Underlying EPS increased by 6% with continued margin expansion and free cash flow generation of 11.3 billion USD

BRUSSELS--(BUSINESS WIRE)--Anheuser-Busch InBev (Brussel:ABI) (BMV:ANB) (JSE:ANH) (NYSE:BUD):

Regulated and inside information1

“Beer plays an important role in bringing people together and creating moments of celebration. In 2025, we executed our strategy, made disciplined capital allocation choices and delivered growth within our outlook for the year, even as we navigated a dynamic consumer environment. We exit 2025 with improved momentum and enter 2026 well positioned to engage consumers with our megabrands and an unparalleled lineup of mega platforms. Thank you to our colleagues for their ongoing commitment, hard work and passion for our business.” – Michel Doukeris, CEO, AB InBev

Revenue 4Q +2.5% | FY +2.0% Revenue increased by 2.5% in 4Q25 with revenue per hl growth of 4.0% and by 2.0% in FY25 with revenue per hl growth of 4.4%.   Reported revenue increased by 4.8% in 4Q25 to 15 555 million USD and decreased by 0.8% in FY25 to 59 320 million USD, impacted by unfavorable currency translation.   Volumes 4Q -1.5% | FY -2.3% Volumes declined by 1.5% in 4Q25, with beer volumes down by 1.9% and non-beer volumes up by 0.6%.   Volumes declined by 2.3% in FY25, with beer volumes down by 2.6% and non-beer volumes down by 0.4%.   Normalized EBITDA 4Q +2.3% | FY +4.9% Normalized EBITDA increased by 2.3% to 5 473 million USD in 4Q25, with a margin contraction of 10bps to 35.2%.   Normalized EBITDA increased by 4.9% to 21 223 million USD in FY25, with a margin expansion of 101 bps to 35.8%.

Underlying Profit 4Q 1 884 | FY 7 410 million USD Underlying Profit was 1 884 million USD in 4Q25 compared to 1 770 million USD in 4Q24 and was 7 410 million USD in FY25 compared to 7 061 million USD in FY24.   Reported profit attributable to equity holders of AB InBev was 1 959 million USD in 4Q25 compared to 1 220 million USD in 4Q24 and was 6 837 million USD in FY25 compared to 5 855 million USD in FY24.   Underlying EPS 4Q 0.95 | FY 3.73 USD Underlying EPS increased by 7.5% to 0.95 USD in 4Q25, compared to 0.88 USD in 4Q24, and increased by 6.0% to 3.73 USD in FY25, compared to 3.53 USD in FY24.   On a constant currency basis, Underlying EPS increased by 2.1% in 4Q25 and by 9.4% in FY25.   Net Debt to EBITDA 2.87x Net debt to normalized EBITDA ratio was 2.87x at 31 December 2025, compared to 2.89x at 31 December 2024.

Capital Allocation Dividend 1.00 EUR The AB InBev Board of Directors proposes a final dividend of 1.00 EUR per share, subject to shareholder approval at the AGM on 29 April 2026. Combined with the interim dividend of 0.15 EUR per share paid in November 2025, the full year 2025 dividend would be 1.15 EUR per share. A timeline showing the ex-dividend, record and payment dates can be found on page 16.   As of 9 February 2026, we have completed approximately 635 million USD of the 6 billion USD share buyback program announced on 30 October 2025.

The 2025 Full Year Financial Report is available on our website at www.ab-inbev.com.

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 18.

Management comments

Continued earnings growth, margin expansion and solid free cash flow generation

In 2025, we continued to execute our strategy with discipline, delivering consistent financial performance while further strengthening the fundamentals of our business. Our teams remained focused on building great brands, operating efficiently and increasing our capital allocation flexibility. Momentum improved across many of our key markets in 4Q25 and we enter 2026 well positioned to engage consumers and accelerate growth.

Beer is a vibrant and resilient category, deeply connected to consumers across social occasions and embedded in culture. While near-term demand in some key markets was impacted by a constrained consumer environment and unseasonable weather, the long-term fundamentals and growth potential of the category remain unchanged. Our brands are iconic, our geographic footprint is advantaged, and our execution capabilities continue to strengthen.

