{"id":47907,"date":"2026-07-30T10:02:00","date_gmt":"2026-07-30T08:02:00","guid":{"rendered":"http:\/\/stocks-future.com\/?guid=821b96c7bf4a2478e8ce864985a27cd3"},"modified":"2026-07-30T10:02:00","modified_gmt":"2026-07-30T08:02:00","slug":"ab-inbev-reports-second-quarter-2026-results","status":"publish","type":"post","link":"https:\/\/stocks-future.com\/?p=47907","title":{"rendered":"AB InBev Reports Second Quarter 2026 Results"},"content":{"rendered":"

\nSolid top- and bottom-line performance: Revenue up by 5.6%, Beer volume growth of 1.1% and a 23.4% Underlying EPS increase<\/b><\/p><\/a><\/a><\/a><\/a>

BRUSSELS--(BUSINESS WIRE)--Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD):<\/p>

\nRegulated information1<\/sup><\/p>

\n\u201cCheers to beer \u2013 our performance this quarter reflects the strength of the beer category and the consistent execution of our strategy. Through investment in our megabrands and mega platforms, innovation and offering more choices across more occasions, we are strengthening the cultural relevance of our brands with consumers. Thank you to our colleagues for their commitment and disciplined execution, which position us well to continue our momentum.\u201d \u2013 Michel Doukeris, CEO, AB InBev<\/i><\/p>\n\n\n

\nRevenue<\/b><\/p>

\n+5.6%<\/p>

\nRevenue increased by 5.6% in 2Q26 with revenue per hl growth of 4.2% and by 5.7% in HY26 with revenue per hl growth of 4.3%.<\/p>

\n\u00a0<\/p>

\nReported revenue increased by 11.0% in 2Q26 to 16 660 million USD and by 11.5% in HY26 to 31 927 million USD, positively impacted by currency translation.<\/p>

\n\u00a0<\/p>

\n6.2% increase<\/b> in combined revenues of megabrands in 2Q26, led by Corona, which grew by 17% outside of its home market.<\/p>

\n27% increase<\/b> in revenue of no-alcohol beer in 2Q26.<\/p>

\n44% increase<\/b> in revenue of Beyond Beer in 2Q26.<\/p>

\n50% increase<\/b> in Gross Merchandise Value (GMV) from sales of third-party products through BEES Marketplace to reach 1.2 billion USD in 2Q26.<\/p>

\n\u00a0<\/p>Volumes<\/b>\n

\n+0.9%<\/p>

\nVolumes increased by 0.9% in 2Q26, with beer volumes up by 1.1% and non-beer volumes down by 1.1%.<\/p>

\nVolumes increased by 0.8% in HY26, with beer volumes up by 1.2% and non-beer volumes down by 1.5%.<\/p>

\n\u00a0<\/p><\/td>

\nNormalized EBITDA<\/b><\/p>

\n+5.8%<\/p>

\nNormalized EBITDA increased by 5.8% to 5 938 million USD in 2Q26, with a margin expansion of 4bps to 35.6%.<\/p>

\nNormalized EBITDA increased by 5.6% to 11 375 million USD in HY26, with a margin contraction of 5bps to 35.6%.<\/p>

\n\u00a0<\/p>

\nUnderlying Profit<\/b><\/p>

\n2 390 million USD<\/p>

\nUnderlying Profit was 2 390 million USD in 2Q26 compared to 1 950 million USD in 2Q25 and was 4 314 million USD in HY26 compared to 3 556 million USD in HY25.<\/p>

\nReported profit attributable to equity holders of AB InBev was 3 751 million USD in 2Q26 compared to 1 676 million USD in 2Q25, and was 6 314 million in HY26 compared to 3 824 million in HY25, with HY25, 2Q26 and HY26 positively impacted by non-underlying items.<\/p>

\n\u00a0<\/p>

\nUnderlying EPS<\/b><\/p>

\n1.21 USD<\/p>

\nUnderlying EPS increased by 23.4% to 1.21 USD in 2Q26, compared to 0.98 USD in 2Q25, and increased by 22.1% to 2.18 USD in HY26, compared to 1.79 USD in HY25.<\/p>

