enclosed information constitutes 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. For important disclaimers and notes on the basis of preparation, please refer to page 15.
Management comments
Consistent and compounding growth with beer volume up by 1.1% and a 23.4% Underlying EPS increase
The momentum of our business continued in 2Q26, with broad-based volume growth and a 23.4% increase in Underlying EPS. While the consumer environment remains dynamic, consistent execution of our strategy and investment in our megabrands and mega platforms enabled solid top- and bottom-line results. We strengthened our portfolio brand power and estimate that we gained market share across our footprint, maintaining or gaining share in 70% of our markets.
Revenue increased by 5.6%, with total volume growth of 0.9% and a revenue per hl increase of 4.2%, driven by revenue management and positive mix from premiumization and Beyond Beer. Beer volumes grew by 1.1%, with record high second quarter volumes in Mexico, Colombia, and Ecuador. Beer volumes in Brazil returned to growth, and in the US we delivered continued top-line growth and market share gains in both beer and Beyond Beer.
EBITDA increased by 5.8% with flattish margins as overhead management enabled increased sales and marketing investment and offset transactional FX headwinds. Free cash flow increased by 2.5 billion USD versus HY25 to 3.9 billion USD, driven by disciplined execution and the continued optimization of our business.
Key highlights from the quarter included: global megabrand momentum, with Corona, Stella Artois and Michelob Ultra growing revenue by 17%, 19% and 21%, respectively, outside of their home markets; successful activation of the FIFA World Cup across our markets, supporting growth of Michelob Ultra in the US and providing a platform to expand the brand across key markets in Latin America; no-alcohol beer revenue growth of 27%, Beyond Beer revenue growth of 44%, and BEES Marketplace GMV growth of 50% to 1.2 billion USD.
Progressing our strategic priorities
We are executing on three key strategic pillars to deliver consistent growth and long-term value creation.
(1) Lead and grow the category:
We strengthened our portfolio brand power and estimate that we gained or maintained share in 70% of our markets in 2Q26.
(2) Digitize and monetize our ecosystem:
BEES Marketplace GMV increased by 50% versus 2Q25 to 1.2 billion USD from third-party products. Overall BEES GMV increased by 16% versus 2Q25 to 15.0 billion USD.
(3) Optimize our business:
We continued to strengthen our balance sheet, with net debt to EBITDA improving to 2.86x as of 30 June 2026 from 3.27x as of 30 June 2025.
(1) Lead and grow the category
Investment in our megabrands and mega platforms continued to build portfolio brand power, with sales and marketing investment reaching 4.1 billion USD in HY26, up 9% versus HY25. According to the Kantar BrandZ 2026 report, our portfolio holds 8 of the top 10 most valuable beer brands in the world, with Corona and Budweiser ranked #1 and #2, respectively. Our mega platforms strengthened the cultural relevance of our brands during some of the world's largest moments of celebration, including the Winter Olympics, Roland Garros, Wimbledon and the FIFA World Cup. Across these occasions, our portfolio achieved the #1 share of digital engagement and generated 850 million consumer engagements on social media. Our marketing capabilities were recognized as we were named the Cannes Lions 2026 Creative Marketer of the Year, making us the only company in history to receive this recognition three times.
We continued to execute on our category expansion levers and estimate that the number of legal drinking age consumers purchasing our portfolio increased in HY26 with gains in Beyond Beer and Balanced Choices.
-- Core Superiority: Revenue of our mainstream portfolio increased by 2.7%
in 2Q26, driven by double-digit growth in Colombia and high-single digit
growth in Peru and Ecuador.
-- Premiumization: Our above core beer portfolio delivered a 6.9% revenue
increase in 2Q26, led by Corona, Stella Artois and Michelob Ultra, which
grew revenue by 17%, 19% and 21%, respectively, outside of their home
markets. Corona led the premiumization of our portfolio globally,
delivering double-digit volume growth in 37 markets. Michelob Ultra
expanded across Latin America in 2Q26, with 40% of its volume growth
coming from markets outside of the US.
-- Balanced Choices: Our portfolio of low carb, low calorie, sugar free,
gluten free and no-alcohol beer brands delivered a revenue increase of
13% in 2Q26. Our no-alcohol beer portfolio led performance, with revenue
up by 27% and estimated share gains strengthening our leadership in
no-alcohol beer by value, according to Nielsen.
-- Beyond Beer: Growth of our portfolio accelerated, increasing revenue by
44% in 2Q26. Performance was led by the expansion of Flying Fish globally
and by Cutwater in the US, which increased revenue by triple-digits and
was the 2nd largest contributor by brand to our overall revenue growth in
2Q26.
(2) Digitize and monetize our ecosystem
-- Digitizing our relationships with more than 6 million customers
globally: As of 30 June 2026, BEES was live in 30 markets with 72% of our
revenues captured through B2B digital platforms. In 2Q26, BEES captured
15.0 billion USD in GMV, up 16% versus 2Q25.
-- Monetizing our route-to-market; delivering more than 1 billion USD in
quarterly GMV: BEES Marketplace GMV increased by 50% versus 2Q25 to
approximately 1.2 billion USD from third-party products.
-- Leading the way in DTC solutions: Our digital DTC megabrands, Zé
Delivery, TaDa Delivery and PerfectDraft, served 13 million active
consumers and generated 165 million USD in revenue, 12% growth versus
2Q25. Sales of third-party products through our DTC marketplace reached
50 million USD in GMV, a 63% increase versus 2Q25.
(3) Optimize our business
-- Maximizing value creation: Continued optimization of our business and
operating leverage through the P&L drove EBIT growth of 8.0% and a free
cash flow increase of 2.5 billion USD versus HY25. We strengthened our
balance sheet, with net debt to EBITDA improving to 2.86x from 3.27x as
of 30 June 2025. As of 24 July 2026, we completed 1.9 billion USD of our
6 billion USD share buyback program announced on 30 October 2025.
-- Advancing our sustainability priorities: Our water use efficiency ratio
improved to 2.3 hl per hl in HY26 versus 2.4 hl per hl in HY25. Our
average energy efficiency globally improved to 81.6 MJ/hl in HY26 versus
84.8 MJ/hl in HY25. Our absolute Scopes 1 and 2 emissions were 1.55
million metric tons of CO2e in HY26, a 0.8% decrease compared to HY25.
Continued momentum and reliable compounding growth
In HY26, our business delivered 5.7% revenue growth, 5.6% EBITDA growth and a 22.1% increase in Underlying EPS, driven by beer volume growth, revenue and cost management capabilities, and positive mix. We strengthened our portfolio brand power through investment in our megabrands and mega platforms, scaling our innovations and providing more choices across more occasions. Performance across our megabrands, Balanced Choices, Beyond Beer and BEES Marketplace reflects the strength of our portfolio and the consistent execution of our strategy.
The continued momentum of our business, disciplined execution by our teams and the strength of the beer category reinforce our confidence in our ability to deliver our FY26 outlook and create a future with more cheers.
2026 Outlook
(i) Overall Performance: We expect our EBITDA to grow in line with our medium-term outlook of between 4-8%. The outlook for FY26 reflects our current assessment of inflation and other macroeconomic conditions.
(ii) Net Finance Costs: Net pension interest expenses and accretion expenses are expected to be in the range of 190 to 220 million USD per quarter, depending on currency and interest rate fluctuations. We expect the average gross debt coupon in FY26 to be approximately 4%.
(iii) Effective Tax Rate $(ETR)$: We expect the normalized ETR in FY26 to be in the range of 26% to 28%. The ETR outlook does not consider the impact of potential future changes in legislation.
(iv) Net Capital Expenditure: We expect net capital expenditure of between 3.5 and 4.0 billion USD in FY26.