The fundamentals of our business underpinned another year of solid financial performance. Revenue increased by 2.0%, with growth in 65% of our markets. Underlying EPS increased by 6.0% in USD and 9.4% in constant currency, and we maintained our solid free cash flow generation, delivering 11.3 billion USD. Disciplined revenue management and premiumization drove a revenue per hl increase of 4.4% and efficient overhead management supported an EBITDA margin expansion of 101bps.

Our ability to deliver consistent results across varying operating conditions is a testament to the durability of our strategy and the resilience of our business.

Progressing our strategic priorities

• Lead and grow the category
  
  In FY25, we invested 7.4 billion USD in sales and marketing behind our megabrands, mega platforms and brand building capabilities to lead the long-term growth of the industry. The beer and Beyond Beer category is forecast to continue to gain share of alcohol beverages globally in FY25, with further growth projected over the next 5 years, according to IWSR. We estimate we gained or maintained market share in two thirds of our markets, with our megabrands leading our growth with a 4.1% revenue increase.
  
  Our portfolio of brands is unparalleled. We hold 20 iconic billion-dollar revenue beer brands and 8 out of the top 10 most valuable beer brands in the world, with Corona and Budweiser remaining the #1 and #2, according to Kantar BrandZ. In Beyond Beer, we are investing to fuel the momentum behind fast growing brands such as Cutwater, Nutrl, Flying Fish and Brutal Fruit. Our mega platform approach is a core element of how we build brands effectively at scale. Our activations in some of the largest consumer moments such as the Super Bowl, NBA, FIFA Club World Cup, Wimbledon, Roland Garros and Lollapalooza were a key contributor to our portfolio brand power reaching a record high in 2025. Our marketing effectiveness and creativity were recognized by being named the most effective marketer in the world by both Effies and the World Advertising Research Center for the fourth consecutive year.
  
  Driven by performance across each of the category expansion levers and participation gains in Corona, Beyond Beer and our no-alcohol beer brands, we estimate that the number of legal drinking age consumers purchasing our portfolio increased versus FY24.
• Core Superiority: Our mainstream beer portfolio accounted for approximately 50% of our FY25 revenue and delivered flattish revenue growth year-on-year, with growth in Africa, Middle Americas and South America offset by a soft industry in Europe and North America.
• Premiumization: We are the global leader in premium and super premium beer. Our above core beer portfolio accounted for 35% of our FY25 revenue and grew revenue by low-single digits. Corona led our performance, increasing revenue by 8.3% outside of Mexico with double-digit volume growth in 30 markets. In the US, Michelob Ultra was the #1 volume share gainer and is now the leading brand by volume in the industry. In Brazil, our premium and above portfolio continued to gain share and now leads the premium segment.
• Balanced choices: Growth in FY25 was driven by our no-alcohol beer portfolio which delivered a 34% revenue increase. No-alcohol beer performance was led by Corona Cero which grew volumes by strong double-digits. We are the leader in no-alcohol beer in many of our key markets, including the US, Canada, Brazil, Mexico, Colombia and Belgium, and see significant headroom for future growth. Our overall balanced choices portfolio of low carb, sugar free, gluten free and no-alcohol beer brands delivered a revenue increase of 8.9%.
• Beyond Beer: The growth of our Beyond Beer portfolio accelerated in FY25, increasing revenue by 23% and now representing 3% of our total revenue. Performance was led by Cutwater in the US, which grew revenue by triple-digits and was the #1 share gaining brand in the total spirits industry in 4Q25, and Brutal Fruit and Flying Fish which were expanded to new markets across Africa, Europe and Latin America.
• Digitize and monetize our ecosystem
  