\nOn a constant currency basis, Underlying EPS increased by 12.9% in 2Q26 and by 11.0% in HY26.<\/p><\/td><\/tr>\n

\nNet Debt to EBITDA<\/b><\/p>

\n2.86x<\/p>

\nNet debt to normalized EBITDA ratio was 2.86x at 30 June 2026 compared to 3.27x at 30 June 2025 and 2.87x at 31 December 25.<\/p><\/td><\/tr>\n<\/table>

\nThe 2026 Half Year Financial Report is available on our website at www.ab-inbev.com<\/a>.<\/i><\/p>\n\n
1<\/sup>The enclosed information constitutes regulated information as defined in the Belgian Royal Decree of 14 November 2007 regarding the duties of issuers of financial instruments which have been admitted for trading on a regulated market. For important disclaimers and notes on the basis of preparation, please refer to page 15.<\/i><\/td>\n<\/tr>\n<\/table>

\nManagement comments<\/span><\/b><\/p>

\nConsistent and compounding growth with beer volume up by 1.1% and a 23.4% Underlying EPS increase<\/b><\/p>

\nThe momentum of our business continued in 2Q26, with broad-based volume growth and a 23.4% increase in Underlying EPS. While the consumer environment remains dynamic, consistent execution of our strategy and investment in our megabrands and mega platforms enabled solid top- and bottom-line results. We strengthened our portfolio brand power and estimate that we gained market share across our footprint, maintaining or gaining share in 70% of our markets.<\/p>

\nRevenue increased by 5.6%, with total volume growth of 0.9% and a revenue per hl increase of 4.2%, driven by revenue management and positive mix from premiumization and Beyond Beer. Beer volumes grew by 1.1%, with record high second quarter volumes in Mexico, Colombia, and Ecuador. Beer volumes in Brazil returned to growth, and in the US we delivered continued top-line growth and market share gains in both beer and Beyond Beer.<\/p>

\nEBITDA increased by 5.8% with flattish margins as overhead management enabled increased sales and marketing investment and offset transactional FX headwinds. Free cash flow increased by 2.5 billion USD versus HY25 to 3.9 billion USD, driven by disciplined execution and the continued optimization of our business.<\/p>

\nKey highlights from the quarter included: global megabrand momentum, with Corona, Stella Artois and Michelob Ultra growing revenue by 17%, 19% and 21%, respectively, outside of their home markets; successful activation of the FIFA World Cup across our markets, supporting growth of Michelob Ultra in the US and providing a platform to expand the brand across key markets in Latin America; no-alcohol beer revenue growth of 27%, Beyond Beer revenue growth of 44%, and BEES Marketplace GMV growth of 50% to 1.2 billion USD.<\/p>

\nProgressing our strategic priorities<\/b><\/p>

\nWe are executing on three key strategic pillars to deliver consistent growth and long-term value creation.<\/p>

\n(1) Lead and grow the category:<\/b><\/p>

\nWe strengthened our portfolio brand power and estimate that we gained or maintained share in 70% of our markets in 2Q26.<\/p>

\n(2) Digitize and monetize our ecosystem:<\/b><\/p>

\nBEES Marketplace GMV increased by 50% versus 2Q25 to 1.2 billion USD from third-party products. Overall BEES GMV increased by 16% versus 2Q25 to 15.0 billion USD.<\/p>

\n(3) Optimize our business:<\/b><\/p>

\nWe continued to strengthen our balance sheet, with net debt to EBITDA improving to 2.86x as of 30 June 2026 from 3.27x as of 30 June 2025.<\/p>

\n(1) Lead and grow the category<\/b><\/p>

\nInvestment in our megabrands and mega platforms continued to build portfolio brand power, with sales and marketing investment reaching 4.1 billion USD in HY26, up 9% versus HY25. According to the Kantar BrandZ 2026 report, our portfolio holds 8 of the top 10 most valuable beer brands in the world, with Corona and Budweiser ranked #1 and #2, respectively. Our mega platforms strengthened the cultural relevance of our brands during some of the world\u2019s largest moments of celebration, including the Winter Olympics, Roland Garros, Wimbledon and the FIFA World Cup. Across these occasions, our portfolio achieved the #1 share of digital engagement and generated 850 million consumer engagements on social media. Our marketing capabilities were recognized as we were named the Cannes Lions 2026 Creative Marketer of the Year, making us the only company in history to receive this recognition three times.<\/p>

