Underlying EPS increased by 6% with continued margin expansion and free cash flow generation of 11.3 billion USD
BRUSSELS--(BUSINESS WIRE)--February 12, 2026--
Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD):
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260211688662/en/
Figure 14. Terms and debt repayment schedule as of 31 December 2025 (billion USD)
Regulated and inside information(1)
"Beer plays an important role in bringing people together and creating moments of celebration. In 2025, we executed our strategy, made disciplined capital allocation choices and delivered growth within our outlook for the year, even as we navigated a dynamic consumer environment. We exit 2025 with improved momentum and enter 2026 well positioned to engage consumers with our megabrands and an unparalleled lineup of mega platforms. Thank you to our colleagues for their ongoing commitment, hard work and passion for our business." -- Michel Doukeris, CEO, AB InBev
Revenue 4Q +2.5% | FY +2.0% Revenue Underlying Profit 4Q 1 884 | FY 7 410
increased by 2.5% in 4Q25 with revenue million USD Underlying Profit was 1
per hl growth of 4.0% and by 2.0% in 884 million USD in 4Q25 compared to 1
FY25 with revenue per hl growth of 770 million USD in 4Q24 and was 7 410
4.4%. Reported revenue increased by million USD in FY25 compared to 7 061
4.8% in 4Q25 to 15 555 million USD and million USD in FY24. Reported profit
decreased by 0.8% in FY25 to 59 320 attributable to equity holders of AB
million USD, impacted by unfavorable InBev was 1 959 million USD in 4Q25
currency translation. Volumes 4Q -1.5% compared to 1 220 million USD in 4Q24
| FY -2.3% Volumes declined by 1.5% in and was 6 837 million USD in FY25
4Q25, with beer volumes down by 1.9% compared to 5 855 million USD in FY24.
and non-beer volumes up by 0.6%. Underlying EPS 4Q 0.95 | FY 3.73 USD
Volumes declined by 2.3% in FY25, with Underlying EPS increased by 7.5% to
beer volumes down by 2.6% and non-beer 0.95 USD in 4Q25, compared to 0.88 USD
volumes down by 0.4%. Normalized in 4Q24, and increased by 6.0% to 3.73
EBITDA 4Q +2.3% | FY +4.9% Normalized USD in FY25, compared to 3.53 USD in
EBITDA increased by 2.3% to 5 473 FY24. On a constant currency basis,
million USD in 4Q25, with a margin Underlying EPS increased by 2.1% in
contraction of 10bps to 35.2%. 4Q25 and by 9.4% in FY25. Net Debt to
Normalized EBITDA increased by 4.9% to EBITDA 2.87x Net debt to normalized
21 223 million USD in FY25, with a EBITDA ratio was 2.87x at 31 December
margin expansion of 101 bps to 35.8%. 2025, compared to 2.89x at 31 December
2024.
Capital Allocation Dividend 1.00 EUR The AB InBev Board of Directors proposes
a final dividend of 1.00 EUR per share, subject to shareholder approval at the
AGM on 29 April 2026. Combined with the interim dividend of 0.15 EUR per share
paid in November 2025, the full year 2025 dividend would be 1.15 EUR per
share. A timeline showing the ex-dividend, record and payment dates can be
found on page 16. As of 9 February 2026, we have completed approximately 635
million USD of the 6 billion USD share buyback program announced on 30 October
2025.
The 2025 Full Year Financial Report is available on our website at www.ab-inbev.com.
(1) The enclosed information constitutes inside information as defined in Regulation $(EU)$ No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse, and 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 18.
Management comments
Continued earnings growth, margin expansion and solid free cash flow generation
In 2025, we continued to execute our strategy with discipline, delivering consistent financial performance while further strengthening the fundamentals of our business. Our teams remained focused on building great brands, operating efficiently and increasing our capital allocation flexibility. Momentum improved across many of our key markets in 4Q25 and we enter 2026 well positioned to engage consumers and accelerate growth.
Beer is a vibrant and resilient category, deeply connected to consumers across social occasions and embedded in culture. While near-term demand in some key markets was impacted by a constrained consumer environment and unseasonable weather, the long-term fundamentals and growth potential of the category remain unchanged. Our brands are iconic, our geographic footprint is advantaged, and our execution capabilities continue to strengthen.
The fundamentals of our business underpinned another year of solid financial performance. Revenue increased by 2.0%, with growth in 65% of our markets. Underlying EPS increased by 6.0% in USD and 9.4% in constant currency, and we maintained our solid free cash flow generation, delivering 11.3 billion USD. Disciplined revenue management and premiumization drove a revenue per hl increase of 4.4% and efficient overhead management supported an EBITDA margin expansion of 101bps.
Our ability to deliver consistent results across varying operating conditions is a testament to the durability of our strategy and the resilience of our business.
Progressing our strategic priorities
-- Lead and grow the category In FY25, we invested 7.4 billion USD in
sales and marketing behind our megabrands, mega platforms and brand
building capabilities to lead the long-term growth of the industry. The
beer and Beyond Beer category is forecast to continue to gain share of
alcohol beverages globally in FY25, with further growth projected over
the next 5 years, according to IWSR. We estimate we gained or maintained
market share in two thirds of our markets, with our megabrands leading
our growth with a 4.1% revenue increase. Our portfolio of brands is
unparalleled. We hold 20 iconic billion-dollar revenue beer brands and 8
out of the top 10 most valuable beer brands in the world, with Corona and
Budweiser remaining the #1 and #2, according to Kantar BrandZ. In Beyond
Beer, we are investing to fuel the momentum behind fast growing brands
such as Cutwater, Nutrl, Flying Fish and Brutal Fruit. Our mega platform
approach is a core element of how we build brands effectively at scale.
Our activations in some of the largest consumer moments such as the Super
Bowl, NBA, FIFA Club World Cup, Wimbledon, Roland Garros and Lollapalooza
were a key contributor to our portfolio brand power reaching a record
high in 2025. Our marketing effectiveness and creativity were recognized
by being named the most effective marketer in the world by both Effies
and the World Advertising Research Center for the fourth consecutive
year. Driven by performance across each of the category expansion
levers and participation gains in Corona, Beyond Beer and our no-alcohol
beer brands, we estimate that the number of legal drinking age consumers
purchasing our portfolio increased versus FY24.
-- Core Superiority: Our mainstream beer portfolio accounted for
approximately 50% of our FY25 revenue and delivered flattish revenue
growth year-on-year, with growth in Africa, Middle Americas and South
America offset by a soft industry in Europe and North America.
-- Premiumization: We are the global leader in premium and super premium
beer. Our above core beer portfolio accounted for 35% of our FY25 revenue
and grew revenue by low-single digits. Corona led our performance,
increasing revenue by 8.3% outside of Mexico with double-digit volume
growth in 30 markets. In the US, Michelob Ultra was the #1 volume share
gainer and is now the leading brand by volume in the industry. In Brazil,
our premium and above portfolio continued to gain share and now leads the
premium segment.
-- Balanced choices: Growth in FY25 was driven by our no-alcohol beer
portfolio which delivered a 34% revenue increase. No-alcohol beer
performance was led by Corona Cero which grew volumes by strong
double-digits. We are the leader in no-alcohol beer in many of our key
markets, including the US, Canada, Brazil, Mexico, Colombia and Belgium,
and see significant headroom for future growth. Our overall balanced
choices portfolio of low carb, sugar free, gluten free and no-alcohol
beer brands delivered a revenue increase of 8.9%.
-- Beyond Beer: The growth of our Beyond Beer portfolio accelerated in
FY25, increasing revenue by 23% and now representing 3% of our total
revenue. Performance was led by Cutwater in the US, which grew revenue by
triple-digits and was the #1 share gaining brand in the total spirits
industry in 4Q25, and Brutal Fruit and Flying Fish which were expanded to
new markets across Africa, Europe and Latin America.
-- Digitize and monetize our ecosystem We continued to progress our
digital transformation by expanding the availability and usage of BEES,
accelerating the growth of BEES Marketplace and scaling our digital DTC
solutions.
-- Digitizing our relationships with our more than 6 million customers
globally: As of 31 December 2025, BEES was live in 29 markets, with 72%
of our revenues captured through B2B digital platforms. In FY25, BEES
captured 52.5 billion USD in GMV, growth of 12% versus FY24.
-- Monetizing our route-to-market: The growth of BEES Marketplace GMV
accelerated in FY25, increasing by 61% versus FY24 to reach 3.5 billion
USD from sales of third-party products. Growth was led by the expansion
of the asset-light 3P model from which GMV approximately tripled
year-over-year.
-- Leading the way in direct-to-consumer ('DTC') solutions: Our DTC
ecosystem of digital and physical products generated revenue of 1.3
billion USD this year. Zé Delivery, TaDa Delivery and PerfectDraft
generated over 76 million e-commerce orders and delivered 550 million USD
of revenue in FY25, growth of 8% versus FY24.
-- Optimize our business
-- Maximizing value creation: The continued optimization of our business
enabled us to increase our sales and marketing investments, strengthen
our balance sheet through bond repurchases and redemptions, increase
returns to our shareholders, and pursue accretive bolt-on acquisitions.