Figure 1. Consolidated performance
in USD Mio, except EPS in USD per
share and Volumes in thousand hls 2Q25 2Q26 Organic
growth
------- ------- ---------
Volumes 143 347 144 003 0.9%
----------------------------------- ------- ------- -----
Beer 125 620 126 945 1.1%
----------------------------------- ------- ------- -----
Non-Beer 17 727 17 058 (1.1)%
----------------------------------- ------- ------- -----
Revenue 15 004 16 660 5.6%
----------------------------------- ------- ------- -----
Gross profit 8 446 9 579 7.5%
----------------------------------- ------- ------- -----
Gross margin 56.3% 57.5% 99bps
----------------------------------- ------- ------- ---------
Normalized EBITDA 5 301 5 938 5.8%
----------------------------------- ------- ------- -----
Normalized EBITDA margin 35.3% 35.6% 4bps
----------------------------------- ------- ------- ---------
Normalized EBIT 4 013 4 604 8.0%
----------------------------------- ------- ------- -----
Normalized EBIT margin 26.7% 27.6% 58bps
----------------------------------- ------- ------- ---------
Profit attributable to equity
holders of AB InBev 1 676 3 751
----------------------------------- ------- ------- -----
Underlying Profit 1 950 2 390
----------------------------------- ------- ------- -----
Basic EPS 0.84 1.90
----------------------------------- ------- ------- -----
Underlying EPS 0.98 1.21
----------------------------------- ------- ------- ---------
HY25 HY26 Organic
growth
------- ------- ---------
Volumes 279 615 280 412 0.8%
----------------------------------- ------- ------- -----
Beer 243 005 245 426 1.2%
----------------------------------- ------- ------- -----
Non-Beer 36 611 34 987 (1.5)%
----------------------------------- ------- ------- -----
Revenue 28 632 31 927 5.7%
----------------------------------- ------- ------- -----
Gross profit 16 029 18 225 7.4%
----------------------------------- ------- ------- -----
Gross margin 56.0% 57.1% 88bps
----------------------------------- ------- ------- ---------
Normalized EBITDA 10 156 11 375 5.6%
----------------------------------- ------- ------- -----
Normalized EBITDA margin 35.5% 35.6% (5)bps
----------------------------------- ------- ------- ---------
Normalized EBIT 7 601 8 677 7.6%
----------------------------------- ------- ------- -----
Normalized EBIT margin 26.5% 27.2% 46bps
----------------------------------- ------- ------- ---------
Profit attributable to equity
holders of AB InBev 3 824 6 314
----------------------------------- ------- ------- -----
Underlying Profit 3 556 4 314
----------------------------------- ------- ------- -----
Basic EPS 1.92 3.20
----------------------------------- ------- ------- -----
Underlying EPS 1.79 2.18
----------------------------------- ------- ------- ---------
Figure 2. Volumes
in
thousand
hls 2Q25 Scope Organic 2Q26 Organic growth
-------------------
growth Total Beer
------- ---- ------- ------- --------- --------
North
America 22 376 218 (164) 22 430 (0.7)% (0.8)%
----------- ------- ---- ------ ------- ---- ----
Middle
Americas 38 822 (634) 1 806 39 994 4.7% 4.8%
----------- ------- ---- ------ ------- ---- ----
South
America 34 199 - 466 34 665 1.4% 3.9%
----------- ------- ---- ------ ------- ---- ----
EMEA 24 172 (135) 201 24 239 0.8% 0.9%
----------- ------- ---- ------ ------- ---- ----
Asia
Pacific 23 716 (21) (1 109) 22 586 (4.7)% (4.7)%
----------- ------- ---- ------ ------- ---- ----
Global
Export and
Holding
Companies 62 14 12 89 16.3% 16.3%
----------- ------- ---- ------ ------- ---- ----
AB InBev
Worldwide 143 347 (557) 1 213 144 003 0.9% 1.1%
----------- ------- ---- ------ ------- ---- ----
HY25 Scope Organic HY26 Organic growth
-------------------
growth Total Beer
------- ------ ------- ------- --------- --------
North
America 42 218 121 (779) 41 561 (1.8)% (1.9)%
----------- ------- ------ ------ ------- ---- ----
Middle
Americas 73 903 (1 362) 3 439 75 979 4.7% 5.2%
----------- ------- ------ ------ ------- ---- ----
South
America 75 089 - 341 75 430 0.5% 2.2%
----------- ------- ------ ------ ------- ---- ----
EMEA 44 924 (230) 476 45 169 1.1% 1.2%
----------- ------- ------ ------ ------- ---- ----
Asia
Pacific 43 365 (39) (1 192) 42 134 (2.8)% (2.7)%
----------- ------- ------ ------ ------- ---- ----
Global
Export and
Holding
Companies 116 22 1 139 0.8% 0.8%
----------- ------- ------ ------ ------- ---- ----
AB InBev
Worldwide 279 615 (1 489) 2 286 280 412 0.8% 1.2%
----------- ------- ------ ------ ------- ---- ----
Key Markets Performance
United States: Portfolio momentum drove beer and Beyond Beer share gains and continued top-line growth
-- Operating performance:
-- 2Q26: Revenue increased by 2.7%, with revenue per hl increasing
by 3.3% driven by revenue management and positive brand mix.
Sales-to-retailers (STRs) declined by 1.9%, estimated to have
outperformed a soft industry. Sales-to-wholesalers (STWs) declined
by 0.6%. EBITDA increased by 0.1%, as top-line growth and
productivity initiatives were reinvested in increased marketing to
fuel momentum.
-- HY26: Revenue increased by 1.9%, with revenue per hl increasing
by 3.8%. STRs declined by 0.9% and STWs were down by 1.8%. Our
STRs and STWs tend to converge on a full year basis. EBITDA
increased by 0.2%.
-- Commercial highlights: We were the #1 share gainer in total alcohol in
both 2Q26 and HY26 driven by share gains in both beer and spirits,
according to Circana. Our beer performance in 2Q26 was led by Michelob
Ultra, Busch Light and Busch Light Apple, which were the top 3 volume
share gainers in the industry. Our Beyond Beer portfolio continued to
expand our total addressable market and delivered revenue growth in the
mid-seventies. Cutwater grew revenue in the triple-digits and was the #1
share gaining brand in the total spirits industry. We are the leader in
no-alcohol beer, with our portfolio gaining share and growing revenue in
the mid-thirties led by Michelob Ultra Zero which was the #1 share gainer
in no-alcohol beer.
Mexico: Market share gain and margin expansion drove mid-single digit top- and high-single digit bottom-line growth
-- Operating performance:
-- 2Q26: Revenue and revenue per hl increased by mid-single digits,
driven by revenue management and positive mix. Volumes grew
slightly and outperformed the industry. EBITDA grew by high-single
digits with margin expansion.
-- HY26: Revenue grew by mid-single digits, with revenue per hl
growth of mid-single digits and volume increasing by low-single
digits, outperforming the industry. EBITDA grew by mid-single
digits with flattish margins as top-line growth and productivity
initiatives offset transactional FX headwinds and enabled
increased marketing investment.
-- Commercial highlights: We are strengthening our portfolio architecture
and expanding our total addressable market by offering consumers more
choices across more occasions. Performance in 2Q26 was led by our above
core beer portfolio, which grew revenue by high-single digits driven by
Modelo and Pacifico, while our mainstream beer portfolio grew by
mid-single digits. We strengthened our position as the industry leader in
no-alcohol beer, with our portfolio growing volume by high-thirties led
by Modelo Cero and the launch of Michelob Ultra Zero. In Beyond Beer, our
portfolio grew volume by high-teens, led by the Vicky's brand family and
Flying Fish.
Colombia: Record high volumes drove double-digit top- and bottom-line growth
-- Operating performance:
-- 2Q26: Revenue increased by high-teens, with high-single digit
revenue per hl growth driven by revenue management and
premiumization. Volumes grew by low-teens, with our portfolio
estimated to have gained share of total alcohol. EBITDA grew by
high-teens as top-line growth and productivity initiatives offset
transactional FX headwinds and enabled increased marketing
investment.
-- HY26: Revenue grew by mid-teens with mid-single digit revenue
per hl growth. Volumes increased by high-single digits. EBITDA
grew by mid-teens.
-- Commercial highlights: Increased brand power drove momentum across our
portfolio, with volume and revenue growth across all price segments in
2Q26 and record high second quarter volumes. Above core beer led our
performance, with mid-teens volume growth driven by Corona. Our
mainstream beer portfolio continued to grow, delivering a high-single
digit volume increase.
Brazil: Market share gain and an improved industry drove beer volume growth and a double-digit bottom-line increase
-- Operating performance:
-- 2Q26: Revenue increased by 7.8%, with revenue per hl growth of
5.3% driven by revenue management and premiumization. Beer volumes
increased by 5.0%, estimated to have outperformed an improved
industry. Non-beer volumes decreased by 4.4%, resulting in total
volume growth of 2.3%. EBITDA increased by 16.1% with 230bps of
margin expansion as disciplined revenue and cost management more
than offset increased sales and marketing investment.
-- HY26: Revenue grew by 8.1% with revenue per hl growth of 7.1%.
Beer volumes grew by 2.9% and non-beer volumes declined by 4.1%,
resulting in total volume growth of 0.9%. EBITDA increased by
13.1% with 149bps of margin expansion.
-- Commercial highlights: Innovation and investment behind our megabrands
and mega platforms strengthened our portfolio brand power and drove
continued market share gains. Premium and super premium beer led our
performance in 2Q26, delivering mid-twenties volume growth and
strengthening our leadership position of the premium segment. Mainstream
beer improved sequentially, delivering flattish volumes and estimated to
have gained share of the segment. We are leading the industry in Balanced
Choices, with volumes of our no-alcohol beer portfolio growing in the
low-thirties and Stella Artois Pure Gold and Michelob Ultra growing by
triple digits. In Beyond Beer, our portfolio grew volumes by strong
double digits, led by Beats and Flying Fish.
Europe: Volume growth and premiumization drove a low-single digit top-line increase
-- Operating performance:
-- 2Q26: Volumes grew by low-single digits, estimated to have
gained or maintained share in the majority of our key markets.
Revenue and revenue per hl increased by low-single digits driven
by premiumization. EBITDA declined by low-single digits, with
top-line growth primarily offset by increased sales and marketing
investment.
-- HY26: Volumes grew by low-single digits, estimated to have
gained share in 5 of our 6 key markets. Revenue and revenue per hl
increased by low-single digits driven by premiumization. EBITDA
declined by low-single digits.
-- Commercial highlights: Market share gains, innovation and
premiumization drove low-single digit volume growth in both 2Q26 and
HY26. Our performance in 2Q26 was driven by our megabrands, led by Corona
which delivered mid-teens volume growth. We are building strong consumer
connection with our brands through our mega platforms and innovations. We
successfully activated Roland Garros with Stella Artois, launched Stella
Artois Strawberries & Cream ahead of Wimbledon and expanded the
availability of Modelo Especial in the UK. Our no-alcohol beer portfolio
grew volumes by low-teens, led by Corona Cero.