  We continued to progress our digital transformation by expanding the availability and usage of BEES, accelerating the growth of BEES Marketplace and scaling our digital DTC solutions.
• Digitizing our relationships with our more than 6 million customers globally: As of 31 December 2025, BEES was live in 29 markets, with 72% of our revenues captured through B2B digital platforms. In FY25, BEES captured 52.5 billion USD in GMV, growth of 12% versus FY24.
• Monetizing our route-to-market: The growth of BEES Marketplace GMV accelerated in FY25, increasing by 61% versus FY24 to reach 3.5 billion USD from sales of third-party products. Growth was led by the expansion of the asset-light 3P model from which GMV approximately tripled year-over-year.
• Leading the way in direct-to-consumer (‘DTC’) solutions: Our DTC ecosystem of digital and physical products generated revenue of 1.3 billion USD this year. Zé Delivery, TaDa Delivery and PerfectDraft generated over 76 million e-commerce orders and delivered 550 million USD of revenue in FY25, growth of 8% versus FY24.
• Optimize our business
• Maximizing value creation: The continued optimization of our business enabled us to increase our sales and marketing investments, strengthen our balance sheet through bond repurchases and redemptions, increase returns to our shareholders, and pursue accretive bolt-on acquisitions.
  
  Efficient resource allocation and overhead management more than offset transactional FX headwinds to drive EBITDA margin expansion of 101bps. USD EBITDA growth, balanced net working capital management and lower net finance costs delivered another year of solid free cash flow generation with 11.3 billion USD, consolidating the step-change delivered in FY24.
  
  We continued to proactively manage our debt portfolio with bond repurchases and redemptions of 6 billion USD and issuances of 3.2 billion Euro, strengthening our debt maturity profile while maintaining our average coupon with our net debt to EBITDA ratio reaching 2.87x as of 31 December 2025.
  
  The AB InBev Board of Directors has proposed a final dividend of 1.00 EUR per share, which combined with the interim dividend of 0.15 EUR per share, represents a 15% increase versus FY24, with the ambition to continue a progressive dividend over time. In addition, as of 9 February 2026 we have completed 635 million USD of our 6 billion USD share buyback program announced on 30 October 2025.
• Advancing our sustainability priorities: In 2025, we closed the sustainability goals we set in 2018 and we are proud of the goals we achieved and progress made on those we continue to work towards. Since 2017, we reduced our absolute GHG emissions across Scopes 1 and 2 by 44% and GHG emissions intensity across Scopes 1, 2 and 3 by 32%. We increased our percentage of operational renewable electricity by 67 percentage points since 2018 to 84%. In sustainable agriculture, 100% of our direct farmers met our criteria for being skilled, connected and financially empowered. In water stewardship, 100% of sites in scope of our goal recorded measurable improvement in watershed health and our global water use efficiency ratio reached 2.38 hl/hl, a 23% improvement versus our 2017 baseline. For circular packaging, 89.7% of our products were in packaging that was returnable or made from majority recycled content in 2025.
  
  Please refer to our Sustainability Statements in our 2025 annual report here for further details, including how our metrics are calculated and the related assumptions.

Delivering reliable compounding growth

A central objective of our strategy is to deliver reliable compounding growth over time. While each year will have unique dynamics, our focus remains on consistent progress across the 3 pillars of our strategy to drive long-term value creation.

Since FY21, we have increased our revenue by 5 billion USD, EBITDA by 2 billion USD and free cash flow by 2 billion USD. Our Underlying EPS has increased by a CAGR of 6.7% in USD. Our financial performance has been consistent, with organic EBITDA growth within or above our medium-term growth outlook in every year. We have been disciplined in our capital allocation choices, reducing net debt by 15.3 billion USD to reach 2.87x net debt to EBITDA, progressively increased our dividend each year, including the payment of an interim dividend in 2025, completed 3.2 billion USD of share buybacks, and are currently executing a further 6 billion USD program.

The consistency of our financial performance is a reflection of our deliberate choices, clear strategic priorities and the unwavering commitment of our people to best-in-class execution.

Looking forward

We remain confident in the long-term potential of the beer category, which has structural tailwinds for growth and plays an important role in bringing people together and creating moments of celebration. The progress we have made in executing our strategy has driven consistent financial performance, increased our capital allocation flexibility and enabled increased returns to our shareholders while continuing to deleverage. We enter 2026 in a position of strength, with a highly engaged team, improved momentum across many of our key markets and with an unparalleled portfolio and lineup of mega platforms. From the Super Bowl to the Winter Olympics to the FIFA World Cup to our partnership with Netflix and, as from 2027, our sponsorship of the UEFA Men's Club Competitions, including the UEFA Champions League, we are uniquely positioned to engage consumers and activate the category. In closing, we would like to thank our colleagues around the world for their hard work, commitment, and passion, which continue to underpin our progress and performance.

