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AB InBev Reports Q3 2026 Results Short Form Announcement and Declaration of Interim Dividend
Anheuser-Busch InBev SA/NV
(Incorporated in the Kingdom of Belgium)
Register of Companies Number: 0417.497.106
Euronext Brussels Share Code: ABI
Mexican Stock Exchange Share Code: ANB
NYSE ADS Code: BUD
JSE Share Code: ANH
ISIN: BE0974293251
(“AB InBev” or the “Company”)
AB InBev Reports Q3 2026 Results Short Form Announcement and Declaration
of Interim Dividend
KEY FIGURES
Revenue Normalized EBITDA
+4.9% +3.9%
Revenue increased by 4.9% in 3Q26 with Normalized EBITDA increased by 3.9% to 5 957
revenue per hl growth of 4.2% and by 5.4% in million USD in 3Q26, with a margin contraction
9M26 with revenue per hl growth of 4.3%. of 34bps to 36.1%.
Reported revenue increased by 9.1% in 3Q26 to Normalized EBITDA increased by 5.0% to
16 512 million USD and by 10.7% in 9M26 to 17 332 million USD in 9M26, with a margin
48 439 million USD, positively impacted by contraction of 15bps to 35.8%.
currency translation.
7.7% increase in combined revenues of Underlying Profit
megabrands in 3Q26, led by Corona, which grew 2 396 million USD
by 20% outside of its home market. Underlying Profit was 2 396 million USD in 3Q26
35% increase in revenue of no-alcohol beer in compared to 1 970 million USD in 3Q25 and was
3Q26. 6 710 million USD in 9M26 compared to 5 526
19% increase in revenue of Beyond Beer in million USD in 9M25.
3Q26. Reported profit attributable to equity holders of
45% increase in Gross Merchandise Value AB InBev was 1 597 million USD in 3Q26
(GMV) from sales of third-party products through compared to 1 054 million USD in 3Q25 and was
BEES Marketplace to reach 1.4 billion USD in 7 910 million USD in 9M26 compared to 4 878
3Q26. million USD in 9M25.
Volumes Underlying EPS
+0.4% 1.21 USD
Volumes increased by 0.4% in 3Q26, with beer Underlying EPS increased by 22.4% to 1.21
volumes down by 0.1% and non-beer volumes up USD in 3Q26, compared to 0.99 USD in 3Q25,
by 4.0%. and increased by 22.2% to 3.40 USD in 9M26,
Volumes increased by 0.7% in 9M26, with beer compared to 2.78 USD in 9M25.
volumes up by 0.7% and non-beer volumes up by On a constant currency basis, Underlying EPS
0.3%. increased by 13.9% in 3Q26 and by 12.0% in
9M26.
Capital Allocation
0.40 EUR interim dividend
The AB InBev Board of Directors has approved an interim dividend of 0.40 EUR per share for the fiscal year
2026 compared to 0.15 EUR per share for the fiscal year 2025. A timeline showing the ex-dividend, record
and payment dates can be found on page 13 of the full announcement.
2026 OUTLOOK
(i) Overall Performance: 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.
(ii) Net Finance Costs: 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%.
(iii) Effective Tax Rate (ETR): 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.
(iv) Net Capital Expenditure: We expect net capital expenditure of between 3.5 and 4.0 billion USD in
FY26.
INTERIM DIVIDEND
The board of directors of AB InBev has approved an interim cash dividend of Euro 0.40 per ordinary share
(“the Dividend”) for the fiscal year 2026.
The proposed timetable for the Dividend is as follows:
2026
Dividend declaration announcement released on SENS Thursday, 29 October
Currency conversion announcement released on SENS (by 11h00 Monday, 16 November
SA time)
Last day to trade on Johannesburg Stock Exchange (JSE) to Tuesday, 17 November
qualify for the Dividend
Ex-Dividend on JSE from commencement of trading on Wednesday, 18 November
Last day to trade on Euronext to qualify for the Dividend Wednesday, 18 November
Ex-Dividend on Euronext from commencement of trading on Thursday, 19 November
Record date (Euronext and JSE) Friday, 20 November
Dividend payable (Euronext and JSE) Monday, 23 November
Additional information required by the JSE Listings Requirements
1. No transfers of shareholdings to and from South Africa will be permitted between Tuesday,
17 November 2026 and Friday, 20 November 2026 (both dates inclusive). No dematerialisation or
rematerialisation orders will be permitted between Wednesday, 18 November 2026 and Friday,
20 November 2026 (both dates inclusive).
2. The gross amount of the Dividend will be subject to a Belgian withholding tax of 30%. Such withholding
tax may be reduced to 15% in terms of the double tax treaty in force between Belgium and South Africa.
A rebate of the additional Belgian withholding tax imposed must be claimed in accordance with the
relevant reimbursement process noted below. The Dividend will also be subject to South African
dividends tax at the rate of 20% unless a shareholder qualifies for an exemption. Any shareholder who
receives a dividend which is subject to South African dividends tax (i.e., where no exemption is available)
will qualify for a 15% reduction in dividends tax. The ultimate result in such a case is that a dividend will
be subject to a reduced Belgian withholding tax rate of 15% and subject to South African dividends tax
at a rate of 5%.
3. At Thursday, 29 October 2026, being the declaration announcement date of the Dividend, the Company
had a total of 1,960,993,304 shares in issue (excluding treasury shares). The Company held 58,248,669
ordinary shares in treasury giving a total issued share capital of 2,019,241,973 shares (of which
1,797,206,503 ordinary shares are listed and 222,035,470 restricted shares are unlisted).
4. The Dividend will be paid out of the Company’s operating results for 2026, increased with the profits
carried over, without drawing on any capital reserves.