South Africa: Disciplined revenue management and margin expansion drove mid-single digit top- and bottom-line growth
-- Operating performance:
-- 2Q26: Revenue and revenue per hl increased by mid-single digits,
driven by revenue management and premiumization. Volumes declined
by low-single digits, underperforming the industry. Beyond Beer
volumes grew and are estimated to have outperformed. EBITDA grew
by mid-single digits with margin expansion.
-- HY26: Revenue and revenue per hl increased by mid-single digits.
Volumes grew by low-single digits. EBITDA grew by low-single
digits, with top-line growth partially offset by increased
marketing investment.
-- Commercial highlights: Investment in our megabrands and innovations
drove increased portfolio brand power in 2Q26. Premium and super premium
beer led our performance, delivering high-twenties volume growth and
estimated to have gained share of the segment. In Beyond Beer, our
portfolio gained share and grew volumes by low-twenties.
China: Top- and bottom-line declined, impacted by volume performance in a soft industry
-- Operating performance:
-- 2Q26: Volumes declined by 9.7%, estimated to have underperformed
a soft industry, which was impacted by adverse weather and
continued weakness in the on-premise channel. Revenue per hl
increased by 1.0% driven by positive brand mix, resulting in a
revenue decline of 8.8%. EBITDA declined by 16.1%, impacted by
top-line performance.
-- HY26: Volumes declined by 6.0%. Revenue per hl decreased by 0.5%
resulting in a revenue decline of 6.5%. EBITDA declined by 13.9%.
-- Commercial highlights: Beer industry volumes are estimated to have
declined by mid-single digits in 2Q26, reflecting adverse weather and
softness in the on-premise channel. Our market share trend is estimated
to have improved sequentially, supported by a return to growth in our
super premium and core plus brands in the second quarter. Investment in
our megabrands and innovations strengthened our portfolio brand power in
the quarter. We remain focused on improving execution and expanding our
in--home channel presence to rebuild momentum and better position our
business for ongoing channel shifts in the industry.
Highlights from our other markets
-- Canada: Revenue grew by low-single digits in 2Q26 with mid-single digit
revenue per hl growth driven by revenue management and positive brand
mix. Our portfolio was estimated to be the #1 share gainer in both beer
and Beyond Beer, while volumes declined by low-single digits amid a soft
industry. Our beer performance was led by Michelob Ultra and Busch, which
were the top two volume share gainers in the industry. Beyond Beer growth
was led by Cutwater and Mike's Hard Lemonade, two of the top four share
gainers in the category.
-- Peru: Volumes grew by high-single digits in 2Q26 with our portfolio
estimated to have gained share of total alcohol. Performance was led by
our mainstream beer brands which grew volumes by mid-single digits, and
our Beyond Beer portfolio, which grew volumes in the triple-digits.
Revenue grew by high-single digits with low-single digit revenue per hl
growth.
-- Ecuador: Volumes grew by mid-twenties in 2Q26 to reach a record high
for the second quarter, driven by estimated market share gains and a
strong industry in an improved consumer environment. Performance was led
by our above core beer portfolio, which grew volumes by strong double
digits. Revenue grew by high-twenties with low-single digit revenue per
hl growth.
-- Argentina: Beer volumes grew by low-single digits in 2Q26, estimated to
have outperformed an improved industry. Total volumes declined by
low-single digits, impacted by a soft non-beer industry. Revenue grew by
mid-teens, driven by revenue management.
-- Africa excluding South Africa: In 2Q26, Nigeria total volumes and
revenue declined by low-single digits, impacted by a soft consumer
environment. In our other markets in Africa, revenue grew in aggregate
by high-single digits and volumes by mid-single digits.
-- South Korea: Volume increased by low-teens in 2Q26 cycling an easier
comparable due to shipment phasing ahead of our April 2025 price
increase. Revenue grew by high-single digits, with a low-single digit
revenue per hl decline driven by negative packaging mix. We estimate that
we continued to gain market share in both the on-premise and in-home
channels.
Consolidated Income Statement
Figure 3. Consolidated income statement
in USD Mio 2Q25 2Q26 Organic
growth
------ ------ ---------
Revenue 15 004 16 660 5.6%
--------------------------------------- ------ ------ -----
Cost of sales (6 558) (7 082) (3.2)%
--------------------------------------- ------ ------ -----
Gross profit 8 446 9 579 7.5%
--------------------------------------- ------ ------ -----
SG&A (4 624) (5 175) (6.5)%
--------------------------------------- ------ ------ -----
Other operating income/(expenses) 191 200 (7.9)%
--------------------------------------- ------ ------ -----
Normalized EBIT 4 013 4 604 8.0%
--------------------------------------- ------ ------ -----
Non-underlying items above EBIT (45) (42)
--------------------------------------- ------ ------ -----
Net finance income/(expense) (1 062) (1 057)
--------------------------------------- ------ ------ -----
Non-underlying net finance
income/(expense) (234) 1 402
--------------------------------------- ------ ------ -----
Share of results of associates 84 96
--------------------------------------- ------ ------ -----
Non-underlying share of results of
associates 9 -
--------------------------------------- ------ ------ -----
Income tax expense (741) (918)
--------------------------------------- ------ ------ -----
Profit 2 024 4 084
--------------------------------------- ------ ------ -----
Profit attributable to non-controlling
interest 347 333
--------------------------------------- ------ ------ -----
Profit attributable to equity holders
of AB InBev 1 676 3 751
--------------------------------------- ------ ------ -----
Normalized EBITDA 5 301 5 938 5.8%
--------------------------------------- ------ ------ -----
Underlying Profit 1 950 2 390
--------------------------------------- ------ ------ ---------
HY25 HY26 Organic
growth
------- ------- ---------
Revenue 28 632 31 927 5.7%
------------------------------------- ------- ------- -----
Cost of sales (12 602) (13 702) (3.6)%
------------------------------------- ------- ------- -----
Gross profit 16 029 18 225 7.4%
------------------------------------- ------- ------- -----
SG&A (8 812) (9 917) (6.5)%
------------------------------------- ------- ------- -----
Other operating income/(expenses) 383 369 (9.7)%
------------------------------------- ------- ------- -----
Normalized EBIT 7 601 8 677 7.6%
------------------------------------- ------- ------- -----
Non-underlying items above EBIT (94) 14
------------------------------------- ------- ------- -----
Net finance income/(expense) (2 046) (2 107)
------------------------------------- ------- ------- -----
Non-underlying net finance
income/(expense) 368 2 033
------------------------------------- ------- ------- -----
Share of results of associates 135 148
------------------------------------- ------- ------- -----
Non-underlying share of results of
associates 9 -
------------------------------------- ------- ------- -----
Income tax expense (1 404) (1 704)
------------------------------------- ------- ------- -----
Profit 4 568 7 061
------------------------------------- ------- ------- -----
Profit attributable to
non-controlling interest 744 747
------------------------------------- ------- ------- -----
Profit attributable to equity holders
of AB InBev 3 824 6 314
------------------------------------- ------- ------- -----
Normalized EBITDA 10 156 11 375 5.6%
------------------------------------- ------- ------- -----
Underlying Profit 3 556 4 314
------------------------------------- ------- ------- ---------
Non-underlying items above EBIT & Non-underlying share of results of associates
Figure 4. Non-underlying items above EBIT & Non-underlying share
of results of associates
in USD Mio 2Q25 2Q26 HY25 HY26
----- ---- ---- ------
Restructuring (35) (11) (47) (33)
------------------------------------- ---- --- --- ---
Business and asset disposals
(including impairment losses) (10) (17) (47) 61
------------------------------------- ---- --- --- ---
Acquisition-related costs (business
combinations) - (14) - (14)
------------------------------------- ---- --- --- ---
Non-underlying items in EBIT (45) (42) (94) 14
------------------------------------- ---- --- --- ---
Non-underlying share of results of
associates 9 - 9 -
------------------------------------- ---- --- --- ---
Normalized EBIT excludes negative non-underlying items of 42 million USD in 2Q26 and positive non-underlying items of 14 million USD in HY26.
Net finance income/(expense)
Figure 5. Net finance income/(expense)
in USD Mio 2Q25 2Q26 HY25 HY26
------- ------- ------- ---------
Net interest expense (663) (583) (1 284) (1 196)
-------------------------- ------ ------ ------ ------
Accretion expense and
interest on pensions (184) (196) (351) (413)
-------------------------- ------ ------ ------ ------
Other financial results (214) (278) (410) (498)
-------------------------- ------ ------ ------ ------
Net finance
income/(expense) (1 062) (1 057) (2 046) (2 107)
-------------------------- ------ ------ ------ ------
Non-underlying net finance income/(expense)
Figure 6. Non-underlying net finance income/(expense)
in USD Mio 2Q25 2Q26 HY25 HY26
----- ----- ---- -----
Mark-to-market (263) 1 402 339 2 033
----------------------------------------- ---- ----- ---- -----
Gain/(loss) on bond redemption and other 29 - 29 -
----------------------------------------- ---- ----- ---- -----
Non-underlying net finance
income/(expense) (234) 1 402 368 2 033
----------------------------------------- ---- ----- ---- -----
Non-underlying net finance income includes mark-to-market gains on derivative instruments entered into in order to hedge our share-based payment programs and shares issued in relation to the combinations with Grupo Modelo and SAB.
