A. HISTORY AND DEVELOPMENT OF THE COMPANY We are the world’s largest brewer by volume and one of the world’s top ten consumer products companies by revenue. As a consumer-focused, insights-driven company, we produce, market, distribute and sell a diversified portfolio of well over 400 beer and other malt beverage brands. These include brands with significant international distribution, such as Budweiser, Corona (except in the United States), Stella Artois, Michelob ULTRA, Beck’s, Leffe and Hoegaarden; and brands primarily distributed to local markets such as Bud Light in the United States, Modelo Especial, Victoria and Pacifico in Mexico; Skol, Brahma and Antarctica in Brazil; Aguila and Poker in Colombia; Cristal and Pilsen Callao in Peru; Quilmes in Argentina; Jupiler in Belgium and the Netherlands; Franziskaner in Germany; Carling Black Label, Castle Lager, Castle Lite and Hansa Pilsener in South Africa; Hero and Trophy in Nigeria; Safari and Kilimanjaro in Tanzania; Harbin and Sedrin in China; and Cass in South Korea. Our Beyond Beer Portfolio is growing at an accelerated pace, with brands including: Flying Fish in more than 15 markets (including South Africa); Brutal Fruit in most of our African markets and Brazil; and Cutwater and NÜTRL in the United States and Canada. Our dedication to quality goes back to a brewing tradition of more than 600 years with the Den Hoorn brewery in Leuven, Belgium, as well as the pioneering spirit of the Anheuser & Co. brewery, with origins in St. Louis, U.S.A. since 1852, and the history of the South African Breweries with its origins in Johannesburg since 1895. As of 31 December 2025, we employed approximately 137,000 people based in more than 40 countries worldwide. As a result, we have a global footprint with a balanced exposure to developed and developing markets and production facilities spread across our geographic regions. We report our results under the following five regions: North America, Middle Americas, South America, EMEA and Asia Pacific. We also report the results of Global Export and Holding Companies, which includes our global headquarters and the export businesses, which have not been allocated to the regions. Our 2025 volumes (beer and non-beer) were 561.1 million hectoliters and our revenue amounted to USD 59.3 billion. Registration and Main Corporate Details Anheuser-Busch InBev SA/NV was incorporated on 3 March 2016 for an unlimited duration under the laws of Belgium under the original name Newbelco SA/NV, and is the successor entity to predecessor Anheuser-Busch InBev SA/NV, which was incorporated on 2 August 1977 for an unlimited duration under the laws of Belgium under the original name BEMES. It has the legal form of a public limited liability company (naamloze vennootschap/société anonyme). Its registered office is located at Grand-Place/Grote Markt 1, 1000 Brussels, Belgium, and it is registered with the Register of Legal Entities of Brussels under the number 0417.497.106. Our global headquarters are located at Brouwerijplein 1, 3000 Leuven, Belgium (tel.: +32 16 27 61 11). Our agent in the United States is Anheuser-Busch InBev Services LLC, 250 Park Avenue, 2nd Floor, New York, NY 10177. We are a publicly traded company, with our primary listing on Euronext Brussels under the symbol “ABI.” We also have secondary listings on the Johannesburg Stock Exchange under the symbol “ANH” and the Mexican Stock Exchange under the symbol “ANB.” ADSs representing rights to receive our Ordinary Shares are listed and trade on the NYSE under the symbol “BUD.” History and Development of the Company Our dedication to quality goes back to a brewing tradition of more than 600 years and the Den Hoorn brewery in Leuven, Belgium. In 1717, Sébastien Artois, master brewer of Den Hoorn, took over the brewery and renamed it Sébastien Artois. In 1987, the two largest breweries in Belgium merged: Brouwerijen Artois NV, located in Leuven, and Brasserie Piedboeuf SA, founded in 1853 and located in Jupille, resulting in the formation of -30- Table of Contents Interbrew S.A. Interbrew operated as a family-owned business until December 2000, the time of its initial public offering on Euronext Brussels. The period since the listing of Interbrew on Euronext Brussels has been marked by increasing geographical diversification. Since 2000, we have completed the following major combinations, acquisitions and sales: • In 2002, Interbrew acquired Beck’s for 3.5 billion German marks. • In 2004, Interbrew combined with Ambev, a Brazilian company originally formed by the combination of Brahma and Antarctica in 1999-2000, resulting in the creation of InBev. Ambev is listed on the NYSE and the São Paulo Stock Exchange (B3 S.A - Brasil, Bolsa e Balcão). As of 31 December 2025, we had a 61.73% voting and economic interest in Ambev. • In 2008, InBev combined with Anheuser-Busch Companies by way of an offer for USD 54.8 billion, as a result of which we changed our name to Anheuser-Busch InBev SA/NV. • In 2013, we announced the completion of our combination with Grupo Modelo in a transaction valued at USD 20.1 billion, following which we owned approximately 95% of Grupo Modelo’s outstanding shares. We acquired the remaining shares via a mandatory tender offer, which was completed in August 2015. • In 2013, in another transaction related to the combination with Grupo Modelo, Grupo Modelo completed the sale of its U.S. business to Constellation Brands, Inc. for approximately USD 4.75 billion, in aggregate. The transaction included the sale of Grupo Modelo’s Piedras Negras brewery, Grupo Modelo’s 50% stake in Crown Imports LLC and perpetual rights to certain of Grupo Modelo’s beer brands in the United States. As a consequence, we granted Constellation Brands, Inc. the exclusive and perpetual right to market and sell Corona beer and certain other Grupo Modelo beer brands in the 50 states of the United States, the District of Columbia and Guam. In December 2016, we also completed the sale of our brewery located in Obregón, Sonora, México to Constellation Brands, Inc. for a sale price of approximately USD 600 million. • In 2016, we completed our combination with SAB, valued at a gross purchase consideration of USD 114 billion. In connection with the combination with SAB, we transferred SAB’s business in Panama to Ambev in exchange for Ambev’s businesses in Colombia, Peru and Ecuador. We also undertook certain divestitures, with the goal of proactively addressing potential regulatory considerations regarding the combination with SAB. • In 2018, we combined our Russia and Ukraine businesses with those of Anadolu Efes through the creation of a new company called AB InBev Efes, which was fully consolidated into Anadolu Efes. As a result of the transaction, we did not own a controlling stake in AB InBev Efes, did not consolidate these operations and accounted for our investment in AB InBev Efes under the equity method. On 22 April 2022, we announced our decision to sell our non-controlling interest in the AB InBev Efes joint venture and that we were in active discussions with Anadolu Efes, the controlling shareholder of AB InBev Efes, to acquire that interest. We derecognized the investment in AB InBev Efes and reported a USD 1,143 million non-cash impairment charge in exceptional share of results of associates as of 30 June 2022. On 23 October 2024, we announced that we and Anadolu Efes agreed Anadolu Efes would acquire our interest in the Russian business and we would acquire the interest of Anadolu Efes in the Ukraine business. The transaction, including the purchase price and other terms, was subject to required regulatory and governmental approvals which were not obtained. On 30 December 2024, a Russian decree was issued which placed the AB InBev Efes Russian operations under temporary management. There can be no assurances on the status of our investment in AB InBev Efes. See “Item 3. Key Information—D. Risk Factors—Financial Risks—Our business, financial performance and results of operations have been, and may continue to be, adversely affected by military conflicts and their related consequences”. -31- Table of Contents • In 2019, we successfully completed the listing of a minority stake of our Asia Pacific subsidiary, Budweiser APAC, on the Hong Kong Stock Exchange for USD 5.75 billion (including the exercise of an over-allotment option). As of 31 December 2025, we control 87.22% of the issued share capital of Budweiser APAC. • In 2020, we completed: • the sale of our Australia business (Carlton & United Breweries) to Asahi for AUD 16.0 billion, resulting in net proceeds of USD 10.8 billion. As part of this transaction, we granted Asahi rights to commercialize our portfolio of global and international brands in Australia; • the acquisition of the remaining 68.8% stake in Craft Brew Alliance for net consideration of USD 0.2 billion and obtained 100% control over Craft Brew Alliance; and • the issuance of a 49.9% minority stake in our US-based metal container operations to a consortium of institutional investors led and/or advised by affiliates of Apollo Global Management, Inc. (collectively “Apollo”) for net proceeds of USD 3.0 billion, while retaining operational control of our US-based metal container operations. On 30 January 2026, we completed the reacquisition of the 49.9% minority stake in our US-based metal container plants from Apollo for a price of approximately USD 2.9 billion. Furthermore, during 2025 and 2024, we performed a series of other investments and disposals. For further details, see “Item 5. Operating and Financial Review—H. Liquidity and Capital Resources—Investments and Disposals.” B. BUSINESS OVERVIEW 1. PURPOSE, STRATEGY AND STRENGTHS Purpose We Dream Big to Create a Future with More Cheers. We are always looking to serve up new ways to meet life’s moments, move our industry forward and make a meaningful impact in the world. Our purpose drives everything we do, enables us to deliver on our commercial vision and gives us flexibility to innovate and develop solutions that we believe address customer and consumer needs. We are dreaming big to create a future with more cheers by aiming to drive category leadership and growth of our industry, reach more consumers on more occasions with our strong brand portfolio and innovation pipeline, use data and technology to connect with our customers and consumers and make a positive impact in our local communities. To advance the company’s purpose – We Dream Big to Create a Future with More Cheers – we also aim to improve consumption patterns by promoting social norms that produce positive outcomes. By expanding our portfolio of no-alcohol and lower-alcohol products to give consumers balanced choices, we seek to enable moderation and responsible drinking worldwide. For further information about our purpose of Dreaming Big to Create a Future with More Cheers, see “—13. Social and Community Matters”. Strategy Our strategy is defined by three strategic pillars and focuses on what we believe are our key drivers for growth: the beer category, opportunities beyond beer and new businesses that use our capabilities and ecosystems. Lead and Grow the Category The beer category is big, profitable and growing, and we believe we are well positioned to lead and grow the category due to our advantaged global footprint, industry-leading portfolio of brands and operational capabilities. -32- Table of Contents We aim to drive growth in the beer category and increase category participation across our markets through the consistent execution of our four category expansion levers: i. Core superiority: strengthening our core portfolio by elevating our products, positioning, platforms and value proposition; ii. Premiumization: addressing various consumer needs and occasions through an industry-leading portfolio of above core brands; iii. Balanced choices: innovating to develop the category and expand occasions to meet consumer demand, including low carb, low calories, sugar free, gluten free, organic and no-alcohol beer products; and iv. Beyond Beer: expanding our portfolio to address evolving consumer tastes with flavored alcohol beverage, hard seltzer and canned cocktail offerings to tap into new consumption occasions. Please see “—Strengths—Strong brand portfolio with global, multi-country and local brands”, “Strengths—Strong consumer insights-driven brand development capabilities, “—2. Principal Activities and Products—Beer” and “—2. Principal Activities and Products—Non-Beer” below for further details regarding category growth in 2025. Digitize and Monetize our Ecosystem We aim to unlock value from our existing assets and expand our addressable market through the digitization and monetization of our ecosystem. We believe our digital transformation is a key competitive advantage of our business as it improves the way we connect with our ecosystem of more than 2 billion consumers and 6 million customers. We aim to enhance the value of our core business through our business-to-business BEES platform, digital direct-to-consumer solutions, fintech services and other new business opportunities. Please see “—2. Principal Activities and Products—Digital Transformation” below for further details regarding our efforts to digitize and monetize our ecosystem in 2025. Optimize our Business Our objective to optimize our business and maximize long-term value creation is driven by our focus on three areas: disciplined resource allocation, robust risk management and an efficient capital structure. We aim to allocate resources to drive growth and profitability and continue our deleveraging initiatives to strengthen our balance sheet. We aim to invest in our operations and in the growth of our business while dynamically balancing our leverage, returning cash to shareholders and pursuing selective mergers and acquisitions. Strengths Building on our more than 600 years of heritage, we are committed to building great brands that stand the test of time and to brewing the best beers using the finest ingredients. Geographically diversified with a balanced exposure to developed and developing markets, we leverage the collective strengths of approximately 137,000 colleagues based in more than 40 countries worldwide. We believe that the following key strengths will drive long-term value creation for our stakeholders and enable us to deliver on our company purpose: Global platform with strong market positions in key markets to grow the category We are a truly global brewer, positioned to serve the evolving needs of consumers worldwide. Our portfolio of well over 400 brands means we have beers for every type of occasion and our iconic brands bring people together across generations and communities. -33- Table of Contents We hold the number one market share position in over 30 countries globally (according to IWSR data as of January 2026), based on strong brands and the benefits of scale. We believe this enables us to invest significant sales and marketing resources in our brands, achieve attractive sourcing terms, generate cost savings through centralization and operate under a lean cost structure. Our global footprint provides us with a strong platform to grow our global and multi-country brands, while developing local brands tailored to regional tastes and trends. We benefit from a global distribution network which, depending on the location, is either owned by us or is based on strong partnerships with wholesalers and local distributors. In 2025, we were one of the largest consumer products