ANNUALREPORT
2023

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESTABLE OF CONTENTS

02

07

12

50

LETTER TO OUR SHAREHOLDERSWHO
WE ARE
7
AND WHAT WE BREW

2023 IN REVIEWFINANCIAL REPORT

21

158

OUR STRATEGYSUSTAINABILITY STATEMENTS

04
KEY FIGURES 2023

06
OUR GLOBAL PURPOSE

10OUR ROUTE TO MARKET

11

LEAD AND GROW THE CATEGORYDIGITIZE AND MONETIZE OUR ECOSYSTEMOPTIMIZE OUR BUSINESS

25
31
34

37

OUR DIVERSIFIED FOOTPRINT188
CORPORATE GOVERNANCE
STATEMENTOUR IMPACT IN OUR COMMUNITIESTHIS IS AN INTERACTIVE REPORT:
WHEN YOU SEE THIS ICON,CLICK TO LEARN MORE

AB InBev - Annual report 2023 - 1

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESLETTER TO OURSHAREHOLDERS
Creating a future with morecheersOur business delivered another year of consistentprofitable growth, with an EBITDA increase of 7.0%,
in-line with our medium-term growth ambition andoutlook for the year. While our full growth potential
was constrained by the performance of our US
business, we remained true to our purpose and laser
focused on the execution of our strategy.
We made disciplined revenue management andresource allocation choices, delivering broadbased growth with top- and bottom-line increases
in four of our five operating regions. Our results area testament to the strength of the beer category,
resilience of our business and people, consistentexecution of our replicable growth drivers and ourunwavering commitment to invest for long-term
growth and value creation.
As with any year, there was success to celebrate andchallenges from which to learn. We are taking thelearnings and moving forward in a stronger position
to realize our full growth potential.

Delivering consistent profitable
growthOur top-line increased by 7.8% in FY23, with revenue
growth in more than 85% of our markets, driven by arevenue per hl increase of 9.9% as a result of pricing
actions, ongoing premiumization and other revenue
management initiatives. Volumes declined by 1.7%
as growth in many of our emerging and developing
markets was primarily offset by performance in the
US and a soft industry in Europe.
EBITDA increased by 7.0%, with our top-line growthpartially offset by anticipated transactional FX andcommodity cost headwinds and increased sales andmarketing investments. Underlying EPS was 3.05 USD,
an increase of 0.02 USD per share versus FY22.

Progressing our strategic
priorities
Lead and grow the category
We remain focused on the consistent execution of
our five proven and replicable category expansion
levers. In FY23, the beer and beyond beer categorycontinued to gain share of alcohol by volume
globally, led by gains in South America and China,
according to Euromonitor.
We focused our investments behind themegabrands in our portfolio that are driving
the majority of our growth and the global megaplatforms that consumers love and that bring people
together. Our portfolio of brands is unparalleled,with 7 out of the top 10 most valuable beer brands inthe world, according to Kantar BrandZ, and 20 iconic
billion-dollar revenue beer brands. The combinationof our iconic brands with mega platforms such as the
Olympics, FIFA World CupTM, Copa America, NFL, UFC,NBA, Lollapalooza and Tomorrowland has us uniquely
positioned to lead and grow the category.
The relevance, authenticity and effective creativityof our marketing work continues to be recognized.
At the 2023 Cannes Lions International Festivalof Creativity, campaigns and brands from all 5 of
our operating regions were awarded and we were
honored to be named as the Creative Marketer of
the Year for the second year in a row.
• Category Participation: In FY23, the percentage
of consumers purchasing our portfolio of brands
increased or remained stable in the majority of
our markets, according to our estimates. Our
brand, pack and liquid innovations drove increased

In 2023, the fundamental
strengths of our businessdelivered another year of
profitable growth in the context
of some challenges. The
combination of our global scale,diversified footprint, industryleading brands and superior
profitability are a compelling
platform to drive growth. Our
people are highly engaged andworked tirelessly this year to
execute our strategy and deliver
strong results while supporting
our partners and communities.
The Board of Directors andthe management teamremain focused on generating
long-term value for all our
stakeholders and delivering on
our purpose to create a futurewith more cheers.
Marty Barrington

AB InBev - Annual report 2023 - 2

participation with female consumers across key
markets in Africa, Latin America and Europe, andnew legal drinking age consumers in the US andCanada.
• Core Superiority: Our mainstream portfoliodelivered high-single digit revenue growth in FY23
with double-digit growth in markets such as South
Africa, Colombia and Dominican Republic. Our
mainstream brands gained or maintained shareof segment in the majority of our key markets,
according to our estimates.
• Occasions Development: Our global no-alcoholbeer portfolio continued to outperform, deliveringhigh-teens revenue growth in FY23, with our
performance driven by Budweiser Zero and Corona
Cero. Our digital direct-to-consumer products
enabled us to develop deep consumer insights
and new consumption occasions, such as Corona
Sunset Hours, Brahma Soccer Wednesdays andincreased in-home consumption of returnable
glass bottle packs.
• Premiumization: Our above core beer portfolio
grew revenue by low-teens in FY23, with our
premium and super premium brands gaining share

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

of segment in a number of key markets, includingSouth Africa, Mexico and Brazil, according to ourestimates. Our global megabrands grew revenue by
18.2% outside of their home markets led by Corona
which grew by 22.1%. Budweiser delivered a revenue
increase of 17.1%, with broad-based growth in morethan 25 markets, Stella Artois grew by 18.8% andMichelob Ultra by 7.5%.
• Beyond Beer: In FY23, our Beyond Beer business
contributed approximately 1.5 billion USD of revenue
and grew by mid-single digits, as growth globally
was partially offset by the performance of maltbased seltzer in the US. Growth was primarily driven
by Brutal Fruit and Flying Fish in Africa, our spirits
based ready-to-drink portfolio in the US and Beats in
Brazil, all of which grew revenue by double-digits.

Digitize and monetize our ecosystem
The digital transformation of our route to consumer
is a fundamental evolution in how we do businessand serve our customers. Our digital platforms
are enabling us to increase the distribution of ourbrands, reduce our cost to serve and improve ourrelationship with customers and consumers. It isa key competitive advantage, and we continue
to explore new ways to monetize our digital andphysical assets to create additional profitablerevenue streams.
• Digitizing our relationships with our morethan six million customers globally: As of 31
December 2023, BEES was live in 26 markets, withapproximately 70% of our 4Q23 revenues captured
through B2B digital platforms. In FY23, BEES reached
3.7 million monthly active users and captured 39.8
billion USD in gross merchandise value (GMV),
growth of 27% versus FY22.
	BEES Marketplace was live in 15 markets with 67%
of BEES customers also Marketplace buyers.
Marketplace captured approximately 1.5 billion USD
in GMV from sales of third-party products this year,
growth of 52% versus FY22.
• Leading the way in DTC solutions: Our
omnichannel direct-to-consumer (DTC) ecosystemof digital and physical products generated revenueof approximately 1.5 billion USD this year. Our DTC
megabrands, Zé Delivery, TaDa and PerfectDraft
are available in 21 markets, fulfilled over 69 million
e-commerce orders and generated revenue of

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREW

more than 550 million USD in FY23, growth of 15%
versus FY22.
• Unlocking value from our ecosystem: We continue
to explore opportunities to generate scalable
incremental revenue streams for our businessthrough EverGrain, our upcycled barley ingredientscompany, and Biobrew, our precision fermentation
venture.

Optimize our business• Maximizing value creation: Our objective tomaximize long-term value creation is driven by
our focus on three areas: optimized resource
allocation, robust risk management and an
efficient capital structure. Our culture of everyday
financial discipline enables us to optimize
resource allocation and invest for growth. In FY23,
we invested 11.6 billion USD in capex and sales
and marketing while delivering free cash flow ofapproximately 8.8 billion USD, a 0.3 billion USD
increase versus FY22.
	We continued to deleverage, reducing grossdebt by 1.8 billion USD to reach 78.1 billion USD,
resulting in a net debt to EBITDA ratio of 3.38x as of
31 December 2023. Our robust risk management
was recognized earlier this year with a credit rating
upgrade from Baa1 to A3 by Moody’s and from BBB+
to A- by S&P.
	As a result, we have additional flexibility in ourcapital allocation choices. The AB InBev Board of
Directors has proposed a full year dividend of
0.82 EUR per share, a 9% increase versus FY22.
In addition, as of 23rd February 2024 we havecompleted nearly 90% of our 1 billion USD sharebuyback program announced on 31 October 2023.
•A dvancing our sustainability priorities: In FY23,
we continued to make progress towards ourambitious 2025 Sustainability Goals. We contracted
the equivalent of 100% of our global purchased
electricity volume from renewable sources with
73.6% operational. Since 2017, we reduced ourabsolute GHG emissions across Scopes 1 and 2 by
44% and GHG emissions intensity across Scopes
1, 2 and 3 by 24.2%. In Sustainable Agriculture,
95% of our direct farmers met our criteria forskilled, 92% for connected and 86% for financiallyempowered. In Water Stewardship, we are investingin restoration and conservation efforts across 100%

OUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIES

of our sites in high stress areas, with 56% of sites inscope for our 2025 goal already seeing measurable
improvement in watershed health. For Circular
Packaging, 77.5% of our products were inpackaging that was returnable or madefrom majority recycled content. We arealso progressing on our ambition toachieve net zero by 2040, with 36
lighthouse projects implemented
worldwide in 2023.
	In recognition of our leadershipin corporate transparency andperformance on climate change
and water security, we wereawarded a double A score by CDP.
	We are committed to Smart
Drinking and improving moderation
habits all over the world. Since 2016,
we have invested 900 million USD
in social norms marketing and are on
track to deliver our 1 billion USD goal by2025. We have also undertaken the largest
voluntary guidance labeling initiative, with
100% of our labels now featuring Smart Drinking
icons and moderation actionable messages in 26
markets.
P LEASE REFER TO OUR SUSTAINABILITY STATEMENTS IN OUR 2023
ANNUAL REPORT HERE FOR FURTHER DETAILS.

Looking forward
As we reflect on 2023, while our full potential wasconstrained, the fundamental strengths of ourbusiness drove another year of consistent profitable
growth. Beer is a large, profitable and growing
category, gaining share of alcohol globally andwith significant headroom for premiumization. Our
diversified footprint, global scale and unparalleledecosystem uniquely position us to lead and grow thecategory. We have replicable growth drivers such as
our portfolio of megabrands that consumers love,
digital products that unlock value and a category
expansion model that drives organic growth. Our
business generates superior profitability and cash
generation, and our dynamic capital allocation
framework provides us flexibility to maximize value
creation. The resilience, relentless commitment
and deep ownership culture of our people is truly

AB InBev - Annual report 2023 - 3

unwavering, and we thank all our colleagues globallyfor their hard work and dedication.
Looking ahead to 2024, our purpose as a company
remains as relevant as ever. Guided by our strategy
and our focus on customer and consumer centricity,
we are energized about the opportunities ahead toactivate the category through our megabrands andplatforms. We believe in the potential of the beer
category, the fundamentals of our company and ourpeople, and our ability to generate superior longterm value and create a future with more cheers.

Marty Barrington
Chairman of the Board

Michel Doukeris
Chief Executive Officer

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR DIVERSIFIEDFOOTPRINTOUR ROUTE TO MARKET

2023 IN REVIEWOUR IMPACTIN OUR COMMUNITIESOUR STRATEGYKEY FIGURES 2023
PERFORMANCE

59.4 billion USD

DIGITAL
TRANSFORMATION~70%

revenue

505.90 million hl
beer volume20.0 billion USD
EBITDA

7.0%

organic EBITDA growth$3.05
underlying EPS

OPERATIONS

172

global annual revenue comesfrom digital channels

39.8 billion USD
of gross merchandise value
captured through BEES

BRAND AWARDS

308

beer awards won at majorinternational competitions in 2023

150+ medals

at the 2023 World Beer Awards,
with seven beers earning'World's Best' status

7

major breweries~50

countries with operations

out of the top 10 most valuable
beer brands in the world arebrewed by us

AB InBev - Annual report 2023 - 4

INNOVATION~6 billion USD
revenue contributions
from our innovations

MARKETING AWARDS

48

Cannes Lions awards, including
Creative Marketer of the Year forthe second consecutive year

22
SILVER

10GOLD

CREATIVE MARKETER
OF THE YEAR

16

BRONZEPEOPLE

900 million USD

155,000

investment in social norms marketing
since 2016*

24.2%

54%

100%

renewable electricity contracted

colleagues

135

nationalities representedof our portfolio is 4.5%
ABV or below
Implemented

28%

by placing smart drinking icons andactionable messages in all our beers in 26
countries where labeling is not required

26%

Women in leadershiplargest voluntary beveragealcohol labeling initiative

24%

44.0%

reduction in Scopes 1 and 2 absoluteemissions since 20172023 IN REVIEWSMART DRINKING

improvements in water
efficiency since 2017

reduction in Scopes 1, 2, and3 emissions per hectoliter of
production since 2017

OUR DIVERSIFIEDFOOTPRINTOUR ROUTE TO MARKET

22%

17.9%

WHO WE ARE
AND WHAT WE BREW

20%

SUSTAINABILITYOUR GLOBAL PURPOSE

29%

KEY FIGURES 2023

19%

LETTER TO OURSHAREHOLDERSCOMMUNITY
SUPPORT~6.5 million

2017 2018 2019 2020 2021 2022 2023cans of emergency drinking water
delivered to those in need

Women in senior managementin our company*472 million USD of the total amount has been validated throughan independent external auditor. The remaining investment
figures are under review. Total investment could potentiallychange based on results of external assurance process results.
These sustainability key figures are subject to the same caveats
as stated in the full disclosure of our sustainability statements.
For more information, see the full disclosures in the sustainability
statements on page 158.

AB InBev - Annual report 2023 - 5

OUR STRATEGYOUR IMPACTIN OUR COMMUNITIESLETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR GLOBAL PURPOSE
We dream big to create
a future with morecheers.
AB InBev always dreams big. It’s
our culture, our heritage and our
future. We provide opportunities
for our people, lift our neighbors
and make a meaningful impact
on the world. We’re creating
a future that everyone cancelebrate and share. A futurewith more cheers.

AB InBev - Annual report 2023 - 6

OUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESLETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE AND
WHAT WE BREW

Our 10 Principles guide
how we do business.
Our culture of ownership defines who we are andwhat we do. It’s the reason we build strong teams
and support each other. Together, we deliver solid
results.
Our 10 Principles shape how we make decisions
and guide how we do business. They are at
the core of our culture and align closely to ourcompany purpose and strategy:

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGY

We are Owners who…

01 Dream big
02	Lead by example and take accountability
03	Attract and develop great people
04 Build brands consumers love
05 Grow with customers and communities
06 Prioritize simple and scalable solutions
07	Manage costs tightly
08 Think long-term
09 Strive for superior results
10 Never take shortcuts
LEARN ABOUT OUR TEN BREWING PRINCIPLESAB InBev - Annual report 2023 - 7

OUR IMPACTIN OUR COMMUNITIESLETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESOur passion for beer is at theheart of everything we do.
We are proud of the quality of our brands. Our
superior products and deep understanding of
our consumers, including their unique needs andoccasions, enable us to create a future with morecheers.
Our passion for beer focuses on three components.

Quality
Our quality culture begins with sourcing the finest
ingredients from the communities in which we
operate. Innovative recipes and the continual
improvement of our raw materials help strengthen
local production processes, support farmers andcontribute to the improvement of communities. Ourpassion results in great tasting beers. At the 2023
World Beer Awards, our beers won over 150 medals
and seven were awarded 'World's Best' status.

Promoting moderation andSmart Drinking
Part of creating a future with more cheers involves
encouraging Smart Drinking and moderation habits.
Through engagement with retailers and partners,
we're committed to promoting moderation andsupporting consumers as they make safe and healthy
choices during life's celebrations.

Innovation
Through our industry-leading digital platforms,
research labs, technology centers and accelerators
we are gaining unprecedented insight into the needsof our consumers and customers to deliver moreinnovation, more occasions and more value for all
our stakeholders. This year, we grew our no-alcoholbeer portfolio 30%, offering more people more
opportunities to celebrate even more cheers.
Together with National Agrarian University – La Molina,
we are developing Peru’s first malting barley for thecountry’s farmers and brewers.

Consumers
We infuse our passion for beer when connecting withover 2 billion consumers. Every day we work hard toearn the consumer preference that translates to us
holding the #1 share position in 28 markets globally.
For example, Michelob Ultra became the first global
beer partner for the National Basketball Association(NBA), bringing joyful experiences to basketball fansaround the world. Stella Artois gave consumers morereasons to sit around the table and share a meal with
our “Let’s Do Dinner” campaign.

 EAD MORE ABOUT OUR COMMITMENT TO SMART DRINKINGR
AND PROMOTING MODERATION

Digital Transformation
Sustainability is a key
component to our value chain.
We continue to advance our 2025 Sustainability
Goals, across four key pillars: water, agriculture,climate and packaging.
As the world's leading brewer, we are pursuinginnovation and partnerships to build resilience andcreate shared prosperity across our value chain andcommunities.
 EAD MORE ABOUT OUR 2023 SUSTAINABILITY GOALS AND OUR
R
PROGRESSAB InBev - Annual report 2023 - 8

We have transformed and digitized every touchpoint along our route to market. Approximately 70%
of our global annual net revenue is now captured
through digital channels.
Our purpose-built global B2B platform BEES allows
us to sell more, sell more profitably and elevate
our customer relationships. BEES not only provides
customers with an always-on, personalized
experience but, through its suite of products,
enhances the roles of our sales, delivery, customer
service, and call center teams. Additionally, ourDirect-To-Consumer (DTC) business enables us todevelop and leverage deeper consumer insights,
helping us drive category growth by developing
occasions, premiumizing the category and growing
category participation.

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKET

Meeting consumers where
they are: on the field, at the
court and at the arena
Beer and sports are better together.
Beer is the beverage of moderation and choice andso we partner with the world's leading professional
athletic organizations to foster connection,
moderation and celebration so sporting fans canshare their passion for sports over a celebratory
beverage at the world's premier sporting events.
Stella Artois returned to Wimbledon as the official
beer partner, in a multi-year agreement with the
All-England Lawn Tennis Club, to bring consumers apremium beer experience.
This year, Michelob ULTRA announced a global
expansion of its partnership with the National
Basketball Association (NBA), and renewed apartnership with CONMEBOL, the governing body ofSouth American football, as the Official Global Beer
Partner of Copa América USA 2024™, partneringwith CONMEBOL Copa América champion andglobal football icon Lionel Messi. The brand also
became the official North American beer partnerof Formula 1 (F1) team Williams Racing. Bud Light
became the exclusive beer partner of the Ultimate
Fighting Championship (UFC), renewed its
longstanding league sponsorship with the National
Football League (NFL) and supported US college
football with a nation-wide Backyard Tour, completewith limited-edition cans, pre-game festivities, anda focus on preventing driving under the influence.
In addition, Michelob ULTRA became the firstsponsor of the Women’s Sports Network, a 24-hourstreaming channel dedicated to women in sports.
AB InBev sponsored the Superbowl in 2023 with 2.5
minutes of advertising across Budweiser, Bud Lightand Michelob ULTRA.

AB InBev - Annual report 2023 - 9

OUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESLETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESOUR ROUTE TO MARKET
Our value chain begins with the best ingredients we can grow and continues throughour breweries and manufacturers, then on to customers via our distributors before
arriving to deliver more cheers to consumers on more occasions.

Farmers
Our farmers are responsible forproviding the simple ingredients forour products. That is why we invest
in research, crop advisory services
and technology. We work through ourmutual collaboration to continuously
improve not only the high-quality
products, but also the sustainability
behind the way we grow crops,
support farmers and create better
communities.

 Learn more about how weempower our farmers.

Breweries &manufacturers
Our 173 breweries, hop farms and barleymalting facilities constantly review all
aspects of our process to improve thequality of products, use sustainable
materials where practical, create
smarter packaging and look for ways toimprove our farms, support our farmers
and build stronger communities along
the way.

Distributors

Customers

Consumers

The beer sector provided ~23 million
jobs among distributors, retailers andhospitality, their supply chains and in
the consumer economy in 2019.1 Our
distributors ensure our products movesafely and efficiently from our breweries
to our customers. We are always looking
for better ways to promote safety for ourpeople – and for everyone on the road.
We connect with customers digitally toprovide them with an elevated shopping
experience, while sales representatives,delivery drivers and customer service
agents benefit from digital tools thatallow them to provide better service totheir customers and unlock growth.

We partner with dedicated retailers,
bar owners and wholesalers to
responsibly bring our beers to ourconsumers, while supporting ourcustomers’ business growth. We are
equipping our customers with thedigital and financial tools they need to
grow their business and are pursuing
extraordinary execution of our brands
in both the on- and off-premise.

We brew great beer for our consumers
to enjoy. We are always looking to serveup new ways to meet life’s moments
and create more occasions – withmore cheers. We aim to connect
with our consumers by offering
meaningful brand experiences while
promoting moderation and responsible
consumption of alcohol.

1. Source: Oxford Economics

AB InBev - Annual report 2023 - 10

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR IMPACTIN OUR COMMUNITIESOUR STRATEGYOUR DIVERSIFIED FOOTPRINT
Our diverse geographic footprint spans nearly 50 countries. Our diverse portfolio of wellover 500 beer brands represents 1 out of every 4 beers sold in the world.

EMEA
15%

of global AB InBev volume

15%of AB InBev revenue

12%

of normalized EBITDA

North America
15%

APAC

26%

16%

22%

12%

of global AB InBev volumeof global AB InBev volume

of AB InBev revenueof AB InBev revenueof normalized EBITDA

10%

of normalized EBITDA

Middle Americas

South America

25%

28%

28%

20%

37%

18%

of global AB InBev volume
of AB InBev revenueof normalized EBITDA

of global AB InBev volume
of AB InBev revenueof normalized EBITDA

AB InBev - Annual report 2023 - 11

*Percentages are based on the share of AB InBev worldwide excluding Global Export and Holding Companies.

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEW

20232023
IN IN REVIEWREVIEW

AB InBev - Annual report 2023 - 12

OUR STRATEGYOUR IMPACTIN OUR COMMUNITIESLETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEW> In Colombia, Bavariaannounced approximately
413 million USD investment
toward a new brewery. The newfacility will produce Águila,
Poker and Club Colombia
brands. It is expected toprovide 350 direct and over
7,000 indirect jobs.

> The AB InBev Europe and South African
Breweries teams joined forces to participate
in King Philippe and Queen Mathilde ofBelgium’s first official State Visit to South
Africa. SAB was also honored for contributions
to South Africa’s economic growth and forsupport of the unique Belgian beer culture.

MAR> We renewed a partnership with
the National Football League(NFL) in the US with 3 minutesof advertising time supporting
Bud Light, Michelob ULTRA,
and Busch Light. An additional
30-second ad featuring
Budweiser aired for regional
audiences.
> TaDa Delivery, AB InBev’s first global,
direct-to-consumer (DTC) digital platform,celebrated one year in business. Theapp, built on delivering cold beverages
in 30 minutes or less, currently has over
5,000 couriers in its 12 active markets
across Latin America and South Africa.
>G ITEC, our Global
Innovation andTechnology Center
based in Leuven, Belgium,
was honored with several
PAC Global Awards forsustainable/innovative
packaging.

OUR IMPACTIN OUR COMMUNITIESIn 2023, here’s how we continued to dream big to Lead andGrow the category, Digitize and monetize our ecosystem
and Optimize our business – all to create a future withmore cheers.

GLOBAL HIGHLIGHTSJANOUR STRATEGYFEB• As a brand born at the beach, Coronakicked off the 2023 Corona Sunsets
Festival World Tour in South Africa,
followed by events in 11 countries
around the globe. The festivals
featured local entertainment, naturalfocused food, creative workshops,
art performances and an evening
concert at sunset.

AB InBev - Annual report 2023 - 13

APR

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEW> In partnership with Together for
Safer Roads (TSR), a coalition of
AB InBev and private company
partners focused on building
cross-sector partnerships toimprove fleet trucking safety, we
implemented Truck of the Future,a road user detection systemproviding a full 360-degree viewof vision around the vehicle andsharing real-time feedback on
imminent risks, allowing fleet
owners to understand their fleet
drivers’ levels of vision.

MAY
JUN

> In honor of 2023 World Ocean Day, Corona announced a newpartnership with 4ocean. The ‘River of Change’ joint initiative aims
to remove one million pounds of plastic from Guatemala’s Rio
Motagua, one of Central America’s most polluted river systems.
> We announced a multi-year sponsorship with Stella Artois as the
Official Beer Partner of The Championships, Wimbledon. Michelob
Ultra expanded our partnership with the National Basketball
Association (NBA) to make Michelob Ultra the exclusive andworldwide Official Beer Partner of the NBA, Women's National
Basketball Association (WNBA), and all of the NBA's affiliates.

OUR IMPACTIN OUR COMMUNITIES> Ranked #1 in the Consumer Products &Services Category and #10 overall in Fast
Company’s "Best Workplaces for Innovators
2023" for our continued support of small andmidsize retailers though our digital platform,
BEES.
> We extended our nearly 40-year partnershipwith the Fédération Internationale de Football
Association (FIFA) as the official beer sponsorof the FIFA Women’s World Cup 2023™ andFIFA World Cup 2026™.

JUL> In Brazil, Ambev launched a new
can option for the unpasteurized
beer, Chopp Brahma, previously
only available in kegs. The
innovation extends shelf life andallows more consumers to enjoy
the popular brand.

> AB InBev made history as the first-ever, back-to-back winner ofCannes Lions Creative Marketer of the Year. This is the first time in
the festival’s 70-year history that any company has been selected
for the honor in two consecutive years.

OUR STRATEGY> We began a new round of facility upgrades,
including a 22.5 million USD investment in our
Houston brewery. This wave of funding builds
on the success of a 2021 capital expenditure
program, which included 1 billion USD over two
years.

> We launched Growing Retailers Innovatively
Together (GRIT), a retailer training anddevelopment program, in the African markets
to better support 701 bar and retail owners,
57.5% of whom were women. GRIT programs
were replicated in Botswana, Uganda, Tanzania,
Mozambique, Zambia and Ghana.

> Our 2023 social norms marketing campaign
winners, Club Colombia and Budweiser Zero,developed creative programs designed tosupport Smart Drinking initiatives. Our two mostimpactful campaigns, “Act Well” and “Budweiser
Zero: The Official Beer of Your Cut-off Time,”leveraged the power of celebrity influence andsports celebrations to encourage responsible
drinking behaviors.

AB InBev - Annual report 2023 - 14

AUG

LETTER TO OURSHAREHOLDERSSEPKEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKET> We invested 300 million USD in a Mexican
processing facility for locally-grown corn. The
project is expected to create more than 1,000 jobs
and benefit 20,000 Mexican farmers.
> At our Capital Markets Day, investors from acrossthe globe gathered to discuss our corporate
strategy and progress this year. The meeting took
place in Mexico City, one of our fastest-growing
developing markets. We presented our value
creation story, our formula to create superiorshareholder value: we operate in large and growing
category, in which we have unique competitive
advantages and we are accelerating organic
growth by deploying our replicable toolkits thatgenerate superior profitability.
> During the United Nations (UN) General Assembly,
we reiterated our commitment to advancing the
UN Sustainable Development Goals including ourpartnership with the United Nations Institute forTraining and Research (UNITAR).

OCT>W
 e celebrated two of the world’s largest beer festivals with ourbrands Spaten and Löwenbräu at Oktoberfest in both Munich,Germany and Blumenau, Brazil.
>W e launched a “Shipping in own Container” sustainable carton
for Corona Extra in Germany that protects glass bottles without
using a box-in-box to ship our product.

OUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGY> In November, we celebrated the 100th
anniversary of Brewery De Hoorn in
Leuven, Belgium, where the very first
Stella Artois was brewed in 1926. To pay
tribute to this important centennial, we
launched limited-edition vintage cansinspired by the original Stella Artois
packaging.

NOV
DEC

>W
 e announced our partnership for Bud Light with the Ultimate
Fighting Championship (UFC(R)) as the "Official Global Beer
Partner of the UFC," providing brand visibility to more than
700 million fans in 170 countries.

> Michelob Ultra renewed a partnership with the Confederación
Sudamericana de Fútbol (CONMEBOL), the governing bodyof South American football, as the Official Global Beer
Partner of Copa América USA 2024™. As part of this exciting
announcement, Lionel Messi, a CONMEBOL Copa América
champion and global football icon, will be a new Michelob Ultra
brand ambassador.

> Our B2B digital commerce platform BEES has more than
3.7 million monthly active users.

> More than 70% of our global annual net revenue is now captured
through digital channels.
AB InBev - Annual report 2023 - 15

OUR IMPACTIN OUR COMMUNITIESLETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETZONES HIGHLIGHTSOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESKEY BRANDSNORTH AMERICAZONE HEADQUARTERS: ST. LOUIS, MISSOURI, UNITED STATESPERFORMANCE

90.1 million hl
volume15.1 billion USD
revenue

4.7 billion USD
EBITDA> 2023 was a challenging year for our business. In April, negative publicity
around Bud Light resulted in volume decline for the brand. Our teams showedremarkable resilience and agility, taking many actions to support our people,
our wholesaler partners and our brands:• We stepped up to support our front-line employees and provided financial
assistance to our wholesaler partners.
• We increased the media investment behind our brands.
• We expanded our long-standing partnership with Folds of Honor including
bringing the NFL and Bud Light together to also support first responders.
> Bud Light returned as the Official Beer of the UFC in the US as part of amultiyear marketing partnership between Anheuser-Busch and the world’s
premier mixed martial arts organization. With this sponsorship, in the U.S.,
Bud Light will bring easy enjoyment to fans with 360-degree programming,
including custom social and digital content, broadcast integration, on-sitepresence, and more.
> Michelob ULTRA partnered with Williams Racing to provide 21+ racing fanswith premier experiences across all the Formula 1 North American Grand Prix
– Miami, Montreal, Austin and Las Vegas.
> We produced and distributed 3.8 million cans of clean drinking water tocommunities in the US impacted by natural disasters.
> Busch Light, a devoted supporter of the agricultural community, announced
its third annual release of limited-editions Busch Light Corn Cans. The
program honors America’s farmers and raises awareness for Busch Light’s
longtime partner, Farm Rescue.
> We partnered with MADD and Uber to expand the “Decide to Ride”
campaign, which aims to bring an end to driving while under the influence ofalcohol. The campaign reminds consumers, “If you drink, don’t drive. Decideto Ride.”AB InBev - Annual report 2023 - 16

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINTMIDDLE AMERICA

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESHIGHLIGHTSZONE HEADQUARTERS: MEXICO CITY, MEXICOKEY BRANDS> Michelob Ultra made gains throughout the zone with boththe brand’s first returnable bottle and the launch of Michelob
Seltzeritas in 4 refreshing fruit flavors – watermelon, pear,
strawberry and peach.
> We invested 430 million USD to construct our new Atlántico
brewery in Colombia, which is slated to start operations in
2024.
> In partnership with Millfoods, we announced an investmentof 300 USD million to build a facility to process locally growncorn in Guanajuato, Mexico. The project is expected tocreate more than 1,000 jobs and benefit 20,000 Mexican
farmers by 2024.
> In Mexico, we launched the Pacifico Returnable 1 liter bottle,
as well as a special-edition Victoria Cempasúchil 210 ml
bottle.
> Nativa launched a Cannes Lions award-winning sustainable
initiative called Nativa Meter. Each bottle features a rain
gauge that explains how rainfall affects local crops.

PERFORMANCE

148.7 million hl
volume16.3 billion USD
revenue

7.7 billion USD
EBITDA> We launched an innovative primary packaging developed
at our Global Innovation and Technology Center (GITEC). The
twelve-ounce “Supercan” uses less aluminum and featuresequal strength, an optimized neck, bottom and diameter.
> Across Peru, we have invested to provide 6,000 retailers
nationwide with cold equipment to help boost growth,
improve service and contribute as strategic partners.
> 5,000 small- and microbusiness owners graduated from the
Finance Course of our “Emprendedores” program with new
skills in accounting, inventory preparation, public services,earnings, savings, credit and more .
> We donated 800 million gallons of water from our
Mexico City brewery to the surrounding community. This
represented 40% of all donated water from the private
sector to Mexico City.
> We launched “ReciParche” in Colombia in alliance with our
packaging suppliers to strengthen recycling associations.
The program impacts 105 organizations, including 5,000
recyclers with a focus on glass and PET recovery.
> We invested 9 million USD in telemetry and AI-poweredcapabilities to support 6,000 drivers by remotely monitoring
traffic, mileage, engine temperatures, fuel consumption,
driver fatigue, distraction and collision risks. We also
extended our BEES ecosystem, better connecting drivers
with logistics teams and retailers through the BEES Deliver
app in Panama.

AB InBev - Annual report 2023 - 17

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKET

SOUTH AMERICAZONE HEADQUARTERS: SÃO PAULO, BRAZILOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYKEY BRANDSHIGHLIGHTSPERFORMANCE> In Brazil, we launched Stella Artois Pure Gold, a
low-calorie, gluten-free beer with all the rich tasteof Stella Artois.

162.5 million hl> Through an innovative process, we were able
to launch Chopp Brahma in the can. This
unpasteurized beer was previously only available inkegs at bars and restaurants.

12.0 billion USD> We launched B-Mix in Chile, a sweet lager withlemon, to appeal to those who want a crisp-tastingbeer experience.

3.9 billion USD> Our TaDa Delivery app is available in Argentina,
Paraguay, Bolivia and recently launched in Uruguay.
The app grew orders by 45% last year.

volumerevenue
EBITDA> We launched Bud66, the first premium beer from
Paraguay that comes in a returnable bottle.
> Zé Delivery, our on-demand delivery service inBrazil, launched Zé Compensa rewards for our
consumers, a points system that offers event
tickets, discounts, and other benefits, both on
our Zé delivery app as well as with participating
customers.

AB InBev - Annual report 2023 - 18

OUR IMPACTIN OUR COMMUNITIESLETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWAPAC

ZONE HEADQUARTERS: HONG KONG SAR, CHINAOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINTKEY BRANDS

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESHIGHLIGHTS> After a multi-year lime shortage, Corona began the“Extra Lime” project that worked directly with local
officials, experts, and farmers of Anyue, China to growits own crop of premium limes. The high-quality citrus
was sold next to, and included in, Corona bundle
packs to reinforce the brand’s lime ritual. The project
unleashed local economic potential by connecting
farmers with Budweiser China’s brand resources. A
portion of the proceeds from lime sales benefited thegrowers. The campaign has evolved into a dynamic
social enterprise business model and has earned
China’s first Titanium Lion and Silver Lion award in theCreative Business Transformation category at Cannes.

See the video

PERFORMANCE

92.7 million hl
volume6.8 billion USD
revenue

2.2 billion USD
EBITDA> We continued to premiumize the Budweiser brandacross China with the expansion of Budweiser
Supreme and Budweiser Magnum. Our premiumization,
digitization and expansion strategies are set to lead theindustry.
> In South Korea, we launched a Cass summer campaignthat culminated in the CassCool Festival, which
introduced the limited-edition Cass Lemon Squeeze.
> India became the fourth largest market globally for the
Budweiser brand.
> We have donated over 2.5 million cans of emergency
drinking water to communities in need since 2015.
> We have 2 carbon-neutral breweries in China (Wuhan
and Jiamusi) and were able to reduce our water usage
in beer production to 2.03 hl/hl across APAC, a 32.1%
decrease compared to the 2017 baseline. .
> BEES, AB InBev’s digital B2B commerce platform, hasbeen expanded to around 260 cities and represented
approximately 70% of our China revenue in December.
> We launched 20+ smart drinking and road safety
initiatives across APAC.

AB InBev - Annual report 2023 - 19

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESEMEAZONE HEADQUARTERS AFRICA: JOHANNESBURG, SOUTH AFRICALEUVEN, BELGIUM>W
 e continued to premiumize our portfolio in Europe withCorona, Stella Artois and Leffe driving the growth.

> Our beer business grew ahead of the industry in Africa, withpremium category growth led by Corona. In South Africa,
our Beyond Beer portfolio grew ahead of the industry andexpanded through the launch of two innovations, Flying Fish Dry
Apple and Brutal Fruit Litchi Sèche to meet growing consumer
needs within the market.

>D uring the Women’s FIFA World Cup 2023TM, Budweiser
created meaningful experiences for fans around the world. As
Budweiser has been a proud sponsor of England’s Women’s
National Team since 2019, in 2023, Jupiler became the official
sponsor of Belgium’s Women’s National Team.

> To maintain and grow its relevance in critical beer occasions,South African Breweries (SAB) renewed its sponsorship with
the World Champion Springboks while expanding our soccer
sponsorships in one of the largest soccer tournaments inSouth Africa, the Carling Knockout Competition.

>W e continued scaling our non-alcohol beer portfolio withCorona Cero doubling volume vs 2022. Corona Cero was thefastest growing no- and low-alcohol beer (NABLAB) Lager brandin the UK in 2023.

> The South African Breweries invested 34 million USD to expand
and improve our Ibhayi Brewery’s operations and infrastructure.

AFRICA HIGHLIGHTSZONE HEADQUARTERS EUROPE:EUROPE HIGHLIGHTS> We invested 80 million USD to double the capacity of our
Lusaka plant in Zambia, enabling cassava-based product andreducing our reliance on imports.

>W e launched BEES in Belgium, The Netherlands and CanaryIslands (Spain).

> Investments were also made into our flagship Kilimanjaro
Malting Plant in Moshi, Tanzania. The investment is aimed atscaling local purchases of barley, improving the livelihoods of
local farmers.

> PerfectDraftTM beer machines are in more households thanthere are pubs and bars in the UK & France. Since launching the
new PerfectDraft app last May, app users have grown five times.
>A t our Jupiler brewery in Belgium we invested several million
USD to to transform husk biomass from milling processes into
energy.

> In South Africa and Uganda, we achieved 95% of our sales
through our digital platform BEES and 74% of sales in Tanzania.

PERFORMANCEKEY BRANDS> SAB launched a national radio series, “Zikhethele – Isingumo
Ngesakho (“Make a Decision – The Choice is Yours”). The stories
encourage responsible consumption of alcohol.

90.2 million hl
volume8.6 billion USD
revenue

2.6 billion USD
EBITDAAB InBev - Annual report 2023 - 20

KEY BRANDSLETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINTOUR STRATEGY

2023 IN REVIEWOURSTRATEGYOUR IMPACTIN OUR COMMUNITIESStrategic Pillars

3

1

Optimizeourbusiness

Lead andgrow thecategory

2
Digitize andmonetize ourecosystem

We are focused on driving organic growth and long-term value creation
through three strategic pillars: 1) lead and grow the category, 2) digitize
and monetize our ecosystem and 3) optimize our business.
Our strategy provides clear objectives for both our colleagues
and our stakeholders by focusing on our growth drivers: the beer
category, opportunities beyond beer and new businesses that use ourcapabilities and ecosystems.

Growth Drivers in our ecosystem
The beer category
Beer is big, profitable and growing. We are uniquely positioned to leadand grow the category with our unequalled global footprint, industryleading portfolio of megabrands, replicable toolkits and operational
excellence. Beer continues to be our core business and represents asizable opportunity for us and our ecosystem.

Beyond beer
Our beyond beer portfolio addresses evolving consumer tastes, capturing
new occasions and driving incremental growth for our business.

Digital Transformation
We use the power of technology to meet consumer and customer
needs. Our digital platforms help us accelerate our core business andenable us to monetize our ecosystem unlocking incremental profitable
growth opportunities. BEES, our business-to-business digital commerce
platform, is live in 26 markets and interacts with more than 3.7 million
monthly active users. In the emerging biotech field, we continue
to explore opportunities to generate scalable incremental revenue
streams for our business leveraging our core brewing and fermentation
capabilities.
AB InBev - Annual report 2023 - 21

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

Lead and Grow the1 Category

Beer is loved and resilient

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIES

6 million

customers aroundthe worldMade with simple ingredients, beer is fundamentally
local, grown by local farmers and is often a majorpart of local communities and economies. People
across geographies and socioeconomic groups are
passionate about their favorite brands.

Beer is big and profitable
Beer is the largest single category within ConsumerPackaged Goods (CPG) and is highly profitable
relative to other CPG categories. Beer has been
growing in volume and share of throat in the last
five years globally and is projected to grow bothin volume and share of throat over the next five
years.1 The beer category also has one of the largest
opportunities for premiumization. The Premiummix of the total category for beer is estimated at
16% compared to 32% for hard liquor. Meanwhile,
premium beer is at least 30% more profitable thanthe overall category.2

Our footprint captures unique growth
opportunities
Every day we work to earn our consumers’
preference. We sell one out of every four beers in
the world and account for approximately one-thirdof the global beer profit pool. We have the number
one profit share position in seven of the world’s top
ten beer profit pools, and we have leading positions
in seven of the top ten largest future volume growthmarkets.

We drive growth with our replicable Category
Expansion Modeloccasion through our digital direct-to-consumer
brands.

This model focuses on five proven category
expansion levers which are scalable across ourmarkets:

Premiumization

Category participation
We are making the beer category more accessible,
inviting more LDA consumers to participate inbeer through differentiated brand, pack and liquid
offerings.

Core superiority
We are strengthening our core portfolio by elevating
our products, positioning, platforms and value
proposition.

Occasions development
We are expanding beer consumption beyond
traditional occasions through our no-alcohol
offerings such as Corona Cero, which launched in
7 markets in 2023; developing brands focused on
the meals occasion such as Stella Artois and Victoria
in Mexico and increasing relevance in the in-home
1. Source: Euromonitor
2. Source: company data
3. Source: Plato Logic
AB InBev - Annual report 2023 - 22

We are leading in the global premium and superpremium segment3, providing consumers with ourindustry-leading portfolio of above-core brands. As
an ongoing trend, premiumization presents multiple
opportunities for growth. Our global brand portfolioof Corona, Budweiser, Stella Artois and Michelob Ultra
has been purpose-built to address various consumer
needs and occasions.

Beyond beer
We are innovating to expand the category andmeet new consumer occasions. We have identified
relevant occasions to position our beyond beer
portfolio, including party mixes (Beats in Brazil),
flavorful and refreshing (Flying Fish and Brutal Fruitin South Africa), light and refreshing (NÜTRL in North
America) and bar-quality cocktails (Cutwater Spirits
in North America).

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEW

 igitize and Monetize
2 D
our Ecosystem
The second pillar of our strategy focuses on
unlocking value from our existing assets andexpanding our addressable market through thedigitization and monetization of our ecosystem.
We have over 200 breweries and an unmatchedroute to market that enables us to reach two billion
consumers, six million customers, and generates
ten million weekly transactions.
New technological capabilities have unlocked more
ways for us to create value from our ecosystem.

Here’s how we do it:

2 billion

consumers acrossour ecosystem

BEES, our purpose-built global B2B platform, hastransformed how we sell by digitizing every touchpoint along our route to market allowing us to sellmore, sell more profitably and elevate our customer
relationships.
BEES not only provides customers with an always-on,
personalized experience that has been built toaddress their needs, its suite of products alsoenhances the roles of our sales, delivery, customer
service, and call center teams.
In 2023, BEES served 3.7 million monthly active users
across 26 markets and approximately 70% of our

AB InBev - Annual report 2023 - 23

OUR STRATEGYOUR IMPACTIN OUR COMMUNITIES

4Q23 global net revenue is now digital. The platform
has captured 39.8 billion USD in gross merchandise
value and our Net Promoter Score is 60, more than 30
points higher than when we started this journey.
BEES has also allowed us to extend our relationshipwith retailers by offering them third-party products
through our marketplace business. As of December
2023 our Marketplace business was live in 15 markets
and captured approximately 1.5 billion USD in grossmerchandise value. We currently partner with morethan 200 companies, helping them to transform theirown businesses through two partnership models. In
the 1P model, we buy and sell third-party products
using our existing physical and digital assets. In the
3P model, suppliers transform their own route-tomarket by integrating BEES into their existing B2B
processes, leveraging our digital assets.
Our Direct-To-Consumer (DTC) business enables us
to develop deeper consumer insights and transformthe way we engage with our consumers, helping us
drive category growth by developing occasions,increasing premiumization of the category andgrowing category participation. Our digital DTC
platforms include our on-demand delivery apps Zé
Delivery in Brazil and TaDa Delivery in Latin Americaand Africa and our premium draft experience
PerfectDraft™ in Europe.

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESOur strategy comes to life
in our footprint.

3 Optimize our Business.

We simplified the way we manage our businessthrough our four geographic clusters, based on
macroeconomic and consumer trends:

Our third objective is driven by our focus on threeareas: optimized resource allocation, robust risk
management and efficient capital structure.

> Developing markets (57% of global EBITDA1) suchas Mexico, Brazil, Colombia and South Africa
are seeing fast population, economic and per
capita consumption growth across all segments.
Our ambition is to premiumize the category
and expand through the development of new
occasions.

Optimized resource allocation
In terms of both profitability and cash conversion, weare best-in-class among our fast-moving consumer
goods peers, with an EBITDA margin of 33.6% andadjusted free cash flow as a percentage of revenueof 15%.

> China (8% of global EBITDA) is its own priority
because of its size and unique operating
environment. The growth of middle- and uppereconomic consumers in China is unparalleled. Our
ambition is to continue to invest in premiumizationand expand our portfolio into new regions.

Robust risk management
We continue to deleverage and strengthen our balance
sheet. We have no relevant medium-term refinancing
needs, and our current cash position is sufficient tocover all our maturities in aggregate through 2026.
Our debt portfolio has no financial covenants andcomprises a variety of currencies diversifying ourforeign exchange risk. Our bond portfolio has a very
manageable pre-tax coupon of approximately 4% with
98% of the portfolio fixed rate.

> Developed markets (29% of global EBITDA)
consisting mostly of North America and Western
Europe, tend to include those from upper
economic brackets and involve constantly evolving
consumer trends. Our ambition in these markets is
to maintain the strength of our core offerings andbuild a strong portfolio in the above-premium andbeyond beer segments.

Efficient capital structure
We are dynamically balancing our capital allocation
priorities to maximize long-term value creation. We
are focused on investing in our business to driveorganic growth while balancing our leverage, returnof cash to shareholders and pursuing selective
mergers and acquisitions. In 2023, we reduced ourgross debt by 1.8 billion USD to reach 3.38x net debt
to EBITDA ratio. In addition, in 2023, we increased ourfull year 2022 dividend payment by 50% to 0.75 EUR
per share and initiated a 1 billion USD share buyback
program which is nearly 90% complete.

> Emerging markets (7% of global EBITDA), such as
India, Nigeria, Zambia and Mozambique, represent
a sizeable, quickly-growing population, resulting ina multi-decade opportunity for beer growth. Our
ambitions are to prepare for growing consumption
in the beer category and ensure that we havesuperior offerings to enable more LDA consumers
to participate in the beer category.

AB InBev - Annual report 2023 - 24

1 P ercentage EBITDA contribution is based on share of AB InBev
Worldwide EBITDA, excluding GEHC as of 31-Dec-2023; numbers do
not sum to 100% due to roundingLETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWLEAD AND GROWTHE CATEGORY
3

1

Optimize
Our
Business

Lead andGrow theCategory

2
Digitize andMonetize Our
Ecosystem

AB InBev - Annual report 2023 - 25

OUR STRATEGYOUR IMPACTIN OUR COMMUNITIESLETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESLEAD AND GROW
THE BEER CATEGORYAs leaders of the beer
category, we are investingin premiumization, organic
growth and portfolio
optimization. We arereaching more consumers
on more occasions acrossall markets with our bestin-class portfolio of global,
international, craft andspecialty premium brands.

Our global brands
continue to grow

Celebrating with consumers
around the world

We own 7 of the top 10 most valuable beer brands inthe world, including Budweiser at number 1 and thefastest growing brand by value, Corona, according
to Kantar BrandZ. Corona led the growth of our global
brands with a revenue increase of 22.1% outsideof its home market. Budweiser grew by 17.1% and
led the premium category in China. Stella Artois
grew revenues by 18.8%. In September, during our
Capital Markets Day, we announced Michelob Ultra,
which grew by 7.5%, as our fourth global brand,complementing our portfolio to address all demandlandscapes and lead the premiumization of the beer
category.

2023 was an opportunity to celebrate with fanswhile expanding our products into new occasions
around the world. During the Women’s FIFA World
Cup 2023TM, Budweiser helped create meaningfulexperiences for fans from around the world. We
extended our nearly 40-year partnership with FIFA as
the official beer sponsor of the FIFA Women’s World
Cup 2023™ and FIFA World Cup 2026™.

AB InBev - Annual report 2023 - 26

We’ve enhanced our no- and low-alcohol portfolio,
which now consists of 55 brands across 41 countries.

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEW

CoronaAs a brand born at the beach, Corona is deeply
connected to the natural world – encouraging
consumers to unwind, reconnect with and preserve
the beauty of nature.
The 2023 Corona Sunsets Festival World Tour, aseries of outdoor events in 11 countries, featured
art, live music, workshops, performances, culinary
experiences and a concert at dusk with the sunset asa backdrop. The events were produced with Corona’s
non-profit partner, Oceanic Global, and were
designed to promote sustainability.

Budweiser
Budweiser, with its heritage of Adolphus Busch’s
American dream, celebrates and champions thegreatness in all of us.
This year Budweiser teamed up with The Premier
League, bringing footballers and musicians together
in “Behind The Game.” Hosted by former Arsenal
striker and Hall of Fame inductee Ian Wright, theYouTube show focuses on creative processes andbehind-the-scenes stories.
We continue to expand Budweiser innovations, suchas Budweiser Supreme and Budweiser Magnum in
China, the brand's largest market globally by volume.
On the eve of the Brit Awards 2023, Budweiser
built a stage in London and hosted a free live andlivestreamed performance with up-and-coming
artists – complete with a complimentary Bud forLegal Drinking Age (LDA) consumers.

AB InBev - Annual report 2023 - 27

OUR STRATEGYOUR IMPACTIN OUR COMMUNITIESLETTER TO OURSHAREHOLDERS

Stella Artois
Stella Artois’ brewery has been delivering cheers
for over 600 years. As a brand born as a gift
to the people of Leuven, Stella Artois is oneof our leading global brands and the perfectcomplement to all food occasions.

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIES

Stella Artois invites consumers back to thetable
To inspire good company at mealtimes, StellaArtois sponsored the “Let’s Do Dinner” campaign,
which resulted in The World’s Most Fascinating
Dinner. Hosted by celebrities Matt Damon, Zoe
Saldaña, Ludacris and Jeremy Allen White, dinnerincluded a discussion with Matt Damon about
his philanthropic efforts with Water.org, a music
performance by Ryan Tedder and the perfectbeer. Stella Artois and Water.org have partneredon many initiatives that aim to increase accessto clean water and has already achieved water
access for 4.5 million people around the world.
The brand renewed a multi-year sponsorshipwith the All England Lawn Tennis Club as the
Official Beer Partner of the Championships at
Wimbledon, and included the “Perfect ServeAward”, recognizing players who deliver the best
serves throughout the event.