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.

Figure 1. Consolidated performance
in USD Mio, except EPS in USD per share and Volumes in thousand hls		4Q24			4Q25			Organic
								growth
Volumes		141 829			139 166			(1.5	)%
Beer		121 052			119 039			(1.9	)%
Non-Beer		20 777			20 127			0.6	%
Revenue		14 841			15 555			2.5	%
Gross profit		8 197			8 613			2.5	%
Gross margin		55.2	%		55.4	%		(1)bps
Normalized EBITDA		5 245			5 473			2.3	%
Normalized EBITDA margin		35.3	%		35.2	%		(10)bps
Normalized EBIT		3 824			4 049			4.5	%
Normalized EBIT margin		25.8	%		26.0	%		49bps
Profit attributable to equity holders of AB InBev		1 220			1 959
Underlying Profit		1 770			1 884
Basic EPS		0.61			0.99
Underlying EPS		0.88			0.95

		FY24			FY25			Organic
								growth
Volumes		575 706			561 100			(2.3	)%
Beer		496 354			484 187			(2.6	)%
Non-Beer		79 352			76 914			(0.4	)%
Revenue		59 768			59 320			2.0	%
Gross profit		33 024			33 179			3.4	%
Gross margin		55.3	%		55.9	%		78bps
Normalized EBITDA		20 958			21 223			4.9	%
Normalized EBITDA margin		35.1	%		35.8	%		101bps
Normalized EBIT		15 462			15 854			7.0	%
Normalized EBIT margin		25.9	%		26.7	%		126bps
Profit attributable to equity holders of AB InBev		5 855			6 837
Underlying Profit		7 061			7 410
Basic EPS		2.92			3.45
Underlying EPS		3.53			3.73

Figure 2. Volumes
in thousand hls		4Q24		Scope			Organic growth			4Q25		Organic growth
												Total			Beer
North America		19 516		(216	)		(681	)		18 619		(3.5	)%		(5.5	)%
Middle Americas		38 907		(300	)		1 065			39 672		2.8	%		2.0	%
South America		44 950		-			(1 791	)		43 160		(4.0	)%		(3.7	)%
EMEA		24 883		(15	)		(619	)		24 249		(2.5	)%		(2.4	)%
Asia Pacific		13 439		1			(106	)		13 334		(0.8	)%		(0.8	)%
Global Export and Holding Companies		135		-			(4	)		131		(2.7	)%		(2.7	)%
AB InBev Worldwide		141 829		(529	)		(2 135	)		139 166		(1.5	)%		(1.9	)%

		FY24		Scope			Organic growth			FY25		Organic growth
												Total			Beer
North America		86 272		(961	)		(2 577	)		82 734		(3.0	)%		(3.9	)%
Middle Americas		150 086		(351	)		755			150 490		0.5	%		0.4	%
South America		160 768		-			(5 597	)		155 171		(3.5	)%		(3.8	)%
EMEA		93 804		147			(629	)		93 323		(0.7	)%		(0.7	)%
Asia Pacific		84 397		(91	)		(5 306	)		78 999		(6.3	)%		(6.2	)%
Global Export and Holding Companies		380		(9	)		13			383		3.4	%		3.4	%
AB InBev Worldwide		575 706		(1 265	)		(13 341	)		561 100		(2.3	)%		(2.6	)%

Key Markets Performance

United States: Building momentum and gaining market share in beer and spirits driven by Michelob Ultra and Cutwater

