Slide 1: 3Q25 Results
3Q25 Results October 30, 2025
Slide 2: Legal disclaimer
Legal disclaimer Certain statements contained in this report that are not statements of historical fact constitute forward-looking statements, notwithstanding that such statements are not specifically identified. In addition, certain statements may be contained in the future filings of the Company w
Slide 3: 3Q25 Operating performance highlights
3Q25 Operating performance highlights © AB InBev 2025 – All rights reserved | 3
Slide 4: Consistent execution of our strategy and resilient financial performance
• Led by megabrands, ABI portfolio gained brand power and grew or maintained market share in majority of markets • EBITDA +3.3% in 3Q25 with margin expansion • Growth highlights: – No-alcohol beer revenue +27% Consistent execution of – Beyond Beer revenue +27% our strategy and resilient – BEES Marke
Slide 5: Operating performance: Strong brand portfolio commanding premium price
Operating performance Strong brand portfolio commanding premium price YoY NR/hl growth (%) 3Q25 9M25 Total volumes -3.7% -2.6% 4.8% Revenue per hl +4.8% +4.5% 4.5% Total revenue +0.9% +1.8% 4.3% EBITDA +3.3% +5.8% EBITDA margin +85 bps +138 bps Underlying EPS (USD) +1.0% +5.4% Constant Currency +0.3
Slide 6: Diversified geographic footprint driving consistent performance with revenue growth in ~70% of markets
Diversified geographic footprint driving consistent performance with revenue growth in ~70% of markets EMEA 14% EBITDA contribution 1 North America +3.0% Organic revenue 22% EBITDA contribution 1 3Q25 +7.6% -0.7% Organic EBITDA Organic revenue 3Q25 +0.4% Organic EBITDA APAC 8% EBITDA contribution 1
Slide 7: North America
North America United States Michelob Ultra now the #1 brand in the industry; 3Q25 portfolio continues to build momentum • Michelob Ultra and Busch Light the #1 and #2 Volumes - 2.7% volume share gainers in the industry • Beyond Beer portfolio grew revenues in the mid- forties, led by Cutwater which
Slide 8: Michelob Ultra – The Superior Light Beer
Michelob Ultra – The Superior Light Beer #1 Brand by volume, year-to-date 1 Volume share gainer, year-to-date 1 Beer brand in on-premise 2 50 states Gaining market share 1 Headroom for growth 16% Market share in top state 20 states with share below ~6% 1 Note: 1. Circana Total US MULC+, YTD through
Slide 9: Middle Americas
Middle Americas Mexico Continued top-line growth driven by disciplined 3Q25 revenue management • Revenue increased low-single digits Volumes - 0.4% • Above core beer portfolio delivered low-single digit revenue growth, led by Modelo and Pacifico Revenue / hl + 4.6% Revenue + 4.2% Colombia Record hig
Slide 10: South America
South America Brazil Market share gain and disciplined revenue and cost 3Q25 1 management offset a soft industry to deliver flat EBITDA with margin expansion • Estimated to outperform a soft industry, which was impacted Volumes - 6.5% by unseasonable weather and a soft consumer environment • Premium
Slide 11: Latin America is an important region for beer and was impacted by unseasonable weather
Latin America is an important region for beer and was impacted by unseasonable weather in 3Q25 Latin America Beer over-indexes in LatAm1 Increased rainfall +25% ~2x LatAm % of LatAm % of Avg Precipitation in LatAm3 Global CPG Global Beer ABI over-indexes in LatAm2 Colder temperatures -1.3% 2.5x Avg
Slide 12: EMEA
EMEA Europe Continued market share gains and premiumization 3Q25 drove flattish volumes and margin recovery • Estimated market share gains in 5 of our 6 key Volumes + 0.1% markets • Performance led by Corona, which delivered double-digit volume growth Revenue / hl + 2.9% Revenue + 3.0% South Africa
Slide 13: Asia Pacific
Asia Pacific China Top- and bottom-line declined, impacted by 3Q25 volume performance • Performance impacted by continued weakness in Volumes - 9.0% our key regions and channels • Investing in our portfolio and innovation Revenue / hl 0.0% Revenue - 9.0% South Korea • Flattish volumes, estimated to
Slide 14: Consistent execution of our strategy
Consistent execution of our strategy © AB InBev 2025 – All rights reserved | 14
Slide 15: Megabrands driving efficient growth Led by Corona
Megabrands driving efficient growth Led by Corona +6.3% 3Q25 NR growth 1 +3.0% 3Q25 NR growth +5.9% 3Q25 Volume growth 1 ~5 BRANDS per market 33 Markets with double- digit volume growth >20pp Prem. price vs. Making up the majority of volumes & growth comparable premium Receiving disproportionate S&M