Michelob Ultra
Michelob Ultra is here to help consumers who wantto enjoy a light, yet flavorful option to celebrate
more cheers. The brand is meeting the needs ofthose searching for a superior light beer with fewer
calories.

Michelob Ultra joins life’s biggest
celebrations
Michelob Ultra partnered with the National
Basketball Association (NBA) as the exclusive andworldwide Official Beer Partner of 25 of the NBA’s
30 teams from NBA, Women’s National Basketball
Association (WNBA), NBA G League, NBA 2K League,
USA Basketball and Basketball Africa League (BAL).

AB InBev - Annual report 2023 - 28

The brand partnered with the PGA of America
as the "Official Beer of the PGA Championship."Michelob ULTRA’s “Game On,” a daily highlight show,features a bar on the set. The network has contracts
with the Women’s National Basketball Association,
Ladies Professional Golf Association and US Ski and
Snowboard divisions.
Michelob Ultra sought to make the joy of basketballaccessible. Through spatial audio systems, a realtime braille reader and sensorial equipment, blindjournalist Cameron Black was able to announce a
New York Knicks vs. Cleveland Cavaliers game to a
TV audience of 10.4 million viewers.
As the sponsor of Team USA and the Olympic
Games of 2028 in Los Angeles, the brand is gaining
recognition on the world’s most elite global stages.

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESGROWTH IN
BEYOND BEER

The beyond beer
segment, both significant
and incremental to ourbusiness, continues to bea growth driver, becauseof its complementary
appeal that addresses
broader consumer needs
and offers an expanded
portfolio to consumers– on more occasions.
Our global beyond beerbusiness contributed
revenue of approximately
1.5 billion USD in 2023.

Betting behind spirits-based
RTDs

Expanding flavored alcoholic
beverages

Spirits-based ready-to-drink (RTDs) are driving
the growth of beyond beer globally. In the US, we
increased our efforts behind two brands: Cutwater,which continued growth and solidified its position as
the leading spirit-based cocktail, and NUTRL, which
was the leading share gainer in the spirits-based
seltzer segment, becoming the number 2 brand. In
Latin America, Mike’s continued its growth in priority
markets Brazil, Colombia and Peru, with its simple yet
appealing offering of Real Vodka + Real Juice. BEATS,
the leading brand in Brazil, continued to innovate
bringing inspiration from the popular Caipirinha
cocktail with Caipi BEATS made with real cachaça.

Flavored alcoholic beverages (FABs) also remain ahighly relevant segment. Here, we are expanding
two winning propositions from South Africa to newmarkets. Brutal Fruit Spritzer expanded to Botswana,
Mozambique and Zambia and was seeded in Ghana
and Brazil. Flying Fish has expanded now into 9markets throughout Greater Africa (Mozambique,Tanzania, Zambia, Uganda, Nigeria, Botswana, Namibia,
Swaziland and South Africa). Within their homemarket of South Africa, both of these brands havelaunched exciting innovations: Brutal Fruit Spritzer
Litchi Sèche and Flying Fish Dry Apple.

AB InBev - Annual report 2023 - 29

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKET

Leveraging our ecosystem in
non alcoholic beverages
Our non alcoholic beverages (NABev) portfolio
is growing strong. Taking advantage of our global
footprint, bottling and distribution expertise, andBEES' B2B capabilities, we continue to drive ourpartnerships with Coca-Cola and PepsiCo in multiple
markets.
Our soft drinks portfolio growth has been driven
by the popularity of no- and low-sugar beverage
options, notably the relaunch of Guarana Zero in
Brazil, and investment in Pony Malta, a local icon in
Colombia.
Our energy drinks portfolio continues to growacross the board, driven by Fusion in Brazil, Fury in
Honduras and El Salvador, and Rockstar in Argentina,
serving consumer needs in daily affordable energy. In
the premium energy segment, our partnership withRed Bull continues to expand, with distribution now in
9 countries.

AB InBev - Annual report 2023 - 30

OUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESLETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWDIGITIZE AND
2023
MONETIZEIN
REVIEWOUR ECOSYSTEM
3

1

Optimize
Our
Business

Lead andGrow theCategory

2
Digitize andMonetize Our
Ecosystem

AB InBev - Annual report 2023 - 31

OUR STRATEGYOUR IMPACTIN OUR COMMUNITIESLETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESCONNECTING WITHOUR CUSTOMERS,CONSUMERS AND
PARTNERS
Customers around the world
have been underserved,
providing the opportunity
to leverage technology andaddress their needs. BEES,
our purpose-built global B2B
platform, has transformed how
we sell by digitizing every touchpoint along our route-to-market
providing customers with anelevated and personalized
shopping experience andallowing us to sell more, sellmore profitably, and elevate ourcustomer relationships.

A GLOBAL MEGABRAND

26 countries
are using BEES

3.7 million

monthly active users
on BEES platform

39.8 billion USD
of gross merchandise value
captured through BEES

Personalized shopping
experience
Retailers can browse products, place orders, arrange
deliveries, earn rewards, manage invoices andaccess business insights – all in one place. We offer
personalized shopping recommendations and can
now communicate with them digitally, customizing
what's most relevant for each retailer. More than
75% of BEES users say BEES is better than any otherapplication that exists in their markets.

More than an app, a global
platform
Our deep understanding of our customers' needs
allows us to develop more effective technology
to generate impact. BEES is more than an app. It’s amulti-product ecosystem, digitizing and connecting
every touch-point of our route-to-market in a single
ecosystem, from sales representatives and callcenter agents to delivery drivers.

AB InBev - Annual report 2023 - 32

AI-driven personalization
BEES is a connected set of software products
enabling each endpoint to leverage data generated
by all others. This data enables BEES to leverage AI topersonalize the experience of all users, whether they
are retailers, sales representatives, call center agents,
or delivery drivers.

A thriving marketplace
BEES has created a sizeable and profitable third-party
products marketplace business. BEES partners with
global Consumer Packaged Goods companies andiconic local brands to help them transform how theysell. Our marketplace business is thriving: live in 15
markets and capturing more than 1.5 billion USD in
GMV, with 67% of BEES customers also Marketplacebuyers.

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEW

Direct-to-consumer isenhancing our businessOur consumers are at the heart of everything we do.
Our digital DTC business, Zé Delivery, TaDa Delivery
and PerfectDraft, operates in 21 markets and fulfilled
69 million e-commerce orders, allowing us to getcloser to our consumers, solve their problems andprovide the best experience across all beverageoccasions.
Along with approximately 13,000 brick-and-mortar
retail stores, such as Modelorama in Mexico, our
omni-channel DTC ecosystem generated 1.5 billion
USD in revenue, in 2023.
Zé Delivery, our largest DTC business by revenue, isavailable to over 70% of the Brazilian population andserves over 8 million consumers per year, with awide variety of categories offering consumers the
products they want for the occasions we serve.

OUR STRATEGYOUR IMPACTIN OUR COMMUNITIES

Unlocking Value from our
Global Platform
In the emerging biotech field, we are applying ourcore brewing and fermentation capabilities to newareas. Our EverGrain products are made from barleyused in the brewing process and transformed into
high-quality protein ingredients. Sourcing more than
three million metric tons of quality malting barleydirectly from 14,500 farmers every year, we produce
1.4 million tons of used grains from the brewing
process with rich protein, fiber and fats which
provide added value for the ingredient market.
Our BioBrew initiative aims to bring commercial
scale to precision fermentation to create alternative
protein products.

Zé Delivery can execute personalization at scale.
For example, through the launch of Corona Sunset
Hours, Zé Delivery is driving category growth andinviting consumers to relax and reconnect withfriends in the early evening.

Growing the digital experiencefor our consumers
TaDa Delivery, our most recent launch, already serves
over 60 major cities in 13 countries, across Latin
America and South Africa. It connects consumers
with local retailers and distributors to deliver cold
beverages to their door within 30 minutes.

PerfectDraftTM serves
directly more households
than there are bars & pubs inthe UK & France and delivers
more than 40 beer brands
that consumers love. Witheasy e-commerce ordering,
the premium draft service
seamlessly connects ourbreweries to consumers’
homes.

Creating a unique, omnichannel
engagement platform
BEES and DTC are collaborating to accelerate thedigitization and monetization of our ecosystemthrough a unique omnichannel engagement
platform.
We are unlocking synergies in three key areas:> Empowering customers with insights and data> Improving assortments through our marketplace> Expanding benefits through omnichannel rewards
programs

AB InBev - Annual report 2023 - 33

1.5 billion USD
in revenue generated byour omni-channel
DTC ecosystem in 2023.

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

OPTIMIZE
2023
OUR BUSINESS

2023 IN REVIEWIN REVIEW

3

1

Optimize
Our
Business

Lead andGrow theCategory

2
Digitize andMonetize Our
Ecosystem

AB InBev - Annual report 2023 - 34

OUR STRATEGYOUR IMPACTIN OUR COMMUNITIESLETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

WHO WE ARE
AND WHAT WE BREWOUR GLOBAL PURPOSE

ROBUST RISKMANAGEMENTOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESEFFICIENTCAPITAL STRUCTURE

Robust risk management: debt reduction priority has created a well-distributed
bond maturity profile
12 000
11 000
10 0009 000

Principal ($Bn)

8 000
7 000
6 000
5 000
4 000
3 000
2 000
1 000
0
2060

2059

2058

2057

2056

2055

2054

2053

2052

2051

2050

2049

2048

2047

2046

2045

2044

2043

2042

2041

2040

2039

2038

2037

2036

2035

2034

2033

2032

2031

2030

2029

2028

2027

2026

2025

2024

We continued to take steps to proactively de-riskand de-lever our balance sheet. We reduced ourgross debt by 1.8 billion USD to 78.1 billion USD,
resulting in net debt of 67.6 billion USD and a net
debt-to-EBITDA ratio of 3.38x as of December 31,
2023. We maintained a strong liquidity position of
approximately 20.5 billion USD, consisting of 10.1
billion USD available under our Sustainability-Linked
Loan Revolving Credit Facility and 10.4 billion USD of
cash and cash equivalents. We have limited nearterm maturities, resulting in a weighted average
maturity of our debt portfolio of approximately
14 years.

3.38x

net debt-to-EBITDA

1.8 billion USD
gross debt reduction~20.5 billion USD

Deleveraging to a ratio of around 2.0x net debtto-normalized-EBITDA remains our optimal capital
structure. As a result of the actions taken this year,
we have made progress on this path, reducing net
debt-to-EBITDA from 3.51x as of December 31, 2022,
to 3.38x as of December 31, 2023. In addition, in 2023,
we increased our full year 2022 dividend payment by
50% to 0.75 EUR per share and announced a 1 billion
USD share buyback program. The AB InBev Board
proposes a full year 2023 dividend of 0.82 EUR pershare, subject to shareholder approval at the Annual

total liquidity

AB InBev - Annual report 2023 - 35

General Meeting (AGM) on April 24, 2024. In line with
our financial discipline and deleveraging objectives,
the recommended dividend balances our capital
allocation priorities and dividend policy while
returning cash to shareholders.

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESINVESTING IN OUR FUTURE WHILEDRIVING ECONOMIC DEVELOPMENTIN OUR COMMUNITIESWe have invested 4.6 billion
USD in our infrastructure
and operations throughcapital expenditure tohelp spur growth, create
jobs, support our local
communities and securea bright future with morecheers.

4.6 billion USD
in gross capital expenditures

7.2 billion USD
in sales and marketing

AB InBev - Annual report 2023 - 36

Our strategy emphasizes innovation and identifying
growth opportunities across our value chain. We
are investing in our infrastructure to modernize
our production, while also helping drive economic
development in our communities.

Highlights of 2023 include:> We invested 300 million USD to build an innovative
facility for processing locally-grown corn in Mexico.
The project is projected to create 1,000 direct jobs
and will benefit 20,000 Mexican farmers.
> We invested 80 million USD to double the capacityof our Lusaka plant and 38 million USD for a new
Kilimanjaro Malting Plant that are anticipated tobenefit local farmers.
> With a 22.5 million USD investment in our Houston
brewery, we will not only upgrade the facility’s
internal systems to enhance workplace safety andimprove brewery efficiency, but also, contribute to
the economic growth of Houston and surrounding
areas.
> In Canada, we invested 5.3 million USD in two new
packers to bring a full package line of Stella andCorona basket and wrap packs (bottles), allowing
us to manufacture over 90 percent of our productline at this facility.

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR IMPACT2023
IN OURIN REVIEWCOMMUNITIESAB InBev - Annual report 2023 - 37

OUR STRATEGYOUR IMPACTIN OUR COMMUNITIESLETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESDELIVERING ON OURSUSTAINABILITY PRIORITIES
2025
Sustainability Goals
Introduced in 2018, our 2025 sustainability goals
aim to drive environmental and social impact
across our entire value chain.
We believe that a strong sustainability agenda
is vital for our future. Our business is closely
tied to the natural environment and local
communities:• Agricultural crops and clean water are our key
ingredients.
•W e require raw materials for our packaging.
•W e need energy and fuel to brew, transportand refrigerate our beer.

2025 Climate Action Goal:
100% of our purchased electricity will befrom renewable sources and we will reduce
our CO2 emissions by 25% across our value
chain2025 Water Stewardship Goal:
100% of our communities in high stressareas will have measurably improved water
availability and quality

2025 Smart Agriculture Goal:
100% of our direct farmers will be Skilled,
Connected and Financially Empowered2025 Circular Packaging Goal:
100% of our products will be in packaging
that is returnable or made from majority
recycled content

Goals Metric

2017(Baseline)

2018

2019

2020

2021

2022

2023

Total water use (in billion hl)

1.71

1.59

1.56

1.41

1.52

1.55

1.44

Water use by hectoliter of production(hl/hl)

3.08

2.94

2.79

2.68

2.64

2.64

2.53

Total GJ of energy (in millions)

59.83

59.46

58.51

52.36

56.23

55.45

52.94

*

57.71

56.57

50.51

53.82

52.71

50.03

111.42109.95104.74

99.50

97.37

94.43

92.99

*

106.69101.28

95.98

93.19

89.76

87.89

Total direct and indirect GHG emissions(Scopes 1 and 2 in million metric tons of
CO2e)

6.05

5.67

5.12

4.44

4.14

3.68

3.39

Total direct and indirect GHG emissions(Scopes 1, 2 and 3 in million metric tons of
CO2e)

30.72

29.12

29.36

26.59

28.83

27.77

25.77

Scopes 1 and 2 GHG emissions
per hectoliter of production(in kg CO2e/hl)

8.34

7.67

6.94

6.43

5.04

4.64

4.46

Scopes 1, 2 and 3 GHG emissions
per hectoliter of production(in kg CO2e/hl)

59.66

55.44

54.27

52.45

50.03

47.29

45.24

Scope 3 GHG emissions per
hectoliter of production(in kgCO2e/hl)

47.91

44.63

44.81

43.70

42.84

41.01

39.30

% Renewable electricity:
operational**

/

16.9%

20.9%

32.2%

41.2%

67.6%

73.6%

% Renewable electricity:
contracted**

/

51.1%

63.5%

73.6%

84.7%

97.1%

100%

% Returnable packaging

47.2%

44.1%

43.4%

38.2%

37.0%

40.3%

41.2%

% Recycled content in primary packaging
Glass
Cans
PET

36.8%
59.7%
23.2%

40.5%
58.9%
17.5%

44.3%
59.3%
27.5%

45.8%
58.1%
31.6%

45.8%
56.2%
23.3%

48.0%
56.7%
36.5%

48.3%
61.3%
42.6%

/
/
/

/
/
/

49.0%
44.0%
34.0%

75.0%
57.0%
59.0%

74.0%
64.0%
68.0%

89.0%
72.0%
72.0%

95.0%
92.0%
86.0%

Total GJ of energy purchased (in millions)
Energy usage per hectoliter of
production (in Mj/hl)
Energy purchased per hectoliterof production (in Mj/hl)

Direct farmers Skilled, Connected and
Financially Empowered***SkilledConnected
Financially Empowered

AB InBev - Annual report 2023 - 38

•	Our goals and data as included in the table on water,
GHG emissions per hectoliter of production and energy
pertain to our beverage facilities only and do notencompass our vertical operations such as malt plants
and packaging facilities.
•	Total direct and indirect GHG emissions data
encompass beverage facilities and most verticaloperations, including malt plants and packaging
facilities.
•	Scope 1 accounts for 76.8% of our operational emissions
and includes CO2 equivalent (CO2e) from fuel usedin our manufacturing processes and in cogeneration
plants that generate on-site electricity. Scope 2
accounts for about 23.2% and represents emissions
from purchased electricity. Scope 2 and 3 are calculatedusing a market-based approach.
•	Scope 3 categories are determined internally – anddeviate from GHG protocol. Scope 3 emissions
constitute estimates based on a mix of supplier-based
numbers, global emission factors and assumptions.
Scope 3 categories include: purchased goods andservices, upstream and downstream distribution,
product cooling (including on and off premises but
excluding at-home cooling) and end of life. Around
50% of emissions are calculated with own data or datareported by suppliers through the CDP.
*	In line with our 2025 Sustainability Goals, energy
reporting will shift to energy purchased versus energy
usage. Energy purchased per hl aligns with our RE100
sustainability goal of offsetting 100% of our purchased
electricity with electricity sourced from renewable
resources. Energy purchased per hl was not reported for
breweries acquired from SABM in 2017.
**	We report renewable electricity by two metrics:
operational electricity and contracted electricity.
Our primary strategy is to help fund new renewableelectricity projects on a global scale.
	The contracted electricity metric reflects the progressof capacity contracted, regardless of the market inwhich the renewable electricity was used or if it wasused in our operations. Contracted volumes exceeding
100% of our global purchased electricity are not being
reported. The operational electricity metric measures
the annual usage in our operations of renewableelectricity each of the regions.
*** Smart Agriculture data is based on annual estimates.

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREW

Climate Action

Smart Agriculture

We are working to actively decarbonize our global
operations, including our breweries and our verticaloperations that produce packaging and brewing
material, and continue to scale technologies that
help us reduce Scope 1 and 2 emissions. In addition,
Scope 3 is where we see the greatest opportunities
for emissions reduction, representing 87% of ouremissions in 2023. We continue to engage suppliers
through Eclipse, our collaboration platform that
supports supply chain partners by providing thetools needed to measure and track decarbonization
while also building capabilities and sharing bestpractices.

We take a local, farmer-centric approach tosupporting sustainable agriculture and reaching our
Smart Agriculture Goal.

Our absolute emissions in Scopes 1 and 2 decreased
in 2023 by 44.0% versus a 2017 baseline, a reductionof 2.66 million metric tons CO2e. We also saw a 4.3%
reduction in emissions intensity across our value
chain (Scopes 1, 2 and 3), going from 47.29 kgCO2e/hl
in 2022 to 45.24 kgCO2e/hl in 2023.

44.0%

reduction in Scopes 1, 2,
and 3 emissions per
hectoliter of production
since 2017

17.9%

improvements in water
efficiency since 2017

OUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESIn 2023, we worked with more than 23,500 farmers
globally. Between 2022 and 2023, the percentage ofSkilled farmers increased by 6 percentage points.
The number of Connected farmers increased by
20% percentage points and Financially Empowered
farmers increased by 14 percentage points.
In Uganda, we piloted a digital training platform thatallows us to work with remote farmers at scale. We
registered and trained more than 6,000 farmers fromsix key barley sourcing areas. The trainings covered
both agricultural and financial topics to help farmers
optimize their operations.

Water Stewardship

Circular Packaging

Water is the number one ingredient in beer and a key
resource in the communities where we live and work.

We are on a mission to create a more sustainable,
circular future. By focusing on innovative packaging
solutions, we drive progress in our industry andbeyond. In 2023, our total volume in returnable
packaging increased by nearly 1% compared tothe previous year. Recycled content across our
packaging materials increased compared to ourbaseline 2017 by almost 12 percentage points
for glass, 2 percentage points for cans and 20
percentage points for PET.

As the world’s leading brewer, we are focused on
finding solutions to global water challenges across
our communities and supply chain. For example, weare partnering with The Nature Conservancy in South
Africa to support conservation efforts of the Greater
Cape Town Water Fund. To date, 278 hectares ofinvasive species have been cleared in connection with
the Fund directly linked to AB InBev's contribution.
Since 2017, our water efficiency efforts within our
breweries have resulted in a reduction of water
consumption by 17.9%, achieving a water efficiency ratioof 2.53 hectoliter/hectoliter across our sites globally. This
brings us closer to our goal of 2.5 hectoliter/hectoliterby 2025. One way we reduced water use in 2023 was byinstalling new vacuum pump technology in breweries
across several markets to reduce water usage in bottle
fillers by approximately 50%.

AB InBev - Annual report 2023 - 39

An example of how we continued to promote
returnable packaging in 2023 was a nationwide
returnable bottle campaign launched by ourbusiness in Brazil to help increase the use of
returnable packaging by promoting affordability andsustainability.

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

Innovation as a key driver ofsustainability
Looking ahead, we must find innovative ways to carefor our planet, our communities and our future.

100+ Accelerator
We celebrated 5 years of our 100+ Accelerator
in 2023. Launched in 2018, the program helps us
progress toward our 2025 Sustainability Goals andhelp contribute to broader sustainable development.
Together with Coca-Cola, Colgate-Palmolive andUnilever, we founded the 100+ Accelerator, which
provides mentorship, training and funding to help
scale innovations to market more quickly. To date,
the program has worked with 116 companies fromover 30 countries to help create businesses related
to circular economy, smart agriculture, water
stewardship, climate action, health and wellness,biodiversity and inclusive growth.

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESDemo Day 2023
We hosted 27 startups from Cohort 4 at our annual
100+ Accelerator Demo Day. Each presented theirpilot results and innovation highlights. This year’s
program, organized in partnership with TED, featured
two alumni showcases, panel discussions andan Innovation Expo. More than 300 stakeholders
participated in the event.

Program Highlight: Kran
Kran, 100+ Accelerator startup from Cohort 4,
specializes in the use of nanobubbles to improvethe efficacy of wastewater treatment, irrigation, andindustrial cleaning. After a successful pilot programin 2022, Kran installed an aeration system in a bottle
washing procedure which resulted in close to 20%
water savings.

Innovative packaging
Our Global Innovation and Technology Center(GITEC) has been at the forefront of oursustainability journey, from developing technology
in early stages to implementing it in brewing
operations. For example, GITEC developed thetwelve-ounce "Supercan", the world's lightest
aluminum can for tunnel pasteurized beer. It uses
less aluminum and features equal strenght via
an optimized neck, bottom and diameter. This
lightweight can showcases how innovation is a key
driver for sustainability.

A LIST

2023

CLIMATE WATERAB InBev - Annual report 2023 - 40

Sustainability
Recognitions• CDP A list for Climate and Water:
for our reporting and action on
climate and water security.
• RE100 Leadership Key
Collaborator Award: for our workwith suppliers to decarbonize
our value chain through the
Eclipse platform and our efforts
to partner with start-ups throughthe 100+ Accelerator to pilot
emerging technologies that help
reduce emissions.

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWLEADING IN
SMART DRINKINGOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIES

Beer is an integral part of culture and celebrations around the world. In 2015, we set an objective
to support the World Health Organization’s (WHO) effort to reduce the harmful use of alcohol. For
that purpose, we launched a multi-year program called Smart Drinking based on Product Portfolio,
Labeling, Social Norms Marketing and City Pilots to support moderation and responsible drinking.
Our program includes a series of objectives, called our Smart Drinking Goals.
We believe that our core strengths are already making a powerful impact in promoting moderation
and responsible drinking through our product portfolio, responsible and creative marketing
techniques, technology and innovation platforms and our people and partnerships.

Social Norms

Multi-Year Pilots

Product Portfolio

Labeling

Ambition

Ambition

Ambition

Ambition

Invest one billion USD across our markets indedicated social marketing campaigns and related
programs by the end of 2025.

Reduce the harmful use of alcohol by at least 10%
in six cities by the end of 2020. Implement the bestpractices globally by the end of 2025.

Ensure No- or Lower-Alcohol Beer (NABLAB)
products represent at least 20% of AB InBev’s
global beer volume by the end of 2025.

Place a guidance label on all our beer products inall our markets by the end of 2020. Increase alcohol
health literacy by the end of 2025.

Progress

Progress

Progress

Progress

Through social norms marketing, we engage with
consumers to improve behavior by helping toshape social norms.

Our city pilots program identified three evidencebased interventions that can be most impactful
in reducing the harmful effects of drinking: Road
Safety, Responsible Beverage Service (RBS),
Trainings and Screenings and Briefing Intervention(SBI).

In 2015, we led the industry by setting a goalof expanding our NABLAB volume to represent
20% of our global beer volume by the end of2025, bringing global attention and eventuallymomentum to this category. In 2023, 6.8% of ourglobal beer volume was less than 3.5% alcohol byvolume (ABV). Although we have been striving tomeet our goal, we believe we will not reach the
20% by 2025. When measured against the typical
5% ABV for beer, lower-alcohol alternatives are alarger part of our portfolio. Today, products at 4.5%
ABV or below represent 54% of our portfolio.

We have updated our label designs on 100% of
our primary product packaging in all 26 countries
where mandatory labeling is not required. Today,
our labels share clear, actionable information on
how consumers can prevent harmful drinking.

We are on track to deliver our one billion USD
goal by 2025, with investment of more than
900 million USD since 2016.*

In partnership with local experts, governments
and the AB InBev Foundation, we are supporting 53
programs across 21 countries using the evidencebased techniques we tested in our City Pilots.

* 472 million USD of the total amount has been validated through an independent external auditor. The remaining investment figures are under review. Total investment could potentially change based on results of external assurance process results.

AB InBev - Annual report 2023 - 41

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

Product Portfolio: The largest
producer of no- and lowalcohol beer (NABLAB) products
As consumers seek more variety and occasions, ourdiversified beer portfolio provides consumers the
choice of switching from high-alcohol products tolower-alcohol beverages, such as beer. At the sametime, our diversified beer portfolio gives consumers
flexibility by alternating our alcohol beverages withlow- or no-alcohol beverages over the course of asocial occasion.
In 2015, we led the industry by setting a goal of
expanding our NABLAB volume to represent 20% of
our global beer volume by the end of 2025, bringing
global attention and eventually momentum to thiscategory. In 2023, 6.8% of our global beer volume
was less than 3.5% alcohol-by-volume (ABV). Although
we have been striving to meet our goal, we believe
we will not reach the 20% mark by 2025. Whenmeasured against the typical 5% ABV for beer, loweralcohol alternatives are a larger part of our portfolio.
Today, products at 4.5% ABV or below represent 54%
of our portfolio.

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESLeading Social Norms Marketing
to influence positive behavior.
Social Norms Marketing uses evidence-based
techniques proven to shift perceptions andbehaviors. When trusted brands reinforce positive
behaviors, they make a difference by fostering
positive connections with consumers.

The Social Norms Marketing Competition:
Our internal annual Social Norms Marketing
Competition uses the power of brand-led
campaigns focused on the promotion of Smart
Drinking. We are moving from awareness to behavior
change where moderation and responsible drinking
are the social norms. We believe the contest is thelargest event to promote positive social norms using
the power of marketing in the world.

The Act Well Campaign fromClub Colombia uses thepower of Colombia’s mostbeloved stars of telenovelas.
In each short video segment,
beloved stars reenact scenes
with bad decision-making due
to irresponsible drinking. New
scenes demonstrated thatmoderation leads to better
outcomes.

In 2023, we had the largest brand participation ever,with 106 campaigns submitted to the competition.
We have invested 900 million USD since 2016* inexecuting the winning campaigns.

As one of the world’s largest no-alcohol beer (NAB)
producers with approximately 20% of the global
market, we are well-positioned for growth in the zeroalcohol segment with extensions of brands such as
Corona Cero and Budweiser Zero, which exceeded
growth expectations in 2023.

This year, Budweiser Zero in
Canada is taking ownershipof the 7th inning cut-off
time, to promote Smart
Drinking. “The Official
Beer of your Cut-off Time”
campaign encourages
fans to substituteno-alcohol Budweiser Zeroafter baseball stadiums
stop selling alcoholic
beverages. This activation
won AB InBev’s “Most
Effective Social Norms
Campaign,” an internal
competition to celebrate
the company’s mosteffective responsibledrinking efforts.
AB InBev - Annual report 2023 - 42

*472 million USD of the total amount has
been validated through an independent
external auditor. The remaining investment
figures are under review. Total investment
could potentially change based on results ofexternal assurance process results.

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWLabeling: Leading the world’s
largest voluntary guidancelabeling initiative
Our labels and secondary packaging offer aplatform for actionable advice that reinforces
positive social norms. Research has shown thatmessaging from trusted brands potentiallyinfluences drinking behaviors. Many countries do
not require guidance labels. We continue to add
easy-to-understand, actionable advice on the labelsof all our products in the 26 countries where there
is no legal mandate for guidance in labels. These
countries represent 50% of our global volume.

Scaling up evidence-based community
intervention through the power of digitalThrough ongoing collaboration with the ABIFoundation, we are using technology to rapidly
scale Responsible Beverage Service (RBS) trainings
and Screening and Briefing Interventions (SBI), as
they have a high potential to positively reinforce
moderation.

Responsible Beverage Service
RBS is a training program for community point-ofsale (POS) professionals such as bar keepers andservers, focused on promoting positive consumer
behaviors and preventing underage sales. We areworking to make RBS training more affordable, easierto scale and more impactful with online programs
connected to our commercial platforms. In 2023,
nearly 200,000 people from our retail points of salecompleted the training through BEES.

Screening and Brief Intervention
SBI is a simple but effective healthcare procedurethat helps prevent harmful consumption byassessing alcohol use disorder risk and making
lifestyle adjustment recommendations. The
scalability of SBI often falls short due to cost and time
constraints in healthcare interactions. To overcome
these limitations, the ABI Foundation introduced an
eSBI digital screening platform. This new approachlets medical professionals talk with patients via
computer, phone or mobile devices about alcohol
consumption. The technology is scalable, easy toaccess and eliminates healthcare provider time
restrictions. eSBI is being tested with large pilot
programs in Brazil. Additional pilots will soon follow in
Latin America and in Africa.

AB InBev - Annual report 2023 - 43

OUR STRATEGYOUR IMPACTIN OUR COMMUNITIESLETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESCOMMUNITY ANDCOLLABORATION
Building partnerships todrive impact
As beer is distinctly local, our partners, including
policymakers, government agencies and othercompanies, help us accelerate contributions to the
UN's 17 Sustainable Development Goals (SDGs), which
aim to solve the world's most pressing challenges.

Road Safety
We actively support the UN global goal to reduceroad traffic deaths and injuries 50% by 2030. As
a result of our 5-year partnership with the United
Nations Institute for Training and Research (UNITAR),
Total Road Safety initiatives have been implemented
in over 34 countries. In 2023, we developed a toolkit
for motorcycle drivers with a practical methodologythat uses data and management techniques toimprove road safety, designed to help road traffic
authorities and experts implement practicalsolutions to reduce incidents, accidents andfatalities related to driving while under the influenceof alcohol.

In 2023, the AB InBev Foundation created a digitalroad safety platform that allows road traffic
authorities to analyze data with the goal of reducing
road traffic deaths. The digital platform is available
for use by municipalities and provinces looking to
improve road safety data quality.
Each year, the International Road Federation (IRF)
recognizes outstanding commitment to safer roads
by national, regional, or city governments. In 2023, AB
InBev, through its external partnerships in Chile, South
Korea and Tanzania, had three initiatives awarded in
the category “Find a Way” Global Road Safety.
Together for Safer Roads (TSR) is a coalition of AB
InBev and private company partners focused onbuilding cross-sector partnerships to improve fleet
trucking safety.
In support of UN Global Road Safety Week, incollaboration with TSR, we implemented Truck of the
Future, a road user detection system that provides
a full 360-degree view of vision around the vehicle
and shares real-time feedback on imminent risks andnear-misses. The solution was piloted in New York andMexico, allowing fleet owners to understand theirfleet drivers’ levels of vision.

AB InBev - Annual report 2023 - 44

The 2022 Results Report of the “Partnershipfor Action on Road Safety” summarizes andhighlights the main achievements of the
UNITAR and AB InBev partnership.

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESGlobal Economic Impact ofBeer
The beer sector's contribution to jobs and countries'
Gross Domestic Product (GDP) across the world issubstantial. In emerging markets, that contribution
could be even greater, if their market conditions
matched international best practice to ensure
consumers shift away from higher alcohol content
beverages and towards beer.
A 2022 report from Oxford Economics, one of theworld’s leading economic consultancies, for theWorld Brewing Alliance (WBA), found that the beer
category, across 70 countries representing 89%
of beer sold globally, contributed 555 billion USD
toward GDP and is associated with 23 million jobs.
To put that in perspective, that's one in every 110 jobs
- and 1 in 72 for emerging markets.
The beer sector’s share of GDP in emerging markets
is almost double its share of GDP in developed
markets (average 1.6% vs 0.9% of national GDP).

In a recent report, Oxford Economics noted
the economic paradox that beer’s economic
contribution is higher in emerging markets despite
beer consumption per person being lower.
One reason is that beer is a higher-value good in
emerging markets than it is in developed markets.
The study also revealed that beer tends to be lessaffordable in emerging markets largely because it
is often taxed more steeply than cheaper higher
alcohol-content spirits and at the same time, very
cheap and dangerous illicit alcohol tends to be
more prominent than beer in emerging markets.
Without this taxation distortion, beer's potential for
economic development would be even greater inthose markets.
READ MORE ABOUT THE GLOBAL ECONOMIC IMPACT OF BEER

Similarly, the beer sector supported more jobs inboth absolute and relative terms (1.4% versus 1.1%of all jobs), with less internationalization and moredomestic production than in developed economies.

Beer’s contribution to GDP
could rise from 1.6% to 2.2%
if it took share from higher
ABV categories, with taxation
policies and availability ofillicit alcohol representing
important influences,according to Oxford
Economics.
AB InBev - Annual report 2023 - 45

23 million
jobs

worldwide are associated withthe beer industry

555 billion USD

contributed toward GDP globally

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESENTREPRENEURSHIP

We support entrepreneurs
across our value chain from the field to behind ashop counter - to support
thriving communities andeconomies.

Here’s how we do it:> Digital inclusion: enabling access to the tools andtechnologies that provide entrepreneurs withgreater access to information, capabilities, dataand insights needed to drive their business.
> Financial inclusion: expanding access to financial
services like credit and digital payments forentrepreneurs to finance their business andcreating greater opportunities to adopt more
resilient financial practices through financial
literacy education.
> Social inclusion: empowering entrepreneurs toparticipate meaningfully in our programming by
tailoring the way we deliver content to them –giving the more individualized opportunities toimprove their business.

offered across Uganda, Tanzania,
Mozambique, Zambia and Ghana.
In Uganda, the newly launched
GRIT program teaches
entrepreneurship, digital andfinancial skills, and aims to reach
14,000 retailers nationwide. By
strengthening our retailers, we
strengthen our communities.

DigitalFor the small retailers who sell our products, we’ve
invested in digital innovations and programs, suchas Growing Retailers Innovatively Together (GRIT), a
training and development program. Launched first to
bar and retail owners in Botswana, GRIT is now being
AB InBev - Annual report 2023 - 46

FinancialSocialEmprendedores Modelo trains
small, local retailers in Mexico. The
program awarded scholarships
and gave retailers access tocredit, training and tools to digitize
their businesses. This year, thetraining platform partnered with
one of Mexico’s most respected
universities, Tecnológico deMonterrey, and trained 5,000
entrepreneurs with offer online
courses in finance, business, andmanagement.

Academia da Cerveja, ourBrazilian school of knowledge
and beer culture, in partnershipwith Escola Superior de Cerveja eMalte (ESCM) and Instituto Ceres,launched Forma, a free training
program for bar, restaurantand food service employees.
In Brazil, the BORA Zé program
offers education and growth
opportunities for our delivery
couriers. This is part of the Bora
agenda, our inclusion program in
the country which aims to impact
5 million Brazilians with job andincome opportunities by 2032.

LETTER TO OURSHAREHOLDERSPEOPLEKEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR IMPACTIN OUR COMMUNITIESOUR STRATEGY

2017

2018

2019

2020

2021

2022

2023

Number of nationalities represented in ouroverall workforce

122

122

123

121

125

132

135

Percent of women in our overall workforce

18%

18%

19%

19%

21%

22%

22%

Percent of women in our salaried workforce

30%

30%

31%

32%

34%

35%

36%

Percent of women in senior management

19%

20%

22%

24%

26%

28%

29%

Percent of women in senior leadership

10%

11%

12%

14%

14%

14%

14%

Percent change in D&I index in annual
employee engagement survey

NA

1pp

0pp

2pp

1pp

1pp

-1pp

Africa Spotlight

Creating a Future With
More Cheers begins with
our people. With morethan 155,000 employees
in nearly 50 countries, ourpeople represent various
backgrounds from aroundthe world. We continue tocreate a workplace where
everyone can succeed
in our business and excel
in an environment where
they feel they belong.
Our people have been
and continue to be ourgreatest strength as we
focus on building a lasting
legacy.

The Lusaka Breweries Expansion in Zambia gave us an
opportunity to further expand inclusive recruitment
practices, resulting in 68% of new recruits being
women. The new facilities include support formothers with pregnancy PPE, an onsite nursing roomand storage facilities.

29%

representation of women in seniorleadership positions (7 percentage
points increase from 2022).
AB InBev - Annual report 2023 - 47

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREW

Ethics & Transparency
Creating a Future With More Cheers also means
promoting and maintaining the highest standardsof ethical behavior. We are guided by our global
policies, including our Code of Business Conduct(COBC), which contains ethical principles that
address key risk areas: Global Anti-Corruption,
Human Rights, Data Privacy, Anti-Harassment andAnti-Discrimination and Conflict of Interest Policies.
> Designed to guide colleagues and business
partners toward the highest standards of businessintegrity and ethics, our global platforms, such as
the Compliance Channel, provide direct accessto the Ethics & Compliance team for questions,guidance and approvals related to compliancematters.

·> Our Compliance Helpline is available to anyone
who wishes to raise concerns in a simple,
confidential and secure manner.
> In 2023, we trained over 60,000 employees aroundthe globe.
> BrewRIGHT, our award-winning compliance data
analytics and management platform, uses machinelearning to detect and prevent issues in ouroperations.

OUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR IMPACTIN OUR COMMUNITIESOUR STRATEGY

Human rights

Workplace safety metrics

Based on the United Nations Guiding Principles
on Business and Human Rights (UNGPs), our
expectations are described in our Human Rights
Policy and we have embedded respect for humanrights and relevant principles across our policy
landscape through our Responsible Marketing andCommunications Code, Global Anti-Harassment andAntidiscrimination Policy, Global Health and Safety
Policy and our Global Whistleblower Policy andthrough relevant processes.

Building a culture of health and safety

ACCESS OUR HUMAN RIGHTS POLICY

Workplace safety
Creating a future with more cheers starts within ourown operations. That is why the health and safety of
our colleagues, contractors and service providers isa core company value. We are training our colleagues
to make the right choices for safety, for themselves
and for others. Whether brewing or delivering our
products, operating machinery or driving in any
vehicle, safety is paramount.

20182019 20202021 2022 2023

Lost Time Injuries (LTIs)
Supply Employees

134

94

67

41

37

41

Last mile logistics/
Sales Employees

313

206

125

127

109

113

Contractors (All

479

254

110

113

85

89

Total Recordable Injuries (TRIs)
Supply Employees

410

309

256

237

183

135

Last-mile logistics/
Sales Employees

1,109

1,177

523

511

384

325

205

285

216

180

Contractors (All)*
Fatalities**
Supply Employees

1

0

0

1

0

0

Last mile logistics/
Sales Employees

4

1

4

3

2

2

Contractors (All)

9

5

3

2

7

3

Total Recordable Injuries (TRIs)
LTIs + modified duty injuries + medical treatment injuries.
Supply Employees
Brewery and manufacturing facility employees, including
first-tier logistics.
Last-mile logistics/Sales Employees
Last-mile logistics, sales, Zone and global corporate
employees.
Commuting Fatality
An incident that occurs while coming to work or going
home, resulting in a fatality to our employee(s).
Community Fatalities
An incident that occurs to people outside of our operations.
*Supply contractors’ data only reported as of 2021, as internal controls
regarding the reporting of supply contractor TRIs (MDI & MTI) were
not yet sufficiently implemented in prior years, resulting in lower data
quality and robustness.
**Fatalities data does not include commuting- and communityrelated fatalities as per AB InBev’s reporting definitions. The tablealso does not include road fatalities of contractors who are fully
managed by the contracted firm/ company. Non-occupational related
acts of crime (such as between others: non occupational related
thefts, assaults) resulting in a fatality, LTI or TRI are not in scope of thereporting
Non-occupational related acts of crime (such as among others: nonoccupational related thefts, assaults) resulting in a fatality, LTI or TRI are
not in scope of the reporting.

AB InBev - Annual report 2023 - 48

LETTER TO OURSHAREHOLDERS

KEY FIGURES 2023

OUR GLOBAL PURPOSE

WHO WE ARE
AND WHAT WE BREWOUR ROUTE TO MARKETOUR DIVERSIFIEDFOOTPRINT

2023 IN REVIEWOUR STRATEGYOUR IMPACTIN OUR COMMUNITIESTOGETHER IN 2023
Our purpose drives everything we do. As we continue tolearn, grow and build upon our heritage, we look forward
to meeting life’s moments. We are building a futurewith more cheers in order to make positive and lasting
contributions to our communities.
We are dreaming big by:• Driving category leadership and growth• Reaching more consumers on more occasions withour best-in-class portfolio and strong innovation
pipeline• Using data and technology to connect• Connecting our farmers with resources• Making a positive impact in our local communities in
the moments that matter• Empowering our colleagues, who are passionate
owners and problem solvers to lead authentic change
To our shareholders, we thank you for being a part of our
purpose as we create a future with more cheers.
AB InBev - Annual report 2023 - 49

FINANCIALREPORT
TABLE OF CONTENTSMANAGEMENT REPORT51

STATEMENT OF THE BOARD OF DIRECTORS

71

	INDEPENDENT AUDITORS’ REPORT72

CONSOLIDATED FINANCIAL STATEMENTS

76

INFORMATION TO OUR SHAREHOLDERS

152

EXCERPT FROM THE AB INBEV NV/SASEPARATE (NON-CONSOLIDATED)FINANCIAL STATEMENTS PREPAREDIN ACCORDANCE WITH BELGIAN GAAP 154
GLOSSARY 156

AB InBev - Annual report 2023 - 50

Management report
Anheuser-Busch InBev is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings on
the Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on
the New York Stock Exchange (NYSE: BUD). As a company, we dream big to create a future with more cheers. We arealways looking to serve up new ways to meet life’s moments, move our industry forward and make a meaningful impact inthe world. We are committed to building great brands that stand the test of time and to brewing the best beers using thefinest natural ingredients. Our diverse portfolio of well over 500 beer brands includes global brands Budweiser®, Corona®
Stella Artois® and Michelob Ultra®; multi-country brands Beck’s®, Hoegaarden® and Leffe®; and local champions suchas Aguila®, Antarctica®, Bud Light®, Brahma®, Cass®, Castle®, Castle Lite®, Cristal®, Harbin®, Jupiler®, Modelo
Especial®, Quilmes®, Victoria®, Sedrin® and Skol®. Our brewing heritage dates back more than 600 years, spanning
continents and generations. From our European roots at the Den Hoorn brewery in Leuven, Belgium. To the pioneering
spirit of the Anheuser & Co brewery in St. Louis, US. To the creation of the Castle Brewery in South Africa during theJohannesburg gold rush. To Bohemia, the first brewery in Brazil. Geographically diversified with a balanced exposure todeveloped and developing markets, we leverage the collective strengths of approximately 155 000 employees based innearly 50 countries worldwide. For 2023, our reported revenue was 59.4 billion US dollar (excluding joint ventures andassociates).
The following management report should be read in conjunction with our audited consolidated financial statements.
In the rest of this document, we refer to Anheuser-Busch InBev as “AB InBev”, “the company”, “we”, “us” or “our”.

Recent events
On 19 December 2023, AB InBev and its joint venture partner Anadolu Efes announced that the latter agreed to acquire
the entirety of AB InBev’s non-controlling interest in AB InBev Efes BV. No amount will be paid on closing. Completion of
the transaction is subject to required regulatory and governmental approvals, and other customary closing conditions.
There can be no assurances on when and whether these approvals will be obtained. Any payments received by AB InBev
after completion will be subject to additional regulatory approvals and are expected to be not material.
On 31 January 2024, E. León Jimenes S.A.(“ELJ”) exercised its put option to sell to Ambev approximately 12% of theshares of Cervecería Nacional Dominicana S.A. (“CND”) for a net consideration of 0.3 billion US dollar. The closing of thetransaction resulted in Ambev’s participation in CND increasing from 85% to 97%.

Selected financial figures
To facilitate the understanding of our underlying performance, the comments in this management report, unless otherwise
indicated, are based on organic and normalized numbers. “Organic” means the financials are analyzed eliminating theimpact of changes in currencies on translation of foreign operations, and scopes. Scopes represent the impact ofacquisitions and divestitures, the start-up or termination of activities or the transfer of activities between segments,
curtailment gains and losses and year-over-year changes in accounting estimates and other assumptions thatmanagement does not consider part of the underlying performance of the business.
The tables in this management report provide the segment information per region for the period ended 31 December 2023
and 2022 in the format up to Normalized EBIT level that is used by management to monitor performance.
As from 1 January 2023, mark-to-market gains/(losses) on derivatives related to the hedging of the share-based payment
programs are reported in the non-underlying net finance income/(cost). The 2022 presentation was amended to conformto the 2023 presentation.
Whenever used in this report, the term “normalized” refers to performance measures (EBITDA, EBIT, Profit, effective taxrate) before non-underlying items. Non-underlying items are either income or expenses that do not occur regularly as partof the normal activities of the company. They are presented separately because they are important for the understandingof the underlying sustainable performance of the company due to their size or nature. Normalized measures are additional
measures used by management and should not replace the measures determined in accordance with IFRS as an indicatorof the company’s performance, but rather should be used in conjunction with the most directly comparable IFRS measures.

AB InBev – Annual Report 2023  51

The tables below set out the components of our operating income and operating expenses, as well as the key cash flow
figures.. 1
For the year ended 31 December
Million US dollar.
Revenue¹
Cost of sales.
Gross profit
SG&A
Other operating income/(expenses).
Normalized profit from operations (Normalized EBIT)
Non-underlying items.
Profit from operations (EBIT).
Depreciation, amortization and impairment
Non-underlying impairment
Normalized EBITDA
EBITDA.
Underlying profit attributable to equity holders of AB InBev
Profit attributable to equity holders of AB InBev

%

2022

%

59 380(27 396)

100%
46%

57 786(26 305)100%
46%

31 984(18 172)
778

54%
31%
1%

31 481(17 555)
841

54%
30%
1%

14 590
(624)

25%
1%

14 768
(251)

26%
0%

13 96624%

14 517

25%

5 385
25
19 97619 376

9%
0%
34%
33%

5 074
3
19 843
19 594

9%
0%
34%
34%

6 158
5 341

10%
9%

6 093
5 969

11%
10%

For the year ended 31 December
Million US dollar
Operating activities
ProfitInterest, taxes and non-cash items included in profit
Cash flow from operating activities before changes in working capital and use of provisions

2023

2022

6 891
14 18121 0727 597
12 34419 941

Change in working capital
Pension contributions and use of provisions
Interest and taxes (paid)/received
Dividends received
Cash flow from operating activities(1 541)(419)(5 975)127
13 265(346)(351)(6 104)158
13 298Investing activities
Net capex
Sale/(acquisition) of subsidiaries, net of cash disposed/ acquired of
Net proceeds from sale/(acquisition) of other assets
Cash flow from / (used in) investing activities(4 482)9119(4 354)(4 838)(70)
288(4 620)Financing activities
Net (repayments of) / proceeds from borrowings
Dividends paid
Share buyback
Payment of lease liabilities
Derivative financial instruments
Other financing cash flows
Cash flow from / (used in) financing activities(2 896)(3 013)
(362)
(780)
(841)
(704)
(8 596)(7 174)(2 442)
(610)
61
(455)
(10 620)315(1 942)

Net increase/(decrease) in cash and cash equivalents

1

2023

Turnover less excise taxes. In many jurisdictions, excise taxes make up a large proportion of the cost of beer charged to the company’s customers.
AB InBev – Annual Report 2023  52

Financial performance
We are presenting our results under five regions: North America, Middle Americas, South America, EMEA and Asia Pacific.
The tables in this management report provide the segment information per region for the period ended 31 December 2023
and 2022 in the format down to Normalized EBIT level that is used by management to monitor performance.
The tables below provide a summary of our performance for the period ended 31 December 2023 and 2022 (in million US
dollar, except volumes in thousand hectoliters) and the related comments are based on organic numbers.
AB INBEV WORLDWIDE""
Volumes
Revenue
Cost of sales
Gross profit
SG&A
Other operating income/(expenses)
Normalized EBIT
Normalized EBITDA
Normalized EBITDA margin

2022

Scope

Currencytranslation

Organic
growth595 133
57 786(26 305)
31 481(17 555)841
14 76819 843
34.3%

(151)
(123)
45
(78)
(14)
(146)
(238)
(223)

(2 744)1 226(1 518)
696
(43)
(865)
(1 012)(10 255)
4 460(2 362)2 099(1 299)
126
925
1 368

2023

Organic
growth %584 728
59 380(27 396)
31 984(18 172)778
14 59019 976
33.6%(1.7)%
7.8%(9.0)%
6.7%(7.4)%
19.8%
6.4%
7.0%
(23) bps

In 2023, our normalized EBITDA increased 7.0%, while our normalized EBITDA margin contracted 23 bps, to 33.6%.
Consolidated volumes declined by 1.7%, with own beer volumes down 2.3% and non-beer volumes up 2.1%, as growth inin many of our emerging and developing markets in 2023 was primarily offset by performance in the US and a soft industryin Europe.
Consolidated revenue grew by 7.8% to 59 380m US dollar, with revenue per hectoliter growth of 9.9% as a result of pricing
actions, ongoing premiumization and other revenue management initiatives. Combined revenues of our global brands,
Budweiser, Stella Artois, Corona and Michelob Ultra increased by 9.8% globally and 18.2% outside of their respective
home markets.
Consolidated cost of sales increased 9.0%, and increased 11.3% on a per hectoliter basis, driven by anticipated commodity
cost headwinds.
Consolidated selling, general and administrative expenses (SG&A) increased 7.4% primarily due to increased sales andmarketing investments.
Consolidated other operating income/(expenses) in 2023 increased by 19.8% primarily driven by increase in government
grants. In 2023, Ambev recognized 44m US dollar income in Other operating income related to tax credits in Brazil (2022:
201m US dollar). The year-over-year change is presented as a scope change and does not impact the presented organic
growth. Additionally, Ambev recognized 168m US dollar of interest income in Finance income in 2023 (2022: 168m US
dollar) related to these credits. Underlying profit attributable to equity holders and underlying EPS were positively impacted
by 122m US dollar after tax and non-controlling interest (2022: positively impacted by 186m US dollar). Ambev’s tax credits
and interest receivables are expected to be collected over a period exceeding 12 months after the reporting date. As of 31
December 2023, the total amount of such credits and interest receivables represented 1 341m US dollar.