Efficient resource allocation and overhead management more than offset
transactional FX headwinds to drive EBITDA margin expansion of 101bps.
USD EBITDA growth, balanced net working capital management and lower net
finance costs delivered another year of solid free cash flow generation
with 11.3 billion USD, consolidating the step-change delivered in FY24.
We continued to proactively manage our debt portfolio with bond
repurchases and redemptions of 6 billion USD and issuances of 3.2 billion
Euro, strengthening our debt maturity profile while maintaining our
average coupon with our net debt to EBITDA ratio reaching 2.87x as of 31
December 2025. The AB InBev Board of Directors has proposed a final
dividend of 1.00 EUR per share, which combined with the interim dividend
of 0.15 EUR per share, represents a 15% increase versus FY24, with the
ambition to continue a progressive dividend over time. In addition, as of
9 February 2026 we have completed 635 million USD of our 6 billion USD
share buyback program announced on 30 October 2025.
-- Advancing our sustainability priorities: In 2025, we closed the
sustainability goals we set in 2018 and we are proud of the goals we
achieved and progress made on those we continue to work towards. Since
2017, we reduced our absolute GHG emissions across Scopes 1 and 2 by 44%
and GHG emissions intensity across Scopes 1, 2 and 3 by 32%. We increased
our percentage of operational renewable electricity by 67 percentage
points since 2018 to 84%. In sustainable agriculture, 100% of our direct
farmers met our criteria for being skilled, connected and financially
empowered. In water stewardship, 100% of sites in scope of our goal
recorded measurable improvement in watershed health and our global water
use efficiency ratio reached 2.38 hl/hl, a 23% improvement versus our
2017 baseline. For circular packaging, 89.7% of our products were in
packaging that was returnable or made from majority recycled content in
2025. Please refer to our Sustainability Statements in our 2025 annual
report here for further details, including how our metrics are calculated
and the related assumptions.
Delivering reliable compounding growth
A central objective of our strategy is to deliver reliable compounding growth over time. While each year will have unique dynamics, our focus remains on consistent progress across the 3 pillars of our strategy to drive long-term value creation.
Since FY21, we have increased our revenue by 5 billion USD, EBITDA by 2 billion USD and free cash flow by 2 billion USD. Our Underlying EPS has increased by a CAGR of 6.7% in USD. Our financial performance has been consistent, with organic EBITDA growth within or above our medium-term growth outlook in every year. We have been disciplined in our capital allocation choices, reducing net debt by 15.3 billion USD to reach 2.87x net debt to EBITDA, progressively increased our dividend each year, including the payment of an interim dividend in 2025, completed 3.2 billion USD of share buybacks, and are currently executing a further 6 billion USD program.
The consistency of our financial performance is a reflection of our deliberate choices, clear strategic priorities and the unwavering commitment of our people to best-in-class execution.
Looking forward
We remain confident in the long-term potential of the beer category, which has structural tailwinds for growth and plays an important role in bringing people together and creating moments of celebration. The progress we have made in executing our strategy has driven consistent financial performance, increased our capital allocation flexibility and enabled increased returns to our shareholders while continuing to deleverage. We enter 2026 in a position of strength, with a highly engaged team, improved momentum across many of our key markets and with an unparalleled portfolio and lineup of mega platforms. From the Super Bowl to the Winter Olympics to the FIFA World Cup to our partnership with Netflix and, as from 2027, our sponsorship of the UEFA Men's Club Competitions, including the UEFA Champions League, we are uniquely positioned to engage consumers and activate the category. In closing, we would like to thank our colleagues around the world for their hard work, commitment, and passion, which continue to underpin our progress and performance.
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 4Q24 4Q25 Organic
growth
------- ------- ---------
Volumes 141 829 139 166 (1.5)%
----------------------------------- ------- ------- -----
Beer 121 052 119 039 (1.9)%
----------------------------------- ------- ------- -----
Non-Beer 20 777 20 127 0.6%
----------------------------------- ------- ------- -----
Revenue 14 841 15 555 2.5%
----------------------------------- ------- ------- -----
Gross profit 8 197 8 613 2.5%
----------------------------------- ------- ------- -----
Gross margin 55.2% 55.4% (1)bps
----------------------------------- ------- ------- ---------
Normalized EBITDA 5 245 5 473 2.3%
----------------------------------- ------- ------- -----
Normalized EBITDA margin 35.3% 35.2% (10)bps
----------------------------------- ------- ------- ---------
Normalized EBIT 3 824 4 049 4.5%
----------------------------------- ------- ------- -----
Normalized EBIT margin 25.8% 26.0% 49bps
----------------------------------- ------- ------- ---------
Profit attributable to equity
holders of AB InBev 1 220 1 959
----------------------------------- ------- ------- -----
Underlying Profit 1 770 1 884
----------------------------------- ------- ------- -----
Basic EPS 0.61 0.99
----------------------------------- ------- ------- -----
Underlying EPS 0.88 0.95
----------------------------------- ------- ------- ---------
FY24 FY25 Organic
growth
------- ------- ---------
Volumes 575 706 561 100 (2.3)%
----------------------------------- ------- ------- -----
Beer 496 354 484 187 (2.6)%
----------------------------------- ------- ------- -----
Non-Beer 79 352 76 914 (0.4)%
----------------------------------- ------- ------- -----
Revenue 59 768 59 320 2.0%
----------------------------------- ------- ------- -----
Gross profit 33 024 33 179 3.4%
----------------------------------- ------- ------- -----
Gross margin 55.3% 55.9% 78bps
----------------------------------- ------- ------- ---------
Normalized EBITDA 20 958 21 223 4.9%
----------------------------------- ------- ------- -----
Normalized EBITDA margin 35.1% 35.8% 101bps
----------------------------------- ------- ------- ---------
Normalized EBIT 15 462 15 854 7.0%
----------------------------------- ------- ------- -----
Normalized EBIT margin 25.9% 26.7% 126bps
----------------------------------- ------- ------- ---------
Profit attributable to equity
holders of AB InBev 5 855 6 837
----------------------------------- ------- ------- -----
Underlying Profit 7 061 7 410
----------------------------------- ------- ------- -----
Basic EPS 2.92 3.45
----------------------------------- ------- ------- -----
Underlying EPS 3.53 3.73
----------------------------------- ------- ------- ---------
Figure 2. Volumes
in
thousand
hls 4Q24 Scope 4Q25 Organic growth
------ -------------------
Organic
growth Total Beer
------- ---- ------- ------- --------- --------
North
America 19 516 (216) (681) 18 619 (3.5)% (5.5)%
----------- ------- ---- ------ ------- ---- ----
Middle
Americas 38 907 (300) 1 065 39 672 2.8% 2.0%
----------- ------- ---- ------ ------- ---- ----
South
America 44 950 - (1 791) 43 160 (4.0)% (3.7)%
----------- ------- ---- ------ ------- ---- ----
EMEA 24 883 (15) (619) 24 249 (2.5)% (2.4)%
----------- ------- ---- ------ ------- ---- ----
Asia
Pacific 13 439 1 (106) 13 334 (0.8)% (0.8)%
----------- ------- ---- ------ ------- ---- ----
Global
Export and
Holding
Companies 135 - (4) 131 (2.7)% (2.7)%
----------- ------- ---- ------ ------- ---- ----
AB InBev
Worldwide 141 829 (529) (2 135) 139 166 (1.5)% (1.9)%
----------- ------- ---- ------ ------- ---- ----
FY24 Scope FY25 Organic growth
------- -------------------
Organic
growth Total Beer
------- ------ -------- ------- --------- --------
North
America 86 272 (961) (2 577) 82 734 (3.0)% (3.9)%
----------- ------- ------ ------- ------- ---- ----
Middle
Americas 150 086 (351) 755 150 490 0.5% 0.4%
----------- ------- ------ ------- ------- ---- ----
South
America 160 768 - (5 597) 155 171 (3.5)% (3.8)%
----------- ------- ------ ------- ------- ---- ----
EMEA 93 804 147 (629) 93 323 (0.7)% (0.7)%
----------- ------- ------ ------- ------- ---- ----
Asia
Pacific 84 397 (91) (5 306) 78 999 (6.3)% (6.2)%
----------- ------- ------ ------- ------- ---- ----
Global
Export and
Holding
Companies 380 (9) 13 383 3.4% 3.4%
----------- ------- ------ ------- ------- ---- ----
AB InBev
Worldwide 575 706 (1 265) (13 341) 561 100 (2.3)% (2.6)%
----------- ------- ------ ------- ------- ---- ----
Key Markets Performance
United States: Building momentum and gaining market share in beer and spirits driven by Michelob Ultra and Cutwater
-- Operating performance:
-- 4Q25: Revenue declined by 1.4% with revenue per hl increasing by
2.6% driven by revenue management and premiumization.
Sales-to-retailers (STRs) declined by 3.5%, estimated to have
outperformed a soft industry. Sales-to-wholesalers (STWs) declined
by 3.9%. EBITDA decreased by 6.2%, impacted by phasing of sales
and marketing investments.
