Slide 1: FY & 4Q24 Results
FY & 4Q24 Results February 26, 2025 4 of top 10 Super Bowl ads
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: FY24 Operating Performance highlights
FY24 Operating Performance highlights © AB InBev 2025 – All rights reserved |3
Slide 4: Consistent execution of our strategy delivering compounding growth
• All-time high revenue with growth in 75% of our markets • US momentum: #1 and #2 volume share gain brands in the industry in 4Q24 • BEES Marketplace accelerating: GMV $2.5bn, +57% vs FY23 Consistent execution of • EBITDA +10.1% in 4Q24 and +8.2% in FY24 our strategy delivering compounding growth •
Slide 5: Operating performance
Operating performance FY24 4Q24 Total volumes -1.4% -1.9% Revenue per hl +4.3% +5.5% Total revenue +2.7% +3.4% EBITDA +8.2% +10.1% EBITDA margin +179 bps +216 bps Underlying EPS +15.4% +7.3% Note 1. Figures represent organic growth, with the exception of Underlying EPS, which shows nominal USD growt
Slide 6: Volume growth constrained by consumer environment in China and Argentina
Volume growth constrained by consumer Volume breakdown vs LY All other markets: environment in China and Argentina +0.9% 85%1 Total Volumes (M hL) -1.4% 15%1 585 576 China and Argentina: -13.2% >50% ~67% Markets growing Of our markets gained volumes vs LY or maintained share FY23 FY24 Notes: 1. Deno
Slide 7: All-time high revenue with sequentially improving NR/hl growth in FY24
All-time high revenue With sequentially improving NR/hl growth in FY24 NR/hl growth (%) FY Net Revenue ($Bn) 1 +10% 5.5% Nominal Growth 5.5 57.8 59.4 59.8 54.3 5.0 4.6% 4.5 4.0 3.6% 3.5 3.3% 3.0 2.5 2.0 FY21 FY22 FY23 FY24 1Q24 2Q24 3Q24 4Q24 Note 1. Historical net revenue as reported © AB InBev 202
Slide 8: Broad-based growth with revenue increase in 75% of our markets
Broad-based growth with revenue increase in 75% of our markets EMEA 13% EBITDA contribution 1 North America +10.5% Organic revenue 22% EBITDA contribution 1 FY24 +17.1% -1.9% Organic EBITDA Organic revenue FY24 +2.5% Organic EBITDA APAC 9% EBITDA contribution 1 -7.1% Middle Americas Organic revenue
Slide 9: North America
North America United States Increased investment driving momentum and FY24 improved market share trend • Sales-to-retailers increased by 0.5% in 4Q24, Total Volume - 3.8% outperforming the industry • Michelob ULTRA and Busch Light #1 and #2 volume share gainers in the industry in 4Q24 Net Revenue /
Slide 10: Middle Americas
Middle Americas Mexico Record high volumes with market share gain and FY24 margin expansion • Volumes grew by low-single digits in FY24 Total Volume + 0.9% • Core brands delivered mid-single digit revenue growth, led by Corona Net Revenue / hl + 4.5% Net Revenue + 5.5% Colombia Record high volumes d
Slide 11: South America
South America Brazil Market share gain and margin expansion drove FY24 1 double-digit bottom-line growth • Total volumes grew by 1.5% in FY24 Total Volume - 1.0% • Above core brands grew volumes in the low-teens, led by Budweiser and Corona Net Revenue / hl + 6.1% Net Revenue + 5.0% Argentina • Over
Slide 12: EMEA
EMEA Europe Market share gain and margin recovery drove FY24 double-digit bottom-line growth • Slight volume growth in FY24, led by Corona and Total Volume + 4.0% Stella Artois • Gaining share in 5 of our 6 key markets Net Revenue / hl + 6.3% Net Revenue + 10.5% South Africa Market share gain and ma
Slide 13: Asia Pacific
Asia Pacific China Revenue declined by double-digits, impacted by FY24 soft industry • Premium and super premium portfolio contributed Total Volume - 8.9% approx. two-thirds of our revenue • Accelerated premiumization of the in-home channel Net Revenue / hl + 1.9% Net Revenue - 7.1% South Korea • Vo