AB InBev – Annual Report 2023  53

VOLUMES
The table below summarizes the volume evolution per region and the related comments are based on organic numbers.
Volumes include not only brands that we own or license, but also third-party brands that we brew as a subcontractor andthird-party products that we sell through our distribution network, particularly in Europe. Volumes sold by the Global Export
business, which includes our global headquarters and the export businesses which have not been allocated to our regions,
are shown separately.
Thousand hectoliters""
North America
Middle Americas
South America
EMEA
Asia Pacific
Global Export and Holding Companies
AB InBev Worldwide

2022

Scope

Organic
growth2023

Organic
growth %102 674
147 624
164 319
90 78088 898838
595 133

(118)
204
(236)
(151)

(12 417)
1 106(1 859)
(771)
3 828
(143)
(10 255)

90 140148 730
162 460
90 21392 726459
584 728(12.1)%
0.7%(1.1)%(0.8)%
4.3%(23.7)%(1.7)%

North America total volumes decreased by 12.1%
In the United States, our sales-to-wholesalers (“STWs”) declined by 12.7% and our sales-to-retailers (“STRs”) declined by
11.9%, primarily due to the volume decline of Bud Light. The beer industry remained resilient in 2023, with volumes
improving sequentially throughout the year and with beer gaining share of total alcohol by value in the off-premise,according to Circana. Our beer market share has seen continued gradual improvement since May through the end of
December. In Beyond Beer, our spirits-based ready-to-drink portfolio delivered strong double-digit volume growth,
outperforming the industry. To support our long-term strategy, we continue to invest in our megabrands, wholesaler support
measures and key mega platforms including the NFL, MLB, PGA and the NBA as well as new partnerships with the UFC,
Copa America and Team USA for the Olympic and Paralympic Games.
In Canada, our volumes declined by mid-single digits, underperforming a soft industry.
Middle Americas total volumes increased by 0.7%.
In Mexico, our volumes declined slightly, in line with the industry. Volumes of the fourth quarter of 2023 were primarily
impacted by adverse weather in the Acapulco region. Our performance this year was driven by consistent execution acrossall three pillars of our strategy. Our above core portfolio continued to outperform in 2023, delivering low-single digit volume
growth. We continued to progress our digital initiatives with our digital DTC platform, TaDa, operating in over 60 major
cities with more than 90 000 monthly active users. We continue to explore and scale value added services through the
BEES platform, such as Vendo, which enabled more than 650 000 transactions for digital utilities payments and mobile
data purchases in 2023, and BEES Marketplace.
In Colombia, our volumes grew by low-single digits. Driven by the consistent execution of our category expansion levers,
the beer category continues to grow, gaining 70bps share of total alcohol this year and with our volumes reaching a newrecord high. Our core portfolio led our performance in 2023, with a particularly strong performance from Poker, which grew
volumes by high-single digits.
In Peru, our volumes declined by low-single digits, outperforming a soft industry.
In Ecuador, our volumes declined by low-single digits, with flattish beer volumes.
South America total volumes decreased by 1.1%.
In Brazil, our total volumes grew by 0.2% with beer volumes down by 1.0%, slightly underperforming the industry, according
to our estimates, and non-beer volumes up by 3.6%. Our performance this year was led by our premium and super premium
brands, which delivered volume growth in the mid-twenties and gained share of the premium beer segment, according toour estimates. Our core beer portfolio remained healthy, increasing revenues by high-single digits. Non-beer performance
was led by our low- and no-sugar portfolio, which grew volumes by over 25%. BEES Marketplace continued to expand,reaching over 835 000 customers, a 17% increase versus 2022, and grew gross merchandise value (“GMV”) by over 35%
in 2023. Our digital DTC platform, Zé Delivery, reached 5.7 million monthly active users, a 19% increase versus 2022, andincreased GMV by 8% in 2023.
In Argentina, total volumes declined by high-single digits, as overall consumer demand was impacted by inflationarypressures.

AB InBev – Annual Report 2023  54

EMEA total volumes decreased by 0.8%.
In Europe, our volumes declined by mid-single digits, driven by a soft industry. Through the consistent execution of ourstrategy and investment in our brands, we gained or maintained market share in the majority of our key markets in 2023,
according to our estimates. Our digital transformation in Europe is progressing, with BEES now live in the UK, Germany,
Belgium, the Netherlands, and the Canary Islands.
In South Africa, volumes grew by mid-single digits. Driven by focused commercial investment and the consistent executionof our strategy, the momentum of our business continued in 2023. Our portfolio delivered all-time high volumes, withincreased Brand Power of our beer and beyond beer portfolios driving market share gains of both beer and total alcohol
according to our estimates. Our core beer portfolio continued to outperform, and our global brands grew volumes by morethan 30%, driven by Corona and Stella Artois. In Beyond Beer, our portfolio grew volumes by high-single digits led by
Flying Fish and Brutal Fruit.
In Africa excluding South Africa, beer volumes declined by low-teens in Nigeria, driven by a soft industry which was
impacted by the continued challenging operating environment.
Asia Pacific total volumes increased by 4.3%, outperforming the industry according to our estimates.
In China, we continue to invest behind our commercial strategy, focused on premiumization, channel and geographic
expansion, and digital transformation. In 2023, our premium and super premium portfolio continued to outperform, driving
overall market share expansion, according to our estimates. The roll out and adoption of the BEES platform continued,
with BEES now present in approximately 260 cities and with 70% of our revenue generated through digital channels in
December.
In South Korea, volumes declined by low-single digits, underperforming the industry.

AB InBev – Annual Report 2023  55

OPERATING ACTIVITIES BY REGION
The tables below provide a summary of the performance of each region, for the period ended 31 December 2023 (in million
US dollar, except volumes in thousand hectoliters) and the related comments are based on organic numbers.
AB INBEV WORLDWIDE""
Volumes
Revenue
Cost of sales
Gross profit
SG&A
Other operating income/(expenses)
Normalized EBIT
Normalized EBITDA
Normalized EBITDA margin""
North America""
Volumes
Revenue
Cost of sales
Gross profit
SG&A
Other operating income/(expenses)
Normalized EBIT
Normalized EBITDA
Normalized EBITDA margin""
Middle Americas""
Volumes
Revenue
Cost of sales
Gross profit
SG&A
Other operating income/(expenses)
Normalized EBIT
Normalized EBITDA
Normalized EBITDA margin""
South America""
Volumes
Revenue
Cost of sales
Gross profit
SG&A
Other operating income/(expenses)
Normalized EBIT
Normalized EBITDA
Normalized EBITDA margin
""
EMEA
""
Volumes
Revenue
Cost of sales
Gross profit
SG&A
Other operating income/(expenses)
Normalized EBIT
Normalized EBITDA
Normalized EBITDA margin

2022

Scope

Currencytranslation

Organic
growth595 133
57 786(26 305)
31 481(17 555)841
14 76819 843
34.3%

(151)
(123)
45
(78)
(14)
(146)
(238)
(223)

(2 744)1 226(1 518)
696
(43)
(865)
(1 012)(10 255)
4 460(2 362)2 099(1 299)
126
925
1 368

2022

Scope

Currencytranslation

Organic
growth102 674
16 566(6 714)9 851(4 587)
45
5 309
6 057
36.6%

(118)
(36)
19
(17)
(18)
(35)
(37)

(80)
28
(52)
30
3
(19)
(24)

(12 417)(1 378)151(1 227)(43)(14)(1 285)(1 269)

2022

Scope

Currencytranslation

Organic
growth147 624
14 180(5 540)8 639(3 390)
(12)
5 238
6 564
46.3%

(16)
(13)
(29)
(6)
14
(21)
(7)

875
(320)
556
(228)
2
329
430

1 106
1 309
(507)
803
(167)
47
683
729

2022

Scope

Currencytranslation

Organic
growth164 319
11 599(5 976)5 623(3 458)
473
2 638
3 511
30.3%

4
(1)
3
(28)
(153)
(177)
(177)

(2 702)
1 054(1 647)
697
(38)
(988)
(1 137)(1 859)3 139(1 062)
2 077
(787)
112
1 402
1 688

2022

Scope

Currencytranslation

Organic
growth90 7808 120(4 167)3 953(2 604)
198
1 546
2 612
32.2%

204
75
(40)
35
(57)
(8)
(30)
(29)

(491)
297
(194)
105
(3)
(92)
(158)

(771)
885
(734)
150
(58)
12
104
145

AB InBev – Annual Report 2023  56

2023

Organic
growth %584 728
59 380(27 396)
31 984(18 172)778
14 59019 976
33.6%(1.7)%
7.8%(9.0)%
6.7%(7.4)%
19.8%
6.4%
7.0%
(23) bps

2023

Organic
growth %90 14015 072(6 517)8 554(4 619)
34
3 970
4 727
31.4%

(12.1)%(8.3)%
2.2%(12.5)%(0.9)%(30.3)%(24.4)%(21.1)%(507) bps

2023

Organic
growth %148 730
16 348(6 379)9 969(3 792)
51
6 228
7 715
47.2%

0.7%
9.2%
(9.1)%
9.3%(4.9)%
13.1%
11.1%
80 bps2023

Organic
growth %162 460
12 040(5 984)6 056(3 575)
394
2 875
3 884
32.3%

(1.1)%
27.3%(18.0)%
37.2%(22.8)%
40.6%
58.3%
51.9%
542 bps

2023

Organic
growth %90 2138 589(4 645)3 944(2 614)
198
1 528
2 570
29.9%

(0.8)%
10.8%(17.5)%
3.8%(2.2)%
6.2%
6.9%
5.6%
(148) bps

Asia Pacific""Volumes
Revenue
Cost of sales
Gross profit
SG&A
Other operating income/(expenses)
Normalized EBIT
Normalized EBITDA
Normalized EBITDA margin""
Global Export and Holding Companies""
Volumes
Revenue
Cost of sales
Gross profit
SG&A
Other operating income/(expenses)
Normalized EBIT
Normalized EBITDA

2022

Scope

Currencytranslation

Organic
growth2023

Organic
growth %88 8986 532(3 168)3 364(2 067)
137
1 433
2 104
32.2%

(12)
(1)
(13)
7
(6)
(6)

(350)
170
(180)
105
(7)
(82)
(118)

3 828
655
(274)
380
(178)
(17)
186
206

92 726
6 824(3 272)3 551(2 133)
113
1 531
2 186
32.0%

4.3%
10.0%
(8.6)%
11.4%(8.6)%(12.6)%
13.0%
9.8%(7) bps

2022

Scope

Currencytranslation

Organic
growth2023

Organic
growth %

838
790
(740)
50
(1 447)1(1 396)(1 004)

(236)
(137)
80
(57)
88
32
33

4
(3)
1
(13)
(12)
(5)

(143)
(149)
64
(84)
(66)
(14)
(165)
(130)

459
508
(598)
(90)
(1 439)(13)(1 542)(1 106)(23.7)%(22.8)%
9.8%(4.9)%(12.1)%(13.4)%REVENUE
Our consolidated revenue grew by 7.8% to 59 380m US dollar with revenue per hectoliter growth of 9.9% in 2023, as aresult of pricing actions, ongoing premiumization and other revenue management initiatives.
COST OF SALES
Our cost of sales increased by 9.0% and increased by 11.3% on a per hectoliter basis, driven by anticipated commodity
cost headwinds.
OPERATING EXPENSES
Our total operating expenses increased 6.9% in 2023:•

Selling, General & Administrative Expenses (SG&A) increased by 7.4% due primarily to increased sales andmarketing investments.

•

Other operating income increased 19.8% primarily driven by higher government grants. In addition, in 2023,
Ambev, our subsidiary, recognized 44m US dollar income in Other operating income related to tax credits in Brazil(2022: 201m US dollar). The year-over-year change is presented as a scope change.

NORMALIZED PROFIT FROM OPERATIONS BEFORE DEPRECIATION AND AMORTIZATION (NORMALIZEDEBITDA)
Our normalized EBITDA increased 7.0% organically to 19 976m US dollar, with an EBITDA margin of 33.6%, representing
an EBITDA margin organic contraction of 23 bps, driven by anticipated commodity cost headwinds and increased sales
and marketing investments.
Differences in normalized EBITDA margins by region are due to a number of factors such as different routes to market,
share of returnable packaging in the region’s sales and premium product mix.

RECONCILIATION BETWEEN NORMALIZED EBITDA AND PROFIT ATTRIBUTABLE TO EQUITY HOLDERS
Normalized EBITDA and EBIT are measures utilized by us to demonstrate the company’s underlying performance.
Normalized EBITDA is calculated excluding the following effects from profit attributable to our equity holders: (i)Non-controlling interest, (ii) Income tax expense, (iii) Share of results of associates, (iv) Non-underlying share of results ofassociates, (v) Net finance cost, (vi) Non-underlying net finance cost, (vii) Non-underlying items above EBIT (including
non-underlying impairment) and (viii) Depreciation, amortization and impairment.

AB InBev – Annual Report 2023  57

Normalized EBITDA and EBIT are not accounting measures under IFRS accounting and should not be considered as analternative to Profit attributable to equity holders as a measure of operational performance or as an alternative to cash flow
as a measure of liquidity. Normalized EBITDA and EBIT do not have a standard calculation method and our definition of
normalized EBITDA and EBIT may not be comparable to that of other companies. 1
For the year ended 31 December
Million US dollar.
Profit attributable to equity holders of AB InBev
Non-controlling interest
Profit of the period
Income tax expense
Share of result of associates
Non-underlying share of results of associates
Non-underlying net finance cost/(income)¹
Net finance cost¹
Non-underlying items above EBIT (including non-underlying impairment)
Normalized EBIT
Depreciation, amortization and impairment (excluding non-underlying impairment)
Normalized EBITDA

Notes

12
16
8/16
11
11
8
10

2023

2022

5 341
1 550
6 891
2 234
(295)
35
69
5 033
624
14 590
5 385
19 976

5 969
1 628
7 597
1 928
(299)
1 143
(829)
4 978
251
14 7685 074
19 843

Non-underlying items are either income or expenses that do not occur regularly as part of the normal activities of thecompany. They are presented separately because they are important for the understanding of the underlying sustainable
performance of the company due to their size or nature. Details on the nature of the non-underlying items are disclosed in
Note 8 Non-underlying items.
IMPACT OF FOREIGN CURRENCIES
Foreign currency exchange rates have a significant impact on our financial statements. 2The following table sets forth thepercentage of our revenue realized by currency for 2023 and 2022:
2023
25.8%
15.8%
12.7%
8.5%
5.7%
4.5%
4.0%
3.2%
3.2%
2.2%
2.2%
2.1%
1.9%
8.3%

US dollar
Brazilian real
Mexican peso
Chinese yuan
Euro
Colombian pesoSouth African rand
Canadian dollar
Peruvian nuevo sol
Argentinean peso2
Dominican peso
Pound sterlingSouth Korean won
Other

2022
28.8%
14.5%
10.7%
8.3%
5.4%
4.2%
4.0%
3.4%
2.9%
3.3%
2.1%
2.1%
2.0%
8.2%

The following table sets forth the percentage of our normalized EBITDA realized by currency for 2023 and 2022:
2023
20.9%
18.3%
14.5%
9.1%
6.1%
5.2%
4.2%
3.3%
3.2%
2.8%
2.6%
1.7%
8.2%

US dollar
Mexican peso
Brazilian real
Chinese yuan
Colombian peso
Peruvian nuevo sol
South African rand
Dominican peso
Canadian dollar
Euro
Argentinean peso2
South Korean won
Other

2022
31.0%
14.9%
11.3%
7.9%
5.2%
4.2%
4.1%
2.8%
2.4%
4.6%
3.4%
1.8%
6.6%

In 2023, the fluctuation of the foreign currency rates had a negative translation impact, including hyperinflation accounting
impact, of 2 744m US dollar on our revenue (2022: negative impact of 2 136m US dollar), of 1 012m US dollar on our1

As from 1 January 2023, mark-to-market gains/(losses) on derivatives related to the hedging of the share-based payment programs are reported in the nonunderlying net finance income/(cost). The 2022 presentation was amended to conform to the 2023 presentation.
2Hyperinflation accounting was adopted in 2018 to report the company’s Argentinean operations.
AB InBev – Annual Report 2023  58

normalized EBITDA (2022: negative impact of 669m US dollar) and of 865m US dollar on our normalized EBIT (2022:
negative impact of 410m US dollar).
Our profit (after tax) was negatively affected by the fluctuation of foreign currencies, including hyperinflation accounting
impact, amounting to 303m US dollar (2022: negative impact of 132m US dollar), while the negative translation impact,
including hyperinflation accounting impact, on our EPS (profit attributable to our equity holders) was 221m US dollar or
0.11 US dollar per share (2022: negative impact of 121m US dollar or 0.06 US dollar per share).
The impact of the fluctuation of the foreign currencies on our net debt amounted to 855m US dollar (increase of net debt)
in 2023, as compared to an impact of 1 527m US dollar (decrease of net debt) in 2022. The impact of the fluctuation of theforeign currencies on the equity attributable to our equity holders amounted to 4 497m US dollar (increase of equity), as
compared to an impact of 1 123m US dollar (decrease of equity) in 2022.
Argentinean peso devaluation
In December 2023, the Argentinean peso underwent a significant devaluation with the US dollar to Argentinean Peso
exchange rate closing at 809 on 31 December 2023 compared to 177 on 31 December 2022. IAS 29 requires to restate
the year-to-date results for the change in the general purchasing power of the local currency, using official indices before
converting the local amounts at the closing rate of the period (i.e., 2023 and 2022 results at the closing rate on 31 December
2023 and 2022, respectively). The hyperinflation accounting in Argentina negatively impacted our revenue and normalized
EBITDA as reported in 2023 by 717m US dollar and 314m US dollar, respectively.
PROFIT
Underlying profit (profit attributable to equity holders of AB InBev excluding non-underlying items and the impact ofhyperinflation) was 6 158m US dollar in 2023 (Underlying EPS 3.05 US dollar) as compared to 6 093m US dollar in 2022
(Underlying EPS 3.03 US dollar) (see Note 21 Changes in equity and earnings per share for more details). Profit attributableto our equity holders for 2023 was 5 341m US dollar, compared to 5 969m US dollar for 2022 and includes the following
impacts:•

Net finance costs (excluding non-underlying net finance items): 5 033m US dollar in 2023 compared to a net
finance cost of 4 978m US dollar in 2022. Other financial results in 2023 were negatively impacted by 269m US
dollar, due to a decrease in hyperinflation monetary adjustments resulting from the devaluation of the Argentinean
Peso in December 2023.

•

Non-underlying net finance income/(cost): Non-underlying net finance cost amounted to 69m US dollar in 2023
compared to 829m US dollar income in 2022. 325m US dollar loss resulted from mark-to-market adjustments onderivative instruments related to the hedging of share-based payment programs and on derivative instruments
entered into to hedge the shares issued in connection with the combinations with Modelo and SAB (2022: 606m
US dollar gain), 239m US dollar gain resulted from the early termination of certain bonds (2022: 246m US dollargain) and 17m US dollar gain related to the remeasurement of deferred considerations on prior year acquisitions(2022: 22m US dollar loss).

•

Non-underlying share of results of associates: Non-underlying share of results of associates amounted to 1 143m
US dollar in 2022 and related to the impairment of our investment in AB InBev Efes.

•

Non-underlying items impacting profit from operations: In 2023, we incurred 624m US dollar of non-underlying
cost (2022: 251m US dollar) mainly comprising of 142m US dollar of restructuring costs (2022: 110m US dollar),
385m US dollar of business and asset disposals (including impairment losses) (2022: 71m US dollar), 85m US
dollar claims and legal costs (2022: nil) and 12m US dollar costs related to the AB InBev Efes investment disposal(2022: 51m US dollar).

•

Income tax expense: 2 234m US dollar in 2023 with an effective tax rate of 25.2% compared to 1 928m US dollar
in 2022 with an effective tax rate of 18.6%. The 2023 effective tax rate is negatively impacted by the nondeductible losses from derivatives related to hedging of share-based payment programs and hedging of theshares issued in a transaction related to the combination with Grupo Modelo and SAB, while the 2022 effective
tax rate was positively impacted by the non-taxable gains on these derivatives. The 2022 effective tax rate
includes 350m US dollar benefit from a reorganization which resulted in the utilization of current year and carryforward interests for which no deferred tax asset was recognized. The normalized effective tax rate was 24.3% in
2023 compared to 23.8% in 2022.

•

Profit attributable to non-controlling interest: 1 550m US dollar in 2023 compared to 1 628m US dollar in 2022.

AB InBev – Annual Report 2023  59

Liquidity position and capital resources
CASH FLOWSMillion US dollar
Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
Net increase/(decrease) in cash and cash equivalents

2023
13 265(4 354)(8 596)3152022
13 298(4 620)(10 620)(1 942)2023
6 891
14 1812022
7 597
12 34421 07219 941(1 541)(419)(5 975)127
13 265(346)(351)(6 104)158
13 298Cash flow from operating activities
Million US dollar
ProfitInterest, taxes and non-cash items included in profit
Cash flow from operating activities before changes in working capital and use ofprovisions
Change in working capital
Pension contributions and use of provisions
Interest and taxes (paid)/received
Dividends received
Cash flow from operating activities

Our cash flow from operating activities reached 13 265m US dollar in 2023 compared to 13 298m US dollar in 2022. The
decrease was primarily driven by changes in working capital for 2023 compared to 2022, as a result of (i) higher trade andother receivables due partially to increased sales in December 2023 versus December 2022 and extended credit terms to
our wholesalers in the US, and (ii) a decrease in trade and other payables due to lower inventory purchases and net capex,
and US volume performance.
Cash flow from investing activities
Million US dollar
Net capex
Sale/(acquisition) of subsidiaries, net of cash disposed/ acquired ofProceeds from sale/(acquisition) of other assets
Cash flow from/(used in) investing activities2023(4 482)9119(4 354)2022(4 838)(70)
288(4 620)

Our cash outflow from investing activities was 4 354m US dollar in 2023 compared to a cash outflow of 4 620m US dollar
in 2022. The decrease in the cash outflow from investing activities was mainly due to lower net capital expenditures in2023 compared to 2022.
Our net capital expenditures amounted to 4 482m US dollar in 2023 and 4 838m US dollar in 2022. Out of the total 2023
capital expenditures approximately 40% was used to improve the company’s production facilities while 44% was used forlogistics and commercial investments and 16% was used for improving administrative capabilities and for the purchase of
hardware and software.
Cash flow from financing activities
Million US dollar
Net (repayments of) / proceeds from borrowings
Dividends paid
Share buyback
Payment of lease liabilities
Derivative financial instruments
Other financing cash flows
Cash flow from/(used in) financing activities

2023(2 896)(3 013)
(362)
(780)
(841)
(704)
(8 596)2022(7 174)(2 442)
(610)
61
(455)
(10 620)

Our cash outflow from financing activities amounted to 8 596m US dollar in 2023, as compared to a cash outflow of
10 620m US dollar in 2022. The decrease is primarily driven by lower debt redemption in 2023 compared to 2022.
As of 31 December 2023, we have completed 0.4 billion US dollar of our 1 billion US dollar share buyback program
announced on 31 October 2023.
In addition to a very comfortable debt maturity profile and strong cash flow generation, as of 31 December 2023, we had
total liquidity of 20.5 billion US dollar, which consisted of 10.1 billion US dollar available under committed long-term credit
facilities and 10.4 billion US dollar of cash, cash equivalents and short-term investments in debt securities less bankoverdrafts. Although we may borrow such amounts to meet our liquidity needs, we principally rely on cash flows fromoperating activities to fund the company’s operations.
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CAPITAL RESOURCES AND EQUITY
Our objective to 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 continued to deliver strong free cash flow, generating
approximately 8.8 billion US dollar (2022: 8.5 billion US dollar). As a result, this year we continued to deleverage. Our net
debt amounted to 67.6 billion US dollar as of 31 December 2023 as compared to 69.7 billion US dollar as of 31 December
2022.
Net debt is defined as non-current and current interest-bearing loans and borrowings and bank overdrafts minus debt
securities and cash and cash equivalents. Net debt is a financial performance indicator that is used by our management
to highlight changes in the company’s overall liquidity position. We believe that net debt is meaningful for investors as it is
one of the primary measures our management uses when evaluating our progress towards deleveraging toward our
optimal net debt to normalized EBITDA ratio of around 2x.
Our net debt decreased by 2.1 billion US dollar as of 31 December 2023 compared to 31 December 2022. Aside fromoperating results that are net of capital expenditures, the net debt is impacted mainly by the payment of interests and taxes(5.8 billion US dollar increase of net debt), dividend payments to shareholders of AB InBev and Ambev (3.0 billion US
dollar increase of net debt), foreign exchange impact on net debt (0.9 billion US dollar increase of net debt) and thepayment for the share buyback (0.4 billion US dollar increase of net debt).
Net debt to normalized EBITDA decreased from 3.51x for the 12-month period ending 31 December 2022 to 3.38x for the
12-month period ending 31 December 2023. Our optimal capital structure is a net debt to normalized EBITDA ratio ofaround 2x and we will continue to proactively manage our debt portfolio.
Consolidated equity attributable to our equity holders as at 31 December 2023 was 81 848m US dollar, compared to
73 398m US dollar as at 31 December 2022. The net increase in equity results from the profit attributable to equity
shareholders and the net foreign exchange gains on translation of foreign operations primarily related to the combined
effect of the appreciation of the closing rates of the Colombian peso and the Mexican peso and the weakening of theclosing rate of the Argentinean peso and the South African rand, which resulted in a foreign exchange translation
adjustment of 4 497m US dollar as of 31 December 2023 (increase of equity).
Further details on interest-bearing loans and borrowings, repayment schedules and liquidity risk, are disclosed in Note 22
Interest-bearing loans and borrowings and Note 27 Risks arising from financial instruments.
As of 31 December 2023, the company’s credit rating from Standard & Poor’s was A- for long-term obligations and A-2 forshort-term obligations, with a stable outlook, and the company’s credit rating from Moody’s Investors Service was A3 forlong-term obligations and P-2 for short-term obligations, with a stable outlook.

Research and development
Given our focus on innovation, we place a high value on research and development (R&D). In 2023, we spent
256m US dollar in research and development (2022: 268m US dollar). The spend focused on product innovations, market
research, as well as process optimization and product development.
R&D in product innovation covers liquid, packaging and draft innovation. Product innovation consists of breakthroughinnovation, incremental innovation and reformulation. The main goal for the innovation process is to provide consumers
with better products and experiences. This implies launching new liquid, new packaging and new draught products thatdeliver better experience for the consumer and better performance of top-line results, by increasing our competitivenessin the relevant markets. With consumers comparing products and experiences offered across very different drink categories
and the offerings of beverages increasing, our research and development efforts also require an understanding of thestrengths and weaknesses of other beverage categories, spotting opportunities for beer and developing consumer
solutions (products) that better address consumer need and deliver better experience. This requires understanding
consumer emotions and expectations. Sensory experience, premiumization, convenience, sustainability and design are all
central to our R&D efforts.
R&D in process optimization is primarily aimed at quality improvement, better efficiency, capacity increase (brewery
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.
Our R&D efforts are also directed towards reduction of carbon footprint in our operations, but also of our packages. Projects
range from process innovations that reduce energy in production process steps, but also focus on making packages lighter,increase the amount of recycled content, and convert to more returnable packaging.
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In the biotech space, our R&D teams are working on solutions to upcycle co-product streams, but also to provide protein
solutions through precision fermentation.
Knowledge management and learning is also an integral part of R&D. We seek to continuously increase our knowledge
through collaborations with universities, startups and suppliers. We believe strongly in open innovation as an answer torapidly changing needs and external environment, and our innovation process is designed to create an innovation
ecosystem.
Our R&D team is deeply connected with the company's and the business regions' priorities and approves concepts 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. Launch time usually falls within the next
calendar year, but at the same time new concepts are developed that will only be implemented within a time horizon of
2-5 years.
The Global Innovation and Technology Center (“GITeC”), located in Leuven, accommodates the Packaging, Product,
Process Development teams and facilities such as Labs, Experimental Brewery and the European Central Lab, which also
includes Sensory Analysis. In addition to GITeC, we also have Product, Packaging and Process development teams
located in each of our geographic regions focusing on the short-term needs of such regions.

Risks and uncertainties
Under the explicit understanding that this is not an exhaustive list, AB InBev’s major risk factors and uncertainties are listed
below. There may be additional risks which AB InBev is unaware of. There may also be risks AB InBev now believes to beimmaterial, but which could turn out to have a material adverse effect. Moreover, if and to the extent that any of the risks
described below materialize, they may occur in combination with other risks which would compound the adverse effect ofsuch risks. The sequence in which the risk factors are presented below is not indicative of their likelihood of occurrence orof the potential magnitude of their financial consequence.
AB InBev’s business, financial condition and operating results have been and may continue to be negatively impacted byrisks associated with global, regional and local economic weakness and uncertainty, including those resulting from an
economic downturn, inflation, geopolitical instability (such as the ongoing conflict between Russia and Ukraine and in the
Middle East, including the conflict in the Red Sea), increases in energy prices, public health crises, changes in government
policies and/or increased interest rates. Consumption of beer and other alcohol and non-alcohol beverages in many of thejurisdictions in which AB InBev operates is closely linked to general economic conditions and changes in disposable
income. Difficult macroeconomic conditions in AB InBev’s key markets have adversely affected the demand for AB InBev’s
products in the past and may in the future have a material adverse effect on the demand for AB InBev’s products, which
in turn could result in lower revenue and reduced profit. Inflationary pressures and supply chain disruptions may result insignificant increases to its expenses, including direct materials, wages, energy and transportation costs. In cases ofsustained and elevated inflation across several of its key markets, it may be difficult for AB InBev to effectively manage
the increases to its costs and it may not able to pass these increased costs to its customers. Significant further deteriorationin economic conditions may also cause AB InBev’s suppliers, distributors and other third-party partners to experiencefinancial or operational difficulties that they cannot overcome, impairing their ability to satisfy their obligations to AB InBev,
in which case AB InBev’s business and results of operations could be adversely affected.
A continuation or worsening of the levels of market disruption and volatility seen in the recent past could have an adverse
effect on AB InBev’s ability to access capital, its business, results of operations and financial condition, and on the market
price of its shares and American Depositary Shares.
AB InBev’s business, financial performance and results of operations have been, and may continue to be, adversely
affected by military conflicts and their related consequences. AB InBev’s business, financial performance and results ofoperations have been adversely affected by the ongoing conflict between Russia and Ukraine. In April 2022, AB InBev
announced its decision to sell its non-controlling interest in the AB InBev Efes joint venture, de-recognized the investment
and reported a 1.1 billion US dollar non-cash impairment charge in non-underlying share of results of associates as of 30
June 2022. In December 2023, AB InBev announced that its joint venture partner and the controlling shareholder of AB
InBev Efes, Turkish brewer Anadolu Efes, has agreed to acquire the entirety of AB InBev’s non-controlling interest in AB
InBev Efes and no amount will be paid to AB InBev on closing. The completion of the transaction is subject to customary
closing conditions, including required regulatory and governmental approvals. There can be no guarantee when or whether
these approvals will be obtained. Any payments AB InBev receives after completion will be subject to additional regulatory
approvals and are expected to be not material. In connection with the ongoing conflict between Russia and Ukraine, various
governmental authorities, including in the E.U. and the U.S., have imposed sanctions and other restrictive measures
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against Russia, including export controls and restrictions on carrying out certain activities in Russia or in support of Russian
businesses. As a result of the conflict and international reactions thereto, Russian authorities have also imposed various
economic and financial restrictions, including currency controls and restrictions on transacting with non-Russian parties.
The implementation or expansion of these sanctions, trade restrictions, export and currency controls and other restrictive
measures may make it difficult for AB InBev to divest its non-controlling interest in the AB InBev Efes joint venture or for
AB InBev Efes to remit cash from Russia to other jurisdictions. Any failure to comply with applicable sanctions andrestrictions could subject AB InBev to regulatory penalties and reputational risk. Even though AB InBev is divesting its
interest in the AB InBev Efes joint venture, these developments have had, and may continue to have, an adverse impact
on the company’s business, financial performance and results of operations, and could result in damage to its reputation.
The broader geopolitical and economic impacts of the ongoing conflict between Russia and Ukraine and in the Middle
East, including the conflict in the Red Sea, could have the effect of heightening other risks described herein, including, but
not limited to, adverse effects on economic and political conditions in AB InBev’s key markets, further disruptions to global
supply chains and increases in commodity and energy prices with follow-on global inflationary impacts, additional sanctions
and restrictive measures, increased risk of cyber incidents or other disruptions to AB InBev’s information systems, which
could materially and adversely affect AB InBev’s business and results of operations. The ultimate impact of these
disruptions depends on events beyond AB InBev’s knowledge or control, including the scope and duration of the conflict
and actions taken by parties other than AB InBev to respond to them, and cannot be predicted.
AB InBev’s results of operations are affected by fluctuations in exchange rates. Any change in exchange rates between
AB InBev’s operating companies’ functional currencies and the US dollar will affect its consolidated income statement andstatement of financial position when the results of those operating companies are translated into US dollar for reporting
purposes as translational exposures are not hedged. Additionally, there can be no assurance that the policies in place tomanage commodity price and transactional foreign currency risks to protect AB InBev’s exposure will be able tosuccessfully hedge against the effects of such foreign exchange exposure, especially over the long-term. Furthermore, theuse of financial instruments to mitigate currency risk and any other efforts taken to better match the effective currencies of
AB InBev’s liabilities to its cash flows could result in increased costs.
Following the categorization of Argentina as a country with a three-year cumulative inflation rate greater than 100%, thecountry is considered as a hyperinflationary economy in accordance with IFRS rules (IAS 29), resulting in the restatementof certain results for hyperinflation accounting. If the economic or political situation in Argentina further deteriorates, AB
InBev’s South America operations may be impacted by additional restrictions under new Argentinean foreign exchange,
export repatriation or expropriation regimes that could adversely affect AB InBev’s ability to access funds from Argentina,
financial condition and operating results.
AB InBev may not be able to obtain the necessary funding for its future capital or refinancing needs and may face financial
risks due to its level of debt and uncertain market conditions. AB InBev may be required to raise additional funds for its
future capital needs or to refinance its current indebtedness through public or private financing, strategic relationships orother arrangements and there can be no assurance that the funding, if needed, will be available or provided on attractive
terms. AB InBev has incurred substantial indebtedness by accessing the bond markets from time to time based on its
financial needs, including as a result of the acquisition of SAB. For the near term, the portion of AB InBev’s consolidated
statement of financial position represented by debt is expected to remain higher as compared to its historical position. AB
InBev’s increased level of debt could have significant consequences for AB InBev, including (i) increasing its vulnerability
to general adverse economic and industry conditions, (ii) limiting its flexibility in planning for, or reacting to, changes in its
business and the industry in which it operates, (iii) impairing its ability to obtain additional financing in the future and limiting
its ability to fund future working capital and capital expenditures, to engage in future acquisitions or development activities
or to otherwise realize the value of its assets and opportunities fully, (iv) requiring AB InBev to issue additional equity(potentially under unfavorable market conditions), (v) limiting its ability to pay dividends or pursue other capital distributions
to shareholders, and (vi) placing AB InBev at a competitive disadvantage compared to its competitors that have less debt.
AB InBev’s ability to repay and renegotiate its outstanding indebtedness will be dependent upon market conditions.
Unfavorable conditions, including significant price volatility, dislocations and liquidity disruptions in the global credit markets
in recent years, as well as downward pressure on credit capacity for certain issuers without regard to those issuers’
underlying financial strength, could increase costs beyond what is currently anticipated. Such costs could have a material
adverse impact on AB InBev’s cash flows, results of operations or both. While AB InBev aims to dynamically allocate its
surplus free cash flow (remaining after investments in its business) to balance its leverage, return cash to shareholders
and pursue selective mergers and acquisitions, the company’s level of debt may restrict the amount of dividends it is able
to pay.
Also, a credit rating downgrade could have a material adverse effect on AB InBev’s ability to finance its ongoing operations
or to refinance its existing indebtedness. In addition, an inability of AB InBev to refinance all or a substantial amount of its
debt obligations when they become due, or more generally a failure to raise additional equity capital or debt financing or
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to realize proceeds from asset sales when needed, could have a material adverse effect on its financial condition andresults of operations.
AB InBev’s results could be negatively affected by increasing interest rates. Although AB InBev enters into interest rate
swap agreements to manage its interest rate risk and also enters into cross-currency interest rate swap agreements tomanage both its foreign currency risk and interest-rate risk on interest-bearing financial liabilities, there can be noassurance that such instruments will be successful in reducing the risks inherent in exposures to interest rate fluctuations.
The ability of AB InBev’s subsidiaries to distribute cash upstream may be subject to various conditions and limitations,
including, but not limited to, currency controls and restrictions, accounting principles and illiquidity, inconvertibility or nontransferability of a specified currency. Certain of AB InBev’s subsidiaries, including Ambev, may be required to secure theirperformance of potential obligations under certain agreements and legal proceedings. If these subsidiaries experience
difficulties in obtaining or renewing financial instruments required to secure their performance and AB InBev does notprovide guarantees in respect of their obligations under such financial instruments, these subsidiaries may be required to
pay higher fees, post additional collateral or use a substantial portion of their cash to secure such obligations, which may
adversely affect their available cash flows and liquidity and AB InBev’s subsequent ability to receive cash upstream. The
inability to obtain sufficient cash flows from its domestic and foreign subsidiaries and affiliated companies could adversely
impact AB InBev’s ability to pay dividends and otherwise negatively impact its business, results of operations and financial
condition.
Changes in the availability or price of raw materials, commodities, energy and water, including as a result of geopoliticalinstability, inflationary pressures, currency fluctuations, constraints on sourcing and unexpected increases in tariffs on such
raw materials and commodities, like aluminum, could have an adverse effect on AB InBev's results of operations to theextent that AB InBev fails to adequately manage the risks inherent in such volatility, including if AB InBev’s hedging andderivative arrangements do not effectively or completely hedge against foreign currency risks and changes in commodity
prices. AB InBev experienced higher commodity, raw materials and logistics costs in 2022 and the first half of 2023, which
may continue. Energy prices have been subject to significant price volatility in the recent past and may be again in the
future, including as a result of the ongoing conflict between Russia and Ukraine and in the Middle East, including theconflict in the Red Sea. High energy prices over an extended period of time and disruptions or constraints in the availabilityof shipping or transportation services may affect the price or availability of raw materials or commodities required for AB
InBev’s products, and may adversely affect AB InBev’s operations. AB InBev may not be able to increase its prices tooffset these increased costs or increase its prices without suffering reduced volume, revenue and operating income.
Negative publicity surrounding the company, its brands, its activities, its advertising campaigns, its personnel or its
business partners, and consumer perception of the company’s response to political and social issues or catastrophic
events could damage its reputation or the image of its brands, may decrease demand for its products and may adversely
affect the company’s business, financial condition and/or the market price of its shares and American Depositary Shares.
AB InBev’s reputation and the image of its brands could be damaged as a result of consumers’ perceptions of its support
of, association with or lack of support or disapproval of certain social causes. Further, campaigns by activists or otherpublic figures, whether or not warranted, connecting the company, its personnel, its supply chain, its products or its
business partners with a failure to maintain high ethical, business and environmental, social and governance practices,
including with respect to human rights, workplace conditions and employee health and safety, whether actual or perceived,
could adversely impact the company’s reputation or the image of its brands. Social media, which accelerates andpotentially amplifies the scope of negative publicity, can increase the challenges of responding to negative claims, even if
such claims are untrue. AB InBev’s sponsorship relations and promotional partnerships may also subject it to negative
publicity as a result of any actual or alleged conduct, or consumers’ perceptions of socio-political views expressed, by its
promotional partners or individuals and entities associated with organizations AB InBev sponsors or supports. Negative
claims or publicity involving the company’s sponsorship or promotional partners, including as a result of any of theiractivities that harm their public image or reputation, could also have an adverse effect on AB InBev’s reputation or theimage of its brands. These and other factors have reduced in the past, and could continue to reduce, consumers’
willingness to purchase certain of AB InBev’s products, thereby adversely affecting its business.
Certain of AB InBev's operations depend on effective distribution networks to deliver its products to consumers, anddistributors play an important role in distributing a significant proportion of beer and other beverages. Generally, distributors
purchase AB InBev’s products from AB InBev and then sell them either to other distributors or points of sale. Such
distributors are either government-controlled or privately owned but independent wholesale distributors, and there can be
no assurance that such distributors will not give priority to AB InBev's competitors. Further, any inability of AB InBev toreplace unproductive or inefficient distributors, or any limitations imposed on AB InBev to purchase or own any interest in
distributors or wholesalers as a result of contractual restrictions, regulatory changes, changes in legislation or theinterpretations of legislation by regulators or courts could adversely impact AB InBev's business, results of operations andfinancial condition.
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The continued consolidation of retailers in markets in which AB InBev operates could result in reduced profitability for thebeer industry as a whole and indirectly adversely affect AB InBev's financial results.
AB InBev relies on key third parties, including key suppliers, for a range of raw materials for its beer, alcoholic beverages
and soft drinks, and for packaging material. The termination of or any material change to arrangements with certain key
suppliers or the failure of a key supplier to meet its contractual obligations could have a material impact on AB InBev's
production, distribution and sale of beer, alcoholic beverages and soft drinks and have a material adverse effect on AB
InBev's business, results of operations, cash flows or financial condition. For certain packaging supplies and raw materials,
AB InBev relies on a small number of important suppliers and certain of AB InBev’s subsidiaries may purchase nearly allof their key packaging materials from sole suppliers under multi-year contracts. The loss of or temporary discontinuity ofsupply from any of these suppliers without sufficient time to develop an alternative source could cause AB InBev to spend
increased amounts on such supplies in the future.
In addition, a number of key brand names are both licensed to third-party brewers and used by companies over which AB
InBev does not have control. Although AB InBev monitors brewing quality to ensure its high standards, to the extent that
one of these key brand names or joint ventures, companies in which AB InBev does not own a controlling interest and/or
AB InBev’s licensees are subject to negative publicity, it could have a material adverse effect on AB InBev’s business,
results of operations, cash flows or financial condition.
A portion of the company’s global portfolio consists of associates in new or developing markets, including investments
where the company may have a lesser degree of control over the business operations. The company faces several
challenges inherent to these various culturally and geographically diverse business interests. Although the company works
with its associates on the implementation of appropriate processes and controls, the company also faces additional risks
and uncertainties with respect to these minority investments because the company may be dependent on systems, controls
and personnel that are not under the company’s control, such as the risk that the company’s associates may violate
applicable laws and regulations, which could have an adverse effect on the company’s business, reputation, results ofoperations and financial condition.
AB InBev may have a conflict of interest with its majority-owned subsidiaries. For example, a conflict of interest could arise
if a dispute arises concerning an alleged contractual breach, which could materially and adversely affect AB InBev’s
financial condition. A conflict of interest may also arise as a result of any dual roles played by AB InBev directors who may
also be directors, managers or senior officers of the subsidiary. Notwithstanding policies and procedures to address thepossibility of such conflicts of interest, AB InBev may not be able to resolve all such conflicts on terms favorable to AB
InBev.
The size of AB InBev, contractual limitations it is subject to and its position in the markets in which it operates may decrease
its ability to successfully carry out further acquisitions and business integrations. The size of AB InBev and its position in
the markets in which it operates may make it harder to identify suitable candidates for acquisitions or partnerships, including
because it may be harder for AB InBev to obtain regulatory approval for future transactions. If appropriate opportunities do
become available, AB InBev may seek to acquire or invest in other businesses; however, any future acquisition may pose
regulatory, antitrust and other risks.
AB InBev entered into a consent decree with the U.S. Department of Justice in relation to the combination with SAB,
pursuant to which, among other matters, AB InBev’s subsidiary, Anheuser-Busch Companies, LLC, agreed not to acquire
control of a distributor if doing so would result in more than 10% of its annual volume being distributed throughdistributorships controlled by AB InBev in the U.S. AB InBev’s compliance with its obligations under the settlementagreement is monitored by the U.S. Department of Justice and the Monitoring Trustee appointed by them. Were AB InBev
to fail to fulfill its obligations under the consent decree, whether intentionally or inadvertently, AB InBev could be subject tomonetary fines or other penalties.
A substantial portion of AB InBev’s operations are carried out in developing European, African, Asian and Latin American
markets. AB InBev’s operations and equity investments in these markets are subject to the usual risks of operating indeveloping countries, which include, amongst others, political instability or insurrection, human rights concerns, externalinterference, financial risks, changes in government policy, political and economic changes, changes in the relations
between countries, actions of governmental authorities affecting trade and foreign investment, regulations on repatriationof funds, interpretation and application of local laws and regulations, enforceability of intellectual property and contract
rights, local labor conditions and regulations, lack of upkeep of public infrastructure, potential political and economic
uncertainty, application of exchange controls, nationalization or expropriation, empowerment legislation and policy, corrupt
business environments, crime and lack of law enforcement as well as financial risks, which include risk of illiquidity, inflation,
devaluation, price volatility, currency convertibility and country default. Moreover, the economies of developing countries
are often affected by changes in other developing market countries, and, accordingly, adverse changes in developing
markets elsewhere in the world could have a negative impact on the markets in which AB InBev operates. Such developing
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market risks could adversely impact AB InBev’s business, results of operations and financial condition. Furthermore, theglobal reach of AB InBev’s operations exposes it to risks associated with doing business globally, including changes intariffs. The Office of the United States Trade Representative has enacted tariffs on certain imports into the United Statesfrom China. If significant tariffs or other restrictions are placed on imports from China or any retaliatory trade measures aretaken by China, this could have a material adverse effect on global economic conditions and the stability of global financial
markets, and may significantly reduce global trade, which in turn could have a material adverse effect on AB InBev’s
business in one or more of its key markets and results of operations.
Competition and changing consumer preferences in its various markets and increased purchasing power of retailers in AB
InBev’s distribution channels could cause AB InBev to reduce prices of its products, increase capital investment, increase
marketing and other expenditures or prevent AB InBev from increasing prices to recover higher costs and thereby cause
AB InBev to reduce margins or lose market share. AB InBev may not be able to anticipate or respond adequately tochanges in consumer preferences and tastes or developments in new forms of media and marketing, and AB InBev’s
marketing, promotional and advertising programs may not be successful in reaching consumers in the way it intends. Also,innovation faces inherent risks, and the new products AB InBev introduces may not be successful, while competitors may
be able to respond more quickly to the emerging trends, such as the increasing consumer preference for “craft beers”
produced by microbreweries and the growth of the spirit-based ready-to-drink category in certain markets. Furthermore, inrecent years, many industries have seen disruption from non-traditional producers and distributors, in many cases, due toa rapidly evolving digital landscape. AB InBev’s business could be negatively affected if it is unable to anticipate changing
consumer preferences for digital platforms or fails to continuously strengthen and evolve its capabilities in digital commerce
and marketing. The success of the company’s digital commerce activities depends in part on its ability to attract
wholesalers, retailers and consumers to use its offerings and retain these relationships, which may be impacted byregulatory requirements, competitive pressures and other factors beyond its control. Any of the foregoing could have amaterial adverse effect on AB InBev's business, financial condition and results of operations.
If any of AB InBev’s products is defective or found to contain contaminants, AB InBev may be subject to product recalls orother associated liabilities. Although AB InBev maintains insurance against certain product liability (but not product recall)risks, it may not be able to enforce its rights in respect of these policies and, in the event that contamination or a defectoccurs, any amounts it recovers may not be sufficient to offset any damage it may suffer, which could adversely impact its
business, reputation, prospects, results of operations and financial condition.
In recent years, there has been public and political attention directed at the soft drinks and alcoholic beverage industries,
as a result of an increasing emphasis on health and well-being. Concerns about the health consequences of consuming
alcohol beverages and increased activity from anti-alcohol groups or other bodies, such as the World Health Organization,
advocating for measures designed to reduce the consumption of alcohol beverages may reduce demand for certain of AB
InBev’s products, which could adversely affect its profitability. Despite the progress it has made on its Smart Drinking
Goals, AB InBev may be criticized and experience an increase in the number of publications and studies debating its efforts
to reduce the harmful consumption of alcohol, as advocates try to shape the public discussions. AB InBev may also be
subject to laws and regulations aimed at reducing the affordability or availability of beer in some of its markets. Additional
regulatory restrictions on AB InBev’s business, such as those on the legal minimum drinking age, product labeling, opening
hours or marketing activities, may cause the social acceptability of beer to decline significantly and consumption trends toshift away from it, which could have a material adverse effect on AB InBev’s business, financial condition and results ofoperations.
Negative publicity and campaigns by activists or other public figures, whether or not warranted, connecting AB InBev, its
supply chain or its business partners with workplace and human rights issues, whether actual or perceived, could adversely
impact AB InBev’s reputation and may cause its business to suffer. AB InBev has adopted policies making a number ofcommitments to respect human rights, including its commitment to the principles and guidance contained in the UN Guiding
Principles on Business and Human Rights. Allegations, even if untrue, that AB InBev is not respecting its commitments or
actual or perceived failure by its suppliers or other business partners to comply with applicable workplace and labor laws,
including child labor laws, or their actual or perceived abuse or misuse of migrant workers could negatively affect AB
InBev’s reputation and the image of its brands and may adversely affect its business. AB InBev is now, and may in the
future be, a party to legal proceedings and claims, including collective suits (class actions), and significant damages may
be asserted against it. Given the inherent uncertainty of litigation, it is possible that AB InBev might incur liabilities as aconsequence of the proceedings and claims brought against it, including those that are not currently believed by it to bereasonably possible, which could have a material adverse effect on AB InBev’s business, results of operations, cash flows
or financial position. Important contingencies are disclosed in Note 29 Contingencies of the 2023 consolidated financial
statements.
AB InBev could incur significant costs as a result of compliance with, and/or violations of or liabilities under, various
regulations that govern AB InBev’s operations or the operations of its licensed third parties, including personal data
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protection laws such as the General Data Protection Regulation adopted in the European Union, the California Consumer
Privacy Act, the Personal Information Protection Law of the People’s Republic of China and the General Personal Data
Protection Law adopted in Brazil.
AB InBev may be subject to adverse changes in taxation, which makes up a large proportion of the cost of beer charged
to consumers in many jurisdictions. Increases in excise and other indirect taxes applicable to AB InBev’s products tend toadversely affect AB InBev’s revenue or margins, both by reducing overall consumption and by encouraging consumers toswitch to other categories of beverages, including unrecorded or informal alcohol products, which could adversely affectthe financial results of AB InBev as well as its results of operations. Minimum pricing is another form of fiscal regulationthat can affect AB InBev’s profitability. Furthermore, AB InBev may be subject to increased taxation on its operations by
national, local or foreign authorities, to higher corporate income tax rates or to new or modified taxation regulations andrequirements (including potential changes in Brazil). For example, in response to the increasing globalization anddigitalization of trade and business operations, the Organization for Economic Co-operation and Development (OECD)
has been working on international tax reform as an extension of its Base Erosion and Profit Shifting project. The reform
initiative incorporates a two-pillar approach: Pillar One, which is focused on the re-allocation of some of the taxable profits
of multinational enterprises to the markets where consumers are located; and Pillar Two, which is focused on establishinga global minimum corporate taxation rate of 15%. In December 2021, the OECD published detailed rules to assist in theimplementation of Pillar Two and in December 2022, the EU Council announced that EU Member States had reached anagreement to implement the minimum tax component (Pillar Two) of the OECD’s global international tax reform initiative
effective 1 January 2024. Most EU Member States have adopted these new rules into their domestic legislation andimplementation of these rules could significantly increase compliance burdens and complexity and may cause increased
audit controversy with competent tax authorities. AB InBev is continuing to evaluate the impact of these legislative changes
as new guidance becomes available, but there is no guarantee that it will be successful in mitigating the impact of theincreased compliance burden. Furthermore, on 16 August 2022, US President Joe Biden approved the Inflation Reduction
Act (IRA), whereunder US companies that report over 1 US billion in profits to shareholders are subject to a 15% minimum
tax based on book income. Changes in tax treaties, the introduction of new legislation or updates to existing legislation incountries in which AB InBev operates, or changes to regulatory interpretations of existing legislation as a result of theOECD tax reform initiatives, the IRA or otherwise could impose additional taxes on businesses and increase thecomplexity, burden and cost of tax compliance in countries where it operates. AB InBev is also subject to regular reviews,
examinations and audits by tax authorities in the jurisdictions in which it operates. Factors such as increased economic
and political pressures to increase tax revenues have contributed to an increase in audit activity, tax authorities becoming
more aggressive in their interpretation and enforcement of tax laws, more time and difficulty to resolve any audits ordisputes and an increase in new tax legislation. Although AB InBev believes its tax estimates, methodologies and positions
are reasonable and consistent with applicable law, significant judgment is required to evaluate applicable tax obligations
and tax authorities may disagree, or may take increasingly aggressive positions with respect to, the company’s judgments.
A tax authority’s final determination in the event of a tax audit could materially differ from AB InBev’s tax provisions andaccruals or may require the company to modify its business practices to reduce its exposure to additional taxes going
forward, any of which may have an adverse effect on its business, results of operations and financial condition.
Antitrust and competition laws and changes in such laws or in the interpretation and enforcement thereof, as well as being
subject to regulatory scrutiny, could affect AB InBev's business or the businesses of its subsidiaries. For example, inconnection with AB InBev’s previous acquisitions, various regulatory authorities have imposed (and may impose in the
future) conditions with which AB InBev is required to comply. The terms and conditions of certain of such authorizations,approvals and/or clearances required, among other things, the divestiture of the company’s assets or businesses to third
parties, changes to the company’s operations, or other restrictions on the company’s ability to operate in certain
jurisdictions. Such actions could have a material adverse effect on AB InBev's business, results of operations, financial
condition and prospects. In addition, such conditions could diminish substantially the synergies and advantages which thecompany expects to achieve from such future transactions.
AB InBev operates its business and markets its products in emerging markets that, as a result of political and economic
instability, a lack of well-developed legal systems and potentially corrupt business environments, present it with political,
economic and operational risks. Although AB InBev is committed to conducting business in a legal and ethical manner incompliance with local and international statutory requirements and standards applicable to its business, there is a risk thatthe employees or representatives of AB InBev’s subsidiaries, affiliates, associates, joint ventures/operations or otherbusiness interests may take actions that violate applicable laws and regulations that generally prohibit the making of
improper payments to foreign government officials for the purpose of obtaining or keeping business, including laws relating
to the 1997 OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions
such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act.

