The following is a review of our financial condition and results of operations as of 31 December 2025 and 2024, and for the three years ended 31 December 2025, and of the key factors that have affected or are expected to be likely to affect our ongoing and future operations. You should read the following discussion and analysis in conjunction with our audited consolidated financial statements and the accompanying notes included elsewhere in this Form 20-F. -65- Table of Contents Some of the information contained in this discussion, including information with respect to our plans and strategies for our business and our expected sources of financing, contain forward-looking statements that involve risk and uncertainties. You should read “Forward-Looking Statements” for a discussion of the risks related to those statements. You should also read “Item 3. Key Information—D. Risk Factors” for a discussion of certain factors that may affect our business, financial condition and results of operations. We have prepared our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025, in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board and in conformity with IFRS Accounting Standards as adopted by the European Union. The financial information and related discussion and analysis contained in this item are presented in U.S. dollars except as otherwise specified. Unless otherwise specified, the financial information analysis in this Form 20-F is based on our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025. See “Presentation of Financial and Other Data” for further information on our presentation of financial information. A. KEY FACTORS AFFECTING RESULTS OF OPERATIONS We consider economic conditions and pricing, raw material and transport prices, consumer preferences, our product mix, the effect of our distribution arrangements, acquisitions, divestitures and other structural changes, excise taxes, the effect of governmental regulations, foreign currency effects, and weather and seasonality to be the key factors influencing the results of our operations. The following sections discuss these key factors. Economic Conditions and Pricing General economic conditions in the geographic regions in which we sell our products, such as the level of disposable income, the level of inflation, the rate of economic growth, the rate of unemployment, energy prices, interest rates, government policies including the implementation of tariffs and other trade barriers, exchange rates and currency devaluation or revaluation (including adverse transactional currency effects which may impact certain U.S. dollar-denominated products or services that could become more expensive in terms of local currencies due to the appreciation of the U.S. dollar), influence consumer confidence and consumer purchasing power. These factors, in turn, influence the demand for our products in terms of total volumes sold and the price that can be charged. Unfavorable macroeconomic conditions in any of our key markets, including the U.S., Mexico, Brazil, Europe and China, could have a material adverse effect on the demand for our products. Furthermore, as a substantial proportion of our operations are carried out in developing markets, any general decline in developing markets as a whole could impact us disproportionately compared to our competitors with less exposure to developing markets. In addition to affecting demand for our products, the general economic conditions described above may cause consumer preferences to shift between on-trade consumption channels, such as restaurants and cafés, bars, sports and leisure venues and hotels, and off-trade consumption channels, such as traditional grocery stores, supermarkets, hypermarkets and discount stores. Products sold in off-trade consumption channels typically generate higher volumes and lower margins per retail outlet than those sold in on-trade consumption channels, although on-trade consumption channels typically require higher levels of investment. The relative profitability of on-trade and off-trade consumption channels varies depending on various factors, including costs of invested capital and the distribution arrangements in the different countries in which we operate. A shift in consumer preferences towards lower-margin products may also adversely affect our price realization and profit margins. Markets across the world experienced significant inflationary pressures in recent years, and inflation rates in certain countries in which we operate may continue at elevated levels for the near-term. The level of inflation has been particularly significant in our South America region. In May 2018, the Argentine peso underwent a severe devaluation resulting in the three-year cumulative inflation of Argentina to exceed 100% in 2018, thereby triggering -66- Table of Contents the requirement to transition to hyperinflation accounting as prescribed by IAS 29 Financial Reporting in Hyperinflationary Economies (see “—Foreign Currency”). As measured by the Instituto Nacional de Estadística y Censos, Argentine inflation was approximately 31% in 2025. These inflationary pressures drove the decline in our total volumes in Argentina for the year ended 31 December 2025. See “Item 5. Operating and Financial Review—E. Results of Operations—Year Ended 31 December 2025 Compared to the Year Ended 31 December 2024—Volumes” for additional details. A central element of our strategy for achieving sustained profitable volume growth is our ability to anticipate changes in local economic conditions and their impact on consumer demand in order to achieve the optimal combination of pricing and sales volume. Inflationary pressures may also result in significant increases to our expenses, including direct materials, wages, energy, and transportation costs. See “Item 5. Operating and Financial Review—E. Results of Operations—Year Ended 31 December 2025 Compared to the Year Ended 31 December 2024—Cost of Sales” for additional details. In cases of sustained and elevated inflation across several of our key markets, it may be difficult to effectively manage the increases to our costs and we may not be able to pass these increased costs on to our customers. Raw Material and Transport Prices We have significant exposure to fluctuations in the prices of raw materials, packaging materials, energy and transport services, each of which may significantly impact our cost of sales or distribution expenses. Increased costs or distribution expenses will reduce our profit margins if we are unable to recover these additional costs from our customers through higher prices (see “—Economic Conditions and Pricing” above). The main raw materials used in our beer and other malt-based alcohol beverage production are malted barley, corn, rice, hops, yeast and water, while those used in our non-beer production are flavors, fruit concentrate, sugar, sweetener, water and/or spirit base. In some of our regions, such as in Africa, locally-sourced agricultural products, such as sorghum or cassava, can be used in place of malted barley. In addition to these inputs into our products, delivery of our products to consumers requires extensive use of packaging materials, such as glass, PET and aluminum bottles, aluminum or steel cans and kegs, labels, plastic crates, metal and plastic closures, folding cartons, cardboard products and plastic films. The price of the raw and packaging materials that we use in our operations is determined by, among other factors, the level of crop production (both in the countries in which we are active and elsewhere in the world), weather conditions, the capacity utilization of our suppliers, inflation, currency fluctuations, end-user demand, governmental regulations including tariffs, and legislation affecting agriculture and trade. We are also exposed to increases in fuel and other energy prices through our own and third-party distribution networks and production operations. Furthermore, we are exposed to increases in raw material transport costs charged by suppliers (see “—Economic Conditions and Pricing” above). Geopolitical or local instability can increase pressures on the supply chain and increase energy costs, which may increase the cost of manufacturing, selling and delivering our products. Increases in the prices of our products could affect demand among consumers, and, thus, our sales volumes and revenue. Even though we seek to minimize the impact of such fluctuations through financial and physical hedging, the results of our hedging activities may vary across time. As further discussed under “Item 11. Quantitative and Qualitative Disclosures About Market Risk—Market Risk, Hedging and Financial Instruments,” we use both fixed-price purchasing contracts and commodity derivatives to minimize our exposure to commodity price volatility when practicable. Fixed-price contracts generally have a term of one to two years, although a small number of contracts have a term up to five years. See “Item 4. Information on the Company—B. Business Overview—6. Brewing Process; Raw Materials and Packaging; Production Facilities; Logistics—Raw Materials and Packaging” and “Item 3. Key Information—D. Risk Factors—Risks Relating to Us and Our Activities—Risks Relating to Our Business Activities and Industry—We rely on key third parties, including key suppliers, and the termination or modification of the arrangements with such third parties or their failure to meet their obligations to us could negatively affect our business” for further details regarding our arrangements for sourcing of raw and packaging materials. -67- Table of Contents Consumer Preferences We are a consumer products company, and our results of operations largely depend on our ability to respond effectively to shifting consumer preferences. Consumer preferences may shift due to a variety of factors, including changes in demographics, changes in social trends, such as consumer health concerns, product attributes and ingredients, changes in social habits, changes in travel, weather, vacation or leisure activity patterns, or negative publicity resulting from regulatory action, litigation, our sponsorship relations or campaigns, actions or statements by activists or other public figures. Product Mix The results of our operations are substantially affected by our ability to build on our strong family of brands by relaunching or reinvigorating existing brands in current markets, launching existing brands in new markets and introducing brand extensions and packaging alternatives for our existing brands, as well as our ability to both acquire and develop innovative products to respond to changing consumer preferences. Strong, well-recognized brands that attract and retain consumers, for which consumers are willing to pay a premium, are critical to our efforts to maintain and increase market share and benefit from high margins. See “Item 4. Information on the Company—B. Business Overview—2. Principal Activities and Products” for further information regarding our brands. Distribution Arrangements We depend on effective distribution networks to deliver our products to our customers. Generally, we distribute our products through (i) our own distribution, in which we deliver to points of sale directly, and (ii) third-party distribution networks, in which delivery to points of sale occurs through wholesalers and independent distributors. Third-party distribution networks may be exclusive or non-exclusive and may, in certain business segments, involve use of third-party distribution while we retain the sales function through an agency framework. We use different distribution networks in the markets in which we operate, as appropriate, based on the structure of the local retail sectors, local geographic considerations, scale considerations, regulatory requirements, market share and the expected added-value and capital returns. Although specific results may vary depending on the relevant distribution arrangement and market, in general, the use of own distribution or third-party distribution networks will have the following effects on our results of operations: • Revenue. Revenue per hectoliter derived from sales through own distribution tends to be higher than revenue derived from sales through third parties. In general, under own distribution, we receive a higher price for our products since we are selling directly to points of sale, capturing the margin that would otherwise be retained by intermediaries; • Transportation costs. In our own distribution networks, we sell our products to the point of sale and incur additional freight costs in transporting those products between our plant and such points of sale. Such costs are included in our distribution expenses under IFRS. In most of our own distribution networks, we use third-party transporters and incur costs through payments to these transporters, which are also included in our distribution expenses under IFRS. In third-party distribution networks, our distribution expenses are generally limited to expenses incurred in delivering our products to relevant wholesalers or independent distributors in those circumstances in which we make deliveries; and • Sales expenses. Under fully third-party distribution systems, the salesperson is generally an employee of the distributor, while under our own distribution and indirect agency networks, the salesperson is generally our employee. To the extent that we deliver our products to points of sale through direct or indirect agency distribution networks, we will incur additional sales expenses from the hiring of additional employees (which may offset to a certain extent increased revenue gained as a result of own distribution). -68- Table of Contents In addition, in certain countries, we enter into exclusive importer arrangements and depend on our counterparties to these arrangements to market and distribute our products to points of sale. To the extent that we rely on counterparties to distribution agreements to distribute our products in particular countries or regions, the results of our operations in those countries and regions will, in turn, be substantially dependent on our counterparties’ own distribution networks operating effectively. Acquisitions, Divestitures and Other Structural Changes We regularly engage in acquisitions, divestitures and investments. We also engage in the start-up or termination of activities and may transfer activities between business segments. Such events have had and are expected to continue to have a significant effect on our results of operations and the comparability of period-to-period results. Significant acquisitions, divestitures, investments, transfers of activities between business segments and other structural changes in the years ended 31 December 2025 and 2024 are described below. See also note 6 and note 8 to our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025 included in this Form 20-F. Acquisitions, Divestitures and Other Arrangements Effective 1 January 2025, we became the distributor and promoter of San Miguel beers in the United Kingdom following the agreement reached with Mahou in 2024. In the year ended 31 December 2025, we also entered into a contract brewing agreement with Pabst Brewing Company, with the results reported within Global Export and Holding Companies business segment. Volumes related to this contract brewing agreement are not included in our volumes. We also terminated distribution rights related to Ghost beverages in the United States. In the year ended 31 December 2025, we disposed of assets held for sale in Barbados and other Caribbean islands and we reported a USD 96 million gain in exceptional items. In the year ended 31 December 2024, we disposed of our share in associate Ghost Beverages LLC in the U.S. to Keurig Dr. Pepper and we reported a USD 437 million gain in exceptional items. During 2024 and 2025, we also undertook a series of additional acquisitions and disposals, including the acquisition and termination of certain distribution rights (together with the acquisitions, disposals and arrangements described above, the “2024 and 2025 acquisitions and disposals”), with no significant impact to our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025 included in this Form 20-F. We may also acquire, purchase or dispose of further assets or businesses in our normal course of operations. Accordingly, the financial information presented in this Form 20-F may not reflect the scope of our business as it will be conducted in the future. Brazilian Tax Credits In the year ended 31 December 2025, our subsidiary Ambev recognized USD 26 million income in Other operating income related to tax credits in Brazil (2024: USD 49 million). Additionally, Ambev recognized USD 117 million of interest income in Finance income for the year ended 31 December 2025 (2024: USD 142 million) related to these credits. Excise Taxes Taxation on our beer, other alcohol beverage and non-beer products in the countries in which we operate is comprised of different taxes specific to each jurisdiction, such as excise and other indirect taxes. In many jurisdictions, excise and other indirect duties, including legislation regarding minimum alcohol pricing, make up a large proportion of the cost of beer charged to customers. Increases in excise and other indirect taxes applicable to -69- Table of Contents our products either on an absolute basis or relative to the levels applicable to other beverages tend to adversely affect our revenue or margins, both by reducing overall consumption and by encouraging consumers to switch to lower-taxed categories of beverages. These increases also adversely affect the affordability of our products and our ability to raise prices. For further discussion of excise taxes and the risk of increased tax rates, please see “Item 3. Key Information—D. Risk Factors—Risks Relating to Us and Our Activities—Legal and Regulatory Risks—We may be subject to adverse changes in taxation and other tax-related risks”. Governmental Regulations Governmental restrictions on beer consumption in the markets in which we operate vary from one country to another, and, in some instances, within countries. The most relevant restrictions are: • Legal drinking ages; • Global and national alcohol policy reviews and the implementation of policies aimed at health consequences and preventing the harmful effects of alcohol misuse (including, among others, relating to underage drinking, drunk driving, drinking while pregnant and excessive or abusive drinking); • Restrictions on sales of alcohol generally or beer specifically, including restrictions on distribution networks, restrictions on certain retail venues, requirements that retail stores hold special licenses for the sale of alcohol, restrictions on times or days of