ANHEUSER-BUSCH INBEV SA/NV - AB InBev Reports Q1 2026 Results Short Form Announcement

AB InBev Reports Q1 2026 Results Short Form Announcement

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 2026 Results
Short Form Announcement

KEY FIGURES

Revenue                                              Normalized EBITDA
+5.8%                                                +5.3%
Revenue increased by 5.8% with revenue per hl        Normalized EBITDA increased by 5.3% to 5 437
growth of 4.5%.                                      million USD, with a margin contraction of 15 bps to
Reported revenue increased by 12.0% to 15 267        35.6%.
million USD, positively impacted by currency         Underlying Profit
translation.
8.2% increase in combined revenues of                1 923 million USD
megabrands, led by Corona, which grew by 16%
outside of its home market.                          Underlying Profit was 1 923 million USD in 1Q26
                                                     compared to 1 606 million USD in 1Q25.
27% increase in revenue of no-alcohol beer.
                                                     Reported profit attributable to equity holders of AB
37% increase in revenue of Beyond Beer.              InBev was 2 563 million USD in 1Q26 compared to
55% increase in Gross Merchandise Value (GMV)        2 148 million USD in 1Q25, both positively
from sales of third-party products through BEES      impacted by non-underlying items.
Marketplace to reach 1.1 billion USD.
                                                     Underlying EPS
Volumes
                                                     0.97 USD
+0.8%                                                Underlying EPS increased by 20.8% to 0.97 USD in
Volumes increased by 0.8%, with beer volumes up      1Q26, compared to 0.81 USD in 1Q25.
by 1.2% and non-beer volumes down by 1.9%.           On a constant currency basis, Underlying EPS
                                                     increased by 8.8%.


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.



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/Q12026.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


5 May 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: 05-05-2026 07:50:00
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