AB InBev – Annual Report 2023  67

New or expanded export control regulations, economic sanctions, embargoes or other forms of trade restrictions imposedon Russia, Syria, Cuba, Iran or other countries in which AB InBev or its associates do business may curtail AB InBev’s
existing business and may result in serious economic challenges in these geographies, which could have an adverse effecton AB InBev and AB InBev’s associates’ operations, and may result in impairment charges on goodwill or other intangible
assets or investments in associates.
Although AB InBev’s operations in Cuba through its subsidiary are quantitatively immaterial, the company’s overallbusiness reputation may suffer, or it may face additional regulatory scrutiny as a result of Cuba being a target of U.S.
economic and trade sanctions or its subsidiary’s involvement in legal proceedings regarding its operations in Cuba. If
investors decide to liquidate or otherwise divest their investments in companies that have operations of any magnitude in
Cuba, the market in and value of AB InBev’s securities could be adversely impacted. In addition, Title III of U.S. legislation
known as the “Helms-Burton Act” authorizes private lawsuits for damages against anyone who traffics in property
confiscated without compensation by the Government of Cuba from persons who at the time were, or have since become,nationals of the United States. Since 2 May 2019, as a result of the activation of Title III of the Helms-Burton Act, AB InBev
may be subject to potential U.S. litigation exposure, including claims accrued during the prior suspension of Title III of theHelms-Burton Act. It remains uncertain how the activation of Title III of the Helms-Burton Act will impact AB InBev’s U.S.
litigation exposure. AB InBev has received notice of potential claims purporting to be made under the Helms-Burton Act.
AB InBev relies on the reputation of its brands and its success depends on its ability to maintain and enhance the image
and reputation of its existing products and to develop a favorable image and reputation for new products. An event, orseries of events, that materially damages the reputation of one or more of AB InBev's brands could have an adverse effecton the value of that brand and subsequent revenues from that brand or business. Further, any restrictions on thepermissible advertising style, media channels and messages used may constrain AB InBev’s marketing activities and thus
reduce the value of its brands and related revenues.
AB InBev may not be able to protect its current and future brands and products and defend its intellectual property rights,
including trademarks, patents, domain names, trade secrets and know-how, which could have a material adverse effecton its business, results of operations, cash flows or financial condition, and in particular, on AB InBev’s ability to develop
its business.
If the business of AB InBev does not develop as expected, impairment charges on goodwill or other intangible assets may
be incurred in the future that could be significant and that could have an adverse effect on AB InBev's results of operations
and financial condition.
Climate change or other environmental concerns, or legal, regulatory or market measures to address climate change orother environmental concerns, could have a long-term, material adverse impact on AB InBev’s business and results ofoperations. In the event that climate change has a negative effect on agricultural productivity, AB InBev may be subject todecreased availability or less favorable pricing for certain agricultural commodities necessary for its products, such as
barley, hops and rice. Further, climate change may also subject AB InBev to water scarcity and quality risks due to thewater required to produce its products, including water consumed in the agricultural supply chain. In the event that climatechange leads to droughts or water over-exploitation or has a negative effect on water availability or quality, the price ofwater may increase in certain areas and certain jurisdictions may adopt regulations restricting the use of water or enact
other unfavorable changes to applicable water-related taxes and regulations. Such measures, if adopted, could lead toincreased regulatory pressures, production costs or capacity constraints. In addition, social attitudes, customer preferences
and investor sentiment are increasingly influenced by sustainability considerations, and as a result AB InBev may facepressure from its shareholders, regulators, suppliers, customers or consumers to further address sustainability-related
concerns, which may require the company to incur increased costs and expose the company to regulatory inquiry or legal
action. If AB InBev fails to meet its 2025 Sustainability Goals or its ambition to achieve net zero emissions across its value
chain by 2040 for any reason, its overall reputation may suffer. Public expectations for reductions in greenhouse gas
emissions, the potential adoption of legal and regulatory requirements designed to address climate change and to increase
disclosures related to sustainability matters, including climate change and mitigation efforts, and disparate and evolving
standards for identifying, measuring and reporting sustainability metrics may require the company to incur increased costs,
make additional investments and implement new practices and reporting processes, and may heighten the company’s
compliance burden and risks. Additionally, AB InBev’s inability to meet its compliance obligations under EU emissions
trading regulations may also have an adverse impact on AB InBev’s business and results of operations.
AB InBev's operations are subject to environmental regulations, which could expose it to significant compliance costs andlitigation relating to environmental issues.
Further, AB InBev may be exposed to labor strikes, disputes and work stoppages or slowdowns, within its operations or
those of its suppliers, or an interruption or shortage of raw materials for any other reason that could lead to a negative
impact on AB InBev’s costs, earnings, financial condition, production level and ability to operate its business. AB InBev’s
AB InBev – Annual Report 2023  68

production may also be affected by work stoppages or slowdowns that affect its suppliers, distributors and retaildelivery/logistics providers as a result of disputes under existing collective labor agreements with labor unions, inconnection with negotiations of new collective labor agreements or as a result of financial distress for its suppliers. A work
stoppage or slowdown at AB InBev’s facilities could interrupt the transport of raw materials and commodities from its
suppliers or the transport of its products to its customers. Such disruptions could put a strain on AB InBev’s relationships
with suppliers and customers and may have lasting effects on its business even after the disputes with its labor force havebeen resolved, including as a result of negative publicity.
AB InBev relies on information and operational technology systems, networks and services to support its businessprocesses and activities, including procurement and supply chain, manufacturing, sales, human resource management,
distribution, and marketing. AB InBev relies on information systems, including through services operated or maintained bythird parties, to collect, process, transmit, and store electronic information, including, but not limited to, sensitive,
confidential or personal information of customers and consumers. The integration of e-commerce, fintech and direct sales
in AB InBev’s operations and their increasingly significant contribution to the company’s revenues and sales has increased
the amount of information that AB InBev processes and maintains, thereby increasing its potential exposure to a security
incident. The sophistication of cybersecurity threat actors also continues to evolve and grow, including the risk associatedwith emerging technologies, such as artificial intelligence, for nefarious purposes. Information systems of AB InBev’s thirdparty partners, including suppliers and distributors, and those of others on which they rely, are also exposed tocybersecurity incidents which may compromise the confidentiality, integrity and availability of their information systems
and result in unauthorized access to AB InBev’s or its customer’s sensitive data. Compliance with, and changes to, laws
and regulations concerning privacy, cybersecurity, and data protection could result in significant expense, and AB InBev
may be required to make additional investments in security technologies. Although AB InBev takes various actions tominimize the likelihood and impact of such cybersecurity incidents and disruptions to information systems, such incidents
could impact AB InBev’s business, impact its ability to meet its contractual obligations and expose it to legal claims or
regulatory penalties. For example, if outside parties gained access to AB InBev’s confidential data or strategic information
and appropriated such information or made such information public, this could harm AB InBev’s reputation or its competitive
advantage, or could expose AB InBev or its customers to a risk of loss or misuse of information. More generally, technology
disruptions can have a material adverse effect on AB InBev’s business, results of operations, cash flows or financial
condition.
AB InBev’s business and operating results could be negatively impacted by natural, social, technical, physical or otherdisasters, including public health crises and global pandemics. AB InBev’s business and results of operations were
negatively impacted by the implementation of COVID-19 restrictions in recent years. While most countries around the world
have removed the restrictions implemented in response to the COVID-19 pandemic, the emergence of new global
pandemics, including new COVID-19 variants, may result in new restrictions in regions and countries where AB InBev
operates, lead to further economic uncertainty and heighten many of the other risks described herein.
AB InBev may not be able to recruit or retain key personnel and successfully manage them, which could disrupt AB InBev’s
business and have an unfavorable material effect on AB InBev’s financial position, its income from operations and its
competitive position.
Although AB InBev maintains insurance policies to cover various risks, it also uses self-insurance for most of its insurable
risks. Should an uninsured loss or a loss in excess of insured limits occur, this could adversely impact AB InBev’s business,
results of operations and financial condition.
AB InBev’s ordinary shares currently trade on Euronext Brussels in euros, the Johannesburg Stock Exchange in South
African rand, the Mexican Stock Exchange in Mexican pesos and its ordinary shares represented by American Depositary
Shares (the “ADSs”) trade on the New York Stock Exchange in US dollars. Fluctuations in the exchange rates between
the euro, the South African rand, the Mexican peso and the US dollar may result in temporary differences between thevalue of AB InBev’s ordinary shares trading in different currencies, and between its ordinary shares and its ADSs, which
may result in heavy trading by investors seeking to exploit such differences.
RISKS ARISING FROM FINANCIAL INSTRUMENTS
Note 27 of the 2023 consolidated financial statements on Risks arising from financial instruments contains detailed
information on the company’s exposures to financial risks and its risk management policies.

AB InBev – Annual Report 2023  69

Events after the reporting date
Please refer to Note 32 Events after the reporting date of the consolidated financial statements.

Corporate governance
For information with respect to Corporate Governance, please refer to the Corporate Governance section, which forms an
integral part of our annual report.

2024 presentation update
For 2024, the definition of organic revenue growth has been amended to cap the price growth in Argentina to a maximum
of 2% per month. Corresponding adjustments will be made to all income statement related items in the organic growth
calculations.

AB InBev – Annual Report 2023  70

Statement of the Board of Directors
The Board of Directors of AB InBev SA/NV certifies, on behalf and for the account of the company, that, to their knowledge,(a) the financial statements which have been prepared in accordance with International Financial Reporting Standards
give a true and fair view of the assets, liabilities, financial position and profit or loss of the company and the entities includedin the consolidation as a whole and (b) the management report includes a fair review of the development and performanceof the business and the position of the company and the entities included in the consolidation as a whole, together with adescription of the principal risks and uncertainties they face.

AB InBev – Annual Report 2023  71

Independent auditors’ report

STATUTORY AUDITOR'S REPORT TO THE GENERAL SHAREHOLDERS’ MEETING OFANHEUSER-BUSCH INBEV NV/SA ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR
THE YEAR ENDED 31 DECEMBER 2023
We present to you our statutory auditor’s report in the context of our statutory audit of the consolidated financial statements of AnheuserBusch InBev NV/SA (the “Company”) and its subsidiaries (jointly “the Group”). This report includes our report on the consolidated financial
statements, as well as the other legal and regulatory requirements. This forms part of an integrated whole and is indivisible.
We have been appointed as statutory auditor by the general meeting d.d. 27 April 2022, following the proposal formulated by the boardof directors and following the recommendation by the audit committee and the proposal formulated by the works’ council. Our mandate
will expire on the date of the general meeting which will deliberate on the annual accounts for the year ended 31 December 2024. We
have performed the statutory audit of the consolidated financial statements of Anheuser-Busch InBev NV/SA for five consecutive years.
Report on the consolidated financial statements
Unqualified opinion
We have performed the statutory audit of the Group’s consolidated financial statements, which comprise the consolidated statement offinancial position as at 31 December 2023, the consolidated income statement, the consolidated statement of comprehensive
income/(loss), the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, andthe notes to the consolidated financial statements, including a summary of significant accounting policies and other explanatory
information, and which is characterized by a consolidated statement of financial position total of USD 219 340 million and a profit for theyear of USD 6 891 million.
In our opinion, the consolidated financial statements give a true and fair view of the Group’s net equity and consolidated financial position
as at 31 December 2023, and of its consolidated financial performance and its consolidated cash flows for the year then ended, in
accordance with International Financial Reporting Standards as adopted by the European Union and with the legal and regulatory
requirements applicable in Belgium.
Basis for unqualified opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) as applicable in Belgium. Furthermore, we haveapplied the International Standards on Auditing as approved by the IAASB which are applicable to the year-end and which are not yet
approved at the national level. Our responsibilities under those standards are further described in the “Statutory auditor’s responsibilities
for the audit of the consolidated financial statements” section of our report. We have fulfilled our ethical responsibilities in accordance withthe ethical requirements that are relevant to our audit of the consolidated financial statements in Belgium, including the requirements
related to independence. We have obtained from the board of directors and Company officials the explanations and information necessary
for performing our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial
statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as awhole and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

AB InBev – Annual Report 2023  72

Key Audit Matter

How our audit addressed the key audit matter

Impairment of goodwill and intangible assets with indefinite useful life
As described in Notes 4, 14 and 15 to the consolidated financial statements,
the Company has recorded goodwill and intangible assets with indefinite
useful life for an amount of $ 117 043 million and $ 38 239 million, respectively,
as of 31 December, 2023. Impairment analyses of goodwill and indefinite-lived
intangible assets are performed annually and whenever a triggering event has
occurred, in order to determine whether the carrying value exceeds therecoverable amount.
Impairment tests are conducted by management, in accordance with IAS 36,
in which management applies a discounted cash flow approach based on
current acquisition valuation models for its cash-generating units showing an
invested capital to EBITDA multiple above 9x and valuation multiples for its
other cash-generating units. The Company uses a strategic plan based on
external sources in respect of macro-economic assumptions, industry,
inflation and foreign exchange rates, past experience and identified initiatives
in terms of market share, revenue, variable and fixed cost, capital expenditure
and working capital assumptions. Management’s cash flow projections
include significant judgment, estimates and assumptions, related to theweighted average cost of capital, the terminal growth rate and the appliedmarket multiple.
The principal considerations for our determination that performing procedures
relating to the impairment of goodwill and intangible assets with indefinite
useful life is a key audit matter are (i) the high degree of auditor judgment andsubjectivity in applying procedures relating to the valuation of the cashgenerating units due to the significant amount of judgment by management
when developing this estimate, (ii) the audit effort involved the use of
professionals with specialized skill and knowledge to assist in evaluating theaudit evidence obtained from these procedures and (iii) the significant audit
effort necessary in evaluating the significant assumptions relating to theestimate, related to the weighted average cost of capital, the terminal growthrate and the applied market multiple.

Key Audit Matter

Addressing the matter involved performing procedures
and evaluating audit evidence in connection with forming
our overall opinion on the consolidated financial
statements. These procedures included testing theeffectiveness of controls relating to management’s
goodwill and indefinite-lived asset impairment testing,including controls over the valuation of the Company’s
cash-generating units.
These procedures also included, among others, testing
management’s process for developing the fair value
estimates; evaluating the appropriateness of the
discounted cash flow model; testing the completeness,accuracy, and relevance of underlying data used in themodels; and, with the assistance of professionals withspecialized skill and knowledge, evaluating the significant
assumptions used by management, related to theweighted average cost of capital, the terminal growth rate
and the applied market multiple.
Evaluating
management’s
assumptions
involved
evaluating whether the assumptions used bymanagement were reasonable considering (i) the current
and past performance of the cash-generating unit, (ii) the
consistency with external market and industry data, (iii)
whether these assumptions were consistent withevidence obtained in other areas of the audit and (iv)analysis of sensitivities in the Company’s discounted cash
flow model.

How our audit addressed the key audit matter

Uncertain tax positions
As described in Notes 4 and 29 to the consolidated financial statements,
significant judgment by management is required in determining the worldwide
provision for income tax. There are some transactions and calculations forwhich the ultimate tax determination is uncertain. Some subsidiaries within
the group are involved in tax audits and local enquiries usually in relation toprior years. Investigations and negotiations with local tax authorities are
ongoing in various jurisdictions at the reporting date and, by their nature,these can take considerable time to conclude. In assessing the amount of
any income tax provisions to be recognized in the financial statements,
estimates are made of the expected successful settlement of these matters.
The principal considerations for our determination that performing procedures
relating to uncertain tax positions is a key audit matter are (i) the high degreeof auditor judgment and subjectivity in applying procedures related to
uncertain tax positions due to the significant amount of judgment bymanagement when developing this estimate, including a high degree of
estimation uncertainty relative to the numerous and complex tax laws,
frequency of tax audits, and the considerable time to conclude investigations
and negotiations with local tax authorities as a result of such audits, and (ii)the audit effort involved the use of professionals with specialized skill andknowledge to assist in evaluating the audit evidence obtained from theseprocedures.

AB InBev – Annual Report 2023  73

Addressing the matter involved performing procedures
and evaluating audit evidence in connection with forming
our overall opinion on the consolidated financial
statements. These procedures included testing theeffectiveness of controls relating to completeness of theuncertain tax positions, as well as controls overmeasurement of the liability.
These procedures also included, among others, (i) testing
the information used in the calculation of the income tax
provisions,
includingintercompany
agreements,
international, federal, and state filing positions, and therelated final tax returns; (ii) testing the calculation of theincome tax provision by jurisdiction, including
management’s assessment of the technical merits of tax
positions and estimates of the amount of tax benefit
expected to be sustained; (iii) testing the completeness ofmanagement’s assessment of both the identification of
uncertain tax positions and possible outcomes thereof;and (iv) evaluating the status and results of income tax
audits by the relevant tax authorities.
Professionals with specialized skill and knowledge wereused to assist in the evaluation of the completeness andmeasurement of the Company’s uncertain tax positions,
includingevaluatingthereasonablenessofmanagement’s assessment of the chance of loss related
to tax positions and the application of relevant tax laws.

Responsibilities of the board of directors for the preparation of the consolidated financial statements
The board of directors is responsible for the preparation of consolidated financial statements that give a true and fair view in accordancewith International Financial Reporting Standards as adopted by the European Union and with the legal and regulatory requirements
applicable in Belgium, and for such internal control as the board of directors determines is necessary to enable the preparation of
consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the board of directors is responsible for assessing the Group’s ability to continue as agoing concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless theboard of directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Statutory auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
In performing our audit, we comply with the legal, regulatory and normative framework applicable to the audit of the consolidated financial
statements in Belgium. A statutory audit does not provide any assurance as to the Group’s future viability nor as to the efficiency oreffectiveness of the board of directors’ current or future business management at Group level. Our responsibilities in respect of the use of
the going concern basis of accounting by the board of directors’ are described below.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit.
We also:●
Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control;●Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in thecircumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control;●
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the board of directors;●
Conclude on the appropriateness of the board of directors’ use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on theGroup’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention
in our statutory auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our statutory
auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern;●
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, andwhether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fairpresentation;●
Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business activities within
the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision andperformance of the Group audit. We remain solely responsible for our audit opinion.
We communicate with the audit committee regarding, among other matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the audit committee witha statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the audit committee, we determine those matters that were of most significance in the audit of theconsolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’sreport unless law or regulation precludes public disclosure about the matter.
Other legal and regulatory requirements
Responsibilities of the board of directors
The board of directors is responsible for the preparation and the content of the directors’ report on the consolidated financial statements.
Statutory auditor’s responsibilities
In the context of our engagement and in accordance with the Belgian standard which is complementary to the International Standards on
Auditing (ISAs) as applicable in Belgium, our responsibility is to verify, in all material respects, the directors’ report on the consolidated
financial statements and to report on these matters.

AB InBev – Annual Report 2023  74

Aspects related to the directors’ report on the consolidated financial statements
In our opinion, after having performed specific procedures in relation to the directors’ report on the consolidated financial statements, thisdirectors’ report is consistent with the consolidated financial statements for the year under audit, and it is prepared in accordance witharticle 3:32 of the Companies’ and Associations’ Code.
In the context of our audit of the consolidated financial statements, we are also responsible for considering, in particular based on theknowledge acquired resulting from the audit, whether the directors’ report on the consolidated financial statements is materially misstatedor contains information which is inadequately disclosed or otherwise misleading. In light of the procedures we have performed, there areno material misstatements we have to report to you.
The non-financial information is included in a separate report of the directors’ report which is part of section “Sustainability statements” of
the annual report. The report of non-financial information contains the information required by virtue of article 3:32, §2 of the Companies’
and Associations’ Code, and agrees with the consolidated financial statements for the same year. The Company has prepared the nonfinancial information, based on reference framework Global Reporting Initiative (GRI) Standards and relevant United Nations Sustainable
Development Goals. However, in accordance with article 3:80, §1, 5° of the Companies’ and Associations’ Code, we do not express an
opinion as to whether the non-financial information has been prepared in accordance with the said framework as disclosed in the separate
report of the directors’ report on the consolidated financial statements.
Statement related to independence●●

Our registered audit firm and our network did not provide services which are incompatible with the statutory audit of theconsolidated financial statements, and our registered audit firm remained independent of the Group in the course of ourmandate.
The fees for additional services which are compatible with the statutory audit of the consolidated financial statements referred
to in article 3:65 of the Companies’ and Associations’ Code are correctly disclosed and itemized in the notes to the consolidated
financial statements.

European Uniform Electronic Format (ESEF)
We have also verified, in accordance with the draft standard on the verification of the compliance of the financial statements with theEuropean Uniform Electronic Format (hereinafter “ESEF”), the compliance of the ESEF format with the regulatory technical standards
established by the European Delegate Regulation No. 2019/815 of 17 December 2018 (hereinafter: “Delegated Regulation”).The boardof directors is responsible for the preparation, in accordance with ESEF requirements, of the consolidated financial statements in the formof an electronic file in ESEF format (hereinafter “digital consolidated financial statements”) included in the annual financial report. Our
responsibility is to obtain sufficient appropriate evidence to conclude that the format and marking language of the digital consolidated
financial statements comply in all material respects with the ESEF requirements under the Delegated Regulation.
Based on our procedures performed, we believe that the format of and marking of information in the digital consolidated financial
statements included in the annual financial report of Anheuser-Busch InBev NV/SA per 31 December 2023 comply in all material respects
with the ESEF requirements under the Delegated Regulation.
Other statements
This report is consistent with the additional report to the audit committee referred to in article 11 of the Regulation (EU) N°537/2014.
Diegem, 28 February 2024
The Statutory Auditor
PwC Bedrijfsrevisoren BV / Reviseurs d'Entreprises SRL
Represented by

Koen Hens
Statutory Auditor

AB InBev – Annual Report 2023  75

Consolidated financial statements
Consolidated income statement
For the year ended 31 December
Million US dollar, except earnings per share in US dollar.
Revenue
Cost of sales
Gross profit.
Distribution expenses
Sales and marketing expenses
Administrative expenses
Other operating income/(expenses)
Profit from operations before non-underlying items.
Non-underlying costs above profit from operations
Profit from operations.
Finance cost
Finance income
Non-underlying net finance income/(cost)
Net finance income/(cost).
Share of result of associates
Non-underlying share of results of associates
Profit before tax.
Income tax expense
Profit of the period.
Profit of the period attributable to:Equity holders of AB InBev
Non-controlling interest.
Basic earnings per share
Diluted earnings per share.
Underlying earnings per share²

Notes

2023

2022¹

59 380(27 396)
31 98457 786(26 305)
31 481(6 277)(7 158)(4 738)778
14 590(6 389)(6 752)(4 414)841
14 7688(624)
13 966(251)
14 5171111
11(5 808)775(69)(5 102)(5 792)814
829(4 148)16
8 / 16

295
(35)
9 124

299
(1 143)9 524

12(2 234)6 891(1 928)
7 597

5 341
1 550

5 969
1 628

21
21

2.65
2.60

2.97
2.91

21

3.05

3.03

7

The accompanying notes are an integral part of these consolidated financial statements. 1 2

1

As from 1 January 2023, mark-to-market gains/(losses) on derivatives related to the hedging of the share-based payment programs are reported in the nonunderlying net finance income/(cost). The 2022 presentation was amended to conform to the 2023 presentation.
2
Underlying earnings per share is not a defined metric in IFRS. Refer to Note 21 Changes in equity and earnings per share for more details.
AB InBev – Annual Report 2023  76

Consolidated statement of comprehensive income/(loss)
For the year ended 31 December
Million US dollar.
Profit of the period
XXX
Other comprehensive income/(loss): items that will not be reclassified
to profit or loss:
Re-measurements of post-employment benefits.
Other comprehensive income/(loss): items that may be reclassified
subsequently to profit or loss:
Exchange differences on translation of foreign operations
Effective portion of changes in fair value of net investment hedges
Cash flow hedges recognized in equity
Cash flow hedges reclassified from equity to profit or loss
XXX.
Other comprehensive income/(loss), net of tax
XXX
Total comprehensive income/(loss)
XXX
Attributable to:Equity holders of AB InBev
Non-controlling interest

Notes

2023

2022

6 891

7 597

21

(136)
(136)

519
519

21

4 171
(242)
(400)
483
4 012

(1 298)
(173)
183
(546)
(1 834)3 876(1 315)

10 767

6 283

9 739
1 028

4 994
1 289

The accompanying notes are an integral part of these consolidated financial statements.

AB InBev – Annual Report 2023  77

Consolidated statement of financial position
Million US dollar.
ASSETS
Non-current assets
Property, plant and equipment
Goodwill
Intangible assets
Investments in associates
Investment securities
Deferred tax assets
Pensions and similar obligations
Income tax receivables
Derivatives
Trade and other receivables
Total non-current assets
Current assets
Investment securities
Inventories
Income tax receivables
Derivatives
Trade and other receivables
Cash and cash equivalents
Assets classified as held for sale
Total current assets

Notes

31 December 2023

31 December 2022

26 818117 043
41 286
4 872
178
2 935
12
844
44
1 941
195 973

26 671113 01040 209
4 656
175
2 300
11
883
60
1 782
189 757

67
5 583
822
505
6 024
10 33234
23 367

97
6 612
813
331
5 330
9 973
30
23 186219 340

212 94321

1 736
17 62020 27642 21581 8481 736
17 62015 21838 82373 39830

10 82892 676

10 88084 27822
23
17

74 163
1 673
11 874
589
151
738
320
89 50878 880
1 534
11 818
610
184
859
396
94 282

17
3 987
1 583
5 318
25 981269
37 156

83
1 029
1 438
5 308
26 349176
34 383219 340

212 943

13
14
15
16
20
17
23
27
19

20
18
27
19
20

Total assets
EQUITY AND LIABILITIES
EquityIssued capital
Share premium
Reserves
Retained earnings
Equity attributable to equity holders of AB InBev
Non-controlling interests
Total equity
Non-current liabilities
Interest-bearing loans and borrowings
Pensions and similar obligations
Deferred tax liabilities
Income tax payables
Derivatives
Trade and other payables
Provisions
Total non-current liabilities
Current liabilities
Bank overdrafts
Interest-bearing loans and borrowings
Income tax payables
Derivatives
Trade and other payables
Provisions
Total current liabilities

27
26
25

20
22
27
26
25

Total equity and liabilities

The accompanying notes are an integral part of these consolidated financial statements.

AB InBev – Annual Report 2023  78

Consolidated statement of changes in equity
Attributable to equity holders of AB InBev

Million US dollar
As per 1 January 2022
Profit of the period
Other comprehensive income/(loss)
Total comprehensive income/(loss)
Dividends
Treasury shares
Share-based payments
Hyperinflation monetary adjustments
Scope and other changes
As per 31 December 2022
XXX

Notes

21

24

IssuedCapital
1 736
1 736

Share
premium
17 62017 620Treasuryshares(3 994)289(3 706)

Reserves
54 001477
54 477

Other
comprehensive
incomereserves(34 577)
(976)
(976)
(35 553)

Retainedearnings
33 8825 969
5 969(1 198)
(193)
380
(18)
38 823Total
68 669
5 969
(976)
4 994
(1 198)
95
477
380
(18)
73 398

Noncontrollinginterest
10 671
1 628
(339)
1 289
(1 355)20236
19
10 880

Total
Equity79 3407 597(1 315)6 283(2 553)
95
497
616
1
84 278

Total
73 398
5 341
4 398
9 739
(1 582)
(237)
418
417
(306)
81 848

Noncontrollinginterest
10 880
1 550
(522)
1 028
(1 371)19258
15
10 828Total
Equity84 2786 891
3 876
10 767(2 952)
(237)
438
675
(291)
92 676

Attributable to equity holders of AB InBev

Million US dollar
As per 1 January 2023
Profit of the period
Other comprehensive income/(loss)
Total comprehensive income/(loss)
Dividends
Treasury shares
Share-based payments
Hyperinflation monetary adjustments
Scope and other changes
As per 31 December 2023

Notes

21

24

IssuedCapital
1 736
1 736

Share
premium
17 62017 620Treasuryshares(3 706)240(3 465)Reserves
54 477418
54 896

The accompanying notes are an integral part of these consolidated financial statements

AB InBev – Annual Report 2023  79

Othercomprehensive
incomereserves(35 553)
4 398
4 398
(31 155)

Retainedearnings
38 8235 341
5 341(1 582)
(477)
417
(306)
42 215

Consolidated statement of cash flows
For the year ended 31 December
Million US dollar.
OPERATING ACTIVITIESProfit of the period
Depreciation, amortization and impairment
Net finance cost/(income)Equity-settled share-based payment expense
Income tax expense
Other non-cash items
Share of result of associates
Cash flow from operating activities before changes in working capitaland use of provisions
Decrease/(increase) in trade and other receivables
Decrease/(increase) in inventories
Increase/(decrease) in trade and other payables
Pension contributions and use of provisions
Cash generated from operations
Interest paid
Interest received
Dividends received
Income tax paid
Cash flow from/(used in) operating activities.
INVESTING ACTIVITIESAcquisition of property, plant and equipment and of intangible assets
Proceeds from sale of property, plant and equipment and of intangible assets
Sale/(acquisition) of subsidiaries, net of cash disposed/ acquired ofProceeds from sale/(acquisition) of other assets
Cash flow from/(used in) investing activities.
FINANCING ACTIVITIES
Proceeds from borrowings
Repayments of borrowings
Dividends paid
Share buyback
Payment of lease liabilities
Derivative financial instruments
Sale/(acquisition) of non-controlling interests
Other financing cash flows
Cash flow from/(used in) financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents less bank overdrafts at beginning of year
Effect of exchange rate fluctuations
Cash and cash equivalents less bank overdrafts at end of period

Notes

10
11
24
12
16

13/15
6

22
22
21
21

20

The accompanying notes are an integral part of these consolidated financial statements. 1

1

Amended to conform to the 2023 presentation.

AB InBev – Annual Report 2023  80

2023

2022¹

6 891
5 411
5 102
570
2 234
1 125
(260)

7 597
5 078
4 148
448
1 928
(102)
844

21 07219 941(1 147)717(1 110)(419)
19 113(3 877)598
127(2 696)
13 265(48)(1 547)
1 249(351)
19 244(4 133)611
158(2 582)13 298(4 638)156
9119(4 354)(5 160)
322
(70)
288
(4 620)202(3 098)(3 013)
(362)
(780)
(841)
(22)
(682)
(8 596)91(7 265)(2 442)
(610)
61
(20)
(435)
(10 620)

315
9 890
109
10 314(1 942)12 043(211)
9 890

Notes to the consolidated financial statements
Note
Corporate information

1

Statement of compliance2

Summary of significant accounting policies

3

Use of estimates and judgments

4

Segment reporting

5

Acquisitions and disposals of subsidiaries

6

Other operating income/(expenses)

7

Non-underlying items

8

Payroll and related benefits

9Additional information on operating expenses by nature

10

Finance cost and income

11

Income taxes

12

Property, plant and equipment

13

Goodwill

14

Intangible assets

15

Investments in associates

16

Deferred tax assets and liabilities

17

Inventories

18

Trade and other receivables

19

Cash and cash equivalents and investment securities

20

Changes in equity and earnings per share

21

Interest-bearing loans and borrowings

22

Pensions and similar obligations

23

Share-based payments

24

Provisions

25

Trade and other payables

26

Risks arising from financial instruments

27

Collateral and contractual commitments for the acquisition of property, plant and equipment,
loans to customers and other28

Contingencies

29

Non-controlling interests

30

Related parties

31

Events after the reporting date32

AB InBev companies

33

AB InBev – Annual Report 2023  81

1. Corporate information
Anheuser-Busch InBev is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings on
the Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts on the
New York Stock Exchange (NYSE: BUD). As a company, 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.
We are committed to building great brands that stand the test of time and to brewing the best beers using the finest
ingredients. Our diverse portfolio of well over 500 beer brands includes global brands Budweiser®, Corona®, Stella Artois®
and Michelob Ultra®; multi-country brands Beck’s®, Hoegaarden® and Leffe®; and local champions such as Aguila®,
Antarctica®, Bud Light®, Brahma®, Cass®, Castle®, Castle Lite®, Cristal®, Harbin®, Jupiler®, Modelo Especial®,
Quilmes®, Victoria®, Sedrin® and Skol®. Our brewing heritage dates back more than 600 years, spanning continents andgenerations. From our European roots at the Den Hoorn brewery in Leuven, Belgium. To the pioneering spirit of the Anheuser& Co brewery in St. Louis, US. To the creation of the Castle Brewery in South Africa during the Johannesburg gold rush. To
Bohemia, the first brewery in Brazil. Geographically diversified with a balanced exposure to developed and developing
markets, we leverage the collective strengths of approximately 155 000 employees based in nearly 50 countries worldwide.
For 2023, AB InBev’s reported revenue was 59.4 billion US dollar (excluding joint ventures and associates).
The consolidated financial statements of the company for the year ended 31 December 2023 comprise the company and its
subsidiaries (together referred to as “AB InBev” or the “company”) and the company’s interest in associates, joint venturesand operations.
The consolidated financial statements were authorized for issue by the Board of Directors on 28 February 2024.

2. Statement of compliance
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards
as issued by the International Accounting Standard Board (IASB) and in conformity with International Financial ReportingStandards as adopted by the European Union (collectively “IFRS”). AB InBev did not early apply any new IFRS requirementsthat were not yet effective in 2023 and did not apply any European carve-outs from IFRS.

3. Summary of significant accounting policies
The accounting policies applied are consistent to all periods presented in these consolidated financial statements by thecompany and its subsidiary.
(A) BASIS OF PREPARATION AND MEASUREMENT
Depending on the applicable IFRS requirements, the measurement basis used in preparing the financial statements is cost,
net realizable value, fair value or recoverable amount. Whenever IFRS provides an option between cost and anothermeasurement basis (e.g., systematic re-measurement), the cost approach is applied.
(B) FUNCTIONAL AND PRESENTATION CURRENCY
Unless otherwise specified, all financial information included in these financial statements has been stated in US dollar,
which is the company’s presentation currency, and has been rounded to the nearest million. The functional currency of theparent company is the euro.
(C) PRINCIPLES OF CONSOLIDATION
Subsidiaries are those entities controlled by AB InBev. AB InBev controls an entity when it is exposed to, or has rights to,variable returns from its involvement with the entity and has the ability to affect those returns through its power over theentity. In assessing control, potential voting rights are taken into account. Control is presumed to exist where AB InBev owns,
directly or indirectly, more than one half of the voting rights (which does not always equate to economic ownership), unless
it can be demonstrated that such ownership does not constitute control. The financial statements of subsidiaries are includedin the consolidated financial statements from the date that control commences until the date that control ceases. Total
comprehensive income of subsidiaries is attributed to the owners of the company and to the non-controlling interests even
if this results in the non-controlling interests having a deficit balance.
Associates are undertakings in which AB InBev has significant influence over the financial and operating policies, but which
it does not control. This is generally evidenced by ownership of between 20% and 50% of the voting rights. A joint venture
is an arrangement in which AB InBev has joint control, whereby AB InBev has rights to the net assets of the arrangement,
rather than rights to its assets and obligations for its liabilities. Associates and joint ventures are accounted for by the equity
method of accounting, from the date that significant influence or joint control commences until the date that significant
AB InBev – Annual Report 2023  82

influence or joint control ceases. When AB InBev’s share of losses exceeds the carrying amount of the associate or joint
venture, the carrying amount is reduced to nil and recognition of further losses is discontinued except to the extent that
AB InBev has incurred legal or constructive obligations on behalf of the associate or joint venture.
Joint operations arise when AB InBev has rights to the assets and obligations to the liabilities of a joint arrangement. AB
InBev accounts for its share of the assets, liabilities, revenues and expenses as from the moment joint operation commences
until the date that joint operation ceases.
The financial statements of the company’s subsidiaries, joint ventures, joint operations and associates are prepared for thesame reporting year as the parent company, using consistent accounting policies. In exceptional cases when the financial
statements of a subsidiary, joint venture, joint operation or associate are prepared as of a different date from that of AB
InBev, adjustments are made for the effects of significant transactions or events that occur between that date and the dateof AB InBev's financial statements. In such cases, the difference between the end of the reporting period of thesesubsidiaries, joint ventures, joint operations or associates from AB InBev's reporting period is no more than three months.
Results from the company’s associates Anadolu Efes and Castel are reported on a three-month lag. Therefore, estimates
are made to reflect AB InBev’s share in the result of these associates for the last quarter. Such estimates are revisited whenrequired.
Transactions with non-controlling interests are treated as transactions with equity owners of the company. For purchasesfrom non-controlling interests, the difference between any consideration paid and the relevant share acquired of the carrying
value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also
recorded in equity where there is no loss of control.
All intercompany transactions, balances and unrealized gains and losses on transactions between group companies havebeen eliminated. Unrealized gains arising from transactions with joint ventures, joint operations and associates are eliminatedto the extent of AB InBev’s interest in the entity. Unrealized losses are eliminated in the same way as unrealized gains, but
only to the extent that there is no evidence of impairment.
A listing of the company’s most important subsidiaries, joint ventures, joint operations and associates is set out in Note 33
AB InBev companies.
(D) SUMMARY OF CHANGES IN ACCOUNTING POLICIESA number of amendments to standards became mandatory for the first time for the financial year beginning on 1 January2023 and have not been listed in these consolidated financial statements as they either do not apply or are immaterial to AB
InBev’s consolidated financial statements.
The IASB made amendments to IAS 12 Income taxes in May 2023 that (a) provide a temporary exception from accounting
for deferred taxes arising from legislation enacted to implement the OECD’s Pillar Two model rules, and (b) introduce
additional disclosure requirements. The company and its subsidiaries are within the scope of the OECD Pillar Two model
rules as Pillar Two legislation was enacted in Belgium, the jurisdiction in which the parent entity is incorporated, and will
come into effect from 1 January 2024. The company applied the exception from accounting for deferred taxes arising fromlegislation enacted and is in the process of assessing the full impact. Based on the preliminary analysis made, the company
does not expect the impact to be material.
(E) FOREIGN CURRENCIES
Foreign currency transactions
Foreign currency transactions are accounted for at exchange rates prevailing at the date of the transactions. Monetary assets
and liabilities denominated in foreign currencies are translated at the exchange rates prevailing on the reporting. Gains andlosses resulting from the settlement of foreign currency transactions and from the translation of monetary assets and liabilities
denominated in foreign currencies are recognized in the income statement. Non-monetary assets and liabilities denominatedin foreign currencies are translated at the foreign exchange rate prevailing at the date of the transaction or, for those stated
at fair value, at the dates the fair value was determined.
Translation of the results and financial position of foreign operations
Assets and liabilities of foreign operations are translated to US dollar at foreign exchange rates prevailing at the reporting
date. Income statements of foreign operations, excluding foreign entities in hyperinflationary economies, are translated to
US dollar at exchange rates for the year approximating the foreign exchange rates prevailing at the dates of the transactions.
The components of shareholders’ equity are translated at historical rates. Exchange differences arising from the translationof shareholders’ equity to US dollar at period-end exchange rates are taken to other comprehensive income (translation
reserves).
AB InBev – Annual Report 2023  83

Financial Reporting in hyperinflationary economies
In May 2018, the Argentinean peso underwent a severe devaluation, causing Argentina´s three-year cumulative inflation to
exceed 100% and thus, triggering the requirement to transition to hyperinflation accounting as of 2018, as prescribed by IAS
29 Financial Reporting in Hyperinflationary Economies.
Under IAS 29, non-monetary assets and liabilities stated at historical cost, equity and income statements of subsidiaries
operating in hyperinflationary economies are restated for changes in the general purchasing power of the local currency,
applying a general price index. These re-measured accounts are used for conversion into US dollar at the period closing
exchange rate. As a result, the statement of financial position and net results of subsidiaries operating in hyperinflation
economies are stated in terms of the measuring unit current at the end of the reporting period.
The 2023 results, restated for purchasing power, were translated at the December 2023 closing rate of 808.737265
Argentinean pesos per US dollar (2022 results - at 177.131872 Argentinean pesos per US dollar).
Exchange rates
The most important exchange rates that have been used in preparing the financial statements are:
1 US dollar equals:

Closing rate
31 December 2023
31 December 2022

Argentinean peso
Brazilian real
Canadian dollar
Chinese yuan
Colombian pesoEuro
Mexican peso
Peruvian nuevo sol
Pound sterlingSouth African randSouth Korean won

808.737265
4.841287
1.325066
7.104880
3 818.47
0.904977
16.893354
3.713000
0.786470
18.414052
1 296.53

177.131872
5.217705
1.353834
6.898736
4 807.99
0.937559
19.361452
3.820004
0.831548
16.968472
1 260.16

Average rate
31 December 2023
31 December 2022
5.008522
1.351906
7.063811
4 284.95
0.925550
17.728805
3.745164
0.804601
18.409380
1 309.12

5.164428
1.297354
6.661729
4 211.36
0.951768
20.123646
3.845294
0.811905
16.392270
1 286.17(F) INTANGIBLE ASSETS
Research and development
Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge andunderstanding, is recognized in the income statement as an expense as incurred.
Expenditure on development activities, whereby research findings are applied to a plan or design for the production of newor substantially improved products and processes, is capitalized if the product or process is technically and commercially
feasible, future economic benefits are probable, and the company has sufficient resources to complete development. The
expenditure capitalized includes the cost of materials, direct labor and an appropriate proportion of overheads. Other
development expenditure is recognized in the income statement as an expense as incurred. Capitalized development
expenditure is stated at cost less accumulated amortization (see below) and impairment losses (refer to accounting policy
N).
Amortization related to research and development intangible assets is included within the cost of sales if production related
and in sales and marketing if related to commercial activities.
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as partof the cost of such assets.
Supply and distribution rights
A supply right is the right for AB InBev to supply a customer and the commitment by the customer to purchase from AB
InBev. A distribution right is the right to sell specified products in a certain territory. Acquired distribution rights are measured
initially at cost or fair value when obtained through a business combination. Amortization related to supply and distribution
rights is included within sales and marketing expenses.
Brands
If part of the consideration paid in a business combination relates to trademarks, trade names, formulas, recipes ortechnological expertise these intangible assets are considered as a group of complementary assets that is referred to as abrand for which one fair value is determined. Expenditure on internally generated brands is expensed as incurred.
AB InBev – Annual Report 2023  84

Software
Purchased software is measured at cost less accumulated amortization. Expenditure on internally developed software iscapitalized when the expenditure qualifies as development activities; otherwise, it is recognized in the income statement
when incurred. Amortization related to software is included in cost of sales, distribution expenses, sales and marketing
expenses or administrative expenses based on the activity the software supports.
Other intangible assets
Other intangible assets, acquired by the company, are recognized at cost less accumulated amortization and impairment
losses. Other intangible assets also include multi-year sponsorship rights acquired by the company. These are initiallyrecognized at the present value of the future payments and subsequently measured at cost less accumulated amortizationand impairment losses.
Subsequent expenditure
Subsequent expenditure on capitalized intangible assets is capitalized only when it increases the future economic benefits
embodied in the specific asset to which it relates. All other expenditures are expensed as incurred.
Amortization
Intangible assets with a finite life are amortized using the straight-line method over their estimated useful lives. Licenses,
brewing, supply and distribution rights are amortized over the period in which the rights exist. Brands are considered to havean indefinite life unless plans exist to discontinue the brand. Discontinuance of a brand can be either through sale or
termination of marketing support. When AB InBev purchases distribution rights for its own products the life of these rights is
considered indefinite, unless the company has a plan to discontinue the related brand or distribution. Software andcapitalized development costs related to technology are amortized generally over 3 to 10 years.
Brands are deemed intangible assets with indefinite useful lives and, therefore, are not amortized but tested for impairment
on an annual basis (refer to accounting policy N).
Gains and losses on saleNet gains on sale of intangible assets are presented in the income statement as other operating income. Net losses on sale
are included as other operating expenses. Net gains and losses are recognized in the income statement when the control
has been transferred to the buyer, recovery of the consideration is probable, the associated costs can be estimated reliably,
and there is no continuing managerial involvement with the intangible assets.
(G) BUSINESS COMBINATIONS
The company applies the acquisition method of accounting to account for acquisitions of businesses. The cost of an
acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred,and equity instruments issued. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured
separately at their fair value as of the acquisition date. The excess of the cost of the acquisition over the company’s interestin the fair value of the identifiable net assets acquired is recorded as goodwill.
The allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions
requiring management judgment.
Acquisition-related costs are expensed as incurred.
If the business combination is achieved in stages, the acquisition date carrying value of AB InBev’s previously held interestin the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement
are recognized in profit or loss.
(H) GOODWILL
Goodwill is determined as the excess of the consideration paid over AB InBev’s interest in the net fair value of the identifiable
assets, liabilities and contingent liabilities of the acquired subsidiary, jointly controlled entity or associate recognized at thedate of acquisition. All business combinations are accounted for by applying the purchase method.
In conformity with IFRS 3 Business Combinations, goodwill is stated at cost and not amortized but tested for impairment on
an annual basis and whenever there is an indicator that the cash generating unit to which goodwill has been allocated, may
be impaired (refer to accounting policy N). Goodwill is expressed in the currency of the subsidiary to which it relates and is

AB InBev – Annual Report 2023  85

translated to US dollar using the year-end exchange rate. In respect of associates, the carrying amount of goodwill is includedin the carrying amount of the investment in the associate.
If AB InBev’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognized exceeds
the cost of the business combination such excess is recognized immediately in the income statement as required by IFRS
3 Business Combinations. Expenditure on internally generated goodwill is expensed as incurred.
(I)

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses (refer to accounting
policy N). Cost includes the purchase price and any costs directly attributable to bringing the asset to the location andcondition necessary for it to be capable of operating in the manner intended by management (e.g., nonrefundable tax andtransport cost). The cost of a self-constructed asset is determined using the same principles as for an acquired asset. The
depreciation methods, residual value, as well as the useful lives are reassessed and adjusted if appropriate, annually.
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets are capitalized as partof the cost of such assets.
Subsequent expenditure
The company recognizes in the carrying amount of an item of property, plant and equipment the cost of replacing part ofsuch an item when that cost is incurred if it is probable that the future economic benefits embodied with the item will flow to
the company and the cost of the item can be measured reliably. All other costs are expensed as incurred.
Depreciation
The depreciable amount is the cost of an asset less its residual value. Residual values, if not insignificant, are reassessedannually. Depreciation is calculated from the date the asset is available for use, using the straight-line method over theestimated useful lives of the assets.
The estimated useful lives are defined in terms of the asset’s expected utility to the company and can vary from one
geographical area to another. On average the estimated useful lives are as follows:
Industrial buildings – other real estate properties
Production plant and equipment:
Production equipment
Storage, packaging and handling equipment
Returnable packaging:
Kegs
CratesBottles
Point of sale furniture and equipment
VehiclesInformation processing equipment

20 - 50 years
10 - 15 years
5 - 7 years
2 - 10 years
2 - 10 years
2 - 5 years
5 years
5 years
3 - 10 years

Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items
of property, plant and equipment.
Land is not depreciated as it is deemed to have an indefinite life.
Gains and losses on saleNet gains on sale of items of property, plant and equipment are presented in the income statement as other operating
income. Net losses on sale are presented as other operating expenses. Net gains and losses are recognized in the income
statement when the control has been transferred to the buyer, recovery of the consideration is probable, the associatedcosts can be estimated reliably, and there is no continuing managerial involvement with the property, plant and equipment.

