Anheuser Busch InBev / : AB InBev Reports First Quarter 2024 Results Presentation

1Q24 Results

May 8, 2024

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 with the competent securities regulators or other authorities, in press releases, and in oral and written statements made by or with the approval of the Company that are not statements of historical fact and constitute forward-looking statements.

Forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside the Company's control and are difficult to predict, that may cause actual results or developments to differ materially from any future results or developments expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: (i) global, regional and local economic weakness and uncertainty, including the risks of an economic downturn, recession and/or inflationary pressures in one or more of the Company's key markets, and the impact they may have on the Company, its customers and suppliers and the Company's assessment of that impact; (ii) continued geopolitical instability (including as a result of the ongoing conflict between Russia and Ukraine and in the Middle East, including the conflict in the Red Sea), which may have a substantial impact on the economies of one or more of the Company's key markets and may result in, among other things, disruptions to global supply chains, increases in commodity and energy prices with follow-on inflationary impacts, and economic and political sanctions (iii) financial risks, such as interest rate risk, foreign exchange rate risk (in particular as against the U.S. dollar, the Company's reporting currency), commodity risk, asset price risk, equity market risk, counterparty risk, sovereign risk, liquidity risk, inflation or deflation, including inability to achieve the Company's optimal net debt level; (iv) changes in government policies and currency controls; (v) continued availability of financing and the Company's ability to achieve its targeted coverage and debt levels and terms, including the risk of constraints on financing in the event of a credit rating downgrade; (vi) the monetary and interest rate policies of central banks; (vii) changes in applicable laws, regulations and taxes in jurisdictions in which the Company operates; (viii) limitations on the Company's ability to contain costs and expenses or increase its prices to offset increased costs; (ix) the Company's failure to meet its expectations with respect to expansion plans, premium growth, accretion to reported earnings, working capital improvements and investment income or cash flow projections; (x) the Company's ability to continue to introduce competitive new products and services on a timely, cost-effective basis; (xi) the effects of competition and consolidation in the markets in which the Company operates, which may be influenced by regulation, deregulation or enforcement policies; (xii) changes in consumer spending and behavior; (xiii) changes in pricing environments; (xiv) volatility in the availability or prices of raw materials, commodities and energy; (xv) damage to the Company's reputation or the image and reputation of its brands; (xvi) difficulties in maintaining relationships with employees; (xvii) regional or general changes in asset valuations; (xviii) greater than expected costs (including taxes) and expenses; (xix) climate change and other environmental concerns; (xx) the risk of unexpected consequences resulting from acquisitions, joint ventures, strategic alliances, corporate reorganizations or divestiture plans, and the Company's ability to successfully and cost-effectively implement these transactions and integrate the operations of businesses or other assets it has acquired; (xxi) the outcome of pending and future litigation, investigations and governmental proceedings; (xxii) natural or other disasters, including widespread health emergencies, cyberattacks and military conflict and political instability; (xxiii) any inability to economically hedge certain risks;

1. inadequate impairment provisions and loss reserves; (xxv) technological disruptions, threats to cybersecurity and the risk of loss or misuse of personal data; (xxvi) other statements included in this report that are not historical and (xxvii) the Company's success in managing the risks involved in the foregoing. Many of these risks and uncertainties are, and will be, exacerbated by the ongoing conflict between Russia and Ukraine and in the Middle East, including the conflict in the Red Sea, and any worsening of the global business and economic environment as a result. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements referenced above. Forward-looking statements speak only as of the date on which such statements are made.

The Company's statements regarding financial risks are subject to uncertainty. For example, certain market and financial risk disclosures are dependent on choices about key model characteristics and assumptions and are subject to various limitations. By their nature, certain of the market or financial risk disclosures are only estimates and, as a result, actual future gains and losses could differ materially from those that have been estimated. Subject to the Company's obligations under Belgian and U.S. law in relation to disclosure and ongoing information, the Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction. By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the above limitations.

© AB InBev 2024 - All rights reserved |2

Agenda

01 1Q24 operating performance highlights

02 Update on our strategic pillars

• Lead and grow the category
• Digitize and monetize our ecosystem
• Optimize our business

03 Q&A

© AB InBev 2024 - All rights reserved |3

Operating performance highlights

© AB InBev 2024 - All rights reserved |4

Continued momentum with broad-based top- and bottom-line growth

• Volume growth and market share gain in majority of our markets
• Megabrands +6.7% net revenue growth
• EBITDA +5.4% with margin expansion of 90bps
• Underlying EPS +16%
• BEES Marketplace GMV +47%
• Investments in mega platforms provide unique opportunities to activate the category in 2024

© AB InBev 2024 - All rights reserved |5

1Q24 operating performance

Total volumes - 0.6%

Own beer -1.3% and non-beer+3.5%

Total revenue +2.6%

Revenue per hl +3.3%

EBITDA +5.4%

EBITDA margin of 34.3%

Underlying EPS of $0.75, +15.7%

© AB InBev 2024 - All rights reserved |6

Diversified footprint provides unique scale to lead & grow the category, delivering revenue growth in ~75% of our markets

North America

21% EBITDA contribution1

EMEA

13% EBITDA contribution1

+16.3%

Organic revenue

1Q24

+35.1%

1Q24

-8.8%

Organic revenue

-16.6%

Organic EBITDA

Middle Americas

38% EBITDA contribution1

Organic EBITDA

APAC

10% EBITDA contribution1

-0.5%

Organic revenue

1Q24

+3.3%

1Q24

+8.0%

Organic revenue

+10.6%

Organic EBITDA

South America

18% EBITDA contribution1

+5.1%

Organic revenue 2

1Q24

+14.2%

Organic EBITDA 2

Organic EBITDA

Note:
1.	Percentage EBITDA contribution is based on share of AB InBev Worldwide LTM EBITDA, excluding GEHC as of 31-Mar-2024	© AB InBev 2024 - All rights reserved |7

2. For FY24, the definition of organic revenue growth in Argentina has been amended to cap the price growth to a maximum of 2% per month

North America

United States

Revenue declined by high-single digits impacted by volume performance

• STW volumes declined by 10.1%
• Market share trend continued to improve sequentially

Canada

• Revenue declined by mid-single digits
• Continued outperformance from above core beer brands

1Q24

Total Volume

Net Revenue / hl

Net Revenue

EBITDA

EBITDA Margin

• 9.9%
• 1.2%
• 8.8%
• 16.6%
  31.3%

© AB InBev 2024 - All rights reserved |8

Market share trend continued to improve sequentially

ABI Share

(%)

36

YoY Share Change (%)

May-23	Jun-23	Jul-23	Aug-23	Sep-23	Oct-23	Nov-23	Dec-23	Jan-24	Feb-24	Mar-24	MTD	WE
											28-Apr-28-Apr-
											2024	2024
(5.63)	(5.43)	(5.37)	(5.10)	(5.05)	(4.75)	(4.94)	(4.74)	(4.66)	(4.59)	(4.56)	(0.72)	(0.04)

Source: Circana data through week ending 28-April-2024

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Middle Americas

Mexico

Mid-single digit top- and bottom-line growth with margin expansion

• Core brands delivered mid-single digit volume growth

Colombia

Record high volumes delivered double-digit top- line and high-single digit bottom-line growth

• Premium and super premium brands grew volumes by more than 20%

1Q24

Total Volume

Net Revenue / hl

Net Revenue

EBITDA

EBITDA Margin

• 4.2%
• 3.7%
• 8.0%
• 10.6%
  46.6%

© AB InBev 2024 - All rights reserved |10