sale, labeling requirements and minimum alcohol pricing requirements; • Advertising restrictions, which affect, among other things, the media channels employed, the content of advertising campaigns for our products and the times and places where our products can be advertised, including, in some instances, sporting events; • Restrictions imposed by antitrust or competition laws; • Deposit laws (including those for bottles, crates and kegs); • Heightened environmental regulations and standards, including regulations addressing emissions of gas and liquid effluents and the disposal of waste and one-way packaging, compliance with which imposes costs; and • Litigation associated with any of the above. Please refer to “Item 4. Information on the Company—B. Business Overview—11. Regulations Affecting Our Business” for a fuller description of the key laws and regulations to which our operations are subject. Foreign Currency Our financial statements presentation and reporting currency is the U.S. dollar. A number of our operating companies have functional currencies (that is, in most cases, the local currency of the respective operating company) other than our reporting currency. Consequently, foreign currency exchange rates have a significant impact on our consolidated financial statements. In particular, changes in the value of our operating companies’ functional currencies against other currencies in which their costs and expenses are priced may affect those operating companies’ cost of sales and operating expenses, and, thus, negatively impact their operating margins in functional currency terms. Foreign currency transactions are accounted for at exchange rates prevailing at the date of the transactions, while monetary assets and liabilities denominated in foreign currencies are translated at the balance sheet date. Except for exchange differences on transactions entered into in order to hedge certain foreign currency risk and exchange rate differences on monetary items that form part of the net investment in the foreign operations, gains and losses resulting from the settlement of foreign currency transactions and from the translation of monetary assets and liabilities in currencies other than an operating company’s functional currency are recognized in the income statement. Historically, we have been able to raise prices and implement cost-saving initiatives to partly offset cost and expense increases due to exchange rate volatility. We also have hedge policies designed to manage commodity price and foreign currency risks to protect our exposure to currencies other than our operating companies’ respective functional currencies. Derivative financial instruments and contractual terms can protect against currency fluctuations in the short term to some extent. However, derivatives and contractual arrangements expire, and upon expiry are subject to renegotiation, and therefore cannot provide complete protection over the medium or longer term which may adversely impact our results from operations. Please refer to “Item 11. Quantitative and Qualitative Disclosures About Market Risk—Market Risk, Hedging and Financial Instruments” for further detail on our approach to hedging commodity price and foreign currency risk. -70- Table of Contents Any change in the exchange rates between our operating companies’ functional currencies and our reporting currency affects our consolidated income statement and consolidated statement of financial position when the results of those operating companies are translated into the reporting currency for reporting purposes as translational exposures are not hedged. Assets and liabilities of foreign operations are translated to the reporting currency at foreign exchange rates prevailing at the balance sheet date. Income statements of foreign operations, excluding foreign entities in hyperinflation economies, are translated to the reporting currency at exchange rates for the year approximating the foreign exchange rates prevailing at the dates of transactions. The components of shareholders’ equity are translated at historical rates. Exchange differences arising from the translation of shareholders’ equity into the reporting currency at year-end are taken to other comprehensive income (that is, in the translation reserve). In May 2018, the Argentine peso underwent a severe devaluation resulting in Argentina’s three-year cumulative inflation exceeding 100% in 2018, thereby triggering the requirement to transition to hyperinflation accounting as prescribed by IAS 29 Financial Reporting in Hyperinflationary Economies. Under IAS 29, the non-monetary assets and liabilities are stated at historical cost and the equity and income statement of subsidiaries operating in hyperinflationary economies are restated for changes in the general purchasing power of the local currency applying a general price index. These re-measured accounts are used for conversion into U.S. dollar at the period closing exchange rate. As a result, the balance sheet and net results of subsidiaries operating in hyperinflationary economies are stated in terms of the measuring unit current at the end of the reporting period. During 2025, the closing exchange rate of several currencies, such as the Brazilian real, the Colombian peso, the Euro, the Mexican peso, the Peruvian sol and the South African rand appreciated against the U.S. dollar. During the same period, the average exchange rate of several currencies, such as the Brazilian real and the Mexican peso, and the closing exchange rate of the Argentine peso, depreciated against the U.S. dollar. Our total consolidated revenue was USD 59.3 billion for the year ended 31 December 2025, a decrease of USD 0.4 billion compared to the year ended 31 December 2024. The negative impact of unfavorable currency translation effects, including hyperinflation accounting impact, on our consolidated revenue in the year ended 31 December 2025 was USD 1.3 billion, primarily as a result of the currency translation effects from the Argentine peso, Brazilian real and the Mexican peso. For further details regarding the currencies in which our revenue is realized and the effect of foreign currency fluctuations on our results of operations, see “—F. Impact of Changes in Foreign Exchange Rates” below. See also “Item 3. Key Information—D. Risk Factors—Risks Relating to Us and Our Activities—Financial Risks—Fluctuations in foreign currency exchange rates may lead to volatility in our results of operations.” and “Item 3. Key Information—D. Risk Factors—Risks Relating to Us and Our Activities—Market Risks—We are exposed to developing market risks, including the risks of devaluation, nationalization and inflation.” Weather and Seasonality Weather conditions directly affect consumption of our products. High temperatures and prolonged periods of warm weather favor increased consumption of our products, while unseasonably cool or wet weather, especially during the spring and summer months, adversely affects our sales volumes and, consequently, our revenue. Accordingly, product sales in all of our business segments are generally higher during the warmer months of the year (which also tend to be periods of increased tourist activity) as well as during major holiday periods. -71- Table of Contents Consequently, for many countries in EMEA and most countries in the South America region (particularly Argentina and most of Brazil), volumes are usually stronger in the first and fourth quarters due to year-end festivities and the summer season in the Southern Hemisphere, while for some countries in Middle Americas and EMEA and the countries in the North America and Asia Pacific regions, volumes tend to be stronger during the spring and summer seasons in the second and third quarters of each year. Based on 2025 information, for example, we realized 46% of our total 2025 volumes in South America in the second and third quarters, compared to 54% in the first and fourth quarters of the year, whereas in North America, we realized 54% of our sales volume in the second and third quarters, compared to 46% in the first and fourth quarters. Although such sales volume figures are the result of a range of factors in addition to weather and seasonality, they are nevertheless broadly illustrative of the historical trend described above. B. SIGNIFICANT ACCOUNTING POLICIES For a summary of all of our significant accounting policies, see note 3 to our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025 included in this Form 20-F. We believe that the following are our critical accounting policies. We consider an accounting policy to be critical if it is important to our financial condition and results of operations and requires significant or complex judgments and estimates on the part of our management. Although each of our significant accounting policies reflects judgments, assessments or estimates, we believe that the following accounting policies reflect the most critical judgments, estimates and assumptions that are important to our business operations and the understanding of its results: revenue recognition; accounting for business combinations and impairment of goodwill and intangible assets; pension and other post-retirement benefits; share-based compensation; contingencies; deferred and current income taxes; and accounting for derivatives. Although we believe that our judgments, assumptions and estimates are appropriate, actual results, under different assumptions or conditions, may differ from these estimates. Summary of Changes in Accounting Policies To the extent that new IFRS requirements are expected to be applicable in the future, they have not been applied in preparing our consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025. The following standards, amendments and interpretations have been issued recently, but are not yet effective: IFRS 18 – Presentation and Disclosures in Financial Statements (effective for annual reporting periods beginning on or after 1 January 2027) will replace IAS 1 and introduce new requirements aimed at improving comparability of financial performance reporting and enhancing the transparency of the information provided to users. While IFRS 18 does not affect the recognition or measurement of assets, liabilities, income or expenses, it will impact the presentation of the primary financial statements and the related disclosures. We anticipate that the adoption of the standard will primarily affect the presentation of the income statement and the cash flow statement, the disclosure of management performance measures, and the related note structure. We do not intend to early adopt IFRS 18 and are currently assessing its full impact. For additional information, see note 3 to our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025. -72- Table of Contents A number of amendments to standards effective for annual periods beginning after 1 January 2026 have not been discussed either because of their non-applicability or immateriality to our consolidated financial statements. Revenue Recognition Revenue is measured based on the consideration to which we expect to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. We recognize revenue when performance obligations are satisfied, meaning when we transfer control of a product to a customer. Specifically, revenue recognition follows the following five-step approach: • Identification of the contracts with a customer; • Identification of the performance obligations in the contracts; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contracts; and • Revenue recognition when performance obligations are satisfied. Revenue from the sale of goods is measured at the amount that reflects the best estimate of the consideration expected to be received in exchange for those goods. Contracts can include significant variable elements, such as discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses and penalties. Such trade incentives are treated as variable consideration. If the consideration includes a variable amount, we estimate the amount of consideration to which we will be entitled in exchange for transferring the promised goods or services to the customer. Variable consideration is only included in the transaction price if it is highly probable that the amount of revenue recognized would not be subject to significant future reversals when the uncertainty is resolved. In many jurisdictions, excise taxes make up a large proportion of the cost of beer charged to our customers. The aggregate deduction from revenue recorded by us in relation to these taxes was USD 15.3 billion and USD 15.2 billion for the years ended 31 December 2025 and 2024, respectively. Accounting for Business Combinations and Impairment of Goodwill and Intangible Assets We have made acquisitions that include a significant amount of goodwill and other intangible assets, including the acquisitions of Anheuser-Busch Companies, Grupo Modelo and SAB. As of 31 December 2025, our total goodwill amounted to USD 117.9 billion, and our intangible assets with indefinite useful lives amounted to USD 38.5 billion. Based on our 2025 annual impairment testing for goodwill, no impairment charge was warranted in 2025. We apply the acquisition method of accounting to account for acquisition of businesses. The cost of an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred and equity instruments issued. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date. The excess of the cost of the acquisition over our interest in the fair value of the identifiable net assets acquired is recorded as goodwill. If the business combination is achieved in stages, the acquisition date carrying value of our previously held interest in the acquiree is remeasured to fair value at the acquisition date; any gains or losses arising from such remeasurement are recognized in profit or loss. We exercise significant judgment in the process of identifying tangible and intangible -73- Table of Contents assets and liabilities, valuing such assets and liabilities and in determining their remaining useful lives. We generally engage third-party valuation firms to assist in valuing the acquired assets and liabilities. The valuation of these assets and liabilities is based on assumptions and criteria that include, in some cases, estimates of future cash flows discounted at the appropriate rates. The use of different assumptions used for valuation purposes, including estimates of future cash flows or discount rates, may have resulted in different estimates of value of assets acquired and liabilities assumed. Although we believe that the assumptions applied in the determination are reasonable based on information available at the date of acquisition, actual results may differ from the forecasted amounts, and the difference could be material. We test our goodwill and other long-lived assets for impairment annually or whenever events and circumstances indicate that the recoverable amount of those assets is less than their carrying amount. We cannot predict whether an event that triggers impairment will occur, when it will occur or how it will affect the value of the asset reported. Goodwill impairment testing relies on a number of critical judgments, estimates and assumptions. We believe that all of our estimates are reasonable: they are consistent with our internal reporting and reflect management’s best estimates. However, inherent uncertainties exist that management may not be able to control, including geopolitical instability. If our current assumptions and estimates, including projected revenues growth rates, competitive and consumer trends, weighted average cost of capital, terminal growth rates, and other market factors, are not met, or if valuation factors outside of our control, change unfavorably, the estimated fair value of goodwill could be adversely affected, leading to a potential impairment in the future. We performed our annual goodwill impairment test at cash-generating unit level, which is the lowest level at which goodwill is monitored for internal management purposes. Our impairment testing methodology is in accordance with IAS 36 Impairment of Assets in which fair-value-less-cost-to-sell and value in use approaches are taken into account. This entails applying a discounted cash flow approach based on acquisition valuation models for the cash- generating units showing an invested capital to Normalized EBITDA multiple above 9x and valuation multiples for our other cash-generating units. The discounted cash flow approach was applied for Colombia, South Africa, Rest of Asia Pacific and the United States cash-generating units. The key judgments, estimates and assumptions used in the discounted cash flow calculations are generally as follows: • Cash flows are based on our ten-year plan as approved by key management. The plan is prepared per cash-generating unit and is based on external sources in respect of macro-economic assumptions, industry, inflation and foreign exchange rates, past experience and identified initiatives in terms of market share, revenue, variable and fixed cost, capital expenditure and working capital assumptions; • In order to calculate the terminal value, the company extrapolated the cash flows after the first ten-year period using expected annual long-term GDP growth rates based on external sources or applied a market multiple after the first 5 years of the plan set at 10.8x. The company considered sensitivities on these metrics and corroborated the calculations by market multiples; • Projections are discounted at the unit’s weighted average cost of capital (“WACC”), considering sensitivities on this metric; and • Cost to sell is assumed to reach 2% of the entity value based on historical precedents. For the main cash generating units, the terminal growth rate applied generally ranged between 2% and 3%. For the cash generating units subject to a discounted cash flow approach, the WACC applied in US dollar nominal terms were as follows: Year ended 31 December 2025 Year ended 31 December 2024 Colombia 9 % 10 % South Africa 10 % 11 % -74- Table of Contents Year ended 31 December 2025 Year ended 31 December 2024 Rest of Asia Pacific 8 % 8 % United States 7 % 7 % During its valuation, the company ran sensitivity analysis for key assumptions including the weighted average cost of capital and the terminal growth rate. In the sensitivity analysis performed by management during the annual impairment testing in 2025, an adverse change of 1% in WACC or terminal growth rate would not cause a cash-generating unit’s carrying amount to exceed its recoverable amount. While a change in the estimates used could have a material impact on the calculation of the fair values and trigger an impairment charge, based on the sensitivity analysis performed, we are not aware of any