companies worldwide, measured by revenue, and held the number one position in terms of total market share of beer by volume in the world. We hold the number one position in terms of total market share of beer by volume in the United States, Mexico and Brazil, three of the top five largest beer profit pools in the world. We estimate that we hold the number one position by volume in the premium and super premium beer category, in China, the world’s largest beer market by volume. All beer profit pools and segments above are based on data published by Bernstein Research. Geographic diversification Our geographically diversified platform balances the growth opportunities of developing markets with the stability and strength of developed markets. With significant operations in both the Southern and Northern Hemispheres, we benefit from a natural hedge against local or regional market, economic and seasonal volatility. Developed markets represented approximately 35% of our 2025 revenue and developing markets represented 65% of our 2025 revenue. Our developing markets include Argentina, Bolivia, Botswana, Brazil, Chile, China, Colombia, Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, India, Mexico, Mozambique, Nigeria, Panama, Paraguay, Peru, South Africa, Tanzania, Uganda, Uruguay, Vietnam and Zambia. Strong brand portfolio with global, multi-country and local brands Our strong brand portfolio addresses a broad range of demand for different types of beer, comprising three categories: • Global brands: Capitalizing on common values and experiences which appeal to consumers across borders, our four global brands, Budweiser, Corona, Stella Artois and Michelob ULTRA, have recognition and appeal worldwide in a significant number of markets globally; • Multi-country brands: Building from a strong consumer base in their home markets, our multi-country brands, Beck’s, Hoegaarden, Leffe, Modelo, and Flying Fish, bring international flavor to selected markets, connecting with consumers across continents; and • Local brands: Offering locally popular tastes, local brands such as Aguila, Brahma, Bud Light, Cass, Cristal, Harbin, Poker, Skol and Victoria connect particularly well with consumers in their home markets. With well over 400 brands, of which 20 had an estimated turnover of over USD 1 billion in 2025, we believe our portfolio is the strongest in the industry. In 2025, eight of our brands – Budweiser, Brahma, Bud Light, Corona, Michelob ULTRA, Modelo, Skol, Stella Artois – were ranked among the Global top ten most valuable beer brands by Kantar BrandZ™. We aim to lead and grow the beer category with an emphasis on our portfolio of megabrands. Our megabrands are the top brands in each market that make up the majority of our volume today and are expected to drive the majority of our growth going forward. We are allocating increased sales and marketing investments behind these brands to accelerate brand power, build deep consumer connections and drive profitable growth. We leverage the scale of our global footprint to connect with consumers through our global megaplatforms by replicating successful brand initiatives, market programs and best practices across multiple geographic markets. -34- Table of Contents Strong consumer insights-driven brand development capabilities As a consumer-focused, insights-driven company, we continuously strive to understand the values, lifestyles and preferences of today’s consumers. Furthermore, we want to provide superior products to our consumers across key categories. We expect that this will allow us to remain relevant, as well as build fresh appeal and competitive advantage through innovative products and services tailored to meet evolving consumer needs. We believe that consumer demand can be best anticipated by a close relationship between our innovation and insight teams in which current and expected market trends trigger and drive research processes. To better address changing consumer behaviors, it is also critical that we have a diverse portfolio of products that target a variety of consumer needs and occasions. Innovation continued to support execution of our category expansion levers, contributing approximately 11% to our total revenues in 2025. Highlights of these innovations included global expansion of Corona Cero from 19 to over 70 countries, launching and expanding Michelob ULTRA Zero in the United States, launching Cass All Zero in South Korea, and scaling up Stella Pure Gold in South America. We believe that our internal excellence programs are a major competitive advantage. Our Creative X Marketing Program is aimed to help us systematize creativity across our business, and our Marketing Academy enables us to enhance the skills of our entire marketing team, equipping us with the capabilities to lead and grow our category. Strict financial discipline World-class efficiency has been, and will remain, a long-term focus across all markets, all lines of business and under all economic circumstances. Avoiding unnecessary costs is a core competency within our culture. We aim to be efficient with our overhead expenses in order to spend more effectively to grow our company. As a result, we have implemented, and will continue to develop, programs and initiatives aimed at reducing non-commercial expenses. This strict financial discipline has allowed us to develop a “Cost—Connect—Win” model in which overhead expenses are minimized in order to maximize our sales and marketing investments designed to connect with our consumers, win market share and achieve long-term, profitable growth. In addition to a culture of everyday efficiency, we have a number of group-wide cost efficiency programs in place, including: • Voyager Plant Optimization or VPO: Voyager Plant Optimization (“VPO”) aims to bring greater efficiency and standardization to our brewing operations and to generate cost savings, while at the same time improving quality, safety and the environment. VPO also entails assessment of our procurement processes to maximize purchasing power and to help us achieve the best results when purchasing a range of goods and services. Behavioral change towards greater efficiencies is at the core of this program, and comprehensive training modules have been established to assist our employees with the implementation of VPO in their daily routines. • Business Shared Services Centers: We have established a number of business shared services centers across our business segments which focus on transactional and support activities within our group. These centers help to standardize working practices and identify and disseminate best practices. Experienced management team with a strong track record of delivering synergies through business combinations During the last two decades, our management, including the management of our predecessor companies, has executed a number of merger and acquisition transactions of varying sizes, with acquired businesses being successfully and smoothly integrated into our operations, realizing significant synergies. Notable historical examples include the creation of Ambev in 2000 through the combination of Brahma and Antarctica, the acquisition of Beck’s by Interbrew in 2002, the combination of Ambev and Quilmes in 2003, Ambev gaining control of Labatt in 2004 and the creation of InBev in 2004 from the combination of Interbrew and Ambev. More recent examples include the combination with Anheuser-Busch Companies in 2008, the combination with Grupo Modelo in 2013 and the combination with SAB in 2016. -35- Table of Contents Our strong track record also extends to successfully integrating brands such as Budweiser, Corona, Stella Artois and Michelob ULTRA into our global brand portfolio and distribution network, including leveraging Ambev’s distribution channels in Latin America and Canada. 2. PRINCIPAL ACTIVITIES AND PRODUCTS We produce, market, distribute and sell a portfolio of well over 400 beer and malt beverage brands. We have a global footprint with a balanced exposure to developed and developing markets and production facilities spread across our regions. Our production and distribution facilities and other assets are predominantly located in the same geographical areas as our consumers. We set up local production when we believe that there is substantial potential for local sales that cannot be addressed in a cost-efficient manner through exports or third-party distribution into the relevant country. Local production also helps us to reduce, although it does not eliminate, our exposure to currency movements. We are developing our business through a strong portfolio strategy focused on category expansion and premiumization. Our diverse geographic footprint spans over 40 countries worldwide. The table below sets out the main brands we sell in the markets listed below as of 31 December 2025. Country by Region Brands North America Canada Beer: Alexander Keith’s, Archibald, American Vintage, Banded Peak, Beck’s, Brava, Bud Light, Budweiser, Busch, Corona, Flying Fish, Goose Island, Hoegaarden, Kokanee, Labatt 50, Labatt Blue, Lakeport, Leffe, Löwenbräu, Lucky, Michelob ULTRA, Mill Street, Modelo, Pacifico, Palm Bay, Rolling Rock, Stanley Park, Stella Artois, Wildcat Non-Beer: Brickworks, Cutwater, Mike’s, NÜTRL, Okanagan, Rockstar, SVNS Hard 7-UP, Tempo United States Beer: BEATS Senses, Beck’s, Boddington’s, Bud Ice, Bud Light, Bud Light Chelada, Bud Light Lime, Bud Light Next, Bud Light Orange, Bud Light Platinum, Bud Light Platinum Seltzer, Bud Light Seltzer, Budweiser, Budweiser Chelada, Budweiser Select, Budweiser Select 55, Budweiser Zero, Busch, Busch NA, Busch Light, Busch Light Lime, Busch Light Apple, Busch Ice, Cantaritos, Cisco, Devil’s Backbone, Elysian, Estrella Jalisco, Four Peaks, Franziskaner, Golden Road, Goose Island, Hoegaarden, Hoop Tea, Hurricane High Gravity, Karbach, King Cobra, Kokanee, Kona Big Wave, Kona, Landshark, Leffe Blonde, MD 2020, Michelob Golden Light, Michelob Light, Michelob AmberBock, Michelob ULTRA, Michelob ULTRA Lime Cactus, Michelob ULTRA Pure Gold, Michelob ULTRA Seltzer, Michelob ULTRA Zero, Natural Light, Natural Ice, Natty Daddy, O’ Douls, Presidente, Lime-A-Rita, Straw-ber-Rita, Mango-O-Rita, Water-Melon-Rita, Rolling Rock, Spaten, Stella Artois, Stella Artois 0.0, Wicked Weed, Wynwood Non-Beer: Cutwater, NÜTRL, Devil’s Backbone Smash, Phorm Energy, Skimmers -36- Table of Contents Country by Region Brands Middle Americas Colombia Beer: Aguila, Aguila 0.0, Aguila Light, Austen, Azteca, Bahia, Bahia Lager, Bahía Light, Beck’s, Bogota Beer Company (Bacatá, Cajicá, Cerro de Guadalupe, Chapinero, Chía, Don Rufino Camu Camu, Lager, Macondo, Mixiripa, Monserrate, Oktobeer, Palenquera, Policarpa, Rose, Salitre, San Patricio, Septimazo, Siete de agosto, Trapiche, Triqui Triqui, Tutaina, Usaquen, Zipaquirá), Budweiser, Busch Light, Club Colombia Doble Malta, Club Colombia Dorada, Club Colombia Esmeralda, Club Colombia Roja, Club Colombia Trigo, Cola y Pola, Corona, Coronita, Corona Extra, Corona Zero, Corona Tropical, Costeña Costeña Bacana, Costeñita, Cusqueña Dorada, Cusqueña Negra, Cusqueña Trigo, Kauffman, Michelob ULTRA, Modelo Especial, Nativa (local crop), Negra Modelo, Pilsen, Poker Clasica, Poker Pura Malta, Poker Roja, Redd’s Citrus, Redd’s Rose, Stella Artois Non-Beer: Malta Leona, Mike’s, Pony Malta, Zalva Dominican Republic Beer: Bohemia, Brahma, Budweiser, Corona Cero, Corona Extra, Hoegaarden, Leffe, Michelob ULTRA, Modelo Especial, Negra Modelo, Presidente Golden Light, Presidente Light, Presidente Regular, Stella Artois, The One Non-Beer: 7UP, 911, Enriquillo, Malta Morena, MontPellier, Pepsi, Red Bull, Red Rock, Vital 911 Ecuador Beer: Budweiser, Club Premium Clásica, Club Premium Platino, Corona, Corona Cero, Modelo Especial, Nuestra Siembra, Nuestra Siembra Inti, Pilsener, Pilsener Light, Stella Artois Non-Beer: Nutrimalta, Pony Malta, Mike’s Hard Lemonade El Salvador Beer: Corona Cero, Corona Extra, Coronita Extra, Golden, Golden Extra, Imperial, Michelob ULTRA, Modelo Especial, Pilsener, Pilsener Oktoberfest, Stella Artois Non-Beer: Coca-Cola, Coca-Cola zero azúcar, Cristal Sparkling, Cristal (Water), Del Valle, Fanta, Fresca, Fury, Fuze Tea, Kinley, Monster, Oasis, Powerade, Sprite, Tropical, Mike’s Hard Lemonade Guatemala Beer: Brahva, Budweiser, Busch Light, Corona Cero, Corona Extra, Hoegaarden, Leffe, Michelob ULTRA, Modelo Especial, Negra Modelo, Stella Artois Honduras Beer: Barena, Bud Light, Corona Cero, Corona Extra, Coronita Extra, Imperial, Michelob ULTRA, Modelo Especial, Salva Vida Non-Beer: Canada Dry, Canada Dry Ginger Ale, Coca-Cola, Coca-Cola Zero, Dasani (Water), Del Valle, Fresca, Fury, Fuze Tea, Mike’s Hard Lemonade, Monster, Powerade, Sprite, Tropical Mexico Beer: Barrilito, Bud Light, Budweiser, Carta Clara, Corona Cero, Corona Extra, Corona Golden Light, Corona Light, Cucapá, Estrella, Flying Fish, Leon, Michelob ULTRA, Modelo 0% Dorada, Modelo 0% Negra, Modelo Ambar, Modelo Especial, Modelo Trigo, Modelo Turín, Montejo, Negra Modelo, Pacifico Clara, Pacifico Light, Pacifico Suave, Stella Artois, Vicky Chamoy, Vicky Chelada, Vicky Mango, Vicky Piña, Vicky Tajín, Victoria Non-Beer: Acqua Panna, Garci Crespo, Nestlé Pureza Vital, Perrier, Sn. Pellegrino, Sta. María -37- Table of Contents Country by Region Brands Panama Beer: Atlas, Atlas Golden, Balboa, Balboa Ice, Beck’s, Budweiser, Corona, Corona Cero, Hoegaarden, Leffe, Michelob ULTRA, Modelo Especial, Modelo Negra, Stella Artois Non-Beer: 7UP, Canada Dry, Malta Vigor, Mirinda, Orange Crush, Pepsi, Pepsi Black, Red Bull, Squirt Peru Beer: Arequipeña, Barbarian, Budweiser, Corona, Corona Cero, Corona Extra, Coronita, Cristal, Cusqueña Dorada, Cusqueña Negra, Cusqueña Quinua, Cusqueña Roja, Cusqueña Trigo, Cusqueña Cero, Flying Fish, Franziskaner, Golden, Hoegaarden, Kauffman, Leffe, Modelo Especial, Pilsen Callao, Pilsen Fresh, Pilsen Trujillo, San Juan, Stella Artois Non-Beer: Agua Tónica, Cristalina, Guaraná Backus, Guaraná y Guaranita Zero, Guaranita, Maltin Power, Mike’s Hard, Viva Backus South America Argentina Beer: Andes, Andes Origen, Brahma, Budweiser, Corona, Goose Island, Isidra, Michelob ULTRA, Patagonia, Quilmes family, Stella Artois, Temple Non-Beer: 7UP, Awafrut, Capriccio, Dante Robino Reserva, Dante Robino Varietales, Gatorade, H2OH!, Ortinal Mirinda, Novecento, Novecento Raices, Paso de Los Toros, Pepsi, Red Bull, Rockstar Bolivia Beer: Baltica, Boco, Budweiser, Chicha Taquiña, Corona, Ducal, Golden by Skol, Huari, Paceña, Quilmes, Stella Artois, Taquiña Non-Beer: 7UP, Guaraná Antárctica, Gatorade, H20H!, Maltin, Mirinda, Pepsi, Pepsi Black, Rockstar, Somos (water) Brazil Beer: Adriática, Antarctica, Antarctica SubZero, Beck’s, Bohemia, Bohemia Puro Malte, Brahma, Brahma 0,0%, Brahma Chopp, Brahma Duplo Malte, Brahma Malzbier, Brutal Fruit, Budweiser, Budweiser Zero, Caracu, Chopp Brahma, Colorado, Corona, Corona Cero, Coronita Extra, Flying Fish, Goose Island, Hoegaarden, Leffe, Magnífica, Michelob ULTRA, Original, Patagonia, Polar, Quilmes, Serramalte, Skol, Skol Puro Malte, Spaten, Stella Artois, Stella Artois Pure Gold, Vinho do Zé, Wäls. Non-Beer: AMA, Antarctica Soda Limonada, Antarctica Soda Limonada Zero, Baré, Beats Caipi, Beats Green Mix, Beats Ginger, Beats GT, Beats Mint, Beats Red Mix, Beats Senses, Beats Tropical, Fusion, Gatorade, Gatorade Zero, Guaraná Antárctica, Guaraná Antarctica Zero, Guaraná Antárctica Zero com Fibras, H2OH!, Lipton, Mike’s Hard Lemonade, Pepsi, Pepsi Black, Pepsi Twist, Red Bull, Sukita, Sukita