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(J) LEASESThe company as lessee
The company assesses whether a contract is or contains a lease at inception of a contract. The company recognizes a rightof-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for shortterm leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, thecompany recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease, andpayments for these leases are presented in cash flow from operating activities.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the company uses its
incremental borrowing rate specific to the country, term and currency of the contract. In addition, the company considers its
recent debt issuances as well as publicly available data for instruments with similar characteristics when calculating theincremental borrowing rates.
Lease payments include fixed payments, less any lease incentives, variable lease payments that depend on an index or arate known at the commencement date, and purchase options or extension option payments if the company is reasonably
certain to exercise these options. Variable lease payments that do not depend on an index or rate are not included in themeasurement of the lease liability and right-of-use asset and are recognized as an expense in the income statement in the
period in which the event or condition that triggers those payments occurs.
A lease liability is remeasured upon a change in the lease term, changes in an index or rate used to determine the lease
payments or reassessment of exercise of a renewal and/or purchase option. The corresponding adjustment is made to therelated right-of-use asset.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or
before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated
depreciation and impairment losses. The right-of-use assets are depreciated starting at the commencement date over the
shorter period of useful life of the underlying asset and lease term (refer to accounting policies I and N).
The lease liability is presented in the ‘Interest-bearing loans and borrowings’ line and the right-of-use assets are presented
in the ‘Property, plant and equipment’ line in the consolidated statement of financial position. In addition, the principal portionof the lease payments is presented within financing activities and the interest component is presented within operating
activities in the consolidated cash flow statement.
The company as lessor
Leases where the company transfers substantially all the risks and rewards of ownership to the lessee are classified as
finance leases. Leases of assets under which all the risks and rewards of ownership are substantially retained by thecompany are classified as operating leases. Rental income is recognized in other operating income on a straight-line basis
over the term of the lease.
(K) INVENTORIESInventories are valued at the lower of cost and net realizable value. Cost includes expenditure incurred in acquiring theinventories and bringing them to their existing location and condition. The weighted average method is used in assigning thecost of inventories.
The cost of finished products and work in progress comprises raw materials, other production materials, direct labor, otherdirect cost and an allocation of fixed and variable overhead based on normal operating capacity. Net realizable value is theestimated selling price in the ordinary course of business, less the estimated completion and selling costs.
Inventories are written down on a case-by-case basis if the anticipated net realizable value declines below the carrying
amount of the inventories. The calculation of the net realizable value takes into consideration specific characteristics of each
inventory category, such as expiration date, remaining shelf life, slow-moving indicators, amongst others.

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(L) TRADE AND OTHER RECEIVABLES
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of businessand generally due for settlement within 30 days. Trade receivables are recognized initially at the amount of the considerationthat is unconditional unless they contain significant financing components, when they are recognized at the amount adjusted
for the time value of money. The company holds trade and other receivables with the objective to collect the contractual cash
flows and therefore measures them subsequently at amortized cost using the effective interest rate method.
Trade and other receivables are carried at amortized cost less impairment losses. To determine the appropriate amount tobe impaired factors such as significant financial difficulties of the debtor, probability that the debtor will default, enter into
bankruptcy or financial reorganization, or delinquency in payments are considered.
Other receivables are initially recognized at fair value and subsequently measured at amortized cost. Any impairment losses
and foreign exchange results are directly recognized in profit or loss.
(M) CASH AND CASH EQUIVALENTS
Cash and cash equivalents include all cash balances and short-term highly liquid investments with a maturity of three months
or less from the date of acquisition that are readily convertible into cash. They are stated at face value, which approximates
their fair value. In the cash flow statement, cash and cash equivalents are presented net of bank overdrafts.
(N) IMPAIRMENT
The carrying amounts of property, plant and equipment, goodwill and intangible assets are reviewed at each reporting dateto determine whether there is any indication of impairment. If there is an indicator of impairment, the asset’s recoverable
amount is estimated. In addition, goodwill, intangible assets that are not yet available for use and intangibles with an indefinite
useful life are tested for impairment annually at the cash-generating unit level (that is a country or group of countries managed
as a group below a reporting region). An impairment loss is recognized whenever the carrying amount of an asset or the
related cash-generating unit exceeds its recoverable amount. Impairment losses are recognized in the income statement.
Calculation of recoverable amountThe recoverable amount of non-financial assets is determined as the higher of their fair value less costs to sell and value in
use. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the
cash-generating unit to which the asset belongs. The recoverable amount of the cash generating units to which the goodwill
and the intangible assets with indefinite useful life belong is based on discounted future cash flows using a discount rate thatreflects current market assessments of the time value of money and the risks specific to the asset. These calculations arecorroborated by valuation multiples, quoted share prices for publicly traded subsidiaries or other available fair value
indicators.
Impairment losses recognized in respect of cash-generating units firstly reduce allocated goodwill and then the carrying
amounts of the other assets in the unit on a pro rata basis.
Reversal of impairment losses
Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at
each reporting date. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed thecarrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had beenrecognized.

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(O) FAIR VALUE MEASUREMENT
A number of AB InBev’s accounting policies and notes require fair value measurement for both financial and non-financial
items.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. When measuring fair value, AB InBev uses observable market data as far as
possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation
techniques as follows:•••

Level 1: inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2: inputs are observable either directly (i.e., as prices) or indirectly (i.e., derived from prices).
Level 3: fair value measurements incorporate significant inputs that are based on unobservable market data.

If the inputs used to measure the fair value of an asset or liability fall into different levels of the fair value hierarchy, then thefair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input thatis significant to the entire measurement.
The company applies fair value measurement to the instruments listed below.
Derivatives
The fair value of exchange traded derivatives (e.g., exchange traded foreign currency futures) is determined by reference tothe official prices published by the respective exchanges (e.g., the New York Board of Trade). The fair value of over-thecounter derivatives is determined by commonly used valuation techniques.
Debt securities
This category includes both debt securities designated at FVOCI and FVPL. The fair value is measured using observable
inputs such as interest rates and foreign exchange rates. When it pertains to instruments that are publicly traded, the fairvalue is determined by reference to observable quotes. In circumstances where debt securities are not publicly traded, themain valuation technique is the discounted cash flow. The company may apply other valuation techniques or combination ofvaluation techniques if the fair value results are more relevant.
Equity securities designated as at FVOCI
Investments in equity securities comprise quoted and unquoted securities. When liquid quoted prices are available, these
are used to fair value investments in quoted securities. The unquoted securities are fair valued using primarily the discounted
cash flow method.
Non-derivative financial liabilities
The fair value of non-derivative financial liabilities is generally determined using unobservable inputs and therefore fall intolevel 3. In these circumstances, the valuation technique used is discounted cash flow, whereby the projected cash flows are
discounted using a risk adjusted rate.
(P) SHARE CAPITAL
Repurchase of share capital
When AB InBev buys back its own shares, the amount of the consideration paid, including directly attributable costs, isrecognized as a deduction from equity under treasury shares. The difference between the carrying value of the treasury
shares issued to employees and their fair value is recognized in retained earnings.
Dividends
Dividends paid are recognized in the consolidated financial statements on the date that the dividends are declared unless
minimum statutory dividends are required by local legislation or the bylaws of the company’s subsidiaries. In such instances,
statutory minimum dividends are recognized as a liability.

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Share issuance costs
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax,
from the proceeds.
(Q) PROVISIONS
Provisions are recognized when (i) the company has a present legal or constructive obligation as a result of past events, (ii)
it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and (iii) a
reliable estimate of the amount of the obligation can be made. Provisions are determined by discounting the expected future
cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, therisks specific to the liability.
Restructuring
A provision for restructuring is recognized when the company has approved a detailed and formal restructuring plan, andthe restructuring has either commenced or has been announced publicly. Costs relating to the ongoing activities of thecompany are not provided for. The provision includes the benefit commitments in connection with early retirement andredundancy schemes.
Onerous contracts
A provision for onerous contracts is recognized when the expected benefits to be derived by the company from a contract
are lower than the unavoidable cost of meeting its obligations under the contract. Such provision is measured at the present
value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract.
Disputes and Litigations
A provision for disputes and litigation is recognized when it is more likely than not that the company will be required to makefuture payments as a result of past events, such items may include but are not limited to, several claims, suits and actions
relating to antitrust laws, violations of distribution and license agreements, environmental matters, employment related
disputes, claims from tax authorities related to indirect taxes, and alcohol industry litigation matters.
(R) PENSION AND SIMILAR OBLIGATIONS
Post-employment benefits
Post-employment benefits include pensions, post-employment life insurance and post-employment medical benefits. The
company operates a number of defined benefit and defined contribution plans throughout the world, the assets of which are
generally held in separate trustee-managed funds. The pension plans are generally funded by payments from employees
and the company, and, for defined benefit plans taking account of the recommendations of independent actuaries. AB InBev
maintains funded and unfunded pension plans.
a)Defined contribution plans

Contributions to defined contribution plans are recognized as an expense in the income statement when incurred. A defined
contribution plan is a pension plan under which AB InBev pays fixed contributions into a fund. AB InBev has no legal orconstructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees thebenefits relating to employee service in the current and prior periods.
b)Defined benefit plans

A defined benefit plan is a pension plan that is not a defined contribution plan. Typically, defined benefit plans define anamount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such asage, years of service and compensation. For defined benefit plans, the pension expenses are assessed separately for eachplan using the projected unit credit method. The projected unit credit method considers each period of service as giving riseto an additional unit of benefit entitlement. Under this method, the cost of providing pensions is charged to the income
statement so as to spread the regular cost over the service lives of employees in accordance with the advice of qualified
actuaries who carry out a full valuation of the plans at least every three years. The amounts charged to the income statement
include current service cost, net interest cost (income), past service costs and the effect of any curtailments or settlements.
Past service costs are recognized at the earlier of when the amendment / curtailment occurs or when the company
recognizes related restructuring or termination costs. The pension obligations recognized in the statement of financial
position are measured at the present value of the estimated future cash outflows using interest rates based on high quality
corporate bond yields, which have terms to maturity approximating the terms of the related liability, less the fair value of any
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plan assets. Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling (excluding net
interest) and the return on plan assets (excluding net interest) are recognized in full in the period in which they occur in thestatement of comprehensive income. Re-measurements are not reclassified to profit or loss in subsequent periods.
Where the calculated amount of a defined benefit liability is negative (an asset), AB InBev recognizes such pension asset tothe extent that economic benefits are available to AB InBev either from refunds or reductions in future contributions.
Other post-employment obligations
Some of AB InBev’s companies provide post-employment medical benefits to their retirees. The entitlement to these benefits
is usually based on the employee remaining in service up to retirement age. The expected costs of these benefits are accrued
over the period of employment, using an accounting methodology similar to that for defined benefit pension plans.
Termination benefits
Termination benefits are recognized as an expense at the earlier when the company is demonstrably committed, without
realistic possibility of withdrawal, to a formal detailed plan to terminate employment before the normal retirement date andwhen the company recognizes costs for a restructuring.
Bonuses
Bonuses received by company employees and management are based on pre-defined company and individual target
achievement. The estimated amount of the bonus is recognized as an expense in the period the bonus is earned.
(S) SHARE-BASED PAYMENTS
Different share and share option programs allow company senior management and members of the board to acquire sharesof the company and some of its affiliates. The fair value of the share options is estimated at grant date, using a binomial Hullmodel, modified to reflect the IFRS 2 requirement that assumptions about forfeiture before the end of the vesting period
cannot impact the fair value of the option. The fair value of the Restricted Stock Units (“RSUs”) is the share price at grant
date. The fair value of the Performance Stock Units (PSUs) with a market condition (relative Total Shareholder Return(“TSR”)) is determined using Monte Carlo simulations. The fair value of the options, RSUs and PSUs granted is expensed
over the vesting period based on the expected number of options that will vest. When the options are exercised, equity is
increased by the amount of the proceeds received. When the share-based payment programs are vested, they are settled
net of tax withholdings.
(T) INTEREST-BEARING LOANS AND BORROWINGSInterest-bearing loans and borrowings are recognized initially at fair value, less attributable transaction costs. Subsequent
to initial recognition, interest-bearing loans and borrowings are stated at amortized cost with any difference between theinitial amount and the maturity amount being recognized in the income statement (in accretion expense) over the expected
life of the instrument on an effective interest rate basis.
The company has long-term loan agreements with foreign subsidiaries, denominated in foreign currency, the settlement of
which is neither planned nor likely to occur in the foreseeable future. In accordance with IAS 21 The Effects of Changes in
Foreign Exchange Rates, the exchange differences on retranslation of these loans are recognized in other comprehensive
income in the consolidated financial statements. If the loan becomes planned or likely to be settled in the foreseeable future,
the related foreign currency differences are recognized in profit or loss. In the event of partial settlement, only the foreign
currency differences corresponding to the settled portion are reclassified to the profit or loss of the period in non-underlying
finance income/(cost).
(U) TRADE AND OTHER PAYABLES
Trade and other payables are recognized initially at fair value and subsequently measured at amortized cost using theeffective interest method.

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(V) INCOME TAX
Income tax on the profit for the year comprises current and deferred tax. Income tax is recognized in the income statement
except to the extent that it relates to items recognized directly in equity, in which case the tax effect is also recognized directlyin equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted, or substantively enacted,
at the reporting date, and any adjustment to tax payable in respect of previous years.
In accordance with IAS 12 Income Taxes deferred taxes are provided using the so-called balance sheet liability method.
This means that, for all taxable and deductible differences between the tax bases of assets and liabilities and their carrying
amounts in the statement of financial position a deferred tax liability or asset is recognized. Under this method a provision
for deferred taxes is also made for differences between the fair values of assets and liabilities acquired in a businesscombination and their tax base. IAS 12 prescribes that no deferred taxes are recognized (i) on initial recognition of goodwill,(ii) at the initial recognition of assets or liabilities in a transaction that is not a business combination and affects neither
accounting nor taxable profit and (iii) on differences relating to investments in subsidiaries to the extent that they will probably
not reverse in the foreseeable future and to the extent that the company is able to control the timing of the reversal. The
amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount ofassets and liabilities, using currently or substantively enacted tax rates.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets,
and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different taxable entities
which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities
simultaneously.
The company recognizes deferred tax assets, including assets arising from losses carried forward, to the extent that futureprobable taxable profit will be available against which the deferred tax asset can be utilized. A deferred tax asset is reduced
to the extent that it is no longer probable that the related tax benefit will be realized.
The company has administrative and judicial discussions with tax authorities related to certain tax treatments adopted whencalculating the income tax and social contribution, in particular in Brazil. As required by IFRIC 23, the company assesses
each material tax position. When the company assesses that it is probable that the tax authorities will accept the tax
treatments adopted, income taxes are calculated and reported consistently with the tax treatment used. The company
discloses the potential effect of material uncertainties as a tax-related contingency in Note 29 Contingencies. When thecompany concludes that it is not probable that a particular tax treatment is accepted, the company generally uses the most
likely amount of the tax treatment when determining the tax provision to be recorded.
The company presents income tax provisions in income tax liabilities. Assets and liabilities for uncertain tax treatments arepresented as current tax assets/liabilities or deferred tax assets/liabilities.

(W) INCOME RECOGNITION
Goods soldRevenue is measured based on the consideration to which the company expects to be entitled in a contract with a customer
and excludes amounts collected on behalf of third parties. The company recognizes revenue when performance obligations
are satisfied, meaning when the company transfers control of a product to a customer.
Specifically, revenue recognition follows the following five-step approach:

•
•
•
•
•

Identification of the contracts with a customer
Identification of the performance obligations in the contracts
Determination of the transaction price
Allocation of the transaction price to the performance obligations in the contracts
Revenue recognition when performance obligations are satisfied

Revenue from the sale of goods is measured at the amount that reflects the best estimate of the consideration expected tobe received in exchange for those goods. Contracts can include significant variable elements, such as discounts, rebates,
refunds, credits, price concessions, incentives, performance bonuses and penalties. Such trade incentives are treated as
variable consideration. If the consideration includes a variable amount, the company estimates the amount of consideration
to which it will be entitled in exchange for transferring the promised goods or services to the customer. Variable consideration
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is only included in the transaction price if it is highly probable that the amount of revenue recognized would not be subject tosignificant future reversals when the uncertainty is resolved.
Royalty income
The company recognizes the sales-based or usage-based royalties in other operating income when the later of the following
events occurs: (a) the customer’s subsequent sales or usage; and (b) the performance obligation to which some or all of thesales-based or usage-based royalty has been allocated has been satisfied (or partially satisfied).
Government grants
A government grant is recognized in the statement of financial position initially as deferred income when there is reasonableassurance that it will be received and that the company will comply with the conditions attached to it. Grants that compensate
the company for expenses incurred are recognized as other operating income on a systematic basis in the same periods inwhich the expenses are incurred. Grants that compensate the company for the acquisition of an asset are presented bydeducting them from the acquisition cost of the related asset.
Finance income
Finance income comprises interest received or receivable on funds invested, dividend income, foreign exchange gains,losses on currency hedging instruments offsetting currency gains, gains on hedging instruments that are not part of a hedge
accounting relationship, gains on financial assets measured at FVPL as well as any gains from hedge ineffectiveness (referto accounting policy Y).
Interest income is recognized as it accrues (taking into account the effective yield on the asset) unless collectability is in
doubt.
Dividend income
Dividend income is recognized in the income statement on the date that the dividend is declared.
Tax credits
From 2020 to 2023, Ambev, our subsidiary in Brazil, recognized tax credits in other operating income after a favorable judicial
decision by the Brazilian Supreme Court, which recognized the right to exclude the Value-Added Tax (ICMS) from the taxablebasis of the social contribution on gross revenue (PIS and COFINS). The tax credits are reported in other operating income
when the conditions in IAS 37 are met and the related interest in finance income.

(X) EXPENSES
Finance costs
Finance costs comprise interest payable on borrowings, calculated using the effective interest rate method, foreign exchange
losses, gains on currency hedging instruments offsetting currency losses, results on interest rate hedging instruments, losses
on hedging instruments that are not part of a hedge accounting relationship, losses on financial assets classified as trading,
impairment losses on financial assets as well as any losses from hedge ineffectiveness (refer to accounting policy Y).
All interest costs incurred in connection with borrowings or financial transactions are expensed as incurred as part of financecosts. Any difference between the initial amount and the maturity amount of interest-bearing loans and borrowings, such astransaction costs and fair value adjustments, are recognized in the income statement (in accretion expense) over the
expected life of the instrument on an effective interest rate basis (refer to accounting policy T). The interest expense
component of lease payments is also recognized in the income statement (in accretion expense) using the effective interest
rate method.
Research and development, advertising and promotional costs and systems development costs
Research, advertising and promotional costs are expensed in the year in which these costs are incurred. Development costs
and systems development costs are expensed in the year in which these costs are incurred if they do not meet the criteria
for capitalization (refer to accounting policy F).

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Purchasing, receiving and warehousing costs
Purchasing and receiving costs are included in the cost of sales, as well as the costs of storing and moving raw materials
and packaging materials. The costs of storing finished products at the brewery as well as costs incurred for subsequentstorage in distribution centers are included within distribution expenses.
Emission allowances
The company is subject to greenhouse gas emission allowance trading schemes in force in a number of geographies.
Acquired emission allowances are recognized at cost in cost of sales. To the extent that it is expected that the number ofallowances needed to settle the greenhouse gas emissions exceeds the number of emission allowances owned, a provision
is recognized. Such provision is measured at the estimated amount of the expenditure required to settle the obligation.
(Y) FINANCIAL INSTRUMENTS AND HEDGE ACCOUNTINGAB InBev uses derivative financial instruments to mitigate the transactional impact of foreign currencies, interest rates, equity
prices and commodity prices on the company’s performance. AB InBev’s financial risk management policy prohibits the useof derivative financial instruments for trading purposes and the company does therefore not hold or issue any such
instruments for such purposes.
Classification and measurement
Except for certain trade receivables, the company initially measures a financial asset at its fair value plus, in the case of afinancial asset not at fair value through profit or loss, transaction costs directly attributable to the acquisition or issue of thefinancial asset. Debt financial instruments are subsequently measured at amortized cost, FVOCI or FVPL. The classification
is based on two criteria: the objective of the company’s business model for managing the assets; and whether the
instruments’ contractual cash flows represent ‘solely payments of principal and interest’ on the principal amount outstanding(the ‘SPPI criterion’).
The classification and measurement of the company’s financial assets is as follows:•

Debt instruments at amortized cost: comprise investments in debt securities where the contractual cash flows aresolely payments of principal and interest and the company’s business model is to collect contractual cash flows.
Interest income, foreign exchange gains and losses and any impairment charges for such instruments arerecognized in profit or loss.

•

Debt instruments at FVOCI with gains or losses recycled to profit or loss on derecognition: comprise investments
in debt securities where the contractual cash flows are solely payments of principal and interest and the company’sbusiness model is achieved by both collecting contractual cash flows and selling financial assets. Interest income,foreign exchange gains and losses and any impairment charges on such instruments are recognized in profit orloss. All other fair value gains and losses are recognized in other comprehensive income. On disposal of these debt
securities, any related balance within FVOCI reserve is reclassified to profit or loss.

•

Equity instruments designated at FVOCI, with no recycling of gains or losses to profit or loss on derecognition: thecompany designates these investments on an instrument-by-instrument basis as equity securities at FVOCI
because they represent investments held for long term strategic purposes. When cost does not provide anappropriate estimate of fair value, investments in unquoted companies are subsequently measured at fair value
using discounted cash flow methods. These investments are not subject to impairment testing and upon disposal,
the cumulative gain or loss accumulated in other comprehensive income are not reclassified to profit or loss.

•

Financial assets and liabilities at FVPL: comprise derivative instruments and equity instruments which were notdesignated as FVOCI. This category also includes debt instruments which do not meet the cash flow or the businessmodel tests.

Hedge accounting
The company designates certain derivatives as hedging instruments to hedge the variability in cash flows associated withhighly probable forecast transactions arising from changes in foreign exchange rates, interest rates and commodity prices.
To hedge changes in the fair value of recognized assets, liabilities and firm commitments, the company designates certain
derivatives as part of fair value hedge. The company also designates certain derivatives and non-derivative financial liabilities
as hedges of foreign exchange risk on a net investment in a foreign operation.
At the inception of the hedging relationships, the company documents the risk management objective and strategy forundertaking the hedge. Hedge effectiveness is measured at the inception of the hedge relationship and through periodic

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prospective effectiveness assessments to ensure that an economic relationship exists between hedged item and hedging
instrument.
For the different type of hedges in place, the company generally enters into hedge relationships where the critical terms of
the hedging instrument match exactly the terms of the hedged item. Therefore, the hedge ratio is typically 1:1. The company
performs a qualitative assessment of effectiveness. In circumstances where the terms of the hedged item no longer exactly
match the critical terms of the hedging instrument, the company uses a hypothetical derivative method to assess
effectiveness. Possible sources of ineffectiveness are changes in the timing of the forecasted transaction, changes in thequantity of the hedged item or changes in the credit risk of either party to the derivative contract.
Cash flow hedge accounting
Cash flow hedge accounting is applied when a derivative hedges the variability in cash flows of a highly probable forecasted
transaction, foreign currency risk of a firm commitment or a recognized asset or liability (such as variable interest rate
instrument).
When the hedged forecasted transaction or firm commitment subsequently results in the recognition of a non-financial item,
the amount accumulated in the hedging reserves is included directly in the initial carrying amount of the non-financial item
when it is recognized.
For all other hedged transactions, the amount accumulated in the hedging reserves is reclassified to profit or loss in thesame period during which the hedged item affects profit or loss (e.g., when the variable interest expense is recognized).
When a hedging instrument or hedge relationship is terminated but the hedged transaction is still expected to occur, thecumulative gain or loss (at that point) remains in equity and is reclassified to profit or loss when the hedged transaction
occurs. If the hedged transaction is no longer expected to occur, the cumulative gain or loss recognized in othercomprehensive income is reclassified to profit or loss immediately.
Any ineffectiveness is recognized immediately in profit or loss.
Fair value hedge accounting
When a derivative hedges the variability in fair value of a recognized asset or liability (such as a fixed rate instrument) or afirm commitment, any resulting gain or loss on the hedging instrument is recognized in the profit or loss. The carrying amountof the hedged item is also adjusted for fair value changes in respect of the risk being hedged, with any gain or loss being
recognized in profit or loss. The fair value adjustment to the carrying amount of the hedged item is amortized to profit or loss
from the date of discontinuation.
Net investment hedge accounting
When a non-derivative foreign currency liability hedges a net investment in a foreign operation, exchange differences arisingon the translation of the liability to the functional currency are recognized directly in other comprehensive income (translation
reserves).
When a derivative financial instrument hedges a net investment in a foreign operation, the portion of the gain or the loss on
the hedging instrument that is determined to be effective is recognized directly in other comprehensive income (translation
reserves) and is reclassified to profit or loss upon disposal of the foreign operation, while the ineffective portion is reported
in profit or loss.
Offsetting
Financial assets and financial liabilities are offset, and the net amount presented in the statement of financial position when,and only when, the company has a current legally enforceable right to set off the amounts and it intends either to settle themon a net basis or to realize the asset and settle the liability simultaneously.
Derecognition
A financial asset is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when
the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows fromthe asset. A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires.
(Z) SEGMENT REPORTING
Operating segments are components of the company’s business activities about which separate financial information isavailable that is evaluated regularly by senior management. The company has six operating segments.
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AB InBev’s operating segment reporting format is geographical because the company’s risks and rates of return are affected
predominantly by the fact that AB InBev operates in different geographical areas. The company’s management structure
and internal reporting system to the Board of Directors is set up accordingly. The company’s five geographic regions areNorth America, Middle Americas, South America, EMEA and Asia Pacific.
The aggregation criteria applied are based on similarities in the economic indicators (e.g., margins) that have been assessedin determining that the aggregated operating segments share similar economic characteristics, as prescribed in IFRS 8.
Furthermore, management assessed additional factors such as management’s views on the optimal number of reporting
segments, AB InBev historical geographies, peer comparison (e.g., Asia Pacific and EMEA being a commonly reported
regions amongst the company’s peers), as well as management’s view on the optimal balance between practical and moregranular information.
The results of Global Export and Holding Companies, which includes the company’s global headquarters and the export
businesses in countries in which AB InBev has no operations are reported separately. The company’s five geographic
regions plus the Global Export and Holding Companies comprise the company’s six reportable segments for financial
reporting purposes.
Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment, andintangible assets other than goodwill.
(AA)
NON-UNDERLYING ITEMS
Non-underlying items are those that in management’s judgment need to be disclosed separately by virtue of their size or
incidence. Such items are disclosed on the face of the consolidated income statement or separately disclosed in the notes
to the financial statements. Transactions which may give rise to non-underlying items are principally restructuring activities,
impairments, gains or losses on disposal of investments or business activities and the effect of the accelerated repaymentof certain debt facilities.
Mark-to-market adjustments on derivative instruments related to the hedging of share-based payment programs and onderivative instruments entered into to hedge the shares issued in relation to the combinations with Grupo Modelo and SAB
are reported in non-underlying finance income/(cost).
The impact of income tax on the non-underlying items is calculated country-by-country and is included in non-underlying
taxes (Refer to Note 8 Non-Underlying items).
(BB)

DISCONTINUED OPERATIONS AND NON-CURRENT ASSETS HELD FOR SALE

A discontinued operation is a component of the company that either has been disposed of or is classified as held for saleand represents a separate major line of business or geographical area of operations and is part of a single coordinated plan
to dispose of or is a subsidiary acquired exclusively with a view to resale.
AB InBev classifies a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered principally
through a sale transaction rather than through continuing use if all of the conditions of IFRS 5 are met. A disposal group isdefined as a group of assets to be disposed of, by sale or otherwise, together as a group in a single transaction, and liabilities
directly associated with those assets that will be transferred. Immediately before classification as held for sale, the company
measures the carrying amount of the asset (or all the assets and liabilities in the disposal group) in accordance withapplicable IFRS. Then, on initial classification as held for sale, non-current assets and disposal groups are recognized at thelower of carrying amount and fair value less costs to sell. Impairment losses on initial classification as held for sale areincluded in profit or loss. The same applies to gains and losses on subsequent re-measurement. Non-current assets
classified as held for sale are no longer depreciated or amortized.
(CC)

RECENTLY ISSUED IFRS

To the extent that new IFRS requirements are expected to be applicable in the future, they have not been applied in preparing
these consolidated financial statements for the year ended 31 December 2023.
A number of amendments to standards are effective for annual periods beginning after 1 January 2024 and have not been
discussed either because of their non-applicability or immateriality to AB InBev’s consolidated financial statements.

AB InBev – Annual Report 2023  96

4. Use of estimates and judgments
The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates andassumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The
estimates and associated assumptions are based on historical experience and various other factors that are believed to bereasonable under the circumstances, the results of which form the basis of making the judgments about carrying values ofassets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates arerecognized in the period in which the estimate is revised if the revision affects only that period or, if the revision affects bothcurrent and future periods, in the period of the revision and future periods.
Although each of its significant accounting policies reflects judgments, assessments or estimates, AB InBev believes thatthe following accounting policies reflect the most critical judgments, estimates and assumptions that are important to its
business operations and understanding results: business combinations, intangible assets, goodwill, impairment, provisions,share-based payments, employee benefits and accounting for current and deferred tax.
The fair values of acquired identifiable intangibles are based on an assessment of future cash flows. Impairment analysesof goodwill and indefinite-lived intangible assets are performed annually and whenever a triggering event has occurred, inorder to determine whether the carrying value exceeds the recoverable amount. These calculations are based on estimatesof future cash flows.
The company uses its judgment to select a variety of methods including the discounted cash flow method and option
valuation models and makes assumptions about the fair value of financial instruments that are mainly based on market
conditions existing at each reporting date.
Actuarial assumptions are established to anticipate future events and are used in calculating pension and other long-term
employee benefit expenses and liabilities. These factors include assumptions with respect to interest rates, rates of increasein health care costs, rates of future compensation increases, turnover rates, and life expectancy.
The company is subject to income tax in numerous jurisdictions. Significant judgment is required to determine the worldwide
provision for income tax. There are some transactions and calculations for which the ultimate tax determination is uncertain.
Some subsidiaries within the group are involved in tax audits and local enquiries usually in relation to prior years.
Investigations and negotiations with local tax authorities are ongoing in various jurisdictions at the reporting date and, by
their nature, these can take considerable time to conclude. In assessing the amount of any income tax provisions to berecognized in the financial statements, estimates are made of the expected successful settlement of these matters. Estimatesof interest and penalties on tax liabilities are also recorded. Where the final outcome of these matters is different from theamounts that were initially recorded, such differences will impact the current and deferred income tax assets and liabilities
in the period that such determination is made.
Judgments made by management in the application of IFRS that have a significant effect on the financial statements andestimates with a significant risk of material adjustment in the following year are further discussed in the relevant notes
hereafter.

AB InBev – Annual Report 2023  97

5. Segment reporting
Segment information is presented by geographical segments, consistent with the information available to and regularly evaluated by the chief operating decision maker. AB InBev operates its
business through six business segments. Regional and operating company management is responsible for managing performance, underlying risks, and the effectiveness of operations. Internally,
AB InBev’s management uses performance indicators such as normalized profit from operations (normalized EBIT) and normalized EBITDA as measures of segment performance and to makedecisions regarding the allocation of resources. The organizational structure comprises five regions: North America, Middle Americas, South America, EMEA and Asia Pacific. In addition to these
five geographic regions, the company uses a sixth segment, Global Export and Holding Companies, for all financial reporting purposes.
All figures in the tables below are stated in million US dollar, except volume (million hls) and Normalized EBITDA margin (in %). 1

2023

2022

2023

2022

2023

2022

2023

2022

2023

2022

Global Export andHoldingcompanies
2023
2022

90
15 072
4 727
31.4%
(757)
3 970
(363)
3 607

103
16 566
6 057
36.6%
(748)
5 309
(89)
5 220

149
16 348
7 715
47.2%(1 487)
6 228
(27)
6 201

148
14 180
6 564
46.3%(1 326)
5 238
(19)
5 219

162
12 0403 884
32.3%(1 008)
2 875
(37)
2 838

164
11 599
3 511
30.3%
(873)
2 638
(18)
2 620

90
8 589
2 570
29.9%
(1 041)
1 528
(67)
1 461

91
8 120
2 612
32.2%
(1 066)
1 546
(68)
1 478

93
6 824
2 186
32.0%
(655)
1 531
(80)
1 451

89
6 532
2 104
32.2%
(671)
1 433
(2)
1 431

508
(1 106)(436)(1 542)(50)(1 592)

1790(1 004)(391)(1 396)(55)(1 451)62 931530
17 95063 379695
20 04074 1601 371
48 06966 262
1 319
52 35514 791830
36 26714 297
1 001
40 58929 302906
21 01130 9181 011
21 306

11 980498
24 992

12 397496
24 331

2 808
504
6 251

North America.
VolumeRevenue
Normalized EBITDA
Normalized EBITDA margin %Depreciation, amortization and impairment
Normalized profit from operations
Non-underlying items (including non-underlying impairment)
Profit from operations
Net finance income/(cost)
Share of results of associates
Non-underlying share of results of associates
Income tax expense
Profit.
Segment assets (non-current)
Gross capex
FTE¹

Middle Americas

South America

EMEA

Asia Pacific

AB InBev
Worldwide
2023

2022

585
59 38019 97633.6%(5 385)
14 590(624)
13 966(5 102)295(35)(2 234)6 891

595
57 78619 84334.3%(5 074)14 768(251)
14 517(4 148)299(1 143)(1 928)7 597

2 505 195 973
638
4 638
6 572 154 540

189 757
5 160
165 193

For the year ended 31 December 2023, net revenue from the beer business amounted to 52 645 m US dollar (2022: 51 544m US dollar) while the net revenue from the non-beer business (softdrinks and other business) accounted for 6 735m US dollar (2022: 6 242m US dollar). Additionally, for 2023, net revenue from the company’s business in the United States amounted to 13 168m
US dollar (2022: 14 580m US dollar) and net revenue from the company’s business in Brazil amounted to 9 257m US dollar (2022: 8 256m US dollar).
On the same basis, net revenue from external customers attributable to AB InBev’s country of domicile (Belgium) represented 606m US dollar (2022: 632m US dollar) and non-current assets
located in the country of domicile represented 2 341m US dollar (2022: 2 533m US dollar).

1

The 2022 presentation was amended to conform to the 2023 presentation.

AB InBev – Annual Report 2023  98

6. Acquisitions and disposals of subsidiaries
The company undertook a series of acquisitions and disposals and settled payments related to prior year acquisitions
during the year ended 31 December 2023 and 31 December 2022, with no significant impact in the consolidated financial
statements.

7. Other operating income/(expenses)
Million US dollar

2023

2022

Brazilian tax credits
Government grants
Net gain on disposal of property, plant and equipment, intangible assets and assets held for sale
License income
Net rental and other operating income
Other operating income/(expenses)

44
374
73
31
256
778

201
311
82
27
220
841

In 2023, Ambev, a subsidiary of AB InBev, recognized 44m US dollar income in Other operating income related to tax
credits (2022: 201m US dollar). Additionally, in 2023, Ambev recognized 168m US dollar (2022: 168m US dollar) of interest
income on tax credits in Finance income (refer to Note 11 Finance cost and income).
The income from government grants primarily relate to fiscal incentives given by certain Brazilian states and Chinese
provinces, based on the company’s operations and developments in those regions.

8. Non-underlying items
IAS 1 Presentation of financial statements requires that material items of income and expense be disclosed separately.
Non-underlying items are items that in management’s judgment need to be disclosed by virtue of their size or incidence
so that a user can obtain a proper understanding of the company’s financial information. The company considers these
items to be significant and accordingly, management has excluded them from their segment measure of performance inNote 5 Segment Reporting.
The non-underlying items included in the income statement are as follows: 1
Million US dollar

2023

2022¹

COVID-19 costs
Restructuring
Business and asset disposal (including impairment losses)
Claims and legal costs
AB InBev Efes related costs
Acquisition costs business combinations
Impact on profit from operations

(142)
(385)
(85)
(12)
(624)

(18)
(110)
(71)
(51)
(1)
(251)

Non-underlying net finance income/(cost)
Non-underlying share of results of associates
Non-underlying taxes
Non-underlying non-controlling interest
Net impact on profit

(69)
(35)
84
30
(614)

829
(1 143)
399
13
(153)

The non-underlying restructuring charges for the year ended 31 December 2023 total (142)m US dollar (31 December
2022: (110)m US dollar). These charges primarily relate to organizational alignments as a result of operational
improvements and digitalization efforts across our supply chain and our commercial and support functions. These changes
aim to eliminate overlapping organizations or duplicated processes, taking into account the matching of employee profiles
with new organizational requirements. These one-time expenses provide the company with a lower cost base and bring astronger focus to AB InBev’s core activities, quicker decision-making and improvements to efficiency, service and quality.
Business and asset disposals (including impairment losses) amount to (385)m US dollar for the year ended 31 December
2023 (31 December 2022: (71)m US dollar), mainly comprising of a loss of (300)m US dollar the company recognized
upon disposal of a portfolio of eight beer and beverage brands and associated assets in the US to Tilray Brands, Inc.

1

As from 1 January 2023, mark-to-market gains/(losses) on derivatives related to the hedging of the share-based payment programs are reported in the nonunderlying net finance income/(cost). The 2022 presentation was amended to conform to the 2023 presentation.
AB InBev – Annual Report 2023  99

Non-underlying claims and legal costs amount to (85)m US dollar for the year ended 31 December 2023. These charges
relate to a customs audit claim in South Korea of (66)m US dollar and legal costs of (19)m US dollar related to thesuccessful outcome of a series of lawsuits regarding Ambev warrants (see also Note 29 Contingencies).
During the year ended 31 December 2023, the company recorded (12)m US dollar costs related to the disposal of theassociate AB InBev Efes (31 December 2022: (51)m US dollar costs related to the discontinuation of the operations of theassociate).
The company incurred a non-underlying net finance cost of (69)m US dollar for the year ended 31 December 2023 (31December 2022: net finance income of 829m US dollar) – see Note 11 Finance cost and income.
During the year ended 31 December 2022, the company recorded an impairment of (1 143)m US dollar on its investment
in AB InBev Efes - see Note 16 Investments in associates.
All the amounts referenced above are before income taxes. The non-underlying income taxes amounted to 84m US dollar(decrease of income taxes) for the year ended 31 December 2023 (31 December 2022: decrease of income taxes by 399m
US dollar). The non-underlying income taxes for the year ended 31 December 2022 were mainly driven by a reorganization
which resulted in the utilization of current year and carry forward interests for which no deferred tax asset was recognized(350m US dollar).
Non-controlling interest on the non-underlying items amounts to 30m US dollar for the year ended 31 December 2023 (31December 2022: 13m US dollar).

9. Payroll and related benefits
Million US dollar
Wages and salaries
Social security contributions
Other personnel cost
Share-based payment expense
Pension expense for defined benefit plans
Pension expense for defined contribution plans
Payroll and related benefits

2023

2022

(5 164)
(804)
(689)
(570)
(150)
(166)
(7 544)(4 900)
(749)
(687)
(448)
(154)
(164)
(7 101)

2023

2022¹

236
154 304
154 540241
164 952
165 193

The number of full-time equivalents can be split as follows: 1

AB InBev NV/SA (parent company)
Other subsidiaries
Total number of FTE

1

Amended to conform to the 2023 presentation.
AB InBev – Annual Report 2023  100

10. Additional information on operating expenses by nature
Depreciation, amortization and impairment charges are included in the following line items of the 2023 consolidated income
statement:

Million US dollar

Depreciation andimpairment of Amortization andproperty, plant
impairment ofand equipment intangible assets

Cost of sales
Distribution expenses
Sales and marketing expenses
Administrative expenses
Other operating expenses
Non-underlying items
Depreciation, amortization and impairment

3 085
139
291
313
5
3 833

Depreciation andImpairment of
impairment of goodwill, tangible
right-of-use
and intangible
assetsassets

74
12
260
375
25
6
752

44
351
274
137
806

20
20

Depreciation, amortization and impairment charges are included in the following line items of the 2022 consolidated income
statement:

Million US dollar

Depreciation andimpairment of Amortization andproperty, plant
impairment ofand equipment intangible assets

Cost of sales
Distribution expenses
Sales and marketing expenses
Administrative expenses
Other operating expenses
Non-underlying items
Depreciation, amortization and impairment

3 008
162
298
299
19
3 786

Depreciation andImpairment of
impairment of goodwill, tangible
right-of-use
and intangible
assetsassets

78
13
152
416
659

36
233
236
124
629

4
4

11. Finance cost and income
The finance cost and income included in the income statement are as follows:

Million US dollar

Financecost2023
Finance
incomeInterest income/(expense)
Net interest on net defined benefit liabilities
Accretion expense
Net interest income on Brazilian tax credits
Other financial results
Finance income/(cost) excluding non-underlying items
Non-underlying finance income/(cost)
Finance income/(cost)(3 696)(90)(808)(1 214)(5 808)(325)(6 133)

565
168
42
775
256
1 031

1

Net

Financecost

2022¹
Finance
income(3 131)
(90)
(808)
168
(1 172)(5 033)(69)(5 102)(3 588)(73)(782)(1 349)(5 792)(22)(5 814)

294
168
352
814
851
1 665

Net
(3 294)
(73)
(782)
168
(997)
(4 978)829(4 148)

Net finance costs, excluding non-underlying items, were 5 033m US dollar in 2023 compared to 4 978m US dollar in 2022.
In 2023, accretion expense includes interest on lease liabilities of 156m US dollar (2022: 130m US dollar), unwind of
discounts of 536m US dollar on payables and deferred consideration on acquisitions (2022: 499m US dollar), bond fees of
62m US dollar (2022: 64m US dollar) and interest on provisions of 54m US dollar (2022: 89m US dollar).
Interest expense is presented net of the effect of interest rate derivative instruments hedging AB InBev’s interest rate risk
– see also Note 27 Risks arising from financial instruments.

1

As from 1 January 2023, mark-to-market gains/(losses) on derivatives related to the hedging of the share-based payment programs are reported in the nonunderlying net finance income/(cost). The 2022 presentation was amended to conform to the 2023 presentation.
AB InBev – Annual Report 2023  101

In 2023, Ambev, a subsidiary of AB InBev, recognized 168m US dollar interest income on Brazilian tax credits in Financeincome (2022: 168m US dollar). Additionally, in 2023 Ambev also recognized 44m US dollar income related to tax credits(2022: 201m US dollar) in Other operating income (refer to Note 7 Other operating income/(expenses)).
Other financial results include:

Million US dollar

Financecost2023
Finance
incomeNet foreign exchange gains/(losses)
Net gains/(losses) on hedging instruments
Hyperinflation monetary adjustments
Other financial income/(cost), including bank fees and taxes
Other financial results

(353)
(613)
(248)
(1 214)

17
25
42

Net

Financecost2022
Finance
income

(353)
(613)
17
(223)
(1 172)

(363)
(747)
(239)
(1 349)

286
66
352

Net
(363)
(747)
286
(173)
(997)

For further information on instruments hedging AB InBev’s foreign exchange risk, see Note 27 Risks arising from financial
instruments.

Non-underlying finance income/(cost) for 2023 and 2022 includes:•••(325)m US dollar loss resulting from mark-to-market adjustments on derivative instruments related to the hedgingof share-based payment programs and on derivative instruments entered into to hedge the shares issued inrelation to the combinations with Grupo Modelo and SAB (2022: 606m US dollar gain);
239m US dollar gain resulting from the redemption of certain bonds (2022: 246m US dollar gain);
17m US dollar gain related to the remeasurement of deferred considerations on prior year acquisitions (2022:(22)m US dollar loss).

The interest income stems from the following financial assets:
Million US dollar

2023

2022

Cash and cash equivalents
Investments in debt securities held for trading
Other loans and receivables
Total

537
10
19
565

235
39
21
294

The interest income on other loans and receivables includes the interest accrued on cash deposited as guarantees forcertain legal proceedings pending their resolution. No interest income was recognized on impaired financial assets.

AB InBev – Annual Report 2023  102

12. Income taxes
Income taxes recognized in the income statement can be detailed as follows:
Million US dollar
Current year
(Underprovided)/overprovided in prior years
Current tax expense
Origination and reversal of temporary differences
Recognition/(de-recognition) of deferred tax assets on tax losses (carried forward)
Deferred tax (expense)/income
Total income tax expense in the income statement

2023

2022

(2 828)(95)(2 923)(2 785)157(2 628)

855
(166)
689

829
(128)
701

(2 234)(1 928)The reconciliation of the effective tax rate with the aggregated weighted nominal tax rate can be summarized as follows:
Million US dollar.
Profit/(loss) before tax
Deduct share of results of associates
Deduct non-underlying share of results of associates
Profit before tax and before share of results of associates.
Adjustments to the tax basis
Government incentives
Non-deductible/(non-taxable) mark-to-market on derivatives
Other expenses not deductible for tax purposes
Other non-taxable income.
Adjusted tax basis.
Aggregate weighted nominal tax rate.
Tax at aggregated nominal tax rate.
Adjustments on tax expense
Recognition/(de-recognition) of deferred tax assets on tax losses (carried forward)(Underprovided)/overprovided in prior years
Deductions from interest on equity
Deductions from goodwill and other tax deductions
Change in tax rate
Withholding taxes
Other tax adjustments.
Total tax expense.
Effective tax rate

2023

2022

9 124
295
(35)
8 864

9 524
299
(1 143)10 369

(756)
325
1 632
(647)

(713)
(606)
1 590
(576)

9 417

10 065

27.4%

26.7%

(2 583)(2 691)

(166)
(95)
781
491
2
(559)
(105)

(128)
157
790
473
48
(436)
(140)

(2 234)(1 928)

25.2%

18.6%

The total income tax expense for 2023 amounts to 2 234m US dollar compared to 1 928m US dollar for 2022. The effective
tax rate is 25.2% for 2023 compared to 18.6% for 2022.
The 2023 effective tax rate was negatively impacted by non-deductible losses from derivatives related to hedging of sharebased payment programs and hedging of the shares issued in a transaction related to the combination with Grupo Modelo
and SAB, while the 2022 effective tax rate was positively impacted by non-taxable gains from these derivatives. In addition,
the 2022 effective tax rate included 350m US dollar benefit from a reorganization which resulted in the utilization of current
year and carry forward interests for which no deferred tax asset was recognized (refer to Note 8 Non-underlying items).
The company benefits from tax exempted income and tax credits which are expected to continue in the future. The
company does not have significant benefits coming from low tax rates in any particular jurisdiction.
The normalized effective tax rate for 2023 is 24.3% (2022: 23.8%).
Normalized effective tax rate is the effective tax rate adjusted for non-underlying items. Normalized effective tax rate is not
an accounting measure under IFRS accounting and should not be considered as an alternative to the effective tax rate.
Normalized effective tax rate method does not have a standard calculation method and AB InBev’s definition of normalized
tax rate may not be comparable to other companies.

AB InBev – Annual Report 2023  103

Income taxes were directly recognized in other comprehensive income as follows:
Million US dollar

2023

2022

Re-measurements of post-employment benefits
Exchange differences, cash flow and net investment hedges
Income tax (losses)/gains

(13)
(41)
(54)

(126)
(51)
(177)

13. Property, plant and equipment
Property, plant and equipment comprises owned and leased assets, as follows:
Million US dollar

31 December 2023

31 December 2022

24 0922 726
26 81824 2452 426
26 671

Property, plant and equipment owned
Property, plant and equipment leased (right-of-use assets)
Total property, plant and equipment

Million US dollar
Acquisition cost
Balance at end of previous year
Effect of movements in foreign exchange
Acquisitions
Disposals through sale and derecognition
Disposals through the sale of subsidiaries
Transfer (to)/from other asset categories
and other movements¹
Balance at end of the period
Depreciation and impairment losses
Balance at end of previous year
Effect of movements in foreign exchange
Depreciation
Disposals through sale and derecognition
Disposals through the sale of subsidiaries
Impairment losses
Transfer to/(from) other asset categories
and other movements¹
Balance at end of the period
Carrying amountat 31 December 2022
at 31 December 2023

1

31 December 2023
Plant andequipment,
Land and fixtures andUnderbuildings
fittings construction
12 591
259
38
(55)
-

37 473754
1 361(1 607)
-

2 205
27
2 490
(3)
-

31 December 2022

Total

Total

52 2691 039
3 890(1 665)-50 742(983)
4 279(1 822)
(13)

237

1 802

(3 050)(1 011)66

13 07139 783

1 669

54 52252 269(4 584)
(86)
(397)
33
(8)

(23 440)(508)(3 176)
1 500
(173)

-

(28 024)(594)(3 573)
1 533
(181)

(26 284)507(3 530)
1 631
8
(172)

24

384

-

409

(186)

(5 017)(25 414)-(30 430)(28 024)

8 007
8 054

14 03314 370

2 205
1 669

24 24524 09224 245-As at 2023 and 2022 there were no significant restrictions on title on property, plant and equipment.
Contractual commitments to purchase property, plant and equipment amounted to 641m US dollar as at 31 December
2023 compared to 538m US dollar as at 31 December 2022.
AB InBev’s net capital expenditures in the statement of cash flow amounted to 4 482m US dollar in 2023 compared to
4 838m US dollar for the same period last year. Out of the total 2023 capital expenditures approximately 40% was used to
improve the company’s production facilities while 44% was used for logistics and commercial investments and 16% for
improving administrative capabilities and for the purchase of hardware and software.

1

The transfer (to)/from other asset categories and other movements relates mainly to transfers from assets under construction to their respective asset
categories, to contributions of assets to pension plans, to the separate presentation in the statement of financial position of property, plant and equipment
held for sale in accordance with IFRS 5 Non-current assets held for sale and discontinued operations and to the restatement of non-monetary assets under
hyperinflation accounting in line with IAS 29 Financial reporting in hyperinflationary economies.
AB InBev – Annual Report 2023  104

Property, plant and equipment leased by the company (right-of-use assets) is detailed as follows:

Million US dollar
Net carrying amount at 31 December
Depreciation for the year ended 31 December

Million US dollar
Net carrying amount at 31 December
Depreciation for the year ended 31 December

Land and buildings

31 December 2023
Machinery,equipment and
other

Total

1 753
(446)

973
(360)

2 726
(806)

Land and buildings

31 December 2022
Machinery,equipment and
other

Total

1 640
(399)

786
(230)

2 426
(629)

Additions to right-of-use assets in 2023 were 825m US dollar (2022: 885m US dollar).
Following the sale of Dutch and Belgian pub real estate to Cofinimmo in October 2007, AB InBev entered into leaseagreements with a term of 27 years. Furthermore, the company leases a number of warehouses, trucks, factory facilities
and other commercial buildings, which typically run for a period of five to ten years. Lease payments are increased annually
to reflect market rentals, if applicable. None of the leases include contingent rentals.
The company leases out pub real estate for an average outstanding period of 6 to 8 years and part of its own property
under operating leases. In 2023, 120m US dollar was recognized as income in the income statement in respect ofsubleasing of right-of-use assets (2022: 108m US dollar). As at 31 December 2023, the undiscounted lease payments of
the non-cancelable lease payments are expected to be received as follows: 109m US dollar in the next 12 months, 306m
US dollar in the years 2 through 5 and 67m US dollar after 5 years.
The expense related to short-term and low-value leases and variable lease payments that are not included in themeasurement of the lease liabilities is not significant.