reasonably possible change in a key assumption used that would cause a cash generating unit’s carrying amount to exceed its recoverable amount. Although we believe that our judgments, assumptions and estimates are appropriate, actual results may differ from these estimates under different assumptions or market or macro-economic conditions. Impairment testing of intangible assets with an indefinite useful life is based on the same methodology and assumptions as described above. For additional information on tangible assets, goodwill, intangible assets, and impairments, see notes 8, 13, 14 and 15 to our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025. Pension and Other Post-Retirement Benefits We sponsor various post-employment benefit plans worldwide. These include pension plans, both defined contribution plans and defined benefit plans, and other post-employment benefits. Usually, pension plans are funded by payments made both by us and our employees, taking into account the recommendations of independent actuaries. We maintain funded and unfunded plans. Defined Contribution Plans Contributions to these plans are recognized as expenses in the period in which they are incurred. Defined Benefit Plans For defined benefit plans, liabilities and expenses are assessed separately for each plan using the projected unit credit method. The projected unit credit method takes into account each period of service as giving rise to an additional unit of benefit to measure each unit separately. Under this method, the cost of providing pensions is charged to the income statement during the period of service of the employee. The amounts charged to the income statement consist of current service cost, net interest cost/(income), past service costs and the effect of any settlements and curtailments. Past service costs are recognized at the earlier of when the amendment/curtailment occurs or when we recognize related restructuring or termination costs. The net defined benefit plan liability recognized in the statement of financial position is measured as the current value of the estimated future cash outflows using a discount rate equivalent to high-quality corporate bond yields with maturity terms similar to those of the obligation, less the fair value of any plan assets. Where the calculated amount of a defined benefit plan liability is negative (an asset), we recognize such asset to the extent that economic benefits are available to us either from refunds or reductions in future contributions. -75- Table of Contents Assumptions used to value defined benefit liabilities are based on actual historical experience, plan demographics, external data regarding compensation and economic trends. While we believe that our assumptions are appropriate, significant differences in our actual experience or significant changes in our assumptions may materially affect our pension obligation and our future expense. Remeasurements, comprising actuarial gains and losses, the effect of asset ceilings (excluding net interest) and the return on plan assets (excluding net interest) are recognized in full in the period in which they occur in the statement of comprehensive income. For further information on how changes in these assumptions could change the amounts recognized, see the sensitivity analysis within note 23 to our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025. A significant portion of our plan assets is invested in equity and debt securities. The equity and debt markets have experienced volatility in the recent past, which has affected the value of our pension plan assets. This volatility may impact the long-term rate of return on plan assets. Actual asset returns that differ from the interest income recognized in our income statement are fully recognized in other comprehensive income. Other Post-Employment Obligations We and our subsidiaries provide health care benefits and other benefits to certain retirees. The expected costs of these benefits are recognized over the period of employment, using an accounting methodology similar to that used for defined benefit plans. Share-Based Compensation We have various types of equity-settled share-based compensation schemes for employees. Employee services received, and the corresponding increase in equity, are measured by reference to the fair value of the equity instruments as of the date of grant. Fair value of stock options is estimated by using the binomial Hull model on the date of grant based on certain assumptions. No stock options were granted in 2024 and 2025. See note 24 to our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025 included in this Form 20-F. Contingencies The preparation of our financial statements requires management to make estimates and assumptions regarding contingencies which affect the valuation of assets and liabilities at the date of the financial statements and the revenue and expenses during the reported period. We disclose material contingent liabilities unless the possibility of any loss arising is considered remote, and material contingent assets where the inflow of economic benefits is probable. We discuss our material contingencies in note 29 to our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025. Under IFRS, we record a provision for a loss contingency when it is probable that a future event will confirm that a liability has been incurred at the date of the financial statements, and the amount of the loss can be reasonably estimated. By their nature, contingencies will only be resolved when one or more future events occur or fail to occur, and typically those events will occur over a number of years in the future. The valuations of the provisions are adjusted as further information becomes available. As discussed in “Item 8. Financial Information—A. Consolidated Financial Statements and Other Financial Information—Legal and Arbitration Proceedings” and in note 29 to our audited consolidated financial statements as of 31 December 2025 and 2024 and for the three years ended 31 December 2025, legal proceedings covering a wide range of matters are pending or threatened in various jurisdictions against us. We record provisions for pending litigation when we determine that an unfavorable outcome is probable and the amount of loss can be reasonably estimated. Due to the inherent uncertain nature of litigation, the ultimate outcome or actual cost of settlement may materially vary from estimates. -76- Table of Contents Deferred and Current Income Taxes We recognize deferred tax effects of tax loss carry-forwards and temporary differences between the financial statement carrying amounts and the tax basis of our assets and liabilities. We estimate our income taxes based on regulations in the various jurisdictions where we conduct business. This requires us to estimate our actual current tax exposure and to assess temporary differences that result from different treatment of certain items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which we record on our consolidated balance sheet. We regularly review the deferred tax assets for recoverability and will only recognize these if we believe that it is probable that there will be sufficient taxable profit against any temporary differences that can be utilized, based on historical taxable income, projected future taxable income, and the expected timing of the reversals of existing temporary differences. The carrying amount of a deferred tax asset is reviewed at each balance sheet date. We reduce the carrying amount of a deferred tax asset to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all of that deferred tax asset to be utilized. Any such reduction is reversed to the extent that it becomes probable that sufficient taxable profit will be available. If the final outcome of these matters differs from the amounts initially recorded, differences may positively or negatively impact the income tax and deferred tax provisions in the period in which such determination is made. We are subject to income tax in numerous jurisdictions. Significant judgment is required in determining the worldwide provision for income tax. There are some transactions and calculations for which the ultimate tax determination is uncertain. Some of our subsidiaries are involved in tax audits and local enquiries, usually in relation to prior years. Investigations and negotiations with local tax authorities are ongoing in various jurisdictions at the balance sheet date and, by their nature, these can take considerable time to conclude. In assessing the amount of any income tax provisions to be recognized in the financial statements, estimation is made of the expected successful settlement of these matters. Estimates of interest and penalties on tax liabilities are also recorded. As required by IFRIC 23, we assess each material tax position. When we assess that it is probable that the tax authorities will accept the tax treatments adopted, income taxes are calculated and reported consistently with the tax treatment used. We disclose the potential effect of material uncertainties as a tax-related contingency in note 29 to our audited consolidated financial statements as of 31 December 2025 and 2024 and for the three years ended 31 December 2025. When we conclude that it is not probable that a particular tax treatment will be accepted, we generally use the most likely amount of the tax treatment when determining the tax provision to be recorded. Where the final outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities in the period such determination is made. Accounting for Derivatives Our risk management strategy includes the use of derivatives. The main derivative instruments we use are foreign exchange forwards, currency options, currency futures, interest rate swaps, cross currency interest rate swaps, commodity swaps, commodity futures and equity swaps. Our policy prohibits the use of derivatives in the context of speculative trading. Derivative financial instruments are recognized initially at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Subsequent to initial recognition, derivative financial instruments are remeasured to fair value at the balance sheet date. For derivative financial instruments that qualify for hedge accounting, we apply the following policy: for fair value hedges, changes in fair value are recorded in the income statement and for cash flow and net investment hedges, changes in fair value are recognized in the other comprehensive income and/or in the income statement for the effective and/or ineffective portion of the hedge relationship, respectively. The estimated fair value amounts have been determined by us using available market information and appropriate valuation methodologies. However, considerable judgment is necessarily required in interpreting market data to develop the estimates of fair value. The fair values of financial instruments that are not traded in an active market (for example, unlisted equities, currency options, embedded derivatives and over-the-counter derivatives) are determined using valuation techniques. We use judgment to select an appropriate valuation methodology and underlying assumptions based principally on existing market conditions. Changes in these assumptions may cause us to recognize impairments or losses in future periods. -77- Table of Contents Although our intention is to maintain these instruments through maturity, they may be realized at our discretion. Should these instruments be settled only on their respective maturity dates, any effect between the market value and estimated yield curve of the instruments would be eliminated. C. BUSINESS SEGMENTS Both from an accounting and managerial perspective, we are organized according to business segments, which, with the exception of Global Export and Holding Companies, correspond to a combination of geographic regions in which our operations are based. The Global Export and Holding Companies segment includes our headquarters, some non-beverage related businesses, and the countries in which our products are sold only on an export basis and in which we generally do not otherwise have any operations or production activities. The financial performance of each business segment, including its sales volume and revenue, is measured based on our product sales within the countries that comprise that business segment rather than based on products manufactured within that business segment but sold elsewhere. In 2025 North America accounted for 14.7% of our consolidated volumes, Middle Americas for 26.8%; South America for 27.7%; EMEA for 16.6%; Asia Pacific for 14.1%; and Global Export and Holding Companies for 0.1%. A substantial portion of our operations is carried out through our four largest subsidiaries: Anheuser-Busch Companies (wholly owned); Ambev (61.73% owned as of 31 December 2025); Grupo Modelo (wholly owned); Budweiser APAC (87.22% owned as of 31 December 2025); and their respective subsidiaries. Throughout the world, we are primarily active in the beer business. However, during 2025, we also had non-beer activities (primarily consisting of soft drinks, spirits-based beverages and energy drinks) within South America, particularly in Brazil, Argentina and Bolivia, within Middle Americas, particularly in Honduras, El Salvador, Colombia and Peru, and within North America, particularly in the United States. Both the beer and non-beer volumes comprise not only brands that we own or license, but also third-party brands that we brew and sell, and third-party products that we sell through our distribution network. D. EQUITY INVESTMENTS See note 16 to our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025 for more information. E. RESULTS OF OPERATIONS Year Ended 31 December 2025 Compared to the Year Ended 31 December 2024 The table below presents our condensed consolidated results of operations for the years ended 31 December 2025 and 2024. Year ended 31 December 2025 Year ended 31 December 2024 Change (USD million, except volumes) (%)(1) Volumes (thousand hectoliters) 561,100 575,706 (2.5 ) Revenue 59,320 59,768 (0.8 ) Cost of sales (26,141 ) (26,744 ) 2.3 Gross profit 33,179 33,024 0.5 Selling, General and Administrative expenses (18,133 ) (18,341 ) 1.1 Other operating income/(expenses) 808 779 3.8 -78- Table of Contents Year ended 31 December 2025 Year ended 31 December 2024 Change (USD million, except volumes) (%)(1) Exceptional items (449 ) 25 — Profit of the period 8,477 7,416 14.3 Profit from operations 15,405 15,487 (0.5 ) Normalized EBITDA(2) 21,223 20,958 1.3 Note: (1) The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. (2) Normalized EBITDA is a non-IFRS measure. For a discussion of how we use Normalized EBITDA, and its limitations, and a table showing the calculation of our Normalized EBITDA, for the periods shown, see “—Normalized EBITDA” below. Volumes Our reported volumes include both beer and non-beer (primarily carbonated soft drinks, spirits-based beverages and energy drinks) volumes. In addition, volumes include not only brands that we own or license, but also third-party brands that we brew and sell, and third-party products that we sell through our distribution network, particularly in Europe and Middle Americas. Volumes sold by the Global Export business, which comprises our global headquarters and export operations not allocated to any region, are presented separately. The table below summarizes the volume evolution by business segment. Year ended 31 December 2025 Year ended 31 December 2024 Change (thousand hectoliters) (%)(1) North America 82,734 86,272 (4.1 ) Middle Americas 150,490 150,086 0.3 South America 155,171 160,768 (3.5 ) EMEA 93,323 93,804 (0.5 ) Asia Pacific 78,999 84,397 (6.4 ) Global Export and Holding Companies 383 380 1.0 Total 561,100 575,706 (2.5 ) Note: (1) The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. Our consolidated volumes for the year ended 31 December 2025 decreased by 14.6 million hectoliters, or 2.5%, to 561.1 million hectoliters compared to our consolidated volumes for the year ended 31 December 2024, as a result of our performance mainly in Asia Pacific, South America and North America. The results for the year ended 31 December 2025 reflect the performance of our business after the completion of the 2024 and 2025 acquisitions and disposals. Excluding volume changes attributable to the 2024 and 2025 acquisitions and disposals, our volumes decreased 2.3% in the year ended 31 December 2025 compared to the year ended 31 December 2024. On the same basis, our beer volumes decreased 2.6% and our non-beer volumes decreased 0.4%, as demand in some of our key markets was impacted by a constrained consumer environment and unseasonable weather. -79- Table of Contents North America In the year ended 31 December 2025, our volumes in North America decreased by 3.5 million hectoliters, or 4.1%, compared to the year ended 31 December 2024. Excluding volume changes attributable to discontinued distribution rights in the United States, our total volumes decreased by 3.0% in the year ended 31 December 2025, compared to the year ended 31 December 2024. In the United States, our sales-to-retailers (“STRs”) declined by 3.2%, estimated to have outperformed the industry, and our sales-to-wholesalers (“STWs”) declined by 3.2%. Our market share momentum continued in 2025, 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 according to Circana. In Beyond Beer, our portfolio momentum accelerated, led by Cutwater which was the #1 share gaining brand in the total spirits industry in the fourth quarter of 2025 according to Circana. We strengthened our leadership position in no-alcohol beer, with our portfolio gaining share. We are leading the industry in innovation, with Michelob Ultra Zero and Busch Light Apple the top two innovations in beer in 2025. Consistent execution, market share gains, and productivity initiatives enabled us to offset a soft industry. In Canada, our volumes declined by low-single digits, estimated to have outperformed the industry in both beer and Beyond Beer. Our beer performance was led by Busch and Michelob Ultra which were the top two share gainers in the industry in 2025 according to Beer Canada. Beyond Beer growth was led by Cutwater and Mike’s Hard Lemonade which were both in the top five share gainers in the category according to our estimates. Middle Americas In the year ended 31 December 2025, our volumes in Middle Americas increased by 0.4 million hectoliters, or 0.3%, compared to the year ended 31 December 2024. In Mexico, our volumes were flat in 2025, outperforming the industry according to our estimates. Our business continued to gain share of the industry in 2025 with our performance led by our above core beer portfolio. We gained share of no-alcohol beer and, as of the third quarter of 2025, are the industry leader according to Cerveceros de Mexico, with Corona Cero growing volume by strong double-digits. We continue to progress our digital initiatives, with BEES Marketplace growing GMV by 29% compared to 2024 and our digital DTC platform, TaDa Delivery, fulfilling 4.2 million orders, a 3% increase compared to 2024. In Colombia, our volumes increased by low-single digits, estimated to be in-line with the industry. Driven by the consistent execution of our category expansion levers, the beer industry continued to grow in 2025 with our volumes reaching a new record high. In Peru, our volumes increased by low-single digits, with our performance led by our above core beer portfolio, which grew volume by low-teens. In Ecuador, our volumes increased by low-single digits. South America In the year ended 31 December 2025, our volumes in South America decreased by 5.6 million hectoliters, or 3.5%, compared to the year ended 31 December 2024, with our beer volumes decreasing 3.8% and our non-beer volumes decreasing 2.6%. -80- Table of Contents In Brazil, our volumes declined by 4.1%, with beer volumes down by 4.6% and non-beer volumes down by 2.9%. Beer volumes are estimated to be in line with the industry which was impacted by unseasonable weather and a soft consumer environment. Our premium and super premium beer brands led our performance in 2025, delivering high-teens volume growth and estimated to have gained market share to now lead the premium segment, according to Nielsen. Our mainstream volume trend improved sequentially in the fourth quarter of 2025 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 2025. 