Slide 1: 1Q25 Results
1Q25 Results May 8, 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: 1Q25 Operating Performance highlights
1Q25 Operating Performance highlights © AB InBev 2025 – All rights reserved |3
Slide 4: Consistent execution of our strategy delivering compounding growth
• Continued global momentum driving EBITDA growth of +7.9% • EBITDA Margin expansion of 218 bps Consistent execution of • US portfolio momentum: #1 and #2 volume share gain brands in our strategy delivering the industry in 1Q25 compounding growth • No-alcohol beer revenue +34% • BEES Marketplace con
Slide 5: Operating performance
Operating performance 1Q25 Total volumes -2.2% Revenue per hl +3.7% Total revenue +1.5% EBITDA +7.9% EBITDA margin +218 bps Underlying EPS (USD) +7.1% Constant Currency +20.2% © AB InBev 2025 – All rights reserved |5
Slide 6: Diversified geographic footprint driving consistent performance
Diversified geographic footprint driving consistent performance EMEA 13% EBITDA contribution 1 North America +4.8% Organic revenue 22% EBITDA contribution 1 1Q25 +13.1% -4.7% Organic EBITDA Organic revenue 1Q25 -0.9% Organic EBITDA APAC 8% EBITDA contribution 1 -7.7% Middle Americas Organic revenue
Slide 7: North America
North America United States Michelob ULTRA drove continued market share gain 1Q25 • Michelob ULTRA and Busch Light #1 and #2 volume share gainers in the beer industry in 1Q25 Total Volume - 6.4% • Spirits-based RTD portfolio grew volumes by strong double-digits Net Revenue / hl + 1.9% Net Revenue -
Slide 8: US industry trend in 1Q25 impacted by adverse weather and calendar-related factors
US Industry trend in 1Q25 impacted by adverse weather and calendar- related factors, with improvement in April Industry volume performance -1% -2% FY23 FY24 1Q25 Jan’25 Feb’25 Mar’25 Apr’25 MTD Temp (⁰F) vs LY -3 -6 -2 -1 Easter ‘24 Easter ‘25 Source: Circana MULC+ through week ending 27-Apr-2025, W
Slide 9: Middle Americas
Middle Americas Mexico Revenue growth and margin expansion drove 1Q25 double-digit bottom-line growth • Revenue grew by mid-single digits Total Volume - 1.7% • Above core beer brands delivered high-single digit revenue growth, led by Modelo Net Revenue / hl + 5.4% Net Revenue + 3.6% Colombia Record
Slide 10: South America
South America Brazil Continued momentum drove double-digit 1Q25 1 bottom-line growth with margin expansion • All-time high beer and non-beer volumes Total Volume + 1.3% • Premium and super premium beer brands grew volumes in the low-twenties, led by Stella Artois and Corona Net Revenue / hl + 7.1% N
Slide 11: EMEA
EMEA Europe Continued premiumization and margin recovery 1Q25 drove double-digit bottom-line growth • Gained or maintained market share in majority of Total Volume - 1.2% our key markets • Premium and super premium portfolio makes up ~60% of revenue Net Revenue / hl + 6.0% Net Revenue + 4.8% South A
Slide 12: Asia Pacific
Asia Pacific China Performance impacted by soft industry in our 1Q25 footprint • Performance impacted by industry weakness in Total Volume - 6.2% our key regions and on-premise channel • Increased marketing investments in our megabrands Net Revenue / hl - 1.5% Net Revenue - 7.7% South Korea • Volume
Slide 13: Consistent execution of our strategy
Consistent execution of our strategy © AB InBev 2025 – All rights reserved | 13
Slide 14: Megabrands driving efficient growth
Megabrands driving efficient growth Led by Corona +4.4% 1Q25 NR growth +11.2% 1Q25 NR growth 2 with increase in portfolio Brand Power 1 ~5 BRANDS per market Making up the majority of volumes & growth Receiving disproportionate S&M investment Note: 1. According to our estimates 2. Outside of Mexico,
Slide 15: >30 Markets: Corona leading premiumization
LEADING PREMIUMIZATION & CELEBRATING 100 YEARS UNDER THE SUN #1 RANKED 2024 & 2025 LEADING PREMIUM GROWTH CELEBRATING 100 YEARS +11.2% 1Q25 NR growth 1 >30 Markets With double-digit volume growth + 20pp Price premium vs Comparable premium brand 2 Note 1. Outside of Mexico, where Corona commands a pr
Slide 16: Consistent execution across our category expansion levers
Consistent execution across our category expansion levers Balanced Core Superiority choices Premiumization Beyond Beer +0.3% +34% +1.8% +16.6% Mainstream portfolio No-alcohol beer portfolio Above core beer portfolio Beyond Beer portfolio NR growth vs LY NR growth vs LY NR growth vs LY NR growth vs L
Slide 17: Corona Cero leading the growth in no-alcohol beer
Corona Cero leading the growth in no-alcohol beer No-alcohol beer growth accelerating led by Corona Cero YoY Net Revenue growth (%) % of Markets 1 ~75% Triple-digits Gaining market share 2 34% ~50% #1 Market positions No-Alc Portfolio Note 1. Q1 QTD data Jan-Feb’2025; key markets based on markets to
Slide 18: Digitizing & Monetizing our Ecosystem through BEES
Digitizing & Monetizing our Ecosystem through BEES SELLERS +53% vs LY 2 Marketplace GMV RETAILERS $645M +27% vs LY +5pp vs LY Orders including Marketplace products3 Net Promoter Score1 10M 65 +11% vs LY +20% vs LY Orders +10% vs LY 2 Marketplace buyers 1.6M 32M Total GMV $11.6Bn +9% vs LY Rewards pr
Slide 19: Building a global digital DTC business
Building a global digital DTC business 1Q25 +12% vs LY Net Revenue $117m +6% vs LY Online Orders 19.2m +6% vs LY Active Consumers 11.2m © AB InBev 2025 – All rights reserved |19
Slide 20: Optimizing our business
Optimizing our business Margin improvement Compounding USD EPS growth FY25 outlook © AB InBev 2025 – All rights reserved |20
Slide 21: Margin expansion of 218bps
Margin expansion of 218bps EBITDA margin expansion in four of five regions Margin evolution North Americas EBITDA margin +125 bps margin expansion 1 +218bps 1 35.6% 34.3% 33.5% Middle Americas +300 bps margin expansion 1 EMEA South America +235 bps 1Q23 1Q24 1Q25 +253 bps margin expansion 1 margin e
Slide 22: Underlying EPS grew by 7.1% to $0.81
Underlying EPS grew by 7.1% to $0.81, driven by operating profit growth and lower net finance costs © AB InBev 2025 – All rights reserved |22
Slide 23: Our business is local
Our business is local +20K In the US… Farmers • +700 Farmers +100K Suppliers 98% • +7K Suppliers Local • 18 Breweries +200 Production Breweries • +350 Wholesalers +5K Local Wholesalers 99% Production © AB InBev 2025 – All rights reserved |23
Slide 24: 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 25: Meeting the moment in 2025
Meeting the moment in 2025 © AB InBev 2025 – All rights reserved |25
Slide 26: Resilient strategy driving consistent results
• Solid start to the year with EBITDA growth at top-end of our outlook and high-single digit Underlying EPS growth • Beer category is resilient and our business is Resilient strategy driving local consistent results • Confident in our ability to deliver on our 2025 outlook • Energized by the opportu
Slide 27: 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 |27
Slide 28: Q&A
Q&A © AB InBev 2025 – All rights reserved |28