AB InBev – Annual Report 2023  105

14. Goodwill
Million US dollar

31 December 2023

31 December 2022

Acquisition cost
Balance at end of previous year
Effect of movements in foreign exchange
Disposal through business combinations
Transfers (to)/from other assets categories
Hyperinflation monetary adjustments
Balance at end of the period

115 541
3 634
(179)
306
119 302

118 461(3 147)
(32)
(68)
328
115 541

Impairment losses
Balance at end of previous year
Effect of movements in foreign exchange
Impairment losses
Balance at end of the period(2 531)293(20)(2 259)(2 665)134(2 531)

Carrying amount
Balance at end of the period

117 043

113 010The carrying amount of goodwill was allocated to the different cash-generating units as follows:
Million US dollar
United States
Rest of North America
MexicoColombia
Rest of Middle Americas
BrazilRest of South America
EuropeSouth Africa
Rest of Africa
China
Rest of Asia Pacific
Global Export and Holding Companies
Total carrying amount of goodwill

31 December 2023

31 December 2022

33 3872 024
14 69715 98223 576
3 780
1 036
2 157
8 801
4 609
3 028
3 407
559
117 043

33 5781 981
12 82312 69223 242
3 508
1 249
2 081
9 551
5 131
3 119
3 505
549
113 010Goodwill, which accounted for approximately 53% of AB InBev total assets as at 31 December 2023, is tested for
impairment at the cash-generating unit level (that is one level below the operating segments). The cash-generating unit
level is the lowest level at which goodwill is monitored for internal management purposes. Except in cases where the initial
allocation of goodwill has not been concluded by the end of the initial reporting period following the business combination,
goodwill is allocated as from the acquisition date to each of AB InBev’s cash-generating units that are expected to benefit
from the synergies of the combination whenever a business combination occurs.
2023 impairment testing
AB InBev completed its annual impairment test for goodwill and concluded that, based on the assumptions described
below, no impairment charge was warranted.
The company cannot predict whether an event that triggers impairment will occur, when it will occur or how it will affect thevalue of the asset reported. Goodwill impairment testing relies on a number of critical judgments, estimates andassumptions. AB InBev believes that all of its estimates are reasonable: they are consistent with the company’s internalreporting and reflect management’s best estimates. However, inherent uncertainties exist, that management may not beable to control. If the company’s current assumptions and estimates, including projected revenues growth rates,
competitive and consumer trends, weighted average cost of capital, terminal growth rates, and other market factors, are
not met, or if valuation factors outside of the company’s control change unfavorably, the estimated fair value of goodwill
could be adversely affected, leading to a potential impairment in the future.
The company performed its annual goodwill impairment test at cash-generating unit level, which is the lowest level at which
goodwill is monitored for internal management purposes.

AB InBev – Annual Report 2023  106

The company’s impairment testing methodology is in accordance with IAS 36 Impairment of Assets, in which fair-valueless-cost-to-sell and value in use approaches are taken into consideration. This consists in applying a discounted cash
flow approach based on acquisition valuation models for the cash-generating units showing an invested capital to EBITDA
multiple above 9x and valuation multiples for the other cash-generating units. The discounted cash flow approach wasapplied for the Colombia, Rest of Middle Americas, South Africa, Rest of Africa and Rest of Asia Pacific cash-generating
units.
Key assumptions
The key judgments, estimates and assumptions used in the discounted cash flow calculations were generally as follows:•

Cash flows are based on AB InBev’s 10-year plan as approved by key management. The plan is prepared per
cash-generating unit and is based on external sources in respect of macro-economic assumptions, industry,
inflation and foreign exchange rates, past experience and identified initiatives in terms of market share, revenue,variable and fixed cost, capital expenditure and working capital assumptions;•

In order to calculate the terminal value, the company extrapolated the cash flows after the first 10-year plan using
expected annual long-term GDP growth rates based on external sources, or applied a market multiple after the
first 5 years of the plan set at 14.4x. The company considered sensitivities on these metrics and corroborated thecalculations by market multiples;•

Projections are discounted at the unit's weighted average cost of capital (WACC), considering sensitivities on thismetric;•Cost to sell is assumed to reach 2% of the entity value based on historical precedents.

For the main cash generating units, the terminal growth rate applied generally ranged between 2% and 6%.
The WACC applied in US dollar nominal terms were as follows:
Cash-generating unit
Colombia
Rest of Middle Americas
South Africa
Rest of Africa
Rest of Asia Pacific

31 December 2023

31 December 2022

10%
13%
11%
14%
7%

8%
9%
9%
15%
7%

Sensitivity to change in key assumptions
During its valuation, the company ran sensitivity analysis for key assumptions including the weighted average cost ofcapital, the terminal growth rate and the applied market multiple, in particular for the valuations of Colombia, South Africa
and Rest of Africa cash-generating units that show the highest invested capital to EBITDA multiple.
In the sensitivity analysis performed by management during the annual impairment testing in 2023, an adverse change of
1% in WACC or terminal growth rate or an adverse change of 1x in market multiple would not cause a cash-generating
unit’s carrying amount to exceed its recoverable amount except for Colombia where an adverse change of 1% in WACC
would result in a negative headroom of 0.4 billion US dollar. While a change in the estimates used could have a material
impact on the calculation of the fair values and trigger an impairment charge, the company, based on the sensitivity analysis
performed is not aware of any reasonably possible change in a key assumption used that would cause a cash generating
unit’s carrying amount to exceed its recoverable amount.
Although AB InBev believes that its judgments, assumptions and estimates are appropriate, actual results may differ fromthese estimates under different assumptions or market or macro-economic conditions.

AB InBev – Annual Report 2023  107

15. Intangible assets

Million US dollar
Acquisition cost
Balance at end of previous year
Effect of movements in foreign exchange
Acquisitions through businesscombinations
Acquisitions and expenditures
Disposals through sale and derecognition
Transfer (to)/from other asset categories
and other movements¹
Balance at end of period
Amortization and impairment losses
Balance at end of previous year
Effect of movements in foreign exchange
Amortization
Impairment
Disposals through sale and derecognition
Transfer to/(from) other asset categories
and other movements¹
Balance at end of period
Carrying value
at 31 December 2022
at 31 December 2023

31 December 2023
Commercial
Brands intangibles
Software

31 December
2022
Other

Total

Total

37 741
703

2 026
67

4 050
181

354
6

44 170957

45 015
(751)

15

-

-

-

15

-

7
(1)

182
-

632
(56)

17
(9)

838
(67)

978
(1 437)

(132)

(56)

572

(218)

166

365

38 332

2 219

5 379

150

46 08044 170(88)(5)-(1 247)
(51)
(136)
-

(2 577)
(132)
(544)
(25)
56

(49)
(8)
(31)
4

(3 961)
(191)
(711)
(31)
60

(4 585)
100
(647)
(4)
1 339

-

46

2

(9)

39

(164)

(94)

(1 388)(3 219)(93)(4 794)(3 961)37 65238 239

779
830

1 473
2 160

305
57

40 20941 28640 209AB InBev is the owner of some of the world’s most valuable brands in the beer industry. As a result, brands and certain
distribution rights are expected to generate positive cash flows for as long as the company owns the brands and distribution
rights. Given AB InBev’s more than 600-year history, brands and certain distribution rights have been assigned indefinite
lives.
Acquisitions and expenditures of commercial intangibles mainly represent supply and distribution rights, exclusive multiyear sponsorship rights and other commercial intangibles. 1
Intangible assets with indefinite useful lives are comprised primarily of brands and certain distribution rights that AB InBev
purchased for its own products and are tested for impairment once a year or whenever a triggering event has occurred.
Based on the impairment testing results, no impairment loss was allocated to intangible assets with indefinite useful lives– refer to Note 14 Goodwill.
As at 31 December 2023, the carrying amount of the intangible assets amounted to 41 286m US dollar (31 December
2022: 40 209m US dollar) of which 38 239m US dollar was assigned an indefinite useful life (31 December 2022: 37 652m
US dollar) and 3 047m US dollar a finite life (31 December 2022: 2 557m US dollar).

1
The transfer (to)/from other asset categories and other movements mainly relates to transfers from assets under construction to their respective asset
categories, to the separate presentation in the statement of financial position of intangible assets held for sale in accordance with IFRS 5 Non-current assets
held for sale and discontinued operations and to the restatement of non-monetary assets under hyperinflation accounting in line with IAS 29 Financial reportingin hyperinflationary economies.

AB InBev – Annual Report 2023  108

Million US dollar
Cash-generating unit
United States
Rest of North America
MexicoColombia
Rest of Middle Americas
BrazilRest of South America
EuropeSouth Africa
Rest of Africa
China
Rest of Asia PacificTotal carrying amount of intangible assets with indefinite useful lives

2023

2022

21 939
41
3 629
2 990
3 590
15
655
432
2 623
910
393
1 021
38 23921 979
40
3 166
2 374
3 531
767
423
2 847
1 072
405
1 048
37 652

In 2023, the company expensed 256m US dollar in research, compared to 268m US dollar in 2022. The spend focused on
product innovations, market research, as well as process optimization and product development.

16. Investments in associates
A reconciliation of the summarized financial information to the carrying amount of the company’s interests in material
associates is as follows:
2023
Million US dollar.
Balance at 1 January
Effect of movements in foreign exchange
Dividends received
Share of results of associates
Non-underlying share of results of associates
Balance at 31 December

CastelAnadolu
Efes

AB InBev
Efes

3 293
107
(22)
104
3 482

171
(63)
(10)
66
164

1 143
(1 143)-2022
CastelAnadolu
Efes

3 400
(172)
(87)
152
3 293

201
(57)
(14)
41
171

Summarized financial information of the company’s material associates is as follows:
Million US dollar.
Current assets
Non-current assets
Current liabilities
Non-current liabilities
Non-controlling interests
Net assets¹.
Revenue
Profit (loss)
Other comprehensive income (loss)
Total comprehensive income (loss)

2023
CastelAnadolu Efes

2022
CastelAnadolu Efes

3 854
4 168
(2 012)
(540)
(647)
4 823

3 028
3 590
(2 462)(1 408)(1 457)
1 291

3 399
3 679
(1 803)
(439)
(564)
4 272

2 973
4 654
(2 581)(1 767)(1 789)
1 490

5 273
585
83
668

4 561
481
212
693

4 942
767
74
841

4 222
287
1 503
1 790

In 2022, the company reported a (1 143)m US dollar non-underlying share of results of associates related to its investment
in AB InBev Efes (Refer to Note 8 Non-underlying items). As of 31 December 2023, the investment in AB InBev Efes
remains classified as non-current asset held for sale.
In 2023, associates that are not individually material contributed 126m US dollar to the results of investment in associates(31 December 2022: 106m US dollar). 1
Additional information related to the significant associates is presented in Note 33 AB InBev Companies.

1

The net assets are converted at the respective closing rates of December.
AB InBev – Annual Report 2023  109

17. Deferred tax assets and liabilities
The amount of deferred tax assets and liabilities by type of temporary difference can be detailed as follows:
Million US dollar

2023
Assets Liabilities

Net

2022
Assets Liabilities

Net

Property, plant and equipment
Intangible assets
Inventories
Trade and other receivables
Interest-bearing loans and borrowings
Employee benefits
Provisions
Derivatives
Other items
Loss carry forwards
Gross deferred tax assets/(liabilities)

230
143
108
43
671
431
648
71
487
1 782
4 614

(2 115)(9 661)
(78)
(451)
(8)
(44)
(17)
(1 180)(13 553)(1 885)(9 518)
30
43
220
423
604
54
(693)
1 782
(8 939)

191
89
102
51
852
433
533
51
532
1 341
4 175

(2 071)(9 582)
(90)
(657)
(9)
(56)
(61)
(1 166)(13 693)(1 880)(9 492)
12
51
195
423
477
(10)
(634)
1 341
(9 518)

Netting by taxable entity(1 679)1 679-(1 874)

1 874-

Net deferred tax assets/(liabilities)

2 935(11 874)(8 939)2 300(11 818)(9 518)The change in net deferred taxes recorded in the consolidated statement of financial position can be detailed as follows:
Million US dollar
Balance at 1 January
Recognized in profit or loss
Recognized in other comprehensive income
Other movements and effect of changes in foreign exchange rates
Balance at 31 December

2023

2022

(9 518)
689
(54)
(56)
(8 939)(10 235)
701
(177)
193
(9 518)

Most of the temporary differences are related to the fair value adjustment on intangible assets with indefinite useful lives
and property, plant and equipment acquired through business combinations. The realization of the temporary differenceson intangible assets acquired through business combinations is unlikely to revert within 12 months as they would be
realized upon impairment or disposal of these intangibles which is currently not expected. The net deferred tax liabilities
attributable to the US business and mainly related to purchase price accounting amount to 6.3 billion US dollar as of 31
December 2023.
As of 31 December 2023, deferred taxes of 12.1 billion US dollar (31 December 2022: 11.0 billion US dollar) were notrecognized on a series of tax attributes. The tax attributes for which no deferred tax asset was recognized amount to 48.7
billion US dollar compared to 44.5 billion US dollar as of 31 December 2022 and include tax losses carry forward either
confirmed or resulting from tax positions under dispute, capital losses, foreign and withholding tax credits, excess dividend
received deduction, excess interest carry forward, amongst others. 46.2 billion US dollar of these tax attributes do not havean expiration date, 0.2 billion US dollar and 0.1 billion US expire within respectively 1 and 2 years, while 2.2 billion US
dollar have an expiration date of more than 3 years. Additionally, we have historical uncertain attributes without expiration
date amounting to 16.2 billion US dollar for which no deferred tax asset was recognized. Deferred tax assets have notbeen recognized on these items because these are either contingent assets subject to conclusion of tax disputes or it is
not probable that future taxable profits will be available against which these tax losses and deductible temporary differences
can be utilized and the company has no tax planning strategy currently in place to utilize these tax losses and deductible
temporary differences.

AB InBev – Annual Report 2023  110

18. Inventories
Million US dollar

31 December 2023

31 December 2022

120
3 207
588
1 434
234
5 583

87
3 851
529
1 837
308
6 612

323

395

Prepayments
Raw materials and consumables
Work in progress
Finished goods
Goods purchased for resale
Inventories
Inventories other than work in progress
Inventories stated at net realizable value

The cost of inventories recognized as an expense in 2023 amounts to 27 396m US dollar, included in cost of sales (2022:
26 305m US dollar). Impairment losses on inventories recognized in 2023 amount to 110m US dollar (2022: 148m US
dollar).

19. Trade and other receivables
Million US dollar

31 December 2023

31 December 2022

Cash deposits for guarantees
Loans to customers
Tax receivable, other than income tax
Brazilian tax credits and interest receivables
Trade and other receivables
Non-current trade and other receivables

164
2
154
1 341
280
1 941

189
10
137
1 149
298
1 782

Trade receivables and accrued income
Interest receivables
Tax receivable, other than income tax
Loans to customers
Prepaid expenses
Other receivables
Current trade and other receivables

4 347
45
479
70
474
609
6 024

3 637
67
444
71
410
702
5 330

Ambev’s tax credits and interest receivables are expected to be collected over a period exceeding 12 months after thereporting date. As of 31 December 2023, the total amount of such credits and interest receivables represented 1 341m US
dollar (31 December 2022: 1 149m US dollar).
The carrying amount of trade and other receivables is a good approximation of their fair value as the impact of discounting
is not significant. The ageing of the current trade receivables and accrued income, interest receivable, other receivables
and current and non-current loans to customers can be detailed as follows for 31 December 2023 and 31 December 2022
respectively:

AB InBev – Annual Report 2023  111

Net carrying
amount as of.
Trade receivables and accrued
incomeLoans to customers
Interest receivables
Other receivables

Of which not impaired as of the reporting
date and past dueLess than Between 30 Between 60
More than
30 days and 59 days and 89 days
90 days

4 347

4 118

162

43

18

6

72
45
609
5 073

51
45
580
4 794

9
9
180

12
7
62

11
29

2
8

Net carrying
amount as of.
Trade receivables and accrued
incomeLoans to customers
Interest receivables
Other receivables

Of which: neither
impaired nor pastdue on thereporting date

Of which: neither
impaired nor pastdue on thereporting date

Of which not impaired as of the reporting
date and past dueLess than Between 30 Between 60
More than
30 days and 59 days and 89 days
90 days

3 637

3 418

151

41

24

4

81
67
702
4 487

78
67
684
4 247

1
11
162

1
4
46

1
3
28

4

The above analysis of the age of financial assets that are past due as at the reporting date but not impaired also includes
non-current loans to customers. Past due amounts were not impaired when collection is still considered likely, for instancebecause the amounts can be recovered from the tax authorities, AB InBev has sufficient collateral, or the customer enteredinto a payment plan. Impairment losses on trade and other receivables recognized in the year ended 31 December 2023
amount to 47m US dollar (31 December 2022: 38m US dollar).
AB InBev’s exposure to credit, currency and interest rate risks is disclosed in Note 27 Risks arising from financial
instruments.

20. Cash and cash equivalents and investment securities
Million US dollar
Short-term bank deposits
Cash and bank accounts
Cash and cash equivalents.
Bank overdrafts
Cash and cash equivalents in the statement of cash flows

31 December 2023

31 December 2022

4 201
6 131
10 332

4 685
5 288
9 973

(17)
10 314(83)
9 890

The cash outstanding as at 31 December 2023 includes restricted cash for an amount of 109m US dollar (31 December
2022: 73m US dollar). This restricted cash mainly relates to amounts deposited on a blocked account in respect to thestate aid investigation into the Belgian excess profit ruling system (76m US dollar).
Investment securities
Million US dollar

31 December 2023

31 December 2022

Investment in unquoted companies
Investment in debt securities
Non-current investments

151
27
178

149
26
175

Investment in debt securities
Current investments

67
67

97
97

As at 31 December 2023, current debt securities of 67m US dollar mainly represented investments in government bonds(31 December 2022: 97m US dollar). The company’s investments in such short-term debt securities are primarily tofacilitate liquidity and for capital preservation.

AB InBev – Annual Report 2023  112

21. Changes in equity and earnings per share
STATEMENT OF CAPITAL
The tables below summarize the changes in issued capital and treasury shares during 2023:
Issued capitalMillion shares

At the end of the previous year
Changes during the period

2 019
2 019

Of which:
Ordinary shares
Restricted shares

Treasury shares
At the end of the previous year
Changes during the period
At the end of the current period

Issued capitalMillion US dollar
1 736
1 736

1 737
282

Treasury shares
Million shares
Million US dollar
35.5
(0.1)
35.4

Result on the use oftreasury shares
Million US dollar(3 706)240(3 465)(4 559)(477)(5 036)

As of 31 December 2023, the share capital of AB InBev amounts to 1 238 608 344.12 euro (1 736 million US dollar). It isrepresented by 2 019 241 973 shares without nominal value, of which 35 414 191 are held in treasury by AB InBev and its
subsidiaries. All shares are ordinary shares, except for 282 044 710 restricted shares (31 December 2022: 282 050 690).
As of 31 December 2023, the total of authorized, unissued capital amounts to 37m euro.
The treasury shares held by the company are reported in equity in Treasury shares.
The holders of ordinary and restricted shares are entitled to receive dividends as declared from time to time and are entitledto one vote per share at meetings of the company. In respect of the company’s shares that are held by AB InBev and its
subsidiaries, the economic and voting rights are suspended.
The restricted shares are unlisted, not admitted to trading on any stock exchange, and are subject to, among other things,
restrictions on transfer until converted into new ordinary shares. As from 11 October 2021 (fifth anniversary of completionof the SAB combination), the restricted shares are convertible at the election of the holder into new ordinary shares on a
one-for-one basis and they rank equally with the ordinary shares with respect to dividends and voting rights. By 31
December 2023, from the 326 million restricted shares issued at the time of the SAB combination, 44 million restricted
shares were converted into new ordinary shares.
The shareholders’ structure is based on the notifications made to the company pursuant to the Belgian Law of 2 May 2007,
which governs the disclosure of significant shareholdings in listed companies. It is included in the Corporate Governancesection of AB InBev’s annual report.
CHANGES IN OWNERSHIP INTERESTS
In accordance with IFRS 10 Consolidated Financial Statements, the acquisition or disposal of additional shares in a
subsidiary is accounted for as an equity transaction with owners.
During 2023, there were no significant purchases or disposals of non-controlling interests in subsidiaries.

AB InBev – Annual Report 2023  113

ACQUISITIONS AND DISPOSALS OF OWN SHARES (REPORT ACCORDING TO ARTICLE 7:220 OF THE BELGIANCOMPANIES CODE OF COMPANIES AND ASSOCIATIONS) AND BORROWINGS OF OWN SHARES– PURCHASEOF OWN SHARES
During 2023, the company has acquired treasury shares in accordance with article 7:215 of the Belgian Code of Companies
and Associations (former article 620 of the Belgian Companies Code) and has proceeded with the following disposals of
its own shares.
Treasury shares
Using the powers granted at the shareholders meeting of 28 April 2021, the Board of Directors approved a share buyback
program for an amount of 1 billion US dollar. As of 31 December 2023, AB InBev bought back 5.813.148 shares for a total
amount of 362 million US dollar, corresponding to 0,29% of the total shares outstanding. The shares acquired were mainly
used to fulfill the company’s various share delivery commitments under the stock ownership plan.
As of 31 December 2023, the group owned 35 414 191 own shares of which 34 775 830 were held directly by AB InBev.
The par value of the share is 0.61 euro. The treasury shares that the company still owned at the end of 2023 represented
26 508 604 US dollar (21 602 657 euro) of the subscribed capital.
Borrowed shares
In order to fulfill AB InBev’s commitments under various outstanding share-based compensation plans, during the courseof 2023, the company had stock lending arrangements in place for up to 30 million shares, which were fully used to fulfill
share-based compensation plan commitments. The company shall pay any dividend equivalent after tax in respect of suchborrowed shares. This payment will be reported through equity as dividend.
DIVIDENDS
On 28 February 2024, a dividend of 0.82 euro per share or 1 645m euro was proposed by the Board of Directors and will
be subject to approval at the shareholders’ meeting on 24 April 2024.
On 26 April 2023, a dividend of 0.75 euro per share or 1 510m euro was approved at the shareholders’ meeting. The
dividend was paid out as of 5 May 2023.
On 27 April 2022, a dividend of 0.50 euro per share or 1 004m euro was approved at the shareholders’ meeting. The
dividend was paid out as of 5 May 2022.
TRANSLATION RESERVES
The translation reserves comprise all foreign currency exchange differences arising from the translation of the financial
statements of foreign operations. The translation reserves also comprise the portion of the gain or loss on the foreign
currency liabilities and on the derivative financial instruments determined to be effective net investment.
HEDGING RESERVESThe hedging reserves comprise the effective portion of the cumulative net change in the fair value of cash flow hedges tothe extent that the hedged risk has not yet impacted profit or loss.
TRANSFERS FROM SUBSIDIARIESThe amount of dividends payable to AB InBev by its operating subsidiaries is subject to, among other restrictions, general
limitations imposed by the corporate laws, capital transfer restrictions and exchange control restrictions of the respective
jurisdictions where those subsidiaries are organized and operate. Capital transfer restrictions are also common in certain
emerging market countries and may affect AB InBev’s flexibility in implementing a capital structure it believes to be efficient.
As of 31 December 2023, the restrictions above mentioned were not deemed significant on the company’s ability to accessor use the assets or settle the liabilities of its operating subsidiaries.
Dividends paid to AB InBev by certain of its subsidiaries are also subject to withholding taxes. Withholding taxes, if
applicable, generally do not exceed 15%.

AB InBev – Annual Report 2023  114

OTHER COMPREHENSIVE INCOME RESERVES
The changes in the other comprehensive income reserves are as follows:
Million US dollar.
As per 1 January 2023
Other comprehensive income/(loss)
Exchange differences on translation of foreign operations(gains/(losses))
Cash flow hedges
Re-measurements of post-employment benefits
Other comprehensive income/(loss)
As per 31 December 2023

Translation
Reserves

Hedging
reserves

Postemployment
benefits

Total OCI
Reserves(34 677)145(1 021)(35 553)

4 497

-

-

4 497

4 497
(30 180)

36
36
181

(134)
(134)
(1 155)

36
(134)
4 398
(31 155)

The gain in translation reserves is primarily related to the combined effect of the appreciation of the closing rates of theColombian peso and the Mexican peso and the weakening of the closing rate of the Argentinean peso and the South
African rand, which resulted in a net foreign exchange translation adjustment of 4 497m US dollar as of 31 December 2023
(increase of equity).

Million US dollar.
As per 1 January 2022
Other comprehensive income/(loss)
Exchange differences on translation of foreign
operations (gains/(losses))
Cash flow hedges
Re-measurements of post-employment benefits
Other comprehensive income/(loss)
As per 31 December 2022

Translation
Reserves

Hedging
reserves

Postemployment
benefits

Total OCI
Reserves(33 554)481(1 504)(34 577)(1 123)--(1 123)(1 123)(34 677)

(336)
(336)
145

483
483
(1 021)

(336)
483
(976)
(35 553)

EARNINGS PER SHARE
The calculation of basic earnings per share for 2023 is based on the profit attributable to equity holders of AB InBev of
5 341m US dollar (2022: 5 969m US dollar) and a weighted average number of ordinary and restricted shares outstanding(including deferred share instruments and stock lending) per end of the period, calculated as follows:
Million shares.
Issued ordinary and restricted shares at 1 January, net of treasury shares
Effect of stock lending
Effect of delivery of treasury shares and share buyback programs
Weighted average number of ordinary and restricted shares at 31 December

2023

2022

1 984
30
2
2 016

1 981
30
2
2 013

The calculation of diluted earnings per share for 2023 is based on the profit attributable to equity holders of AB InBev of
5 341m US dollar (2022: 5 969m US dollar) and a weighted average number of ordinary and restricted shares (diluted)
outstanding (including deferred share instruments and stock lending) at the end of the period, calculated as follows:
Million shares.
Weighted average number of ordinary and restricted shares at 31 December
Effect of share options, PSUs and restricted stock units
Weighted average number of ordinary and restricted shares (diluted) at 31 December

AB InBev – Annual Report 2023  115

2023

2022

2 016
38
2 054

2 013
37
2 050

The calculation of the Underlying EPS is based on the profit before non-underlying items and hyperinflation impacts
attributable to equity holders of AB InBev. A reconciliation of the profit attributable to equity holders of AB InBev to the
profit before non-underlying items, attributable to equity holders of AB InBev and underlying profit is calculated as follows:1

For the year ended 31 December
Million US dollar.
Profit attributable to equity holders of AB InBev
Net impact of non-underlying items on profit (refer to Note 8)
Profit before non-underlying items, attributable to equity holders of AB InBev
Hyperinflation impacts
Underlying profit

2023

2022¹

5 341
614
5 955
203
6 158

5 969
153
6 122
(30)
6 093

2023

2022

5 341
2 016
2.65

5 969
2 013
2.97

6 158
2 016
3.05

6 093
2 013
3.03

5 341
2 054
2.60

5 969
2 050
2.91

The table below sets out the EPS calculation:
For the year ended 31 December
Million US dollar.
Profit attributable to equity holders of AB InBev
Weighted average number of ordinary and restricted shares
Basic EPS.
Underlying profit
Weighted average number of ordinary and restricted shares
Underlying EPS.
Profit attributable to equity holders of AB InBev
Weighted average number of ordinary and restricted shares (diluted)
Diluted EPS

Underlying EPS is a non-IFRS measure.
The average market value of the company’s shares for purposes of calculating the dilutive effect of share options andrestricted stock units was based on quoted market prices for the period that the options and restricted stock units were
outstanding. For the calculation of Diluted EPS, 46m share options were anti-dilutive and not included in the calculation of
the dilutive effect per 2023 (2022: 51m share options).

22. Interest-bearing loans and borrowings
This note provides information about the company’s interest-bearing loans and borrowings. For more information about
the company’s exposure to interest rate and foreign exposure currency risk – refer to Note 27 Risks arising from financial
instruments.
Million US dollar

31 December 2023

31 December 2022

Unsecured bond issues
Lease liabilities
Unsecured other loans
Secured bank loans
Non-current interest-bearing loans and borrowings

71 8962 126
119
23
74 16376 7981 963
95
24
78 880Unsecured bond issues
Lease liabilities
Secured bank loans
Unsecured bank loans
Unsecured other loans
Current interest-bearing loans and borrowings

2 514
703
392
182
196
3 987

529
369
100
30
1 029

Interest-bearing loans and borrowings

78 15079 909The current and non-current interest-bearing loans and borrowings amount to 78.1 billion US dollar as at 31 December
2023, compared to 79.9 billion US dollar as at 31 December 2022.

1

As from 1 January 2023, mark-to-market gains/(losses) on derivatives related to the hedging of the share-based payment programs are reported in the nonunderlying net finance income/(cost). The 2022 presentation was amended to conform to the 2023 presentation.
AB InBev – Annual Report 2023  116

As at 31 December 2023, the company had no outstanding balance on commercial papers (31 December 2022: nil). The
commercial papers include programs in US dollar and euro with a total authorized issuance up to 5.0 billion US dollar and3.0 billion euro, respectively.
On 5 December 2023, the company completed the tender offers of thirteen series of USD notes, three series of EUR notes
and two series of GBP notes for up to 3.0 billion US dollar aggregate purchase price. The company accepted the tender
offers of seven series of notes issued by Anheuser-Busch InBev SA/NV (“ABISA”) and its wholly-owned subsidiaries
Anheuser-Busch InBev Worldwide Inc. (“ABIWW”), Anheuser-Busch Companies, LLC (“ABC”) and Anheuser-Busch InBev
Finance Inc. (“ABIFI”) and repurchased 3.4 billion US dollar aggregate principal amount of these notes. The total principal
amount repurchased in the tender offers is set out in the table below:

Date of redemption
5 December 2023
5 December 2023
5 December 2023
5 December 2023
5 December 2023
5 December 2023
5 December 2023

Issuer(abbreviated)
ABISA
ABIWW
ABIWW
ABIWW
ABIWW
ABIWW and ABC
ABIFI

Title of series of notes
partially repurchased
2.850% Notes due 2037
3.750% Notes due 2042
4.600% Notes due 2060
4.500% Notes due 2050
4.600% Notes due 2048
3.650% Notes due 2026
4.000% Notes due 2043

Currency
GBP
USD
USD
USD
USD
USD
USD

Original
principal
amountoutstanding(in million)
411
471
497
1 567
2 179
3 491
404

Principal
amountrepurchased(in million)
163
121
150
465
1 124
1 237
64

Principal
amount not
repurchased(in million)
248
350
347
1 102
1 055
2 254
340

These tender offers were financed with cash.
Net debt is defined as non-current and current interest-bearing loans and borrowings and bank overdrafts minus debt
securities and cash and cash equivalents. Net debt is a financial performance indicator that is used by AB InBev’s
management to highlight changes in the company’s overall liquidity position.
AB InBev’s net debt decreased to 67.6 billion US dollar as at 31 December 2023, from 69.7 billion US dollar as at 31
December 2022. Aside from operating results that are net of capital expenditures, the net debt is impacted mainly by thepayment of interests and taxes (5.8 billion US dollar), dividend payments to shareholders of AB InBev and Ambev (3.0billion US dollar) and foreign exchange impact on net debt (0.9 billion US dollar increase of net debt).
The following table provides a reconciliation of AB InBev’s net debt as at the dates indicated:
Million US dollar

31 December 2023

31 December 2022

Non-current interest-bearing loans and borrowings
Current interest-bearing loans and borrowings
Interest-bearing loans and borrowings

74 1633 987
78 15078 880
1 029
79 909Bank overdrafts
Cash and cash equivalents
Interest bearing loans granted and other deposits (included within Trade and otherreceivables)
Debt securities (included within Investment securities)
Net debt

17(10 332)83(9 973)

(168)

(183)

(94)
67 573(123)
69 713

AB InBev – Annual Report 2023  117

Reconciliation of liabilities arising from financing activities
The table below details the changes in the company’s liabilities arising from financing activities, including both cash andnon-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows willbe, classified in the company’s consolidated cash flow statement from financing activities.

Million US dollar

Long-term debt, net ofcurrent portion

Short-term debt andcurrent portion of longterm debt

78 88059(3 004)686
61909(3 113)(316)
74 163

1 029
143
(94)
(458)
83
3 113
171
3 987

Long-term debt, net ofcurrent portion

Short-term debt andcurrent portion of longterm debt

87 36974(6 698)794
63(1 776)(617)(329)
78 880

1 408
17
(567)
(519)
(6)
617
79
1 029

Balance at 1 January 2023
Proceeds from borrowings
Repayments of borrowings
Capitalization / (payment) of lease liabilities
Amortized cost
Unrealized foreign exchange effects
Current portion of long-term debt
(Gain)/Loss on bond redemption and other movements
Balance at 31 December 2023.
Million US dollar
Balance at 1 January 2022
Proceeds from borrowings
Repayments of borrowings
Capitalization / (payment) of lease liabilities
Amortized cost
Unrealized foreign exchange effects
Current portion of long-term debt
(Gain)/Loss on bond redemption and other movements
Balance at 31 December 2022

23. Pensions and similar obligations
AB InBev sponsors various post-employment benefit plans worldwide, which include both defined contribution plans,
defined benefit plans, and other post-employment benefits. In accordance with IAS 19 Employee Benefits postemployment benefit plans are classified as either defined contribution plans or defined benefit plans.
DEFINED CONTRIBUTION PLANS
For defined contribution plans, AB InBev pays contributions to publicly or privately administered pension funds or insurance
contracts. Once the contributions have been paid, the group has no further payment obligation. The regular contributions
constitute an expense for the year in which they are due. For 2023, contributions paid into defined contribution plans forthe company amounted to 166m US dollar compared to 164m US dollar for 2022.
DEFINED BENEFIT PLANS
During 2023, the company contributed to 84 defined benefit plans, of which 65 are retirement or leaving service plans, 15
are medical cost plans and 4 other long-term employee benefit plans. Most plans provide retirement and leaving service
benefits related to pay and years of service. In many of the countries the plans are partially funded. When plans are funded,
the assets are held in legally separate funds set up in accordance with applicable legal requirements and common practicein each country. The medical cost plans in Barbados, Brazil, Canada, Colombia, South Africa and US provide medical
benefits to employees and their families after retirement. Many of the defined benefit plans are closed to new entrants.
The present value of funded obligations includes a 113m US dollar liability related to two medical plans in Brazil, for which
the benefits are provided through the Fundação Antonio Helena Zerrenner (“FAHZ”). The FAHZ is a legally distinct entity
which provides medical, dental, educational and social assistance to current and retired employees of Ambev. As at 31
December 2023, the actuarial liabilities related to the benefits provided by the FAHZ are fully offset by an equivalentamount of assets existing in the fund. The net liability recognized in the statement of financial position is nil.
The employee benefit net liability amounts to 1 661m US dollar as at 31 December 2023 compared to 1 523m US dollar
as at 31 December 2022. In 2023, the fair value of the plan assets increased by 75m US dollar and the defined benefit
obligations increased by 212m US dollar. The increase in the employee benefit net liability is mainly driven by decreases
in the discount rates partially offset by favorable asset returns.
AB InBev – Annual Report 2023  118

The company’s net liability for post-employment and long-term employee benefit plans comprises the following as at 31
December 2023 and 2022:
Million US dollar
Present value of funded obligations
Fair value of plan assets
Present value of net obligations for funded plans
Present value of unfunded obligations
Present value of net obligations

2023(4 784)
3 882
(902)
(619)
(1 521)2022(4 604)
3 807
(797)
(587)
(1 384)

Unrecognized asset
Net liability(38)(1 559)(43)(1 427)

Other long term employee benefits
Total employee benefits(102)(1 661)(96)(1 523)

Employee benefits amounts in the statement of financial position:
Liabilities
AssetsNet liability(1 673)12(1 661)(1 534)11(1 523)2023(5 191)
(50)
(302)
4
99
469
(2)
17
(220)
(44)
(182)
(5 403)2022(7 478)
(69)
(229)
114
549
(2)
(2)
1 854
(116)
243
(55)
(5 191)

The changes in the present value of the defined benefit obligations are as follows:
Million US dollar
Defined benefit obligation at 1 January
Current service costs
Interest cost
Past service gain/(cost)
Settlements
Benefits paid
Contribution by plan participants
Actuarial gains/(losses) – demographic assumptions
Actuarial gains/(losses) – financial assumptions
Experience adjustments
Exchange differences
Transfers and other movements
Defined benefit obligation at 31 December

As at the last valuation date, the present value of the defined benefit obligation was comprised of approximately 1.1 billion
US dollar relating to active employees, 1.0 billion US dollar relating to deferred members and 3.3 billion US dollar relating
to members in retirement.
The changes in the fair value of plan assets are as follows:
Million US dollar
Fair value of plan assets at 1 January
Interest income
Administration costs
Return on plan assets exceeding interest income
Contributions by AB InBev
Contributions by plan participants
Benefits paid net of administration costs
Assets distributed on settlements
Exchange differences
Transfers and other movements
Fair value of plan assets at 31 December

2023
3 807
217
(17)
94
218
2
(469)
(97)
127
3 882

AB InBev – Annual Report 2023  119

2022
5 381
157
(17)
(1 084)
220
2
(551)
(112)
(188)
(2)
3 807

Actual return on plans assets amounted to a gain of 311m US dollar in 2023 compared to a loss of (927)m US dollar in
2022.
The changes in the unrecognized asset are as follows:
Million US dollar
Irrecoverable surplus impact at 1 January
Interest expense
Changes excluding amounts included in interest expense
Irrecoverable surplus impact at 31 December

2023
(43)
(4)
9
(38)

2022
(32)
(3)
(8)
(43)

The expense recognized in the income statement with regards to defined benefit plans can be detailed as follows:
Million US dollar
Current service costs
Administration costs
Past service cost due to plan amendments, curtailments or settlements(Losses)/gains due to experience and demographic assumption changes
Profit from operations
Net finance cost
Total employee benefit expense

2023
(50)
(17)
6
(1)
(61)
(88)
(150)

2022
(66)
(17)
2
(81)
(73)
(154)

2023
(18)
(9)
(14)
(21)
(88)
(150)

2022
(25)
(11)
(17)
(28)
(73)
(154)

The employee benefit expense is included in the following line items of the income statement:
Million US dollar
Cost of sales
Distribution expenses
Sales and marketing expenses
Administrative expenses
Net finance cost
Total employee benefit expense

Weighted average assumptions used in computing the benefit obligations of the company’s significant plans at thereporting date are as follows:

Discount rate
Price inflation
Future salary increases
Future pension increases
Medical cost trend rate
Life expectation for a 65-year old maleLife expectation for a 65-year old female

Discount rate
Price inflation
Future salary increases
Future pension increases
Medical cost trend rate
Life expectation for a 65-year old maleLife expectation for a 65-year old female2023

UnitedStatesCanadaMexicoBrazilUnitedKingdom

AB InBev

5.3%
2.0%
6.8%-4.5%
86
88

4.6%
2.0%
1.0%
2.0%
4.5%
87
90

9.3%
3.5%
4.3%
3.5%
85
88

9.2%
3.5%
6.7%-3.9%
3.5%
7.1%
85
87

4.7%
3.2%
3.1%
87
89

5.6%
2.6%
3.7%
2.8%
6.7%-6.2%
85
88

2022

UnitedStatesCanadaMexicoBrazilUnitedKingdom

AB InBev

5.5%
2.5%
7.0%-4.5%
86
88

5.1%
2.0%
1.0%
2.0%
4.5%
87
90

9.5%
3.5%
4.5%-4.0%
3.5%
85
88

10.0%
3.5%
7.1%-5.3%
3.5%
7.1%
85
87

4.9%
3.2%
3.0%
87
89

5.9%
2.7%
4.0%
2.7%
6.8%-6.1%
85
88

Through its defined benefit pension plans and post-employment medical plans, the company is exposed to a number ofrisks, the most significant are detailed below:

AB InBev – Annual Report 2023  120

INVESTMENT STRATEGY
In case of funded plans, the company ensures that the investment positions are managed within an asset-liability matching(ALM) framework that has been developed to achieve long-term investments that are in line with the obligations under thepension schemes. Within this framework, the company’s ALM objective is to match assets to the pension obligations byinvesting in long-term fixed interest securities with maturities that match the benefit payments as they fall due and in theappropriate currency. The company actively monitors how the duration and the expected yield of the investments arematching the expected cash outflows arising from the pension obligation.
ASSET VOLATILITY
In general, the company’s funded plans are invested in a combination of equities, bonds and real estate, generating highbut volatile returns from equities and at the same time stable and liability-matching returns from bonds. As the plans mature,
the company usually reduces the level of investment risk by investing more in assets that better match the liabilities. Since
2015, the company started the implementation of a pension de-risking strategy to reduce the risk profile of certain plansby reducing gradually the current exposure to equities and shifting those assets to fixed income securities.
CHANGES IN BOND YIELDS
An increase in bond yields will decrease plan liabilities, although this will be partially offset by a decrease in the value ofthe plans’ bond holdings.
INFLATION RISK
Some of the company’s pension obligations, mainly in the UK, are linked to inflation, and higher inflation will lead to higher
liabilities. The majority of the plan’s assets are either unaffected by or loosely correlated with inflation, meaning that anincrease in inflation could potentially increase the company’s net benefit obligation.
LIFE EXPECTANCY
The majority of the plans’ obligations are to provide benefits for the life of the member, so increases in life expectancy will
result in an increase in the plans’ liabilities.
The weighted average duration of the defined benefit obligation in 2023 is 11.0 years (2022: 11.4 years). An increase inbond yields reduces the average duration.
The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:

Million US dollar

Change inassumption

2023
Increase inassumption

Decrease inassumption

0.5%
0.5%
0.5%
1%
One year

(275)
96
23
25
155

300
(103)
(21)
(22)
(157)

Discount rate
Price inflation
Future salary increases
Medical cost trend rate
Mortality

The above are purely hypothetical changes in individual assumptions holding all other assumptions constant: economic
conditions and changes therein will often affect multiple assumptions at the same time and the effects of changes in key
assumptions are not linear.
Sensitivities are reasonably possible changes in assumptions, and they are calculated using the same approach as wasused to determine the defined benefit obligation. Therefore, the above information is not necessarily a reasonable
representation of future results.
The fair value of plan assets at 31 December consists of the following:
Million US dollar
Government bonds
Corporate bonds
Equity instruments
Property
Insurance contracts and others

Quoted2023
Unquoted

Total

Quoted2022
Unquoted

Total

38%
27%
22%
3%
90%

1%
6%
3%
10%

38%
28%
22%
6%
6%
100%

34%
30%
24%
4%
91%

7%
1%
8%

34%
30%
24%
7%
5%
100%

AB InBev – Annual Report 2023  121

AB InBev expects to contribute approximately 229m US dollar for its funded defined benefit plans and 76m US dollar inbenefit payments to its unfunded defined benefit plans and post-retirement medical plans in 2024.

24. Share-based payments
Different share-based programs allow company senior management and members of the board of directors to receive or
acquire shares of AB InBev, Ambev or Budweiser APAC. AB InBev has three primary share-based compensation plans:
the share-based compensation plan (“Share-Based Compensation Plan”), the long-term restricted stock unit plan for
directors (“RSU Plan for Directors”), and the various long-term incentive plan for executives (“LTI Plan Executives”). Theseshare-based payment programs relate to either AB InBev shares or American Depository Shares (“ADSs”) as underlying
equity instruments. All the company share-based payment plans are equity-settled. Amounts have been converted to US
dollar at the average rate of the period, unless otherwise indicated. Share-based payment transactions resulted in a total
expense of 570m US dollar for 2023, as compared to 448m US dollar for 2022.
AB INBEV SHARE-BASED COMPENSATION PROGRAMS
Share-Based Compensation Plan for Executives
Under this plan, members of the Executive Committee and other senior employees receive their bonus in cash but havethe choice to invest some or all of the value of their bonus in AB InBev shares, referred to as voluntary shares. The voluntary
shares are entitled to dividends from the date of grant and are subject to a lock-up period of three years. They are granted
at market price, to which a discount of up to 20% is applied. The discount is delivered in the form of RSUs (Discounted
Shares). Executives who invest in Voluntary Shares also receive one and a half matching shares for each voluntary shareinvested up to a limited total percentage of each executive’s variable compensation. These matching shares are alsodelivered in the form of RSUs (Matching Shares). The RSUs relating to the Matching Shares and the Discounted Shares
vest over a three or five-year period and are subject to specific restrictions or forfeiture provisions in the event of terminationof service.
During 2023, AB InBev issued 1.7m discounted and matching RSUs in relation to bonuses granted to company employees
and management (2022: 4.8m discounted and matching RSUs). These discounted and matching RSUs represent a fairvalue of approximately 102m US dollar (2022: 293m US dollar).
Restricted Stock Units Plan for Directors
The remuneration of the directors comprises a fixed cash fee component and a share-based component. The share-based
portion of the remuneration of the directors of the company is granted in the form of RSUs that vest after five years and,upon vesting, entitle their holders to one AB InBev share per RSU.
During 2023, 0.1m RSUs with an estimated fair value of 4m US dollar were granted to directors (2022: 0.1m with anestimated fair value of 4m US dollar).
Annual LTI Plans for Executives
Subject to management’s assessment of the executive’s performance and future potential, members of senior
management may be eligible for an annual long-term incentive to be paid out in RSUs, Performance Stock Units (“PSUs”)
and/or stock options.

•Long-term Incentive RSUs: They cliff vest over a three or five-year period. Upon vesting, each RSU entitles its
holder to acquire one share. During 2023, AB InBev issued 2.9m RSUs with an estimated fair value of 183m US
dollar under this plan (2022: 3.9m RSUs with an estimated fair value of 228m US dollar under this plan). Out ofthese RSUs, 0.1m RSUs were granted to members of the Executive Committee (2022: 0.5m RSUs).

•

Long-term PSUs: They cliff vest over a three-year period. Upon vesting of the PSUs, the number of shares towhich the holders thereof shall be entitled shall depend on a performance test measuring (on a percentile basis)the company’s three-year Total Shareholder Return (“TSR”) relative to the TSR realized for that period by arepresentative sample of listed companies belonging to the consumer goods sector. The number of shares towhich such units entitle their holders is subject to a hurdle and cap. During 2023, 0.5m PSUs were granted to
Executives with an estimated fair value of 39m US dollar (2022: 0.5m PSUs with an estimated fair value of 39m
US dollar under this plan). Out of these PSUs, 33 thousand PSUs were granted to members of the Executive
Committee (2022: 0.1m PSUs).

AB InBev – Annual Report 2023  122

Exceptional LTI Plans for Executives
RSUs, PSUs or stock options may be granted from time to time to members of the senior management of the company,
who have made a significant contribution to the success of the company (achieving the growth agenda, specificacquisitions, etc.). Vesting of such RSUs, PSUs or stock options may be subject to achievement of performance conditions
which will be related to the objectives of such exceptional grants.
During 2023 and 2022, no exceptional grants were made to Executives.
Other Recurring LTI RSU Plans for Executives
AB InBev has specific recurring long-term RSU incentive programs in place, including:•A base long-term RSUs program allowing for the offer of RSUs to members of the company’s senior management.
In addition to the annual Long-term RSUs described above, under this program, RSUs can be granted underother sub-plans with specific terms and conditions and for specific purposes, e.g., for special retention incentives
or to compensate for assignments of expatriates in certain countries. In most cases, the RSUs vest after three orfive years without a performance test and in the event of termination of service before the vesting date, specificforfeiture rules apply. The Board may set different vesting periods for specific sub-plans or introduce performance
tests in line with the company’s high-performance culture and the creation of long-term sustainable value for its
shareholders. In 2023, 0.6m RSUs with an estimated fair value of 35m US dollar were granted under this program(2022: 0.7m RSUs with an estimated fair value of 44m US dollar). No RSUs were granted to members of the
Executive Committee in 2023 and 2022 under this program.

•A program allowing for certain employees to purchase company shares at a discount and that is aimed atproviding a long-term retention incentive for (i) high-potential employees of the company, who are at a midmanager level ("People bet share purchase program") or (ii) newly hired employees. The voluntary investment incompany shares leads to the grant of an amount of matching RSUs which vest after five years. In the event thatan employee's service is terminated before the vesting date, special forfeiture rules apply. In 2023, no RSUs were
granted under this plan (2022: 0.1m RSUs representing a fair value of 7m US dollar).

Other disclosures for Share-based payments
No stock options were granted in 2023 and 2022. The total number of outstanding AB InBev options developed as follows:
Million options
Options outstanding at 1 January
Options exercised during the year
Options forfeited during the year
Options lapsed during the year
Options outstanding at the end of December

2023
83.2
(2.2)
(1.3)
(3.9)
75.8

2022
102.7
(1.0)
(14.9)(3.6)
83.2

The range of exercise prices of the outstanding options is between 10.32 euro (11.40 US dollar) 1 and 128.46 euro (141.95
US dollar) while the weighted average remaining contractual life is 5.8 years.
Out of the 75.8m outstanding options, 23.7m options are vested at 31 December 2023.
The weighted average exercise price of the AB InBev options is as follows:
Amounts in US dollar
Options outstanding at 1 January
Exercised during the year
Forfeited during the year
Lapsed during the year
Outstanding at the end of December
Exercisable at the end of December

2023
76.04
29.96
67.66
96.27
79.46
108.11

2022
64.77
16.11
94.76
88.10
76.04
102.19For share options exercised during 2023, the weighted average share price at the date of exercise was 54.83 euro (60.59
US dollar)1.