\nWe continued to execute on our category expansion levers and estimate that the number of legal drinking age consumers purchasing our portfolio increased in HY26 with gains in Beyond Beer and Balanced Choices.<\/p>

    \n
  • \nCore Superiority:<\/i><\/b> <\/i>Revenue of our mainstream portfolio increased by 2.7% in 2Q26, driven by double-digit growth in Colombia and high-single digit growth in Peru and Ecuador.<\/li>\n
  • \nPremiumization:<\/i><\/b> <\/i>Our above core beer portfolio delivered a 6.9% revenue increase in 2Q26, led by Corona, Stella Artois and Michelob Ultra, which grew revenue by 17%, 19% and 21%, respectively, outside of their home markets. Corona led the premiumization of our portfolio globally, delivering double-digit volume growth in 37 markets. Michelob Ultra expanded across Latin America in 2Q26, with 40% of its volume growth coming from markets outside of the US.<\/li>\n
  • \nBalanced Choices: <\/i><\/b>Our portfolio of low carb, low calorie, sugar free, gluten free and no-alcohol beer brands delivered a revenue increase of 13% in 2Q26. Our no-alcohol beer portfolio led performance, with revenue up by 27% and estimated share gains strengthening our leadership in no-alcohol beer by value, according to Nielsen.<\/li>\n
  • \nBeyond Beer:<\/i><\/b> <\/i>Growth of our portfolio accelerated, increasing revenue by 44% in 2Q26. Performance was led by the expansion of Flying Fish globally and by Cutwater in the US, which increased revenue by triple-digits and was the 2nd<\/sup> largest contributor by brand to our overall revenue growth in 2Q26.<\/li>\n<\/ul>

    \n(2) Digitize and monetize our ecosystem<\/b><\/p>

      \n
    • \nDigitizing our relationships with more than 6 million customers globally: <\/i><\/b>As of 30 June 2026, BEES was live in 30 markets with 72% of our revenues captured through B2B digital platforms. In 2Q26, <\/i><\/b>BEES captured 15.0 billion USD in GMV, up 16% versus 2Q25.<\/li>\n
    • \nMonetizing our route-to-market; delivering more than 1 billion USD in quarterly GMV: <\/i><\/b>BEES Marketplace GMV increased by 50% versus 2Q25 to approximately 1.2 billion USD from third-party products.<\/li>\n
    • \nLeading the way in DTC solutions: <\/i><\/b>Our digital DTC megabrands, Z\u00e9 Delivery, TaDa Delivery and PerfectDraft, served 13 million active consumers and generated 165 million USD in revenue, 12% growth versus 2Q25. Sales of third-party products through our DTC marketplace reached 50 million USD in GMV, a 63% increase versus 2Q25.<\/li>\n<\/ul>

      \n(3) Optimize our business<\/b><\/p>

        \n
      • \nMaximizing value creation:<\/i><\/b> <\/i>Continued optimization of our business and operating leverage through the P&L drove EBIT growth of 8.0% and a free cash flow increase of 2.5 billion USD versus HY25. We strengthened our balance sheet, with net debt to EBITDA improving to 2.86x from 3.27x as of 30 June 2025. As of 24 July 2026, we completed 1.9 billion USD of our 6 billion USD share buyback program announced on 30 October 2025.<\/li>\n
      • \nAdvancing our sustainability priorities:<\/i><\/b> Our water use efficiency ratio improved to 2.3 hl per hl in HY26 versus 2.4 hl per hl in HY25. Our average energy efficiency globally improved to 81.6 MJ\/hl in HY26 versus 84.8 MJ\/hl in HY25. Our absolute Scopes 1 and 2 emissions were 1.55 million metric tons of CO2e in HY26, a 0.8% decrease compared to HY25.<\/li>\n<\/ul>