-- FY25: Revenue declined by 1.3%, with revenue per hl increasing
by 2.0%. STRs declined by 3.2%, estimated to have outperformed the
industry. STWs were down by 3.2%. EBITDA margin improved by 29bps,
resulting in flattish EBITDA of -0.4% as we increased sales and
marketing investments.
-- Commercial highlights: Our market share momentum continued in FY25,
with share gains in beer and the spirits-based ready-to-drink category,
according to Circana. Our beer performance was led by Michelob Ultra, the
leading brand by volume in the industry and the #1 volume share gainer,
and Busch Light, which continued to be the #2 volume share gainer in the
industry. In Beyond Beer, our portfolio momentum accelerated, with
revenue growth in the high-thirties, led by Cutwater which grew revenue
in the triple digits and was the #1 share gaining brand in the total
spirits industry in 4Q25. We strengthened our leadership position in
no-alcohol beer, with our portfolio gaining share and growing revenue by
high-twenties. We are leading the industry in innovation, with Michelob
Ultra Zero and Busch Light Apple the top 2 innovations in beer in FY25.
Consistent execution, market share gains, and productivity initiatives
enabled us to offset a soft industry and increase our sales and marketing
investments to fuel momentum.
Mexico: Market share gain and margin expansion drove mid-single digit top- and bottom-line growth
-- Operating performance:
-- 4Q25: Revenue increased by mid-single digits, with low-single
digit revenue per hl growth driven by revenue management. Our
volumes increased by low-single digits, outperforming an improved
industry. Disciplined revenue management and productivity
initiatives offset transactional FX headwinds to deliver
mid-single digit EBITDA growth.
-- FY25: Revenue grew by mid-single digits with revenue per hl
growth of mid-single digits and flat volumes, outperforming the
industry. EBITDA grew by mid-single digits with margin expansion.
-- Commercial highlights: Our business continued to gain share of the
industry in FY25. Our performance was led by our above core beer
portfolio, which grew revenue by high-single digits driven by Modelo and
Pacifico. We gained share of no-alcohol beer and, as of 3Q25, are the
industry leader, with Corona Cero growing volume by strong double-digits.
We continue to progress our digital initiatives, with BEES Marketplace
growing GMV by 29% versus FY24 and our digital DTC platform, TaDa
Delivery, fulfilling 4.2 million orders, a 3% increase versus FY24.
Colombia: Record high volume and margin expansion drove double-digit bottom-line growth
-- Operating performance:
-- 4Q25: Revenue increased by high-single digits with high-single
digit revenue per hl growth, driven by revenue management and
positive mix. Volumes grew by low-single digits. EBITDA grew by
mid-teens with margin expansion driven by disciplined cost
management and operational leverage.
-- FY25: Revenue grew by high-single digits with high-single digit
revenue per hl growth. Volumes increased by low-single digits,
estimated to be in-line with the industry. EBITDA grew by
low-teens with margin expansion.
-- Commercial highlights: Driven by the consistent execution of our
category expansion levers, the beer industry continued to grow in FY25
with our volumes reaching a new record high. Revenue increased across all
price segments of our portfolio, with our above core beer brands leading
our performance with mid-teens revenue growth.
Brazil: Improved momentum in 4Q25 with market share gain driven by our premium portfolio
-- Operating performance:
-- 4Q25: Revenue increased by 2.8% with revenue per hl growth of
6.8%, driven by revenue management and premiumization. Beer
volumes declined by 2.8%, estimated to have outperformed the
industry, with our volumes returning to growth in December as
weather conditions normalized. Non-beer volumes decreased by 6.1%,
resulting in a total volume decline of 3.7%. EBITDA increased by
5.1% with margin expansion of 78bps.
-- FY25: Revenue grew by 1.0% with revenue per hl growth of 5.4%.
Beer volumes declined by 4.6%, estimated to be in-line with the
industry which was impacted by unseasonable weather and a soft
consumer environment. Non-beer volumes declined by 2.9%, resulting
in a total volume decline of 4.1%. EBITDA increased by 6.1% with
margin expansion of 165bps as disciplined revenue management and
productivity initiatives more than offset transactional FX
headwinds.
-- Commercial highlights: Our premium and super premium beer brands led
our performance in FY25, delivering high-teens volume growth and
estimated to have gained market share to now lead the premium segment.
Our mainstream volume trend improved sequentially in 4Q25 as weather
conditions normalized, estimated to have gained share of the segment in
the quarter. Our portfolio of balanced choices drove incremental growth,
with volumes of our no-alcohol beer brands increasing by 30% in FY25. In
non-beer, our low- and no-sugar portfolio continued to outperform,
delivering mid-twenties volume growth. We continue to progress our
digital initiatives, with BEES Marketplace growing GMV by 78% versus
FY24, and our digital DTC platform, Zé Delivery, generating
approximately 67 million orders.
Europe: Continued market share gains and premiumization partially offset a soft industry
-- Operating performance:
-- 4Q25: Revenue declined by high single digits with a revenue per
hl decrease of low-single digits, impacted by phasing of
promotional activities and negative channel mix. Volumes declined
by high-single digits, as estimated market share gains in the
majority of our key markets were offset by a soft industry and
October shipment phasing. EBITDA declined by mid-twenties impacted
by top-line performance and increased sales and marketing
investments ahead of the Milano Cortina 2026 Winter Olympics.
-- FY25: Revenue declined by low-single digits with flattish
revenue per hl. Volumes declined by low-single digits, estimated
to have gained market share in 5 of our 6 of our key markets.
EBITDA declined by low-single digits with flat EBITDA margin.
-- Commercial highlights: The beer category was estimated to have gained
share of alcohol beverages across our key markets in FY25. We continued
to premiumize our portfolio and increase our overall brand power, with
our premium and super premium brands making up approximately 61% of our
FY25 revenue. Our performance this year was driven by our megabrands, led
by Corona, which delivered mid-single digit volume growth, and Stella
Artois. We successfully completed the integration of San Miguel into our
UK portfolio, becoming the leading brewer in the UK. Led by Corona Cero,
the momentum of our no-alcohol beer portfolio continued, delivering
mid-twenties volume growth and gaining share in key markets such as the
Netherlands, France and Italy.
South Africa: Continued momentum and market share gain delivered mid-single digit top- and bottom-line growth
-- Operating performance:
-- 4Q25: Revenue increased by mid-single digits with revenue per hl
growth of mid-single digits, driven by revenue management and
premiumization. Volumes grew by low-single digits, estimated to be
in-line with the beer and Beyond Beer industry. EBITDA grew by
low-single digits.
-- FY25: Revenue increased by mid-single digits with revenue per hl
growth of low-single digits. Volumes grew by low-single digits,
estimated to have outperformed the industry in both beer and
Beyond Beer. EBITDA grew by mid-single digits.
-- Commercial highlights: Both the beer and Beyond Beer categories
continued to grow and gain share of alcohol beverages this year according
to our estimates. The momentum of our business continued, with focused
investments in our megabrands increasing the brand power of our
portfolio. Our performance was led by our premium and super premium beer
brands, which grew volumes by mid-teens. In Beyond Beer, our portfolio
grew volumes by high-single digits led by Flying Fish and our
spirits-based RTD innovations.
China: Top- and bottom-line declined, impacted by volume performance
-- Operating performance:
-- 4Q25: Volumes declined by 3.9%, estimated to be in-line with a
soft industry which was impacted by shipment phasing from a later
Chinese New Year. Revenue per hl declined by 7.7%, driven by
increased investments to expand our in-home presence, resulting in
a revenue decline of 11.3%. EBITDA declined by 38.7%, impacted by
top-line performance.
-- FY25: Volumes declined by 8.6%. Revenue per hl decreased by 3.0%
resulting in a revenue decline of 11.3%. EBITDA declined by
14.7%.
-- Commercial highlights: The beer industry showed signs of stabilization
in FY25 with volumes estimated to have declined by low-single digits. Our
FY25 results in China were below our potential as we adjusted inventory
levels to better reflect the channel and geographic shifts in the
industry and worked towards better positioning our business to
participate in the growth areas. In 4Q25, we estimate our market share
trend improved to be flat versus 4Q24, driven by improvements in
Budweiser brand power and in-home channel performance. As we move forward,
we are focused on rebuilding momentum and reigniting growth. To achieve
this, we will continue to invest in our portfolio, innovation and mega
platform activations, enhancing our route to market in the in-home
channel, and expanding our footprint through targeted geographic
expansion. In FY25, we expanded innovations in brands, such as the
national rollout of Budweiser Magnum, and in packaging, such as the
launch of the 1 liter can and the Corona full-open lid can.
Highlights from our other markets
-- Canada: Revenue and revenue per hl increased by low-single digits in
both 4Q25 and FY25. Our volumes were estimated to have outperformed the
industry in beer and Beyond Beer, declining by low-single digits in both
4Q25 and FY25. Our beer performance was led by Busch and Michelob Ultra
which were the top two share gainers in the industry in FY25. Beyond Beer
growth was led by Cutwater and Mike's Hard Lemonade which were both in
the top five share gainers in the category.