The number of shares covered by the hedging of our share-based payment program, the deferred share instrument and the restricted shares are shown below, together with the opening and closing share prices.
Figure 7. Non-underlying equity derivative instruments
2Q25 2Q26 HY25 HY26
----- ----- ----- -----
Share price at the start of the period
(Euro) 56.92 59.72 48.25 54.90
------------------------------------------ ----- ----- ----- -----
Share price at the end of the period
(Euro) 58.24 72.66 58.24 72.66
------------------------------------------ ----- ----- ----- -----
Number of equity derivative instruments at
the end of the period (in million) 100.5 90.5 100.5 90.5
------------------------------------------ ----- ----- ----- -----
Income tax expense
Figure 8. Income tax expense
in USD Mio 2Q25 2Q26 HY25 HY26
----- ----- ----- -----
Income tax expense 741 918 1 404 1 704
------------------------------- ----- ----- ----- -----
Effective tax rate 27.7% 18.7% 24.1% 19.8%
------------------------------- ----- ----- ----- -----
Normalized effective tax rate 25.3% 26.1% 25.6% 25.7%
------------------------------- ----- ----- ----- -----
The HY26 and HY25 effective tax rates were positively impacted by non-taxable gains from derivatives related to the hedging of share-based payment programs and the hedging of the shares issued in a transaction related to the combinations with Grupo Modelo and SAB. The increase in Normalized ETR in HY26 compared to HY25 was primarily due to negative country mix.
Underlying EPS
Figure 9. Underlying EPS
in USD per share, except
number of shares in million 2Q25 2Q26 HY25 HY26
------ ------ ------ --------
Normalized EBITDA 2.67 3.01 5.11 5.76
------------------------------ ----- ----- ----- -----
Depreciation, amortization and
impairment (0.65) (0.68) (1.28) (1.37)
------------------------------ ----- ----- ----- -----
Normalized EBIT 2.02 2.33 3.82 4.39
------------------------------ ----- ----- ----- -----
Net finance income/(expense) (0.53) (0.54) (1.03) (1.07)
------------------------------ ----- ----- ----- -----
Income tax expense (0.38) (0.47) (0.71) (0.85)
------------------------------ ----- ----- ----- -----
Associates & non-controlling
interests (0.13) (0.12) (0.31) (0.31)
------------------------------ ----- ----- ----- -----
Hyperinflation impacts 0.01 0.00 0.02 0.02
------------------------------ ----- ----- ----- -----
Underlying EPS 0.98 1.21 1.79 2.18
------------------------------ ----- ----- ----- -----
Weighted average number of
ordinary and restricted
shares 1 989 1 976 1 989 1 976
------------------------------ ----- ----- ----- -----
Reconciliation of IFRS and Non-IFRS Financial Measures
Profit attributable to equity holders and Underlying Profit
Figure 10. Underlying Profit
in USD Mio 2Q25 2Q26 HY25 HY26
----- ------- ------ ---------
Profit attributable to equity
holders of AB InBev 1 676 3 751 3 824 6 314
------------------------------- ----- ------ ----- ------
Net impact of non-underlying
items on profit 261 (1 367) (305) (2 034)
------------------------------- ----- ------ ----- ------
Hyperinflation impacts 14 7 37 35
------------------------------- ----- ------ ----- ------
Underlying Profit 1 950 2 390 3 556 4 314
------------------------------- ----- ------ ----- ------
Basic and Underlying EPS
Figure 11. Basic and Underlying EPS
in USD per share, except number
of shares in million 2Q25 2Q26 HY25 HY26
----- ------ ------ --------
Basic EPS 0.84 1.90 1.92 3.20
--------------------------------- ----- ----- ----- -----
Net impact of non-underlying
items 0.13 (0.69) (0.15) (1.03)
--------------------------------- ----- ----- ----- -----
Hyperinflation impacts 0.01 0.00 0.02 0.02
--------------------------------- ----- ----- ----- -----
Underlying EPS 0.98 1.21 1.79 2.18
--------------------------------- ----- ----- ----- -----
FX translation impact - (0.10) - (0.20)
--------------------------------- ----- ----- ----- -----
Underlying EPS in constant
currency 0.98 1.11 1.79 1.98
--------------------------------- ----- ----- ----- -----
Weighted average number of
ordinary and restricted shares 1 989 1 976 1 989 1 976
--------------------------------- ----- ----- ----- -----
Profit attributable to equity holders and Normalized EBITDA
Figure 12. Reconciliation of Normalized EBITDA to Profit
attributable to equity holders of AB InBev
in USD Mio 2Q25 2Q26 HY25 HY26
------ ------- ------- ---------
Profit attributable to
equity holders of AB
InBev 1 676 3 751 3 824 6 314
--------------------------- ----- ------ ------ ------
Non-controlling interests 347 333 744 747
--------------------------- ----- ------ ------ ------
Profit 2 024 4 084 4 568 7 061
--------------------------- ----- ------ ------ ------
Income tax expense 741 918 1 404 1 704
--------------------------- ----- ------ ------ ------
Share of results of
associates (84) (96) (135) (148)
--------------------------- ----- ------ ------ ------
Non-underlying share of
results of associates (9) - (9) -
--------------------------- ----- ------ ------ ------
Net finance
(income)/expense 1 062 1 057 2 046 2 107
--------------------------- ----- ------ ------ ------
Non-underlying net finance
(income)/expense 234 (1 402) (368) (2 033)
--------------------------- ----- ------ ------ ------
Non-underlying items above
EBIT (incl. impairment
losses) 45 42 94 (14)
--------------------------- ----- ------ ------ ------
Normalized EBIT 4 013 4 604 7 601 8 677
--------------------------- ----- ------ ------ ------
Depreciation, amortization
and impairment 1 288 1 335 2 555 2 698
--------------------------- ----- ------ ------ ------
Normalized EBITDA 5 301 5 938 10 156 11 375
--------------------------- ----- ------ ------ ------
Normalized EBITDA, Normalized EBIT and Underlying Profit are non-IFRS financial measures used by AB InBev to reflect the company's underlying performance. Underlying EPS and constant currency Underlying EPS are non-IFRS financial measures that AB InBev believes are useful to investors because they facilitate comparisons of EPS from period to period.
Normalized EBITDA is calculated by adjusting profit attributable to equity holders of AB InBev to exclude: (i) non-controlling interest; (ii) income tax expense; (iii) share of results of associates; (iv) non-underlying share of results of associates; (v) net finance income or cost; (vi) non-underlying net finance income or cost; (vii) non-underlying items above EBIT; and (viii) depreciation, amortization and impairment.
Underlying Profit is calculated by adjusting profit attributable to equity holders of AB InBev to exclude: (i) non-underlying items and (ii) hyperinflation impacts. Underlying EPS is calculated as Underlying Profit divided by the weighted average number of ordinary and restricted shares. Constant currency Underlying EPS is calculated as Underlying EPS excluding the effects of foreign currency translation by translating current period figures using the exchange rates from the same period in the prior year.
Normalized EBITDA, Normalized EBIT and Underlying Profit are not accounting measures under IFRS and should not be considered as an alternative to profit attributable to equity holders as a measure of operational performance, or an alternative to cash flow as a measure of liquidity. Underlying EPS and constant currency Underlying EPS are not accounting measures under IFRS and should not be considered as alternatives to earnings per share as a measure of operating performance on a per share basis. These non-IFRS financial measures do not have a standard calculation method and AB InBev's definition of Normalized EBITDA, Normalized EBIT, Underlying Profit, Underlying EPS and constant currency Underlying EPS may not be comparable to that of other companies.
Cash Flows and Financial position
Figure 13. Cash Flow Statement (million USD)
------------------------------------------------------------------------
HY25 HY26
--------------------------------------------------- ------- ---------
Operating activities
---------------------------------------------------- ------ ------
Profit of the period 4 568 7 061
---------------------------------------------------- ------ ------
Interest, taxes and non-cash items included in
profit 5 736 4 459
---------------------------------------------------- ------ ------
Cash flow from operating activities before changes
in working capital and use of provisions 10 304 11 520
---------------------------------------------------- ------ ------
Change in working capital (3 655) (2 355)
---------------------------------------------------- ------ ------
Pension contributions and use of provisions (278) (158)
---------------------------------------------------- ------ ------
Interest and taxes (paid)/received (3 801) (3 866)
---------------------------------------------------- ------ ------
Dividends received 135 101
---------------------------------------------------- ------ ------
Cash flow from/(used in) operating activities 2 704 5 241
---------------------------------------------------- ------ ------
Investing activities
---------------------------------------------------- ------ ------
Net capex (1 350) (1 360)
---------------------------------------------------- ------ ------
Sale/(acquisition) and others related to
subsidiaries, net of cash (4) (757)
---------------------------------------------------- ------ ------
Net proceeds from sale/(acquisition) of other assets 47 310
---------------------------------------------------- ------ ------
Cash flow from/(used in) investing activities (1 306) (1 807)
---------------------------------------------------- ------ ------
Financing activities
---------------------------------------------------- ------ ------
Net (repayments of) / proceeds from borrowings 68 246
---------------------------------------------------- ------ ------
Dividends paid (3 147) (2 596)
---------------------------------------------------- ------ ------
Share buyback (1 901) (1 301)
---------------------------------------------------- ------ ------
Payment of lease liabilities (354) (364)
---------------------------------------------------- ------ ------
Derivative financial instruments 114 (319)
---------------------------------------------------- ------ ------
Sale/(acquisition) of non-controlling interests (314) (3 389)
---------------------------------------------------- ------ ------
Other financing cash flows (303) 219
---------------------------------------------------- ------ ------
Cash flow from/(used in) financing activities (5 837) (7 505)
---------------------------------------------------- ------ ------
Net increase/(decrease) in cash and cash equivalents (4 438) (4 071)
---------------------------------------------------- ------ ------
Our free cash flow (defined as cash flow from operating activities less net capex) increased by 2 526 million USD to reach 3 881 million USD in HY26. Our cash and cash equivalents decreased by (4 071) million USD in HY26, compared to a decrease of (4 438) million USD in HY25, with the following movements:
-- Our cash flow from operating activities reached 5 241 million USD in
HY26 compared to 2 704 million USD in HY25. The increase was driven by
increased profit of the period and changes in working capital for HY26
compared to HY25. Changes in working capital in the first half of 2026
and 2025 reflect higher working capital levels at the end of June than at
year-end as a result of seasonality.