        \nContinued momentum and reliable compounding growth<\/b><\/p>

        \nIn HY26, our business delivered 5.7% revenue growth, 5.6% EBITDA growth and a 22.1% increase in Underlying EPS, driven by beer volume growth, revenue and cost management capabilities, and positive mix. We strengthened our portfolio brand power through investment in our megabrands and mega platforms, scaling our innovations and providing more choices across more occasions. Performance across our megabrands, Balanced Choices, Beyond Beer and BEES Marketplace reflects the strength of our portfolio and the consistent execution of our strategy.<\/p>

        \nThe continued momentum of our business, disciplined execution by our teams and the strength of the beer category reinforce our confidence in our ability to deliver our FY26 outlook and create a future with more cheers.<\/p>

        \n2026 Outlook<\/b><\/p>

        \n(i) Overall Performance: <\/b>We expect our EBITDA to grow in line with our medium-term outlook of between 4-8%. The outlook for FY26 reflects our current assessment of inflation and other macroeconomic conditions.<\/p>

        \n(ii) Net Finance Costs: <\/b>Net pension interest expenses and accretion expenses are expected to be in the range of 190 to 220 million USD per quarter, depending on currency and interest rate fluctuations. We expect the average gross debt coupon in FY26 to be approximately 4%.<\/p>

        \n(iii) Effective Tax Rate (ETR): <\/b>We expect the normalized ETR in FY26 to be in the range of 26% to 28%. The ETR outlook does not consider the impact of potential future changes in legislation.<\/p>

        \n(iv) Net Capital Expenditure:<\/b> We expect net capital expenditure of between 3.5 and 4.0 billion USD in FY26.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

        \nFigure 1. Consolidated performance<\/b><\/p><\/td><\/tr>\n

        \nin USD Mio, except EPS in USD per share and Volumes in thousand hls<\/i><\/p><\/td>

        		\n

        \n2Q25<\/b><\/p><\/td>

        		\n

        \n2Q26<\/b><\/p><\/td>

        		\n

        \nOrganic<\/b><\/p><\/td><\/tr>\n

        \n\n\n\n\n\n

        \ngrowth<\/b><\/p><\/td><\/tr>\n

        \nVolumes<\/b><\/p><\/td>

        		\n

        \n143 347<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n144 003<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n0.9<\/b><\/p><\/td>

        \n%<\/b><\/p><\/td><\/tr>\n

        \nBeer<\/p><\/td>

        		\n

        \n125 620<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n126 945<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n1.1<\/p><\/td>

        \n%<\/p><\/td><\/tr>\n

        \nNon-Beer<\/p><\/td>

        		\n

        \n17 727<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n17 058<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n(1.1<\/p><\/td>

        \n)%<\/p><\/td><\/tr>\n

        \nRevenue<\/b><\/p><\/td>

        		\n

        \n15 004<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n16 660<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n5.6<\/b><\/p><\/td>

        \n%<\/b><\/p><\/td><\/tr>\n

        \nGross profit<\/b><\/p><\/td>

        		\n

        \n8 446<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n9 579<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n7.5<\/b><\/p><\/td>

        \n%<\/b><\/p><\/td><\/tr>\n

        \nGross margin<\/p><\/td>

        		\n

        \n56.3<\/p><\/td>

        \n%<\/p><\/td>

        		\n

        \n57.5<\/p><\/td>

        \n%<\/p><\/td>

        		\n

        \n99bps<\/p><\/td><\/tr>\n

        \nNormalized EBITDA<\/b><\/p><\/td>

        		\n

        \n5 301<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n5 938<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n5.8<\/b><\/p><\/td>

        \n%<\/b><\/p><\/td><\/tr>\n

        \nNormalized EBITDA margin<\/p><\/td>

        		\n

        \n35.3<\/p><\/td>

        \n%<\/p><\/td>

        		\n

        \n35.6<\/p><\/td>

        \n%<\/p><\/td>

        		\n

        \n4bps<\/p><\/td><\/tr>\n

        \nNormalized EBIT<\/b><\/p><\/td>

        		\n

        \n4 013<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n4 604<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n8.0<\/b><\/p><\/td>

