Anheuser Busch InBev / : Busch InBev Reports Third Quarter and Nine Month 2022 Results

Brussels - 27 October 2022 - 7:00am CET

Regulated and inside information1

Anheuser-Busch InBev Reports Third Quarter 2022 Results

Best quarterly volume performance this year driven by accelerated digital transformation and continued consumer demand for our brand portfolio

"We delivered broad-based volume growth of 3.7% this quarter resulting in an accelerated increase in revenue of 12.1%. We continue to see strong consumer demand for our portfolio and a resilient beer category as we navigate the dynamic operating environment. As a result of our performance and continued momentum, we are raising the bottom-end of our FY22 EBITDA outlook." - Michel Doukeris, CEO, AB InBev

Total Revenue

+ 12.1%

Revenue increased by 12.1% in 3Q22 with revenue per hl growth of 8.0% and by 11.5% in 9M22 with revenue per hl growth of 7.8%.

12.7% increase in combined revenues of our global brands, Budweiser, Stella Artois and Corona, outside of their respective home markets in 3Q22, and 9.6% in 9M22.

Approximately 57% of our revenue now through B2B digital platforms with the monthly active user base of BEES reaching 3.1 million users as of 30 September 2022.

Over 385 million USD of revenue and approximately 17 million ecommerce orders generated by our direct-to- consumer ecosystem in 3Q22.

Total Volume

+3.7%

In 3Q22, total volumes grew by 3.7%, with own beer volumes up by 3.4% and non-beer volumes up by 5.2%. In 9M22, total volumes grew by 3.3% with own beer volumes up by 2.8% and non-beer volumes up by 6.5%.

Normalized EBITDA

+ 6.5%

In 3Q22 normalized EBITDA of 5 313 million USD represents an increase of 6.5% with normalized EBITDA margin contraction of 183 bps to 35.2%. In 9M22, normalized EBITDA increased by 7.0% to 14 896 million USD and normalized EBITDA margin contracted by 143 bps to 34.5%. Normalized EBITDA figures of 9M22 and 9M21 include an impact of 201 million USD and 226 million USD from tax credits in Brazil that were recorded in 2Q22 and 2Q21 respectively. For more details, please see page 10.

Underlying Profit

1 682 million USD

Underlying profit (normalized profit attributable to equity holders of AB InBev excluding mark-to-market gains and losses linked to the hedging of our share-based payment programs and the impact of hyperinflation) was 1 682 million USD in 3Q22 compared to 1 699 million USD in 3Q21 and was 4 354 million USD in 9M22 compared to 4 290 million USD in 9M21.

Underlying EPS

0.84 USD

Underlying EPS was 0.84 USD in 3Q22, a decrease from

0.85 USD in 3Q21 and was 2.16 USD in 9M22, an increase from 2.14 USD in 9M21.

1The enclosed information constitutes inside information as defined in Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse, and 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 14.

ab-inbev.com

__________________________________________________________ Press release - 27 October 2022 -1

Management comments

Best quarterly volume performance this year driven by accelerated digital transformation and continued consumer demand for our brand portfolio

Our volume momentum accelerated this quarter as we delivered 3.7% growth, even in the context of the ongoing dynamic operating environment. Top-line grew by 12.1% with 8.0% revenue per hl growth, driven by revenue management initiatives and continued premiumization across most of our markets. EBITDA increased by 6.5% as our top-line growth was partially offset by anticipated transactional FX and commodity cost headwinds and increased sales and marketing investments in our brands.

Following the recognition of our brand building and creative marketing capabilities at the Cannes Lions International Festival of Creativity, we were honored to be named the World's Most Effective Marketer in the Global Effie Effectiveness Index for the first time in our company history.

As we continue on our deleveraging path, our bond portfolio maintains a very manageable weighted average pre-tax coupon rate of approximately 4% with 94% of the portfolio fixed rate. The weighted average maturity remains more than 16 years with no near- or medium-term refinancing requirements.

Consistent execution of our strategy

We continue to execute on and invest in three key strategic pillars to deliver consistent growth and long-term value creation.