Zero, Tônica Antárctica, Tônica Antarctica Zero and Tônica Antarctica Intense -38- Table of Contents Country by Region Brands Chile Beer: Baltica, Beck’s, Becker, Budweiser, Budweiser Zero, Corona, Corona Cero, Corona Tropical, Coronita, Cusqueña, Goose Island, Hoegaarden, Kilometro 24.7, Leffe, Michelob ULTRA, Modelo Especial, Negra Modelo, Pilsen Del Sur, Quilmes, Stella Artois, Stella Artois 0.0 Paraguay Beer: Antarctica, Baviera, Brahma, Brahma Subzero, Brahma Pomelo, Brahma Frutos Rojos, Bud66, Budweiser, Colorado, Corona, Michelob ULTRA, Norte, Ouro Fino, Patagonia, Pilsen, Pilsen Extra, Skol, Stella Artois, Stella Artois 0.0 Non-Beer: Caldén, Mike’s, Novecento Uruguay Beer: Andes, Beck’s, Brahma, Budweiser, Corona, Franziskaner, Goose Island, Hoegaarden, Leffe, Löwenbräu, Michelob ULTRA, Negra Modelo, Norteña, Oceánica, Patagonia, Patricia, Pilsen, Quilmes, Skol, Stella Artois, Stella Artois 0.0, Zillertal Non-Beer: 7UP, Dante Robino, Gatorade, Guaraná Antárctica, H2OH!, Mirinda, Novecento, Paso de los Toros, Pepsi, Rockstar, Teem EMEA Belgium Beer: Atlas, Bass, Belle-Vue, Corona Cero, Corona Extra, DeuS, Ginette, Goose Island, Hoegaarden, Hoegaarden 0.0%, Hoegaarden Rosée, Jupiler, Jupiler 0.0%, Jupiler Blue, Kwak, Leffe, Leffe 0.0%, Piedboeuf Extra Pils, Scotch CTS, Stella Artois, Stella Artois 0.0, Tripel Karmeliet, Victoria Non-Beer: Ezy Energy Drink France Beer: Atlas, Beck’s, Bud, Bud Zero, Corona Cero, Corona Extra, Corona Sunset, Flying Fish, Ginette, Goose Island, Hoegaarden, Hoegaarden 0.0%, Jupiler, Jupiler 0.0%, Kwak, Leffe, Leffe 0.0%, Stella Artois, Stella Artois 0.0, Tripel Karmeliet, Vega, Victoria Germany Beer: Beck’s, Beck’s Blue Alkoholfrei, Beck’s Unfiltered, Blue Lemon 0.0, Beck’s Gold, Anheuser-Busch Bud, Corona Cero, Corona Extra, Diebels, Franziskaner, Franziskaner Alkoholfrei, Haake-Beck, Hasseröder, Leffe, Löwenbräu, Löwenbräu NA, San Miguel, Spaten, Stella Artois Italy Beer: Bass, Beck’s, Beck’s Blue, Birra del Borgo, Bud, Corona Cero, Corona Extra, Franziskaner, Goose Island, Hasseröder, Hoegaarden, Kwak, Leffe, Löwenbräu, Spaten, San Miguel, Stella Artois, Tennent’s Super Luxembourg Beer: Beck’s, Belle-Vue, Bud, Corona Cero, Corona Extra, DeuS, Diekirch, Diekirch 0.0, Franziskaner, Franziskaner Alkoholfrei, Goose Island, Hoegaarden, Hoegaarden 0.0%, Jupiler, Jupiler 0.0%, Kwak, Leffe, Leffe 0.0%, Löwenbräu, Mousel, Stella Artois, Stella Artois 0.0, Tripel Karmeliet, Victoria Netherlands Beer: Beck’s, Belle-Vue, Bud, Corona Cero, Corona Extra, DeuS, Dommelsch, Franziskaner, Franziskaner Alkoholfrei, Goose Island, Hertog Jan, Hertog Jan 0.0%, Hoegaarden, Hoegaarden 0.0%, Jupiler, Jupiler 0.0%, Kwak, Leffe, Leffe 0.0%, Stella Artois, Tripel Karmeliet -39- Table of Contents Country by Region Brands Spain Beer: Beck’s, Budweiser, Corona Cerveza, Corona 0.0, Dorada, Dorada 0.0, Franziskaner, Hoegaarden, Leffe, Modelo, Pacifico, Löwenbräu, Spaten, Stella Artois, Tropical, Tropical 0.0 Non-Beer: Kopparberg Cidre, Red Bull United Kingdom Beer: Bass, Beck’s, Beck’s Blue, Boddingtons, Bud Light, Budweiser, Budweiser Zero, Camden, Corona Cero, Corona Extra, Franziskaner, Gold Label, Goose Island, Hoegaarden, Leffe, Leffe 0.0%, Löwenbräu, Mahou, Modelo Especial, Pacifico, San Miguel, Spaten, Stella Artois, Stella Artois Unfiltered, Stella Artois 0.0, Tennent’s Super, Tripel Karmeliet Non-beer: Brutal Fruit, Kopparberg Cidre Ireland Beer: Beck’s, Beck’s Blue, Bud Light, Budweiser, Budweiser Zero, Camden, Corona Cero, Corona Extra, Corona Ligera, Franziskaner, Hoegaarden, Leffe, Modelo Especial, Spaten, Stella Artois, Stella Artois 0.0 Botswana Beer: Brutal Fruit, Budweiser, Carling Black Label, Castle Double Malt, Castle Lite, Chibuku, Corona, Flying Fish, St. Louis, Stella Artois Non-Beer: Redd’s Eswatini Beer: Brutal Fruit, Carling Black Label, Castle Double Malt, Castle Lager, Castle Lite, Castle Milk Stout, Corona, Flying Fish, Hansa Pilsener, Lion Lager, Redd’s, Sibebe, Stella Artois Non-Beer: Black Crown Ghana Beer: Brutal Fruit, Budweiser, Corona, Club Premium Lager, Club Shandy, Eagle Lager, Eagle Extra Stout, Stella Artois, Castle Lite Non-Beer: Beta Malt Lesotho Beer: Brutal Fruit, Carling Black Label, Castle Double Malt, Castle Lager, Castle Lite, Castle Milk Stout, Corona, Flying Fish, Hansa Pilsener, Maluti Premium Lager, Redd’s, Stella Artois Mozambique Beer: 2M, Brutal Fruit, Budweiser, Castle Lite, Corona, Flying Fish, Impala family, Laurentina family, Manica, Stella Artois Non-Beer: Black Crown Namibia Beer: Brutal Fruit, Carling Black Label, Castle Lager, Castle Lite, Corona, Eagle Lager, Flying Fish, Lion, Stella Artois Nigeria Beer: Budweiser, Castle Lite, Eagle Lager, Eagle Stout, Flying Fish, Hero, Trophy, Trophy Stout, Budweiser Royale Non-Beer: Beta Malt, Grand Malt, Red Bull South Africa Beer: Brutal Fruit, Carling Black Label, Castle Double Malt, Castle Free, Castle Lager, Castle Lite, Castle Milk Stout, Corona, the Flying Fish family, Guinness, Hansa Pilsener, Hoegaarden, Leffe, Lion Lager, Newlands Spring, Redd’s family, Stella Artois Non-Beer: Black Crown, Red Bull, Redd’s MXD -40- Table of Contents Country by Region Brands Tanzania Beer: Balimi, Balimi Extra, Bingwa, Brutal Fruit, Budweiser, Castle Lager, Castle Lite, Castle Milk Stout, Corona, Eagle Lager, Flying Fish, Kilimanjaro, Kilimanjaro Light, Redd’s, Safari, Stella Artois Non-Beer: Dodoma, Grand Malt, Imagi, Konyagi, Valeur, Zanzi Cream Uganda Beer: Budweiser, Castle Lite, Chairmans ESB, Club Pilsener, Eagle family, Nile family, Stella Artois Non-Beer: Red Bull Zambia Beer: Brutal Fruit, Budweiser, Carling Black Label, Castle Lager, Castle Lite, Corona, Eagle family, Flying Fish, Mosi, Mosi Light, Stella Artois Asia Pacific China Beer: Beck’s, Blue Girl, Boxing Cat, Bud Light, Budweiser, Budweiser Zero, Budweiser Magnum, Budweiser Supreme, Busch, Corona, Corona Cero, Franziskaner, Goose Island, Double Deer, Guinness, Harbin 1900 Treasury, Harbin Full Malt, Harbin Ice, Harbin Icy GD (Zero Sugar), Harbin KOW, Harbin Tezhichaogan, Harbin Wheat, Hoegaarden, Leffe, Löwenbräu, Michelob ULTRA, Sapporo, Sedrin, Stella Artois India Beer: Budweiser, Budweiser 0.0, Budweiser Magnum, Corona, Corona Cero, Haywards, Hoegaarden, Knockout, Royal Challenge South Korea Beer: Budweiser, Budweiser Zero, Cafri, Cass, Cass Zero, Cass All Zero, Cass Lemon Squeeze, Cass Lemon Squeeze 0.0, Cass Light, Corona, FilGood, Goose Island, HANMAC, Hand Malt, Harbin, Hoegaarden, Leffe, Michelob ULTRA, OB, Red Rock, Stella Artois Vietnam Beer: Budweiser, Budweiser 0.0, Corona, Hoegaarden The table below sets out our sales broken down by business segment for the periods shown: 2025 2024 2023 Revenue(1) (USD million) Revenue (% of total) Revenue(1) (USD million) Revenue (% of total) Revenue(1) (USD million) Revenue (% of total) North America 14,207 24.0 % 14,655 24.5 % 15,072 25.4 % Middle Americas 17,376 29.3 % 17,072 28.6 % 16,348 27.5 % South America 11,954 20.2 % 12,423 20.8 % 12,040 20.3 % EMEA 9,502 16.0 % 9,003 15.1 % 8,589 14.5 % Asia Pacific 5,693 9.6 % 6,196 10.4 % 6,824 11.5 % Global Export & Holding Companies 588 1.0 % 418 0.7 % 508 0.9 % Total 59,320 100.0 % 59,768 100.0 % 59,380 100.0 % Note: (1) Revenue is turnover less excise taxes and discounts. In many jurisdictions, excise taxes make up a large proportion of the cost of beer charged to our customers (see “Item 5. Operating and Financial Review—A. Key Factors Affecting Results of Operations—Excise Taxes”). -41- Table of Contents For a discussion of changes in revenue, see “Item 5. Operating and Financial Review—E. Results of Operations—Year Ended 31 December 2025 Compared to the Year Ended 31 December 2024—Revenue” of this Form 20-F and “Item 5. Operating and Financial Review—E. Results of Operations—Year Ended 31 December 2024 Compared to the Year Ended 31 December 2023—Revenue” of our Annual Report on Form 20-F for the fiscal year ended 31 December 2024. The table below sets out the breakdown between our beer and non-beer volumes and revenues. Based on our actual historical financial information for these periods, our non-beer activities accounted for 14% of consolidated volumes in 2025, 14% of consolidated volumes in 2024 and 13% of consolidated volumes in 2023. In terms of revenue, our non-beer activities generated 11% of consolidated revenue in 2025 compared to 10% in 2024 and 9% in 2023, based on our actual historical financial information for these periods. Beer(1)(2) Non-Beer(1)(2) Consolidated 2025 2024 2023 2025 2024 2023 2025 2024 2023 Volume (million hectoliters) 484 496 506 77 79 78 561 576 585 Revenue(3) (USD million) 53,050 53,655 53,865 6,269 6,114 5,515 59,320 59,768 59,380 Note: (1) Beer volumes and revenue include beer, no-alcohol beer, and other malt-based alcohol beverages. Non-beer volumes and revenue include primarily carbonated soft drinks, spirits-based beverages and energy drinks. In addition, beer and non-beer categories 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. (2) The numbers for 2023 and 2024 have been amended to conform to the basis of classification of beer and non-beer categories for 2025. (3) Revenue is turnover less excise taxes and discounts. In many jurisdictions, excise taxes make up a large proportion of the cost of beer charged to our customers (see “Item 5. Operating and Financial Review—A. Key Factors Affecting Results of Operations—Excise Taxes”). Beer Our brands are the foundation and the cornerstone of our relationships with consumers. We invest in our brands to create long-term and sustainable competitive advantages by meeting the various needs and expectations of consumers and by developing leading brand positions around the globe. On the basis of quality and price, beer can be differentiated into the following categories: • Above core brands (core plus, premium and super premium); • Core brands; and • Value, discount or sub-premium brands. -42- Table of Contents Our brands are positioned across all of these categories. For example, a brand like Stella Artois generally targets the above core category across the globe, while a brand like Skol targets the core segment in Brazil and Busch Light targets the below core category in the United States. We have a particular focus on core-to-above-core categories but are also present in the value category where the market structure in a particular country necessitates its presence. Our portfolio encompasses a range of pack and price combinations, making our products accessible for various occasions. Our portfolio includes: International Distribution • Beck’s is renowned for uncompromising quality. It is brewed today, just as it was in 1873, with a rigorous brewing process and a recipe using only four natural ingredients. Beck’s adheres to the strictest quality standards of the German Reinheitsgebot (Purity Law). • Budweiser is one of the top-selling beers globally. Sales outside the United States represented over 80% of global Budweiser volume in 2025. Budweiser was ranked as the second most valuable beer brand worldwide, according to the Kantar BrandZ™ 2025 report, and furthered its legacy and connection with music culture, sponsoring the Freedom Stage at Tomorrowland Belgium and the Maroon 5 tour in Brazil. • Corona is the best-selling Mexican beer in the world and the leading beer brand in Mexico. Corona is available in almost 130 countries and was ranked as the most valuable brand in the Brand Finance Alcoholic Drinks 2025 report and also the most valuable beer brand worldwide according to Kantar BrandZ™. We have granted Constellation Brands, Inc. the exclusive license for Corona beer, Modelo Especial, and certain other Grupo Modelo beer brands, including Pacifico, Negra Modelo and Victoria, in the 50 states of the United States, the District of Columbia and Guam. In 2024, AB InBev became a Worldwide Olympic Partner, with Corona Cero as the first-ever global beer sponsor of the Olympic and Paralympic Games. In 2025, it was announced that this Worldwide Olympic partnership will continue through to 2032. • Hoegaarden is one of the world’s best-selling wheat beers. Based on its brewing tradition dating back to 1445 in Belgium, Hoegaarden is top fermented and then refermented in the bottle or keg, leading to its distinctive cloudy white appearance. • Leffe is one of the most famous abbey beers in the world. A rich, full-bodied beer with a distinctive flavor that hails from Belgium, Leffe has the longest heritage in our beer portfolio and is available in over 65 countries worldwide. • Michelob ULTRA was rolled out nationally in the United States in 2002 and has grown to become the leading brand by volume in the U.S. beer industry, according to Circana 2025. Michelob ULTRA has just 95 calories and 2.5 carbs. It was the number one volume share gaining brand in the U.S. in 2025, according to Circana. This history of success has been replicated in multiple international markets, including Canada, Mexico, Honduras, El Salvador, Chile, Brazil, Colombia, Argentina, Puerto Rico, China, South Korea, Paraguay, Panama and Guatemala. In 2025, Michelob ULTRA was the official beer sponsor of FIFA Club World Cup and expanded its years-long NBA partnership globally. • Stella Artois is the world’s ninth most valuable beer brand according to the Kantar BrandZ™ list of most valuable beer brands worldwide and it is distributed in over 100 countries worldwide. As a premium lager with roots tracing back to 1366 in the town of Leuven, Belgium, its legacy of quality and elegance is reflected in its iconic chalice and nine-step pouring ritual. The top three markets in terms of revenue for Stella Artois as of 2025 are the United Kingdom, Brazil, and the United States with expansion plans well under way in several new growth markets, including South Africa and Colombia. -43- Table of Contents North America • Bud Light is a premium American light lager. Bud Light has been the Official Beer Sponsor of the NFL (National Football League) since 2011 and has a multiyear marketing partnership as the Official Beer Partner of UFC. • Busch Light is a light lager with a crisp, refreshing taste that was first introduced in 1989 that is now the second fastest growing beer brand in the country according to Circana 2025 data. Other Busch family brands include Busch Beer, Busch Light Apple, Busch Light Lime, Busch Ice and Busch NA. Middle Americas • Modelo Especial is a full-flavored pilsner beer brewed with premium two-row barley malt for a slightly sweet, well-balanced taste with a light hop character and crisp finish. Brewed since 1925, it was created to stand for pride and authenticity. • Victoria is a Vienna-style lager and one of Mexico’s most popular beers. Victoria was produced for the first time in 1865, making Victoria Grupo Modelo’s oldest beer brand. • Aguila is a classic Colombian lager beer with a balanced and refreshing flavor that was first brewed in 1913. • Pilsen Callao, first brewed 150 years ago in Peru. It offers the clean and simple taste of a true Pilsner. • Cerveza Cristal, brewed since 1922 with a crisp taste and dedication to quality, is a favorite among Peruvians. • Poker is a Pilsner lager that has been enjoyed by Colombians for its traditional, bittersweet taste since 1929. South America • Brahma family brands, together, are the most consumed beer brand in Brazil. • Skol is the largest beer brand in the Brazilian market. Skol has been a pioneer and innovator in the beer category, engaging with consumers and creating new market trends. EMEA • Jupiler is Belgium’s leading beer brand by market share, according