Anheuser-busch Inbev Sa/nv · EURONEXT:ABI
Anheuser-busch Inbev Sa/nv — AB InBev — Q4 2025 Earnings Presentation
39 slides from Anheuser-busch Inbev Sa/nv's earnings presentation, Feb 12, 2026
Slide 1: FY & 4Q25 Results
FY & 4Q25 Results February 12, 2026
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: FY25 Operating Performance Highlights
FY25 Operating Performance Highlights © AB InBev 2026 – All rights reserved | 3
Slide 4: Continued earnings growth, margin expansion, and solid free cash flow generation
• Momentum across key markets driven by: – All-time high brand power – Gained or maintained market share in two thirds of our markets – Volume trend improvement in 4Q as weather normalized • Consistent financial performance: – EBITDA +4.9% vs FY24 with margin expansion of 101bps – Underlying USD EPS
Slide 5: Volume trend improved sequentially
Operating performance Volume trend improved sequentially FY25 4Q25 2025 daily deseasonalized sales Total volumes -2.3% -1.5% Revenue per hl +4.4% +4.0% Total revenue +2.0% +2.5% EBITDA +4.9% +2.3% EBITDA margin +101 bps -10 bps Underlying EPS (USD) +6.0% +7.5% Jan Feb Mar Apr May Jun Jul Aug Sep Oct
Slide 6: Diversified geographic footprint driving consistent performance with revenue growth in 65% of markets
Diversified geographic footprint driving consistent performance with revenue growth in 65% of markets EMEA 14% EBITDA contribution 1 North America +3.2% Organic revenue 21% EBITDA contribution 1 FY25 +7.0% -1.0% Organic EBITDA Organic revenue FY25 +0.1% Organic EBITDA APAC 8% EBITDA contribution 1 -
Slide 7: Advantaged footprint well positioned for growth, with FX diversification
Advantaged footprint well positioned for growth, with FX diversification Footprint well positioned to capture growth Currency diversification FX Contribution to Normalized EBITDA (%) All Others United States % EBITDA % Category 13% ABI Market Share1 19% Contribution Volume Growth Europe 4% Developin
Slide 8: North America
North America United States Building momentum and gaining share in beer and FY25 spirits driven by Michelob Ultra and Cutwater • Michelob Ultra and Busch Light the #1 and #2 volume Volumes - 3.0% share gainers in the beer industry • Beyond Beer portfolio grew revenues in the high- thirties in FY25 l
Slide 9: 3 of top 10 Super Bowl ads, 10th win
3 OF TOP 10 SUPER BOWL ADS 10TH WIN © AB InBev 2026 – All rights reserved | 9
Slide 10: Middle Americas
Middle Americas Mexico Market share gain and margin expansion drove mid- FY25 single digit top- and bottom-line growth • Revenue increased by mid-single digits in FY25 Volumes + 0.5% • Above core beer portfolio delivered high-single digit revenue growth, led by Modelo and Pacifico Revenue / hl + 4.2
Slide 11: South America
South America Brazil Improved momentum in 4Q25 with market share gain FY25 1 driven by our premium portfolio • Gaining share in Q4 with our volumes returning to Volumes - 3.5% growth in December • Premium and super premium beer brands grew Revenue / hl + 8.7% volumes in the high-teens in FY25 to now
Slide 12: EMEA
EMEA Europe Continued market share gains and premiumization FY25 partially offset a soft industry • Gained market share in 5 of 6 key markets in FY25 Volumes - 0.7% • Performance led by Corona, which delivered mid-single digit volume growth Revenue / hl + 3.9% Revenue + 3.2% South Africa Continued m
Slide 13: Asia Pacific
Asia Pacific China Top- and bottom-line declined, impacted by volume FY25 performance • 4Q25 market share trend improved to be flat versus Volumes - 6.3% 4Q24 • Investing in our portfolio, innovation and enhancing our route to market in the in-home channel Revenue / hl - 0.3% Revenue - 6.5% South Ko
Slide 14: Consistent execution of our strategy