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% compared to 2024, and our digital DTC platform, Zé Delivery, generating approximately 67 million orders. In Argentina, our volumes declined by mid-single digits, estimated to have underperformed the industry as overall consumer demand continued to be impacted by inflationary pressures. EMEA In the year ended 31 December 2025, our volumes in EMEA decreased by 0.5 million hectoliters, or 0.5%, compared to the year ended 31 December 2024. In Europe, our volumes declined by low-single digits, estimated to have gained market share in 5 of our 6 key markets. The beer category was estimated to have gained share of alcohol beverages across our key markets in 2025. We continued to premiumize our portfolio and increase our overall brand power. Our performance in 2025 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 according to Nielsen. 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. In South Africa, our volumes grew by low-single digits, estimated to have outperformed the industry in both beer and Beyond Beer. 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 high-single digits. In Beyond Beer, our portfolio grew volumes by high-single digits led by Flying Fish and our spirits-based RTD innovations. In Nigeria, our beer volumes declined by mid-teens in 2025, impacted by a soft industry. In our other markets in Africa, volumes grew by low-single digits in 2025. 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. Asia Pacific For the year ended 31 December 2025, our volumes decreased by 5.4 million hectoliters, or 6.4%, compared to the year ended 31 December 2024. In China, our volumes declined by 8.6%. The beer industry showed signs of stabilization in 2025 with volumes estimated to have declined by low-single digits. In 2025, our 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 the fourth quarter of 2025, we estimate our market share trend improved to be flat compared to the fourth quarter of 2024, 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 2025, 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. In South Korea, our volumes declined by low-single digits in 2025, estimated to have outperformed a soft industry. -81- Table of Contents Global Export and Holding Companies For the year ended 31 December 2025, Global Export and Holding Companies volumes remained flat compared to the year ended 31 December 2024. Revenue Revenue refers to turnover less excise taxes and discounts. See “—A. Key Factors Affecting Results of Operations—Excise Taxes.” The following table reflects changes in revenue across our business segments for the year ended 31 December 2025 as compared to our revenue for the year ended 31 December 2024: Year ended 31 December 2025 Year ended 31 December 2024 Change (USD million) (%)(1) North America 14,207 14,655 (3.1 ) Middle Americas 17,376 17,072 1.8 South America 11,954 12,423 (3.8 ) EMEA 9,502 9,003 5.5 Asia Pacific 5,693 6,196 (8.1 ) Global Export and Holding Companies 588 418 40.7 Total 59,320 59,768 (0.8 ) Note: (1) The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. Our consolidated revenue was USD 59,320 million for the year ended 31 December 2025. This represented a decrease of USD 448 million, or 0.8%, compared to our consolidated revenue for the year ended 31 December 2024. The results for the year ended 31 December 2025 reflect (i) the hyperinflation impact in Argentina (i.e. year over year price growth in Argentina beyond a maximum of 2% per month (the “Hyperinflationary Price Cap”)1), as well as the performance of our business after the completion of the 2024 and 2025 acquisitions and disposals and (ii) currency translation effects. • The year-over-year price growth in Argentina beyond the Hyperinflationary Price Cap, and the 2024 and 2025 acquisitions and disposals had a negative impact of USD 290 million on our consolidated revenue for the year ended 31 December 2025 compared to the year ended 31 December 2024. • Our consolidated revenue for the year ended 31 December 2025 also reflects a negative currency translation impact of USD 1,336 million mainly arising from currency translation effects in South America and Middle Americas. Excluding the impact from the year-over-year price growth in Argentina beyond the Hyperinflationary Price Cap, the 2024 and 2025 acquisitions and disposals and currency translation effects, our revenue increased by 2.0% and by 4.4% on a per hectoliter basis in the year ended 31 December 2025 compared to the year ended 31 December 2024, as a result of disciplined revenue management choices and ongoing premiumization. This increase 1 Cumulative inflation over 100% (2% per month compounded) over three years is one of the key indicators within IAS 29 to assess whether an economy is deemed to be hyperinflationary. -82- Table of Contents was most significant in South America, Middle Americas and EMEA. Our consolidated revenue grew in 65% of our markets. Cost of Sales The following table reflects changes in cost of sales across our business segments for the year ended 31 December 2025 as compared to the year ended 31 December 2024: Year ended 31 December 2025 Year ended 31 December 2024 Change (USD million) (%)(1) North America (5,863 ) (6,236 ) 6.0 Middle Americas (6,151 ) (6,242 ) 1.5 South America (5,888 ) (6,073 ) 3.1 EMEA (4,832 ) (4,678 ) (3.3 ) Asia Pacific (2,741 ) (2,970 ) 7.7 Global Export and Holding Companies (667 ) (546 ) (22.2 ) Total (26,141 ) (26,744 ) 2.3 Note: (1) The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. Our consolidated cost of sales was USD 26,141 million for the year ended 31 December 2025. This represented a decrease of USD 604 million, or 2.3% compared to our consolidated cost of sales for the year ended 31 December 2024. The results for the year ended 31 December 2025 reflect (i) the hyperinflation impact in Argentina (i.e. year over year price growth in Argentina beyond the Hyperinflationary Price Cap), the performance of our business after the completion of the 2024 and 2025 acquisitions and disposals, as well as changes in classification of commodity related cost of hedging to cost of sales and (ii) currency translation effects. • The year-over-year price growth in Argentina beyond the Hyperinflationary Price Cap, the 2024 and 2025 acquisitions and disposals, and changes in classification of commodity related cost of hedging to cost of sales had a positive impact of USD 38 million on our consolidated cost of sales for the year ended 31 December 2025 compared to the year ended 31 December 2024. • Our consolidated cost of sales for the year ended 31 December 2025 also reflects a positive currency translation impact of USD 619 million mainly arising from currency translation effects in South America and Middle Americas. Excluding the impact from the year-over-year price growth in Argentina beyond the Hyperinflationary Price Cap, the 2024 and 2025 acquisitions and disposals, changes in classification of commodity related cost of hedging to cost of sales and currency translation effects, our consolidated cost of sales increased by USD 54 million or 0.2%. On the same basis, our consolidated cost of sales increased by 2.6% on a per hectoliter basis, driven by foreign exchange and commodities headwinds. This increase was most significant in South America and EMEA. Operating Expenses The discussion below relates to our operating expenses, which equal the sum of our distribution, sales and marketing expenses, administrative expenses and other operating income and expenses (net), for the year ended 31 December 2025 as compared to the year ended 31 December 2024. Our operating expenses do not include exceptional charges, which are reported separately. -83- Table of Contents Our operating expenses for the year ended 31 December 2025 were USD 17,325 million, representing a decrease of USD 237 million, or 1.3%, compared to our operating expenses for the year ended 31 December 2024. Year ended 31 December 2025 Year ended 31 December 2024 Change (USD million) (%)(1) Selling, General and Administrative Expenses (18,133 ) (18,341 ) 1.1 Other Operating Income/(Expenses) 808 779 3.8 Total Operating Expenses (17,325 ) (17,562 ) 1.3 Note: (1) The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. Selling, General and Administrative Expenses The following table reflects changes in our distribution expenses, sales and marketing expenses and administrative expenses (our “selling, general and administrative expenses”) across our business segments for the year ended 31 December 2025 as compared to the year ended 31 December 2024: Year ended 31 December 2025 Year ended 31 December 2024 Change (USD million) (%)(1) North America (4,407 ) (4,358 ) (1.1 ) Middle Americas (3,904 ) (3,976 ) 1.8 South America (3,555 ) (3,779 ) 5.9 EMEA (2,886 ) (2,701 ) (6.8 ) Asia Pacific (1,944 ) (2,059 ) 5.6 Global Export and Holding Companies (1,438 ) (1,468 ) 2.1 Total (18,133 ) (18,341 ) 1.1 Note: (1) The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. Our consolidated selling, general and administrative expenses were USD 18,133 million for the year ended 31 December 2025. This represented a decrease of USD 208 million, or 1.1%, as compared to the year ended 31 December 2024. The results for the year ended 31 December 2025 reflect (i) the hyperinflation impact in Argentina (i.e. year over year price growth in Argentina beyond the Hyperinflationary Price Cap), as well as the performance of our business after the completion of the 2024 and 2025 acquisitions and disposals and (ii) currency translation effects. • The year-over-year price growth in Argentina beyond the Hyperinflationary Price Cap, and the 2024 and 2025 acquisitions and disposals had a negative impact of USD 42 million on our consolidated selling, general and administrative expenses for the year ended 31 December 2025 compared to the year ended 31 December 2024. • Our consolidated selling, general and administrative expenses for the year ended 31 December 2025 also reflect a positive currency translation impact of USD 383 million mainly arising from currency translation effects in South America and Middle Americas. -84- Table of Contents Excluding the impact from the year-over-year price growth in Argentina beyond the Hyperinflationary Price Cap, the 2024 and 2025 acquisitions and disposals and currency translation effects, our consolidated selling, general and administrative expenses increased by 0.7%, as we increased our sales and marketing investments. Other operating income/(expense) The following table reflects changes in other operating income and expenses across our business segments for the year ended 31 December 2025 as compared to the year ended 31 December 2024: Year ended 31 December 2025 Year ended 31 December 2024 Change (USD million) (%)(1) North America 38 7 — Middle Americas 21 34 (38.2 ) South America 426 452 (5.8 ) EMEA 234 177 32.3 Asia Pacific 86 116 (25.9 ) Global Export and Holding Companies 3 (8 ) — Total 808 779 3.8 Note: (1) The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. The net positive effect of our consolidated other operating income and expenses for the year ended 31 December 2025 was USD 808 million. This represented an increase of USD 29 million, or 3.8%, as compared to the year ended 31 December 2024. The results for the year ended 31 December 2025 reflect (i) the hyperinflation impact in Argentina (i.e. year over year price growth in Argentina beyond the Hyperinflationary Price Cap), the performance of our business after the completion of the 2024 and 2025 acquisitions and disposals, as well as the Brazilian tax credits, and (ii) currency translation effects. • The year-over-year price growth in Argentina beyond the Hyperinflationary Price Cap, the 2024 and 2025 acquisitions and disposals, and the Brazilian tax credits, had a negative impact of USD 34 million on our net consolidated other operating income and expenses for the year ended 31 December 2025 compared to the year ended 31 December 2024. • Our net consolidated other operating income and expenses for the year ended 31 December 2025 also reflect a negative currency translation impact of USD 13 million mainly arising from currency translation effects in South America. Excluding the impact from the year-over-year price growth in Argentina beyond the Hyperinflationary Price Cap, the 2024 and 2025 acquisitions and disposals, the Brazilian tax credits and currency translation effects, our net consolidated other operating income and expenses increased by 10.6% driven by one-time gains. Exceptional Items Exceptional items are items which, in our management’s judgment, need to be disclosed separately by virtue of their size and incidence in order to obtain a proper understanding of our financial information. We consider these items to be significant in nature. -85- Table of Contents For the year ended 31 December 2025, exceptional items included in profit from operations mainly consisted of restructuring charges, business and asset disposal (including impairment losses) and claims and legal costs. Exceptional items were as follows for the years ended 31 December 2025 and 2024: Year ended 31 December 2025 Year ended 31 December 2024 (USD million) Restructuring (116 ) (156 ) Business and asset disposal (including impairment losses) (274 ) 181 Claims and legal costs (53 ) — Acquisition-related costs (business combinations) (5 ) — Total (449 ) 25 Restructuring Exceptional restructuring charges amounted to a net expense of USD 116 million for the year ended 31 December 2025 as compared to a net expense of USD 156 million for the year ended 31 December 2024. These charges primarily relate to organizational alignments as a result of operational improvements across our supply chain and our commercial and support functions. These changes aim to eliminate overlapping organizations or duplicated processes, taking into account the matching of employee profiles with new organizational requirements. Business and asset disposal (including impairment losses) Business and asset disposal (including impairment losses) amounted to a net expense of USD 274 million for the year ended 31 December 2025, mainly comprising of a loss of USD 214 million related to the planned sale of the Newark brewery and the closure of two other breweries in the United States and USD 60 million net loss related to the disposal of assets held for sale in Barbados and other Caribbean islands and the sale and impairment of non-core assets. Business and asset disposals (including impairment losses) amounted to a net gain of USD 181 million for the year ended 31 December 2024, mainly comprising of a gain of USD 437 million recognized upon the sale of our share in associate Ghost Beverages LLC, partially offset by impairment losses of intangible assets and other non-core assets sold in the period. Claims and legal costs We recorded exceptional claims and legal costs of USD 53 million for the year ended 31 December 2025. Oriental Brewery Co., Ltd. (“OB”), a subsidiary in South Korea, reported a USD 66 million exceptional expense relating to a customs audit claim during the year ended 31 December 2023. During the year ended 31 December 2025, OB reported a USD 49 million exceptional expense related to these customs audit claims for the remaining audit periods. For more information regarding the proceedings, please see “Item 8. Financial Information—A. Consolidated Financial Statements and Other Financial Information—Legal and Arbitration Proceedings—South Korean Tax Matters”. -86- Table of Contents Acquisition-related costs (business combinations) We recorded exceptional acquisition-related costs of USD 5 million for the year ended 31 December 2025. Profit from Operations The following table reflects changes in profit from operations across our business segments for the year ended 31 December 2025 as compared to the year ended 31 December 2024: Year ended 31 December 2025 Year ended 31 December 2024 Change (USD million) (%)(1) North America 3,747 4,350 (13.8 ) Middle Americas 7,382 6,808 8.4 South America 2,909 3,011 (3.4 ) EMEA 2,022 1,765 14.5 Asia Pacific 1,011 1,222 (17.2 ) Global Export and Holding Companies (1,666 ) (1,671 ) 0.3 Total 15,405 15,487 (0.5 ) Note: (1) The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. Our profit from operations amounted to USD 15,405 million for the year ended 31 December 2025. This represented a decrease of USD 82 million, or 0.5%, as compared to our profit from operations for the year ended 31 December 2024. The results for the year ended 31 December 2025 reflect (i) the hyperinflation impact in Argentina (i.e. year over year price growth in Argentina beyond the Hyperinflationary Price Cap), the performance of our business after the completion of the 2024 and 2025 acquisitions and disposals, as well as changes in classification of commodity related cost of hedging to cost of sales, and the Brazilian tax credits, (ii) currency translation effects and (iii) the effects of certain exceptional items as described above. • The year-over-year price growth in Argentina beyond the Hyperinflationary Price Cap, the 2024 and 2025 acquisitions and disposals, changes in