        \n%<\/b><\/p><\/td><\/tr>\n

        \nNormalized EBIT margin<\/p><\/td>

        		\n

        \n26.7<\/p><\/td>

        \n%<\/p><\/td>

        		\n

        \n27.6<\/p><\/td>

        \n%<\/p><\/td>

        		\n

        \n58bps<\/p><\/td><\/tr>\n

        \n\u00a0<\/p><\/td>

        		\n\n\n\n\n\n<\/tr>\n

        \nProfit attributable to equity holders of AB InBev<\/p><\/td>

        		\n

        \n1 676<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n3 751<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n\n<\/tr>\n

        \nUnderlying Profit<\/b><\/p><\/td>

        		\n

        \n1 950<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n2 390<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n\n<\/tr>\n

        \n\u00a0<\/p><\/td>

        		\n\n\n\n\n\n<\/tr>\n

        \nBasic EPS<\/p><\/td>

        		\n

        \n0.84<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n1.90<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n\n<\/tr>\n

        \nUnderlying EPS<\/b><\/p><\/td>

        		\n

        \n0.98<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n1.21<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n\u00a0<\/p><\/td><\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
        \n\n

        \nHY25<\/b><\/p><\/td>

        		\n

        \nHY26<\/b><\/p><\/td>

        		\n

        \nOrganic<\/b><\/p><\/td><\/tr>\n

        \n\n\n\n\n\n

        \ngrowth<\/b><\/p><\/td><\/tr>\n

        \nVolumes<\/b><\/p><\/td>

        		\n

        \n279 615<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n280 412<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n0.8<\/b><\/p><\/td>

        \n%<\/b><\/p><\/td><\/tr>\n

        \nBeer<\/p><\/td>

        		\n

        \n243 005<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n245 426<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n1.2<\/p><\/td>

        \n%<\/p><\/td><\/tr>\n

        \nNon-Beer<\/p><\/td>

        		\n

        \n36 611<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n34 987<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n(1.5<\/p><\/td>

        \n)%<\/p><\/td><\/tr>\n

        \nRevenue<\/b><\/p><\/td>

        		\n

        \n28 632<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n31 927<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n5.7<\/b><\/p><\/td>

        \n%<\/b><\/p><\/td><\/tr>\n

        \nGross profit<\/b><\/p><\/td>

        		\n

        \n16 029<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n18 225<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n7.4<\/b><\/p><\/td>

        \n%<\/b><\/p><\/td><\/tr>\n

        \nGross margin<\/p><\/td>

        		\n

        \n56.0<\/p><\/td>

        \n%<\/p><\/td>

        		\n

        \n57.1<\/p><\/td>

        \n%<\/p><\/td>

        		\n

        \n88bps<\/p><\/td><\/tr>\n

        \nNormalized EBITDA<\/b><\/p><\/td>

        		\n

        \n10 156<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n11 375<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n5.6<\/b><\/p><\/td>

        \n%<\/b><\/p><\/td><\/tr>\n

        \nNormalized EBITDA margin<\/p><\/td>

        		\n

        \n35.5<\/p><\/td>

        \n%<\/p><\/td>

        		\n

        \n35.6<\/p><\/td>

        \n%<\/p><\/td>

        		\n

        \n(5)bps<\/p><\/td><\/tr>\n

        \nNormalized EBIT<\/b><\/p><\/td>

        		\n

        \n7 601<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n8 677<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n7.6<\/b><\/p><\/td>

        \n%<\/b><\/p><\/td><\/tr>\n

        \nNormalized EBIT margin<\/p><\/td>

        		\n

        \n26.5<\/p><\/td>

        \n%<\/p><\/td>

        		\n

        \n27.2<\/p><\/td>

        \n%<\/p><\/td>

        		\n

        \n46bps<\/p><\/td><\/tr>\n

        \n\u00a0<\/p><\/td>

        		\n\n\n\n\n\n<\/tr>\n

        \nProfit attributable to equity holders of AB InBev<\/p><\/td>

        		\n

        \n3 824<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n6 314<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n\n<\/tr>\n

        \nUnderlying Profit<\/b><\/p><\/td>

        		\n

        \n3 556<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n4 314<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n\n<\/tr>\n

