ANHEUSER-BUSCH INBEV SA/NV - AB InBev Reports Q1 2025 Results

AB InBev Reports Q1 2025 Results

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 Q1 2025 Results Short Form Announcement

KEY FIGURES

 Revenue                                                        Normalized EBITDA
 +1.5%                                                          +7.9%
 
 Revenue increased by 1.5% with revenue per hl growth of        In 1Q25, Normalized EBITDA increased by 7.9% to 4 855
 3.7%. Reported revenue decreased by 6.3% to 13 628             million USD with a margin expansion of 218bps to 35.6%.
 million USD, impacted by unfavorable currency translation.
 
 4.4% increase in combined revenues of our megabrands,          Underlying Profit
 led by Corona, which grew by 11.2% outside of its home
 market in 1Q25.                                                1?606 million USD
 
 34% increase in revenue of our no-alcohol beer portfolio.      Underlying Profit was 1 606 million USD in 1Q25 compared
                                                                to 1 509 million USD in 1Q24. Reported profit attributable to
 53% increase in Gross Merchandise Value (GMV) from             equity holders of AB InBev was 2 148 million USD in 1Q25
 sales of third-party products through BEES Marketplace to      compared to 1 091 million USD in 1Q24, positively impacted
 reach 645 million USD.                                         by non-underlying items.

 Volumes                                                        Underlying EPS

 -2.2%                                                          0.81 USD
 Volumes declined by 2.2%, with beer volumes down by            Underlying EPS increased by 7.1% to 0.81 USD. On a
 2.5% and non-beer volumes down by 0.2%.                        constant currency basis, Underlying EPS increased by
                                                                20.2%.


2025 OUTLOOK

    (i) Overall Performance: We expect our EBITDA to grow in line with our medium-term outlook of between 4-8%. The outlook
        for FY25 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
        FY25 to be approximately 4%.

    (iii) Effective Tax Rate (ETR): We expect the normalized ETR in FY25 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 FY25.

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/2025/jse/isse/anhe/Q12025.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

Cyrus Nentin
E-mail: cyrus.nentin@ab-inbev.com

8 May 2025
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: 08-05-2025 08:10:00
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