• Operating performance:
  • 4Q25: Revenue declined by 1.4% with revenue per hl increasing by 2.6% driven by revenue management and premiumization. Sales-to-retailers (STRs) declined by 3.5%, estimated to have outperformed a soft industry. Sales-to-wholesalers (STWs) declined by 3.9%. EBITDA decreased by 6.2%, impacted by phasing of sales and marketing investments.
  • FY25: Revenue declined by 1.3%, with revenue per hl increasing by 2.0%. STRs declined by 3.2%, estimated to have outperformed the industry. STWs were down by 3.2%. EBITDA margin improved by 29bps, resulting in flattish EBITDA of -0.4% as we increased sales and marketing investments.
• Commercial highlights: Our market share momentum continued in FY25, with share gains in beer and the spirits-based ready-to-drink category, according to Circana. Our beer performance was led by Michelob Ultra, the leading brand by volume in the industry and the #1 volume share gainer, and Busch Light, which continued to be the #2 volume share gainer in the industry. In Beyond Beer, our portfolio momentum accelerated, with revenue growth in the high-thirties, led by Cutwater which grew revenue in the triple digits and was the #1 share gaining brand in the total spirits industry in 4Q25. We strengthened our leadership position in no-alcohol beer, with our portfolio gaining share and growing revenue by high-twenties. We are leading the industry in innovation, with Michelob Ultra Zero and Busch Light Apple the top 2 innovations in beer in FY25. Consistent execution, market share gains, and productivity initiatives enabled us to offset a soft industry and increase our sales and marketing investments to fuel momentum.

Mexico: Market share gain and margin expansion drove mid-single digit top- and bottom-line growth

• Operating performance:
  • 4Q25: Revenue increased by mid-single digits, with low-single digit revenue per hl growth driven by revenue management. Our volumes increased by low-single digits, outperforming an improved industry. Disciplined revenue management and productivity initiatives offset transactional FX headwinds to deliver mid-single digit EBITDA growth.
  • FY25: Revenue grew by mid-single digits with revenue per hl growth of mid-single digits and flat volumes, outperforming the industry. EBITDA grew by mid-single digits with margin expansion.
• Commercial highlights: Our business continued to gain share of the industry in FY25. Our performance was led by our above core beer portfolio, which grew revenue by high-single digits driven by Modelo and Pacifico. We gained share of no-alcohol beer and, as of 3Q25, are the industry leader, with Corona Cero growing volume by strong double-digits. We continue to progress our digital initiatives, with BEES Marketplace growing GMV by 29% versus FY24 and our digital DTC platform, TaDa Delivery, fulfilling 4.2 million orders, a 3% increase versus FY24.

Colombia: Record high volume and margin expansion drove double-digit bottom-line growth

• Operating performance:
  • 4Q25: Revenue increased by high-single digits with high-single digit revenue per hl growth, driven by revenue management and positive mix. Volumes grew by low-single digits. EBITDA grew by mid-teens with margin expansion driven by disciplined cost management and operational leverage.
  • FY25: Revenue grew by high-single digits with high-single digit revenue per hl growth. Volumes increased by low-single digits, estimated to be in-line with the industry. EBITDA grew by low-teens with margin expansion.
• Commercial highlights: Driven by the consistent execution of our category expansion levers, the beer industry continued to grow in FY25 with our volumes reaching a new record high. Revenue increased across all price segments of our portfolio, with our above core beer brands leading our performance with mid-teens revenue growth.

Brazil: Improved momentum in 4Q25 with market share gain driven by our premium portfolio

• Operating performance:
  • 4Q25: Revenue increased by 2.8% with revenue per hl growth of 6.8%, driven by revenue management and premiumization. Beer volumes declined by 2.8%, estimated to have outperformed the industry, with our volumes returning to growth in December as weather conditions normalized. Non-beer volumes decreased by 6.1%, resulting in a total volume decline of 3.7%. EBITDA increased by 5.1% with margin expansion of 78bps.
  • FY25: Revenue grew by 1.0% with revenue per hl growth of 5.4%. Beer volumes declined by 4.6%, estimated to be in-line with the industry which was impacted by unseasonable weather and a soft consumer environment. Non-beer volumes declined by 2.9%, resulting in a total volume decline of 4.1%. EBITDA increased by 6.1% with margin expansion of 165bps as disciplined revenue management and productivity initiatives more than offset transactional FX headwinds.
• Commercial highlights: Our premium and super premium beer brands led our performance in FY25, delivering high-teens volume growth and estimated to have gained market share to now lead the premium segment. Our mainstream volume trend improved sequentially in 4Q25 as weather conditions normalized, estimated to have gained share of the segment in the quarter. Our portfolio of balanced choices drove incremental growth, with volumes of our no-alcohol beer brands increasing by 30% in FY25. In non-beer, our low- and no-sugar portfolio continued to outperform, delivering mid-twenties volume growth. We continue to progress our digital initiatives, with BEES Marketplace growing GMV by 78% versus FY24, and our digital DTC platform, Zé Delivery, generating approximately 67 million orders.

