February 12, 2026
FY25 Operating Performance Highlights© AB InBev 2026 - All rights reserved | 3
Momentum across key markets driven by:
All-time high brand power
Gained or maintained market share in two thirds of our markets
Volume trend improvement in 4Q as weather normalized
Consistent financial performance:
EBITDA +4.9% vs FY24 with margin expansion of 101bps
Underlying USD EPS +6.0% vs FY24
Free Cash Flow $11.3Bn, consolidating step-change delivered in FY24
FY25 growth highlights:
Megabrands revenue +4.1%
Beyond Beer revenue +23%
No-alcohol beer revenue +34%
BEES Marketplace annual GMV +61% vs FY24 to $3.5Bn
Increased capital allocation flexibility:
‒ Ongoing $6Bn share buyback program
‒ Proposed FY25 final dividend €1.00 per share, +15% vs FY241
Notes:
1. Proposed final dividend subject to approval at annual shareholders meeting; total FY25 dividends include €0.15 per share dividend announced on 30 October 2025
© AB InBev 2026 - All rights reserved | 4
Continued earnings growth, margin expansion, and solid free cash flow generation
Operating performance
FY25 | 4Q25 | |
Total volumes | -2.3% | -1.5% |
Revenue per hl | +4.4% | +4.0% |
Total revenue | +2.0% | +2.5% |
EBITDA | +4.9% | +2.3% |
EBITDA margin | +101 bps | -10 bps |
Underlying EPS (USD) | +6.0% | +7.5% |
Constant Currency | +9.4% | +2.1% |
Notes
Daily deseasonalized sales on 30 day rolling basis, representing internal sales data adjusted for typical seasonal variations
© AB InBev 2026 - All rights reserved | 5
Volume trend improved sequentially
2025 daily deseasonalized sales
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2025 deseasonalized sales
2025 average
Diversified geographic footprint driving consistent performance with revenue growth in 65% of markets
North America
EMEA
14% EBITDA contribution1
+3.2%
21% EBITDA contribution1
-1.0%
Organic revenue
FY25
Organic revenue
+7.0%
Organic EBITDA
FY25
+0.1%
Organic EBITDA
Middle Americas
APAC
8% EBITDA contribution1
-6.5%
Organic revenue
39% EBITDA contribution1
+4.7%
Organic revenue
South America
18% EBITDA contribution1
FY25
-9.0%
Organic EBITDA
FY25
+7.0%
Organic EBITDA
Note:
FY25
+4.9%
Organic revenue 2
+7.5%
Organic EBITDA 2
Percentage EBITDA contribution is based on share of AB InBev Worldwide LTM EBITDA, excluding GEHC as of 31-Dec-2025
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)
© AB InBev 2026 - All rights reserved | 6
Advantaged footprint well positioned for growth, with FX diversification
Footprint well positioned to capture growth
Currency diversification
FX Contribution to Normalized EBITDA (%)
All Others
% EBITDA Contribution | % Category Volume Growth | ABI Market Share1 | |
Developing Markets | 58% | 40% | 70%+ |
Emerging Markets | 9% | 38% | ~40%+ |
Developed Markets | 27% | 17% | ~40% |
China | 6% | 5% | ~20% |
Europe
4%
13%
United States
19%
Canada
3%
Dominican Republic 4%
South Africa 5%
18%
Mexico
6%
Peru
6%
China
8%
Colombia
14%
Brazil
Source: ABI internal data, GlobalData for beer category growth FY25-FY29
Notes: ABI shares based on internal estimates for ABI markets; EBITDA contribution excluding GEHC
Internal estimates. India is Premium/SP share
Emerging markets defined as India, Africa excluding South Africa, Honduras, El Salvador, Bolivia and Guatemala
Developed markets defined as US, Canada, South Korea, and Europe
© AB InBev 2026 - All rights reserved | 7
North America
United States
Building momentum and gaining share in beer and spirits driven by Michelob Ultra and Cutwater
Michelob Ultra and Busch Light the #1 and #2 volume
share gainers in the beer industry
Beyond Beer portfolio grew revenues in the high-thirties in FY25 led by Cutwater, the #1 share gaining brand in the total spirits industry in Q4
Canada
Estimated to have gained share of beer and Beyond Beer in FY25
Busch and Michelob Ultra the top two volume share gainers in the beer industry
FY25
Volumes Revenue / hl Revenue
Normalized EBITDA
Normalized EBITDA Margin
- 3.0% + 2.1% - 1.0% + 0.1% 33.0%© AB InBev 2026 - All rights reserved | 8
3 OF TOP 10
SUPER BOWL ADS10THWIN
© AB InBev 2026 - All rights reserved | 9
Middle Americas
Mexico
Market share gain and margin expansion drove mid-single digit top- and bottom-line growth
Revenue increased by mid-single digits in FY25
Above core beer portfolio delivered high-single digit revenue growth, led by Modelo and Pacifico
Colombia
Record high volume and margin expansion drove double-digit bottom-line growth
Volumes grew by low-single digits
Above core beer brands led performance with mid-
teens volume growth
FY25
Volumes Revenue / hl Revenue
Normalized EBITDA
Normalized EBITDA Margin