-- Peru: Revenue grew by mid-single digits in 4Q25 with low-single digit
revenue per hl growth. Volumes grew by mid-single digits. In FY25,
revenue increased by mid-single digits with mid-single digit revenue per
hl growth. Volumes increased by low-single digits, with our performance
led by our above core beer portfolio which grew volume by low-teens.
-- Ecuador: Revenue grew by mid-single digits in both 4Q25 and FY25 with
performance led by our above core beer brands which grew revenues by
double-digits in both the quarter and full year. Volumes increased by
high-single digits in 4Q25 and by low-single digits in FY25.
-- Argentina: Volume declined by mid-single digits in 4Q25 and FY25,
estimated to have underperformed the industry, as overall consumer demand
continued to be impacted by inflationary pressures. Since 1Q24, the
definition of organic revenue growth in Argentina has been amended to cap
the price growth to a maximum of 2% per month. Revenue grew by
high-single digits in 4Q25 and by mid-teens in FY25 on this basis.
-- Africa excluding South Africa: In Nigeria, revenue was flattish in 4Q25
and increased by mid-twenties in FY25, driven by revenue management in a
highly inflationary environment. Beer volumes declined by mid-teens in
4Q25 and FY25, impacted by a soft industry. In our other markets in
Africa, revenue grew in aggregate by low-teens and volumes by low-single
digits in both 4Q25 and FY25. Performance was led by growth in Mozambique,
Tanzania and Uganda, with our businesses in Mozambique and Zambia
reaching their highest market share in the last five years.
-- South Korea: Revenue was flattish in 4Q25 with mid-single digit revenue
per hl growth driven by revenue management. Volumes declined by
mid-single digits in 4Q25 and by low-single digits in FY25, estimated to
have outperformed a soft industry in both the quarter and full year.
Revenue increased by low-single digits in FY25 with low-single digit
revenue per hl growth.
Consolidated Income Statement
Figure 3. Consolidated income statement
in USD Mio 4Q24 4Q25 Organic
growth
------ ------ ---------
Revenue 14 841 15 555 2.5%
--------------------------------------- ------ ------ -----
Cost of sales (6 645) (6 943) (2.6)%
--------------------------------------- ------ ------ -----
Gross profit 8 197 8 613 2.5%
--------------------------------------- ------ ------ -----
SG&A (4 603) (4 786) (1.2)%
--------------------------------------- ------ ------ -----
Other operating income/(expenses) 231 223 10.5%
--------------------------------------- ------ ------ -----
Normalized EBIT 3 824 4 049 4.5%
--------------------------------------- ------ ------ -----
Non-underlying items above EBIT 269 (410)
--------------------------------------- ------ ------ -----
Net finance income/(expense) (958) (1 070)
--------------------------------------- ------ ------ -----
Non-underlying net finance
income/(expense) (701) 395
--------------------------------------- ------ ------ -----
Share of results of associates 103 133
--------------------------------------- ------ ------ -----
Non-underlying share of results of
associates - -
-------------------------------------- ------ ------ -----
Income tax expense (848) (720)
--------------------------------------- ------ ------ -----
Profit 1 691 2 377
--------------------------------------- ------ ------ -----
Profit attributable to non-controlling
interest 471 418
--------------------------------------- ------ ------ -----
Profit attributable to equity holders
of AB InBev 1 220 1 959
--------------------------------------- ------ ------ -----
Normalized EBITDA 5 245 5 473 2.3%
--------------------------------------- ------ ------ -----
Underlying Profit 1 770 1 884
--------------------------------------- ------ ------ ---------
FY24 FY25 Organic
growth
------- ------- ---------
Revenue 59 768 59 320 2.0%
------------------------------------- ------- ------- -----
Cost of sales (26 744) (26 141) (0.2)%
------------------------------------- ------- ------- -----
Gross profit 33 024 33 179 3.4%
------------------------------------- ------- ------- -----
SG&A (18 341) (18 133) (0.7)%
------------------------------------- ------- ------- -----
Other operating income/(expenses) 779 808 10.6%
------------------------------------- ------- ------- -----
Normalized EBIT 15 462 15 854 7.0%
------------------------------------- ------- ------- -----
Non-underlying items above EBIT 25 (449)
------------------------------------- ------- ------- -----
Net finance income/(expense) (4 358) (4 280)
------------------------------------- ------- ------- -----
Non-underlying net finance
income/(expense) (995) (185)
------------------------------------- ------- ------- -----
Share of results of associates 329 378
------------------------------------- ------- ------- -----
Non-underlying share of results of
associates 104 9
------------------------------------- ------- ------- -----
Income tax expense (3 152) (2 850)
------------------------------------- ------- ------- -----
Profit 7 416 8 477
------------------------------------- ------- ------- -----
Profit attributable to
non-controlling interest 1 561 1 640
------------------------------------- ------- ------- -----
Profit attributable to equity holders
of AB InBev 5 855 6 837
------------------------------------- ------- ------- -----
Normalized EBITDA 20 958 21 223 4.9%
------------------------------------- ------- ------- -----
Underlying Profit 7 061 7 410
------------------------------------- ------- ------- ---------
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 4Q24 4Q25 FY24 FY25
---- ----- ----- -------
Restructuring (60) (48) (156) (116)
----------------------------------- --- ---- ---- ----
Business and asset disposals
(including impairment losses) 329 (322) 181 (274)
----------------------------------- --- ---- ---- ----
Claims and legal costs - (35) - (53)
----------------------------------- --- ---- ---- ----
Acquisition-related costs (business
combinations) - (5) - (5)
----------------------------------- --- ---- ---- ----
Non-underlying items in EBIT 269 (410) 25 (449)
----------------------------------- --- ---- ---- ----
Non-underlying share of results of
associates - - 104 9
----------------------------------- --- ---- ---- ----
Normalized EBIT excludes negative non-underlying items of 410 million USD in 4Q25 and 449 million USD in FY25.
Business and asset disposals (including impairment losses) for FY25 mainly comprised a loss of 214 million USD related to the planned sale of the Newark brewery and the closure of two other breweries in the United States and 60 million USD net loss related to the disposal of assets held for sale in Barbados and other Caribbean islands and the sale and impairment of non-core assets.
Non-underlying share of results from associates of FY24 included the impact from our associate Anadolu Efes' adoption of IAS 29 hyperinflation accounting on their 2023 results.
Net finance income/(expense)
Figure 5. Net finance income/(expense)
in USD Mio 4Q24 4Q25 FY24 FY25
----- ------- ------- ---------
Net interest expense (620) (607) (2 704) (2 566)
---------------------------- ---- ------ ------ ------
Accretion expense and
interest on pensions (199) (241) (811) (821)
---------------------------- ---- ------ ------ ------
Other financial results (139) (221) (843) (893)
---------------------------- ---- ------ ------ ------
Net finance income/(expense) (958) (1 070) (4 358) (4 280)
---------------------------- ---- ------ ------ ------
Non-underlying net finance income/(expense)
Figure 6. Non-underlying net finance income/(expense)
in USD Mio 4Q24 4Q25 FY24 FY25
----- ---- ------- -------
Mark-to-market (940) 395 (1 211) (213)
----------------------------------- ---- ---- ------ ----
Gain/(loss) on bond redemption and
other 239 - 216 28
----------------------------------- ---- ---- ------ ----
Non-underlying net finance
income/(expense) (701) 395 (995) (185)
----------------------------------- ---- ---- ------ ----
Non-underlying net finance expense in FY25 includes mark-to-market losses on derivative instruments entered into in order to hedge our share-based payment programs and shares issued in relation to the combination 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
4Q24 4Q25 FY24 FY25
----- ----- ----- -----
Share price at the start of the period
(Euro) 59.38 50.80 58.42 48.25
------------------------------------------ ----- ----- ----- -----
Share price at the end of the period
(Euro) 48.25 54.90 48.25 54.90
------------------------------------------ ----- ----- ----- -----
Number of equity derivative instruments at
the end of the period (in million) 100.5 100.5 100.5 100.5
------------------------------------------ ----- ----- ----- -----
Income tax expense
Figure 8. Income tax expense
in USD Mio 4Q24 4Q25 FY24 FY25
----- ----- ----- -----
Income tax expense 848 720 3 152 2 850
------------------------------- ----- ----- ----- -----
Effective tax rate 34.8% 24.3% 31.1% 26.1%
------------------------------- ----- ----- ----- -----
Normalized effective tax rate 26.4% 27.5% 26.5% 26.0%
------------------------------- ----- ----- ----- -----
The 4Q24, FY24 and FY25 effective tax rates were negatively impacted by non-deductible losses from derivatives related to the hedging of share-based payment programs and of the shares issued in a transaction related to the combinations with Grupo Modelo and SAB, while the 4Q25 effective tax rate was positively impacted by non-taxable gains from these derivatives.
Furthermore, the FY25 effective tax rate included 156 million USD of non-underlying tax income, while the FY24 effective tax rate included 205 million USD of non-underlying tax expense. The difference in Normalized ETR in 4Q25 and FY25 compared to 4Q24 and FY24 was primarily due to country mix.
