Anheuser-busch Inbev Sa/nv · EURONEXT:ABI

Anheuser-busch Inbev Sa/nv — Q2 2025 Earnings Presentation

32 slides from Anheuser-busch Inbev Sa/nv's earnings presentation, Jul 31, 2025

Slide 1: 2Q25 Results
2Q25 Results July 31, 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 4: Consistent execution of our strategy delivering solid results
• Continued global momentum drove EBITDA growth of +6.5% • EBITDA margin expansion of 116 bps Consistent execution of • Revenue per hl accelerated +4.9% in 2Q25 our strategy delivering • US portfolio momentum: #1 and #2 volume share gain brands in solid results the industry in 2Q25 • No-alcohol beer
Slide 5: Operating performance: 2Q volumes impacted by Brazil and China
Operating performance 2Q volumes impacted by Brazil and China YoY Volume growth (%) 2Q25 HY25 +0.7% Brazil Remaining ABI markets Total volumes -1.9% -2.0% ~67% -6.9% Revenue per hl +4.9% +4.3% of total volumes 1 China Total revenue +3.0% +2.3% EBITDA +6.5% +7.2% Accelerated NR/hl growth EBITDA margi
Slide 6: Diversified geographic footprint driving consistent performance
Diversified geographic footprint driving consistent performance EMEA 14% EBITDA contribution 1 North America +5.2% Organic revenue 22% EBITDA contribution 1 2Q25 +9.5% +2.2% Organic EBITDA Organic revenue 2Q25 +4.5% Organic EBITDA APAC 8% EBITDA contribution 1 -4.5% Middle Americas Organic revenue 3
Slide 7: North America
North America United States Michelob Ultra momentum drove continued market 2Q25 share gain and top- and bottom-line growth • Michelob ULTRA and Busch Light the #1 and #2 Volumes + 0.3% volume share gainers in the beer industry • Spirits-based RTD portfolio grew volumes by low- teens Revenue / hl + 1
Slide 8: Middle Americas
Middle Americas Mexico Continued momentum drove mid-single digit 2Q25 top- and bottom-line growth • Volumes increased low-single digits Volumes + 1.1% • Above core beer brands delivered high-single digit revenue growth, led by Modelo and Michelob Ultra Revenue / hl + 3.9% Revenue + 5.1% Colombia Rec
Slide 9: South America
South America Brazil Revenue decline impacted by volume; mid-single 2Q25 1 digit bottom-line growth with margin expansion • Underperformed a soft industry, which was impacted Volumes - 4.9% by adverse weather • Premium and super premium beer brands grew volumes in the mid-teens Revenue / hl + 8.9% R
Slide 10: EMEA
EMEA South Africa Continued momentum and market share gain 2Q25 • • Mid-single digit top- and bottom-line growth Premium and super premium brands grew Volumes + 0.9% volumes by mid-teens Revenue / hl + 4.3% Revenue + 5.2% Europe Improved industry, continued premiumization Normalized EBITDA + 9.5% an
Slide 11: Europe beer industry: Resilient with normalized weather
Europe beer industry: Resilient with normalized weather Normalized weather in Europe Improved industry Beer gaining share of Total Alcohol Off-trade industry performance 1 Europe 2Q25 (YoY) +0.4pp2Q25 Increase in Weather 1 +2.1% Share of Total Alcohol 1 With gains across key markets: Beer share of t
Slide 12: Asia Pacific
Asia Pacific China Revenue declined by 6.2% impacted by volume 2Q25 performance • Performance impacted by continued weakness in Volumes - 6.6% our key regions and channels • Increased marketing investments in our megabrands Revenue / hl + 2.3% Revenue - 4.5% South Korea • Gained share in both the on
Slide 14: Consistent investments in our brands, Growing Brand Power
Consistent investments in Growing Brand Power our brands Brand Power 1 (1H25 vs. 1H24) Sales & Marketing ($Bn) 7.3 6.8 7.2 7.2 +4% organic 7.2 +0.4pp +0.7pp Total ABI Megabrands 2021 2022 2023 2024 LTM’25 Notes 1. According to Kantar © AB InBev 2025 – All rights reserved |14
Slide 15: 8 of top 10 most valuable beer brands globally
8 of top 10 most valuable beer brands globally 1 #6 #2 #7 #3 -- #8 +1 #4 #9 +1 #5 #10 -- Notes 1. According to KANTAR BrandZ, 2025 © AB InBev 2025 – All rights reserved |15
Slide 16: Megabrands driving efficient growth, led by Corona
Megabrands driving efficient growth Led by Corona +5.6% 2Q25 NR growth +7.7% 2Q25 NR growth 1 ~5 BRANDS per market Making up the majority of volumes & growth Receiving disproportionate S&M investment Note: 1. Outside of Mexico, where Corona commands a premium price. Excludes exports to Australia for
Slide 17: Consistent execution across our category expansion levers
Consistent execution across our category expansion levers Core Balanced Beyond Superiority Premiumization choices Beer +0.4% +5.1% +7.9% +6.4% Mainstream portfolio Above core beer portfolio Balanced choices beer portfolio Beyond Beer portfolio NR growth vs LY NR growth vs LY NR growth vs LY NR growt
Slide 18: 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 (%) ~80% ~70% of markets gaining market share of NA beer 1, 2 33% #1 Market positions in 7 of our No-Alc Portfolio top 13 NA beer markets2 Note 1. YTD through Jun’25; key markets based
Slide 19: Leading innovation in the US
Leading innovation in the US #1 1H25 Innovation in US #2 1H25 Innovation in US ~6x Purchase % of 21-24 LDA #6 Volume share gainer in consumers vs. industry avg 1 the industry 2 Note: 1. Numerator (May-June) 2. Circana Total US MULC (1H25) © AB InBev 2025 – All rights reserved |19
Slide 20: BEES Marketplace accelerating, growing GMV 63% to $785M
BEES Marketplace accelerating, growing GMV 63% to $785M SELLERS +63% vs LY 2 RETAILERS Marketplace GMV $785M +3pp vs LY +27% vs LY Net Promoter Score1 Orders including 67 Marketplace products3 11M +11% vs LY +10% vs LY 2 +22% vs LY Orders 33M Total GMV Marketplace buyers $12.2Bn 1.8M +8% vs LY Rewar
Slide 21: Building a global digital DTC business
Building a global digital DTC business 2Q25 +6% vs LY Net Revenue $134m -2% vs LY Online Orders 18.2m +7% vs LY Active Consumers 11.5m © AB InBev 2025 – All rights reserved |21
Slide 23: Margin expansion of 116 bps, EBITDA margin expansion in four of five regions
Margin expansion of 116 bps EBITDA margin expansion in four of five regions Margin evolution North Americas EBITDA margin +81 bps margin expansion 1 +116 bps 1 35.3% 34.6% 32.5% Middle Americas +83 bps margin expansion 1 EMEA South America +129 bps 2Q23 2Q24 2Q25 +93 bps margin expansion 1 margin ex
Slide 25: $0.5bn improvement in Free Cash Flow
$0.5bn improvement in Free Cash Flow Optimizing our Business Free Cash Flow 1 ($Bn) ($Bn) +$0.5 Bn Normalized 1H24 10.3 EBITDA -0.1 1.4 1H25 10.2 0.9 1H24 -1.4 Net Interest Expense +0.1 1H25 -1.3 0.2 1H24 -4.2 Δ NWC +0.5 1H25 -3.7 -0.5 1H22 1H23 1H24 1H25 1H24 -1.7 Net Capex +0.3 1H25 -1.4 Note: 1.
Slide 26: Continued deleveraging progress
Continued deleveraging progress Deleveraging through both EBITDA growth and Net debt reduction 4.37x 3.86x 3.70x 83.4 3.42x 3.27x 75.9 73.8 70.4 68.1 20.6 20.8 19.7 19.9 19.1 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 1 1 Net Leverage (x) Net Debt ($B) LTM EBITDA ($B) Note: 1. Net Leverage (x) represents Ne
Slide 27: 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 12 KRW CNY CAD 4% 10 3%3% 8 $bn 6 50% USD 4 40% 2 EUR 0 2042 2032 2047 2027 2037 2046 2049 2052 2057 202
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 30: Resilient strategy driving consistent results
• Solid financial performance in 1H25 with high- single digit EBITDA and USD EPS growth • Beer category is resilient, and our business is local Resilient strategy driving • Revenue per hl accelerated in 2Q25 consistent results • Developed market performance: North America and Europe growing top- and