classification of commodity related cost of hedging to cost of sales, and the Brazilian tax credits negatively impacted our consolidated profit from operations by USD 319 million for the year ended 31 December 2025 compared to the year ended 31 December 2024. • Our consolidated profit from operations for the year ended 31 December 2025 also reflects a negative currency translation impact of USD 337 million. • Our profit from operations for the year ended 31 December 2025 had a negative impact of USD 449 million due to certain exceptional items, as compared to a positive impact of USD 25 million for the year ended 31 December 2024. See “Exceptional Items” above for a description of exceptional items that impacted our profit from operations for the years ended 31 December 2025 and 2024. Excluding the impact from the year-over-year price growth in Argentina beyond the Hyperinflationary Price Cap, the 2024 and 2025 acquisitions and disposals, changes in classification of commodity related cost of hedging to cost of sales, the Brazilian tax credits and currency translation effects, our profit from operations increased by 3.8%. This increase was most significant in Middle Americas and EMEA, mainly due to disciplined revenue management choices and premiumization, as well as efficient overhead management. -87- Table of Contents Net Finance Income/(Expense) Our net finance income/(expense) items were as follows for the year ended 31 December 2025 and 31 December 2024: Year ended 31 December 2025 Year ended 31 December 2024 Change (USD million) (%)(1) Net interest expense (2,566 ) (2,704 ) 5.1 Accretion expense and interest on pensions (821 ) (811 ) (1.3 ) Other financial results (893 ) (843 ) (5.9 ) Net finance expense before exceptional finance results (4,280 ) (4,358 ) 1.8 Mark-to-market (213 ) (1,211 ) — Gain/(loss) on bond redemption and other 28 216 — Exceptional net finance income/(expense) (185 ) (995 ) — Net finance income/(expense) (4,465 ) (5,353 ) 16.6 Note: (1) The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. Our net finance expense for the year ended 31 December 2025 was USD 4,465 million, as compared to a net finance expense of USD 5,353 million for the year ended 31 December 2024, representing an expense reduction of USD 888 million. The net finance expense before exceptional financial results decreased from USD 4,358 million for the year ended 31 December 2024 to USD 4,280 million for the year ended 31 December 2025. Exceptional net finance expense for the year ended 31 December 2025 includes a negative mark-to-market adjustment of USD 213 million on derivative instruments related to the hedging of our share-based payment programs and on derivative instruments entered into to hedge the shares issued in relation to the combinations with Grupo Modelo and SAB, compared to a negative mark-to-market adjustment of USD 1,211 million for the year ended 31 December 2024. Other exceptional net finance expense for the year ended 31 December 2025 includes a gain of USD 28 million related to the completion of tender offers of notes issued by the company and certain of its subsidiaries as compared to a gain of USD 263 million for the year ended 31 December 2024. Other exceptional net finance expense for the year ended 31 December 2024 included a loss of USD 66 million resulting from the impairment of financial investments. The number of shares covered by the derivative instruments, together with the opening and closing share prices, are shown below: Year ended 31 December 2025 Year ended 31 December 2024 Share price at the start of the twelve-month period (in euro) 48.25 58.42 Share price at the end of the twelve-month period (in euro) 54.90 48.25 Number of derivative equity instruments at the end of the period (in millions) 100.5 100.5 -88- Table of Contents Share of Results of Associates Our share of results of associates for the year ended 31 December 2025 was USD 378 million as compared to USD 329 million for the year ended 31 December 2024. Exceptional Share of Results of Associates Our exceptional share of results of associates for the year ended 31 December 2025 was USD 9 million income from our associate Anadolu Efes, as compared to USD 104 million income for the year ended 31 December 2024 from our associate Anadolu Efes’ adoption of IAS 29 hyperinflation accounting on their 2023 results. Income Tax Expense Our total income tax expense for the year ended 31 December 2025 was USD 2,850 million, with an effective tax rate of 26.1%, as compared to an income tax expense of USD 3,152 million and an effective tax rate of 31.1% for the year ended 31 December 2024. The effective tax rates for the years ended 31 December 2025 and 2024 were negatively impacted by non-deductible losses from derivatives related to the hedging of our share-based payment programs and hedging of the shares issued in a transaction related to the combinations with Grupo Modelo and SAB. The effective tax rate for the year ended 31 December 2025 included USD 156 million exceptional tax income, reflecting mainly USD 66 million exceptional tax income resulting from the renegotiation of the terms of the 2017 Brazilian Federal Tax Regularization Program and the income tax on exceptional items. The effective tax rate for the year ended 31 December 2024 included a USD 205 million exceptional tax expense, reflecting mainly the net impact of USD 240 million (ZAR 4.5 billion) relating to the resolution of certain South African tax matters, the income tax on exceptional items and the release of tax provisions. See “Item 8. Financial Information—A. Consolidated Financial Statements and Other Financial Information—Legal and Arbitration Proceedings—The South African Breweries (Pty.) Ltd.” for additional information. Profit of the Period Profit of the period for the year ended 31 December 2025 was USD 8,477 million compared to USD 7,416 million for the year ended 31 December 2024. The increase in profit of the period for the year ended 31 December 2025 was primarily due to lower net finance expense and lower income tax expense compared to the year ended 31 December 2024. Year ended 31 December 2025 Year ended 31 December 2024 (USD million) Profit attributable to non-controlling interests 1,640 1,561 Profit attributable to equity holders of AB InBev 6,837 5,855 Profit of the period 8,477 7,416 -89- Table of Contents Profit Attributable to Non-Controlling Interests Profit attributable to non-controlling interests was USD 1,640 million for the year ended 31 December 2025, an increase of USD 79 million from USD 1,561 million for the year ended 31 December 2024. Profit Attributable to Our Equity Holders Profit attributable to our equity holders for the year ended 31 December 2025 was USD 6,837 million compared to USD 5,855 million for the year ended 31 December 2024. Basic earnings per share of USD 3.45 for the year ended 31 December 2025 is based on 1,984 million shares outstanding, representing the weighted average number of ordinary and restricted shares outstanding during this period, where weighted average number of ordinary and restricted shares means, for any period, the number of shares outstanding at the beginning of the period, adjusted by the number of shares canceled, repurchased or issued during the period, including stock lending, multiplied by a time-weighting factor. The increase in profit attributable to our equity holders for the year ended 31 December 2025 was primarily due to lower net finance expense and lower income tax expense in the year ended 31 December 2025 compared to the year ended 31 December 2024. Underlying profit, attributable to equity holders of AB InBev for the year ended 31 December 2025 was USD 7,410 million. Underlying profit, attributable to equity holders of AB InBev is profit attributable to equity holders of AB InBev excluding the after-tax exceptional items discussed above under “Exceptional Items”, “Net Finance Income/(Expense)” and “Exceptional Share of Results of Associates”, exceptional taxes and the impact of hyperinflation accounting. Underlying EPS for the year ended 31 December 2025 was USD 3.73. Underlying EPS is basic earnings per share excluding the after-tax exceptional items discussed above under “Exceptional Items”, “Net Finance Income/(Expense)” and “Exceptional Share of Results of Associates”, exceptional taxes and the impact of hyperinflation accounting. Year ended 31 December 2025 Year ended 31 December 2024 (USD million) Profit attributable to equity holders of AB InBev 6,837 5,855 Exceptional items, before taxes 449 (25 ) Exceptional net finance expense, before taxes 185 995 Exceptional share of results of associates (9 ) (104 ) Exceptional taxes (156 ) 205 Exceptional non-controlling interest 30 (9 ) Hyperinflation impacts 74 145 Underlying profit, attributable to equity holders of AB InBev 7,410 7,061 Underlying profit, attributable to equity holders of AB InBev is a non-IFRS measure. The measure most directly comparable to underlying profit, attributable to equity holders of AB InBev and presented in accordance with IFRS in our consolidated financial statements is profit attributable to our equity holders. We believe underlying profit, attributable to equity holders of AB InBev is useful to investors because it facilitates comparisons of our profit attributable to our equity holders from period to period. In comparison with profit attributable to our equity holders, underlying profit attributable to equity holders of AB InBev excludes items which are exceptional, which do not impact the day-to-day operation of our primary business, and items over which management has no control, such as the effects of hyperinflation of Argentina. Items excluded from underlying profit, attributable to equity holders of AB InBev are the after-tax exceptional items discussed above, the impact of discontinued operations (if any) and the impacts of hyperinflation. -90- Table of Contents Underlying profit, attributable to equity holders of AB InBev, however, has limitations as an analytical tool. It is not a recognized term under IFRS and does not purport to be an alternative to profit attributable to our equity holders as a measure of operating performance. As a result, you should not consider underlying profit, attributable to equity holders of AB InBev in isolation from, or as a substitute analysis for, our profit attributable to our equity holders. Some limitations of underlying profit, attributable to equity holders of AB InBev are: • Underlying profit, attributable to equity holders of AB InBev does not reflect items which are exceptional, and does not reflect items over which management has no control, such as the effects of hyperinflation in Argentina; • Underlying profit, attributable to equity holders of AB InBev does not reflect the impact of discontinued operations (if any); • Underlying profit, attributable to equity holders of AB InBev may not be comparable to other similarly titled measures of other companies because not all companies use identical calculations; and • The adjustments made in calculating underlying profit, attributable to equity holders of AB InBev are those that management consider are not representative of the underlying operations of the company and therefore are subjective in nature. We compensate for these limitations, in addition to using underlying profit, attributable to equity holders of AB InBev, by relying on our measures of profit attributable to our equity holders calculated in accordance with IFRS. Year ended 31 December 2025 Year ended 31 December 2024 (USD per share) Basic earnings per share 3.45 2.92 Exceptional items, before taxes 0.23 (0.01 ) Exceptional net finance expense, before taxes 0.09 0.50 Exceptional share of results of associates (0.00 ) (0.05 ) Exceptional taxes (0.08 ) 0.10 Exceptional non-controlling interest 0.02 (0.00 ) Hyperinflation impacts 0.04 0.07 Underlying EPS 3.73 3.53 The calculation of earnings per share is based on 1,984 million shares outstanding, representing the weighted average number of ordinary and restricted shares outstanding during the year ended 31 December 2025 (31 December 2024: 2,003 million shares). Underlying EPS is a non-IFRS measure. The measure most directly comparable to Underlying EPS and presented in accordance with IFRS in our consolidated financial statements is basic earnings per share. We believe Underlying EPS is useful to investors because it facilitates comparisons of our earnings per share from period to period. In comparison with basic earnings per share, Underlying EPS excludes items which are exceptional, which do not impact the day-to-day operation of our primary business, and items over which management has no control, such as the effects of hyperinflation of Argentina. Items excluded from Underlying EPS are the after-tax exceptional items discussed above, the impact of discontinued operations (if any) and the impacts of hyperinflation. Underlying EPS, however, has limitations as an analytical tool. It is not a recognized term under IFRS and does not purport to be an alternative to earnings per share as a measure of operating performance on a per share basis. As a result, you should not consider Underlying EPS in isolation from, or as a substitute analysis for, our basic earnings per share. Some limitations of Underlying EPS are: • Underlying EPS does not reflect items which are exceptional, and does not reflect items over which management has no control, such as the effects of hyperinflation in Argentina; -91- Table of Contents • Underlying EPS does not reflect the impact of discontinued operations (if any); • Underlying EPS may not be comparable to other similarly titled measures of other companies because not all companies use identical calculations; and • The adjustments made in calculating Underlying EPS are those that management consider are not representative of the underlying operations of the company and therefore are subjective in nature. We compensate for these limitations, in addition to using Underlying EPS, by relying on our measures of earnings per share calculated in accordance with IFRS. Normalized EBITDA The following table reflects changes in our Normalized EBITDA, for the year ended 31 December 2025 as compared to the year ended 31 December 2024: Year ended 31 December 2025 Year ended 31 December 2024 Change (USD million) (%)1 Profit attributable to equity holders of AB InBev 6,837 5,855 16.8 Profit attributable to non-controlling interests 1,640 1,561 5.1 Profit of the period 8,477 7,416 14.3 Net finance expense 4,465 5,353 16.6 Income tax expense 2,850 3,152 9.6 Share of results of associates (378 ) (329 ) 15.0 Exceptional share of results of associates (9 ) (104 ) — Profit from operations 15,405 15,487 (0.5 ) Exceptional items 449 (25 ) — Profit from operations, before exceptional items 15,854 15,462 2.5 Depreciation, amortization and impairment 5,369 5,496 2.3 Normalized EBITDA 21,223 20,958 1.3 Note: (1) The percentage change reflects the improvement (or worsening) of results for the period as a result of the change in each item. Performance measures such as profit from operations, before exceptional items and Normalized EBITDA, are non-IFRS measures. The financial measure most directly comparable to profit from operations, before exceptional items and Normalized EBITDA, and presented in accordance with IFRS in our consolidated financial statements, is profit of the year. Profit from operations, before exceptional items, is a measure used by our management to evaluate our business performance and is defined as profit from operations, excluding exceptional items. We believe profit from operations, before exceptional items, is useful to investors as it facilitates comparisons of our operating performance across our business segments from period to period. In comparison to profit of the year, profit from operations, before exceptional items, excludes certain items which do not impact the day-to-day operation of our primary business (that is, the selling of beer and other operational businesses) and over which management has little control. Items excluded from profit from operations, before exceptional items, are our share of results of associates and joint ventures, profit from discontinued operations (if any), exceptional items, financial charges and corporate income taxes, which management does not consider to be items that drive our underlying business performance. Normalized EBITDA, is a measure used by our management to evaluate our business performance and is defined as profit from operations before exceptional items, depreciation, amortization and impairment. Normalized EBITDA, is a key component of the measures that are provided to senior management on a monthly basis at the group level, the business segment level and lower levels. We believe Normalized EBITDA, is useful to investors for the following reasons. -92- Table of Contents We believe Normalized EBITDA, facilitates comparisons of our operating performance across our business segments from period to period. In comparison to profit of the year, Normalized EBITDA, excludes items which do not impact the day-to-day operation of our primary business (that is, the selling of beer and other operational businesses) and over which management has little control. Items excluded from Normalized EBITDA are our share of results of associates and joint ventures, profit from discontinued operations (if any), exceptional items, depreciation and amortization, impairment, financial charges and corporate income taxes, which management does not consider to be items that drive our underlying business performance. Because Normalized EBITDA includes only items management can directly control or influence, it forms part of the basis for many of our performance targets. For example, certain options under our share-based compensation plan were granted such that they vest only when certain targets derived from Normalized EBITDA were met. We further believe that Normalized EBITDA and measures derived from it, are frequently used by securities analysts, investors and other interested parties in their evaluation of us and in comparison to other companies, many of which present an EBITDA performance measure when reporting their results. Profit from operations, before exceptional items and Normalized EBITDA do, however, have limitations as analytical tools. They are not a recognized term under IFRS and do not purport to be an alternative to profit as a measure of operating performance, or to cash flows from operating activities as a measure of liquidity. As a result, you should not consider profit from operations, before exceptional items or Normalized EBITDA in isolation from, or as a substitute analysis for, our results of operations. Some limitations of Profit from operations, before exceptional items and/or