Europe: Continued market share gains and premiumization partially offset a soft industry

• Operating performance:
  • 4Q25: Revenue declined by high single digits with a revenue per hl decrease of low-single digits, impacted by phasing of promotional activities and negative channel mix. Volumes declined by high-single digits, as estimated market share gains in the majority of our key markets were offset by a soft industry and October shipment phasing. EBITDA declined by mid-twenties impacted by top-line performance and increased sales and marketing investments ahead of the Milano Cortina 2026 Winter Olympics.
  • FY25: Revenue declined by low-single digits with flattish revenue per hl. Volumes declined by low-single digits, estimated to have gained market share in 5 of our 6 of our key markets. EBITDA declined by low-single digits with flat EBITDA margin.
• Commercial highlights: The beer category was estimated to have gained share of alcohol beverages across our key markets in FY25. We continued to premiumize our portfolio and increase our overall brand power, with our premium and super premium brands making up approximately 61% of our FY25 revenue. Our performance this year was driven by our megabrands, led by Corona, which delivered mid-single digit volume growth, and Stella Artois. We successfully completed the integration of San Miguel into our UK portfolio, becoming the leading brewer in the UK. Led by Corona Cero, the momentum of our no-alcohol beer portfolio continued, delivering mid-twenties volume growth and gaining share in key markets such as the Netherlands, France and Italy.

South Africa: Continued momentum and market share gain delivered mid-single digit top- and bottom-line growth

• Operating performance:
  • 4Q25: Revenue increased by mid-single digits with revenue per hl growth of mid-single digits, driven by revenue management and premiumization. Volumes grew by low-single digits, estimated to be in-line with the beer and Beyond Beer industry. EBITDA grew by low-single digits.
  • FY25: Revenue increased by mid-single digits with revenue per hl growth of low-single digits. Volumes grew by low-single digits, estimated to have outperformed the industry in both beer and Beyond Beer. EBITDA grew by mid-single digits.
• Commercial highlights: Both the beer and Beyond Beer categories continued to grow and gain share of alcohol beverages this year according to our estimates. The momentum of our business continued, with focused investments in our megabrands increasing the brand power of our portfolio. Our performance was led by our premium and super premium beer brands, which grew volumes by mid-teens. In Beyond Beer, our portfolio grew volumes by high-single digits led by Flying Fish and our spirits-based RTD innovations.

China: Top- and bottom-line declined, impacted by volume performance

• Operating performance:
  • 4Q25: Volumes declined by 3.9%, estimated to be in-line with a soft industry which was impacted by shipment phasing from a later Chinese New Year. Revenue per hl declined by 7.7%, driven by increased investments to expand our in-home presence, resulting in a revenue decline of 11.3%. EBITDA declined by 38.7%, impacted by top-line performance.
  • FY25: Volumes declined by 8.6%. Revenue per hl decreased by 3.0% resulting in a revenue decline of 11.3%. EBITDA declined by 14.7%.
• Commercial highlights: The beer industry showed signs of stabilization in FY25 with volumes estimated to have declined by low-single digits. Our FY25 results in China were below our potential as we adjusted inventory levels to better reflect the channel and geographic shifts in the industry and worked towards better positioning our business to participate in the growth areas. In 4Q25, we estimate our market share trend improved to be flat versus 4Q24, driven by improvements in Budweiser brand power and in-home channel performance. As we move forward, we are focused on rebuilding momentum and reigniting growth. To achieve this, we will continue to invest in our portfolio, innovation and mega platform activations, enhancing our route to market in the in-home channel, and expanding our footprint through targeted geographic expansion. In FY25, we expanded innovations in brands, such as the national rollout of Budweiser Magnum, and in packaging, such as the launch of the 1 liter can and the Corona full-open lid can.