Slide 14: Consistent execution of our strategy
Consistent execution of our strategy © AB InBev 2025 – All rights reserved | 14
Slide 15: Category gaining share of alcohol and forecast to grow volumes
Category gaining share of alcohol and forecast to grow volumes Share of total alcohol (% LBE) 50,7 Beer + BEER CATEGORY 49,8 Beyond Beer (RTDs) VOLUME GROWTH 46,7 47,2 Beer Estimated CAGR (FY23-FY28) 46,0 44,1 k 40,9 38,9 38,8 Spirits 13,1 11,3 10,6 Wine 2018 2019 2020 2021 2022 2023 2024F 2025F 202
Slide 16: Best-in-class footprint well positioned to capture category growth
Best-in-class footprint well positioned to capture category growth Developing Emerging Developed China Markets Markets Markets % category vol growth 34% 48% 13% 5% % ABI volume 55% 10% 24% 11% ABI share 70%+ ~40%1 ~40% ~20% Record high volumes +10% Building momentum ~45% Volume growth P/SP Market Sh
Slide 17: Megabrands driving efficient growth
Megabrands driving efficient growth ~5 BRANDS per market +4.6% Net Revenue growth vs LY Making up the majority of volumes & growth Receiving disproportionate S&M investment Megabrands Net Revenue ($Bn) 57% Of our total revenue +37% +37% 33 57% 24 FY21 FY22 FY23 FY24 NR Weight Net Revenue © AB InBev
Slide 18: Megabrands increasing in Brand Power; scaled and efficient S&M investments
Megabrands increasing in Scaled & efficient Brand Power investments in S&M Total Megabrand Brand Power 1 Sales & Marketing ($Bn) ++45bps ~45 bps +2% 7.3 organic 7.2 7.2 6.8 FY23 FY24 FY21 FY22 FY23 FY24 Notes 1. According to Kantar and internal estimates © AB InBev 2025 – All rights reserved |18
Slide 19: Significant opportunity for premiumization
Significant opportunity for premiumization Global leader in Premium Beer 1 With headroom for future growth >2x Expected growth vs overall beer category FY23-FY28 2 Premium + 2 Volume CAGR Forecast FY23-FY28 Developing Markets +3.0% Emerging Markets +4.4% Developed Markets +1.6% China +3.1% Total +2.
Slide 20: Leading premiumization: Corona
LEADING PREMIUMIZATION & CELEBRATING 100 YEARS UNDER THE SUN Most Valuable Beer Brand Leading Premium Growth #1 +9.4% Markets >30 BRAND IN THE WORLD FY24 Volume Double-Digit Growth 1 Volume Growth Super Premium Price Leading Long-term Growth +87% + 20pp vs Comparable Premium Brand 2 Volume growth si
Slide 21: Developing the category with innovation in balanced choices
Developing the category with innovation in balanced choices LOW CAL & LOW CARB ORGANIC ZERO SUGAR GLUTEN FREE NO-ALCOHOL (20+ BRANDS) +6.4% Net Revenue growth vs LY Icy GD Zero Sugar $5.4bn FY24 revenue 10+ markets 45+ markets ~10% Of our beer revenue © AB InBev 2025 – All rights reserved |21
Slide 22: Corona Cero leading the growth in no-alcohol beer
Corona Cero leading the growth in no-alcohol beer Headroom for future growth Revenue Growth +23% ~5x Expected volume growth vs overall beer category FY23-FY28 1 +125% ~65% Incrementality 2 No-Alc Portfolio FY23 FY24 +20% More profitable 3 Notes 1. According to IWSR 2. According to Numerator and inte
Slide 23: Increasing total addressable market with Beyond Beer (RTDs)
Increasing total addressable market with Beyond Beer (RTDs) Focused portfolio meeting consumer needs With headroom for future growth Beyond Beer NR ($Bn) 1 >2x Expected volume growth ~+20% vs overall beer category FY23-FY28 2 1.4 +50% Incrementality 3 FY21 FY22 FY23 FY24 +30-40% More profitable 3 No
Slide 24: Digitizing & Monetizing our Ecosystem through BEES