Underlying EPS
Figure 9. Underlying EPS
in USD per share, except
number of shares in million 4Q24 4Q25 FY24 FY25
------ ------ ------ --------
Normalized EBITDA 2.62 2.76 10.46 10.70
------------------------------ ----- ----- ----- -----
Depreciation, amortization and
impairment (0.71) (0.72) (2.74) (2.71)
------------------------------ ----- ----- ----- -----
Normalized EBIT 1.91 2.04 7.72 7.99
------------------------------ ----- ----- ----- -----
Net finance income/(expense) (0.48) (0.54) (2.18) (2.16)
------------------------------ ----- ----- ----- -----
Income tax expense (0.38) (0.41) (1.47) (1.52)
------------------------------ ----- ----- ----- -----
Associates & non-controlling
interests (0.18) (0.15) (0.62) (0.62)
------------------------------ ----- ----- ----- -----
Hyperinflation impacts 0.02 0.01 0.07 0.04
------------------------------ ----- ----- ----- -----
Underlying EPS 0.88 0.95 3.53 3.73
------------------------------ ----- ----- ----- -----
Weighted average number of
ordinary and restricted
shares 2 003 1 984 2 003 1 984
------------------------------ ----- ----- ----- -----
Reconciliation of IFRS and Non-IFRS Financial Measures
Profit attributable to equity holders and Underlying Profit
Figure 10. Underlying Profit
in USD Mio 4Q24 4Q25 FY24 FY25
----- ------ ----- -----
Profit attributable to equity holders
of AB InBev 1 220 1 959 5 855 6 837
--------------------------------------- ----- ----- ----- -----
Net impact of non-underlying items on
profit 520 (94) 1 062 499
--------------------------------------- ----- ----- ----- -----
Hyperinflation impacts 31 20 145 74
--------------------------------------- ----- ----- ----- -----
Underlying Profit 1 770 1 884 7 061 7 410
--------------------------------------- ----- ----- ----- -----
Basic and Underlying EPS
Figure 11. Basic and Underlying EPS
in USD per share, except number of
shares in million 4Q24 4Q25 FY24 FY25
----- ------ ----- -----
Basic EPS 0.61 0.99 2.92 3.45
--------------------------------------- ----- ----- ----- -----
Net impact of non-underlying items 0.26 (0.05) 0.53 0.25
--------------------------------------- ----- ----- ----- -----
Hyperinflation impacts 0.02 0.01 0.07 0.04
--------------------------------------- ----- ----- ----- -----
Underlying EPS 0.88 0.95 3.53 3.73
--------------------------------------- ----- ----- ----- -----
FX translation impact - (0.05) - 0.13
--------------------------------------- ----- ----- ----- -----
Underlying EPS in constant currency 0.88 0.90 3.53 3.86
--------------------------------------- ----- ----- ----- -----
Weighted average number of ordinary and
restricted shares 2 003 1 984 2 003 1 984
--------------------------------------- ----- ----- ----- -----
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 4Q24 4Q25 FY24 FY25
------ ------ ------- ---------
Profit attributable to
equity holders of AB InBev 1 220 1 959 5 855 6 837
---------------------------- ----- ----- ------ ------
Non-controlling interests 471 418 1 561 1 640
---------------------------- ----- ----- ------ ------
Profit 1 691 2 377 7 416 8 477
---------------------------- ----- ----- ------ ------
Income tax expense 848 720 3 152 2 850
---------------------------- ----- ----- ------ ------
Share of result of
associates (103) (133) (329) (378)
---------------------------- ----- ----- ------ ------
Non-underlying share of
results of associates - - (104) (9)
---------------------------- ----- ----- ------ ------
Net finance (income)/expense 958 1 070 4 358 4 280
---------------------------- ----- ----- ------ ------
Non-underlying net finance
(income)/expense 701 (395) 995 185
---------------------------- ----- ----- ------ ------
Non-underlying items above
EBIT (incl. impairment
losses) (269) 410 (25) 449
---------------------------- ----- ----- ------ ------
Normalized EBIT 3 824 4 049 15 462 15 854
---------------------------- ----- ----- ------ ------
Depreciation, amortization
and impairment 1 421 1 424 5 496 5 369
---------------------------- ----- ----- ------ ------
Normalized EBITDA 5 245 5 473 20 958 21 223
---------------------------- ----- ----- ------ ------
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)
FY24 FY25
-------------------------------------------------- ------- ----------
Operating activities
--------------------------------------------------- ------ -------
Profit of the period 7 416 8 477
--------------------------------------------------- ------ -------
Interest, taxes and non-cash items included in
profit 13 990 13 160
--------------------------------------------------- ------ -------
Cash flow from operating activities before changes
in working capital and use of provisions 21 406 21 637
--------------------------------------------------- ------ -------
Change in working capital (22) (398)
--------------------------------------------------- ------ -------
Pension contributions and use of provisions (374) (426)
--------------------------------------------------- ------ -------
Interest and taxes (paid)/received (6 189) (6 126)
--------------------------------------------------- ------ -------
Dividends received 234 195
--------------------------------------------------- ------ -------
Cash flow from/(used in) operating activities 15 055 14 883
--------------------------------------------------- ------ -------
Investing activities
--------------------------------------------------- ------ -------
Net capex (3 735) (3 552)
--------------------------------------------------- ------ -------
Sale/(acquisition) of subsidiaries, net of cash (46) 18
--------------------------------------------------- ------ -------
Net proceeds from sale/(acquisition) of other
assets 523 98
--------------------------------------------------- ------ -------
Cash flow from/(used in) investing activities (3 259) (3 436)
--------------------------------------------------- ------ -------
Financing activities
--------------------------------------------------- ------ -------
Net (repayments of) / proceeds from borrowings (3 830) (2 460)
--------------------------------------------------- ------ -------
Dividends paid (2 672) (4 543)
--------------------------------------------------- ------ -------
Share buyback (937) (2 301)
--------------------------------------------------- ------ -------
Payment of lease liabilities (787) (733)
--------------------------------------------------- ------ -------
Derivative financial instruments (431) (206)
--------------------------------------------------- ------ -------
Sale/(acquisition) of non-controlling interests (435) (323)
--------------------------------------------------- ------ -------
Other financing cash flows (763) (883)
--------------------------------------------------- ------ -------
Cash flow from/(used in) financing activities (9 854) (11 450)
--------------------------------------------------- ------ -------
Net increase/(decrease) in cash and cash
equivalents 1 942 (3)
--------------------------------------------------- ------ -------
Our free cash flow (defined as cash flow from operating activities less net capex) amounted to 11 331 million USD in FY25, in-line with FY24. Our cash and cash equivalents decreased by 3 million USD in FY25, compared to an increase of 1 942 million USD in FY24, with the following movements:
-- Our cash flow from operating activities reached 14 883 million USD in
FY25 compared to 15 055 million USD in FY24. The decrease was driven
primarily by working capital movements.
-- Our cash outflow from investing activities was 3 436 million USD in
FY25 compared to a cash outflow of 3 259 million USD in FY24, with FY24
positively impacted by proceeds from the sale of our share in associate
Ghost Beverages LLC. Out of the total FY25 capital expenditures,
approximately 26% was used to improve the company's production facilities
while 50% was used for logistics and commercial investments and 24% was
used for improving administrative capabilities and for the purchase of
hardware and software.
-- Our cash outflow from financing activities amounted to 11 450 million
USD in FY25, as compared to a cash outflow of 9 854 million USD in FY24.
The increase in the cash outflow versus FY24 was primarily driven by
higher dividends paid, and increased cash outflow for share buybacks.
Our net debt increased to 60.9 billion USD as of 31 December 2025 from 60.6 billion USD as of 31 December 2024. Our net debt to normalized EBITDA ratio was 2.87x as of 31 December 2025. Our optimal capital structure is a net debt to normalized EBITDA ratio of around 2x.
We continue to proactively manage our debt portfolio. After bond repurchases and redemptions of 6 billion USD and issuances of 3.2 billion Euro in FY25, 98% of our bond portfolio holds a fixed-interest rate, 51% is denominated in currencies other than USD and maturities are well-distributed across the next several years.
As of 31 December 2025, we had total liquidity of 22.0 billion USD, which consisted of 11.9 billion USD of cash, cash equivalents and short-term investments in debt securities less bank overdrafts and 10.1 billion USD available under committed long-term credit facilities.
Proposed final dividend for the fiscal year 2025
The AB InBev Board of Directors proposes a final dividend of 1.00 EUR per share, subject to approval by the General Meeting of Shareholders to be held on 29 April 2026. In line with the Company's financial discipline and deleveraging objectives, the proposed final dividend balances the Company's capital allocation priorities and dividend policy while returning cash to shareholders. A timeline showing the ex-dividend, record and payment dates can be found below:
Dividend timeline
Ex-dividend date Record Date Payment date
------------------ ---------------- ----------- ------------
Euronext 7 May 2026 8 May 2026 11 May 2026
------------------ ---------------- ----------- ------------
MEXBOL 7 May 2026 8 May 2026 11 May 2026
------------------ ---------------- ----------- ------------
JSE 6 May 2026 8 May 2026 11 May 2026
------------------ ---------------- ----------- ------------
NYSE (ADR program) 8 May 2026 8 May 2026 5 June 2026
------------------ ---------------- ----------- ------------
Restricted Shares 7 May 2026 8 May 2026 11 May 2026
------------------ ---------------- ----------- ------------
Recent Events
Re-acquisition of minority stake in US-based Metal Container Plants
On 30 January 2026, AB InBev announced the completion of the re-acquisition of the 49.9% minority stake in AB InBev's US-based metal container plants from a consortium of institutional investors led and/or advised by affiliates of Apollo Global Management, Inc. $(APO)$ for approximately 2.9 billion USD. AB InBev previously announced it had exercised its right to reacquire this minority stake in a Press Release dated January 6th.