to Nielsen. Jupiler 0.0% was celebrated as the best 0.0% beer in the world by the “World Beer Awards 2024”, and best 0.0% beer in Belgium by the “World Beer Awards 2025”. • Hertog Jan is the largest retail beer brand in the Netherlands, according to Nielsen. With strong brand power and a loyal consumer base, it is recognized for its craftsmanship and strong brewing heritage and plays a central role in Dutch beer culture. • Carling Black Label is Africa’s most awarded beer as well as South Africa’s biggest brand by volume and brand power. It is brewed to deliver a distinctly aromatic and full-flavored refreshment. • Castle Lager is popularly described as South Africa’s national beer, first brewed in Johannesburg in 1895 using homegrown ingredients, giving it the iconic “somewhat dry, somewhat bitter, never sweet” taste. -44- Table of Contents • Castle Lite was first brewed in South Africa in 1994 with a mission to provide the coldest and most refreshing lite beer on the South African market. Today, it is an Africa-wide premium brand enjoyed in 10 countries and continues to innovate to offer consumers “extra cold” refreshment. • Flying Fish, one of the fastest growing flavored beers in the world, combines the pure refreshment of beer with delicious, fresh pressed lemon flavor. With an easy drinking taste, Flying Fish offers something different for consumers looking to share new experiences. Originally introduced in South Africa, Flying Fish has now been expanded to more than 15 markets. • Brutal Fruit is a sparkling alcohol drink, made with natural flavors. Originally launched in South Africa in 2002, Brutal Fruit has grown to become the #1 RTD in South Africa and is expanding across the world. With its sweet, sophisticated liquid and subtle fruit flavors, Brutal Fruit is for anyone who wants a more sophisticated RTD beverage. • Kilimanjaro Premium Lager is named after Tanzania’s iconic Mount Kilimanjaro, the highest mountain in Africa. Launched in 1996, it boasts an easy drinking taste made from ingredients grown on the slopes of Mount Kilimanjaro and nourished by the pure waters that flow from its ice-capped peak. It is light in color with 4.5% alcohol by volume (“ABV”) and a crisp refreshing taste. • Safari, first brewed in Tanzania in 1977, is a full-flavored, full-bodied beer with a rich golden color and taste that gave rise to a new era of beer brewing in Tanzania. • Trophy Lager beer is one of the top selling beers in Nigeria. Originated in 1978, Trophy has grown from a small core brand in the west of Nigeria to a strong lovemark (a brand that commands both high respect and “love” from consumers). Trophy is known as the honorable beer that accords respect to Nigerian consumers and Nigeria. Asia Pacific • Cass is the market leader in South Korea. • Harbin is a national brand with its roots in the northeast of China. • Sedrin is a strong regional brand that originated in China’s Fujian province. • Haywards 5000, India’s original strong beer, is one of the largest core lager brands in India and is made from high quality malt to deliver a full bodied, full flavored taste enjoyed by millions. Unless otherwise indicated, all statements regarding competitive position of our brands in this Section “—International Distribution” are based on reports published by AC Nielsen. No- and Low-Alcohol Beer When measured against the typical 5% ABV for beer, lower-alcohol alternatives have become a larger part of our portfolio. We are committed to expanding our portfolio of no-alcohol and lower-alcohol products (which we define as 3.5% ABV or below) to give consumers more choice and promote moderation and responsible drinking worldwide. We have expanded our no- and low-alcohol beer portfolio from 26 to 80 brands over the last six years. Our no-alcohol beer brands are now available in 19 of our top 20 markets, while low-alcohol beer brands are now available in 12 of these markets. We are furthering this effort by featuring Corona Cero, our fast-growing zero alcohol beer brand, becoming the first-ever global beer sponsor of Olympics and Paralympic Games. For further details please see “Item 4. Information on the Company—B. Business Overview—13. Social and Community Matters—Promoting Smart Drinking.” -45- Table of Contents We have continued to expand our global portfolio of no-alcohol beer. In 2025, we expanded the distribution of Corona Cero to over 70 markets. We offer Budweiser Zero, Bud Zero, Budweiser 0.0%, Beck’s NA, Corona Cero, and Stella Artois 0.0 in various markets. See “—Beer” above for more information. Non-Beer Consumers are increasingly looking for more options for different occasions. Using our strong distribution network, digital platforms and production facilities, we are expanding our portfolio of owned and partnership brands driving this trend. We have an important presence in the non-beer beverages market, involving primarily carbonated soft drinks, spirits-based beverages, and energy drinks. Our non-beer beverage operations in Latin America and Africa include both our own brands and agreements with other global players. We have bottling, sale and distribution agreements with Coca-Cola in Honduras and El Salvador, and produce and bottle other third-party soft drink brands, such as Canada Dry Ginger Ale, Squirt and Crush, in Panama. Our subsidiary Ambev has non-beer beverage operations in South America and the Caribbean, including a long-term agreement with PepsiCo, Inc. (“PepsiCo”) whereby it has been granted the exclusive right to bottle, sell and distribute certain PepsiCo brands in Brazil, including Pepsi-Cola, Gatorade, H2OH!, and Lipton Ice Tea. Through our South America operations, Ambev is also PepsiCo’s bottler for Argentina, Uruguay and Bolivia, as well as in the Dominican Republic and Panama. Ambev also produces, sells and distributes its own non-beer beverages, and its main carbonated soft drinks brand is Guaraná Antarctica. We have selling and distribution agreements with Red Bull GmbH to sell Red Bull Energy Drinks in markets such as Argentina, Brazil, Dominican Republic, South Africa and others. In the United States, we own a majority interest in an energy drink joint venture to manufacture and sell Phorm energy branded energy drinks, and have master distribution agreements with Icelandic Glacial Water and Super Coffee. We own a strong spirits-based RTD portfolio, including Cutwater, the #1 spirits-based cocktail in the U.S., and NÜTRL, the #4 hard seltzer in the U.S. Cutwater and NÜTRL brands grew revenue by strong double-digits in the U.S. in 2025, with Cutwater reaching approximately 6% and NÜTRL approximately 2% of total spirits category sales (according to Circana 2025). Digital Transformation We aim to elevate our relationships with customers and consumers through new technology capabilities that have the potential to create significant value for our business and accelerate the category globally. Our portfolio of solutions focuses on two areas in this space which present opportunities to accelerate our growth and build on our ecosystem: our business-to-business platform, BEES, which provides e-commerce and fintech solutions to retailers and services to our wholesalers; and our digital direct-to-consumer solutions, which help bring us closer to our consumers. We are also deploying artificial intelligence initiatives across various aspects of our business to enhance research, develop new commercial insights, improve customer experiences and operating efficiencies, and strengthen cybersecurity threat detection. We define artificial intelligence by reference to the EU Artificial Intelligence Act, and definitions promulgated by the OECD and National Institute of Standards and Technology, as systems that infer from inputs to generate outputs like predictions, content, recommendations, or decisions, with varying autonomy and adaptiveness. BEES The BEES business, which is operated by our wholly-owned subsidiary, is a purpose-built global business-to-business (“B2B”) platform that aims to transform the traditional sales model by digitizing every touch-point along the route-to-market. BEES has two main commercial objectives: to accelerate profitable growth in our core business and to leverage our assets to unlock new and profitable growth opportunities. -46- Table of Contents BEES is a multi-product ecosystem that leverages the power of data and technology to meet customer and consumer needs. It connects every touch-point of our route-to-market, from sales representatives and call agents to delivery, in a single ecosystem that is designed to provide a personalized experience to users and enhance the roles of our sales, delivery, customer service, and call center teams. Retailers can browse products, place orders, earn rewards, arrange deliveries, manage invoices, access business insights and receive personalized shopping recommendations all in one place. Through its marketplace business, BEES allows us to extend our relationship with retailers by offering them third-party products through our platform. BEES Marketplace is also helping unlock adjacent business opportunities by helping other global consumer products companies and local brands to transform their businesses. BEES Marketplace uses two partnership models: in the first model, we buy and sell third-party products using our existing physical and digital assets, while the second model allows other suppliers to transform their own route-to-market by integrating technology and services provided by BEES into their existing B2B processes. BEES was launched at the end of 2019 in the Dominican Republic and is currently live in 29 countries. As of December 2025, BEES generated 137 million total transactions and captured USD 52.5 billion in gross merchandise value (“GMV”). BEES Marketplace generated approximately USD 3.5 billion in GMV from sales of third-party products in 2025, with 50 million transactions containing marketplace products. DTC & e-commerce Our omnichannel direct-to-consumer (“DTC”) ecosystem of digital and physical products operates across 17 countries and generated approximately USD 1.3 billion of revenue in 2025. Our DTC business includes a network of approximately 10,000 retail stores, including Modelorama in Mexico, as well as digital businesses that operate under three leading digital brands: Ze Delivery in Brazil, TaDa Delivery in Latin America, and PerfectDraft in Europe. Collectively, these brands fulfilled approximately 76 million e-commerce orders and generated revenue of USD 545 million in 2025. DTC supports the execution of our strategy by helping us solve consumer problems and strengthen our direct relationship with consumers. Our DTC business enables deeper consumer insights and transforms how we engage with consumers, supporting category growth through the development of occasions, increased premiumization and expanded category participation. 3. MAIN MARKETS We are a global brewer, with sales in over 150 countries across the globe. The last two decades have been characterized by rapid growth in fast-growing developing markets, notably in certain regions of Africa, Asia and Central and South America, where we have significant sales. Each market in which we operate has its own dynamics and consumer preferences and trends. Given the breadth of our brand portfolio, we believe we are well-placed to address changing consumer needs in the various categories (above core, core and value) within any given market. Our business is organized into six business segments. The business segments and their corresponding countries are: • North America: the United States and Canada; • Middle Americas: the Caribbean, Colombia, the Dominican Republic, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Panama, Peru and other Middle Americas countries; • South America: Argentina, Bolivia, Brazil, Chile, Paraguay and Uruguay; • EMEA: Austria, Belgium, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Spain, Switzerland, the United Kingdom, Botswana, Ghana, Lesotho, Mozambique, Namibia, Nigeria, South Africa, Swaziland, Tanzania, Uganda and Zambia and other African, European and Middle East countries; -47- Table of Contents • Asia Pacific: China, India, Japan, New Zealand, South Korea, Vietnam and other South Asian and Southeast Asian countries; and • Global Export and Holdings Companies. The table below sets out our total volumes broken down by business segment for the periods shown: 2025 2024 2023 Volumes (million hectoliters) Volumes (% of total) Volumes (million hectoliters) Volumes (% of total) Volumes (million hectoliters) Volumes (% of total) North America 83 14.7 % 86 15.0 % 90 15.4 % Middle Americas 150 26.8 % 150 26.1 % 149 25.4 % South America 155 27.7 % 161 27.9 % 162 27.8 % EMEA 93 16.6 % 94 16.3 % 90 15.4 % Asia Pacific 79 14.1 % 84 14.7 % 93 15.9 % Global Export and Holding Companies 0 0.1 % 0 0.1 % 0 0.1 % Total 561 100.0 % 576 100.0 % 585 100.0 % See “Item 4. Information on the Company—B. Business Overview—2. Principal Activities and Products” for a breakdown between our beer and non-beer volumes and revenue. On an individual country basis, our principal markets, during the year ended 31 December 2025, in alphabetical order, were Argentina, Belgium, Brazil, Canada, China, Colombia, Ecuador, Mexico, Nigeria, Peru, South Africa, South Korea and the United States, with each market having its own dynamics and consumer preferences and trends. Given the breadth of our brand portfolio, we believe we are well-placed to address changing consumer needs in the various categories (above core, core and value) within any given market. 4. COMPETITION We believe our largest competitors are Heineken, China Resources, and Carlsberg based on information from IWSR as of January 2026. Historically, brewing was a local industry with only a few players having a substantial international presence. Larger brewing companies often obtained an international footprint through direct exports, licensing agreements and joint venture arrangements. However, the last several decades have seen a transformation of the industry, with a prolonged period of consolidation. This trend started within the more established beer markets of Western Europe and North America and took the form of larger businesses being formed through merger and acquisition activity within national markets. More recently, consolidation has also taken place within developing markets. Over the last decade, the global consolidation process has accelerated, with brewing groups making significant acquisitions outside of their domestic markets and increasingly looking to purchase other regional brewing organizations. As a result of this consolidation process, the absolute and relative size of the world’s largest brewers has substantially increased. Therefore, today’s leading international brewers have significantly more diversified operations and have established leading positions in a number of international markets. We have participated in this consolidation trend and grown our international footprint through a series of mergers and acquisitions, described in “—A. History and Development of the Company,” which include: • the acquisition of Beck’s in 2002; • the creation of InBev in 2004, through the combination of Interbrew and Ambev; -48- Table of Contents • the combination with Anheuser-Busch Companies in 2008; • the combination with Grupo Modelo in 2013; and • the combination with SAB in 2016. The 10 largest brewers in the world in 2024 in terms of volume are as set out in the table below (m HL). 