-- Our cash outflow from investing activities was 1 807 million USD in
HY26 compared to a cash outflow of 1 306 million USD in HY25. The
increase in the cash outflow was mainly due to the acquisition of an 85%
controlling stake in BeatBox, a ready-to-drink alcohol beverage business
in the United States. Out of the total HY26 capital expenditures,
approximately 25% was used to improve the company's production facilities
while 60% was used for logistics and commercial investments and 15% was
used for the purchase of hardware and software and improving
administrative capabilities.
-- Our cash outflow from financing activities amounted to 7 505 million
USD in HY26, as compared to a cash outflow of 5 837 million USD in HY25.
The increase in the cash outflow versus HY25 was primarily driven by the
completion of the reacquisition of the 49.9% minority stake in our
US-based metal container plants for 2.9 billion USD.
Our net debt increased to 64.2 billion USD as of 30 June 2026 from 60.9 billion USD as of 31 December 2025. Our net debt to normalized EBITDA ratio was 2.86x as of 30 June 2026. Our optimal capital structure is a net debt to normalized EBITDA ratio of around 2x.
We continue to proactively manage our debt portfolio. 98% of our bond portfolio holds a fixed-interest rate, 52% is denominated in currencies other than USD and maturities are well-distributed across the next several years.
As of 30 June 2026, we had total liquidity of 18.1 billion USD, which consisted of 10.1 billion USD available under committed long-term credit facilities and 8.0 billion USD of cash, cash equivalents and short-term investments in debt securities less bank overdrafts.
Notes
To facilitate the understanding of AB InBev's underlying performance, the analyses of growth, including all comments in this press release, unless otherwise indicated, are based on organic growth and normalized numbers. In other words, financials are analyzed eliminating the impact of changes in currencies on translation of foreign operations, and scope changes. Since 1Q24, the definition of organic revenue growth has been amended to cap the price growth in Argentina to a maximum of 2% per month (26.8% year-over-year). Corresponding adjustments are made to all income statement related items in the organic growth calculations through scope changes. Scope changes also represent the impact of acquisitions and divestitures, the start or termination of activities or the transfer of activities between segments, curtailment gains and losses and year over year changes in accounting estimates and other assumptions that management does not consider as part of the underlying performance of the business. Beer volumes and revenue include primarily beer, no-alcohol beer, other malt-based alcohol beverages and spirits-based beverages. Non-beer volumes and revenue include primarily carbonated soft drinks and energy drinks. In addition, beer and non-beer categories include not only brands that we own or license, but also third-party brands that we brew and sell, and third-party products that we sell through our distribution network. The organic growth of our global brands, Budweiser, Stella Artois, and Corona excludes exports to Australia for which a perpetual license was granted to a third party upon disposal of the Australia operations in 2020. All references per hectoliter (per hl) exclude US non-beverage activities. Whenever presented in this document, all performance measures (EBITDA, EBIT, profit, tax rate, EPS) are presented on a "normalized" basis, which means they are presented before non-underlying items. Non-underlying items are either income or expenses which do not occur regularly as part of the normal activities of the Company. They are presented separately because they are important for the understanding of the underlying sustainable performance of the Company due to their size or nature. Normalized measures are additional measures used by management and should not replace the measures determined in accordance with IFRS as an indicator of the Company's performance. Effective 1 January 2026, Cervecería Bucanero S.A., a Cuban company in which we indirectly hold a 50% equity interest through our subsidiary Ambev, is accounted for as an associate using the equity method of accounting. The impact of this change in presentation is reflected as a scope change. We are reporting the results from Argentina applying hyperinflation accounting since 3Q18. The IFRS rules (IAS 29) require us to restate the year-to-date results for the change in the general purchasing power of the local currency, using official indices before converting the local amounts at the closing rate of the period. In 2Q26, we reported a negative impact from hyperinflation accounting on the profit attributable to
equity holders of AB InBev of 7 million USD. The impact in 2Q26 Basic EPS was less than 0.01 USD. Values in the figures and annexes may not add up, due to rounding. 2Q26 and HY26 EPS is based upon a weighted average of 1 976 million shares compared to a weighted average of 1 989 million shares for 2Q25 and HY25.
Legal disclaimer
This release contains "forward-looking statements". These statements are based on the current expectations and views of future events and developments of the management of AB InBev and are naturally subject to uncertainty and changes in circumstances. The forward-looking statements contained in this release include statements other than historical facts and include statements typically containing words such as "will", "may", "should", "believe", "intends", "expects", "anticipates", "targets", "ambition", "estimates", "likely", "foresees" and words of similar import. All statements other than statements of historical facts are forward-looking statements. You should not place undue reliance on these forward-looking statements, which reflect the current views of the management of AB InBev, are subject to numerous risks and uncertainties about AB InBev and are dependent on many factors, some of which are outside of AB InBev's control. There are important factors, risks and uncertainties that could cause actual outcomes and results to be materially different, including, but not limited to the risks and uncertainties relating to AB InBev that are described under Item 3.D of AB InBev's Annual Report on Form 20-F filed with the SEC on 3 March 2026. Many of these risks and uncertainties are, and will be, exacerbated by any further worsening of the global business and economic environment, including as a result of foreign currency exchange rate fluctuations and ongoing geopolitical instability. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. The forward-looking statements should be read in conjunction with the other cautionary statements that are included elsewhere, including AB InBev's most recent Form 20-F and other reports furnished on Form 6-K, and any other documents that AB InBev has made public. Any forward-looking statements made in this communication are qualified in their entirety by these cautionary statements and there can be no assurance that the actual results or developments anticipated by AB InBev will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, AB InBev or its business or operations. Except as required by law, AB InBev undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The half year 2026 (HY26) financial data set out in Figure 1 (except for the volume information), Figures 3 to 6, 8, 10, 12 and 13 of this press release have been extracted from the group's unaudited condensed consolidated interim financial statements as of and for the six-month period ended 30 June 2026, which have been reviewed by our statutory auditors PwC Bedrijfsrevisoren BV/Reviseurs d'Entreprises SRL in accordance with the standards of the Public Company Accounting Oversight Board (United States). The second quarter 2026 (2Q26) financial data set out in Figure 1 (except for the volume information), Figures 3 to 6, 8, 10, 12 and 13, and the financial data included in Figures 7, 9, 11 and 14 of this press release have been extracted from the underlying accounting records as of and for the six-month period ended 30 June 2026. The interim sustainability data set out on page 3 are from unaudited internal databases. These have been calculated on a consistent basis with the group's consolidated sustainability statements as of and for the twelve months ended 31 December 2025, for which limited assurance was provided by our statutory auditors PwC Bedrijfsrevisoren BV/Reviseurs d'Entreprises SRL in accordance with CSRD. References in this document to materials on our websites, such as www.ab-inbev.com, are included as an aid to their location and are not incorporated by reference into this document.
Conference call and webcast
Investor Conference call and webcast on Thursday, 30 July 2026:
3.00pm Brussels / 2.00pm London / 9.00am New York
Registration details:
Webcast (listen-only mode):
AB InBev 2Q26 Results Webcast
To join by phone, please use one of the following two phone numbers:
Toll-Free: +1-877-407-8029
Toll: +1-201-689-8029
About AB InBev
Anheuser-Busch InBev (AB InBev) is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings on the Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on the New York Stock Exchange $(BUD)$. As a company, we dream big to create a future with more cheers. We are always looking to serve up new ways to meet life's moments, move our industry forward and make a meaningful impact in the world. We are committed to building great brands that stand the test of time and to brewing the best beers using the finest ingredients. Beer is the drink for moderation, and for over a century, AB InBev has championed responsible drinking. We are committed to providing our consumers with Balanced Choices to enjoy on any occasion. We also invest in marketing that aims to reinforce positive behaviors, and we work with communities, customers, and partners to promote responsible consumption through evidence-based initiatives.