Lead and grow the category:

This quarter we delivered a broad-based total volume increase of 3.7% with growth in more than 60% of our markets.

Digitize and monetize our ecosystem:

BEES is now live in 19 markets and has reached 3.1 million monthly active users as of 30 September 2022, a 7% increase versus 2Q22. BEES Marketplace is now live in 14 markets with 44% of BEES customers now also Marketplace buyers.

Optimize our business:

In 9M22, our EBITDA grew by 7.0% and, as a result of deleveraging, our net interest expense decreased by approximately 200 million USD versus 9M21.

Lead and grow the category

We are executing on five proven and scalable levers to drive category expansion:

• Inclusive Category: In 3Q22, consumer participation with our portfolio increased in most of our focus markets, according to our estimates, driven by brand, pack and liquid innovations focused on expanding inclusivity and accessibility. For example, in Mexico, our pack size initiatives across both upsizing and downsizing grew strong double-digits this quarter, contributing over 1 million hl's in volume and improving profitability in both the core and above core segments of our portfolio.

ab-inbev.com __________________________________________________________ Press release - 27 October 2022 - 2

• Core Superiority: In 3Q22, our mainstream portfolio continued to outperform the industry across the majority of our focus markets, according to our estimates, and delivered low-teens revenue growth, led by particularly strong performances in Mexico, Brazil and South Africa.
• Occasions Development: Our global non-alcohol beer portfolio delivered double-digit revenue growth this quarter led by Budweiser Zero and Stella Artois Liberté in the US.
• Premiumization: Our above core portfolio grew revenue by low-teens this quarter, led by continued double- digit growth of Michelob ULTRA in the US and Mexico and further expansion of Spaten in Brazil. Our global brands grew revenue by 12.7% outside of their home markets this quarter, led by Corona with 23.5% growth. Budweiser grew by 8.9% despite the impact of COVID-19 restrictions in China, the brand's largest market. Stella Artois grew by 7.0% with continued growth in focus markets such as the US and Brazil.
• Beyond Beer: Our global Beyond Beer business grew revenue by over 10% this quarter, contributing more than 400 million USD of revenue. In the US, within the spirits-basedready-to-drink segment, our portfolio continued to grow strong double-digits, ahead of the industry, led by Cutwater and NÜTRL vodka seltzer. In South Africa, Brutal Fruit and Flying Fish delivered continued double-digit volume growth.

Digitize and monetize our ecosystem

• Digitizing our relationships with our more than 6 million customers globally: As of 30 September 2022, BEES is live in 19 markets with approximately 57% of our revenues now through B2B digital platforms. In 3Q22, BEES reached 3.1 million monthly active users and captured approximately 7.7 billion USD in gross merchandise value (GMV), growth of over 40% versus 3Q21. BEES Marketplace is now live in 14 markets and generated September annualized revenues from sales of third party products of approximately 850 million USD. As of September 2022, 44% of BEES customers were also Marketplace buyers.
• Leading the way in DTC solutions: Our digital direct-to-consumer (DTC) products, Ze Delivery, TaDa and PerfectDraft are now available in 17 markets and generated over 100 million USD in revenue and 17 million orders in the quarter. Our network of physical retail products, such as Modelorama in Mexico and Pit Stop in Brazil, continued to deliver revenue growth across our footprint of approximately 13 000 stores. Combined, our omni-channel DTC ecosystem of digital and physical DTC products generated revenue of over 1 billion USD in 9M22, mid-teens growth versus 9M21.

Optimize our business

In 9M22, we continued to focus on disciplined resource allocation and delivered 7.0% EBITDA growth. Our bond portfolio maintains a very manageable weighted average pre-tax coupon rate of approximately 4% with 94% of the portfolio fixed rate. Our net interest expense for 9M22 decreased by approximately 200 million USD versus 9M21, principally as a result of our gross debt reduction efforts.