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. 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. 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 FY25, we reported a negative impact from hyperinflation accounting on the profit attributable to equity holders of AB InBev of 74 million USD. The impact in FY25 Basic EPS was (0.04) USD. Values in the figures and annexes may not add up, due to rounding. 4Q25 and FY25 EPS is based upon a weighted average of 1 984 million shares compared to a weighted average of 2 003 million shares for 4Q24 and FY24.
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 12 March 2025. 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 full year 2025 (FY25) 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 audited consolidated financial statements as of and for the twelve months ended 31 December 2025, which have been audited by our statutory auditors PwC Bedrijfsrevisoren BV/Réviseurs d'Entreprises SRL. The fourth quarter 2025 (4Q25) financial data set out in Figure 1 (except for the volume information), Figures 3 to 6, 8, 10 and 12, 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 twelve months ended 31 December 2025. 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, 12 February 2026:
3.00pm Brussels / 2.00pm London / 9.00am New York
Registration details:
Webcast (listen-only mode):
AB InBev 4Q25 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 (4Q)
Currency Organic Organic
AB InBev Worldwide 4Q24 Scope Translation Growth 4Q25 Growth
------------------ ----------- ----- ------------- ------- ----------- ----------
Volumes 141 829 (529) - (2 135) 139 166 (1.5)%
------------------- ------- ---- ------ ----- ------ ------- ------
Revenue 14 841 (100) 441 373 15 555 2.5%
------------------- ------- ---- ------ ----- ------ ------- ------
Cost of sales (6 645) 44 (173) (168) (6 943) (2.6)%
------------------- ------- ---- ------ ---- ------ ------- ------
Gross profit 8 197 (56) 267 204 8 613 2.5%
------------------- ------- ---- ------ ----- ------ ------- ------
SG&A (4 603) (7) (121) (55) (4 786) (1.2)%
------------------- ------- ---- ------ ---- ------ ------- ------
Other operating
income/(expenses) 231 (40) 12 19 223 10.5%
------------------- ------- ---- ------ ----- ------ ------- ------
Normalized EBIT 3 824 (103) 158 169 4 049 4.5%
------------------- ------- ---- ------ ----- ------ ------- ------
Normalized EBITDA 5 245 (94) 206 116 5 473 2.3%
------------------- ------- ---- ------ ----- ------ ------- ------
Normalized EBITDA
margin 35.3% 35.2% (10)bps
------------------- ------- ---- ------ ----- ------ ------- ----------
Currency Organic Organic
North America 4Q24 Scope Translation Growth 4Q25 Growth
------------------ ----------- ----- ------------- ------- ----------- ----------
Volumes 19 516 (216) - (681) 18 619 (3.5)%
------------------- ------- ---- ------ ----- ------ ------- ------
Revenue 3 331 (59) (6) (31) 3 235 (1.0)%
------------------- ------- ---- ------ ---- ------ ------- ------
Cost of sales (1 483) 46 2 20 (1 416) 1.4%
------------------- ------- ---- ------ ----- ------ ------- ------
Gross profit 1 848 (12) (4) (12) 1 819 (0.6)%
------------------- ------- ---- ------ ---- ------ ------- ------
SG&A (1 078) (1) 2 (35) (1 112) (3.2)%
------------------- ------- ---- ------ ----- ------ ------- ------
Other operating
income/(expenses) 8 - 0 3 12 42.4%
------------------- ------- ---- ------ ----- ------ ------- ------
Normalized EBIT 777 (14) (2) (43) 719 (5.6)%
------------------- ------- ---- ------ ---- ------ ------- ------
Normalized EBITDA 969 (12) (2) (49) 906 (5.1)%
------------------- ------- ---- ------ ---- ------ ------- ------
Normalized EBITDA
margin 29.1% 28.0% (122)bps
------------------- ------- ---- ------ ----- ------ ------- ----------
Currency Organic Organic
Middle Americas 4Q24 Scope Translation Growth 4Q25 Growth
------------------ ----------- ----- ------------- ------- ----------- ----------
Volumes 38 907 (300) - 1 065 39 672 2.8%
------------------- ------- ---- ------ ----- ------ ------- ------
Revenue 4 395 (34) 307 259 4 927 5.9%
------------------- ------- ---- ------ ----- ------ ------- ------
Cost of sales (1 601) 8 (101) (63) (1 757) (4.0)%
------------------- ------- ---- ------ ---- ------ ------- ------
Gross profit 2 794 (26) 206 195 3 170 7.0%
------------------- ------- ---- ------ ----- ------ ------- ------
SG&A (975) 10 (71) (10) (1 045) (1.1)%
------------------- ------- ---- ------ ---- ------ ------- ------
Other operating
income/(expenses) 8 0 0 (3) 6 (35.2)%
------------------- ------- ---- ------ ----- ------ ------- ------
Normalized EBIT 1 828 (15) 136 182 2 130 10.0%
------------------- ------- ---- ------ ----- ------ ------- ------
Normalized EBITDA 2 227 (16) 159 138 2 508 6.2%
------------------- ------- ---- ------ ----- ------ ------- ------
Normalized EBITDA
margin 50.7% 50.9% 13bps
------------------- ------- ---- ------ ----- ------ ------- ----------
Currency Organic Organic
South America 4Q24 Scope Translation Growth 4Q25 Growth
------------------ ----------- ----- ------------- ------- ----------- ----------
Volumes 44 950 - - (1 791) 43 160 (4.0)%
------------------- ------- ---- ------ ----- ------ ------- ------
Revenue 3 473 (40) 36 175 3 645 5.0%
------------------- ------- ---- ------ ----- ------ ------- ------
Cost of sales (1 558) 24 (18) (160) (1 711) (10.3)%
------------------- ------- ---- ------ ---- ------ ------- ------
Gross profit 1 915 (15) 19 15 1 934 0.8%
------------------- ------- ---- ------ ----- ------ ------- ------
SG&A (992) (17) (18) 25 (1 002) 2.5%
------------------- ------- ---- ------ ---- ------ ------- ------
Other operating
income/(expenses) 133 (42) 9 25 124 31.3%
------------------- ------- ---- ------ ----- ------ ------- ------
Normalized EBIT 1 056 (75) 10 65 1 056 6.7%
------------------- ------- ---- ------ ----- ------ ------- ------
Normalized EBITDA 1 310 (64) 17 58 1 321 4.7%
------------------- ------- ---- ------ ----- ------ ------- ------
Normalized EBITDA
margin 37.7% 36.2% (12)bps
------------------- ------- ---- ------ ----- ------ ------- ----------
Currency Organic Organic
EMEA 4Q24 Scope Translation Growth 4Q25 Growth
------------------ ---------- ----- ------------- --------- ---------- ----------
Volumes 24 883 (15) - (619) 24 249 (2.5)%
------------------- ------ ---- ----- ------ ----- ------ ------
Revenue 2 424 (29) 123 6 2 524 0.2%
------------------- ------ ---- ----- ------ ----- ------ ------
Cost of sales (1 276) 13 (66) 21 (1 308) 1.6%
------------------- ------ ---- ----- ----- ----- ------ ------
Gross profit 1 149 (16) 57 26 1 216 2.3%
------------------- ------ ---- ----- ------ ----- ------ ------
SG&A (708) 9 (36) (20) (755) (2.9)%
------------------- ------ ---- ----- ----- ----- ------ ------
Other operating
income/(expenses) 51 3 3 18 75 33.0%
------------------- ------ ---- ----- ------ ----- ------ ------
Normalized EBIT 493 (5) 24 24 536 5.0%
------------------- ------ ---- ----- ------ ----- ------ ------
Normalized EBITDA 776 2 40 (2) 815 (0.3)%
------------------- ------ ---- ----- ------ ----- ------ ------
Normalized EBITDA
margin 32.0% 32.3% (17)bps
------------------- ------ ---- ----- ------ ----- ------ ----------
Currency Organic Organic
Asia Pacific 4Q24 Scope Translation Growth 4Q25 Growth
------------------ ---------- ----- ------------- --------- ---------- ----------
Volumes 13 439 1 - (106) 13 334 (0.8)%
------------------- ------ ---- ----- ------ ----- ------ ------
Revenue 1 122 0 (21) (48) 1 053 (4.3)%
------------------- ------ ---- ----- ----- ----- ------ ------
Cost of sales (589) (2) 10 14 (567) 2.3%
------------------- ------ ---- ----- ------ ----- ------ ------
Gross profit 533 (2) (11) (35) 486 (6.5)%
------------------- ------ ---- ----- ----- ----- ------ ------
SG&A (484) (0) 9 18 (457) 3.8%
------------------- ------ ---- ----- ------ ----- ------ ------
Other operating
income/(expenses) 33 - - (21) 13 (62.5)%
------------------- ------ ---- ----- ------ ----- ------ ------
Normalized EBIT 83 (2) (2) (37) 42 (45.7)%
------------------- ------ ---- ----- ----- ----- ------ ------
Normalized EBITDA 244 1 (3) (49) 192 (19.9)%
------------------- ------ ---- ----- ----- ----- ------ ------
Normalized EBITDA
margin 21.7% 18.3% (356)bps
------------------- ------ ---- ----- ------ ----- ------ ----------
Global Export and Currency Organic Organic
Holding Companies 4Q24 Scope Translation Growth 4Q25 Growth
------------------ ---------- ----- ------------- --------- ---------- ----------
Volumes 135 - - (4) 131 (2.7)%
------------------- ------ ---- ----- ------ ----- ------ ------
Revenue 95 62 1 13 172 14.0%
------------------- ------ ---- ----- ------ ----- ------ ------
Cost of sales (138) (46) (1) 1 (183) 0.9%
------------------- ------ ---- ----- ----- ----- ------ ------
Gross profit (42) 16 1 15 (12) 34.3%