Our diverse portfolio of well over 400 beer brands includes global brands Budweiser$(R)$, Corona(R), Stella Artois(R) and Michelob Ultra(R); multi-country brands Beck's(R), Hoegaarden(R) and Leffe(R); and local champions such as Aguila(R), Antarctica(R), Bud Light(R), Brahma(R), Cass(R), Castle(R), Castle Lite(R), Cristal(R), Harbin(R), Jupiler(R), Modelo Especial(R), Quilmes(R), Victoria(R), Sedrin(R), and Skol(R). Our brewing heritage dates back more than 600 years, spanning continents and generations. From our European roots at the Den Hoorn brewery in Leuven, Belgium. To the pioneering spirit of the Anheuser & Co brewery in St. Louis, US. To the creation of the Castle Brewery in South Africa during the Johannesburg gold rush. To Bohemia, the first brewery in Brazil. Geographically diversified with a balanced exposure to developed and developing markets, we leverage the collective strengths of approximately 137 000 colleagues based in more than 40 countries worldwide. For 2025, AB InBev's reported revenue was 59.3 billion USD (excluding JVs and associates).
Annex 1: Segment reporting (2Q)
Currency Organic Organic
AB InBev Worldwide 2Q25 Scope Translation Growth 2Q26 Growth
------------------ ----------- ----- ------------- ------- ----------- ---------
Volumes 143 347 (557) - 1 213 144 003 0.9%
------------------- ------- ---- ------ ----- ------ ------- -----
Revenue 15 004 (6) 822 840 16 660 5.6%
------------------- ------- ---- ------ ----- ------ ------- -----
Cost of sales (6 558) 13 (326) (211) (7 082) (3.2)%
------------------- ------- ---- ------ ---- ------ ------- -----
Gross profit 8 446 6 496 630 9 579 7.5%
------------------- ------- ---- ------ ----- ------ ------- -----
SG&A (4 624) (41) (209) (300) (5 175) (6.5)%
------------------- ------- ---- ------ ---- ------ ------- -----
Other operating
income/(expenses) 191 7 17 (15) 200 (7.9)%
------------------- ------- ---- ------ ----- ------ ------- -----
Normalized EBIT 4 013 (28) 304 315 4 604 8.0%
------------------- ------- ---- ------ ----- ------ ------- -----
Normalized EBITDA 5 301 (34) 370 301 5 938 5.8%
------------------- ------- ---- ------ ----- ------ ------- -----
Normalized EBITDA
margin 35.3% 35.6% 4bps
------------------- ------- ---- ------ ----- ------ ------- ---------
Currency Organic Organic
North America 2Q25 Scope Translation Growth 2Q26 Growth
------------------ ----------- ----- ------------- ------- ----------- ---------
Volumes 22 376 218 - (164) 22 430 (0.7)%
------------------- ------- ---- ------ ----- ------ ------- -----
Revenue 3 844 90 7 99 4 039 2.6%
------------------- ------- ---- ------ ----- ------ ------- -----
Cost of sales (1 537) (36) (2) (2) (1 577) (0.1)%
------------------- ------- ---- ------ ---- ------ ------- -----
Gross profit 2 307 53 5 97 2 463 4.2%
------------------- ------- ---- ------ ----- ------ ------- -----
SG&A (1 122) (30) (2) (77) (1 232) (6.9)%
------------------- ------- ---- ------ ---- ------ ------- -----
Other operating
income/(expenses) 10 0 (0) 6 16 61.7%
------------------- ------- ---- ------ ---- ------ ------- -----
Normalized EBIT 1 195 23 3 26 1 247 2.2%
------------------- ------- ---- ------ ----- ------ ------- -----
Normalized EBITDA 1 372 27 3 6 1 408 0.5%
------------------- ------- ---- ------ ----- ------ ------- -----
Normalized EBITDA
margin 35.7% 34.9% (74)bps
------------------- ------- ---- ------ ----- ------ ------- ---------
Currency Organic Organic
Middle Americas 2Q25 Scope Translation Growth 2Q26 Growth
------------------ ----------- ----- ------------- ------- ----------- ---------
Volumes 38 822 (634) - 1 806 39 994 4.7%
------------------- ------- ---- ------ ----- ------ ------- -----
Revenue 4 340 (77) 408 419 5 091 9.8%
------------------- ------- ---- ------ ----- ------ ------- -----
Cost of sales (1 516) 42 (132) (91) (1 697) (6.2)%
------------------- ------- ---- ------ ---- ------ ------- -----
Gross profit 2 824 (35) 276 328 3 394 11.8%
------------------- ------- ---- ------ ----- ------ ------- -----
SG&A (987) 13 (91) (95) (1 160) (9.8)%
------------------- ------- ---- ------ ---- ------ ------- -----
Other operating
income/(expenses) 3 1 (1) (16) (14) -
------------------- ------- ---- ------ ---- ------ ------- -----
Normalized EBIT 1 839 (21) 185 217 2 220 11.9%
------------------- ------- ---- ------ ----- ------ ------- -----
Normalized EBITDA 2 149 (20) 211 220 2 560 10.3%
------------------- ------- ---- ------ ----- ------ ------- -----
Normalized EBITDA
margin 49.5% 50.3% 23bps
------------------- ------- ---- ------ ----- ------ ------- ---------
Currency Organic Organic
South America 2Q25 Scope Translation Growth 2Q26 Growth
------------------ ----------- ----- ------------- ------- ----------- ---------
Volumes 34 199 - - 466 34 665 1.4%
------------------- ------- ---- ------ ----- ------ ------- -----
Revenue 2 529 6 236 191 2 961 7.6%
------------------- ------- ---- ------ ----- ------ ------- -----
Cost of sales (1 314) (14) (106) (29) (1 463) (2.2)%
------------------- ------- ---- ------ ---- ------ ------- -----
Gross profit 1 215 (8) 130 162 1 499 13.4%
------------------- ------- ---- ------ ----- ------ ------- -----
SG&A (863) (4) (67) (78) (1 012) (9.0)%
------------------- ------- ---- ------ ---- ------ ------- -----
Other operating
income/(expenses) 104 9 15 19 146 18.7%
------------------- ------- ---- ------ ----- ------ ------- -----
Normalized EBIT 456 (4) 77 103 633 23.0%
------------------- ------- ---- ------ ----- ------ ------- -----
Normalized EBITDA 692 1 94 99 886 14.3%
------------------- ------- ---- ------ ----- ------ ------- -----
Normalized EBITDA
margin 27.4% 29.9% 171bps
------------------- ------- ---- ------ ----- ------ ------- ---------
Currency Organic Organic
EMEA 2Q25 Scope Translation Growth 2Q26 Growth
------------------ ---------- ----- ------------- ------- ---------- ----------
Volumes 24 172 (135) - 201 24 239 0.8%
------------------- ------ ---- ----- ------ ------ ------ ------
Revenue 2 489 (37) 145 81 2 677 3.3%
------------------- ------ ---- ----- ------ ------ ------ ------
Cost of sales (1 252) 21 (73) (17) (1 321) (1.3)%
------------------- ------ ---- ----- ----- ------ ------ ------
Gross profit 1 237 (17) 72 65 1 357 5.3%
------------------- ------ ---- ----- ------ ------ ------ ------
SG&A (764) (6) (37) (35) (841) (4.5)%
------------------- ------ ---- ----- ----- ------ ------ ------
Other operating
income/(expenses) 56 (3) 1 (15) 39 (28.9)%
------------------- ------ ---- ----- ------ ------ ------ ------
Normalized EBIT 529 (25) 35 14 554 2.9%
------------------- ------ ---- ----- ------ ------ ------ ------
Normalized EBITDA 800 (21) 51 13 843 1.7%
------------------- ------ ---- ----- ------ ------ ------ ------
Normalized EBITDA
margin 32.1% 31.5% (49)bps
------------------- ------ ---- ----- ------ ------ ------ ----------
Currency Organic Organic
Asia Pacific 2Q25 Scope Translation Growth 2Q26 Growth
------------------ ---------- ----- ------------- ------- ---------- ----------
Volumes 23 716 (21) - (1 109) 22 586 (4.7)%
------------------- ------ ---- ----- ------ ------ ------ ------
Revenue 1 658 11 26 (47) 1 648 (2.8)%
------------------- ------ ---- ----- ------ ------ ------ ------
Cost of sales (771) 1 (9) 30 (750) 3.9%
------------------- ------ ---- ----- ----- ------ ------ ------
Gross profit 886 12 17 (17) 898 (1.9)%
------------------- ------ ---- ----- ------ ------ ------ ------
SG&A (520) (13) (7) (21) (561) (4.0)%
------------------- ------ ---- ----- ----- ------ ------ ------
Other operating
income/(expenses) 17 (0) 1 (8) 9 (47.5)%
------------------- ------ ---- ----- ------ ------ ------ ------
Normalized EBIT 383 (1) 11 (46) 347 (11.9)%
------------------- ------ ---- ----- ------ ------ ------ ------
Normalized EBITDA 533 3 15 (58) 493 (10.9)%
------------------- ------ ---- ----- ------ ------ ------ ------
Normalized EBITDA
margin 32.2% 29.9% (269)bps
------------------- ------ ---- ----- ------ ------ ------ ----------
Global Export and Currency Organic Organic
Holding Companies 2Q25 Scope Translation Growth 2Q26 Growth
------------------ ---------- ----- ------------- ------- ---------- ----------
Volumes 62 14 - 12 89 16.3%
------------------- ------ ---- ----- ------ ------ ------ ------
Revenue 144 2 1 97 244 66.1%
------------------- ------ ---- ----- ------ ------ ------ ------
Cost of sales (168) (1) (4) (102) (275) (60.7)%
------------------- ------ ---- ----- ----- ------ ------ ------
Gross profit (23) 1 (3) (6) (32) (26.3)%
------------------- ------ ---- ----- ----- ------ ------ ------
SG&A (368) (1) (6) 6 (369) 1.6%
------------------- ------ ---- ----- ----- ------ ------ ------
Other operating
income/(expenses) 2 0 2 (0) 3 (3.7)%
------------------- ------ ---- ----- ------ ------ ------ ------
Normalized EBIT (389) (0) (7) (0) (397) (0.1)%
------------------- ------ ---- ----- ----- ------ ------ ------
Normalized EBITDA (245) (23) (5) 21 (252) 7.9%
------------------- ------ ---- ----- ----- ------ ------ ------
Annex 2: Segment reporting $(HY)$
Currency Organic Organic
AB InBev Worldwide HY25 Scope Translation Growth HY26 Growth
------------------ ----------- ------- ------------- ------- ----------- ---------