Normalized EBITDA are: • Profit from operations, before exceptional items and Normalized EBITDA do not reflect the impact of financing costs on our operating performance. Such costs are significant in light of our current level of outstanding debt; • Normalized EBITDA does not reflect depreciation and amortization, but the assets being depreciated and amortized will often have to be replaced in the future; • Normalized EBITDA does not reflect the impact of charges for existing capital assets or their replacements; • Profit from operations, before exceptional items and Normalized EBITDA do not reflect our tax expense; and • Profit from operations, before exceptional items and Normalized EBITDA may not be comparable to other similarly titled measures of other companies because not all companies use identical calculations. Additionally, profit from operations, before exceptional items and Normalized EBITDA are not intended to be measures of free cash flow for management’s discretionary use, as they are not adjusted for all non-cash income or expense items that are reflected in our consolidated statement of cash flows. We compensate for these limitations, in addition to using profit from operations, before exceptional items and Normalized EBITDA by relying on our results calculated in accordance with IFRS. Our Normalized EBITDA amounted to USD 21,223 million for the year ended 31 December 2025. This represented an increase of USD 265 million, or 1.3%, as compared to our Normalized EBITDA for the year ended 31 December 2024. -93- Table of Contents The results for the year ended 31 December 2025 reflect (i) the hyperinflation impact in Argentina (i.e. year over year price growth in Argentina beyond the Hyperinflationary Price Cap), the performance of our business after the completion of the 2024 and 2025 acquisitions and disposals, as well as changes in classification of commodity related cost of hedging to cost of sales, and the Brazilian tax credits and (ii) currency translation effects, including the impact of hyperinflation accounting. Excluding the impact from the year-over-year price growth in Argentina beyond the Hyperinflationary Price Cap, the 2024 and 2025 acquisitions and disposals, changes in classification of commodity related cost of hedging to cost of sales, the Brazilian tax credits and currency translation effects, our Normalized EBITDA increased by 4.9%, driven by disciplined revenue management choices and premiumization, as well as efficient overhead management. Adoption of hyperinflation accounting in Argentina Since 1 January 2018, we have applied hyperinflation accounting for our Argentine subsidiaries. IAS 29 requires us to restate the results of our operations in hyperinflationary economies for the year ended 31 December for the change in the general purchasing power of the local currency, using official indices before converting the local amounts at the closing rate of the period, namely 31 December 2025 closing rate for our results in the year ended 31 December 2025. The results for the year ended 31 December 2025 were translated at the December 2025 closing rate of 1 459.80 Argentine pesos per U.S. dollar. The results for the year ended 31 December 2024 were translated at the December 2024 closing rate of 1,032.79 Argentine pesos per U.S. dollar. In the year ended 31 December 2025, we reported USD 44 million negative impact of hyperinflation accounting on our consolidated revenue, USD 35 million negative impact on our Normalized EBITDA, USD 21 million negative monetary adjustment reported in the finance line on the income statement, and USD 74 million negative impact on the Profit attributable to our equity holders. In the year ended 31 December 2024, we reported USD 187 million positive impact of hyperinflation accounting on our consolidated revenue, USD 23 million positive impact on our Normalized EBITDA, USD 78 million negative monetary adjustment reported in the finance line on the income statement, and USD 144 million negative impact on the Profit attributable to our equity holders. Year Ended 31 December 2024 Compared to the Year Ended 31 December 2023 For a discussion of our consolidated results of operations for the year ended 31 December 2024 compared to the year ended 31 December 2023, please see our Annual Report on Form 20-F for the fiscal year ended 31 December 2024. F. IMPACT OF CHANGES IN FOREIGN EXCHANGE RATES Foreign exchange rates have a significant impact on our consolidated financial statements. The following table sets forth the percentage of our revenue realized by currency for the years ended 31 December 2025 and 2024: Year ended 31 December 2025 Year ended 31 December 2024 U.S. dollar 24.9 % 25.0 % Brazilian real 15.0 % 15.4 % Mexican peso 12.7 % 12.8 % Chinese yuan 6.4 % 7.3 % Euro 5.9 % 5.8 % Colombian peso 5.6 % 5.2 % South African rand 4.7 % 4.5 % Peruvian sol 3.6 % 3.2 % Canadian dollar 3.1 % 3.1 % Argentine peso(1) 2.3 % 3.0 % Dominican peso 2.2 % 2.3 % South Korean won 2.0 % 2.1 % Pound sterling 2.0 % 2.0 % Other 9.5 % 8.3 % Note: (1) Hyperinflation accounting was adopted in 2018 to report the company’s Argentine operations. See “Item 5. Operating and Financial Review—E. Results of Operations—Year Ended 31 December 2025 Compared to the Year Ended 31 December 2024—Adoption of hyperinflation accounting in Argentina” for additional details. -94- Table of Contents As a result of the fluctuation of foreign exchange rates for the years ended 31 December 2025 and 2024: • We recorded a negative translation impact, including hyperinflation accounting impact, of USD 1,336 million on our revenue for the year ended 31 December 2025 (as compared to a negative translation impact of USD 1,995 million in 2024) and a negative translation impact, including hyperinflation accounting impact, of USD 337 million on our profit from operations for the year ended 31 December 2025 (as compared to a negative translation impact on our profit from operations of USD 399 million in 2024). • Our reported profit of the year was negatively impacted by a USD 229 million translation impact, including hyperinflation accounting impact, for the year ended 31 December 2025 (as compared to a negative translation impact of USD 133 million in 2024), while the negative translation impact, including hyperinflation accounting impact, on our basic earnings per share base for the year ended 31 December 2025 was USD 197 million, or USD 0.10 per share (as compared to a negative impact of USD 130 million, or USD 0.07 per share in 2024). • Our net debt increased by USD 2,845 million in the year ended 31 December 2025 as a result of translation impacts (as compared to a decrease of USD 242 million in 2024). • Equity attributable to our equity holders increased by USD 6,594 million in the year ended 31 December 2025 as a result of translation impacts (as compared to a decrease of USD 8 490 million in 2024). See note 27 to our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025 for details of the above sensitivity analyses, a fuller quantitative and qualitative discussion on the foreign currency risks to which we are subject and our policies with respect to managing those risks. G. CONTRACTUAL OBLIGATIONS AND CONTINGENCIES Contractual Obligations Please refer to “—H. Liquidity and Capital Resources—Funding Sources—Borrowings” for further information regarding our short-term borrowings and long-term debt. Please refer to note 27 to our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025, and in particular to the discussions therein on “Liquidity Risk”, for more information regarding the maturity of our contractual obligations, including interest payments and derivative financial assets and liabilities. Information regarding our pension commitments and funding arrangements is described in our Significant Accounting Policies and in note 23 to our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025. The level of contributions to funded pension plans is determined according to the relevant legislation in each jurisdiction in which we operate. In some countries there are statutory minimum funding requirements while in others we have developed our own policies, sometimes in agreement with the local trustee bodies. The size and timing of contributions will usually depend upon the performance of investment markets. Depending on the country and plan in question, the funding level will be monitored periodically and the contribution amount amended appropriately. Consequently, it is not possible to predict with any certainty the amounts that might become payable from 2026 onwards. In 2025, our employer contributions to defined benefit and defined contribution pension plans amounted to USD 452 million. Contributions to defined benefit pension plans for 2026 are estimated to be approximately USD 103 million for our funded defined benefit plans, and USD 81 million in benefit payments to our unfunded defined benefit plans and post- retirement medical plans. Please refer to note 23 to our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025 for further information on our employee benefit obligations. -95- Table of Contents Collateral and Contractual Commitments The following table reflects our collateral and contractual commitments for the acquisition of property, plant and equipment, other contractual commitments and other commitments, as of 31 December 2025 and 2024: Year ended 31 December 2025 2024 (USD million) Collateral given for own liabilities 292 240 Contractual commitments to purchase property, plant and equipment 171 257 Other contractual commitments 1,687 58 Other commitments 1,816 1,684 In order to fulfill our commitments under various outstanding share-based compensation plans, during the course of 2025, the company had stock lending arrangements in place for up to 26.7 million shares, which were used to fulfill share-based compensation plan commitments. We will pay any dividend equivalent after tax in respect of such borrowed shares. This payment will be reported through equity as dividend. Other contractual commitments mainly comprise sponsorship agreements and contractual commitments to acquire loans to associates and customers. During 2025, we entered into a six-year sponsorship agreement in men’s soccer for the UEFA Champions League, UEFA Europa League, and UEFA Conference League competitions. The company will be the exclusive beer sponsor for six seasons starting in 2027. The agreement is valued at approximately USD 0.2 billion per season and will be recognized as an intangible asset in 2027. As at 31 December 2025, the following mergers and acquisitions (“M&A”) related commitments existed: • As part of the 2012 shareholders agreement between our subsidiary Ambev and E. León Jimenes S.A. (“ELJ”), following the acquisition of Cervecería Nacional Dominicana S.A. (“CND”), a put and call option is in place which may result in Ambev acquiring additional shares in CND. On 31 January 2024, ELJ exercised its put option to sell to Ambev approximately 12% of the shares of CND for a net consideration of USD 0.3 billion. The closing of the transaction resulted in Ambev’s participation in CND increasing from 85% to 97%. ELJ currently holds 3% of CND and the put option is exercisable in 2026. As at 31 December 2025, the put option on the remaining shares held by ELJ was valued at USD 210 million (31 December 2024: USD 195 million). • On 5 December 2025, we announced entry into an agreement under which we will acquire 85% of Beatbox Beverages, a ready-to-drink alcohol beverage business in the United States, for a purchase price of up to approximately USD 490 million with a path to 100% ownership after five years based on a predetermined pricing formula. The transaction closed on 27 February 2026. • On 31 December 2020, we disposed a 49.9% minority stake in our US-based metal container plants to Apollo. Under the agreement with Apollo, we had the right, but not the obligation, to reacquire the minority stake beginning on the fifth anniversary of the closing of the transaction at pre-determined financial terms. On 6 January 2026, we announced we had exercised our right to reacquire the 49.9% minority stake. The transaction closed on 30 January 2026 at a price of approximately USD 2.9 billion. -96- Table of Contents Please refer to note 28 to our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025 for more information regarding collateral and contractual commitments for the acquisition of property, plant and equipment, other contractual commitments and other commitments. Contingencies We are subject to various contingencies with respect to tax, labor, distributors and other claims. Due to their nature, such legal proceedings and tax matters involve inherent uncertainties including, but not limited to, court rulings, negotiations between affected parties and governmental actions. To the extent that we believe these contingencies will probably be realized, a provision has been recorded in our balance sheet. To the extent that we believe that the realization of a contingency is possible (but not probable) and is above certain materiality thresholds, we have disclosed those items in note 29 to our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025. H. LIQUIDITY AND CAPITAL RESOURCES General Our primary sources of cash flow have historically been cash flows from operating activities, the issuance of debt, bank borrowings and the issuance of equity securities. Our material cash requirements have included the following: • Debt service; • Capital expenditures; • Investments in companies participating in the brewing, carbonated soft drink and malting industries; • Increases in ownership of our subsidiaries or companies in which we hold equity investments; • Share buyback programs; and • Payments of dividends and interest on shareholders’ equity. We are of the opinion that our working capital, as an indicator of our ability to satisfy our short-term liabilities is, based on our expected cash flow from operations for the coming 12 months, sufficient to meet our requirements for the 12 months following the date of this Form 20-F, including requirements from short-term contractual obligations. Over the longer term, we believe that our cash flows from operating activities, available cash and cash equivalents and short-term investments, along with our derivative instruments and our access to borrowing facilities, will be sufficient to fund our capital expenditures, debt service, dividend payments and other long-term contractual obligations going forward. As part of our cash flow management, we manage capital expenditures by optimizing the use of our existing brewery capacity and standardizing operational processes to make our capital investments more efficient. We are also attempting to improve operating cash flow through procurement initiatives designed to leverage economies of scale and improve terms of payment to suppliers. Equity attributable to our equity holders and non-controlling interests amounted to USD 97.7 billion as of 31 December 2025 (USD 88.7 billion as of 31 December 2024) and our net debt amounted to USD 60.9 billion as of 31 December 2025 (USD 60.6 billion as of 31 December 2024). Our overriding objectives when managing capital resources are to safeguard the business as a going concern and to optimize our capital structure so as to maximize shareholder value while keeping the desired financial flexibility to execute strategic projects. -97- Table of Contents Our optimal capital structure remains a net debt to Normalized EBITDA ratio of around 2x. Our level of debt could have significant consequences, including: • increasing our vulnerability to general adverse economic and industry conditions; • limiting our ability to fund future working capital and capital expenditures, to engage in future acquisitions or development activities or to otherwise realize the value of our assets and opportunities fully; • limiting our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; • impairing our ability to obtain additional financing in the future, or requiring us to obtain financing involving restrictive covenants; • requiring us to issue additional equity (possibly under unfavorable conditions), which could dilute our existing shareholders’ equity; and • placing us at a competitive disadvantage compared to our competitors that have less debt. Our ability to manage the maturity profile of our debt and repay our outstanding indebtedness in line with management plans may depend upon market conditions. If market conditions are uncertain, our financing costs could increase beyond what is currently anticipated. Such costs could have a material adverse impact on our cash flows, results of operations or both. In addition, an inability to refinance all or a substantial amount of our debt obligations when they become due would have a material adverse effect on our financial condition and results of operations. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business—We may not be able to obtain the necessary funding for our future capital or refinancing needs and may face financial risks due to our level of debt, uncertain market conditions and as a result of the potential downgrading of our credit ratings.” Our cash, cash equivalents and short-term investments in debt securities, less bank overdrafts, as of 31 December 2025 amounted to USD 11.9 billion. As of 31 December 2025, we had total liquidity of USD 22.0 billion, which consisted of USD 11.9 billion of cash, cash equivalents and short-term investments in debt securities, less bank overdrafts and USD 10.1 billion available under committed long-term credit facilities. Although we may borrow such amounts to meet our liquidity needs, we principally rely on cash flows from operating activities to fund our continuing operations. For a discussion of our liquidity and capital resources for the year ended 31 December 2024 compared to the year ended 31 December 2023, please see our Annual Report on Form 20-F for the fiscal year ended 31 December 2024. Cash Flow The following table sets forth our consolidated cash flows for the years ended 31 December 2025 and 2024: Year ended 31 December 2025 2024 (USD million) Cash flow from/(used in) operating activities 14,883 15,055 Cash flow from/(used in) investing activities (3,436 ) (3,259 ) Cash flow from/(used in) financing activities (11,450 ) (9,854 ) Net increase/(decrease) in cash and cash equivalents (3 ) 1,942 -98- Table of Contents Cash Flow from Operating Activities Our cash flows from operating activities for the years ended 31 December 2025 and 2024 were as follows: Year ended 31 December 2025 2024 (USD million) Profit of the period 8,477 7,416 Interest, taxes and non-cash items included in profit 13,160 13,990 Cash flow from operating activities before changes in working capital and use of provisions 21,637 21,406 Change in working capital(1) (398 ) (22 ) Pension contributions and use of provisions (426 ) (374 ) Interest and taxes (paid)/received (6,126 ) (6,189 ) Dividends received 195 234 Cash flow from/(used in) operating activities 14,883 15,055 Note: (1) For purposes of the table above, working capital includes inventories, trade and other receivables and trade and other payables, both current and non-current. Non-cash items included in profit of the year include: depreciation, amortization and impairments, including impairment losses on goodwill, receivables and inventories; additions and reversals in provisions and employee benefits; losses and gains on sales of property, plant and equipment, intangible assets, subsidiaries and assets held for sale; equity share-based payment expenses; share of results of associates and joint ventures (including impairment); net finance expense; income tax expense and other non-cash items included in profit. Please refer to our consolidated cash flow statement in our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025 for a more comprehensive overview of our cash flow from operating activities. Our primary source of cash flow for our ongoing activities and operations is our cash flow from operating activities. For extraordinary transactions (such as the 2008 Anheuser-Busch Companies acquisition, the 2013 Grupo Modelo combination and the 2016 combination with SAB), we may, from time to time, also rely on cash flows from other sources. See “—Cash Flow used in Investing Activities” and “—Cash Flow from/(used in) Financing Activities” below. Cash flow from operating activities in 2025 decreased by USD 172 million, or 1.1%, from USD 15,055 million in 2024 to USD 14,883 million in 2025, primarily driven by working capital movements. We devote substantial efforts to the efficient use of our working capital, especially those elements of working capital that are perceived as “core” (including trade receivables, inventories and trade payables). The initiatives to improve our working capital include the implementation of best practices on collection of receivables and inventory management, such as optimizing our inventory levels per stock taking unit, improving the batch sizes in our production process and optimizing the duration of overhauls. Similarly, we aim to efficiently manage our payables by reviewing our standard terms and conditions on payments and resolving, where appropriate, the terms of payment within 120 days upon receipt of invoice. Changes in working capital reduced our operational cash flow in 2025 by USD 398 million. -99- Table of Contents Cash Flow from/(used in) Investing Activities Our cash flows used in investing activities for the years ended 31 December 2025 and 2024 were as follows: Year ended 31 December 2025 2024 (USD million) Net capital expenditure(1) (3,552 ) (3,735 ) Sale/(acquisition) of subsidiaries, net of cash 18 (46 ) Proceeds from sale/(acquisition) of other assets 98 523 Cash flow from/(used in) investing activities (3,436 ) (3,259 ) Note: (1) Net capital expenditure consists of acquisitions of property, plant and equipment and of intangible assets, minus proceeds from sale. Our cash outflow used in investing activities was USD 3,436 million in 2025 as compared to a USD 3,259 million cash outflow in 2024. The increase in the cash outflow from investing activities in 2025 was mainly due to 2024 being positively impacted by the proceeds from the sale of our share in associate Ghost Beverages LLC. Our net capital expenditures amounted to USD 3,552 million in 2025 and USD 3,735 million in 2024. Out of the total 2025 capital expenditures approximately 26% was used to improve the company’s production facilities while 50% was used for logistics and commercial investments and 24% was used for improving administrative capabilities and for the purchase of hardware and software. Cash Flow from/(used in) Financing Activities Our cash flows used in financing activities for the years ended 31 December 2025 and 2024 were as follows: Year ended 31 December 2025 2024 (USD million) Net (repayments of) / proceeds from borrowings (2,460 ) (3,830 ) Dividends paid(1) (4,543 ) (2,672 ) Share buyback (2,301 ) (937 ) Payments of lease liabilities (733 ) (787 ) Derivative financial instruments (206 ) (431 ) Sale/(acquisition) of non-controlling interests (323 ) (435 ) Other financing cash flows (883 ) (763 ) Cash flow from / (used in) financing activities (11,450 ) (9,854 ) Note: (1) Dividends paid in 2025 consisted primarily of USD 2.6 billion paid by Anheuser-Busch InBev SA/NV and USD 1.9 billion paid by Ambev and to minorities. Dividends paid in 2024 consisted primarily of USD 1.8 billion paid by Anheuser-Busch InBev SA/NV and USD 0.3 billion paid by Ambev and its subsidiaries. Cash flow used in financing activities amounted to USD 11,450 million in 2025, as compared to a cash flow used in financing activities of USD 9,854 million in 2024. The increase is primarily driven by higher dividends paid and increased cash outflow for share buybacks. On 30 October 2025, we announced a USD 6 billion share buyback program. As of 31 December 2025, we have completed the USD 2 billion share buyback announced in 2024 and have completed USD 0.4 billion of our USD 6 billion share buyback program announced on 30 October 2025. -100- Table of Contents For more information on the financing activities related to long-term debt issuances in 2025, see “ —Funding Sources—Borrowings” below. Please also refer to note 22 of our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025. Adjusted Free Cash Flow We define adjusted free cash flow as our cash flow from operating activities minus our net capital expenditure. Year ended 31 December 2025 2024 (USD million) Cash flow from operating activities 14,883 15,055 Net capital expenditure(1) (3,552 ) (3,735 ) Adjusted free cash flow 11,331 11,320 Note: (1) Net capital expenditure consists of acquisitions of property, plant and equipment and of intangible assets, minus proceeds from sale; please see “—Cash Flow used in Investing Activities” above for further details regarding our net capital expenditures. Adjusted free cash flow amounted to USD 11,331 million in 2025, representing an increase of USD 11 million, or 0.1%, compared to 2024; please see “ —Cash Flow from Operating Activities” and “ —Cash Flow used in Investing Activities” above for more information regarding items which impacted our adjusted free cash flow in 2025 and 2024. Adjusted free cash flow is a non-IFRS measure. The financial measure most directly comparable to and presented in accordance with IFRS in our consolidated statement of cash flow is cash flow from operating activities. We believe adjusted free cash flow is useful to investors as it represents cash flows that could be used for return of capital to shareholders via dividends or share repurchases, repayment of debt or other strategic initiatives, including acquisitions. Adjusted free cash flow, however, has limitations as an analytical tool for investors. It is not a recognized term under IFRS and does not purport to be an alternative to cash flows from operating activities as a measure of liquidity. As a result, you should not consider adjusted free cash flow in isolation, or as a substitute for an analysis of our results as reported in our consolidated financial statements appearing elsewhere in this Form 20-F. One of the primary limitations of adjusted free cash flow is that it does not represent residual cash flows available exclusively for management’s discretionary use, as it is not adjusted for certain of our non-discretionary obligations, such as the repayment of principal amounts borrowed and other financing cash flows. Transfers from Subsidiaries The amount of dividends payable by our operating subsidiaries to us is subject to, among other restrictions, general limitations imposed by the corporate laws, capital transfer restrictions and exchange control restrictions of the respective jurisdictions where those subsidiaries are organized and operate. For example, in Brazil, which accounted for 14.6% of our profit from operations for the year ended 31 December 2025, current legislation permits the Brazilian government to impose temporary restrictions on remittances of foreign capital abroad in the event of a serious imbalance or an anticipated serious imbalance in Brazil’s balance of payments. For approximately six months in 1989 and early 1990, the Brazilian government froze all dividend and capital repatriations held by the Brazilian Central Bank that were owed to foreign equity investors in order to conserve Brazil’s foreign currency reserves. Capital transfer restrictions are also common in certain developing countries, and may affect our flexibility in implementing a capital structure we believe to be efficient. For example, China has very specific approval regulations for all capital transfers to or from the country. As at 31 December 2025, the restrictions above mentioned were not deemed significant on the company’s ability to access or use the assets or settle the liabilities of the operating subsidiaries. Dividends paid to us by certain of our subsidiaries are also subject to withholding taxes. Withholding tax, if applicable, generally does not exceed 15%. -101- Table of Contents Funding Sources Funding Policies We aim to secure committed credit lines with financial institutions to cover our liquidity risk on a 12-month and 24-month basis. Liquidity risk is identified using both the budget and strategic planning process input of the group on a consolidated basis. Depending on market circumstances and the availability of local debt capital markets, we may decide, based on liquidity forecasts, to secure funding on a medium- and long-term basis. We also seek to continuously optimize our capital structure targeting to maximizing shareholder value while keeping desired financial flexibility to execute strategic projects. Our capital structure policy and framework aims to optimize shareholder value through cash flow distribution to us from our subsidiaries, while maintaining an investment-grade rating and minimizing investments with returns below our weighted average cost of capital. Cash and Cash Equivalents and Investment Securities Our cash and cash equivalents, less bank overdrafts, for the years ended 31 December 2025 and 2024 were as follows: Year ended 31 December 2025 2024 (USD million) Short-term bank deposits 6,248 4,964 Cash and bank accounts 5,390 6,210 Bank overdrafts (14 ) — Cash and Cash Equivalents in the Statement of Cash Flows 11,623 11,174 Our investment securities for the years ended 31 December 2025 and 2024 were as follows: Year ended 31 December 2025 2024 (USD million) Investment in unquoted companies 134 139 Investment in debt securities 27 29 Non-current investments 161 168 Investment in debt securities 306 221 Current investments 306 221 -102- Table of Contents Borrowings In May 2025, Anheuser-Busch InBev SA/NV (“ABISA”) completed the issuance of the following series of bonds: Issue date Issuer (abbreviated) Maturity date Currency Aggregate principal amount (in millions) Coupon rate 19 May 2025 ABISA 19 May 2033 EUR 1,250 3.375 % 19 May 2025 ABISA 19 May 2038 EUR 1,500 3.875 % 19 May 2025 ABISA 19 May 2045 EUR 500 4.125 % Additionally, we completed the tender offers for three series of notes issued by Anheuser-Busch InBev Worldwide Inc. (“ABIWW”), Anheuser-Busch Companies, LLC (“ABC”) and Anheuser-Busch InBev Finance Inc. (“ABIFI”), and repurchased USD 1.8 billion aggregate principal amount of these notes. The total principal amount repurchased in the tender offers is set out in the table below: Date of repurchase Issuer (abbreviated) Title of series of notes partially repurchased Currency Original principal amount outstanding (in millions) Principal amount repurchased (in millions) Principal amount not repurchased (in millions) 30 May 2025 ABIWW 4.750% Notes due 2029 USD 4,250 1,321 2,929 30 May 2025 ABIWW and ABC 4.900% Notes due 2046 USD 9,160 332 8,829 30 May 2025 ABIFI 4.900% Notes due 2046 USD 1,457 167 1,291 Furthermore, we redeemed the outstanding principal amounts indicated in the table below of the following series of notes issued by ABIWW, ABC and ABISA in 2025: Date of redemption Issuer (abbreviated) Title of series of notes redeemed Currency Original principal amount outstanding (in millions) Principal amount redeemed (in millions) 30 May 2025 ABIWW 4.000% Notes due 2028 USD 1,632 1,632 18 November 2025 ABISA 2.700% Notes due 2026 EUR 615 615 29 December 2025 ABIWW and ABC 3.650% Notes due 2026 USD 1,307 1,307 These tender offers and redemptions were financed with cash. On 18 February 2021, we announced the successful signing of a new USD 10.1 billion Sustainable-Linked Loan Revolving Credit Facility (“SLL Revolving Facility”), replacing our existing USD 9.0 billion multi-currency revolving credit facility, under a senior facilities agreement (the “2010 Senior Facilities Agreement”). The SLL Revolving Facility had an initial five-year term and incorporates a pricing mechanism that incentivized improvement in key performance areas that were aligned with and contributed to our 2025 Sustainability Goals. Effective as of 17 March 2022, we exercised the first of our two options to extend the maturity of the facility until February 2027. Subsequently, with effect from 8 September 2023, we exercised the second of our two options to further extend the maturity of the facility until February 2028 with total commitments of USD 9,750,000,000 for the period from February 2027 to February 2028. As of 31 December 2025, the facility was fully undrawn. The terms of the SLL Revolving Facility are described under “Item 10. Additional Information—C. Material Contracts.” Our optimal capital structure remains a net debt to Normalized EBITDA ratio of around 2x. Our continued increased level of debt could have significant consequences, as described under “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business—We may not be able to obtain the necessary funding for our future capital or refinancing needs and may face financial risks due to our level of debt, uncertain market conditions and as a result of the potential downgrading of our credit ratings.” -103- Table of Contents Most of our other interest-bearing loans and borrowings are for general corporate purposes, based upon strategic capital structure concerns, although certain borrowings were incurred to fund significant past acquisitions of subsidiaries. Although seasonal factors affect our business, they have little effect on our borrowing requirements. We have a Euro Medium-Term Note Programme under which Anheuser-Busch InBev SA/NV may periodically issue and have outstanding debt denominated in any currency or currencies, subject to compliance with all applicable legal and/or regulatory and/or central bank requirements, outside the U.S. to non-U.S. persons in reliance on Regulation S. The guarantors of payments of all amounts due in respect of notes issued under the EMTN Programme are Cobrew NV, Brandbrew SA, Brandbev S.à.R.L., Anheuser-Busch InBev Worldwide Inc., ABIFI and Anheuser-Busch Companies, LLC (subject to certain terms and conditions). Under the EMTN Programme, we may issue notes on a continuing basis up to a maximum aggregate principal amount of EUR 40.0 billion (USD 47.02 billion) or its equivalent in other currencies. Such notes may be fixed, floating, zero coupon or a combination of these. The proceeds from the issuance of any such notes may be used to repay short-term and/or long-term debt and to fund general corporate purposes of the AB InBev Group. If in respect of any particular issue of notes there is a particular identified use of proceeds, this will be stated in the applicable final terms relating to the notes. As of 31 December 2025, the total outstanding debt under the EMTN Programme amounted to EUR 24.3 billion (USD 28.63 billion). Our ability to issue additional notes under the EMTN Programme is subject to market conditions. We have a Belgian commercial paper program under which Anheuser-Busch InBev SA/NV and Cobrew NV may issue and have outstanding at any time commercial paper notes up to a maximum aggregate amount of EUR 3.0 billion (USD 3.54 billion) or its equivalent in alternative currencies. The proceeds from the issuance of any such notes may be used for general corporate purposes. The notes may be issued in two tranches: Tranche A has a maturity of not less than seven and not more than 364 days from and including the day of issue; Tranche B has a maturity of not less than one year. We also have established a U.S. commercial paper program for an aggregate outstanding amount not exceeding USD 5.0 billion. As of 31 December 2025, we had no outstanding commercial paper under these programs. Our ability to borrow additional amounts under the programs is subject to investor demand. If we are ever unable to refinance under these commercial programs as they become due, we have access to funding through the use of our committed lines of credit. Our borrowings are linked to different interest rates, both variable and fixed. As of 31 December 2025, after certain hedging and fair value adjustments, USD 1.5 billion, or 2.1%, of our interest-bearing financial liabilities (which include bonds, loans, lease liabilities and bank overdrafts) bore a variable interest rate, while USD 71.5 billion, or 97.9%, bore a fixed interest rate. We expect the average gross debt coupon on our bonds in 2026 to be approximately 4%. Our net debt is denominated in various currencies, though primarily in the U.S. dollar and in the Euro. Our policy is to proactively address and manage the relationship between our various borrowing currency liabilities and our functional currency cash flows, through long-term or short-term borrowing arrangements, either directly in their functional currencies or indirectly through hedging arrangements. The currency of borrowing is driven by various factors in the different countries of operation, including a need to hedge against functional currency inflation, currency convertibility constraints, or restrictions imposed by exchange control or other regulations. In accordance with our policy aimed at achieving an optimal balance between cost of funding and volatility of financial results, we seek to proactively address and manage the relationship between borrowing liabilities and functional currency cash flows, and we may enter into certain financial instruments in order to mitigate currency risk. 2 Converted at the closing rate of December 2025. 3 Converted at the closing rate of December 2025. 