Consistent execution of our strategy © AB InBev 2026 – All rights reserved | 14
Slide 15: Category gaining share of alcohol beverage and forecast to grow volumes
Category gaining share of alcohol beverage and forecast to grow volumes Share of total alcohol beverage (% LBE) 50.3 Beer + BEER CATEGORY 50.0 Beyond Beer (RTDs) VOLUME GROWTH 46.9 46.7 46.8 Estimated CAGR (FY25-FY29) Beer 44.7 1.7% 1.9% k 40.2 39.0 39.1 Spirits 12.9 11.1 0.2% 10.6 Wine 2019 2020 20
Slide 16: Investing in our brands for the long-term
Investing in our brands for the All-time high Brand Power long-term Scaled & efficient investments in S&M Total Brand Power 1 Sales & Marketing Spend ($Bn) +~40bps 7.3 7.4 7.2 7.2 6.8 2023 2024 2025 FY21 FY22 FY23 FY24 FY25 Notes 1. According to Kantar and internal estimates © AB InBev 2026 – All ri
Slide 17: Megabrands driving efficient growth
Megabrands driving efficient growth ~5 brands per market +4.1% Net Revenue growth vs LY Making up the majority of volumes & growth Receiving disproportionate S&M investment Megabrands Net Revenue ($Bn) +10% 1 57% +25% Of our total revenue CAGR 34 57% 50% World’s Most Effective Marketers FY21 FY22 FY
Slide 18: Significant opportunity for premiumization
Significant opportunity for premiumization Global leader in Premium Beer 2 With headroom for future growth Premium Beer Net Revenue ($Bn) +6% +13% 1 CAGR >2x Expected growth vs overall beer category FY25-FY29 3 21 Premium + Volume CAGR Forecast FY25-FY29 3 Developing Markets +8.8% 35% 34% Emerging M
Slide 19: Leading premiumization & celebrating golden moments
LEADING PREMIUMIZATION & CELEBRATING GOLDEN MOMENTS Most Valuable Beer Brand Leading Premium Growth #1 BRAND IN THE WORLD For the 3 rd consecutive year 30 +7.6% Markets (2023/2024/2025) FY25 VOLUME Double -Digit GROWTH1 Volume Growth Premium Price Leading Long -term Growth 2x Volume >20pp vs Compara
Slide 20: Leading category development with innovation in balanced choices
Leading category development with innovation in balanced choices +8.9% Net Revenue growth vs LY $5.0Bn FY25 revenue Low Cal Low Cal/Carb, Easy Drinking Gluten Free Zero Sugar Styles & Flavor Next Gen ~10% Easy Drinking & Classic Lager Classic Lager No-Alcohol Beer Of our beer revenue © AB InBev 2026
Slide 21: Accelerating momentum in no-alcohol beer
Accelerating momentum in no-alcohol beer Net Revenue more than doubled since 2021 Headroom for future growth No-alcohol Beer Net Revenue ($Bn) +83% 1 +21% Expected volume growth CAGR +34% >3x vs overall beer category FY25-FY29 2 <1% >1% ~60% Incrementality 3 FY21 FY22 FY23 FY24 FY25 NR Weight Net Re
Slide 22: Increasing total addressable market with Beyond Beer
Increasing total addressable market with Beyond Beer Focused portfolio meeting consumer needs With headroom for future growth Beyond Beer Net Revenue ($Bn) 1 Expected volume growth +16%2+48% CAGR >2x vs overall beer category FY25-FY29 3 2% 3% ~65% Incrementality 4 FY21 FY22 FY23 FY24 FY25 NR Weight
Slide 23: Scalable innovations delivering ~11% revenue contribution
Scalable innovations delivering ~11% revenue contribution PACKAGING NO-ALCOHOL BEER FLAVOR AND BEYOND BEER 1L, 710ML & 269ML CANS SOUTH KOREA’S FIRST #1 FASTEST GROWING GROWING SHARE #1 INNOVATION IN US “4 ZERO” BEVERAGE. #2 INNOVATION IN EXPANSION TO SPIRIT BRAND IN US IN AND PARTICIPATION ONLY 29
Slide 24: Digitizing & monetizing our ecosystem through BEES
Digitizing & monetizing our ecosystem through BEES SELLERS +61% vs LY Marketplace GMV $3.5Bn RETAILERS GMV Evolution +30% vs LY +4pp vs LY $Bn 53 +12% Orders including Marketplace products3 Net Promoter Score1 49 vs LY 50M 68 40 32 +12% vs LY +23% vs LY Orders Marketplace buyers2 137M 1.9M +11% vs L