1 AB InBev 492.6 2 Heineken 241.1 3 China Resources 100.8 4 Carlsberg 100.6 5 Tsingtao 76.0 6 Molson Coors Brewing Company 73.8 7 Asahi 66.3 8 Beijing Yanjing 36.7 9 Constellation Brands 36.5 10 Thai Beverage 23.7 Note: (1) Source: IWSR data as of January 2026. Beer category volume by owner is defined as the ultimate parent company of each brand. Our beer volumes for the year ended 31 December 2025 were 484 million hectoliters and 496 million hectoliters for the year ended 31 December 2024. In each of our regional markets, we compete against a mixture of national, regional, local and imported beer brands. In North America, Brazil and other selected countries in Latin America, Europe and Asia Pacific, we compete primarily with large leading international or regional brewers and international or regional brands. 5. WEATHER AND SEASONALITY For information on how weather affects consumption of our products and the seasonality of our business, see “Item 5. Operating and Financial Review—A. Key Factors Affecting Results of Operations—Weather and Seasonality.” 6. BREWING PROCESS; RAW MATERIALS AND PACKAGING; PRODUCTION FACILITIES; LOGISTICS Brewing Process The basic brewing process for most beers is straightforward, but significant know-how is involved in quality and cost control. The most important stages are brewing and fermentation, followed by maturation, filtering and packaging. Although malted barley (malt) is the primary ingredient, other grains such as maize, rice or wheat are sometimes added to produce different beer styles. The proportion and choice of other raw materials varies according to regional taste preferences and the type of beer. The first step in the brewing process is making wort by mixing malt with warm water and then gradually heating it in large mash tuns to dissolve the starch and transform it into a mixture, called “mash,” of maltose and other sugars. The spent grains are filtered out and the liquid, now called “wort,” is boiled. Hops are added at this point to give a special bitter taste and aroma to the beer. The wort is boiled to sterilize it, and extract the desired flavor and bitterness from the hops. Cooling follows, using a heat exchanger. The hopped wort is saturated with air, or oxygen, essential for the growth of the yeast once it is added in the next stage. At the start of fermentation, yeast is added to the cooled, aerated wort. Yeast is a micro-organism that turns the sugar in the wort into alcohol and carbon dioxide. This process of fermentation takes five to 11 days, after which the wort finally becomes beer. Different types of beer are made using different strains of yeast and wort compositions. In some yeast varieties, the yeast cells rise to the top of the liquid at the end of fermentation. Ales are brewed with these “top-fermenting” yeast strains. Lagers are made using yeast strains that settle to the bottom of the liquid. Some special Belgian beers, called lambic or gueuze, use yet another method, where fermentation relies on special mixed cultures. -49- Table of Contents During the maturation process, the beer clarifies as yeast and other particles settle. Further filtering gives the beer more clarity. Maturation varies by type of beer and can take as long as three weeks, and then the beer is ready for packaging in kegs, cans or bottles. Raw Materials and Packaging The main raw materials used in our beer and other malt-based alcohol beverage production are malted barley, rice, corn, hops, yeast and water. 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. For non-beer production (primarily carbonated soft drinks, spirits-based beverages and energy drinks), the main ingredients are flavors, fruit concentrate, sugar, sweetener, water and/or spirit base. 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, aluminum can stock, labels, plastic crates, metal and plastic closures, folding cartons, cardboard products and plastic films. We also use aluminum cansheet for the production of beverage cans and lids. We primarily use our own proprietary yeast, which we grow in our facilities. In some regions, we import hops to obtain adequate quality and appropriate variety for flavor and aroma. We purchase certain raw material ingredients through the open market, and establish contracts with suppliers. We also purchase barley and process it to meet our malt requirements at our own malting plants. Prices and sources of raw materials are determined by, among other factors: • the level of crop production and competing crops; • weather conditions; • local and export demand; and • governmental taxes, import tariffs and regulations. We hedge some of our commodities contracts on the financial markets and some of our malt requirements are purchased on the spot market. See “Item 11. Quantitative and Qualitative Disclosures About Market Risk—Market Risk, Hedging and Financial Instruments” and 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 further details on commodities hedging. We have supply contracts with respect to most packaging materials as well as our own production capacity as outlined below in “—Production Facilities.” The choice of packaging materials varies by cost and availability in different regions, as well as consumer preferences and the image and segment of each brand. Raw material and packaging materials are sourced both globally and locally depending on supply chain risk, specification requirements, supplier performance, and overall costs. Hops, PET resin and, to some extent, cansheet are mainly sourced globally. Malt, adjuncts (such as unmalted grains or fruit), sugar, steel, cans, labels, metal closures, soda ash for our glass plants, plastic closures, preforms and folding cartons are sourced regionally. Electricity is sourced nationally, while water is sourced locally, for example, from municipal water systems and private wells. -50- Table of Contents We use natural gas as the primary fuel for our plants, and diesel as the primary fuel for freight. We believe adequate supplies of fuel and electricity are available for the conduct of our business. The energy commodity markets have experienced, and can be expected to continue to experience, significant price volatility. We manage our energy costs using various methods including supply contracts, hedging techniques and fuel-switching. Production Facilities Our production facilities are spread across our regions, giving us a balanced geographical footprint in terms of production and allowing us to efficiently meet consumer demand across the globe. We manage our production capacity across our regions, countries and plants. We typically own our production facilities free of any major encumbrances. We also lease a number of warehouses and other commercial buildings from third parties. See “—11. Regulations Affecting Our Business” for a description of the environmental and other regulations that affect our production facilities. Beverage Production Facilities Our beverage production facilities comprised 205 breweries and/or non-beer plants as of 31 December 2025 spread across our regions. Of these 205 plants, 160 produced only beer, no-alcohol beer and other alcohol beverages (malt- and spirit-based), 13 produced only soft drinks and 32 produced beer, no-alcohol beer, other alcohol beverages (malt- and spirit-based) and soft drinks. Except in limited cases, our breweries are not dedicated to one single brand of beer. This allows us to allocate production capacity efficiently within our group. The table below sets out, for each of our business segments (excluding Global Export and Holdings Companies) in 2025, the number of our beverage production plants (breweries and/or non-beer drink plants) as well as the plants’ overall capacity. 2025 Volumes(1)(3) Annual engineering capacity as of 31 December 2025(5) Business Segment Number of plants as of 31 December 2025(3)(4) Beer (khl)(2) Non-Beer (khl)(2) Beer (khl)(2) Non-Beer (khl)(2) North America 27 79,595 3,139 140,155 3,139 Middle Americas 34 124,464 26,026 190,807 26,026 South America 49 110,985 44,186 175,666 77,794 EMEA 51 90,344 2,978 139,480 2,978 Asia Pacific 44 78,415 584 172,820 584 Total 205 483,803 76,914 818,928 110,521 Note: (1) Reported volumes. (2) The beer category includes beer, no-alcohol beer, and other malt-based alcohol beverages. The non-beer category includes primarily carbonated soft drinks, spirits-based beverages and energy drinks. (3) Excludes our joint ventures and assets where we are not the majority owner. (4) In December 2025, we announced our decision to sell our brewery in Newark, New Jersey, and close our breweries in Fairfield, California, and Merrimack, New Hampshire. The planned sale and closures are expected to be completed in 2026. (5) Certain production lines are capable of manufacturing both beer and non-beer beverages. Accordingly, the allocation of annual engineering capacity between beer and non-beer is indicative and may vary depending on product mix and operational requirements. -51- Table of Contents Non-Beverage Production Facilities Our beverage production plants are supplemented and supported by a number of plants and other facilities that produce raw materials and packaging materials for our beverages. The table below provides additional detail on these facilities as of 31 December 2025. Type of plant / facility Number of plants / facilities(1) Countries in which plants / facilities are located(1) Malt plants 19 Argentina, Brazil, Colombia, Ecuador, Mexico, Peru, South Africa, South Korea, Tanzania, Uganda, United States, Uruguay, Zambia Rice and corn grits mill 6 Argentina, Bolivia, Peru, United States Farm and agriculture 3 Germany, South Africa, United States Hop pellet plant 1 Argentina Glass bottle plants 5 Brazil, Mexico, Paraguay Crown and closure plants 4 Argentina, Brazil, Colombia, Mexico Label plants 2 Brazil, Colombia Can plants 8 Brazil, Bolivia, Mexico, United States Can lid manufacturing plants 2 United States Crown and closure liner material plants 1 United States Soft drink concentrate plants 1 Brazil Yeast plants 1 Brazil Other 6 Brazil, United States Total 59 Note: (1) Excludes plants and facilities owned by joint ventures and assets where we are not the majority owner. In addition to production facilities, we also maintain a geographical footprint in key markets through sales offices and distribution centers. Such offices and centers are opened as needs arise in various markets. Capacity Expansion We continually assess whether our production footprint is optimized to support future customer demand. Through footprint optimization, adding new capabilities (such as plants, packaging lines or distribution centers) to our footprint not only allows us to boost production capacity, but the strategic location often also reduces distribution time and costs so that our products reach consumers rapidly, efficiently and at a lower total cost. Conversely, footprint optimization can lead to divesting of some assets, such as reducing some production and distribution capabilities as needed to maintain the most optimal operational network. For example, in 2025, we invested in additional brewing, packaging, and distribution capacities in multiple countries including Brazil, Colombia, Honduras, India, Mexico, South Africa, the United States and others to meet our future demand expectations in these countries or for export volumes. Our capital expenditures are primarily funded through cash from operating activities and are for production facilities, logistics, administrative capabilities improvements, hardware and software. We may also outsource, to a limited extent, the production of items that we are either unable to produce in our own production network (for example, due to a lack of capacity during seasonal peaks) or for which we do not yet want to invest in new production facilities (for example, to launch a new product without incurring the full associated start-up costs). Such outsourcing mainly relates to secondary repackaging materials that we cannot -52- Table of Contents practicably produce on our own, in which case our products are sent to external companies for repackaging (for example, gift packs with different types of beers). Logistics Our logistics organization is composed of (i) a first tier, which comprises all inbound flows into the plants of raw materials and packaging materials and all outbound flows from the plants into the second drop point in the chain (for example, distribution centers, warehouses, wholesalers or key accounts), (ii) a second tier, which comprises all distribution flows from the second drop point into the customer delivery tier (for example, pubs or retailers) and more recently (iii) our own last mile delivery as part of our direct-to-consumer offerings, for example Zé Delivery in Brazil and TaDa Delivery across Latin America. Our transportation mechanics vary by market depending on economic and strategic considerations. We may outsource transportation to third-party contractors or retain such capability in-house, among other options. VPO, digital power optimization and life cycle planning management programs have had a direct impact on our logistics organization, for example, in respect of safety, quality, environment, loss-prevention and improving costs by standardizing processes and ways of working around the globe. 