------------------- ------ ---- ----- ------ ----- ------ ------
SG&A (367) (7) (8) (33) (415) (9.5)%
------------------- ------ ---- ----- ----- ----- ------ ------
Other operating
income/(expenses) (3) (0) (1) (4) (7) -
------------------- ------ ---- ----- ----- ----- ------ ------
Normalized EBIT (412) 8 (8) (22) (434) (5.6)%
------------------- ------ ---- ----- ----- ----- ------ ------
Normalized EBITDA (281) (4) (4) 21 (269) 7.6%
------------------- ------ ---- ----- ----- ----- ------ ------
Annex 2: Segment reporting (FY)
Currency Organic Organic
AB InBev Worldwide FY24 Scope Translation Growth FY25 Growth
------------------ ----------- ------- ------------- -------- ----------- ---------
Volumes 575 706 (1 265) - (13 341) 561 100 (2.3)%
------------------- ------- ------ -------- --- ------- ------- -----
Revenue 59 768 (290) (1 336) 1 178 59 320 2.0%
------------------- ------- ------ -------- ------- ------- -----
Cost of sales (26 744) 38 619 (54) (26 141) (0.2)%
------------------- ------- ------ -------- --- ------- ------- -----
Gross profit 33 024 (251) (717) 1 123 33 179 3.4%
------------------- ------- ------ -------- ------- ------- -----
SG&A (18 341) (42) 383 (133) (18 133) (0.7)%
------------------- ------- ------ -------- --- ------- ------- -----
Other operating
income/(expenses) 779 (34) (13) 77 808 10.6%
------------------- ------- ------ -------- ------- ------- -----
Normalized EBIT 15 462 (328) (347) 1 067 15 854 7.0%
------------------- ------- ------ -------- ------- ------- -----
Normalized EBITDA 20 958 (319) (441) 1 026 21 223 4.9%
------------------- ------- ------ -------- ------- ------- -----
Normalized EBITDA
margin 35.1% 35.8% 101bps
------------------- ------- ------ -------- --- ------- ------- ---------
Currency Organic Organic
North America FY24 Scope Translation Growth FY25 Growth
------------------ ----------- ------- ------------- -------- ----------- ---------
Volumes 86 272 (961) - (2 577) 82 734 (3.0)%
------------------- ------- ------ -------- --- ------- ------- -----
Revenue 14 655 (259) (46) (142) 14 207 (1.0)%
------------------- ------- ------ -------- ------- ------- -----
Cost of sales (6 236) 193 16 164 (5 863) 2.7%
------------------- ------- ------ -------- --- ------- ------- -----
Gross profit 8 419 (66) (31) 21 8 345 0.3%
------------------- ------- ------ -------- ------- ------- -----
SG&A (4 358) (30) 16 (35) (4 407) (0.8)%
------------------- ------- ------ -------- --- ------- ------- -----
Other operating
income/(expenses) 7 - 2 29 38 -
------------------- ------- ------ -------- --- ------- ------- -----
Normalized EBIT 4 069 (95) (13) 15 3 975 0.4%
------------------- ------- ------ -------- ------- ------- -----
Normalized EBITDA 4 791 (94) (16) 6 4 687 0.1%
------------------- ------- ------ -------- ------- ------- -----
Normalized EBITDA
margin 32.7% 33.0% 37bps
------------------- ------- ------ -------- --- ------- ------- ---------
Currency Organic Organic
Middle Americas FY24 Scope Translation Growth FY25 Growth
------------------ ----------- ------- ------------- -------- ----------- ---------
Volumes 150 086 (351) - 755 150 490 0.5%
------------------- ------- ------ -------- --- ------- ------- -----
Revenue 17 072 (53) (451) 807 17 376 4.7%
------------------- ------- ------ -------- ------- ------- -----
Cost of sales (6 242) (24) 162 (46) (6 151) (0.7)%
------------------- ------- ------ -------- --- ------- ------- -----
Gross profit 10 830 (77) (289) 761 11 225 7.1%
------------------- ------- ------ -------- ------- ------- -----
SG&A (3 976) (0) 108 (36) (3 904) (0.9)%
------------------- ------- ------ -------- --- ------- ------- -----
Other operating
income/(expenses) 34 0 (1) (13) 21 (36.4)%
------------------- ------- ------ -------- ------- ------- -----
Normalized EBIT 6 889 (77) (182) 712 7 342 10.4%
------------------- ------- ------ -------- ------- ------- -----
Normalized EBITDA 8 400 (79) (224) 588 8 685 7.0%
------------------- ------- ------ -------- ------- ------- -----
Normalized EBITDA
margin 49.2% 50.0% 108bps
------------------- ------- ------ -------- --- ------- ------- ---------
Currency Organic Organic
South America FY24 Scope Translation Growth FY25 Growth
------------------ ----------- ------- ------------- -------- ----------- ---------
Volumes 160 768 - - (5 597) 155 171 (3.5)%
------------------- ------- ------ -------- --- ------- ------- -----
Revenue 12 423 (80) (999) 610 11 954 4.9%
------------------- ------- ------ -------- ------- ------- -----
Cost of sales (6 073) (46) 531 (300) (5 888) (4.9)%
------------------- ------- ------ -------- --- ------- ------- -----
Gross profit 6 350 (126) (468) 310 6 066 4.9%
------------------- ------- ------ -------- ------- ------- -----
SG&A (3 779) (33) 317 (60) (3 555) (1.6)%
------------------- ------- ------ -------- --- ------- ------- -----
Other operating
income/(expenses) 452 (51) (19) 44 426 11.6%
------------------- ------- ------ -------- ------- ------- -----
Normalized EBIT 3 024 (210) (170) 294 2 937 10.2%
------------------- ------- ------ -------- ------- ------- -----
Normalized EBITDA 4 052 (195) (251) 294 3 901 7.5%
------------------- ------- ------ -------- ------- ------- -----
Normalized EBITDA
margin 32.6% 32.6% 78bps
------------------- ------- ------ -------- --- ------- ------- ---------
Currency Organic Organic
EMEA FY24 Scope Translation Growth FY25 Growth
------------------ ---------- ----- ------------- ------- ---------- ---------
Volumes 93 804 147 - (629) 93 323 (0.7)%
------------------- ------ ---- ------ ----- ------ ------ -----
Revenue 9 003 (36) 250 284 9 502 3.2%
------------------- ------ ---- ------ ----- ------ ------ -----
Cost of sales (4 678) 31 (128) (56) (4 832) (1.2)%
------------------- ------ ---- ------ ---- ------ ------ -----
Gross profit 4 325 (4) 122 228 4 670 5.3%
------------------- ------ ---- ------ ----- ------ ------ -----
SG&A (2 701) (45) (80) (60) (2 886) (2.2)%
------------------- ------ ---- ------ ---- ------ ------ -----
Other operating
income/(expenses) 177 17 7 33 234 17.2%
------------------- ------ ---- ------ ----- ------ ------ -----
Normalized EBIT 1 801 (32) 49 201 2 019 11.4%
------------------- ------ ---- ------ ----- ------ ------ -----
Normalized EBITDA 2 847 (26) 80 198 3 098 7.0%
------------------- ------ ---- ------ ----- ------ ------ -----
Normalized EBITDA
margin 31.6% 32.6% 117bps
------------------- ------ ---- ------ ----- ------ ------ ---------
Currency Organic Organic
Asia Pacific FY24 Scope Translation Growth FY25 Growth
------------------ ---------- ----- ------------- ------- ---------- ---------
Volumes 84 397 (91) - (5 306) 78 999 (6.3)%
------------------- ------ ---- ------ ----- ------ ------ -----
Revenue 6 196 (6) (92) (404) 5 693 (6.5)%
------------------- ------ ---- ------ ---- ------ ------ -----
Cost of sales (2 970) (19) 42 205 (2 741) 6.9%
------------------- ------ ---- ------ ----- ------ ------ -----
Gross profit 3 227 (25) (50) (199) 2 952 (6.2)%
------------------- ------ ---- ------ ---- ------ ------ -----
SG&A (2 059) (13) 32 96 (1 944) 4.6%
------------------- ------ ---- ------ ----- ------ ------ -----
Other operating
income/(expenses) 116 0 0 (30) 86 (26.2)%
------------------- ------ ---- ------ ----- ------ ------ -----
Normalized EBIT 1 284 (38) (18) (134) 1 094 (10.6)%
------------------- ------ ---- ------ ---- ------ ------ -----
Normalized EBITDA 1 933 (35) (25) (172) 1 700 (9.0)%
------------------- ------ ---- ------ ---- ------ ------ -----
Normalized EBITDA
margin 31.2% 29.9% (81)bps
------------------- ------ ---- ------ ----- ------ ------ ---------
Global Export and Currency Organic Organic
Holding Companies FY24 Scope Translation Growth FY25 Growth
------------------ ---------- ----- ------------- ------- ---------- ---------
Volumes 380 (9) - 13 383 3.4%
------------------- ------ ---- ------ ----- ------ ------ -----
Revenue 418 144 3 23 588 6.1%
------------------- ------ ---- ------ ----- ------ ------ -----
Cost of sales (546) (98) (3) (21) (667) (4.1)%
------------------- ------ ---- ------ ---- ------ ------ -----
Gross profit (128) 46 0 2 (79) 1.8%
------------------- ------ ---- ------ ----- ------ ------ -----
SG&A (1 468) 79 (11) (38) (1 438) (2.8)%
------------------- ------ ---- ------ ---- ------ ------ -----
Other operating
income/(expenses) (8) - (2) 14 3 -
------------------- ------ ---- ------ ---- ------ ------ -----
Normalized EBIT (1 604) 125 (14) (22) (1 513) (1.5)%
------------------- ------ ---- ------ ---- ------ ------ -----
Normalized EBITDA (1 065) 110 (5) 111 (848) 11.6%
------------------- ------ ---- ------ ---- ------ ------ -----
Annex 3: Consolidated statement of financial position (FY)