        \n\u00a0<\/p><\/td>

        		\n\n\n\n\n\n<\/tr>\n

        \nBasic EPS<\/p><\/td>

        		\n

        \n1.92<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n3.20<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n\n<\/tr>\n

        \nUnderlying EPS<\/b><\/p><\/td>

        		\n

        \n1.79<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n2.18<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n\u00a0<\/p><\/td><\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n

        \nFigure 2. Volumes<\/b><\/p><\/td><\/tr>\n

        \nin thousand hls<\/i><\/p><\/td>

        		\n

        \n2Q25<\/b><\/p><\/td>

        		\n

        \nScope<\/b><\/p><\/td>

        		\n

        \nOrganic<\/b><\/p><\/td>

        		\n

        \n2Q26<\/b><\/p><\/td>

        		\n

        \nOrganic growth<\/b><\/p><\/td><\/tr>\n

        \n\n\n\n\n\n

        \ngrowth<\/b><\/p><\/td>

        		\n\n\n

        \nTotal<\/b><\/p><\/td>

        		\n

        \nBeer<\/b><\/p><\/td><\/tr>\n

        \nNorth America<\/p><\/td>

        		\n

        \n22 376<\/p><\/td>

        		\n

        \n218<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n(164<\/p><\/td>

        \n)<\/p><\/td>

        		\n

        \n22 430<\/p><\/td>

        		\n

        \n(0.7<\/p><\/td>

        \n)%<\/p><\/td>

        		\n

        \n(0.8<\/p><\/td>

        \n)%<\/p><\/td><\/tr>\n

        \nMiddle Americas<\/p><\/td>

        		\n

        \n38 822<\/p><\/td>

        		\n

        \n(634<\/p><\/td>

        \n)<\/p><\/td>

        		\n

        \n1 806<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n39 994<\/p><\/td>

        		\n

        \n4.7<\/p><\/td>

        \n%<\/p><\/td>

        		\n

        \n4.8<\/p><\/td>

        \n%<\/p><\/td><\/tr>\n

        \nSouth America<\/p><\/td>

        		\n

        \n34 199<\/p><\/td>

        		\n

        \n-<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n466<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n34 665<\/p><\/td>

        		\n

        \n1.4<\/p><\/td>

        \n%<\/p><\/td>

        		\n

        \n3.9<\/p><\/td>

        \n%<\/p><\/td><\/tr>\n

        \nEMEA<\/p><\/td>

        		\n

        \n24 172<\/p><\/td>

        		\n

        \n(135<\/p><\/td>

        \n)<\/p><\/td>

        		\n

        \n201<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n24 239<\/p><\/td>

        		\n

        \n0.8<\/p><\/td>

        \n%<\/p><\/td>

        		\n

        \n0.9<\/p><\/td>

        \n%<\/p><\/td><\/tr>\n

        \nAsia Pacific<\/p><\/td>

        		\n

        \n23 716<\/p><\/td>

        		\n

        \n(21<\/p><\/td>

        \n)<\/p><\/td>

        		\n

        \n(1 109<\/p><\/td>

        \n)<\/p><\/td>

        		\n

        \n22 586<\/p><\/td>

        		\n

        \n(4.7<\/p><\/td>

        \n)%<\/p><\/td>

        		\n

        \n(4.7<\/p><\/td>

        \n)%<\/p><\/td><\/tr>\n

        \nGlobal Export and Holding Companies<\/p><\/td>

        		\n

        \n62<\/p><\/td>

        		\n

        \n14<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n12<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n89<\/p><\/td>

        		\n

        \n16.3<\/p><\/td>

        \n%<\/p><\/td>

        		\n

        \n16.3<\/p><\/td>

        \n%<\/p><\/td><\/tr>\n

        \nAB InBev Worldwide<\/b><\/p><\/td>

        		\n

        \n143 347<\/b><\/p><\/td>

        		\n

        \n(557<\/b><\/p><\/td>

        \n)<\/b><\/p><\/td>

        		\n

        \n1 213<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n144 003<\/b><\/p><\/td>

        		\n

        \n0.9<\/b><\/p><\/td>

        \n%<\/b><\/p><\/td>

        		\n

        \n1.1<\/b><\/p><\/td>

        \n%<\/b><\/p><\/td><\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
        \n\n