Volumes 279 615 (1 489) - 2 286 280 412 0.8%
------------------- ------- ------ ------- ---- ------ ------- -----
Revenue 28 632 (106) 1 783 1 618 31 927 5.7%
------------------- ------- ------ ------- ---- ------ ------- -----
Cost of sales (12 602) 72 (726) (446) (13 702) (3.6)%
------------------- ------- ------ ------- --- ------ ------- -----
Gross profit 16 029 (34) 1 058 1 173 18 225 7.4%
------------------- ------- ------ ------- ---- ------ ------- -----
SG&A (8 812) (48) (486) (572) (9 917) (6.5)%
------------------- ------- ------ ------- --- ------ ------- -----
Other operating
income/(expenses) 383 (10) 32 (35) 369 (9.7)%
------------------- ------- ------ ------- ---- ------ ------- -----
Normalized EBIT 7 601 (92) 603 566 8 677 7.6%
------------------- ------- ------ ------- ---- ------ ------- -----
Normalized EBITDA 10 156 (103) 766 557 11 375 5.6%
------------------- ------- ------ ------- ---- ------ ------- -----
Normalized EBITDA
margin 35.5% 35.6% (5)bps
------------------- ------- ------ ------- ---- ------ ------- ---------
Currency Organic Organic
North America HY25 Scope Translation Growth HY26 Growth
------------------ ----------- ------- ------------- ------- ----------- ---------
Volumes 42 218 121 - (779) 41 561 (1.8)%
------------------- ------- ------ ------- ---- ------ ------- -----
Revenue 7 208 59 27 131 7 424 1.8%
------------------- ------- ------ ------- ---- ------ ------- -----
Cost of sales (2 947) (7) (9) 30 (2 932) 1.0%
------------------- ------- ------ ------- --- ------ ------- -----
Gross profit 4 261 53 18 161 4 492 3.8%
------------------- ------- ------ ------- ---- ------ ------- -----
SG&A (2 174) (35) (10) (108) (2 328) (5.0)%
------------------- ------- ------ ------- --- ------ ------- -----
Other operating
income/(expenses) 23 (0) (1) (4) 18 (18.5)%
------------------- ------- ------ ------- --- ------ ------- -----
Normalized EBIT 2 110 18 7 48 2 183 2.3%
------------------- ------- ------ ------- ---- ------ ------- -----
Normalized EBITDA 2 459 25 8 14 2 505 0.6%
------------------- ------- ------ ------- ---- ------ ------- -----
Normalized EBITDA
margin 34.1% 33.7% (43)bps
------------------- ------- ------ ------- ---- ------ ------- ---------
Currency Organic Organic
Middle Americas HY25 Scope Translation Growth HY26 Growth
------------------ ----------- ------- ------------- ------- ----------- ---------
Volumes 73 903 (1 362) - 3 439 75 979 4.7%
------------------- ------- ------ ------- ---- ------ ------- -----
Revenue 8 124 (155) 858 768 9 595 9.6%
------------------- ------- ------ ------- ---- ------ ------- -----
Cost of sales (2 866) 83 (283) (193) (3 259) (6.9)%
------------------- ------- ------ ------- --- ------ ------- -----
Gross profit 5 258 (72) 575 575 6 337 11.1%
------------------- ------- ------ ------- ---- ------ ------- -----
SG&A (1 898) 26 (201) (167) (2 241) (8.9)%
------------------- ------- ------ ------- --- ------ ------- -----
Other operating
income/(expenses) 14 0 (0) (22) (7) -
------------------- ------- ------ ------- --- ------ ------- -----
Normalized EBIT 3 374 (46) 374 387 4 088 11.6%
------------------- ------- ------ ------- ---- ------ ------- -----
Normalized EBITDA 4 007 (44) 435 369 4 767 9.3%
------------------- ------- ------ ------- ---- ------ ------- -----
Normalized EBITDA
margin 49.3% 49.7% (15)bps
------------------- ------- ------ ------- ---- ------ ------- ---------
Currency Organic Organic
South America HY25 Scope Translation Growth HY26 Growth
------------------ ----------- ------- ------------- ------- ----------- ---------
Volumes 75 089 - - 341 75 430 0.5%
------------------- ------- ------ ------- ---- ------ ------- -----
Revenue 5 507 8 428 458 6 402 8.3%
------------------- ------- ------ ------- ---- ------ ------- -----
Cost of sales (2 764) (17) (198) (140) (3 119) (5.1)%
------------------- ------- ------ ------- --- ------ ------- -----
Gross profit 2 743 (9) 230 318 3 282 11.6%
------------------- ------- ------ ------- ---- ------ ------- -----
SG&A (1 712) (8) (114) (134) (1 968) (7.8)%
------------------- ------- ------ ------- --- ------ ------- -----
Other operating
income/(expenses) 201 (2) 26 29 255 15.3%
------------------- ------- ------ ------- ---- ------ ------- -----
Normalized EBIT 1 233 (19) 142 213 1 568 17.6%
------------------- ------- ------ ------- ---- ------ ------- -----
Normalized EBITDA 1 699 (9) 174 212 2 076 12.5%
------------------- ------- ------ ------- ---- ------ ------- -----
Normalized EBITDA
margin 30.9% 32.4% 120bps
------------------- ------- ------ ------- ---- ------ ------- ---------
Currency Organic Organic
EMEA HY25 Scope Translation Growth HY26 Growth
------------------ ---------- ----- ------------- ------- ---------- ----------
Volumes 44 924 (230) - 476 45 169 1.1%
------------------- ------ ---- ------ ----- ------ ------ ------
Revenue 4 454 (69) 397 169 4 951 3.8%
------------------- ------ ---- ------ ----- ------ ------ ------
Cost of sales (2 280) 38 (202) (29) (2 473) (1.3)%
------------------- ------ ---- ------ ---- ------ ------ ------
Gross profit 2 174 (31) 195 139 2 478 6.5%
------------------- ------ ---- ------ ----- ------ ------ ------
SG&A (1 371) (11) (121) (78) (1 581) (5.7)%
------------------- ------ ---- ------ ---- ------ ------ ------
Other operating
income/(expenses) 101 (8) 4 (23) 73 (25.1)%
------------------- ------ ---- ------ ----- ------ ------ ------
Normalized EBIT 904 (50) 79 38 970 4.4%
------------------- ------ ---- ------ ----- ------ ------ ------
Normalized EBITDA 1 424 (41) 127 37 1 546 2.7%
------------------- ------ ---- ------ ----- ------ ------ ------
Normalized EBITDA
margin 32.0% 31.2% (36)bps
------------------- ------ ---- ------ ----- ------ ------ ----------
Currency Organic Organic
Asia Pacific HY25 Scope Translation Growth HY26 Growth
------------------ ---------- ----- ------------- ------- ---------- ----------
Volumes 43 365 (39) - (1 192) 42 134 (2.8)%
------------------- ------ ---- ------ ----- ------ ------ ------
Revenue 3 108 10 70 (66) 3 122 (2.1)%
------------------- ------ ---- ------ ----- ------ ------ ------
Cost of sales (1 456) 2 (28) 41 (1 441) 2.8%
------------------- ------ ---- ------ ---- ------ ------ ------ Gross profit 1 652 12 42 (25) 1 681 (1.5)% ------------------- ------ ---- ------ ----- ------ ------ ------ SG&A (941) (12) (20) (42) (1 015) (4.5)% ------------------- ------ ---- ------ ---- ------ ------ ------ Other operating income/(expenses) 41 (1) 1 (14) 27 (35.6)% ------------------- ------ ---- ------ ----- ------ ------ ------ Normalized EBIT 752 (1) 24 (82) 693 (10.9)% ------------------- ------ ---- ------ ----- ------ ------ ------ Normalized EBITDA 1 056 7 34 (107) 990 (10.0)% ------------------- ------ ---- ------ ----- ------ ------ ------ Normalized EBITDA margin 34.0% 31.7% (277)bps ------------------- ------ ---- ------ ----- ------ ------ ---------- Global Export and Currency Organic Organic Holding Companies HY25 Scope Translation Growth HY26 Growth ------------------ ---------- ----- ------------- ------- ---------- ---------- Volumes 116 22 - 1 139 0.8% ------------------- ------ ---- ------ ----- ------ ------ ------ Revenue 231 40 3 159 433 68.0% ------------------- ------ ---- ------ ----- ------ ------ ------ Cost of sales (290) (27) (6) (155) (477) (53.0)% ------------------- ------ ---- ------ ---- ------ ------ ------ Gross profit (59) 13 (3) 4 (45) 7.5% ------------------- ------ ---- ------ ---- ------ ------ ------ SG&A (716) (7) (20) (42) (784) (5.8)% ------------------- ------ ---- ------ ---- ------ ------ ------ Other operating income/(expenses) 2 0 1 (0) 3 (19.0)% ------------------- ------ ---- ------ ----- ------ ------ ------ Normalized EBIT (773) 7 (21) (38) (826) (4.9)% ------------------- ------ ---- ------ ---- ------ ------ ------ Normalized EBITDA (489) (40) (11) 32 (508) 6.0% ------------------- ------ ---- ------ ---- ------ ------ ------
Annex 3: Consolidated statement of financial position