7. DISTRIBUTION OF PRODUCTS We depend on effective distribution networks to deliver products to our customers. We review our focus markets for distribution and licensing agreements on an annual basis. The distribution of beer, other alcohol beverages and non-beer drinks varies from country to country and from region to region. The nature of distribution reflects consumption patterns and market structure, geographical density of customers, local regulation, the structure of the local retail sector, scale considerations, market share, expected added-value and capital returns, and the existence of third-party wholesalers or distributors. In some markets, brewers distribute directly to customers. In other markets, wholesalers may play an important role in distributing a significant proportion of beer to consumers, either in part for legal reasons (for example, in certain U.S. states and Canada where there may be legal constraints on the ability of a beer manufacturer to own a wholesaler), because of historical market practice (for example, in China and Argentina) or because we have determined that third-party wholesalers provide the most effective route of distribution. In some instances, we have acquired third-party distributors to help us self-distribute our products. Due to strategic reasons and supply chain complexity, in some countries we operate a combined model with our own third-party distributors and wholesalers. The products we brew in the United States are sold to wholesalers, and those wholesalers, with limited exceptions, have the exclusive right to carry our products within a designated territory for resale to retailers, with some entities owning more than one wholesalership. As of the end of 2025, there were 365 such wholesalers - we owned 9 of these wholesalers and the remaining wholesalers are independent businesses. We generally distribute our products through (i) our own distribution network, 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. In certain cases, we may own or have an ownership stake in a wholesaler. Third-party distribution networks may be exclusive or non-exclusive. See “Item 5. Operating and Financial Review—A. Key Factors Affecting Results of Operations—Distribution Arrangements” for a discussion of the effect of the choice of distribution arrangements on our results of operations. As a customer-driven organization, we have programs for professional relationship building with our customers in all markets regardless of the chosen distribution method. This happens directly, for example, by way of key customer account management, and indirectly, by way of wholesaler excellence programs. -53- Table of Contents 8. LICENSING In some markets, we may enter into licensing agreements or, alternatively, international distribution and/or importation agreements, depending on the best strategic fit for each particular market. Licensing agreements entered into by us may grant the right to third-party licensees to manufacture, package, sell and market one or several of our brands in a particular assigned territory under strict rules and technical requirements. In the case of international distribution and/or importation agreements, we produce and package the products ourselves while the third party distributes, markets and sells the brands in the local market. We have entered into a number of licensing, distribution and importation agreements relating to our brands, including the following: • Stella Artois is licensed to third parties in various countries including Algeria, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Israel, Kosovo, Montenegro, New Zealand, Romania, Serbia and Slovakia, while Beck’s is licensed to third parties in Algeria, Bosnia and Herzegovina, Bulgaria, Croatia, Hungary, Kosovo, Montenegro, New Zealand, Romania, Serbia, Slovakia, Tunisia and Turkey. • Anadolu Efes has the right to brew and sell Bud, Stella Artois and Beck’s in Turkey and Löwenbräu in Georgia. We also sell various brands, including Budweiser, by exporting from our license partners’ breweries to other countries. • The Corona beer brand is perpetually licensed to a subsidiary of Constellation Brands, Inc. for marketing and sales in 50 states of the United States, the District of Columbia and Guam. • Aguila, Castle Lager, Cusqueña, Cristal, Redd’s and certain other brands are perpetually licensed to Molson Coors Brewing Company in the 50 states of the United States, the District of Columbia and Puerto Rico. We have retained rights to brew and distribute these beers outside of the United States, the District of Columbia and Puerto Rico. • On 30 March 2018, following the merger of our businesses in Russia and Ukraine with Anadolu Efes, we granted the right to brew and/or distribute several of our brands to our associate, AB InBev Efes in which we own a 50% non-controlling stake and which we do not consolidate. On 22 April 2022, we announced our decision to sell our non-controlling interest in the AB InBev Efes joint venture and that we were in active discussions with Anadolu Efes, the controlling shareholder of AB InBev Efes, to acquire that interest. On 23 October 2024, we announced that we and Anadolu Efes agreed Anadolu Efes would acquire our interest in the Russian business and we would acquire the interest of Anadolu Efes in the Ukraine business. The transaction, including the purchase price and other terms, was subject to required regulatory and governmental approvals which were not obtained. On 30 December 2024, a Russian decree was issued which placed the AB InBev Efes Russian operations under temporary management. There can be no assurances on the status of our investment in AB InBev Efes. See “Item 3. Key Information—D. Risk Factors—Financial Risks—Our business, financial performance and results of operations have been, and may continue to be, adversely affected by military conflicts and their related consequences” for further details regarding our investment in AB InBev Efes. • In connection with the listing of a minority stake of Budweiser APAC on the Hong Kong Stock Exchange, we have entered into a number of framework agreements granting Budweiser APAC (i) exclusive licenses to brew, import for sale, sell and distribute, and (ii) non-exclusive licenses to advertise and promote, our brands in APAC territories. • Molson Coors Brewing Company has rights to brew and/or distribute, under license, Beck’s, Löwenbräu, Spaten and Stella Artois, in Albania, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Kosovo, Macedonia, Moldova, Montenegro, Romania, Serbia, Slovakia and Slovenia. -54- Table of Contents • The Budweiser, Corona Extra, Corona Ligera, Coronita Extra, Pacifico, Modelo Negra, Löwenbräu Original, Löwenbräu Oktoberfest, Hoegaarden, Spaten, Spaten Oktoberfest, Franziskaner Hefe-Weissbier Dunkel, Franziskaner Hefe-Weissbier, Leffe Blonde, Leffe Brune, Leffe Radieuse, Belle Vue Extra, Birra del Borgo and Goose Island brands are perpetually licensed to Carlton & United Breweries, a subsidiary of Asahi, in Australia. • The Stella Artois, Beck’s and Beck’s Vier brands are perpetually licensed to a subsidiary of Heineken in Australia. • In Europe, certain third parties have the right to brew and/or distribute some of our brands such as Mahou San Miguel in Spain (excluding the Canary Islands) and C&C in Scotland, Northern Ireland and Ireland. We also manufacture and distribute third-party brands and have the right to manufacture and distribute Brahma, a brand owned by our Brazilian listed subsidiary, Ambev, in certain jurisdictions. Compañía Cervecera de Canarias (in the Canary Islands) has an agreement to distribute Guinness in the Canary Islands. In 2025, AB InBev UK Company Limited entered into an agreement with Mahou San Miguel to distribute San Miguel in the UK. Ambev and some of our other subsidiaries have entered into manufacturing and distribution agreements with PepsiCo. Major brands that are distributed under this agreement are Pepsi-Cola, Lipton Ice Tea, H2OH! and Gatorade. See “—2. Principal Activities and Products—Non-Beer—Non-Alcohol Beverages” for further information in this respect. Ambev and some of our other subsidiaries also have licensing agreements with us which allow them to exclusively produce, distribute and market Beck’s, Stella Artois, Budweiser in Latin America and Canada and Corona products in Brazil, Canada, Chile and Argentina. Ambev also distributes Budweiser in Bolivia, Chile, Costa Rica, the Dominican Republic, Guatemala, Nicaragua, Panama, Paraguay, Puerto Rico and Uruguay. 9. BRANDING AND MARKETING Our brands are the foundation and cornerstone of our relationships with consumers and the key to our long-term success. Our brand portfolio – its enduring bonds with consumers and its partnerships with customers – are our most important assets. We invest in our brands with an aim to create a long-term sustainable competitive advantage by seeking to meet the beverage needs of consumers around the world and to develop leading brand positions in every market in which we operate. Our brand portfolio consists of four global brands (Budweiser, Corona, Stella Artois and Michelob ULTRA), our multi-country brands (Beck’s, Hoegaarden, Leffe, Modelo and Flying Fish), and many “local champions” (such as Aguila, Brahma, Bud Light, Busch Light, Cass, Cristal, Harbin, Poker, Skol and Victoria). We believe this robust brand portfolio provides us with strong growth opportunities and positions us well to meet the needs of consumers for different occasions in each of the markets in which we compete. For further information about our brands, see “—2. Principal Activities and Products—Beer.” We seek to constantly strengthen and develop our brand portfolio through enhancement of brand quality, marketing, and product innovation. Our marketing team therefore works together closely with our research and development team (see “—10. Intellectual Property; Innovation; Research and Development” for further information). We continually assess consumer needs and category dynamics in each geographic market in which we operate in order to identify opportunities for growth. We then work to position our existing brands (or introduce new brands) to address these opportunities, taking into account a variety of factors such as style, price point, emotional needs, and functional benefits. Our brand-building approach always starts with the consumer. We leverage established third party research as well as proprietary first party data to identify key audiences for each brand and understand their behaviors, attitudes, preferences and needs. Based on this understanding we aim to develop long-term, scalable platforms that connect our key brands with the most relevant passion points for each audience. In doing so, we place significant emphasis on creative effectiveness, and aim to use creativity to solve consumer and business problems in a way that drives growth. We have an ecosystem of programs to support effective creativity, called Creative X, which has been featured as a best practice at the Cannes Lions Festival of Creativity and other global marketing forums. Finally, we execute our brand platforms and activations with a digitally- and commercially-integrated approach, and aim for all brand activations to drive our business and help us lead and grow the category. -55- Table of Contents We own the rights to use our principal brand names and trademarks in perpetuity for the main countries where these brands are currently commercialized (with the exception of certain Modelo beer brands, certain former SAB brands licensed in the United States and certain brands licensed in Australia as described under “—8. Licensing” above). 10. INTELLECTUAL PROPERTY; INNOVATION; RESEARCH AND DEVELOPMENT Innovation is one of the key factors enabling us to achieve our strategy. We seek to combine technological know-how with market understanding to develop a healthy innovation pipeline in terms of production process, product and packaging features as well as branding strategy. In addition, as beer markets mature, innovation plays an increasingly important role by providing differentiated products with increased value to consumers. Intellectual Property Our intellectual property portfolio mainly consists of trademarks, patents, registered designs, copyrights, know-how and trade secrets. This intellectual property portfolio is managed by our internal legal department, in collaboration with a selected network of external intellectual property advisers. We place importance on achieving close cooperation between our intellectual property team and our marketing and research and development teams. An internal stage gate process promotes the protection of our intellectual property rights, the swift progress of our innovation projects and the development of products that can be launched and marketed without infringing any third party’s intellectual property rights. A project moves on to the next step of its development after the necessary verifications (e.g., availability of trademark, existence of prior technology/earlier patents and freedom to market) have been carried out. This internal process is designed to ensure that financial and other resources are not lost due to oversights in relation to intellectual property protection during the development process. Our patent portfolio is carefully built to gain a competitive advantage and support our innovation and other intellectual assets. We currently have approximately 160 pending and granted patent families, each of which covers one or more technological inventions. The extent of the protection differs between technologies, as some patents are protected in many jurisdictions, while others are only protected in one or a few jurisdictions. Our patents may relate, for example, to brewing processes, improvements in production of fermented malt-based beverages, treatments for improved beer flavor stability, no-alcohol beer development, filtration processes, beverage-dispensing systems and devices, can manufacturing processes, beer packaging or novel uses for brewing materials and disruptive technologies. We license in limited technology from third parties. We also license out certain of our intellectual property to third parties, for which we receive royalties. Innovation, Research and Development Given our focus on innovation, we place a high value on research and development (“R&D”). Our innovation strategy is translated into our R&D priorities, which consist of breakthrough innovation, incremental innovation and renovation (that is, updates and enhancements of existing products and packages). The main goal for the innovation process is to provide consumers with better products and experiences. This includes launching new products, new packaging and new dispensing systems that deliver better performance, both for the consumer and in terms of financial results, by increasing our competitiveness in the relevant markets. With consumers comparing products and experiences offered across very different beverage categories and the choice of beverages increasing, our R&D efforts also require an understanding of the strengths and weaknesses of other beverage categories, spotting opportunities for beer and other alcohol beverages and developing consumer solutions (products) that better address consumer needs and deliver better experiences. This requires understanding consumer emotions and expectations. Sensory experience, premiumization, convenience, sustainability and design are all central to our R&D efforts. -56- Table of Contents R&D in process optimization is primarily aimed at quality improvement, capacity increase (plant debottlenecking and addressing volume issues, while minimizing capital expenditure) and improving efficiency. Newly developed processes, materials and/or equipment are documented in best practices and shared across business regions. Current projects range from malting to bottling of finished products. Knowledge management and learning also make up an integral part of research and development. We seek to continuously increase our knowledge through collaborations with universities and other industries. Our R&D team is regularly briefed (on at least an annual basis) on our priorities and our business regions’ priorities and approves concepts and technologies which are subsequently prioritized for development. The R&D teams invest in both short- and long-term strategic projects for future growth, with the launch time depending on complexity and prioritization. The Global Innovation and Technology Center, located in Leuven, Belgium, accommodates the Product, Packaging, Raw Material, Process and Dispense Development teams and has facilities such as Labs, Experimental Brewery and Sensory Analysis. In addition to the Global Innovation and Technology Center, we also have Product, Packaging and Process development teams located in each of our geographic regions focusing on the short- and medium-term development and implementation needs of such regions. 11. REGULATIONS AFFECTING OUR BUSINESS Our worldwide operations are subject to extensive regulatory requirements regarding, among other things, production, distribution, importation, marketing, promotion, labeling, advertising, labor, pensions and public health, consumer protection and environmental issues. For example, in the United States, federal and state laws regulate most aspects of the brewing, sale, marketing, labeling and wholesaling of our products. At the federal level, the Alcohol and Tobacco Tax and Trade Bureau of the U.S. Treasury Department oversees the industry, and each state in which we sell or produce products, and some local authorities in jurisdictions in which we sell products, also have regulations that affect the business conducted by us and other brewers and wholesalers. It is our policy to abide by the laws and regulations around the world that apply to us or to our business. We rely on legal and operational compliance programs, as well as local in-house and external counsel, to guide our businesses in complying with applicable laws and regulations of the countries in which we operate. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business—Certain of our operations depend on independent distributors or wholesalers to sell our products, and we may be unable to replace distributors or acquire interests in wholesalers or distributors. In addition, we may be adversely impacted by the consolidation of retailers,” “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business—Negative publicity and public advocacy regarding perceived or potential health risks, as well as changes in related government regulation, may harm our business,” “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business—We could incur significant costs as a result of compliance with, and/or violations of or liabilities under, various regulations that govern our operations,” “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business—Climate change or other environmental concerns, or legal, regulatory or market measures to address climate change or other environmental concerns, may negatively affect our business or operations, including the availability of key production or supply chain inputs,” “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business—Our subsidiary Ambev operates a joint venture in Cuba, in which the Government of Cuba is its indirect joint venture partner. Cuba remains subject to comprehensive economic and trade sanctions by the United States and Ambev’s operations in Cuba may adversely affect our reputation and the liquidity and value of our securities” and “Item 5. Operating and Financial Review—A. Key Factors Affecting Results of Operations—Governmental Regulations.” -57- Table of Contents Production, advertising, marketing and sales of alcohol beverages are subject to various restrictions around the world, often based on health considerations. These range from a complete prohibition of alcohol in certain countries and cultures through the prohibition of the import of alcohol, to restrictions on the advertising style, media and messages used. In a number of countries, for example, television is a prohibited medium for advertising beer and other alcohol beverage products, and in other countries, the marketing or selling of beer at sporting events may be restricted or regulated by advertising codes and applicable laws. Media restrictions may constrain our brand-building and innovation potential. Labeling of our products is also regulated in certain markets, varying from health warning labels to importer identification, alcohol strength and other consumer information. Specific warning statements related to alcohol products, including beer, have also become prevalent in recent years. Introduction of smoking bans in pubs and restaurants may have negative effects on on-trade consumption (that is, beer purchased for consumption in a pub or restaurant or similar retail establishment), as opposed to off-trade consumption (i.e., beer purchased at a retail outlet for consumption at home or another location). We believe that the regulatory environment in most countries in which we operate is becoming increasingly stringent with respect to health issues and expect this trend to continue. The distribution of our beer and other alcohol beverage products may also be regulated. In certain markets, alcohol may only be sold through licensed outlets, varying from government- or state-operated monopoly outlets (e.g., in the off-trade channel of certain Canadian provinces) to the common system of licensed on-trade outlets (e.g., licensed bars and restaurants) which prevails in many countries (e.g., in much of the European Union). In the United States, states operate under a three-tier system of regulation for beer products from brewer to wholesaler to retailer, meaning that we usually work with licensed third-party distributors to distribute our products to the points of sale. In the United States, both federal and state laws generally prohibit us from providing anything of value to retailers in respect of our alcohol products, including paying slotting fees or (subject to exceptions) holding ownership interests in such retailers. Some states prohibit us from being licensed as a wholesaler for our products. State laws also regulate the interactions among us, our wholesalers and consumers by, for example, limiting merchandise that can be provided to consumers or limiting promotional activities that can be held at retail premises. If we violate applicable federal or state alcohol beverage laws, we could be subject to a variety of sanctions, including fines, equitable relief and suspension or permanent revocation of our licenses to brew or sell our products. Governments in most of the countries in which we do business also establish minimum legal drinking ages, which generally vary from 16 to 21 years of age or impose other restrictions on sales. Some governments have imposed or are considering imposing minimum pricing on alcohol products. Moreover, governments may seek to address harmful use of alcohol by raising the legal drinking age, further limiting the number, type or operating hours of retail outlets or expanding retail licensing requirements. We work both independently and together with other brewers and alcohol beverage companies to tackle the harmful use of alcohol products and actively promote responsible sales and consumption. Many beer drinking occasions are closely related to the ability of people to gather, therefore they are susceptible to the type of restrictions governments implement to respond to pandemics, as evidenced during the COVID-19 pandemic, or other events such as civil unrest. These restrictions typically entail the shortening of hours or temporary enforced closures of retail outlets, mostly limited to restrictions on on-trade outlets. The extent of restrictions usually depends on a variety of factors, including the prevalence of the disease or unrest and governmental concerns regarding the impact of the restrictions on the overall wellbeing of the population. Growing concern over the rise of obesity and obesity-related diseases, such as Type 2 diabetes, are accelerating global policy debates on reducing consumption of sugar in beverages and foods. This may have an impact on our business. We are subject to antitrust and competition laws in the jurisdictions in which we operate and may be subject to regulatory scrutiny in certain of these jurisdictions. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business—We are exposed to antitrust and competition laws in certain jurisdictions and the risk of changes in such laws or in the interpretation and enforcement of existing antitrust and competition laws. In addition, in connection with our previous acquisitions, various regulatory authorities have previously imposed conditions with which we are required to comply.” -58- Table of Contents In many jurisdictions, excise and other indirect duties, including legislation regarding minimum alcohol pricing, make up a substantial proportion of the cost of beer charged to customers. In the United States, for example, the brewing industry is subject to significant taxation. The United States federal government currently levies an excise tax of USD 16 per barrel (equivalent to approximately 117 liters) for the first 6 million barrels of beer sold for consumption in the United States and then USD 18 per barrel for every barrel thereafter. All states also levy excise taxes on alcohol beverages. Proposals have been made to increase excise taxes in some states. Every year, several countries introduce proposals to increase beer excise taxes. Rising excise duties can drive up our pricing to the consumer, which in turn could have a negative impact on our results of operations. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business—We may be subject to adverse changes in taxation and other tax-related risks.” Our products are generally sold in glass or PET bottles or aluminum or steel cans. Legal requirements apply in various jurisdictions in which we do business, requiring that deposits or certain eco-taxes or fees are charged for the sale, marketing and use of certain non-refillable beverage containers. The precise requirements imposed by these measures vary. Other types of beverage-container-related deposit, recycling, eco-tax and/or extended producer responsibility statutes and regulations also apply in various jurisdictions. We are subject to different environmental legislation and controls in each of the countries in which we do business. Environmental laws in the countries in which we operate mostly relate to (i) the conformity of our operating procedures with environmental standards regarding, among other things, the emission of gas and liquid effluents, (ii) the disposal of one-way (that is, non-returnable) packaging and (iii) noise levels. We believe that the regulatory climate in certain countries in which we do business is becoming increasingly strict with respect to environmental issues and expect this trend to continue in the future in such countries. Achieving compliance with applicable environmental standards and legislation may require plant modifications and capital expenditures. Laws and regulations may also limit noise levels and the disposal of waste, as well as impose waste treatment and disposal requirements. Some of the jurisdictions in which we operate have laws and regulations that require polluters or site owners or occupants to clean up contamination. The frequency and amount of dividends payable to us by our operating subsidiaries is, in certain countries, subject to exchange control restrictions of the respective jurisdictions where those subsidiaries are organized and operate. See also “Item 5. Operating and Financial Review—H. Liquidity and Capital Resources—Transfers from Subsidiaries” and “Item 3. Key Information—D. Risk Factors—We are exposed to developing market risks, including the risks of devaluation, nationalization and inflation.” Iran-Related Required Disclosure The Iran Threat Reduction and Syria Human Rights Act of 2012 requires disclosure of certain activities relating to Iran by AB InBev or its affiliates that occurred during our 2025 fiscal year. Anadolu Efes, our affiliate, has a licensing agreement with an Iranian company for the production of no-alcohol beer in Iran. Pursuant to that licensing agreement, Anadolu Efes will receive EUR 225,020 (USD 259,494) in gross revenue for 2025, from which it expects to record no net profit. Anadolu Efes plans to continue its licensing arrangement. 12. INSURANCE We self-insure most of our insurable risk. However, we do purchase insurance for directors’ and officers’ liability and other coverage where required by law or contract or where considered to be in our best interest. We maintain a comprehensive approach to insurable risk, which is mainly divided in two general categories: • Assets: a combination of self-insurance and insurance is used to cover our physical properties and business interruption; and • Liabilities: a combination of self-insurance and insurance is used to cover losses due to damages caused to third parties; for executive risks (risks related to our board and management); and automobile insurance (which is required by law in most jurisdictions). We believe we have an adequate approach to insurable risk based on our market capitalization and our worldwide presence. We further believe that the types and level of insurance we maintain are appropriate for the risks of our business. -59- Table of Contents 13. SOCIAL AND COMMUNITY MATTERS Our stated purpose is that We Dream Big to Create a Future with More Cheers. In all we do, we strive to ensure that we produce the highest-quality products, provide the best consumer experience, and maximize shareholder value by building the strongest competitive and financial position. Through our reach, resources and energy, we are addressing the needs of our communities through: • Promoting smart drinking; • Improving environmental resilience and promoting inclusive growth; • Increasing workplace safety; • Business ethics; and • Providing safe drinking water to our communities. Promoting Smart Drinking With a lower average ABV compared to other alcohol beverages, we believe beer is well-suited to offer consumers more balanced choices. As the world’s leading brewer, AB InBev is committed to promoting moderation and responsible drinking. We engage with our consumers and end users through our marketing practices at various stages and frequencies. Research indicates that individual patterns of consumption may be improved by reminding consumers that moderation and control are the group norms. Through social norms marketing, we aim to improve consumption patterns by promoting social norms that produce positive outcomes. By expanding our portfolio of no-alcohol and lower-alcohol products to give consumers balanced choices, we seek to enable moderation and responsible drinking worldwide. When it comes to responsible drinking and moderation, we focus on four areas: • Social norms marketing; • Programs; • Providing balanced choices in the product portfolio; and • Labeling. Social Norms Marketing Our social norms marketing aims to use peer information to encourage moderation. By informing consumers of the fact that the majority of those who consume alcohol do so in moderation, we seek to drive positive behavioral change and reinforce social expectations that those who drink should do so responsibly. Our social norms efforts include investments in campaigns and programs aimed to improve consumer attitudes and behaviors towards moderation. We have invested more than USD 1 billion in dedicated social marketing campaigns and related programs since 2016. -60- Table of Contents Programs We focus on programs grounded in evidence-based interventions, such as responsible beverage service training, screenings and brief interventions designed as preventive measures during outpatient and wellness visits, and road safety initiatives aiming to help governments improve their road safety management systems. Tracking and assessment of these programs is managed at a local level. In partnership with local experts, governments and the AB InBev Foundation, we supported 46 programs across 24 countries using these evidence-based techniques in 2025. Providing Balanced Choices in the Product Portfolio Our portfolio includes no-alcohol beers in many markets, including global brands like Corona Cero, Budweiser 0.0 and Michelob ULTRA Zero. In 2015, we led the industry by setting a goal to expand our no- and low-alcohol beer volume to represent 20% of our global beer volume by the end of 2025. In 2025, 6.2% of our global beer volume was less than 3.5% ABV. Although we have been striving to meet this goal, we did not reach the 20% goal by 2025. When measured against the typical 5% ABV for beer, lower-alcohol alternatives are a larger part of our portfolio. In 2025, products at 4.5% ABV or below represented 52.9% of our portfolio. We continue to expand our portfolio of no-alcohol and lower-alcohol products to give consumers more choice, enabling them to exercise moderation and responsible drinking. We have also continued to innovate our brewing process with advancements that allow us to rapidly scale no-alcohol offerings with superior taste. Labeling As part of our voluntary guidance labeling initiative, we continue to include smart drinking label designs on primary product packaging in countries where there is currently no mandate for legal warnings. This includes labels with voluntary messaging that promote responsible consumption such as “Don’t Drink and Drive,” “Not for Minors,” and “Not for Pregnant Women”. Improving environmental resilience and promoting inclusive growth We depend on natural resources to brew our beers and strive to use resources responsibly and preserve them for the future. We seek to factor sustainability into how we do business, including how we source water, energy and raw materials. We aim to develop innovative programs across our supply chain to improve our sustainability performance with our business partners. To promote inclusive growth and improve livelihoods in the communities we are part of, we also support the farmers and small retailers in our value chain to help them be more productive. 