Highlights from our other markets

• Canada: Revenue and revenue per hl increased by low-single digits in both 4Q25 and FY25. Our volumes were estimated to have outperformed the industry in beer and Beyond Beer, declining by low-single digits in both 4Q25 and FY25. Our beer performance was led by Busch and Michelob Ultra which were the top two share gainers in the industry in FY25. Beyond Beer growth was led by Cutwater and Mike’s Hard Lemonade which were both in the top five share gainers in the category.
• Peru: Revenue grew by mid-single digits in 4Q25 with low-single digit revenue per hl growth. Volumes grew by mid-single digits. In FY25, revenue increased by mid-single digits with mid-single digit revenue per hl growth. Volumes increased by low-single digits, with our performance led by our above core beer portfolio which grew volume by low-teens.
• Ecuador: Revenue grew by mid-single digits in both 4Q25 and FY25 with performance led by our above core beer brands which grew revenues by double-digits in both the quarter and full year. Volumes increased by high-single digits in 4Q25 and by low-single digits in FY25.
• Argentina: Volume declined by mid-single digits in 4Q25 and FY25, estimated to have underperformed the industry, as overall consumer demand continued to be impacted by inflationary pressures. Since 1Q24, the definition of organic revenue growth in Argentina has been amended to cap the price growth to a maximum of 2% per month. Revenue grew by high-single digits in 4Q25 and by mid-teens in FY25 on this basis.
• Africa excluding South Africa: In Nigeria, revenue was flattish in 4Q25 and increased by mid-twenties in FY25, driven by revenue management in a highly inflationary environment. Beer volumes declined by mid-teens in 4Q25 and FY25, impacted by a soft industry.
  In our other markets in Africa, revenue grew in aggregate by low-teens and volumes by low-single digits in both 4Q25 and FY25. Performance was led by growth in Mozambique, Tanzania and Uganda, with our businesses in Mozambique and Zambia reaching their highest market share in the last five years.
• South Korea: Revenue was flattish in 4Q25 with mid-single digit revenue per hl growth driven by revenue management. Volumes declined by mid-single digits in 4Q25 and by low-single digits in FY25, estimated to have outperformed a soft industry in both the quarter and full year. Revenue increased by low-single digits in FY25 with low-single digit revenue per hl growth.

For the year ended 31 December
Million US dollar		2024			2025
OPERATING ACTIVITIES
Profit of the period		7 416			8 477
Depreciation, amortization and impairment		5 544			5 652
Net finance expense/(income)		5 353			4 465
Equity-settled share-based payment expense		644			625
Income tax expense		3 152			2 850
Share of results of associates		(433	)		(387	)
Other non-cash items		(269	)		(45	)
Cash flow from operating activities before changes in working capital and use of provisions		21 406			21 637
Decrease/(increase) in trade and other receivables		341			(187	)
Decrease/(increase) in inventories		(149	)		87
Increase/(decrease) in trade and other payables		(215	)		(298	)
Pension contributions and use of provisions		(374	)		(426	)
Cash generated from operations		21 009			20 814
Interest paid		(3 649	)		(3 348	)
Interest received		594			462
Dividends received		234			195
Income tax paid		(3 134	)		(3 240	)
Cash flow from/(used in) operating activities		15 055			14 883
INVESTING ACTIVITIES
Acquisition of property, plant and equipment and of intangible assets		(3 863	)		(3 656	)
Proceeds from sale of property, plant and equipment and of intangible assets		128			104
Sale/(acquisition) of subsidiaries, net of cash		(46	)		18
Proceeds from sale/(acquisition) of other assets		523			98
Cash flow from/(used in) investing activities		(3 259	)		(3 436	)
FINANCING ACTIVITIES
Proceeds from borrowings		5 465			4 400
Repayments of borrowings		(9 295	)		(6 861	)
Dividends paid		(2 672	)		(4 543	)
Share buyback		(937	)		(2 301	)
Payment of lease liabilities		(787	)		(733	)
Derivative financial instruments		(431	)		(206	)
Sale/(acquisition) of non-controlling interests		(435	)		(323	)
Other financing cash flows		(763	)		(883	)
Cash flow from/(used in) financing activities		(9 854	)		(11 450	)
Net increase/(decrease) in cash and cash equivalents		1 942			(3	)
Cash and cash equivalents less bank overdrafts at beginning of year		10 314			11 174
Effect of exchange rate fluctuations		(1 082	)		452
Cash and cash equivalents less bank overdrafts at end of period		11 174			11 623