        \nHY25<\/b><\/p><\/td>

        		\n

        \nScope<\/b><\/p><\/td>

        		\n

        \nOrganic<\/b><\/p><\/td>

        		\n

        \nHY26<\/b><\/p><\/td>

        		\n

        \nOrganic growth<\/b><\/p><\/td><\/tr>\n

        \n\n\n\n\n\n

        \ngrowth<\/b><\/p><\/td>

        		\n\n\n

        \nTotal<\/b><\/p><\/td>

        		\n

        \nBeer<\/b><\/p><\/td><\/tr>\n

        \nNorth America<\/p><\/td>

        		\n

        \n42 218<\/p><\/td>

        		\n

        \n121<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n(779<\/p><\/td>

        \n)<\/p><\/td>

        		\n

        \n41 561<\/p><\/td>

        		\n

        \n(1.8<\/p><\/td>

        \n)%<\/p><\/td>

        		\n

        \n(1.9<\/p><\/td>

        \n)%<\/p><\/td><\/tr>\n

        \nMiddle Americas<\/p><\/td>

        		\n

        \n73 903<\/p><\/td>

        		\n

        \n(1 362<\/p><\/td>

        \n)<\/p><\/td>

        		\n

        \n3 439<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n75 979<\/p><\/td>

        		\n

        \n4.7<\/p><\/td>

        \n%<\/p><\/td>

        		\n

        \n5.2<\/p><\/td>

        \n%<\/p><\/td><\/tr>\n

        \nSouth America<\/p><\/td>

        		\n

        \n75 089<\/p><\/td>

        		\n

        \n-<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n341<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n75 430<\/p><\/td>

        		\n

        \n0.5<\/p><\/td>

        \n%<\/p><\/td>

        		\n

        \n2.2<\/p><\/td>

        \n%<\/p><\/td><\/tr>\n

        \nEMEA<\/p><\/td>

        		\n

        \n44 924<\/p><\/td>

        		\n

        \n(230<\/p><\/td>

        \n)<\/p><\/td>

        		\n

        \n476<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n45 169<\/p><\/td>

        		\n

        \n1.1<\/p><\/td>

        \n%<\/p><\/td>

        		\n

        \n1.2<\/p><\/td>

        \n%<\/p><\/td><\/tr>\n

        \nAsia Pacific<\/p><\/td>

        		\n

        \n43 365<\/p><\/td>

        		\n

        \n(39<\/p><\/td>

        \n)<\/p><\/td>

        		\n

        \n(1 192<\/p><\/td>

        \n)<\/p><\/td>

        		\n

        \n42 134<\/p><\/td>

        		\n

        \n(2.8<\/p><\/td>

        \n)%<\/p><\/td>

        		\n

        \n(2.7<\/p><\/td>

        \n)%<\/p><\/td><\/tr>\n

        \nGlobal Export and Holding Companies<\/p><\/td>

        		\n

        \n116<\/p><\/td>

        		\n

        \n22<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n1<\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n139<\/p><\/td>

        		\n

        \n0.8<\/p><\/td>

        \n%<\/p><\/td>

        		\n

        \n0.8<\/p><\/td>

        \n%<\/p><\/td><\/tr>\n

        \nAB InBev Worldwide<\/b><\/p><\/td>

        		\n

        \n279 615<\/b><\/p><\/td>

        		\n

        \n(1 489<\/b><\/p><\/td>

        \n)<\/b><\/p><\/td>

        		\n

        \n2 286<\/b><\/p><\/td>

        \n\u00a0<\/p><\/td>

        		\n

        \n280 412<\/b><\/p><\/td>

        		\n

        \n0.8<\/b><\/p><\/td>

        \n%<\/b><\/p><\/td>

        		\n

        \n1.2<\/b><\/p><\/td>

        \n%<\/b><\/p><\/td><\/tr>\n<\/table>

        \nKey Markets Performance<\/span><\/b><\/p>

        \nUnited States: Portfolio momentum drove beer and Beyond Beer share gains and continued top-line growth<\/b><\/p>