Digitizing & Monetizing our Ecosystem through BEES SELLERS $2.5Bn Marketplace GMV RETAILERS +57% vs LY2 36M 64 GMV Evolution $Bn 49 +19% Orders including Marketplace products3 Net Promoter Score1 vs LY2 +5pp vs LY +31% vs LY 40 124M 32 1.6M 20 Marketplace buyers Orders +22% vs LY +17% vs LY2 2.3M FY
Slide 25: Building a global Digital DTC Business
Building a global Digital DTC Business 560 515 488 FY23 FY24 YoY 410 Revenue $515m $560m +9% Online orders ~69m ~76m +10% Active Consumers 10.5m 11.2m (R12M) +8% FY21 FY22 FY23 FY24 NR ($M) © AB InBev 2025 – All rights reserved |25
Slide 26: Optimizing our business
Optimizing our business Margin improvement Compounding EPS growth Strong free cashflow Disciplined capital allocation choices © AB InBev 2024 – All rights reserved |26
Slide 27: Margin expansion of 179bps EBITDA margin expansion in all five regions
Margin expansion of 179bps EBITDA margin expansion in all five regions Margin evolution North Americas APAC EBITDA margin +143 bps +35 bps margin expansion 1 margin expansion 1 40.4% +179bps 1 35.1% 33.6% Middle Americas +239 bps margin expansion 1 EMEA South America +178 bps FY19 FY23 FY24 +267 bps
Slide 28: Underlying EPS grew by 15.4% in FY24 and 7% CAGR since FY21
Underlying EPS grew by 15.4% in FY24 and 7% CAGR since FY21 Note 1. Translational FX & scopes impact on Normalized EBITDA organic © AB InBev 2025 – All rights reserved |28
Slide 29: Step change in Free Cash Flow generation driven by growth and efficiency
Step change in Free Cash Flow generation Driven by growth and efficiency Free Cash Flow 1 ($Bn) ($Bn) +$2.5 Bn Normalized FY23 20.0 +1.0 EBITDA 11.3 FY24 21.0 9.3 8.5 8.8 Net Interest FY23 -3.1 Expense +0.3 FY24 -2.8 FY23 -1.5 Δ NWC +1.5 FY24 0.0 FY23 -4.5 FY21 FY22 FY23 FY24 Net Capex +0.7 FY24 -3.
Slide 30: Net debt to EBITDA reached 2.89x
Net debt to EBITDA reached 2.89x Net Debt ($Bn), EBITDA ($Bn) & Leverage (x) 76.2 69.7 67.6 3.96x 60.6 3.51x 3.38x 2.89x 21.0 19.8 20.0 19.2 FY21 FY22 FY23 FY24 Net Leverage (x) 1 Net Debt ($B) 1 LTM EBITDA ($B) Notes 1. Net Leverage (x) represents Net Debt to Normalized LTM EBITDA multiple. Net Deb
Slide 31: Actively managed debt portfolio
Actively managed debt portfolio Well-distributed bond 1 maturity profile with manageable average coupon Diverse currency mix 2 CNY Other 12 Debt Paydown KRW CAD 4% 10 New Issuance 4% 3% 1% Remaining Bonds 8 $bn 6 EUR 32% 56% USD 4 2 0 2031 2041 2051 2059 2036 2039 2046 2049 2056 2030 2038 2040 2048
Slide 32: Increased flexibility in capital allocation choices
Increased flexibility in capital allocation choices Dividend per share & payout ratio 1 Dynamic capital allocation +22% € 1.00 $2 billion Share buyback announced in Oct-24 € 0.82 € 0.75 € 0.50 30% ~30% 26% 20% Completed 2 FY21 FY22 FY23 FY24 Payout Ratio Dividend per Share Notes: 1. Proposed FY24 di
Slide 33: 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. For FY25, the definitio
Slide 34: Meeting the moment in 2025
Meeting the moment in 2025 © AB InBev 2025 – All rights reserved |34
Slide 35: Well-positioned to capture future category growth
• High-quality FY24 financial performance • Increased capital allocation flexibility Well-positioned to capture • Confident in our ability to deliver on our future category growth 2025 Outlook • Energized by the opportunities to activate the category © AB InBev 2025 – All rights reserved |35
Slide 36: Uniquely positioned to activate the category in 2025
Uniquely positioned to activate the category in 2025 H1 2025 H2 2025 © AB InBev 2025 – All rights reserved |36
Slide 37: Q&A
Q&A © AB InBev 2025 – All rights reserved |37