+ 0.5% + 4.2% + 4.7% + 7.0% 50.0%© AB InBev 2026 - All rights reserved | 10
South America
Brazil
Improved momentum in 4Q25 with market share gain driven by our premium portfolio
Gaining share in Q4 with our volumes returning to growth in December
Premium and super premium beer brands grew volumes in the high-teens in FY25 to now lead the premium segment
ArgentinaOverall consumer demand impacted by inflationary
pressures
Volume declined by mid-single digits in FY25
FY25 1
Volumes Revenue / hl Revenue
Normalized EBITDA
Normalized EBITDA Margin
- 3.5% + 8.7% + 4.9% + 7.5% 32.6%Notes:
1. 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)
© AB InBev 2026 - All rights reserved | 11
EMEA
Europe
Continued market share gains and premiumization partially offset a soft industry
Gained market share in 5 of 6 key markets in FY25
Performance led by Corona, which delivered mid-single digit volume growth
South AfricaContinued momentum and market share gain delivered
mid-single digit top- and bottom-line growth
Performance led by our premium and super premium brands, which grew volumes by mid-teens in FY25
FY25
Volumes Revenue / hl Revenue
Normalized EBITDA
Normalized EBITDA Margin
- 0.7% + 3.9% + 3.2% + 7.0% 32.6%© AB InBev 2026 - All rights reserved | 12
Asia Pacific
China
Top- and bottom-line declined, impacted by volume performance
4Q25 market share trend improved to be flat versus 4Q24
Investing in our portfolio, innovation and enhancing
our route to market in the in-home channel
South Korea
Revenue increased by low-single digits in FY25
Estimated to have gained market share in both 4Q25
and FY25
FY25
Volumes Revenue / hl Revenue
Normalized EBITDA
Normalized EBITDA Margin
- 6.3% - 0.3% - 6.5% - 9.0% 29.9%© AB InBev 2026 - All rights reserved | 13
Consistent execution of our strategy
volumes
Share of total alcohol beverage (% LBE)
46.9
46.7
46.8
44.7
50.0
50.3
Beer + Beyond Beer (RTDs)
BEER CATEGORY VOLUME GROWTH
Estimated CAGR (FY25-FY29)
Beer
40.2
39.0
39.1
11.1
10.6
12.9
Spirits
Wine
2019 2020 2021 2022 2023 2024
2025F 2026F 2027F 2028F
2029F
Source: IWSR Global Tool Jan26
Note: Share of throat based on Liters of Beer Equivalent (LBE) conversion factor, where 1 spirit serving is 6.6 beer servings, 1 wine serving is 1.89 beer servings and 1 RTD/Cider
serving is 1.1 beer servings © AB InBev 2026 - All rights reserved |15
Category gaining share of alcohol beverage and forecast to grow
Investing in our brands for the long-term
All-time high Brand Power
Scaled & efficient investments in S&M
Sales & Marketing Spend ($Bn)
Total Brand Power 1
+~40bps
6.8
7.3 7.2 7.2 7.4
2023 2024 2025
FY21 FY22 FY23 FY24 FY25
Notes
1. According to Kantar and internal estimates
© AB InBev 2026 - All rights reserved | 16
Megabrands driving efficient growth
~5 brands per market
Making up the majority of volumes & growth
Receiving disproportionate S&M investment
+25%
Megabrands Net Revenue ($Bn)
34
50%
57%
+10%1
CAGR
FY21 FY22 FY23 FY24 FY25
NR Weight
Net RevenueNote:
1. Organic Net Revenue CAGR
+4.1%
Net Revenue growth vs LY
57%
Of our total revenue
World's Most
Effective Marketers
© AB InBev 2026 - All rights reserved | 17
Global leader in Premium Beer 2
+13%
Premium Beer Net Revenue ($Bn)
21
34%
35%
+6%1
CAGR
FY21 FY22 FY23 FY24 FY25
With headroom for future growth
>2x
Expected growth vs overall beer category
FY25-FY29 3
Premium +
Volume CAGR
Forecast FY25-FY29 3
Developing Markets
+8.8%
Emerging Markets
+3.5%
Developed Markets
+3.4%
China
+1.6%
TOTAL
+4.0%
NR Weight
Net RevenueNotes
Organic Net Revenue CAGR
According to Plato Logic as per 2024
According to GlobalData
© AB InBev 2026 - All rights reserved |18
Significant opportunity for premiumization
SINCE FY18
Eero
FOR THE 3RDCONSECUTIVE YEAR
(2023/2024/2025)
FY25 VOLUME
VOLUME GROWTH
DOUBLE-DIGIT
lfANTAR B R A N D z Brand Finance
GROWTH
LEADING PREMIUMIZATION &
CELEBRATINGGOLDEN MOMENTS
VS COMPARABLE PREMIUM BRAND2
¿0A8lnBev
Notes
Represents Corona beer only; Corona volumes excluding Mexico
Weighted average price premium of Corona versus closest comparable premium beer brand in top 15 markets
© AB InBev 2026 - All rights reserved | 19
Leading category development with innovation in balanced choices
Easy Drinking
& Classic Lager
Next Gen
Styles & Flavor
Zero Sugar
Low Cal Gluten Free Classic Lager
Low Cal/Carb, Easy Drinking
No-Alcohol Beer
+8.9%
Net Revenue growth vs LY
$5.0Bn
FY25 revenue
~10%
Of our beer revenue
© AB InBev 2026 - All rights reserved |20
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AB - Anheuser-Busch InBev SA published this content on February 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 12, 2026 at 13:18 UTC.