5. The Dividend is payable in South African Rand to shareholders whose shares are held through Central
Securities Participants and brokers traded on the JSE.
South African income tax and dividends tax consequences
The Dividend should be regarded as a ‘foreign dividend’ for South African income tax and South African
dividends tax purposes.
Foreign dividends received in respect of shares which are dual listed on the JSE are, however, exempt from
income tax. Consequently, no South African income tax should be incurred by the shareholders in respect of
the Dividend received.
The Dividend may, however, be subject to South African dividends tax at 20%. There is though, amongst
others, an exemption from South African dividends tax if the Dividend is paid to a South African resident
corporate shareholder. This exemption operates in a manner similar to other local shares listed on the JSE
and the dividends paid in respect thereof to resident corporate shareholders and retirement funds.
Intermediaries may only allow an exemption from South African dividends tax, provided shareholders have
completed and lodged a valid exemption form, which is obtainable from their intermediary.
Belgian withholding tax
The gross amount of the Dividend will as a rule be subject to a Belgian withholding tax of 30%. Such
withholding tax can under certain circumstances be reduced.
Belgian dividend withholding tax can be reduced to 15% pursuant to the Belgian-South African double tax
treaty in force. Such reduced rate can be applied provided that Form N°/NR. 276 Div.-Aut. is filed by the
shareholder with the Bureau Central de Taxation de Bruxelles-Etranger, boulevard du Jardin Botanique 50
boîte 3429, 1000 Brussels, Belgium (hereinafter the “Central Bureau of Taxation”) before the expiry of a
period of five years from January 1st of the year in which the withholding tax was paid, in which case the
differential between the standard withholding tax rate of 30% and the reduced treaty rate of 15% will be
reimbursed.
An explanatory note is available through this link, or through the Belgian Tax authorities’ official website:
https://finance.belgium.be/sites/default/files/downloads/167-276-div-note.pdf
The current version of Form N°/NR. 276 Div.-Aut. is available through this link, or through the Belgian Tax
authorities’ official website: https://fin.belgium.be/sites/default/files/media/documents/276-div-nl-fr-de-en.pdf
A Belgian withholding tax exemption is also applicable to dividends paid to South African corporate
shareholders that hold a participation of less than 10% in the capital of AB InBev but with an acquisition value
of at least €2.5 million. This regime is subject to the cumulative conditions that (i) the company is treated as
a body corporate for tax purposes in the meaning of Article 3, 1), d) of the Double Tax Treaty between
Belgium and South Africa and has a legal form considered similar to the ones listed in Annex I, Part A, to the
Council Directive 2011/96/EU of 30 November 2011 on the common system of taxation applicable in the case
of parent companies and subsidiaries of different Member States, as amended by Directive 2014/863/EU of
8 July 2014; (ii) it is subject to corporate income tax or a similar tax without benefiting from a tax regime that
deviates from the ordinary domestic tax regime; (iii) the dividends relate to AB InBev shares which it has held
or will hold in full legal ownership for an uninterrupted period of at least one year; (iv) the dividends relate to
AB InBev shares which qualify as fixed financial assets under Belgian accounting law in the books of the
shareholder and (v) it cannot in principle credit the Belgian withholding tax paid on the AB InBev dividends
or obtain a refund thereof according to the legal provisions in force on December 31 of the year preceding
the year of the payment or attribution of the dividends.
In order to benefit from this withholding tax exemption, the shareholder must provide the Central Bureau of
Taxation with a South African residency certificate confirming that it fulfils the abovementioned conditions
and indicating to what extent the Belgian withholding tax is in principle creditable or reimbursable on the basis
of the South African laws applicable on 31 December of the year preceding the one during which the Dividend
is paid or attributed.
South African dividends tax rebate in respect of Belgian withholding tax
A rebate must, for South African dividends tax purposes, be deducted from any South African dividends tax
payable in respect of the Dividend (i.e. where no exemption is available). This rebate will be equal to the
amount of any Belgian withholding tax paid in respect of the Dividend, without any right of recovery, and must
not exceed the amount of the South African dividends tax imposed in respect of the Dividend.
The CSDPs and/or brokers, in their capacity as the regulated intermediaries, must obtain proof of any Belgian
withholding tax paid and deducted from the South African tax payable, as above, in the form and manner
prescribed by the South African Revenue Service.
For the avoidance of doubt, the income tax and dividends tax information provided above is only relevant to
shareholders whose shares are held through CSDPs and brokers and are traded on the JSE.
Any shareholder who is in any doubt as to their tax position should seek independent professional advice.
SHORT FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the board of directors of AB InBev and is a summary
of the information in the detailed financial results announcement and does not contain full or complete details.
Any investment decision in relation to the Company’s shares should be based on the full announcement.
The full announcement may be downloaded from:
https://senspdf.jse.co.za/documents/2026/JSE/ISSE/ANHE/Q32026.pdf
or from the Company’s website at www.ab-inbev.com
Copies may be requested from the Company and the Johannesburg office of the Company’s JSE Sponsor
at no charge during business hours for a period of 30 calendar days following the date of this announcement.
AB INBEV CONTACTS
Investors Media
Shaun Fullalove Media Relations
E-mail: shaun.fullalove@ab-inbev.com E-mail: media.relations@ab-inbev.com
Ekaterina Baillie
E-mail: ekaterina.baillie@ab-inbev.com
Patrick Ryan
E-mail: patrick.ryan@ab-inbev.com
29 October 2026
JSE Sponsor: Questco Corporate Advisory Proprietary Limited
Anheuser-Busch InBev is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with
secondary listings on the Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with
American Depositary Receipts on the New York Stock Exchange (NYSE: BUD).
Date: 29/10/2026 08:17:13
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