Advancing our ESG priorities

As we continue to advance our sustainability agenda, we were proud to recently be included on Fortune's Change the World List in recognition of our global initiatives in water stewardship. We are also making progress towards our ambition to achieve net zero by 2040, reaching carbon neutrality at five facilities in Brazil and one in Argentina in 9M22.

Creating a future with more cheers

Through the implementation of our category expansion levers, we continue to lead and grow the beer category resulting in broad-based volume growth of 3.7% this quarter. We are digitizing and monetizing our ecosystem with 57% of our revenue now through digital channels and we continue to optimize our business through efficient resource allocation and dynamically balancing our capital allocation priorities to drive long-term value creation. We remain focused on the consistent execution of our strategy and ESG priorities to generate value for our stakeholders and deliver on our purpose to create a future with more cheers.

ab-inbev.com __________________________________________________________ Press release - 27 October 2022 - 3

2022 Outlook

1. Overall Performance: We expect our FY22 EBITDA to grow between 6-8% and our revenue to grow ahead of EBITDA from a healthy combination of volume and price. Our medium-term outlook, which aims to deliver EBITDA growth of 4-8%, remains unchanged.
2. Net Finance Costs: Net pension interest expenses and accretion expenses are expected to be in the range of 170 to 200 million USD per quarter, depending on currency and interest rate fluctuations. We expect the average gross debt coupon in FY22 to be approximately 4.0%. Net finance costs will continue to be impacted by any gains and losses related to the hedging of our share-based payment programs.
3. Effective Tax Rates (ETR): We expect the normalized ETR in FY22 to be in the range of 28% to 30% excluding any gains and losses relating to the hedging of our share-based payment programs. The ETR outlook does not consider the impact of potential future changes in legislation.
4. Net Capital Expenditure: We expect net capital expenditure of between 4.5 and 5.0 billion USD in FY22.

ab-inbev.com __________________________________________________________ Press release - 27 October 2022 - 4

Figure 1. Consolidated performance (million USD)

	3Q21	3Q22	Organic
			growth
Total Volumes (thousand hls)	151 629	157 284	3.7%
AB InBev own beer	131 354	137 796	3.4%
Non-beer volumes	19 308	18 332	5.2%
Third party products	968	1 156	19.4%
Revenue	14 274	15 091	12.1%
Gross profit	8 236	8 232	6.2%
Gross margin	57.7%	54.5%	-300 bps
Normalized EBITDA	5 214	5 313	6.5%
Normalized EBITDA margin	36.5%	35.2%	-183 bps
Normalized EBIT	4 020	4 055	4.4%
Normalized EBIT margin	28.2%	26.9%	-195 bps
Profit attributable to equity holders of AB InBev	250	1 433
Normalized profit attributable to equity holders of AB InBev	1 002	1 629
Underlying profit attributable to equity holders of AB InBev	1 699	1 682
Earnings per share (USD)	0.12	0.71
Normalized earnings per share (USD)	0.50	0.81
Underlying earnings per share (USD)	0.85	0.84
.
.
	9M21	9M22	Organic
			growth
Total Volumes (thousand hls)	432 027	446 358	3.3%
AB InBev own beer	378 989	389 488	2.8%
Non-beer volumes	50 551	53 820	6.5%
Third party products	2 487	3 050	22.6%
Revenue	40 106	43 118	11.5%
Gross profit	23 105	23 475	5.9%
Gross margin	57.6%	54.4%	-286 bps
Normalized EBITDA	14 327	14 896	7.0%
Normalized EBITDA margin	35.7%	34.5%	-143 bps
Normalized EBIT	10 788	11 160	5.9%
Normalized EBIT margin	26.9%	25.9%	-134 bps
Profit attributable to equity holders of AB InBev	2 708	3 126
Normalized profit attributable to equity holders of AB InBev	3 926	4 489
Underlying profit attributable to equity holders of AB InBev	4 290	4 354
Earnings per share (USD)	1.35	1.55
Normalized earnings per share (USD)	1.96	2.23
Underlying earnings per share (USD)	2.14	2.16

ab-inbev.com __________________________________________________________ Press release - 27 October 2022 - 5