1

Amounts have been converted to US dollar at the closing rate of the respective period.
AB InBev – Annual Report 2023  123

The total number of outstanding AB InBev RSUs and PSUs developed as follows:
Million RSU and PSUs
RSUs and PSUs outstanding at 1 January
RSUs and PSUs issued during the year
RSUs and PSUs vested during the year
RSUs and PSUs forfeited during the year
RSUs and PSUs outstanding at the end of December

2023
28.7
5.9
(4.3)
(1.3)
29.0

2022
20.9
10.1
(0.5)
(1.8)
28.7

AMBEV SHARE-BASED COMPENSATION PROGRAMS
Since 2005, Ambev has had in place a plan which is substantially similar to the Share-based compensation plan underwhich bonuses granted to company employees and management are partially settled in shares. Under the Share-based
compensation plan, Ambev issued 47 thousand matching RSUs in 2023 with an estimated fair value of less than 1m US
dollar (2022: 44 thousand matching RSUs with an estimated fair value of less than 1m US dollar).
Since 2018, Ambev has had in place a plan which is substantially similar to the Share-based compensation plan underwhich bonuses granted to company employees and management are partially settled in shares. The vesting period is threeor five years. Under the 2018 Share-based compensation plan, Ambev issued 33.7m matching RSUs in 2023 with anestimated fair value of 93m US dollar (2022: 49.3m matching RSUs with an estimated fair value of 148m US dollar).
As of 2010, senior employees are eligible for an annual long-term incentive to be paid out in Ambev LTI stock options (orsimilar share-based instruments), depending on management’s assessment of the employee’s performance and future
potential. No stock options were granted in 2023 and 2022.
The total number of outstanding Ambev options developed as follows:
Million options
Options outstanding at 1 January
Options forfeited during the year
Options outstanding at the end of December

2023
99.8
(11.8)
88.0

2022
113.8
(14.0)
99.8

The range of exercise prices of the outstanding options is between 15.95 Brazilian real (3.29 US dollar) and 32.81 Brazilian
real (6.78 US dollar) while the weighted average remaining contractual life is 3.6 years.
Of the 88m outstanding options 68.6m options are vested at 31 December 2023.
The weighted average exercise price of the Ambev options is as follows:
Amounts in US dollar
Options outstanding at 1 January
Forfeited during the year
Outstanding at the end of December
Exercisable at the end of December

2023
3.72
4.68
3.89
3.94

2022
3.57
4.33
3.72
3.86

2023
109.8
33.7
(18.3)
(5.2)
120.0

2022
63.8
49.3
(0.2)
(3.1)
109.8

The total number of outstanding Ambev RSUs and PSUs developed as follows:
Million RSUs and PSUs
RSUs and PSUs outstanding at 1 January
RSUs and PSUs issued during the year
RSUs and PSUs vested during the year
RSUs and PSUs forfeited during the year
RSUs and PSUs outstanding at the end of December

BUDWEISER APAC SHARE-BASED COMPENSATION PROGRAM
Share-Based Compensation Plan
In March 2020, Budweiser APAC set up a program allowing for certain employees to invest some or all of their variable
compensation in Budweiser APAC shares (Voluntary Shares). As an additional reward, employees who invest in Voluntary
Shares also receive a company shares match of one and a half matching shares for each Voluntary Share invested up toa limited total percentage of each employee’s variable compensation. In 2023, Budweiser APAC issued 4.1m matching
RSUs in relation to bonuses granted to Budweiser APAC employees with an estimated fair value of 13m US dollar (2022:
12.5m matching restricted stock units with an estimated fair value of 39m US dollar).

AB InBev – Annual Report 2023  124

Discretionary Restricted Stock Units Plan
In December 2019, Budweiser APAC set up a discretionary RSUs plan which allows for the offer of RSUs to certain
employees in certain specific circumstances, at the discretion of the Board, e.g., as a special retention incentive. The RSUs
vest after three to five years and in the event that an employee’s service is terminated before the vesting date, special
forfeiture rules apply. In 2023 and 2022, no RSUs were granted under this program.
New Restricted Stock Units Plan
In November 2020, Budweiser APAC set up a new RSUs plan which allows for the offer of RSUs to certain eligible
employees in certain specific circumstances, at the discretion of the Board, e.g., as a long-term incentive. The vesting
period of the RSUs is in principle between three and five years without a performance test and in the event of terminationof service before the vesting date, forfeiture rules apply. The Board may set shorter or longer periods for specific grants or
introduce performance tests similar to other programs in the company. In 2023, some RSUs include a performance test.
They cliff vest between three and five years. Upon vesting, the number of shares to which the holders thereof shall beentitled shall depend on a performance test measuring (on a percentile basis) the company’s three to five-year TSR relative
to the TSR realized for that period by a representative sample of listed companies belonging to the consumer goods sector.
The number of shares to which such units entitle their holders is subject to a hurdle and cap. During 2023, 29.8m RSUs
with an estimated fair value of 50m US dollar were granted under this program to a selected number of employees (2022:
14.1m RSUs with an estimated fair value of 45m US dollar).
People Bet Plan
In March 2020, Budweiser APAC set up a program allowing for certain employees to purchase Budweiser APAC sharesat a discount which is aimed at providing a long-term retention incentive for high-potential employees of the company, who
are at a mid-manager level (“People bet share purchase program”). The voluntary investment in company shares leads to
the grant of an amount of matching RSUs which vest after five years. In the event that an employee’s service is terminatedbefore the vesting date, special forfeiture rules apply. During 2023, no RSUs were granted under this program (2022: 0.5m
RSUs with an estimated fair value of 2m US dollar).

25. Provisions
Million US dollar
Balance at 1 January 2023
Effect of movements in foreign exchange
Provisions madeProvisions used
Provisions reversed
Other movements
Balance at 31 December 2023

Restructuring
51
1
31
(14)
69

Disputes
436
16
132
(86)
(42)
20
476

Other
85
(3)
(19)
(19)
44

Total
572
14
163
(119)
(42)
1
589

The restructuring provisions are primarily explained by the organizational alignments - see also Note 8 Non-underlying
items. Provisions for disputes mainly relate to various disputed taxes other than income taxes and to claims from former
employees.
The provisions are expected to be settled within the following time windows:
Million US dollar
Restructuring

Due within one year56

Due after one year
13

Total
69

Indirect taxes
Labor
Commercial
Excise duties
Other disputes
Disputes

24
34
50
2
81
191

79
71
24
19
92
285

103
105
74
21
173
476

Other provisions
Total provisions

23
270

21
319

44
589

AB InBev – Annual Report 2023  125

26. Trade and other payables
Million US dollar

31 December 2023

31 December 2022

Indirect taxes payable
Trade payables
Deferred consideration on acquisitions
Other payables
Non-current trade and other payables

105
256
308
69
738

174
176
464
46
859

Trade payables and accrued expenses
Payroll and social security payables
Indirect taxes payable
Interest payable
Consigned packaging
Dividends payable
Deferred consideration on acquisitions
Other payables and deferred income
Current trade and other payables

17 729
1 439
3 149
1 407
1 041
376
441
399
25 981

18 589
1 520
2 768
1 428
1 012
356
313
362
26 349The company has entered into reverse factoring arrangements with suppliers in the amount of 102m US dollar as at 31
December 2023, mostly due to legal requirements (31 December 2022: 134m US dollar). The nature, as well as the terms
and conditions of the liabilities that are part of these arrangements do not differ from those of the company’s normal trade
payables. As a result, these are presented as part of Trade and other payables in accordance with IAS 1 Presentation offinancial statements.
As at 31 December 2023, deferred consideration on acquisitions is mainly comprised of 0.6 billion US dollar for the put
option included in the 2012 shareholders’ agreement between Ambev (31 December 2022: 0.6 billion US dollar). See also
Note 27 Risk arising from financial instruments and Note 28 Collateral and contractual commitments for the acquisition ofproperty, plant and equipment, loans to customers and other.

AB InBev – Annual Report 2023  126

27. Risks arising from financial instruments
A) FINANCIAL ASSETS AND LIABILITIES
Set out below is an overview of financial assets and liabilities held by the company as at the dates indicated: 1

Million US dollar
Cash and cash equivalents
Trade and other receivables
Investment securities
Foreign exchange derivatives
Commodities
Cross currency interest rate swaps
Interest rate swaps
Financial assets
Non-current
Current.
Trade and other payables
Non-current interest-bearing loans andborrowings
Current interest-bearing loans andborrowings
Bank overdrafts
Equity swaps
Foreign exchange derivatives
Cross currency interest rate swaps
Commodities
Interest rate swaps
Financial liabilities
Non-current
Current

1

31 December 2023
At fairvalue
At fair
At throughvalue
amortized profit or through
cost
loss
OCI

31 December 2022¹
At fairvalue
At fair
At throughvalue
amortized profit or through
Total
cost
loss
OCI

Total

10 3325 517
27
15 876473
15 403

67
48
3
118
118

151
315
131
52
649
195
454

10 332
5 517
245
363
131
52
3
16 642668
15 975

9 973
4 973
25
14 971522
14 450

97
41
139
15
124

149
186
101
63
498
193
305

9 973
4 973
272
227
101
63
15 608730
14 87821 284741-

22 02621 983762-

22 74673 592571-

74 16378 880--78 8803 987
1798 88073 92024 961

4 718
18
10
6 058
876
5 182

414
164
145
723
151
573

3 987
17
4 718
432
164
145
10
105 662
74 94730 715

1 029
83
101 975
79 10822 867

4 763
20
16
3
5 565
473
5 092

245
171
271
2
689
168
521

1 029
83
4 763
265
187
271
5
108 22979 74928 480Amended to conform to 2023 presentation.
AB InBev – Annual Report 2023  127

B) DERIVATIVESAB InBev’s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk,
cash flow interest risk, commodity risk and equity risk), credit risk and liquidity risk. The company analyses each of theserisks individually as well as on a combined basis and defines strategies to manage the economic impact on the company’s
performance in line with its financial risk management policy.
AB InBev primarily uses the following derivative instruments: foreign exchange forwards, currency futures, interest rate
swaps, cross currency interest rate swaps (“CCIRS”), commodity swaps, commodity futures and equity swaps.
The table below provides an overview of the notional amounts of derivatives outstanding as at the dates indicated bymaturity bucket.

Million US dollar

<1
year

31 December 2023
1-2
2-3
3-5
years
years
years

>5
years

<1
year

31 December 2022
1-2
2-3
3-5
years
years
years

>5
years

Foreign currency
Foreign exchange forwards
Foreign currency futures

13 440
245

105
-

300
-

-

-

11 445
503

479
-

-

-

-

Interest rate
Interest rate swaps
Cross currency interest rate swaps

580
1 217

1 863

510

4 353

717

1 000
900

1 923

1 834

2 608

560

Commodities
Aluminum swaps
Other commodity derivatives

1 780
913

25

-

-

-

2 161
1 160

4
22

-

-

-

EquityEquity derivatives

11 189----10 800----AB InBev – Annual Report 2023  128

C) FOREIGN CURRENCY RISKAB InBev is subject to foreign currency risk when contracts are denominated in a currency other than the functional
currency of the entity. This includes borrowings, investments, (forecasted) sales, (forecasted) purchases, royalties,
dividends, licenses, management fees and interest expense/income. To manage foreign currency risk, the company uses
mainly foreign exchange forwards, currency futures and cross currency interest rate swaps.
Foreign exchange risk on operating activities
AB InBev’s policy is to hedge operating transactions which are reasonably expected to occur (e.g., cost of sales and selling,
general & administrative expenses) within the forecast period determined in the financial risk management policy.
Operating transactions that are considered certain to occur are hedged without any time limits. Non-operating transactions(such as acquisitions and disposals of subsidiaries) are hedged as soon as they are highly probable.
The table below shows the company’s main net foreign currency positions for firm commitments and forecasted
transactions for the most important currency pairs. The open positions are the result of the application of AB InBev’s risk
management policy. Positive amounts indicate that the company is long (net future cash inflows) in the first currency of thecurrency pair while negative amounts indicate that the company is short (net future cash outflows) in the first currency ofthe currency pair. The second currency of the currency pairs listed is the functional currency of the related subsidiary.

Million US dollar
Euro/Colombian peso
Euro/Mexican peso
Euro/Pound sterling
Euro/South African rand
Mexican peso/Euro
Mexican peso/US dollar
US dollar/Argentinean peso
US dollar/Brazilian real
US dollar/Canadian dollar
US dollar/Chilean peso
US dollar/Chinese yuan
US dollar/Colombian peso
US dollar/Dominican peso
US dollar/Euro
US dollar/Mexican peso
US dollar/Paraguayan guarani
US dollar/Peruvian nuevo sol
US dollar/South African rand
US dollar/South Korean won
Others31 December 2023
Total
Total
exposure
hedges
(138)
(99)
(71)
(99)
(219)
(100)
(437)
(1 832)
(310)
(164)
(87)
(546)
(108)
(90)
(1 229)
(157)
(217)
(224)
(146)
(394)

65
95
65
86
180
71
1 833
291
129
83
542
26
100
1 282
152
209
189
135
254

Open
position
(73)
(4)
(6)
(13)
(39)
(29)
(437)
1
(19)
(35)
(4)
(4)
(82)
10
53
(5)
(8)
(35)
(11)
(140)

31 December 2022¹
Total
Total
exposure
hedges
(66)
(108)
(136)
(67)
(269)
(68)
(702)
(1 955)
(310)
(135)
(125)
(615)
(121)
(134)
(1 442)
(144)
(264)
(196)
(121)
(305)

Open
position

41
100
112
31
268
50
206
1 789
249
129
113
559
111
1 436
135
276
121
110
240

(25)
(8)
(24)
(36)
(1)
(18)
(496)
(166)
(61)
(6)
(12)
(56)
(121)
(23)
(6)
(9)
12
(75)
(11)
(65)

Further analysis on the impact of open currency exposures is performed in the currency sensitivity analysis below. 1
Hedges of firm commitments and highly probable forecasted transactions denominated in foreign currency are designatedas cash flow hedges.
Foreign exchange risk on foreign currency denominated debt
AB InBev’s policy is to have the debt in the subsidiaries as much as possible linked to the functional currency of thesubsidiary. To the extent this is not the case, foreign exchange risk is managed using derivatives unless the cost to hedge
outweighs the benefits. Interest rate decisions and currency mix of debt and cash are decided on a global basis and take
into consideration a holistic risk management approach.
A description of the foreign currency risk hedging of debt instruments issued in a currency other than the functional currencyof the subsidiary is further detailed in the Interest Rate Risk section below.

1

Amended to conform to 2023 presentation.
AB InBev – Annual Report 2023  129

Currency sensitivity analysis
Currency transactional risk
Most of AB InBev’s non-derivative financial instruments are either denominated in the functional currency of the subsidiaryor are converted into the functional currency through the use of derivatives. Where illiquidity in the local market prevents
hedging at a reasonable cost, the company can have open positions. The transactional foreign currency risk mainly arises
from open positions in Argentinean peso, Canadian dollar, Chilean peso, Dominican peso and South African rand against
the US dollar.
The company uses a sensitivity analysis to estimate the impact in its consolidated income statement and othercomprehensive income of a strengthening or a weakening of the US dollar against the other group currencies. In case theopen positions remain unchanged and with all other variables held constant, a 10% strengthening or weakening of the US
dollar against other currencies could lead to an estimated decrease/increase on the consolidated profit before tax ofapproximately 98m US dollar over the next 12 months (31 December 2022: 144m US dollar). Applying a similar sensitivity
on the total derivatives positions could lead to a negative/positive pre-tax impact on equity reserves of 504m US dollar (31December 2022: 537m US dollar). The results of the sensitivity analysis should not be considered as projections of likely
future events, as the gains or losses from exchange rates in the future may differ due to developments in the global financial
markets.
Foreign exchange risk on net investments in foreign operations
AB InBev mitigates exposures of its investments in foreign operations using both derivative and non-derivative financial
instruments as hedging instruments.
As of 31 December 2023, designated derivative financial instruments in net investment hedges applied on the company’s
debt amount to 7 908m US dollar equivalent (31 December 2022: 8 482m US dollar). These instruments hedge foreign
operations with Canadian dollar, Chinese yuan, Mexican peso and South Korean won functional currencies.
Net foreign exchange results
Foreign exchange results recognized on hedged and unhedged exposures are as follows:
Million US dollar
Hedged (economic hedges)
Not hedged

2023
70
(423)
(353)

2022
297
(660)
(363)

D) INTEREST RATE RISKThe company applies a dynamic interest rate hedging approach whereby the target mix between fixed and floating rate
debt is reviewed periodically. The purpose of AB InBev’s policy is to achieve an optimal balance between the cost offunding and the volatility of financial results, while taking into account market conditions as well as AB InBev’s overallbusiness strategy.
Fair value hedges
US dollar fixed rate bond hedges (interest rate risk on borrowings in US dollar)
The company manages and reduces the impact of changes in the US dollar interest rates on the fair value of certain fixed
rate bonds with an aggregate principal amount of 0.6 billion US dollar through fixed/floating interest rate swaps. These
derivative instruments have been designated in fair value hedge accounting relationships.
Cash flow hedges
Pound sterling bond hedges (foreign currency risk and interest rate risk on borrowings in pound sterling)
In September 2013, the company issued a pound sterling bond for 500m pound sterling at a rate of 4.00% per year andmaturing in September 2025. In May 2017, the company issued a pound sterling bond for 700m pound sterling at a rate of
2.25% per year and maturing in May 2029, and issued a pound sterling bond for 900m pound sterling at a rate of 2.85%
per year and maturing in May 2037. These bonds have a principal outstanding as of 31 December 2023 of 500m, 337m
and 248m pound sterling, respectively.

AB InBev – Annual Report 2023  130

The impact of changes in the pound sterling exchange rate and interest rate on these bonds is managed and reduced
through pound sterling fixed/euro fixed cross currency interest rate swaps. These derivative instruments have been
designated in cash flow hedge relationships.
US dollar bank loan hedges (foreign currency risk on borrowings against the Nigerian naira)The company has a floating rate loan denominated in US dollar for a total of 389m in Nigeria. This loan is held by an entitywith functional currency in Nigerian Naira. In order to hedge against fluctuations in foreign exchange rates, the company
entered into foreign exchange futures which have been designated in a cash flow hedge relationship.
Economic Hedges
Marketable debt security hedges (interest rate risk on Brazilian real)
During 2023 and 2022, Ambev invested in highly liquid Brazilian real denominated government debt securities.
Interest rate sensitivity analysis
The table below reflects the effective interest rates of interest-bearing financial liabilities at the reporting date as well as
the currency in which the debt is denominated.
31 December 2023
Interest-bearing financial liabilities
Million US dollar

Before hedging
Effective
interest rate

AmountAfter hedging
Effective
interest rate

AmountFloating rateEuro
US dollar
Other

4.27%
6.00%
10.47%

4.27%
6.35%
11.66%

Fixed rate
Canadian dollar
Chinese yuan
Euro
Pound sterlingSouth Korean won
US dollar
Other

1 086
505
299
1 889

1 086
789
595
2 469

4.54%
2.91%
2.26%
5.38%
5.49%
5.02%
8.85%

625
57
21 2332 122
49
50 368
1 825
76 277

4.37%
2.49%
2.46%
8.24%
1.85%
5.20%
10.00%

2 988
2 437
22 072827
2 209
43 3441 820
75 69731 December 2022
Interest-bearing financial liabilities
Million US dollar

Before hedging
Effective
interest rate

AmountAfter hedging
Effective
interest rate

AmountFloating rate
Canadian dollar
Euro
Pound sterlingSouth Korean won
US dollar
Other

1.68%
5.05%
13.39%

4.34%
1.68%
3.70%
3.08%
11.17%

Fixed rate
Canadian dollar
Chinese yuan
Euro
Pound sterlingSouth Korean won
US dollar
Other

1 048
1
430
252
1 730

1 455
1 048
1 078
311
666
4 557

4.50%
2.44%
2.27%
5.13%
2.96%
4.99%
10.53%

613
50
20 391
2 208
46
53 4781 476
78 261

4.37%
2.50%
2.31%
5.55%
0.94%
5.27%
12.19%

3 741
1 230
21 242
1 607
1 896
44 5471 172
75 434As at 31 December 2023, the total carrying amount of the floating and fixed rate interest-bearing financial liabilities before
hedging as listed above includes bank overdrafts of 17m US dollar (31 December 2022: 83m US dollar). As disclosed in
the above table, 2 469m US dollar or 3.2% of the company’s interest-bearing financial liabilities bears interest at a variablerate.
The sensitivity analysis has been prepared based on the exposure to interest rates for the floating rate debt after hedging,assuming the amount of liability outstanding at reporting date was outstanding for the whole year. The company estimates
AB InBev – Annual Report 2023  131

that an increase or decrease of 100 basis points represents a reasonably possible change in applicable interest rates.
Accordingly, if interest rates had been higher/lower by 100 basis points, with all other variables held constant, the interest
expense would have been 26m US dollar higher/lower (31 December 2022: 46m US dollar). This impact would have been
more than offset by 96m US dollar higher/lower interest income on interest-bearing financial assets (31 December 2022:
93m US dollar). Additionally, the pre-tax impact on equity reserves from the market value of hedging instruments would
not have been significant.
Interest expense
Interest expense recognized on unhedged and hedged financial liabilities are as follows:
Million US dollar
Financial liabilities measured at amortized cost – not hedged
Fair value hedges
Cash flow hedges
Net investment hedges - hedging instruments (interest component)
Economic hedges

E)

2023
(3 722)(22)28
10(3 705)2022(3 641)
(20)
24
(1)
42
(3 597)COMMODITY PRICE RISKThe commodity markets have experienced and are expected to continue to experience price fluctuations. AB InBev
therefore uses both fixed price purchasing contracts and commodity derivatives to manage the exposure to price volatility.
The most significant commodity exposures are included in the table below (expressed in outstanding notional amounts):
Million US dollar

31 December 2023

31 December 2022

1 780
249
289
163
95
51
91
2 719

2 165
417
321
127
122
100
95
3 348

Aluminum
EnergyCorn
Wheat
Plastic
Rice
Sugar

Commodity price sensitivity analysis
The impact of changes in prices of commodities that are being financially hedged would not have had a material impact
on AB InBev’s profit in 2023 as they are hedged using derivative contracts which are designated in hedge accounting inaccordance with IFRS 9 rules.
The tables below show the estimated impact that changes in the price of the commodities, for which AB InBev held material
derivative exposures would have on the equity reserves.1

Million US dollar
Aluminum
EnergyCorn
Wheat
Plastic
Rice
Sugar

.
Volatility ofprices in %¹
19%
52%
27%
35%
15%
26%
29%

2023
Pre-tax impact on equity
PricesPricesincreasedecrease
337
130
78
56
14
13
26

(337)
(130)
(78)
(56)
(14)
(13)
(26)

1

.
Volatility ofprices in %¹
31%
49%
22%
52%
32%
19%
22%

2022
Pre-tax impact on equity
PricesPricesincreasedecrease
665
206
72
66
25
19
21

(665)
(206)
(72)
(66)
(25)
(19)
(21)

Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2023 and 31 December
2022.
AB InBev – Annual Report 2023  132

F)

EQUITY PRICE RISKAB InBev enters into equity swap derivatives to hedge the price risk on its shares in connection with its share-based
payments programs, as disclosed in Note 24 Share-based Payments. AB InBev also hedges its exposure arising fromshares issued in connection with the Modelo and SAB combinations (see also Note 11 Finance cost and income). These
derivatives do not qualify for hedge accounting and the changes in fair value are recorded in the profit or loss.
As at 31 December 2023, an exposure for an equivalent of 100.5m of AB InBev shares was hedged, resulting in a total
loss of (325)m US dollar recognized in the profit or loss account for the period in non-underlying finance income/(cost). As
at 31 December 2023, liabilities for equity swap derivatives amounted to 4.7 billion US dollar (31 December 2022: 4.8
billion US dollar).
Equity price sensitivity analysis
The sensitivity analysis on the equity swap derivatives, calculated based on a 18% (2022: 28%) reasonably possible
volatility of the AB InBev share price, with all the other variables held constant, would show 1 181m US dollar
positive/negative impact on the 2023 profit before tax (31 December 2022: 1 660m US dollar).
G) CREDIT RISK
Credit risk encompasses all forms of counterparty exposure, i.e., where counterparties may default on their obligations to
AB InBev in relation to lending, hedging, settlement and other financial activities. The company has a credit policy in place
and the exposure to counterparty credit risk is monitored.
AB InBev mitigates its exposure through a variety of mechanisms. It has established minimum counterparty credit ratingsand enters into transactions only with financial institutions of investment grade rating. The company monitors counterparty
credit exposures closely and reviews any external downgrade in credit rating immediately. To mitigate pre-settlement risk,
counterparty minimum credit standards become more stringent with increases in the duration of the derivatives. To
minimize the concentration of counterparty credit risk, the company enters into derivative transactions with different
financial institutions.
The company also has master netting agreements with all of the financial institutions that are counterparties to over thecounter (OTC) derivatives. These agreements allow for the net settlement of assets and liabilities arising from different
transactions with the same counterparty. Based on these factors, AB InBev considers the impact of the risk of counterparty
default as at 31 December 2023 to be limited.
Exposure to credit risk
The carrying amount of financial assets represents the maximum credit exposure of the company. The carrying amount ispresented net of the impairment losses recognized. The maximum exposure to credit risk at the reporting date was:
31 December 2023
Million US dollar

GrossImpairment

Net carrying
amountCash and cash equivalents
Trade receivables
Other receivables
Derivatives
Cash deposits for guarantees
Investment in unquoted companies
Loans to customers
Investment in debt securities

10 332
4 734
1 483
549
164
151
72
94
17 578

(387)
(74)
(462)

10 332
4 347
1 409
549
164
151
72
94
17 11631 December 2022
Gross

Impairment

Net carrying
amount

9 973
3 980
1 545
391
189
155
81
123
16 434

(343)
(68)
(5)
(416)

9 973
3 637
1 477
391
189
149
81
123
16 019There was no significant concentration of credit risks with any single counterparty as of 31 December 2023 and no single
customer represented more than 10% of the total revenue of the group in 2023.

AB InBev – Annual Report 2023  133

Impairment losses
The allowance for impairment recognized during the period on financial assets was as follows:
31 December 2023
(416)
(54)
26
(18)
(462)

Balance at end of previous year
Impairment losses
Derecognition
Currency translation and other
Balance at end of period

31 December 2022
(402)
(38)
24
1
(416)

H) LIQUIDITY RISK
Historically, AB InBev’s primary sources of cash flow have been cash flows from operating activities, the issuance of debt,
bank borrowings and equity securities. AB InBev’s material cash requirements have included the following:

•
•
•
•
•
•

Debt servicing;
Capital expenditures;
Investments in companies;
Increases in ownership of AB InBev’s subsidiaries or companies in which it holds equity investments;
Share buyback programs; andPayments of dividends and interest on shareholders’ equity.

The company believes that cash flows from operating activities, available cash and cash equivalents as well as short term
investments, along with related derivatives and access to borrowing facilities, will be sufficient to fund capital expenditures,financial instrument liabilities and dividend payments going forward. It is the intention of the company to continue to reduce
its financial indebtedness through a combination of strong operating cash flow generation and continued refinancing.
The following are the nominal contractual maturities of non-derivative financial liabilities including interest payments andderivative liabilities: 1

Million US dollar
Non-derivative financial liabilities
Unsecured bond issues
Trade and other payables
Lease liabilities
Secured bank loans
Unsecured bank loans
Unsecured other loans
Bank overdraft
Derivative financial liabilities
Equity derivatives
Foreign exchange derivatives
Cross currency interest rate swaps
Commodity derivatives
Of which: related to cash flow hedges

Contractual
Carrying
cash
amount¹flows

31 December 2023
Less
than
1 year
1-2 years
2-3 years

3-5 years

More
than
5 years(74 410)(26 719)(2 829)
(415)
(182)
(314)
(17)
(104 886)(125 728)(27 020)(3 228)
(426)
(182)
(364)
(17)
(156 965)(5 689)(26 026)
(823)
(395)
(182)
(200)
(17)
(33 331)(3 699)
(233)
(596)
(5)
(109)
(4 642)(6 352)
(156)
(472)
(5)
(28)
(7 013)(16 731)
(240)
(599)
(10)
(16)
(17 597)(93 258)
(365)
(738)
(10)
(11)
(94 383)(4 718)
(432)
(174)
(145)
(5 469)(4 718)
(432)
(174)
(145)
(5 469)(4 718)
(428)
(24)
(145)
(5 316)

(34)
(34)

(4)
(13)
(16)

(103)
(103)

-

(542)

(542)

(494)

(34)

-

(14)

-

1

“Carrying amount” refers to the net book value as recognized in the statement of financial position at each reporting date.
AB InBev – Annual Report 2023  134

Contractual
Carrying
cash
amount¹
flows

Million US dollar
Non-derivative financial liabilities
Unsecured bond issues
Trade and other payables
Lease liabilities
Secured bank loans
Unsecured bank loans
Unsecured other loans
Bank overdraft
Derivative financial liabilities
Equity derivatives
Foreign exchange derivatives
Cross currency interest rate swaps
Commodity derivatives
Of which: related to cash flow hedges

I)

31 December 2022
Less
than
1 year
1-2 years
2-3 years

3-5 years

More
than
5 years(76 798)(27 208)(2 492)
(393)
(100)
(125)
(83)
(107 199)(133 670)(27 453)(2 840)
(405)
(100)
(193)
(83)
(164 745)(3 273)(26 376)
(618)
(371)
(100)
(34)
(83)
(30 856)(5 683)
(170)
(566)
(5)
(78)
(6 501)(3 783)
(349)
(414)
(5)
(28)
(4 579)(15 482)
(260)
(531)
(10)
(31)
(16 313)(105 450)
(297)
(712)
(14)
(23)
(106 496)(4 763)
(265)
(192)
(271)
(5 492)(4 763)
(265)
(191)
(251)
(5 471)(4 763)
(265)
(9)
(249)
(5 287)

(43)
(2)
(45)

(47)
(47)

(62)
(62)

(30)
(30)

(551)

(530)

(469)

-

(43)

(17)

-

CAPITAL MANAGEMENTAB InBev continuously optimizes its capital structure to maximize shareholder value while keeping the financial flexibility
to execute strategic projects. AB InBev’s capital structure policy and framework aim to optimize shareholder value throughcash flow distribution to the company from its subsidiaries, while maintaining an investment-grade rating and minimizing
investments with returns below AB InBev’s weighted average cost of capital. Besides the statutory minimum equity funding
requirements that apply to the company’s subsidiaries in the different countries, AB InBev is not subject to any externallyimposed capital requirements. Management uses the same debt/equity classifications as applied in the company’s IFRS
reporting to analyze the capital structure.
J)

FAIR VALUE

The following table summarizes for each type of derivative the fair values recognized as assets or liabilities in the statementof financial position: 1

Million US dollar

AssetsLiabilities
Net
31 December 31 December 31 December 31 December 31 December 31 December
2023
20222
2023
20222
2023
20222

Foreign currency
Foreign exchange derivatives

363

227

(432)

(265)

(70)

(38)

Interest rate
Interest rate swaps
Cross currency interest rate swaps

3
52

63

(10)
(164)

(5)
(187)

(7)
(112)

(5)
(124)

Commodities
Aluminum derivatives
Energy derivatives
Other commodity derivatives

72
30
29

52
12
36

(57)
(29)
(58)

(174)
(28)
(69)

15
1
(30)

(122)
(16)
(32)

549

391

(4 718)(5 469)(4 763)(5 492)(4 718)(4 920)(4 763)(5 101)

44
505

60
331

(151)
(5 318)(184)(5 308)(107)(4 813)(124)(4 977)

EquityEquity derivatives
Of which:
Non-current
Current

The following table summarizes the carrying amount and the fair value of the fixed rate interest-bearing financial liabilities
as recognized in the statement of financial position. Floating rate interest-bearing financial liabilities, trade and other1“Carrying amount” refers to the net book value as recognized in the statement of financial position at each reporting date.
Amended to conform to 2023 presentation.

2

AB InBev – Annual Report 2023  135

receivables and trade and other payables, lease liabilities and derivative financial instruments have been excluded fromthe analysis as their carrying amount is a reasonable approximation of their fair value.
Interest-bearing financial liabilities
Million US dollar

31 December 2023
Carrying amount¹

Fair value

31 December 2022
Carrying amount¹

Fair value(49 917)(20 379)(2 069)(526)(558)(73 449)(52 268)(19 796)(2 012)(505)(554)(75 135)(52 993)(19 655)(2 148)(515)(458)(75 769)(52 158)(17 926)(2 039)(437)(448)(73 008)

Fixed rate
US dollarEuro
Pound sterling
Canadian dollar
Other
1

The table sets out the fair value hierarchy based on the degree to which significant market inputs are observable:
Fair value hierarchy 31 December 2023
Million US dollar
Financial Assets
Held for trading (non-derivatives)
Derivatives at fair value through profit and loss
Derivatives in a cash flow hedge relationship
Derivatives in a net investment hedge relationship
Financial Liabilities
Deferred consideration on acquisitions at fair value
Derivatives at fair value through profit and loss
Derivatives in a cash flow hedge relationship
Derivatives in a fair value hedge relationship
Derivatives in a net investment hedge relationship
Fair value hierarchy 31 December 2022
Million US dollar
Financial Assets
Held for trading (non-derivatives)
Derivatives at fair value through profit and loss
Derivatives in a cash flow hedge relationship
Derivatives in a net investment hedge relationship
Financial Liabilities
Deferred consideration on acquisitions at fair value
Derivatives at fair value through profit and loss
Derivatives in a cash flow hedge relationship
Derivatives in a fair value hedge relationship
Derivatives in a net investment hedge relationship

Quoted (unadjusted)
prices - level 1

Observable market
inputs - level 2

Unobservable market
inputs - level 3

28
28

9
51
381
89
530

-

18
18

4 736
524
10
181
5 451

741
741

Quoted (unadjusted)
prices - level 1

Observable market
inputs - level 2

Unobservable market
inputs - level 3

36
36

9
41
219
94
364

-

26
26

4 799
525
4
138
5 466

762
762

There were no significant changes in the measurement and valuation techniques, or significant transfers between thelevels of the financial assets and liabilities during the period. Movements in 2023 and 2022 in the fair value “level 3”
category of financial liabilities, measured on a recurring basis, are mainly related to the settlement and remeasurement ofdeferred consideration from prior years acquisitions.

1“Carrying amount” refers to the net book value as recognized in the statement of financial position at each reporting date.
AB InBev – Annual Report 2023  136

Non-derivative financial liabilities
As part of the 2012 shareholders agreement between Ambev and ELJ, following the acquisition of Cervecería Nacional
Dominicana S.A. (“CND”), a forward-purchase contract (combination of a put option and purchased call option) was put inplace which may result in Ambev acquiring additional shares in CND. In July 2020, Ambev and ELJ amended theShareholders’ Agreement to extend their partnership and change the terms and the exercise date of the call and put
options. ELJ currently holds 15% of CND and the put option is exercisable in 2024 and 2026. As at 31 December 2023,
the put option on the remaining shares held by ELJ was valued at 577m US dollar (31 December 2022: 585m US dollar)
and recognized as a deferred consideration on acquisitions at fair value in the “level 3” category above.
On 31 January 2024, ELJ exercised its put option to sell to Ambev approximately 12% of the shares of CND for a net
consideration of 0.3 billion US dollar. The closing of the transaction resulted in Ambev’s participation in CND increasingfrom 85% to 97%.
K) HEDGING RESERVES
The company’s hedging reserves disclosed in Note 21 Changes in equity and earnings per share relate to the following
instruments:
Million US dollar
As per 1 January 2023
Change in fair value of hedging instrument recognized in OCI
Reclassified to profit or loss / cost of inventory
As per 31 December 2023
Million US dollar
As per 1 January 2022
Change in fair value of hedging instrument recognized in OCI
Reclassified to profit or loss / cost of inventory
As per 31 December 2022

L)

Foreigncurrency

Commodities

OthersTotal hedging
reserves

491
(237)
102
356

(476)
(197)
368
(304)

131
131

145
(434)
470
181

Foreigncurrency

Commodities

OthersTotal hedging
reserves

679
143
(331)
491

(306)
39
(208)
(476)

111
22
131

481
183
(518)
145

OFFSETTING FINANCIAL ASSETS AND LIABILITIESThe following financial assets and liabilities are subject to offsetting, enforceable master netting agreements and similar
agreements: 12

Million US dollar

Gross amount

Derivative assets
Derivative liabilities

Million US dollar
Derivative assets
Derivative liabilities

31 December 2023
Net amountrecognized in thestatement of
Other offsetting
financial position¹agreements²549(5 469)Gross amount391(5 492)549(5 469)Total net amount

(538)
538

11
(4 931)31 December 2022
Net amountrecognized in thestatement of
Other offsetting
financial position¹agreements²

Total net amount391(5 492)

1

(381)
381

10
(5 111)

Net amount recognized in the statement of financial position after taking into account offsetting agreements that meet the offsetting criteria as per IFRS
rules.
2
Other offsetting agreements include collateral and other guarantee instruments, as well as offsetting agreements that do not meet the offsetting criteria asper IFRS rules.
AB InBev – Annual Report 2023  137

28. Collateral and contractual commitments for the acquisition of property, plant andequipment, loans to customers and other
Million US dollar

31 December 2023

31 December 2022

277
641
59
1 846

306
538
72
1 800

Collateral given for own liabilities
Contractual commitments to purchase property, plant and equipment
Contractual commitments to acquire loans to associates/customers
Other commitments

The collateral given for own liabilities of 277m US dollar as at 31 December 2023 contains 164m US dollar cash guarantees(31 December 2022: 306m US dollar collateral given for own liabilities contained 189m US dollar of cash guarantees).
Such cash deposits are a customary feature associated with litigations in Brazil: in accordance with Brazilian laws andregulations a company may or must (depending on the circumstances) place a deposit with a bank designated by the court
or provide other security such as collateral on property, plant and equipment, insurance guarantees or letters ofguarantees. With regard to judicial cases, AB InBev has made the appropriate provisions in accordance with IAS 37
Provisions, Contingent Liabilities and Contingent Assets – see also Note 25 Provisions. In the company’s statement offinancial position, the cash guarantees are presented as part of other receivables – see Note 19 Trade and otherreceivables. The legal proceedings covered by insurance guarantees and letters of guarantee issued by the company aredisclosed in Note 29 Contingencies. The remaining part of collateral given for own liabilities of 113m US dollar as at 31
December 2023 (31 December 2022: 117m US dollar) contains collateral on AB InBev’s property in favor of the excise tax
authorities, the amount of which is determined by the level of the monthly excise taxes due, inventory levels andtransportation risk, and collateral on its property, plant and equipment with regard to outstanding loans. To the extent that
AB InBev would not respect its obligations under the related outstanding contracts or would lose the pending judicial cases,
the collateralized assets would be used to settle AB InBev’s obligations.
AB InBev has entered into commitments to purchase property, plant and equipment for 641m US dollar at 31 December
2023 (31 December 2022: 538m US dollar).
In a limited number of countries AB InBev has committed itself to acquire loans to associates/customers from banks attheir notional amount if the associates/customers do not respect their reimbursement commitments towards the banks.
The total outstanding amount of such loans is 59m US dollar at 31 December 2023 (31 December 2022: 72m US dollar).
Other commitments amount to 1 846m US dollar at 31 December 2023 and mainly cover guarantees given to pension
funds, rental and other guarantees (31 December 2022: 1 800m US dollar).
In order to fulfil AB InBev’s commitments under various outstanding stock option plans, AB InBev entered into stock lending
arrangements. For more details, refer to Note 22 Changes in equity and earnings per share.
As at 31 December 2023, the M&A related commitments existed as discussed below.
Cervecería Nacional Dominicana S.A. (“CND”)
As part of the 2012 shareholders agreement between Ambev and E. León Jimenes S.A. (“ELJ”), following the acquisitionof Cervecería Nacional Dominicana S.A. (“CND”), a put and call option is in place, which may result in Ambev acquiring
additional shares in CND. In January 2018 Ambev increased its participation in CND from 55% to 85%. In July 2020,
Ambev and ELJ amended the Shareholders’ Agreement to extend their partnership and change the terms and the exercise
date of the call and put options, the put option being exercisable in 2024 and 2026. As of 31 December 2023, the put
option for the remaining shares held by ELJ was valued 0.6 billion US dollar. On 31 January 2024, ELJ exercised its put
option to sell to Ambev approximately 12% of the shares of CND for a net consideration of 0.3 billion US dollar. The closingof the transaction resulted in Ambev’s participation in CND increasing from 85% to 97%.

AB InBev – Annual Report 2023  138

29. Contingencies
The company has contingencies related to legal proceedings and tax matters arising in the normal course of its business.
Due to their nature, such legal proceedings and tax matters involve inherent uncertainties including, but not limited to, court
rulings, negotiations between affected parties and governmental actions, and as a consequence AB InBev’s management
cannot at this stage estimate the likely timing of resolution of these matters.
The most significant contingencies are discussed below. Amounts have been converted to US dollar at the closing rate of
the respective period.
AMBEV TAX MATTERS
As of 31 December 2023 and 31 December 2022, AB InBev’s material tax proceedings are related to Ambev and its
subsidiaries. Estimates of amounts of possible loss are as follows:
Million US dollar.
Income tax and social contribution
Value-added and excise taxes
Other taxes

31 December 2023

31 December 2022

13 141
5 528
953
19 622

11 5864 965
854
17 405The most significant tax proceedings of Ambev are discussed below.
Ambev and its subsidiaries have insurance guarantees and letters of guarantee for certain legal proceedings, which arepresented as guarantees in civil, labor and tax proceedings.
On 20 September 2023, Law 14,689 was enacted in Brazil (“Law 14,689/2023”), which provides for the cancellation offines imposed in tax administrative proceedings decided in favor of the Brazilian Federal Tax Authorities by a tie-breaking
vote at the federal administrative level, including any such proceedings that were subsequently escalated to the judicial
level and, as of the date of publication of Law 14,689/2023, were pending decision at the second level judicial courts.
Following the enactment of Law 14,689/2023, Ambev reassessed the likelihood of success in cases where fines were
imposed in proceedings decided by a tie-breaking vote. This resulted in the reclassification of the risk of loss from possible
to remote in the approximate amount of 6.9 billion Brazilian real (1.4 billion US dollar) in some of the cases discussed
below, such as the deductibility of goodwill amortization expenses, Foreign Earnings, Tax Loss Offset, and the Manaus
Free Trade Zone - IPI.
INCOME TAX AND SOCIAL CONTRIBUTION
Foreign Earnings
Since 2005, Ambev and certain of its subsidiaries have been receiving assessments from the Brazilian Federal Tax
Authorities relating to the profits of its foreign subsidiaries. The cases are being challenged at both the administrative andjudicial levels in Brazil.
The administrative proceedings have resulted in partially favorable decisions, most of which are still subject to review by
the Administrative Court. In October 2022, the Lower Administrative Court rendered a favorable decision to Ambev in one
case. In March 2023, the Lower Administrative Court rendered two favorable decisions and one partially favorable decision
to Ambev in three cases related to the taxation of profits of foreign subsidiaries. Ambev is awaiting formal notification ofthese decisions to analyze the contents and any applicable legal motions or appeals before the judicial level. In the judicial
proceedings, Ambev has received favorable injunctions that suspend the enforceability of the tax credit, as well as
favorable first-level decisions, which remain subject to review by the second-level judicial court.
In December 2023, Ambev received a new tax assessment relating to the taxation of profits of foreign subsidiaries. Ambev
filed a defense in January 2024 and the case awaits decision by the first-level administrative court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023 as per IFRIC 23 isapproximately 6.1 billion Brazilian real (1.3 billion US dollar). Ambev has not recorded any provision in connection
therewith.
Goodwill InBev Holding
In December 2011, Ambev received a tax assessment related to the goodwill amortization in calendar years 2005 to 2010
resulting from the InBev Holding Brasil S.A. merger with Ambev. At the administrative level, Ambev received partiallyfavorable decisions at both the Lower and Upper Administrative Court. Ambev filed judicial proceedings to discuss the

AB InBev – Annual Report 2023  139

unfavorable portion of the decisions of the Lower and the Upper Administrative Court and requested injunctions to suspend
the enforceability of the remaining tax credit, which were granted.
In June 2016, Ambev received a new tax assessment charging the remaining value of the goodwill amortization in calendar
years 2011 to 2013 and filed a defense. Ambev received partially favorable decisions at the first-level administrative courtand Lower Administrative Court. Ambev and the tax authorities both filed Special Appeals which were partially admitted
by the Upper Administrative Court. For the unfavorable portion of the decision which became final at the administrative
level, Ambev filed a judicial proceeding requesting an injunction to suspend the enforceability of the remaining tax credit,
which was granted.
In April 2023, Ambev received a partially favorable decision at the Upper Administrative Court for the portion of the tax
assessment which was subject to the Special Appeals filed by Ambev and the tax authorities. In June 2023, Ambev filed
a judicial proceeding to appeal the unfavorable portion of the decision, which awaits judgment at the first-level judicial
court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, isapproximately 6.5 billion Brazilian real (1.3 billion US dollar). Ambev has not recorded any provisions for this matter basedon the probability of loss. In the event Ambev is required to pay these amounts, AB InBev will reimburse the amountproportional to the benefit received by AB InBev pursuant to the merger protocol as well as the related costs.
Goodwill Beverage Associate Holding (BAH)In October 2013, Ambev received a tax assessment related to the goodwill amortization in calendar years 2007 to 2012
resulting from the merger of Beverage Associates Holding Limited (“BAH”) into Ambev. The decision from the first level
administrative court was unfavorable to Ambev. Ambev filed an appeal to the Lower Administrative Court against thedecision, which was partially granted. Ambev and the tax authorities filed Special Appeals to the Upper Administrative
Court. In July 2022, the Upper Administrative Court rendered a partially favorable decision to Ambev. The decision did notrecognize the Special Appeal filed by the tax authorities, thereby preserving the portion of the decision rendered by theLower Administrative Court that was favorable to Ambev with respect to the qualified penalties applied and the statute oflimitations for one of the calendar years under discussion; this portion of the decision is final. In January 2023, Ambev filed
a judicial proceeding to appeal the unfavorable portion of the decision and received a favorable decision at the first-leveljudicial court. The tax authorities appealed this decision and the matter awaits judgment at the second level judicial court.
In April and August 2018, Ambev received new tax assessments charging the remaining value of the goodwill amortizationin calendar years 2013 to 2014 and filed defenses. In April 2019, the first-level administrative court rendered unfavorable
decisions to Ambev. As a result thereof, Ambev appealed to the Lower Administrative Court. In November and December
2019, Ambev received partially favorable decisions at the Lower Administrative Court. Ambev and the tax authorities filed
Special Appeals to the Upper Administrative Court. In April 2023, the Upper Administrative Court rendered partiallyfavorable decisions to Ambev, related to the qualified penalties, in the Special Appeals. In June 2023, Ambev filed a judicial
proceeding to appeal the unfavorable portion of the decisions and received favorable decisions at the first-level judicial
court. The tax authorities appealed these decisions and the matter awaits judgment at the second level judicial court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, isapproximately 1.4 billion Brazilian real (0.3 billion US dollar). Ambev has not recorded any provisions for this matter basedon the probability of loss.
Goodwill CND Holdings
In November 2017, Ambev received a tax assessment related to the goodwill amortization in calendar years 2012 to 2016
resulting from the merger of CND Holdings into Ambev. The decision from the first-level administrative court was
unfavorable to Ambev. Ambev filed an appeal to the Lower Administrative Court. In February 2020, the Lower
Administrative Court rendered a partially favorable decision to Ambev. Ambev and the tax authorities filed Special Appeals
to the Upper Administrative Court. The Special Appeal filed by Ambev was partially admitted and is awaiting judgment.
In October 2022, Ambev received a new tax assessment charging the remaining value of the goodwill amortization incalendar year 2017. Ambev filed a defense and in October 2023 received an unfavorable decision from the first-level
administrative court. Ambev has filed an appeal to the Lower Administrative Court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, isapproximately 1.4 billion Brazilian real (0.3 billion US dollar). Ambev has not recorded any provisions for this matter basedon the probability of loss.

AB InBev – Annual Report 2023  140

Goodwill MAG
In December 2022, CRBS S.A (a subsidiary of Ambev) received a tax assessment related to the goodwill amortization incalendar years 2017 to 2020, resulting from the merger of RTD Barbados into CRBS. Ambev filed a defense in January
2023. In November 2023, Ambev received a partially favorable decision from the first-level administrative court which
reduced the qualified penalty applied to 100% (instead of 150% as initially charged). This decision is not final and is subject
to review by the Lower Administrative Court. Ambev has filed an appeal to the Lower Administrative Court against theunfavorable portion of the decision.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, isapproximately 0.3 billion Brazilian real (0.1 billion US dollar). Ambev has not recorded any provisions for this matter basedon the probability of loss.
Ambev has continued to take the same deductions for the calendar years following the assessed periods (2021 to February2022). Therefore, if Ambev receives similar tax assessments for this period, Ambev management believes the outcome
would be consistent with the already assessed periods.
Disallowance of financial expenses
In 2015, 2016 and 2020, Ambev received tax assessments related to the disallowance of alleged non-deductible expenses
and the deduction of certain losses mainly associated with financial investments and loans. Ambev presented defenses
and, in November 2019, received a favorable decision at the first level administrative court regarding the 2016 case, which
was confirmed by the Upper Administrative Court in April 2023.
In June 2021, Ambev received a partially favorable decision for the 2020 case at the first level administrative court andfiled an appeal to the Lower Administrative Court. In March 2023, Ambev received a favorable decision from the Lower
Administrative Court, which fully canceled the tax assessment related to 2020, and this decision became final in May 2023.
In June 2022, Ambev received a partially favorable decision at the first level administrative court regarding the 2015 caseand filed an appeal to the Lower Administrative Court. The favorable portion of the decision is also subject to mandatory
review by the Lower Administrative Court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, isapproximately 0.3 billion Brazilian real (0.1 billion US dollar). Ambev has not recorded any provisions for this matter basedon the probability of loss.
Disallowance of tax paid abroad
Since 2014, Ambev has been receiving tax assessments from the Brazilian Federal Tax Authorities, for calendar years asof 2007, related to the disallowance of deductions associated with alleged unproven taxes paid abroad by its subsidiaries
and has been filing defenses. The cases are being challenged at both the administrative and judicial levels. In November
2019, the Lower Administrative Court rendered a favorable decision to Ambev in one of the cases (related to the 2010 tax
period), which became definitive.
In January 2020, the Lower Administrative Court rendered unfavorable decisions regarding four of these assessments
related to the periods of 2015 and 2016, for which Ambev filed Special Appeals to the Upper Administrative Court. Ambev
received unfavorable decisions at the Upper Administrative Court in respect of the Special Appeals in April 2023 and filed
an appeal to the first-level judicial court in November 2023.
In connection with the tax assessments related to the periods of 2015 and 2016, additional tax assessments were filed tocharge isolated fines due to the lack of monthly prepayments of income tax as a result of allegedly undue deductions oftaxes paid abroad. In 2021, Ambev received unfavorable decisions from the first-level administrative court in two of theseassessments with respect to the 2015 and 2016 isolated fine cases, and filed appeals in connection therewith, which are
pending judgment by the Lower Administrative Court. In 2022, Ambev received an unfavorable decision from the first-level
administrative court in the second assessment related to the 2016 isolated fine case and filed an appeal in connection
therewith which awaits judgment by the Lower Administrative Court. In October 2022, Ambev received a new tax
assessment charging such isolated fine related to calendar year 2017. Ambev has filed a defense in this case, which
awaits judgment by the first-level administrative court.
The other cases are still awaiting final decisions at both administrative and judicial courts.
In November 2023, Ambev received a new tax assessment charging such isolated fine related to calendar year 2018.
Ambev has filed a defense in this case, which awaits judgment by the first-level administrative court.