Anheuser-Busch InBev — Q2 2025 Earnings Presentation on 6ix

Anheuser-busch Inbev Sa/nv — Q2 2025 Earnings Presentation

Slide 1: 2Q25 Results

Slide 2: Legal disclaimer

Slide 3: 2Q25 Operating performance highlights

Slide 4: Consistent execution of our strategy delivering solid results

Slide 5: Operating performance: 2Q volumes impacted by Brazil and China

Slide 6: Diversified geographic footprint driving consistent performance

Slide 7: North America

Slide 8: Middle Americas

Slide 9: South America

Slide 10: EMEA

Slide 11: Europe beer industry: Resilient with normalized weather

Slide 12: Asia Pacific

Slide 13: Consistent execution of our strategy

Slide 14: Consistent investments in our brands, Growing Brand Power

Slide 15: 8 of top 10 most valuable beer brands globally

Slide 16: Megabrands driving efficient growth, led by Corona

Slide 17: Consistent execution across our category expansion levers

Slide 18: Corona Cero leading the growth in no-alcohol beer

Slide 19: Leading innovation in the US

Slide 20: BEES Marketplace accelerating, growing GMV 63% to $785M

Slide 21: Building a global digital DTC business

Slide 22: Optimizing our business

Slide 23: Margin expansion of 116 bps, EBITDA margin expansion in four of five regions

Slide 24: Underlying EPS grew by 8.7% to $0.98

Slide 25: $0.5bn improvement in Free Cash Flow

Slide 26: Continued deleveraging progress

Slide 27: Actively managed debt portfolio with no relevant medium-term refinancing needs

Slide 28: 2025 outlook

Slide 29: Meeting the moment in 2025

Slide 30: Resilient strategy driving consistent results

Slide 31: Meeting consumers in the most iconic moments of the year

Slide 32: Q&A