Revenue

+0.9%

Revenue increased by 0.9% in 3Q25 with revenue per hl growth of 4.8% and by 1.8% in 9M25 with revenue per hl growth of 4.5%.

Reported revenue increased by 0.6% in 3Q25 to 15 133 million USD and decreased by 2.6% in 9M25 to 43 764 million USD, impacted by unfavorable currency translation.

3.0% increase in combined revenues of megabrands in 3Q25, led by Corona, which grew by 6.3% outside of its home market.

27% increase in revenue of no-alcohol beer in 3Q25.

66% increase in Gross Merchandise Value (GMV) from sales of third-party products through BEES Marketplace to reach 935 million USD in 3Q25.

Volumes

-3.7%

Volumes declined by 3.7% in 3Q25, with beer volumes down by 3.9% and non-beer volumes down by 2.2%.

Volumes declined by 2.6% in 9M25, with beer volumes down by 2.9% and non-beer volumes down by 0.7%.

Normalized EBITDA

+3.3%

Normalized EBITDA increased by 3.3% to 5 594 million USD in 3Q25, with a margin expansion of 85bps to 37.0%. Normalized EBITDA increased by 5.8% to 15 750 million USD in 9M25, with a margin expansion of 138 bps to 36.0%.

Underlying Profit

1 970 million USD

Underlying Profit was 1 970 million USD in 3Q25 compared to 1 971 million USD in 3Q24 and was 5 526 million USD in 9M25 compared to 5 291 million USD in 9M24.

Reported profit attributable to equity holders of AB InBev was 1 054 million USD in 3Q25 compared to 2 071 million USD in 3Q24 and was 4 878 million in 9M25 compared to 4 635 million in 9M24, with 3Q25 and 9M25 both negatively impacted by non-underlying items.

Underlying EPS

0.99 USD

Underlying EPS increased by 1.0% to 0.99 USD in 3Q25, compared to 0.98 USD in 3Q24, and increased by 5.4% to 2.78 USD in 9M25, compared to 2.64 USD in 9M24.

On a constant currency basis, Underlying EPS increased by 0.3% in 3Q25 and by 11.8% in 9M25.

Capital Allocation

6 billion USD share buyback ║ 2 billion USD bond redemption ║ 0.15 EUR interim dividend

The AB InBev Board of Directors has approved a 6 billion USD share buyback program to be executed within the next 24 months and the company announced today a bond redemption of approximately 2 billion USD of outstanding bonds. For further details please see the Recent Events section on page 14. In addition, the AB InBev Board of Directors has approved an interim dividend of 0.15 EUR per share for the fiscal year 2025. A timeline showing the ex-dividend, record and payment dates can be found on page 13.