2025 Sustainability Goals We aim to contribute to the United Nations Sustainable Development Goals and broader global sustainable development agenda while building resilient supply chains, productive communities and a healthier environment. In March 2018, following the achievement of our 2017 Environmental Goals, we announced 2025 Sustainability Goals, which focus on four areas: smart agriculture, water stewardship, circular packaging and climate action. • Smart agriculture: our goal was for 100% of the company’s direct farmers to be skilled, connected and financially empowered. We achieved this goal at the end of 2025 with 100% of the company’s direct farmers considered skilled, connected and financially empowered; -61- Table of Contents • Water stewardship: our goal was for 100% of our communities in high-stress areas to have improved water availability and quality. We achieved this goal at the end of 2025 as 100% of our communities in high-stress areas had improved water availability; • Circular packaging: our goal was for 100% of our products to be in packaging that is returnable or made from mostly recyclable content. We did not achieve this goal by the end of 2025 due to the limited availability of viable recycled content in PET packaging, which is highly dependent on local recycling supply chains and dynamic market conditions; and • Climate change: our goal was for 100% of our purchased electricity to be from renewable sources as well as a goal of 25% reduction in carbon dioxide emissions across our value chain relative to 2017. We contracted the equivalent of 100% of our global purchased electricity volume from renewable sources but did not achieve the renewable electricity target in our climate action goal as 83.7% of our global purchased electricity was operational at the end of 2025. We achieved the emissions reduction target with a 31.9% reduction in carbon dioxide emissions across our value chain since 2017. We also innovate with business in the 100+ Accelerator, which we founded in 2018 to provide mentorship, training and funding to help scale sustainable innovations. In partnership with the Coca-Cola Company, Colgate Palmolive, Danone, Mondelēz and Unilever, the 100+ Accelerator has worked with 190 startups from 40 countries. Helping entrepreneurial small businesses grow and thrive As part of our commitment to help communities thrive, we believe we have a responsibility to help the small businesses in our supply chain. From the suppliers that help power our production to the retailers that connect with our consumers every day, small businesses play a vital role as an engine of economic growth and employment. They are critical to the success of our business operations. We value our relationships with our small business partners and recognize the challenges many face in sustaining and growing their operations, such as limited business skills and the need for affordable financial services and infrastructure. As their business partner, we believe we can help them address these barriers to unlock their entrepreneurial potential and enable us to grow together. Our Emprendedores program aims to empower local small retailers in countries like Colombia, Peru and Ecuador by providing access to tools such as business skills training, financial education and digital solutions, to help strengthen the sustainability of their businesses. The BEES business, which is operated by our wholly-owned subsidiary, is bringing the power of digital to small- and medium-sized retailers, and aims to make their lives easier and their businesses more profitable. The impact of the platform goes beyond business development – across different initiatives, support is provided to the communities that BEES serves. Creating resilient agricultural supply chains Agriculture is a focus area for action related to responsible sourcing. In 2025, we continued to build resilient agricultural systems, by working with over 20,000 farmers with whom we have a direct sourcing relationship, ranging from large commercial farmers to smallholder farmers. We have put in place programs and partnerships to ensure that our farmers have access to good seed varieties and technical training (skilled), improved insights and data (connected), and the ability to invest in and grow their business (financially empowered). We also continued to implement our soil health framework, launched in 2020 in partnership with The Nature Conservancy, to provide a path for our agronomists and researchers to design and measure the impact of soil health, water and biodiversity initiatives in the field. The framework creates a common set of goals and a suite of agronomic practices and implementation strategies that our teams can tailor for the local context. -62- Table of Contents Watershed Protection In 2025, we continued working to scale our water stewardship efforts by driving water efficiency in our operations and by engaging in watershed protection measures in partnership with local stakeholders, especially in high-water-stress areas. Together with local authorities, other water users, and non-governmental organizations like the World Wildlife Fund and The Nature Conservancy, we have devoted financial and technical resources to green infrastructure initiatives, conservation and reforestation projects, habitat restoration efforts, and soil conservation techniques. To address the challenges specific to the local context, we have developed and implemented a comprehensive watershed management process at sites located in water-stressed areas. We are taking a results-based approach and have established baselines for measurement and tracking techniques based on initiatives in a number of our high-risk communities. To date we have invested in long-term solutions across 36 sites where we seek to increase water security and improve water quality and availability for our communities and operations. Renewable Energy We are a large corporate buyer of electricity and seek to source 100% of our purchased electricity from renewables in order to reduce our carbon emissions and long-term energy cost, and improve air quality. We follow the RE100 guidelines with our renewable electricity sources coming from solar, wind, biomass, biogas, geothermal and water. We also follow RE100 guidelines on energy generation, leveraging self-generated energy through either on-site installations or off-site PPAs. While we achieved an increase in operational renewable electricity each year over the past eight years, we did not reach 100% operational renewable electricity by the end of 2025 due to current challenges such as the absence of needed local infrastructure and enabling regulatory frameworks. Recycling We are driving and protecting the circular economy of our industry by increasing the amount of reused or recycled materials in our packaging and recovering more post-consumer waste. We aim to work with partners, suppliers and retailers across our value chain in this effort. Packaging, such as returnable glass bottles, is an important component of this effort, and increasing recycling, recovery and reuse also helps avoid loss of value. In 2025, 89.7% of our products were in returnable packaging or made from majority (more than 50%) recycled content. While we continue to increase circular packaging across our operations and achieved majority recycled content in glass and cans, we did not achieve our goal by the end of 2025 due to the limited availability of viable recycled content in PET packaging, which is highly dependent on local recycling supply chains and dynamic market conditions. Other Initiatives We routinely engage with stakeholders including non-profit organizations, academic institutions and local communities to understand and benefit from their perspectives on sustainable development along brewing value chains. We recognize the critical role that companies can play in addressing some of the world’s most pressing sustainability challenges, such as water scarcity. We are a signatory to the CEO Water Mandate, a public/private initiative of the United Nations Global Compact, which focuses on developing corporate strategies to address global water issues. We actively work to better understand and manage water risks across our supply chain. We take a multifaceted approach that includes applying a mix of operational changes and technological solutions, building effective partnerships and having a sustainability-focused mindset, underscored by strong teamwork, in order to help reduce the use of water in our direct operations, protect watersheds that serve our breweries and local communities and improve water management in our barley supply chain. We are members of the Beverage Industry Environmental Roundtable, a technical coalition of leading global beverage companies working together to advance environmental sustainability within the beverage sector. In addition, we engage annually with many community stakeholders around the world on environmental topics including water, nature, and agriculture. -63- Table of Contents Energy conservation has been a strategic focus for us for many years, especially with the unpredictable cost of energy and evolving climate change regulations. Our continued progress is based on the importance we place on sharing best technical and management practices across our operations. Increasing workplace safety We are committed to creating a safe work environment. We encourage employees and contractors to follow safe practices and make healthy choices in our workplaces and local communities. Business ethics Our leaders set the tone, driving ethical behavior at our company. We expect them to deliver results and to inspire our colleagues through passion for brewing and a sense of ownership. Most importantly, we never take shortcuts. Integrity, hard work, quality and responsibility are essential to our growth. Human Rights We understand that respecting human rights is fundamental to creating healthy, thriving communities. As a global business with extended, local value chains, we recognize that human rights impacts can arise in any country. We have been a signatory to the United Nations Global Compact since 2005 and our approach to human rights is based on the principles and guidance contained in the UN Guiding Principles on Business and Human Rights. Through our policies and processes we aim to identify possible human rights impacts and develop plans that prevent, address or mitigate negative impacts. We continue to participate in industry and NGO initiatives that seek to improve business’ approach to respecting human rights. Our People It takes great people to build a great company. That is why we focus on attracting and retaining the best talent. Our approach is to enhance our people’s skills and potential through education and training, competitive compensation and a culture of ownership that rewards people for taking responsibility and producing results. Our ownership culture unites our people, providing the necessary energy, commitment and alignment needed to pursue our purpose of Dreaming Big to Create a Future with More Cheers. Having the right people in the right roles at the right time—aligned through a clear goal-setting and rewards process—improves productivity and enables us to continue to invest in our business. Providing Safe Drinking Water to Our Communities We support our communities during times of need. Our commitment to providing safe drinking water spans across various regions, with significant efforts made around the world in 2025: • In the United States, we reached the milestone of producing 100 million cans of emergency drinking water for communities impacted by disaster since 1988, underscoring our continued commitment to showing up for our neighbors in partnership with the American Red Cross; • In India, we installed two “Water ATMs” in Mysuru to help provide a safe, accessible, and reliable supply of clean drinking water, purified through reverse osmosis filtration plants; • In Mexico, Grupo Modelo, through Aguas Firmes and in collaboration with the German Agency for International Development, local authorities and community leaders, held a Support Delivery event in Apan, Hidalgo, distributing around 700 water tanks to families and community spaces; and -64- Table of Contents • In Brazil, Ambev, in partnership with Florescer – a non-profit organization that fosters local economies – installed drinking water fountains in Belém, benefiting more than 1.2 million people across urban and riverside areas. The partnership also expanded to Rio de Janeiro, providing access to clean water for communities without adequate supply and reaching nearly 150,000 residents. C. ORGANIZATIONAL STRUCTURE Anheuser-Busch InBev SA/NV is the parent company of the AB InBev Group. Our most significant subsidiaries (as of 31 December 2025) are: Subsidiary Name Jurisdiction of incorporation or residence Proportion of ownership interest Proportion of voting rights held Anheuser-Busch Companies, LLC One Busch Place St. Louis, MO 63118 Delaware, U.S.A. 100 % 100 % Ambev S.A. Rua Dr. Renato Paes de Barros 1017 3° Andar Itaim Bibi São Paulo, Brazil Brazil 61.73 % 61.73 % Budweiser Brewing Company APAC Limited Suite 2701, Hysan Place 500 Hennessy Road, Causeway Bay Hong Kong SAR, China Cayman Islands 87.22 % 87.22 % Cervecería Modelo de México, S. de R.L. de C.V. Cerrada de Palomas 22, 6th Floor, Reforma Social Miguel Hidalgo 11650 Mexico City, Mexico Mexico 100 % 100 % ABI SAB Group Holding Limited Bureau, 90 Fetter Lane London EC4A 1EN, United Kingdom United Kingdom 100 % 100 % For a more comprehensive list of our most important financing and operating subsidiaries, see note 34 of our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025. D. PROPERTY, PLANTS AND EQUIPMENT For a further discussion of property, plants and equipment, see “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business — Climate change or other environmental concerns, or legal, regulatory or market measures to address climate change or other environmental concerns, may negatively affect our business or operations, including the availability of key production or supply chain inputs,” “—B. Business Overview—6. Brewing Process; Raw Materials and Packaging; Production Facilities; Logistics—Capacity Expansion,” and “Item 5. Operating and Financial Review—H. Liquidity and Capital Resources—Capital Expenditures”.