          \n
        • \nOperating performance:<\/b>\n
            \n
          • \n2Q26:<\/b> Revenue increased by 2.7%, with revenue per hl increasing by 3.3% driven by revenue management and positive brand mix. Sales-to-retailers (STRs) declined by 1.9%, estimated to have outperformed a soft industry. Sales-to-wholesalers (STWs) declined by 0.6%. EBITDA increased by 0.1%, as top-line growth and productivity initiatives were reinvested in increased marketing to fuel momentum.<\/li>\n
          • \nHY26:<\/b> Revenue increased by 1.9%, with revenue per hl increasing by 3.8%. STRs declined by 0.9% and STWs were down by 1.8%. Our STRs and STWs tend to converge on a full year basis. EBITDA increased by 0.2%.<\/li>\n<\/ul><\/li>\n
          • \nCommercial highlights:<\/b> We were the #1 share gainer in total alcohol in both 2Q26 and HY26 driven by share gains in both beer and spirits, according to Circana. Our beer performance in 2Q26 was led by Michelob Ultra, Busch Light and Busch Light Apple, which were the top 3 volume share gainers in the industry. Our Beyond Beer portfolio continued to expand our total addressable market and delivered revenue growth in the mid-seventies. Cutwater grew revenue in the triple-digits and was the #1 share gaining brand in the total spirits industry. We are the leader in no-alcohol beer, with our portfolio gaining share and growing revenue in the mid-thirties led by Michelob Ultra Zero which was the #1 share gainer in no-alcohol beer.<\/li>\n<\/ul>

            \nMexico: Market share gain and margin expansion drove mid-single digit top- and high-single digit bottom-line growth<\/b><\/p>

              \n
            • \nOperating performance:<\/b>\n
                \n
              • \n2Q26:<\/b> Revenue and revenue per hl increased by mid-single digits, driven by revenue management and positive mix. Volumes grew slightly and outperformed the industry. EBITDA grew by high-single digits with margin expansion.<\/li>\n
              • \nHY26:<\/b> Revenue grew by mid-single digits, with revenue per hl growth of mid-single digits and volume increasing by low-single digits, outperforming the industry. EBITDA grew by mid-single digits with flattish margins as top-line growth and productivity initiatives offset transactional FX headwinds and enabled increased marketing investment.<\/li>\n<\/ul><\/li>\n
              • \nCommercial highlights:<\/b> We are strengthening our portfolio architecture and expanding our total addressable market by offering consumers more choices across more occasions. Performance in 2Q26 was led by our above core beer portfolio, which grew revenue by high-single digits driven by Modelo and Pacifico, while our mainstream beer portfolio grew by mid-single digits. We strengthened our position as the industry leader in no-alcohol beer, with our portfolio growing volume by high-thirties led by Modelo Cero and the launch of Michelob Ultra Zero. In Beyond Beer, our portfolio grew volume by high-teens, led by the Vicky\u2019s brand family and Flying Fish.<\/li>\n<\/ul>

                \nColombia: Record high volumes drove double-digit top- and bottom-line growth<\/b><\/p>

                  \n
                • \nOperating performance:<\/b>\n
                    \n
                  • \n2Q26:<\/b> Revenue increased by high-teens, with high-single digit revenue per hl growth driven by revenue management and premiumization. Volumes grew by low-teens, with our portfolio estimated to have gained share of total alcohol. EBITDA grew by high-teens as top-line growth and productivity initiatives offset transactional FX headwinds and enabled increased marketing investment.<\/li>\n
                  • \nHY26:<\/b> Revenue grew by mid-teens with mid-single digit revenue per hl growth. Volumes increased by high-single digits. EBITDA grew by mid-teens.<\/li>\n<\/ul><\/li>\n
                  • \nCommercial highlights:<\/b> Increased brand power drove momentum across our portfolio, with volume and revenue growth across all price segments in 2Q26 and record high second quarter volumes. Above core beer led our performance, with mid-teens volume growth driven by Corona. Our mainstream beer portfolio continued to grow, delivering a high-single digit volume increase.<\/li>\n<\/ul>

                    \nBrazil: Market share gain and an improved industry drove beer volume growth and a double-digit bottom-line increase<\/b><\/p>