4 Converted at the closing rate of December 2025. -104- Table of Contents We use a hybrid currency matching model pursuant to which we may (i) match net debt currency exposure to cash flows in such currency, measured on the basis of Normalized EBITDA, by swapping a significant portion of U.S. dollar debt to other currencies, such as Brazilian real (with a higher coupon), although this would negatively impact our profit and earnings due to the higher Brazilian real interest coupon, and (ii) use U.S. dollar cash flows to service interest payments under our debt obligations. For our definition of Normalized EBITDA, see “—E. Results of Operations—Year Ended 31 December 2025 Compared to the Year Ended 31 December 2024 —Normalized EBITDA.” We have also entered into certain financial instruments in order to mitigate interest rate risks. Please refer to note 27 of our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025, “Item 11. Quantitative and Qualitative Disclosures About Market Risk—Market Risk, Hedging and Financial Instruments.” The 2010 Senior Facilities Agreement, as amended in connection with the SLL Revolving Facility, does not include restrictive financial covenants. For further details regarding our total current and non-current liabilities, please refer to note 22 of our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025. The following table sets forth the level of our current and non-current interest-bearing loans and borrowings as of 31 December 2025 and 2024: Year ended 31 December 2025 2024 (USD million) Unsecured bond issues 70,199 69,484 Lease liabilities 2,397 2,303 Secured bank loans 18 19 Unsecured bank loans 178 94 Unsecured other loans 221 269 Total 73,013 72,169 The following table sets forth the contractual maturities of our interest-bearing liabilities as of 31 December 2025: Carrying Amount(1) Less than 1 year 1-2 years 2-3 years 3-5 years More than 5 years (USD million) Unsecured bond issues 70,199 — 4,994 3,447 6,452 55,307 Lease liabilities 2,397 620 536 395 399 446 Secured bank loans 18 3 3 3 8 — Unsecured bank loans 178 178 — — — — Unsecured other loans 221 82 126 10 1 2 Total 73,013 884 5,659 3,855 6,860 55,755 Note: (1) “Carrying Amount” refers to net book value as recognized on the balance sheet at 31 December 2025. Please refer to note 27 of our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025 for a description of the currencies of our financial liabilities and a description of the financial instruments we use to hedge our liabilities. -105- Table of Contents Credit Rating As of the date of this Form 20-F, our credit rating from S&P was A- for long-term obligations and A-2 for short-term obligations, with a positive outlook, and our credit rating from Moody’s Investors Service was A3 for long-term obligations and P-2 for short-term obligations, with a positive outlook. Credit ratings may be changed, suspended or withdrawn at any time and are not a recommendation to buy, hold or sell any of our or our subsidiaries’ securities. Any change in our credit ratings could have a significant impact on the cost of debt capital to us and/or our ability to raise capital in the debt markets. Capital Expenditures We spent USD 3,552 million during 2025 on acquiring capital assets (net of proceeds from the sale of property, plant, equipment and intangible assets). Out of the total capital expenditures of 2025, approximately 26% was used to improve our production facilities while 50% was used for logistics and commercial investments. Approximately 24% was used for improving administrative capabilities and purchase of hardware and software. We spent USD 3,735 million during 2024 on acquiring capital assets (net of proceeds from the sale of property, plant, equipment and intangible assets). Out of the total capital expenditures of 2024, approximately 44% was used to improve our production facilities while 40% was used for logistics and commercial investments. Approximately 16% was used for improving administrative capabilities and purchase of hardware and software. Our capital expenditures are primarily funded through cash from operating activities. We expect net capital expenditure of between USD 3.5 and USD 4.0 billion in 2026. Investments and Disposals We regularly engage in acquisitions, divestitures and investments. We also engage in start-up or termination of activities and may transfer activities between business segments. Such events have had, and are expected to continue to have, a significant effect on our results of operations and the comparability of period-to-period results. See “—A. Key Factors Affecting Results of Operations—Acquisitions, Divestitures and Other Structural Changes” for further information on significant acquisitions, divestitures, investments, transfers of activities between business segments and other structural changes in the years ended 31 December 2025 and 2024. See also note 6 and note 8 to our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025 included in this Form 20-F. Net Debt and Equity We define net debt as non-current and current interest-bearing loans and borrowings plus bank overdrafts and minus cash and cash equivalents, interest-bearing loans granted and debt securities. Net debt is a non-IFRS measure. Net debt is a financial performance indicator that is used by our management to highlight changes in our overall liquidity position. We believe that net debt is meaningful for investors as it is one of the primary measures our management uses when evaluating our progress towards deleveraging. The following table provides a reconciliation of our net debt to the sum of current and non-current interest- bearing loans and borrowings as of the dates indicated: Year ended 31 December 2025 2024 (USD million) Non-current interest-bearing loans and borrowings 72,128 70,720 Current interest-bearing loans and borrowings 885 1,449 Total 73,013 72,169 Bank overdrafts 14 — Cash and cash equivalents (11,638 ) (11,174 ) Interest-bearing loans granted (included within Trade and other receivables) (116 ) (99 ) Non-current and current debt securities (included within Investment securities)(1) (333 ) (251 ) Net debt 60,941 60,645 Note: (1) See note 22 to our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025. -106- Table of Contents Net debt as of 31 December 2025 was USD 60.9 billion, an increase of USD 0.3 billion as compared to 31 December 2024. Apart from operating results net of capital expenditures, the net debt was impacted mainly by the payment of interests and taxes (USD 5.9 billion increase of net debt), the payment of share buybacks by AB InBev and Ambev (USD 2.6 billion increase of net debt), dividend payments to shareholders of AB InBev, Ambev and to minorities (USD 4.5 billion increase of net debt), foreign exchange impact on net debt (USD 2.8 billion increase of net debt). Net debt as of 31 December 2024 was USD 60.6 billion, a decrease of USD 6.9 billion as compared to 31 December 2023. Apart from operating results net of capital expenditures, the net debt was impacted mainly by the payment of interests and taxes (USD 5.8 billion increase of net debt), the payment for the share buyback (USD 0.9 billion increase of net debt), dividend payments to shareholders of AB InBev, Ambev and minorities (USD 2.7 billion increase of net debt) and foreign exchange impact on net debt (USD 0.2 billion decrease of net debt). Consolidated equity attributable to equity holders of AB InBev as of 31 December 2025 was USD 87,287 million, compared to USD 78,237 million as of 31 December 2024. The net increase in equity results from the profit attributable to equity holders and the net foreign exchange gains on translation of foreign operations primarily related to the combined effect of the appreciation of the closing rates of the Brazilian real, Colombian peso, Mexican peso, the Peruvian sol, and the South African rand, partially offset by the appreciation of the closing rate of the Euro, which resulted in a net foreign exchange translation adjustment of USD 6,594m as of 31 December 2025 (increase of equity). Consolidated equity attributable to equity holders of AB InBev as of 31 December 2024 was USD 78,237 million, compared to USD 81,848 million as of 31 December 2023. The net decrease resulted from the profit attributable to equity shareholders and the net foreign exchange loss on translation of foreign operations primarily related to the combined effect of the weakening of the closing rates of the Brazilian real, the Colombian Peso, and the Mexican peso which resulted in a net foreign exchange translation adjustment of USD 8,490 million as of 31 December 2024 (decrease of equity). Further details on equity movements can be found in our consolidated statement of changes in equity in our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025. Guarantor Financial Information The debt securities issued by (i) Anheuser-Busch InBev Finance Inc. (“ABIFI”) under Indentures dated as of January 17, 2013, January 25, 2016 and May 15, 2017, in each case among ABIFI, Anheuser-Busch InBev SA/NV (the “Parent Guarantor”), the subsidiary guarantors listed therein and the Bank of New York Mellon Trust Company, N.A., as trustee (ii) Anheuser-Busch InBev Worldwide Inc. (“ABIWW”) under Indentures dated as of October 16, 2009, December 16, 2016 and April 4, 2018, in each case among ABIWW, the Parent Guarantor, the subsidiary guarantors listed therein and the Bank of New York Mellon Trust Company, N.A, as trustee and (iii) Anheuser-Busch Companies, LLC (“ABC”) and ABIWW, as co-issuers, under the Indenture dated as of November 13, 2018, among ABC, ABIWW, the subsidiary guarantors listed therein and the Bank of New York Mellon Trust -107- Table of Contents Company, N.A., as trustee, are, in each case, fully and unconditionally guaranteed by the Parent Guarantor and jointly and severally guaranteed by Brandbrew S.A., Brandbev S.à r.l. and Cobrew NV, and by ABC (in respect of debt issued by ABIFI and/or ABIWW (as sole issuer)), ABIWW (in respect of debt issued by ABIFI) and by ABIFI (in respect of debt issued by ABIWW and/or ABC) on a full and unconditional basis. The Parent Guarantor owns, directly or indirectly, 100% of each of ABIFI, ABIWW, ABC, Brandbrew S.A., Brandbev S.à r.l. and Cobrew NV. Each guarantee provided under the aforementioned indentures is referred to as a “Guarantee” and collectively, the “Guarantees”; the subsidiaries of the Parent Guarantor providing Guarantees are referred to as the “Subsidiary Guarantors” and the Parent Guarantor and Subsidiary Guarantors collectively are referred to as the “Guarantors”. ABIWW, ABIFI and ABC are collectively referred to as the “Issuers”. Under the terms of the Guarantees, the Guarantors guarantee to each holder the due and punctual payment of any principal, accrued and unpaid interest (and all Additional Amounts, as such term is defined in the applicable indenture, if any) due under the debt securities in accordance with each indenture. Each Guarantor will also pay Additional Amounts (if any) in respect of payments under its Guarantee. The Guarantees are the full, direct, unconditional, unsecured and unsubordinated general obligations of the Guarantors. The Guarantees of a Subsidiary Guarantor will be terminated (and any Subsidiary Guarantor will automatically and unconditionally be released from all obligations under its Subsidiary Guarantee) at substantially the same time that (i) the relevant Subsidiary Guarantor is released from its guarantee of both the SLL Revolving Facility (as defined below and as it may be amended from time to time) or is no longer a guarantor under such facility and (ii) the aggregate amount of indebtedness for borrowed money for which the relevant Subsidiary Guarantor is an obligor (as a guarantor or borrower) does not exceed 10% of the consolidated gross assets of the Parent Guarantor as reflected in the balance sheet included in its most recent publicly released interim or annual consolidated financial statements. If the Guarantees by the Subsidiary Guarantors are released, the relevant issuers and the Parent Guarantor are not required to replace them, and the debt securities will have the benefit of fewer or no Subsidiary guarantees for the remaining maturity of the debt securities. Pursuant to restrictions imposed by Luxembourg law, for the purposes of any Guarantees provided by Brandbrew S.A. or Brandbev S.à r.l. (each, a “Luxembourg Guarantor”), the maximum aggregate liability of such Luxembourg Guarantor under its Guarantee (including any actual or contingent liabilities as a guarantor of Other Guaranteed Facilities (as such term is defined in the applicable indenture)) shall not exceed an amount equal to the aggregate of (without double counting): (A) the aggregate amount of all moneys received by such Luxembourg Guarantor and its subsidiaries as a borrower or issuer under the Other Guaranteed Facilities; (B) the aggregate amount of all outstanding intercompany loans made to such Luxembourg Guarantor and its Subsidiaries by other members of the AB InBev Group which have been directly or indirectly funded using the proceeds of borrowings under the debt securities issued under the indentures and the Other Guaranteed Facilities; and (C) an amount equal to 100% of the greater of (I) the sum of (x) such Luxembourg Guarantor’s own capital (capitaux propres) (as referred to in the Luxembourg law dated 19 December 2002 on the commercial register and annual accounts, as amended (the “Luxembourg Law of 2002”), and as implemented by the Grand-Ducal regulation dated 18 December 2015 setting out the form and content of the presentation of the balance sheet and profit and loss account (the “Luxembourg Regulation”)) as reflected in such Luxembourg Guarantor’s then most recent annual accounts approved by the competent organ of such Luxembourg Guarantor (as audited by its statutory auditor (réviseur d’entreprises agréé), if required by law) at the date of an enforcement of such Luxembourg Guarantor’s Guarantee and (y) any amounts owed by such Luxembourg Guarantor to any other member of the AB InBev Group which have not been funded, directly or indirectly, using the proceeds of borrowings under the Indentures or the Other Guaranteed Facilities (as defined below) and (II) the sum of (x) such Luxembourg Guarantor’s own capital (capitaux propres) (as referred to by article 34 of the Luxembourg Law of 2002 and as implemented by the Luxembourg Regulation) as reflected in its most recent annual accounts available as of the date of the applicable Indenture and (y) any amounts owed by such Luxembourg Guarantor to any other member of the AB InBev Group which have not been funded, directly or indirectly, using the proceeds of borrowings under the Indentures or the Other Guaranteed Facilities. Furthermore, the obligations and liabilities of such Luxembourg Guarantor under its Guarantee and under any of the Other Guaranteed Facilities shall not include: -108- Table of Contents (i) in the case of Brandbrew S.A., any obligation which, if incurred, would constitute a breach of the provisions on unlawful financial assistance as contained in article 430-19 (formerly article 49-6) of the Luxembourg Law on Commercial Companies dated 10 August 1915, as amended; and (ii) in the case of Brandbev S.à r.l., the guarantee of any amount if and to the extent the granting of such guarantee for such amounts would constitute unlawful financial assistance in violation of article 1500-7 (formerly article 168) of the Luxembourg Law on Commercial Companies dated 10 August 1915, as amended. ABIFI is a finance subsidiary, and its principal source of income consists of payments on intra-group receivables from the Parent Guarantor. Furthermore, as holding companies, the ability of ABIWW and the Parent Guarantor to meet their financial obligations is dependent upon the availability of cash flows from their domestic and foreign subsidiaries and affiliated companies through dividends, intercompany advances, management fees and other payments. Claims of the creditors of Parent Guarantor’s subsidiaries who are not guarantors will have priority as to the assets of such subsidiaries over the claims of creditors of ABIFI, ABIWW or the Parent Guarantor. For further discussion, please see “Item 3. Key Information — D. Risk Factors — The ability of our subsidiaries to distribute cash upstream may be subject to various conditions and limitations”. If the Guarantors default on their Guarantees, their ability to pay any debts existing at the time of the insolvency may be adversely affected by the insolvency laws of the jurisdiction of organization of the defaulting Guarantors. Such insolvency laws may vary as to treatment of unsecured creditors and may contain prohibitions on the Guarantors’ ability to pay any debts existing at the time of the insolvency. In addition, enforcement of each guarantee will be subject to certain generally available defenses under local law. Furthermore, the Parent Guarantor and Cobrew NV are Belgian companies and Belgian insolvency laws may adversely affect a recovery by the holders of the debt securities of amounts payable under the debt securities. Summarized financial information is presented below for Anheuser-Busch InBev SA/NV, the Issuers and the Subsidiary Guarantors on a combined basis after elimination of intercompany transactions and balances among them and does not include investments in and equity in the earnings of non-guarantor subsidiaries. The intercompany balances with Non-Guarantor Subsidiaries have been presented separately. This summarized financial information is not intended to present the financial position or results of operations of Anheuser-Busch InBev SA/NV, the Issuers and the Subsidiary Guarantors in accordance with IFRS. Year ended 31 December 2025(1) 2024(2) (USD million) Income Statement Data Revenue 13,134 13,323 Gross profit 6,879 6,883 Profit for the period (1,023 ) (5 ) Statement of Financial Position Data Due from non-guarantor subsidiaries 43,964 54,513 Other non-current assets 61,248 62,104 Non-current assets 105,212 116,617 Due from non-guarantor subsidiaries 18,313 5,669 Other current assets 8,642 5,301 Current assets 26,954 10,971 Due to non-guarantor subsidiaries 28,273 34,858 Other non-current liabilities 77,397 76,330 Non-current liabilities 105,670 111,188 Due to non-guarantor subsidiaries 16,305 9,459 Other current liabilities 11,094 11,385 Current liabilities 27,400 20,844 Note: (1) For the year ended 31 December 2025, revenue, gross profit and profit of the period includes USD 228 million, USD (408) million and USD (978) million of intercompany transactions with non-guarantor subsidiaries and related parties, respectively. (2) For the year ended 31 December 2024, revenue, gross profit and profit of the period includes USD 221 million, USD (393) million and USD 1,326 million of intercompany transactions with non-guarantor subsidiaries and related parties, respectively. -109- Table of Contents