Million US dollar 31 December 2025 30 June 2026 ----------------------------------------- ---------------- ------------ . ------------------------------------------ ---------------- ------------ ASSETS ------------------------------------------ ---------------- ------------ Non-current assets ------------------------------------------ ---------------- ------------ Property, plant and equipment 23 664 22 998 ------------------------------------------ ---------------- ------------ Goodwill 117 908 119 946 ------------------------------------------ ---------------- ------------ Intangible assets 41 985 42 274 ------------------------------------------ ---------------- ------------ Investments in associates 5 002 5 061 ------------------------------------------ ---------------- ------------ Investment securities 161 166 ------------------------------------------ ---------------- ------------ Deferred tax assets 2 708 2 766 ------------------------------------------ ---------------- ------------ Pensions and similar obligations 150 154 ------------------------------------------ ---------------- ------------ Income tax receivables 444 440 ------------------------------------------ ---------------- ------------ Derivatives 145 313 ------------------------------------------ ---------------- ------------ Trade and other receivables 1 871 2 026 ------------------------------------------ ---------------- ------------ Total non-current assets 194 039 196 143 ------------------------------------------ ---------------- ------------ Current assets ------------------------------------------ ---------------- ------------ Investment securities 306 353 ------------------------------------------ ---------------- ------------ Inventories 5 107 5 528 ------------------------------------------ ---------------- ------------ Income tax receivables 785 622 ------------------------------------------ ---------------- ------------ Derivatives 583 629 ------------------------------------------ ---------------- ------------ Trade and other receivables 6 161 7 404 ------------------------------------------ ---------------- ------------ Cash and cash equivalents 11 638 7 658 ------------------------------------------ ---------------- ------------ Assets classified as held for sale 190 48 ------------------------------------------ ---------------- ------------ Total current assets 24 769 22 242 ------------------------------------------ ---------------- ------------ Total assets 218 808 218 385 ------------------------------------------ ---------------- ------------ EQUITY AND LIABILITIES ------------------------------------------ ---------------- ------------ Equity ------------------------------------------ ---------------- ------------ Issued capital 1 736 1 736 ------------------------------------------ ---------------- ------------ Share premium 17 620 17 620 ------------------------------------------ ---------------- ------------ Reserves 17 803 22 458 ------------------------------------------ ---------------- ------------ Retained earnings 50 128 51 686 ------------------------------------------ ---------------- ------------ Equity attributable to equity holders of AB InBev 87 287 93 500 ------------------------------------------ ---------------- ------------ Non-controlling interests 10 449 7 685 ------------------------------------------ ---------------- ------------ Total equity 97 736 101 185 ------------------------------------------ ---------------- ------------ Non-current liabilities ------------------------------------------ ---------------- ------------ Interest-bearing loans and borrowings 72 128 68 908 ------------------------------------------ ---------------- ------------ Pensions and similar obligations 1 275 1 262 ------------------------------------------ ---------------- ------------ Deferred tax liabilities 11 400 11 565 ------------------------------------------ ---------------- ------------ Income tax payables 206 186 ------------------------------------------ ---------------- ------------ Derivatives 293 391 ------------------------------------------ ---------------- ------------ Trade and other payables 869 1 028 ------------------------------------------ ---------------- ------------ Provisions 425 384 ------------------------------------------ ---------------- ------------ Total non-current liabilities 86 596 83 724 ------------------------------------------ ---------------- ------------ Current liabilities ------------------------------------------ ---------------- ------------ Bank overdrafts 14 29 ------------------------------------------ ---------------- ------------ Interest-bearing loans and borrowings 885 3 381 ------------------------------------------ ---------------- ------------ Income tax payables 1 825 1 235 ------------------------------------------ ---------------- ------------ Derivatives 6 104 4 021 ------------------------------------------ ---------------- ------------ Trade and other payables 25 455 24 605 ------------------------------------------ ---------------- ------------ Provisions 192 205 ------------------------------------------ ---------------- ------------ Total current liabilities 34 475 33 476 ------------------------------------------ ---------------- ------------
Total equity and liabilities 218 808 218 385 ------------------------------------------ ---------------- ------------
Annex 4: Consolidated statement of cash flows
For the six-month period ended 30 June Million US dollar 2025 2026 --------------------------------------------------- ------- --------- OPERATING ACTIVITIES ---------------------------------------------------- ------ ------ Profit of the period 4 568 7 061 ---------------------------------------------------- ------ ------ Depreciation, amortization and impairment 2 581 2 757 ---------------------------------------------------- ------ ------ Net finance (income)/expense 1 678 74 ---------------------------------------------------- ------ ------ Equity-settled share-based payment expense 309 270 ---------------------------------------------------- ------ ------ Income tax expense 1 404 1 704 ---------------------------------------------------- ------ ------ Share of results of associates (144) (148) ---------------------------------------------------- ------ ------ Other non-cash items (93) (199) ---------------------------------------------------- ------ ------ Cash flow from operating activities before changes in working capital and use of provisions 10 304 11 520 ---------------------------------------------------- ------ ------ Decrease/(increase) in trade and other receivables (1 130) (1 077) ---------------------------------------------------- ------ ------ Decrease/(increase) in inventories (242) (370) ---------------------------------------------------- ------ ------ Increase/(decrease) in trade and other payables (2 284) (909) ---------------------------------------------------- ------ ------ Pension contributions and use of provisions (278) (158) ---------------------------------------------------- ------ ------ Cash generated from operations 6 370 9 007 ---------------------------------------------------- ------ ------ Interest paid (1 916) (1 910) ---------------------------------------------------- ------ ------ Interest received 241 243 ---------------------------------------------------- ------ ------ Dividends received 135 101 ---------------------------------------------------- ------ ------ Income tax paid (2 126) (2 200) ---------------------------------------------------- ------ ------ Cash flow from/(used in) operating activities 2 704 5 241 ---------------------------------------------------- ------ ------ INVESTING ACTIVITIES ---------------------------------------------------- ------ ------ Acquisition of property, plant and equipment and of intangible assets (1 404) (1 406) ---------------------------------------------------- ------ ------ Proceeds from sale of property, plant and equipment and of intangible assets 55 46 ---------------------------------------------------- ------ ------ Sale/(acquisition) and others related to subsidiaries, net of cash (4) (757) ---------------------------------------------------- ------ ------ Proceeds from sale/(acquisition) of other assets 47 310 ---------------------------------------------------- ------ ------ Cash flow from/(used in) investing activities (1 306) (1 807) ---------------------------------------------------- ------ ------ FINANCING ACTIVITIES ---------------------------------------------------- ------ ------ Proceeds from borrowings 4 067 555 ---------------------------------------------------- ------ ------ Repayments of borrowings (3 998) (309) ---------------------------------------------------- ------ ------ Dividends paid (3 147) (2 596) ---------------------------------------------------- ------ ------ Share buyback (1 901) (1 301) ---------------------------------------------------- ------ ------ Payment of lease liabilities (354) (364) ---------------------------------------------------- ------ ------ Derivative financial instruments 114 (319) ---------------------------------------------------- ------ ------ Sale/(acquisition) of non-controlling interests (314) (3 389) ---------------------------------------------------- ------ ------ Other financing cash flows (303) 219 ---------------------------------------------------- ------ ------ Cash flow from/(used in) financing activities (5 837) (7 505) ---------------------------------------------------- ------ ------ Net increase/(decrease) in cash and cash equivalents (4 438) (4 071) ---------------------------------------------------- ------ ------ Cash and cash equivalents less bank overdrafts at beginning of year 11 174 11 623 ---------------------------------------------------- ------ ------ Effect of exchange rate fluctuations 410 76 ---------------------------------------------------- ------ ------ Cash and cash equivalents less bank overdrafts at end of period 7 146 7 629 ---------------------------------------------------- ------ ------
View source version on businesswire.com: https://www.businesswire.com/news/home/20260729033132/en/
CONTACT: Investors
Shaun Fullalove
E-mail: shaun.fullalove@ab-inbev.com
Ekaterina Baillie
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Patrick Ryan
E-mail: patrick.ryan@ab-inbev.com
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