Million US dollar 31 December 2024 31 December 2025 ------------------------------------- ---------------- ---------------- ASSETS -------------------------------------- ---------------- ---------------- Non-current assets -------------------------------------- ---------------- ---------------- Property, plant and equipment 23 503 23 664 -------------------------------------- ---------------- ---------------- Goodwill 110 479 117 908 -------------------------------------- ---------------- ---------------- Intangible assets 40 034 41 985 -------------------------------------- ---------------- ---------------- Investments in associates 4 612 5 002 -------------------------------------- ---------------- ---------------- Investment securities 168 161 -------------------------------------- ---------------- ---------------- Deferred tax assets 2 493 2 708 -------------------------------------- ---------------- ---------------- Pensions and similar obligations 42 150 -------------------------------------- ---------------- ---------------- Income tax receivables 470 444 -------------------------------------- ---------------- ---------------- Derivatives 261 145 -------------------------------------- ---------------- ---------------- Trade and other receivables 1 577 1 871 -------------------------------------- ---------------- ---------------- Total non-current assets 183 637 194 039
-------------------------------------- ---------------- ---------------- Current assets -------------------------------------- ---------------- ---------------- Investment securities 221 306 -------------------------------------- ---------------- ---------------- Inventories 5 020 5 107 -------------------------------------- ---------------- ---------------- Income tax receivables 727 785 -------------------------------------- ---------------- ---------------- Derivatives 554 583 -------------------------------------- ---------------- ---------------- Trade and other receivables 5 270 6 161 -------------------------------------- ---------------- ---------------- Cash and cash equivalents 11 174 11 638 -------------------------------------- ---------------- ---------------- Assets classified as held for sale 33 190 -------------------------------------- ---------------- ---------------- Total current assets 22 999 24 769 -------------------------------------- ---------------- ---------------- Total assets 206 637 218 808 -------------------------------------- ---------------- ---------------- EQUITY AND LIABILITIES -------------------------------------- ---------------- ---------------- Equity -------------------------------------- ---------------- ---------------- Issued capital 1 736 1 736 -------------------------------------- ---------------- ---------------- Share premium 17 620 17 620 -------------------------------------- ---------------- ---------------- Reserves 12 304 17 803 -------------------------------------- ---------------- ---------------- Retained earnings 46 577 50 128 -------------------------------------- ---------------- ---------------- Equity attributable to equity holders of AB InBev 78 237 87 287 -------------------------------------- ---------------- ---------------- Non-controlling interests 10 463 10 449 -------------------------------------- ---------------- ---------------- Total equity 88 700 97 736 -------------------------------------- ---------------- ---------------- Non-current liabilities -------------------------------------- ---------------- ---------------- Interest-bearing loans and borrowings 70 720 72 128 -------------------------------------- ---------------- ---------------- Pensions and similar obligations 1 296 1 275 -------------------------------------- ---------------- ---------------- Deferred tax liabilities 11 321 11 400 -------------------------------------- ---------------- ---------------- Income tax payables 284 206 -------------------------------------- ---------------- ---------------- Derivatives 68 293 -------------------------------------- ---------------- ---------------- Trade and other payables 797 869 -------------------------------------- ---------------- ---------------- Provisions 385 425 -------------------------------------- ---------------- ---------------- Total non-current liabilities 84 871 86 596 -------------------------------------- ---------------- ---------------- Current liabilities -------------------------------------- ---------------- ---------------- Bank overdrafts - 14 -------------------------------------- ---------------- ---------------- Interest-bearing loans and borrowings 1 449 885 -------------------------------------- ---------------- ---------------- Income tax payables 1 805 1 825 -------------------------------------- ---------------- ---------------- Derivatives 5 817 6 104 -------------------------------------- ---------------- ---------------- Trade and other payables 23 804 25 455 -------------------------------------- ---------------- ---------------- Provisions 191 192 -------------------------------------- ---------------- ---------------- Total current liabilities 33 066 34 475 -------------------------------------- ---------------- ---------------- Total equity and liabilities 206 637 218 808 -------------------------------------- ---------------- ----------------
Annex 4: Consolidated statement of cash flows (FY)
For the year ended 31 December Million US dollar 2024 2025 -------------------------------------------------- ------- ---------- OPERATING ACTIVITIES --------------------------------------------------- ------ ------- Profit of the period 7 416 8 477 --------------------------------------------------- ------ ------- Depreciation, amortization and impairment 5 544 5 652 --------------------------------------------------- ------ ------- Net finance expense/(income) 5 353 4 465 --------------------------------------------------- ------ ------- Equity-settled share-based payment expense 644 625 --------------------------------------------------- ------ ------- Income tax expense 3 152 2 850 --------------------------------------------------- ------ ------- Share of results of associates (433) (387) --------------------------------------------------- ------ ------- Other non-cash items (269) (45) --------------------------------------------------- ------ ------- Cash flow from operating activities before changes in working capital and use of provisions 21 406 21 637 --------------------------------------------------- ------ ------- Decrease/(increase) in trade and other receivables 341 (187) --------------------------------------------------- ------ ------- Decrease/(increase) in inventories (149) 87 --------------------------------------------------- ------ ------- Increase/(decrease) in trade and other payables (215) (298) --------------------------------------------------- ------ ------- Pension contributions and use of provisions (374) (426) --------------------------------------------------- ------ ------- Cash generated from operations 21 009 20 814 --------------------------------------------------- ------ ------- Interest paid (3 649) (3 348) --------------------------------------------------- ------ ------- Interest received 594 462 --------------------------------------------------- ------ ------- Dividends received 234 195 --------------------------------------------------- ------ ------- Income tax paid (3 134) (3 240) --------------------------------------------------- ------ ------- Cash flow from/(used in) operating activities 15 055 14 883 --------------------------------------------------- ------ ------- INVESTING ACTIVITIES --------------------------------------------------- ------ ------- Acquisition of property, plant and equipment and of intangible assets (3 863) (3 656) --------------------------------------------------- ------ ------- Proceeds from sale of property, plant and equipment and of intangible assets 128 104 --------------------------------------------------- ------ ------- Sale/(acquisition) of subsidiaries, net of cash (46) 18 --------------------------------------------------- ------ ------- Proceeds from sale/(acquisition) of other assets 523 98 --------------------------------------------------- ------ ------- Cash flow from/(used in) investing activities (3 259) (3 436) --------------------------------------------------- ------ ------- FINANCING ACTIVITIES --------------------------------------------------- ------ ------- Proceeds from borrowings 5 465 4 400 --------------------------------------------------- ------ ------- Repayments of borrowings (9 295) (6 861) --------------------------------------------------- ------ ------- Dividends paid (2 672) (4 543) --------------------------------------------------- ------ ------- Share buyback (937) (2 301) --------------------------------------------------- ------ ------- Payment of lease liabilities (787) (733) --------------------------------------------------- ------ -------
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