Slide 16: Consistent execution across our category expansion levers
Consistent execution across our category expansion levers Core Balanced Beyond Superiority Premiumization choices Beer +0.8% Flattish +6.5% +27% Mainstream portfolio Above core beer portfolio Balanced choices beer portfolio Beyond Beer portfolio NR growth vs LY NR growth vs LY, constrained NR growth
Slide 17: Corona Cero leading the growth in no-alcohol beer
Corona Cero leading the growth in no-alcohol beer No-alcohol beer growth led by Corona Cero YoY Net Revenue growth (%) 36% ~70% of markets 27% gaining market share of NA beer 1, 2 #1 Market positions in 8 of our No-Alc Portfolio top 14 NA beer markets2 Notes: 1. YTD through Aug’25; key markets based
Slide 18: © AB InBev 2025 – All rights reserved | 18
© AB InBev 2025 – All rights reserved | 18
Slide 19: Innovating in balanced choices to meet consumer needs
Innovating in balanced choices to meet consumer needs Balanced Choices Beer Offerings No-Alcohol Beer Low Cal/Carb, Low Cal Easy Drinking Easy Drinking Gluten Free Zero Sugar Styles & Flavor Next Gen Classic Lager & Classic Lager © AB InBev 2025 – All rights reserved | 19
Slide 20: Innovating in Beyond Beer and Adjacencies
Innovating in Beyond Beer and Adjacencies BEYOND BEER ADJACENCIES CUTWATER EXPANSION ROLLOUT TO 5+ NEW MARKETS PHORM ENERGY © AB InBev 2025 – All rights reserved | 20
Slide 21: BEES Marketplace quarterly GMV growing 66% and approaching $1Bn
BEES Marketplace quarterly GMV growing 66% and is approaching $1Bn SELLERS +66% vs LY 2 Marketplace GMV RETAILERS $935M +4pp vs LY +31% vs LY Net Promoter Score1 Orders including 70 Marketplace products3 13M +14% vs LY +24% vs LY Orders 36M +11% vs LY2 Marketplace buyers Total GMV 1.9M +13% vs LY $1
Slide 22: Global digital DTC business
Global digital DTC business 3Q25 +4% vs LY Net Revenue $138M -2% vs LY Online Orders 17.9M +10% vs LY Active Consumers 11.9M © AB InBev 2025 – All rights reserved | 22
Slide 23: Optimizing our business
Optimizing our business Margin expansion USD EPS growth Increased capital allocation flexibility © AB InBev 2025 – All rights reserved | 23
Slide 24: Margin expansion of 85 bps EBITDA margin expansion in four of five regions
Margin expansion of 85 bps EBITDA margin expansion in four of five regions Margin evolution North America +37 bps APAC EBITDA margin margin expansion 1 +77 bps +85 bps 1 margin expansion 1 37.0% 36.0% 34.9% Middle Americas +45 bps EMEA margin expansion 1 +148 bps margin expansion 1 3Q23 3Q24 3Q25 No
Slide 25: Underlying EPS grew by 1.0% to $0.99, driven by EBIT growth
Underlying EPS grew by 1.0% to $0.99, driven by EBIT growth © AB InBev 2025 – All rights reserved | 25
Slide 26: Increasing flexibility in capital allocation choices
Increasing flexibility in capital allocation choices Debt Redemption Share Buyback 1 Interim Dividend ~$2Bn $6Bn €0.15 per share Note: 1. Share buyback program to be executed over the next 24 months. Our current intention is to hold the shares acquired as treasury shares to fulfil future share deliv
Slide 27: Actively managed debt portfolio with manageable coupon and no relevant medium-term refinancing needs
Actively managed debt portfolio with manageable coupon and no relevant medium-term refinancing needs Well-distributed bond 1 maturity profile with manageable average coupon Diverse currency mix 2 CNY Other KRW 12 Remaining Bonds CAD 4% 3%3% 1% 10 Announced Debt Redemption 8 $bn 6 49% USD 4 40% EUR 2
Slide 28: 2025 outlook
2025 outlook Overall Performance Net Capex 4-8% $3.5-4.0 Bn Organic EBITDA growth 1 Normalized Effective Tax Rate (ETR) Net Finance Costs 26-28% $190-220m Net pension interest expenses ~4% and accretion expenses Average gross debt coupon (per quarter – USD, Millions) Note: 1. Since 1Q24, the definit
Slide 29: Meeting the moment in 2025
Meeting the moment in 2025 © AB InBev 2025 – All rights reserved | 29
Slide 30: Resilient strategy driving consistent results
• Solid financial performance in 9M25 with mid- single digit EBITDA and USD EPS growth • Navigating dynamic consumer environment, confident in long-term business fundamentals Resilient strategy driving • Increased capital allocation flexibility: consistent results ‒ Share buyback program of $6Bn1 ‒
Slide 31: Meeting consumers in the most iconic moments of the year
Meeting consumers in the most iconic moments of the year H2 2025 H1 2026 © AB InBev 2025 – All rights reserved | 31
Slide 32: Q&A
Q&A © AB InBev 2025 – All rights reserved | 32