Slide 25: Building an incremental and profitable marketplace business
Building an incremental and profitable marketplace business with $3.5Bn GMV and growing 61% YoY Marketplace GMV Evolution ($Bn)1 75% CAGR 3P 3X 3P Marketplace GMV vs 24 1P >500 Marketplace Partners FY21 FY22 FY23 FY24 FY25 Notes 1. Organic GMV Growth © AB InBev 2026 – All rights reserved | 25
Slide 26: Building a global digital DTC business
Building a global digital DTC business 553 511 526 429 FY24 FY25 YoY Revenue $526m $553m +8% 326 Online orders ~75m ~76m +1% Active Consumers 11.0m 12.3m (R12M) +11% FY21 FY22 FY23 FY24 FY25 Net Revenue ($M) © AB InBev 2026 – All rights reserved | 26
Slide 27: Optimizing our business
Optimizing our business Margin expansion USD EPS and free cash flow growth Increased capital allocation flexibility Advancing our sustainability priorities © AB InBev 2026 – All rights reserved | 27
Slide 28: Margin expansion of 101 bps
Margin expansion of 101 bps EBITDA margin expansion in four of five regions Margin evolution North Americas EBITDA margin +37 bps margin expansion 1 40.4% +101 bps 1 +2.1% 35.1% 35.8% 33.6% Middle Americas +108 bps margin expansion 1 EMEA South America +117 bps FY19 FY23 FY24 FY25 +78 bps margin exp
Slide 29: Underlying EPS grew by 6.0% in FY25 and 6.7% CAGR since FY21
Underlying EPS grew by 6.0% in FY25 and 6.7% CAGR since FY21 © AB InBev 2026 – All rights reserved | 29
Slide 30: Continued solid Free Cash Flow generation
Continued solid Free Cash Flow generation Free Cash Flow 1 ($Bn) 11.3 11.3 9.3 8.5 8.8 FY21 FY22 FY23 FY24 FY25 Note: 1. Free cash flow defined as Cash flow from Operating Activities less Net Capex © AB InBev 2026 – All rights reserved | 30
Slide 31: Net debt to EBITDA reached 2.87x
Net debt to EBITDA reached 2.87x Net Debt ($Bn), EBITDA ($Bn) & Leverage (x) 76.2 69.7 67.6 3.96x 60.6 60.9 3.51x 3.38x 2.89x 2.87x 21.0 21.2 19.8 20.0 19.2 FY21 FY22 FY23 FY24 FY25 Net Leverage (x) 1 Net Debt ($B) 1 LTM EBITDA ($B) Note: 1. Net Leverage (x) represents Net Debt to Normalized LTM EBI
Slide 32: Actively managed debt portfolio with 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 12 KRW CAD 4% 3% 3% 1% 10 8 $Bn 49% USD 6 40% 4 EUR 2 0 2057 2026 2027 2028 2029 2030 2031 203
Slide 33: Increased flexibility in capital allocation choices
Increased flexibility in capital allocation choices Dividend per share & payout ratio 1 Increase in share buybacks $Bn +15% € 1.15 5.6 € 1.00 € 0.82 € 0.75 € 0.50 2.3 ~36% 30% 30% 26% 20% 0.9 0.4 FY21 FY22 FY23 FY24 FY25 FY23 FY24 FY25 FY26 - FY27 2 Remaining share buyback program ($B) Payout Ratio
Slide 34: Advancing sustainability to support our commercial vision
Advancing sustainability to support our commercial vision Climate Action Water Stewardship 32% Reduction in Scopes 1, 2 & 3 23% Improvement in water efficiency emissions intensity since 2017 since 2017 84% Operational renewable electricity 100% High stress sites in scope of the in 2025 goal with mea
Slide 35: 2026 outlook
2026 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 36: Meeting the moment in 2026
Meeting the moment in 2026 © AB InBev 2026 – All rights reserved | 36
Slide 37: Confident in our business and the beer category
• Solid financial performance and free cash flow • Increased capital allocation flexibility Confident in our business and the beer category • Exiting 2025 with improved momentum • Uniquely positioned to activate the category in 2026 © AB InBev 2026 – All rights reserved | 37
Slide 38: Uniquely positioned to activate the category in 2026
Uniquely positioned to activate the category in 2026 H1 2026 H2 2026 COMING IN 2027 ALWAYS ON NETFLIX © AB InBev 2026 – All rights reserved | 38
Slide 39: Q&A
Q&A © AB InBev 2026 – All rights reserved | 39