AB InBev – Annual Report 2023  141

The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, isapproximately 14.3 billion Brazilian real (2.9 billion US dollar). Ambev has not recorded any provision in connection
therewith.
The company has continued to take the same deductions for the calendar years following the assessed periods (2018 to2023). Therefore, if Ambev receives similar tax assessments for this period, Ambev management believes the outcome
would be the same as those tax years already assessed.
Presumed Profit
In April 2016, Arosuco (a subsidiary of Ambev) received a tax assessment regarding the use of the “presumed profit”
method for the calculation of income tax and the social contribution on net profits instead of the “real profit” method. In
September 2017, Arosuco received an unfavorable first-level administrative decision and filed an appeal. In January 2019,
the Lower Administrative Court rendered a favorable decision to Arosuco, which became definitive.
In March 2019, Arosuco received a new tax assessment regarding the same subject and filed a defense. In October 2019,
Arosuco received an unfavorable first-level administrative decision and filed an appeal with the Administrative Council for
Tax Appeals (“CARF”).
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, isapproximately 0.6 billion Brazilian real (0.1 billion US dollar). Arosuco has not recorded any provisions for this matter basedon the probability of loss.
In February 2024, Arosuco received a unanimous favorable decision from CARF. Arosuco awaits formal notification of thisdecision to assess any potential impacts on the probability of loss and take any additional necessary actions.
Deductibility of IOC expenses
In 2013, as approved in a Shareholders Meeting, Ambev implemented a corporate restructuring with the purpose of
simplifying its corporate structure and converting into a single class of shares company, among other reasons. One of thesteps of such restructuring involved a contribution of shares followed by the merger of shares of its controlled entity,
Companhia de Bebidas das Américas, into Ambev. As one of the results of this restructuring, the counterpart register ofthe positive difference between the value of shares issued for the merger and the net equity value of its controlled entity’s
share was accounted, as per IFRS 10/CPC 36 and ICPC09, in an equity account of Ambev referred to as carrying value
adjustment.
In November 2019, Ambev received a tax assessment from the Brazilian Federal Tax Authorities related to the interest on
capital (“IOC”) deduction in 2014. The assessment refers primarily to the accounting and corporate effects of therestructuring carried out by Ambev in 2013 and its impact on the increase in the deductibility of IOC expenses. In August
2020, Ambev received a partially favorable decision at the first-level administrative court and filed an appeal to the Lower
Administrative Court, which awaits judgement. The favorable portion of the decision is subject to mandatory review by theLower Administrative Court.
In December 2020, Ambev received a new tax assessment related to the deduction of the IOC in 2015 and 2016. Ambev
filed a defense against this new tax assessment in January 2021. In June 2021, Ambev received a partially favorable
decision and filed an appeal to the Lower Administrative Court, which also awaits judgment. Similar to the first tax
assessment, the favorable portion of the decision is also subject to mandatory review by the Lower Administrative Court.
In December 2022, Ambev received a new tax assessment related to the deduction of the IOC in 2017. Ambev filed adefense against this new tax assessment in January 2023. In September 2023, Ambev received a partially favorable
decision at the first-level administrative court and filed an appeal to the Lower Administrative Court against the unfavorable
portion of the decision. The favorable portion of the decision is subject to mandatory review by the Lower Administrative
Court.
In November 2023, Ambev received a new tax assessment related to the deduction of the IOC in the periods 2018 to 2021.
Ambev has filed a defense against this new tax assessment, which is pending decision by the first-level administrative
court.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, isapproximately 27.4 billion Brazilian real (5.7 billion US dollar). Ambev has not recorded any provisions for this matter basedon the probability of loss.
The uncertain tax position, as per IFRIC 23, continued to be adopted by Ambev as it also distributed or accrued IOC in theyears following the assessed period (2022-2023) and deducted such amounts from its Corporate Income Taxes taxablebasis. Therefore, in a scenario where the IOC deductibility would also be questioned for the period after 2021, on the same
AB InBev – Annual Report 2023  142

basis and arguments as the aforementioned tax assessments, Ambev management estimates that the outcome of suchpotential further assessments would be consistent with the already assessed periods.
In December 2023, Law No. 14,789/2023 (introduced in August 2023 as Provisional Measure No. 1,185), was enacted in
Brazil, which changed the calculation basis for interest on equity effective as of 1 January 2024. As a result, effective asof 1 January 2024, the uncertain tax treatment, as per IFRIC 23, is limited only to Corporate Income Taxes calculated inaccordance with rules and regulations in place prior to the enactment of Law No. 14,789/2023.
Disallowance on Income Tax deduction
In January 2020, Arosuco, a subsidiary of Ambev, received a tax assessment from the Brazilian Federal Tax Authorities
regarding the disallowance of the income tax reduction benefit provided for in Provisional Measure No. 2199-14/2001, forcalendar years 2015 to 2018, and an administrative defense was filed. In October 2020, the first-level administrative court
rendered an unfavorable decision to Arosuco. Arosuco filed an appeal against the aforementioned decision.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, isapproximately 2.6 billion Brazilian real (0.5 billion US dollar). Ambev has not recorded any provisions for this matter basedon the probability of loss.
This uncertain tax position, as per IFRIC 23, continued to be applied by the Company impacting calendar years following
those assessed (2019-2023) in which it benefited from the income tax reduction provided for in Provisional Measure No.
2199-14/2001. In a scenario Arosuco is questioned on this matter for future periods, on the same basis and arguments as
the aforementioned tax assessment, Arosuco management estimates that the outcome of such potential further
assessments would be consistent with the already assessed periods.
In February 2024, Arosuco received a partially favorable, unanimous decision from CARF, which partially granted theappeal filed by Arosuco. The decision recognizes Arosuco’s full enjoyment of the tax benefit reduction provided by
Provisional Measure No. 2199-14/2001, and only requires payment of a portion of the assessment related to the differencein calculation methodology between the tax authorities and Arosuco, as the taxpayer. The portion of the assessed amountas of 31 December 2023 related to the tax incentive is approximately 2.6 billion Brazilian real (0.5 billion US dollar), andthe portion related to the calculation difference is approximately 0.02 billion Brazilian real (5 million US dollar). Arosuco
awaits formal notification of this decision to assess any potential impacts on the probability of loss and take any additional
necessary actions.
Tax Loss Offset
Ambev and certain of its subsidiaries received a number of assessments from the Brazilian Federal Tax Authorities relating
to the offset of tax losses carried forward in the context of business combinations.
In February 2016, the Upper Administrative Court ruled unfavorably to Ambev in two of these cases, following which Ambev
filed judicial proceedings. In September 2016, Ambev received a favorable first-level decision in one of the judicial claims
which was confirmed by the second-level judicial court in December 2022. This decision was appealed by the tax
authorities. In March 2017, Ambev received an unfavorable first-level decision with respect to the second judicial case andfiled an appeal, which is pending judgment by the second-level judicial court.
In a third case, Ambev received an unfavorable decision from the Lower Administrative Court in June 2019. Ambev filed
an appeal to the Upper Administrative Court, which was unfavorably decided against Ambev by a casting vote in February
2023. Due to the outcome of the judgment and considering the reductions provided for in Law No. 14,689/2023, Ambev
opted to pay the assessment in December 2023, with the corresponding reductions.
The updated assessed amount related to this uncertain tax position as of 31 December 2023, as per IFRIC 23, isapproximately 0.2 billion Brazilian real (0.1 billion US dollar). Ambev has not recorded any provisions for this matter basedon the probability of loss.
ICMS VALUE ADDED TAX, EXCISE TAX (“IPI”) AND TAXES ON NET SALESManaus Free Trade Zone – IPI / Social contributions
In Brazil, goods manufactured within the Manaus Free Trade Zone intended for remittance elsewhere in Brazil are exempt
and/ or zero-rated from excise tax (“IPI”) and social contributions (“PIS/COFINS”). With respect to IPI, Ambev’s subsidiaries
have been registering IPI presumed tax credits upon the acquisition of exempted goods manufactured therein. Since 2009,
Ambev has been receiving a number of tax assessments from the Brazilian Federal Tax Authorities relating to thedisallowance of such credits.

AB InBev – Annual Report 2023  143

Ambev and its subsidiaries have also been receiving charges from the Brazilian Federal Tax Authorities in relation to (i)federal taxes allegedly unduly offset with the disallowed presumed IPI excise tax credits that are under discussion in theseproceedings and (ii) PIS/COFINS amounts allegedly due on Arosuco’s remittance to Ambev subsidiaries.
In April 2019, the Federal Supreme Court (“STF”) announced its judgment on Extraordinary Appeal No. 592.891/ /SP, withbinding effect, deciding on the rights of taxpayers registering IPI excise tax presumed credits on acquisitions of raw
materials and exempted inputs originating from the Manaus Free Trade Zone. As a result of this decision, Ambev
reclassified part of the amounts related to the IPI cases as remote losses maintaining as possible losses only issues related
to other additional discussions that were not included in the analysis of the STF. The cases are being challenged at boththe administrative and judicial levels.
Ambev management estimates the possible loss related to these proceedings to be approximately 6.3 billion Brazilian real(1.3 billion US dollar) as of 31 December 2023. Ambev has not recorded any provision in connection therewith.
IPI Suspension
In 2014 and 2015, Ambev received tax assessments from the Brazilian Federal Tax Authorities relating to IPI allegedly
due over remittances of manufactured goods to other related factories. The cases are being challenged at both theadministrative and judicial levels. In July 2022, Ambev received the first judicial decision on this matter; the decision was
unfavorable to Ambev and it filed an appeal. In July 2023, the Federal Court rendered its decision on the appeal, annullingthe first level decision and ordering the production of technical evidence as requested by Ambev in order to demonstrate
the proper collection of IPI. The federal government has filed motions for clarification against this decision, which are
pending judgment by the Federal Court.
In October 2022, the Upper Administrative Court rendered a partially favorable decision to Ambev in one of the cases
related to this matter, which ordered a tax audit to determine the amount of the tax already effectively paid. The results ofthe tax audit, which were notified in January 2024, were partially favorable to Ambev, reducing 98% of the amount alleged
to be owed by Ambev in this case. Ambev will file an appeal at the judicial level against the unfavorable portion of thedecision.
Ambev management estimates the possible loss related to these assessments to be approximately 1.8 billion Brazilian
real (0.4 billion US dollar) as of 31 December 2023. Ambev has not recorded any provision in connection therewith.
ICMS tax credits
Ambev is currently challenging tax assessments issued by the states of São Paulo, Rio de Janeiro, Minas Gerais, among
others, questioning the legality of ICMS tax credits arising from transactions with companies that have tax incentives
granted by other states. The cases are being challenged at both the administrative and judicial level of the courts. In August
2020, the STF issued a binding decision (Extraordinary Appeal No. 628.075) ruling that tax credits granted by the statesin the context of the ICMS tax war shall be considered unlawful. The decision also recognized that the states should abideby the tax incentives validation process provided for in Complementary Law No. 160/17. This decision became final (andno longer subject to appeal) in December 2021.
With respect to the assessments issued by the State of São Paulo, Ambev received unfavorable decisions at the second
administrative level in April, May and June 2022 and filed motions for reconsideration to the second administrative level.
In September 2023, Ambev received partially favorable decisions related to the motions for reconsideration. The favorable
portion of those decisions became final and is not subject to appeal, while the unfavorable portion is yet to be reviewed at
the judicial level. In December 2023, the STF issued a binding decision (Claim of Non-compliance with a Fundamental
Precept – ADPF No. 1004) holding that the unfavorable decisions regarding tax credits from the State of Amazonas issued
by the State of São Paulo in 2022 are unconstitutional. Therefore, even though Ambev is not part of this trial at the STF,
the central discussion has generated a positive impact on the Company’s assessments. Ambev management estimates
the possible losses related to these assessments to be approximately 0.5 billion Brazilian real (0.1 billion US dollar) as of
31 December 2023. Ambev has not recorded any provision in connection therewith.
In addition, in 2018 and 2021, Ambev received tax assessments from the States of Rio Grande do Sul and São Paulocharging alleged differences in ICMS due to the disallowance of credits arising from transactions with suppliers located in
the Manaus Free Trade Zone. With regard to the assessment issued by the State of Rio Grande do Sul, Ambev received
a favorable judgment at the second administrative level, which was amended by the third administrative level in favor of
the tax authorities. This decision is not final and remains subject to appeal at the judicial level. With respect to theassessments issued by the State of São Paulo, Ambev received unfavorable decisions at the first administrative level. In
these cases, Ambev has filed appeals at the second administrative level. In one of these cases, Ambev received an
unfavorable decision from the second-level administrative authority, which is not final and has been appealed at a third-

AB InBev – Annual Report 2023  144

level authority. With regard to the other two cases, one is awaiting judgment, and the first-instance decision issued in
respect of the other was cancelled, requiring a new trial to be held.
Ambev management estimates the possible losses related to these assessments to be approximately 0.8 billion Brazilian
real (0.2 billion US dollar) as 31 December 2023.
ICMS-ST Trigger
Over the years, Ambev has received tax assessments to charge supposed ICMS differences considered due when theprice of the products sold by Ambev is above the fixed price table basis established by the relevant states, cases in which
the state tax authorities contend that the calculation basis should be based on a value-added percentage over the actual
prices and not the fixed table price. Ambev is currently challenging those charges before the courts. The cases are being
challenged at both the administrative and judicial levels.
Ambev management estimates the total possible loss related to this issue to be approximately 10.7 billion Brazilian real
(2.2 billion US dollar) as of 31 December 2023. Ambev has not recorded any provision in connection therewith.
SOCIAL CONTRIBUTIONS
Since 2015, Ambev has received tax assessments issued by the Brazilian Federal Tax Authorities relating to PIS/COFINS
amounts allegedly due over bonus products granted to its customers. The cases are being challenged at both theadministrative and judicial levels of the courts. In 2019, 2020 and 2023, Ambev received final favorable decisions at theadministrative level in some of these cases. In 2023, the Lower Administrative Court rendered favorable decisions toAmbev in two other cases and Ambev is awaiting formal notification of these decisions, which are not final and remainsubject to appeal. At the judicial level, one case is pending decision by the second level judicial court after the first-leveljudicial court rendered an unfavorable decision to Ambev.
Ambev management estimates the possible loss related to these assessments to be approximately 1.8 billion Brazilian
real (0.4 billion US dollar) as of 31 December 2023. Ambev has not recorded any provisions for this matter.
AB INBEV’S TANZANIA TAX MATTERS
Tanzania Breweries Limited (“TBL”), a subsidiary of AB InBev in Tanzania, received a tax assessment for 850 billion
Tanzanian shillings (0.3 billion US dollar) related to income tax on the alleged capital gain derived from the change inunderlying ownership of TBL which the Tanzania Revenue Authority claims was more than 50% following the 2016combination of SAB and AB InBev. TBL filed an appeal to the Tax Revenue Appeals Board. TBL believes that theassessment is without merit and will vigorously defend against the assessment. In accordance with IFRIC 23, no related
provision has been made.
AB INBEV’S SOUTH AFRICA TAX MATTERS
The South African Revenue Service (“SARS”) conducted an audit of AB InBev’s South African subsidiary, the South African
Breweries (Pty) Ltd. (“SAB”), in relation to the 2017 repurchase of SAB’s equity stake in Coca-Cola Beverages Africa (Pty)Ltd (“CCBA”), the Coca-Cola bottling business in Africa, by CCBA. The assessment from SARS claims that SAB owes 6.4
billion South African Rand (0.3 billion US dollar) in taxes plus penalties and interest, which as at the time of assessment
totals 17.7 billion Rand (1 billion US dollar). The repurchase transaction also included an indemnity for certain tax liabilities
of CCBA. CCBA has notified SAB that CCBA has received an assessment from SARS for 8.9 billion Rand (0.5 billion US
dollar). Both of these assessments are contested, but SAB may be required to secure or pre-pay some or all of the amounts
assessed, pending the outcome of the challenge and any appeal(s). In accordance with IFRIC 23, no related provision forthese matters has been made based on the probability of loss.
OTHER TAX MATTERS
In February 2015, the European Commission opened an in-depth state aid investigation into the Belgian excess profit
ruling system. On 11 January 2016, the European Commission adopted a negative decision finding that the Belgian excess
profit ruling system constitutes an aid scheme incompatible with the internal market and ordering Belgium to recover theincompatible aid from a number of aid beneficiaries. The Belgian authorities contacted the companies that had benefitted
from the system and advised each company of the amount of incompatible aid that is potentially subject to recovery. The
European Commission’s decision was appealed to the European Union’s General Court by Belgium on 22 March 2016
and by AB InBev on 12 July 2016. On 14 February 2019, the European General Court concluded that the Belgian excess
profit ruling system does not constitute illegal state aid. The European Commission appealed the judgment to the European
Court of Justice. The public hearing in the framework of the appeal proceedings took place on 24 September 2020 and AB
InBev was heard as an intervening party.
AB InBev – Annual Report 2023  145

On 3 December 2020, the Advocate General (AG) of the European Court of Justice presented her non-binding opinion on
the appeal procedure related to the 11 January 2016 opening decision, stating that, contrary to the 14 February 2019judgment of the European General Court, the Belgian excess profit ruling system would fulfil the legal requirements for an“aid scheme”. In the initial European General Court judgment, the court limited itself to finding the Belgian excess profit
rulings were not an “aid scheme”, but did not consider whether they constituted State aid. Consequently, the AG advised
the European Court of Justice to refer the case back to the European General Court to review whether the Belgian excess
profit rulings constitute State aid. On 16 September 2021, the European Court of Justice agreed with the AG and concluded
that the excess profit ruling system constitutes an aid scheme and set aside the judgment of the European General Court.
The case was referred back to the European General Court to decide whether the Belgian excess profit ruling systemconstitutes illegal State aid as well as the other remaining open issues in the appeal. On 20 September 2023, the European
General Court upheld the European Commission’s decision. That judgment has been appealed by AB InBev and otherparties to the European Court of Justice.
Following the initial annulment of the European Commission’s decision by the European General Court in 2019, theEuropean Commission opened new state aid investigations into the individual Belgian tax rulings, including the one issued
to AB InBev in September 2019, to remedy the concerns that had led to the annulment. These investigations relate to thesame rulings that were the subject of the European Commission’s decision issued on 11 January 2016. AB InBev has filed
its observations in respect of the opening decisions with the European Commission. On 28 October 2021, the European
Commission stayed the new state aid investigations into the individual Belgian tax rulings pending final resolution of thecase.
In addition, the Belgian tax authorities have also questioned the validity and the actual application of the excess profit rulingthat was issued in favor of AB InBev and have refused the actual tax exemption which it confers. AB InBev has filed acourt claim against such decision before the Brussels court of first instance which ruled in favor of AB InBev on 21 June
2019, and again on 9 July 2021 for subsequent years. The Belgian tax authorities appealed both judgments.
In January 2019, AB InBev deposited 68 million euro (75 million US dollar) on a blocked account. Depending on the final
outcome of the European Court procedures on the Belgian excess profit ruling system, as well as the pending Belgian
court cases, this amount will either be slightly modified, or released back to the company or paid over to the Belgian State.
In connection with the European Court procedures, AB InBev recognized a provision of 68 million euro (75 million US
dollar) in 2020.
CERBUCO BREWING ARBITRATION
Cerbuco Brewing Inc., (“Cerbuco”) a Canadian subsidiary of Ambev, owns a 50% equity ownership in Cerveceria Bucanero
S.A. (“Bucanero”), a joint venture in Cuba. In 2021, Cerbuco initiated an arbitration proceeding at the International Chamberof Commerce (“ICC”), relating to the potential breach of certain obligations relating to the joint venture, with the terms ofreference being formally executed in 2022. Depending on the outcome of the arbitration, there may be an impact on
Cerbuco’s rights. As a result, Ambev’s ability to continue consolidating Bucanero into its financial statements may also beaffected. The financial impact has not yet been ascertained, as it depends on the outcome of the arbitration.
WARRANTS
Certain holders of warrants issued by Ambev in 1996 for exercise in 2003 proposed lawsuits to subscribe correspondent
shares for an amount lower than Ambev considers as established upon the warrant issuance. The holders of thesewarrants claimed that they should receive the dividends relative to these shares since 2003, approximately 1.2 billion
Brazilian real (0.2 billion US dollar) in addition to legal fees. Among the seven cases related to this topic, one was settled
in previous years. Five cases have been finally resolved favorably to Ambev, with three of these decided in the second
quarter of 2023. The last case was ruled favorably to Ambev by the Superior Court of Justice and the decision became
final in September 2023. With the closure of the last case, this litigation has ended completely in favor of the Company.
No provisions have been made in connection with this litigation.
PROPOSED CLASS ACTION IN QUEBEC
Labatt and other third-party defendants have been named in a proposed class action lawsuit in the Superior Court ofQuebec seeking unquantified compensatory and punitive damages. The plaintiffs allege that the defendants failed to warnof certain specific health risks of consuming defendants’ alcoholic beverages. A sub-class of plaintiffs further alleges that
their diseases were caused by the consumption of defendants’ products. The proposed class action has not yet beenauthorized by the Superior Court.

AB InBev – Annual Report 2023  146

30. Non-controlling interests
As at 31 December 2023 and 2022, material non-controlling interests relate to Ambev, a Brazilian listed subsidiary in which
AB InBev has 61.76% ownership, and Budweiser APAC, an Asia Pacific listed subsidiary in which AB InBev has 87.22%
ownership. The tables below provide summarized information derived from the consolidated financial statements of Ambev
and Budweiser APAC as of 31 December 2023 and 2022, in accordance with IFRS.
Summarized financial information of Ambev and Budweiser APAC, in which the company has material non-controllinginterests, is as follows:
Ambev
31 December
31 December
2023
2022

Million US dollar
Summarized statement of financial position
information
Current assets
Non-current assets
Current liabilities
Non-current liabilities
Equity attributable to equity holders
Non-controlling interests

7 552
19 8468 470
2 374
16 312
242
Ambev
2023

Million US dollar

7 248
19 1937 770
2 700
15 707263

2022

Budweiser APAC
31 December
31 December
2023
2022

4 259
11 975
4 649
735
10 78565
Budweiser APAC
2023

3 606
12 3904 414
748
10 765692022

Summarized income statement andother comprehensive income information
Revenue
Net income

15 9202 987

15 434
2 883

6 856
880

6 478
949

Attributable to:Equity holders
Non-controlling interests

2 895
92

2 800
84

852
28

913
36

Net income
Other comprehensive income
Total comprehensive income

2 987(1 909)
1 078

2 883
(1 300)
1 584

880
(286)
594

949
(812)
137

Attributable to:Equity holders
Non-controlling interests

1 011
67

1 517
67

567
27

105
32

Summarized cash flow information
Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
Net increase/(decrease) in cash and cash equivalents

4 934(1 151)(3 218)
565

3 997
(969)
(3 164)
(136)

1 811
(447)
(621)
743

1 577
(440)
(500)
637

Dividends paid by Ambev and its subsidiaries to non-controlling interests (i.e., to entities outside the AB InBev Group)
amounted to 1.0 billion US dollar for 2023 (2022: 1.0 billion US dollar). In 2023, Budweiser APAC and its subsidiaries paida final dividend related to the financial year 2022 to non-controlling interests amounting to 94m US dollar (2022: 83m US
dollar).
Other non-controlling interests not deemed individually material by the company mainly related to the company’s
operations in Africa in association with the Castel Group (e.g., Botswana, Ghana, Mozambique, Nigeria, Tanzania, Uganda
and Zambia), as well as non-controlling interests in US-based metal container operations from Apollo Global Management,
Inc. (“Apollo”) and non-controlling interests recognized in respect of the company’s subsidiaries in Colombia, Ecuador andPeru.

AB InBev – Annual Report 2023  147

31. Related parties
TRANSACTIONS WITH DIRECTORS AND EXECUTIVE COMMITTEE MEMBERS (KEY MANAGEMENT PERSONNEL)
AB InBev’s Executive Committee members’ compensation consists of short-term employee benefits (primarily salaries)
and post-employment benefits from pension plans of their respective country – see also Note 23 Pensions and similar
obligations. Key management personnel are also eligible for the company’s share option, restricted stock and other sharebased programs (see Note 24 Share-based Payments). Total directors and Executive Committee compensation includedin the income statement can be detailed as follows:
2023
Million US dollar

2022

Directors

Executive
Committee

Directors

Executive
Committee

2
2

12
46
58

2
2

15
35
50

Short-term employee benefits
Termination benefits
Share-based payment

Directors’ compensation consists mainly of directors’ fees.
During 2023, AB InBev entered into the following transactions:•

The lease of commercial premises and the acquisition of natural gas from and the sale of malt-based beverages
and beer to companies in which one of the company's Board Member had a significant influence as of 31
December 2023. The transactions happened mainly through AB InBev’s subsidiary Bavaria S.A. for an
aggregated consideration of approximately 65m US dollar (31 December 2022: 33m US dollar). The outstandingbalance of these transactions as of 31 December 2023 amounts to 3m US dollar (31 December 2022: 1m US
dollar).

JOINTLY CONTROLLED ENTITIESInterests in joint ventures include three entities in Brazil, one in Mexico and one in Canada. None of these joint ventures
are material to the company.
TRANSACTIONS WITH ASSOCIATES
Significant interests in associates are shown in note 16 Investments in associates. AB InBev’s transactions with associates
were as follows:
Million US dollar.
Gross profit
Current assets
Current liabilities

2023

2022

(233)
108
9

(4)
100
16

TRANSACTIONS WITH PENSION PLANS
AB InBev’s transactions with pension plans mainly comprise (13)m US dollar other expense to pension plans in the US in
2023 (2022: (12)m US dollar).

32. Events after the reporting dateNone.

AB InBev – Annual Report 2023  148

33. AB InBev companies
The most important AB InBev companies included in the consolidation scope are listed below. The complete list of thecompany’s investments is available at AB InBev NV, Brouwerijplein 1, B-3000 Leuven, Belgium. The address of theregistered office of the company is Grand Place 1, 1000 Brussels, Belgium.
LIST OF THE MOST IMPORTANT FULLY CONSOLIDATED COMPANIES 1

2

Name and registered office of the fully consolidated companies.
Argentina
Cerveceria y Malteria Quilmes Saica Y G - Charcas 5160 - C1425BOF Buenos Aires.
Belgium
Anheuser-Busch InBev NV - Grand Place 1 - 1000 Brussels
Brasserie de l'Abbaye de Leffe S.A. - Place de l'Abbaye, 1 - 5500 - Dinant
Brouwerij van Hoegaarden N.V. - Stoopkensstraat 46 - 3320 - Hoegaarden
Cobrew N.V - Brouwerijplein 1, 3000 Leuven
InBev Belgium BV/SRL - Boulevard Industriel, 21 - 1070 Anderlecht.
Bolivia
Cervecería Boliviana Nacional S.A. - Av. Montes 400 & Calle Chuquisaca No. 121, Zona Challapampa, La Paz.
Botswana
Kgalagadi Breweries (Pty) Ltd - Grant Thornton Business Services, Plot 50370, Acumen Park, Fairgrounds,
Gaborone¹.
BrazilAmbev S.A. - Rua Dr. Renato Paes de Barros 1017, 3° Andar Itaim Bibi, São Paulo.
CanadaLabatt Brewing Company Limited - 207 Queen's Quay West, Suite 299 - M5J 1A7 - Toronto.
Chile
Cerveceria Chile S.A - Av. Presidente Eduardo Frei Montalva 9600, Quilicura - 8700000 Santiago de Chile.
China
Anheuser-Busch Inbev (China) Sales Company Limited - Shangshou, Qin Duan Kou, Hanyang Area - 430051 Wuhan City, Hubei Province
Anheuser-Busch InBev (Wuhan) Brewing Co., Ltd. - Shangshou, Qin Duan Kou, Hanyang Area - 430051 - Wuhan
City, Hubei Province
Anheuser-Busch InBev Sedrin Brewery Co., Ltd - No.1 West Xuejin Avenue,Hanjiang District - 351111 - PutianCity, Fujian Province
Anheuser-Busch InBev Southeast Sales Co., Ltd. - No.1 West Xuejin Avenue, Hanjiang District, Putian, Fujian ,P.R.China - 351111 - Putian City, Fujian ProvinceBlue Girl Beer (Guangzhou) Co. Ltd - Units 2101,21/F, Tower A, China International Centre, 33 Zhongshan San
Road - 510000 - Guangzhou City.
Colombia
Bavaria & Cia S.C.A. - Carrera 53 A, No 127 - 35 - 110221 - Bogota.
Czech Republic
Pivovar Samson s.r.o. - Lidická 458/51, 37001, České Budějovice.
Dominican Republic
Cervecería Nacional Dominicana S.A. - Autopista 30 de Mayo Km 61/2, Distrito Nacional - A.P. 10100 - Santo
Domingo2.
Ecuador
Cervecería Nacional S.A. - Via a daule km 16,5 y calle cobre s/n - EC090150 - Guayaquil, Guayas.
El Salvador
La Constancia Ltda de C.V. - Avenida Independencia, No 526 - PBX (503) 2209-7555 - San Salvador.
FranceAB InBev France S.A.S. - Immeuble Crystal, 38, Place Vauban - C.P. 59110 - La Madeleine
Germany
Anheuser-Busch InBev Deutschland GmbH & Co. KG - Am Deich 18/19 - 28199 - Bremen
Anheuser-Busch InBev Germany Holding GmbH - Am Deich 18/19 - 28199 - Bremen.

1
2

The group’s shares entitle the holder to twice the voting rights.
85% owned by Ambev S.A.
AB InBev – Annual Report 2023  149% economic interest as
at 31 December 2023
61.62%
Consolidating
98.54%
100.00%100.00%100.00%52.70%

31.06%

61.76%
61.76%
61.76%

87.22%
84.66%
87.22%
87.22%
56.69%

99.16%
100.00%52.49%

95.58%
100.00%100.00%100.00%100.00%GhanaAccra Brewery PLC - 20 Graphic Road, South Industrial Area - Box GP1219 - Accra.
Honduras
Cervecería Hondureña S.A. de C.V. - Boulevard del Norte - Postal No. 86 - San Pedro Sula.
Hong Kong
Budweiser Brewing Company APAC Limited - Flat/RM 12-16, BLK2, 30/F Times Square, 1 Matheson Street,
Causeway Bay - 999077 - Hong Kong.
India
Crown Beers India Private Limited - 510/511, Minerva House, Sarojini Devi Road - 500003 - Secunderabad,
Telangana
Anheuser Busch InBev India Limited - Unit No.301-302, Dynasty Business Park, 3rd FloorAndheri - Kurla Road,
Andheri (East) - 400059 - Mumbai, Maharashtra.
Italy
Anheuser-Busch InBev Italia - Piazza Gae Aulenti n. 8, 20154 Milano, Italy.
Luxembourg
Brasserie de Luxembourg Mousel-Diekirch S.A. - Rue de la Brasserie, 1 - L-9214 - Diekirch.
MexicoCervecería Modelo de México S. de R.L. de C.V. - Cerrada de Palomas 22, 6th Floor, Reforma Social, MiguelHidalgo, 11650 Mexico City.
Mozambique
Cervejas De Moçambique SA - Rua do Jardim 1329, Maputo.
Netherlands
AB InBev Africa B.V. - Ceresstraat 1 - 4811 CA - Breda
InBev Nederland N.V. - Ceresstraat 1 - 4811 CA - Breda
Interbrew International B.V. - Ceresstraat 1 - 4811 CA - Breda.
NigeriaInternational Breweries PLC - 22/36 Glover Road, Lagos, Ikoyi¹.
PanamaCervecería Nacional S. de R.L. - Complejo Business Park, Costa del Este Torre Oeste, Piso No.2 Panamá.
Paraguay
Cervecería Paraguaya S.A. - Ruta Acceso Sur Km 30 s/ Desvío a Villeta N° 825.
Peru
Compania Cervecera AmBev Peru S.A.C. - Av. Los Laureles Mza. A Lt. 4 del Centro Poblado Menor Santa Mariade Huachipa - Lurigancho (Chosica) - 25 - Lima
Unión de Cervecerías Peruanas Backus y Johnston S.A.A. - Av. Nicolas Ayllon 3986, Ate - 3 - Lima.
South Africa
SABSA Holdings (Pty) Ltd - 65 Park Lane, Sandown - 2001 - Johannesburg
The South African Breweries (Pty) Ltd - 65 Park Lane, Sandown - 2146 - Johannesburg.
South Korea
Oriental Brewery Co Ltd - 517, Yeongdong-daero, Gangam-gu, Seoul - Asem Tower 8th floor - Seoul.
Spain
Compañía Cervecera de Canarias S.A. - C/ Mali, 7 (38320 La Laguna - Santa Cruz de Tenerife).
Switzerland
Anheuser-Busch InBev Procurement GmbH - Suurstoffi 22 - 6343 - Rotkreuz
BEES Global AG - Suurstoffi 22 - 6343 - Rotkreuz.
Tanzania
Tanzania Breweries PLC - Uhuru Street, Plot No 79, Block AA, Mchikichini, Ilala District, Dar es Salaam¹
1

1

The company is consolidated due to the group’s majority shareholders and ability to control the operations.
AB InBev – Annual Report 2023  150

61.61%
99.61%

87.22%

87.22%
87.05%

100.00%95.82%

100.00%51.47%
62.00%
100.00%100.00%43.65%
61.76%
53.95%

100.00%93.65%
100.00%100.00%87.22%
51.03%
100.00%100.00%39.65%

UgandaNile Breweries Ltd - Plot M90 Yusuf Lule Road, Njeru - P.O. Box 762 - Jinja.
United Kingdom
AB InBev Holdings Limited - Bureau, 90 Fetter Lane - EC4A 1EN - London
AB InBev International Brands Limited - AB InBev House, Church Street West, Woking, Surrey, GU21 6HT
AB InBev UK Limited - Bureau, 90 Fetter Lane - EC4A 1EN - London
ABI SAB Group Holding Limited - Bureau, 90 Fetter Lane - EC4A 1EN - London
ABI UK Holding 1 Limited - Bureau, 90 Fetter Lane - EC4A 1EN - London
ZX Ventures Limited - Bureau, 90 Fetter Lane - EC4A 1EN - London.
United States
Anheuser-Busch Americas Holdings LLC - One Busch Place - MO 63118 - St. Louis
Anheuser-Busch Companies LLC - One Busch Place - MO 63118 - St. Louis
Anheuser-Busch InBev Worldwide Inc. - One Busch Place - MO 63118 - St. Louis
Anheuser-Busch International LLC - One Busch Place - MO 63118 - St. Louis
Anheuser-Busch LLC - One Busch Place - MO 63118 - St. Louis
Anheuser-Busch North American Holding LLC - One Busch Place - MO 63118 - St. Louis
Anheuser-Busch America Investments LLC - One Busch Place - MO 63118 - St. LouisAB MAZ Holdings LLC - One Busch Place - MO 63118 - St. LouisMCC Holding Company LLC - One Busch Place - MO 63118 - St. Louis.
Uruguay
Cerveceria y Malteria Paysandu S.A. - Cesar Cortinas, 2037 - C.P. 11500 Montevideo.
VietnamAnheuser-Busch InBev Vietnam Brewery Co., Ltd - 2 VSIP II-A, Street No. 28 - 820000 - Tan Uyen Town,
Binh Duong Province.
ZambiaZambian Breweries PLC - Plot No 6438, Mungwi Road - P.O. Box 31293 - Lusaka

61.76%
100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%50.10%
61.76%

87.22%

54.02%

LIST OF THE MOST IMPORTANT COMPANIES CONSOLIDATED BY APPLYING THE EQUITY METHOD OFACCOUNTING (ASSOCIATES) 1% economic interest as
at 31 December 2023

Name and registered office of associates
FranceSociété des brasseries et glacières internationales S.A. - 2 rue du Colonel Driant, 1er - 75008 - Paris¹.
Luxembourg
B.I.H. Brasseries Internationales Holding (Angola) Limited - 34-38 Avenue de la Liberté - 1930
Luxembourg¹
B.I.H. Brasseries Internationales Holding Limited - 34-38 Avenue de la Liberté - 1930 Luxembourg¹.
Netherlands
AB InBev Efes B.V. - 1227 Strawinskylaan - 1077XX Amsterdam.
TurkeyAnadolu Efes Biracilik Ve Malt Sanayii A.S. - Bahçelievler Mahallesi, Sehit Ibrahim Koparir Caddesi No. 4,
Bahçelievler Istanbul.
Zimbabwe
Delta Corporation Limited - Sable House, Northridge Close, Borrowdale - P.O. Box BW 343 - Harare

1

Related to Castel group.
AB InBev – Annual Report 2023  151

20.00%

27.50%
20.00%
50.00%

24.00%

25.27%

Information to our shareholders
Earnings, dividends, share and share price
2023

2022

2021

2020

2019

Cash flow from operating activities (US dollar per share)
Underlying earnings per share (US dollar per share)
Dividend (euro per share)

6.58
3.05
0.82

6.61
3.03
0.75

7.37
2.88
0.5

5.45
2.51
0.5

6.75
3.63
1.3

Share price high (euro per share)
Share price low (euro per share)
Year-end share price (euro per share)

61.33
49.45
58.42

59.53
46.27
56.27

65.34
47.00
53.17

74.49
30.97
57.01

92.71
57.47
72.71

2 016

2 013

2 007

1 998

1 984

2 054

2 050

2 045

2 037

2 026

354

435

416

587

452

Weighted average number of ordinary and restricted shares (million
shares)Diluted weighted average number of ordinary and restricted shares(million shares)
Volume of shares traded (million shares)

Information on the auditors’ assignments
and related fees
AB InBev’s Statutory auditor is PwC Bedrijfsrevisoren BV, represented by Koen Hens, audit partner.
Base fees for auditing the annual financial statements of AB InBev and its subsidiaries are determined by the shareholders
meeting after review and approval by the company’s Audit Committee and Board of Directors.
Fees for 2023 in relation to services provided by PwC Bedrijfsrevisoren BV amounted to 2 616k US dollar (2022: 2 322k
US dollar), which was composed of audit services for the annual financial statements of 2 455k US dollar (2022: 2 263k
US dollar) and audit related services of 161k US dollar (2022: 59k US dollar).
Fees for 2023 in relation to services provided by other offices in the PwC network amounted to 22 857k US dollar(2022: 17 841k US dollar), which was composed of audit services for the annual financial statements of 16 194k US dollar(2022: 14 321k US dollar), tax services of 6 329k US dollar (2022: 3 185k US dollar) and audit related services amounting
to 334k US Dollar (2022: 334k US dollar), all of which have been pre-approved by the company’s Audit Committee.

Financial calendar
Publication of 2023 results
Annual report 2023 available on www.ab-inbev.com
General shareholders meeting
Ex-dividend datePublication of first quarter results
Publication of half year results
Publication of third quarter results

AB InBev – Annual Report 2023  152

29 February 2024
29 February 2024
24 April 2024
3 May 2024
8 May 2024
1 August 2024
31 October 2024

Investor relations contact
Investors

Media

Shaun Fullalove
Tel: +1 212 573 9287
E-mail: shaun.fullalove@ab-inbev.com

Media Relations
E-mail: media.relations@ab-inbev.com

Ekaterina Baillie
Tel: +32 16 276 888
E-mail: ekaterina.baillie@ab-inbev.com
Cyrus Nentin
Tel: +1 646 746 9673
E-mail: cyrus.nentin@ab-inbev.com

AB InBev – Annual Report 2023  153

Excerpt from the AB InBev NV/SA
separate (non-consolidated) financial
statements prepared in accordancewith Belgian GAAP
The following information is extracted from the separate Belgian GAAP financial statements of AB InBev NV/SA per 31
December 2023. These separate financial statements, together with the management report of the Board of Directors to
the general assembly of shareholders as well as the auditor’s report, will be filed with the National Bank of Belgium within
the legally foreseen time limits. These documents are also available on request from: AB InBev NV/SA, Brouwerijplein 1,
3000 Leuven.
It should be noted that only the consolidated financial statements as set forth above present a true and fair view of thefinancial position and performance of the AB InBev group.
Since AB InBev NV/SA is essentially a holding company, which recognizes its investments at cost in its non-consolidated
financial statements, these separate financial statements present no more than a limited view of the financial position of
AB InBev NV/SA. For this reason, the Board of Directors deemed it appropriate to publish only an abbreviated version of
the non-consolidated balance sheet and income statement prepared in accordance with Belgian GAAP as at and for theyear ended 31 December 2023.
The statutory auditor has confirmed that his audit procedures are substantially complete and that the abbreviated nonconsolidated balance sheet and income statement of AB InBev NV/SA prepared in accordance with Belgian GAAP for theyear ended 31 December 2023 are consistent, in all material respects, with the accounts from which they have been
derived.

Abbreviated non-consolidated balance sheet
Million euro

2023

2022

472
235
109 987
110 694

777
192
114 639
115 608

Current assets

16 82214 610Total assets

127 516130 218

1 239
13 186124
1 962
33 00933 04882 5681 239
13 186124
1 959
33 00926 50876 0258598

Non-current liabilities

38 11240 608Current liabilities

6 751

13 487

127 516130 218ASSETS
Non-current assets
Intangible assets
Property, plant and equipment
Financial assets

Equity and liabilities
EquityIssued capital
Share premium
Legal reserve
Reserves not available for distribution
Reserves available for distribution
Profit carried forward
Provisions and deferred taxes

Total equity and liabilities

AB InBev – Annual Report 2023  154

Abbreviated non-consolidated income statement
Million euro

2023

2022

Operating income
Operating expenses
Operating result

1 968(1 269)699

1 286(1 296)(10)

Financial result

7 466

2 222

Result for the year available for appropriation

8 165

2 212

AB InBev – Annual Report 2023  155

Glossary
AGGREGATED WEIGHTED NOMINAL TAX RATE
The aggregated weighted nominal tax rate is based on the statutory corporate income tax rates applicable in the various
countries.
DILUTED EPS
Profit attributable to equity holders of AB InBev divided by the fully diluted weighted average number of ordinary andrestricted shares.
DILUTED WEIGHTED AVERAGE NUMBER OF ORDINARY AND RESTRICTED SHARES
Weighted average number of ordinary and restricted shares adjusted by the effect of dilutive share options and restricted
stock units.
EBIT
Profit from operations.
EBITDA
Profit from operations plus depreciation, amortization and impairment.
EMEA
Europe and Africa.
EPS
Profit attributable to equity holders of AB InBev divided by the weighted average number of ordinary and restricted shares.
FREE CASH FLOW
Cash flow from operating activities minus net capex.
FVOCI
Fair value through other comprehensive income.
FVPL
Fair value through profit or loss.
FTE’s
Full-time equivalent on a permanent or temporary basis, excluding outsourced personnel.
INVESTED CAPITAL
Includes property, plant and equipment, goodwill and intangible assets, investments in associates and equity securities,
working capital, provisions, employee benefits and deferred taxes.
MARKETING EXPENSES
Include all costs relating to the support and promotion of the brands. They include among others operating costs (payroll,office costs, etc.) of the marketing department, advertising costs (agency costs, media costs, etc.), sponsoring and events,and surveys and market research.
NET ASSETS
Total assets minus total non-current and current liabilities.
NET CAPEX
Acquisitions of property, plant and equipment and of intangible assets, minus proceeds from sale.
NET DEBT
Non-current and current interest-bearing loans and borrowings and bank overdrafts, minus debt securities and cash andcash equivalents.
NON-UNDERLYING ITEMS
Items of income or expense which do not occur regularly as part of the normal activities of the company, and which warrant
separate disclosure because they are important for the understanding of the underlying results of the company due to theirsize or nature.

AB InBev – Annual Report 2023  156

NORMALIZEDThe term “normalized” refers to performance measures (EBITDA, EBIT, Profit or effective tax rate) before non-underlying
items and profit from discontinued operations. AB InBev believes that the communication and explanation of normalizedmeasures is essential for readers of its financial statements to understand fully the sustainable performance of thecompany. Normalized measures are additional measures used by management and should not replace the measuresdetermined in accordance with IFRS as an indicator of the company’s performance.
NORMALIZED EBIT
Profit from operations adjusted for non-underlying items.
NORMALIZED EBITDA
Profit from operations adjusted for non-underlying items, plus depreciation, amortization and impairment.
NORMALIZED EFFECTIVE TAX RATE
Effective tax rate adjusted for non-underlying items.
NORMALIZED PROFIT
Profit adjusted for non-underlying items and profit from discontinued operations.
NORMALIZED PROFIT FROM OPERATIONSProfit from operations adjusted for non-underlying items.
PAY OUT RATIO
Gross dividend per share multiplied by the estimated number of ordinary shares outstanding at the dividend record date,divided by normalized profit attributable to equity holders of AB InBev.
PSUs
Performance stock units.
RE-MEASUREMENTS OF POST-EMPLOYEE BENEFITS
Comprised of actuarial gains and losses, the effect of the asset ceiling (excluding net interest) and the return on plan assets(excluding net interest).
REVENUE
Gross revenue less excise taxes and discounts.
RSUs
Restricted stock units.
SALES EXPENSES
Include all costs relating to the selling of the products. They include among others the operating costs (payroll, office costs,etc.) of the sales department and the sales force.
SG&A (SELLING, GENERAL & ADMINISTRATIVE EXPENSES)
Sales, marketing, distribution and administrative expenses
SCOPE
Financials are analyzed eliminating the impact of changes in currencies on translation of foreign operations, and scopes.
A scope represents the impact of acquisitions and divestitures, the start-up or termination of activities or the transfer ofactivities between segments, curtailment gains and losses and year-over-year changes in accounting estimates and otherassumptions that management does not consider as part of the underlying performance of the business.
UNDERLYING EPS
Underlying profit divided by the weighted average number of ordinary and restricted shares.
UNDERLYING PROFIT
Profit before non-underlying items, discontinued operations, mark-to-market gains/losses on certain derivatives related tothe hedging of share-based payment programs and hyperinflation impacts, attributable to equity holders of AB InBev.
WEIGHTED AVERAGE NUMBER OF ORDINARY AND RESTRICTED SHARES
Number of shares outstanding at the beginning of the period, adjusted by the number of shares cancelled, repurchased or
issued during the period multiplied by a time-weighing factor.
WORKING CAPITAL
Includes inventories, trade and other receivables and trade and other payables, both current and non-current.

AB InBev – Annual Report 2023  157

SUSTAINABILITY
STATEMENTS
TABLE OF CONTENTS
GENERAL STATEMENTS 159
ENVIRONMENTAL STATEMENTS

162

SOCIAL STATEMENTS 168
GOVERNANCE STATEMENTS

172

REPORT SCOPE

173

INDEPENDENT LIMITEDASSURANCE REPORT175

DISCLOSURES PURSUANT TO ARTICLE 8
OF THE TAXONOMY REGULATION177

AB InBev - Annual report 2023 - 158

1. General statements
At AB InBev, we believe that sustainability enables our commercial vision, unlocks long-term value and fulfills our company
purpose. For more information on our business strategy, our diversified footprint and our value chain, see the Strategy
section of this annual report.
These Sustainability statements serve as our non-financial reporting on corporate social responsibility matters inaccordance with article 3:6, §4 and article 3:32, §2 of the Belgian Code of Companies and Associations, which implements
Directive 2014/95/EU of 22 October 2014 amending Directive 2013/34/EU.
The consolidated Sustainability statements for the year ended 31 December 2023 comprise the company and its fully
owned subsidiaries (together referred to as “AB InBev” or the “company” or “we”) and covers the fully consolidated
companies included in the financial scope. Please see the list of fully consolidated companies in the Financial report. Any
exception to this scope will be stated in the text or footnotes.
Unless explicitly stated otherwise, documents referenced or hyperlinks found herein are for informational purposes only
and are not incorporated by reference into these Sustainability statements.

GovernanceAs the company’s ultimate decision-making body, the Board’s sustainability oversight includes approval of strategies andreview of sustainability performance. The Board received multiple updates on sustainability matters in 2023.

•

The Nomination Committee reviews corporate governance matters as part of its role in the nomination andretention of Directors and executives.

•

The Remuneration Committee reviews remuneration policies and packages as part of its role in the remuneration
and retention of Directors and executives.

•

The Finance Committee reviews sustainability matters as part of its assessment of funding requirements, financial
risk, supply security and sourcing strategies.

•

The Audit Committee reviews environmental and social matters as part of its audit function.

See the Corporate governance statement in this report for more details.
The Chief Executive Officer, supported by the Executive Committee, executes and manages sustainability matters. Within
our Senior Leadership Team, Global Function Leads (Chiefs) oversee the global agenda for sustainability matters relevantto their respective business teams. Regional CEOs lead the zone agenda for sustainability matters relevant to their zones.
Embedded across the business, numerous employees are responsible for coordination and implementation ofsustainability matters and initiatives relevant to their specific team and/or zone.
Internal committees manage certain sustainability topics that span teams and geographies. They provide visibility andfoster collaboration and the sharing of best practices among zones and teams. Examples of these committees include theSustainability Council and the Global Compliance Committee.
A description of AB InBev’s internal controls and risk management systems can be found in the Financial report in thisreport. The major risks and uncertainties faced by the company are described in the Risks and uncertainties section of
the Financial report. In addition, specific risk management tools are described in the topical disclosures in the
Sustainability statements.
Sustainability-related targets tied to annual variable performance-related compensation (bonuses) are cascaded from thecompany’s highest level to our business and operating units. In 2023, more than 3000 colleagues across zones and teams
carried annual performance targets linked to sustainable development topics. In addition to our Chief Sustainability Officer,
these included our Chief Finance Officer, Chief People Officer and Chief Legal and Corporate Affairs Officer, for whom thetarget typically would account for 10 to 20% of the annual short-term bonus.
For more information on our remuneration policy, see the Corporate governance statement.

Stakeholder engagement
We routinely engage with stakeholders across our value chain.
AB InBev – Annual Report 2023  159

Stakeholder
Communities

Consumers

Governments

Customers

Colleagues

Suppliers

Other
partners

Shareholders

Industryengagement

Description

We are closely connected to the communities where we live
and work. We strive to contribute positively to important issues
such as sustainability, Smart Drinking and road safety in thesecommunities. We are focused on matters where we can be partof the solution and make the greatest positive impact.
Beer brings people together to celebrate life’s moments, andwe serve our consumers by striving to offer the highest-quality
products and meaningful brand experiences, always in a
responsible way.

How we engage

We engage with government policymakers to provide ourviews on issues that are important for our business and thewell-being of our communities. We do this in alignment with our
Code of Business Conduct and local legislation.

We partner with valued retailers, on-premise customers,
wholesalers and distributors to bring our beers to ourconsumers, while supporting their business growth, striving toprovide best-in-class service as well as pursuing extraordinary
execution of our brands on- and off-trade.
We are powered by great people and build strong teams
through collaboration and our performance-driven culture.

Relationships, especially with our suppliers, are essential to
our operations. Mutual collaboration is a key element tocreating a resilient supply chain that delivers value andcontributes to our 2025 Sustainability Goals.

We recognize no single organization can solve today’s global
challenges. Effective partnerships are critical to addressing thepressing challenges of today and tomorrow.

We value the trust of our shareholders and work to provide
positive results. We are committed to creating value anddelivering consistent, profitable growth.

We consult with independent, external experts such asenvironmental advisors who focus on water and agricultural
sustainability. These advisors bring a diverse perspective andadvise on strategies and implementation of our Water
Stewardship and Smart Agriculture programs.

AB InBev – Annual Report 2023  160•

Activities related to Smart Drinking andsustainability•

Activities supporting communities, suchas disaster response and volunteering

•
•
•
•
•

Events and activations

•
•
•
•
•
•
•
•
•
•
•
•
•
•
•

Industry associations and groups

•
•
•
•
•

Development programs••

Partnerships•••

Annual and interim reports

•
•
•
•

Quarterly earnings calls

Digital engagement (DTC platforms)
Media
Advertising and sponsorships
Official consultations to the private
sectorRoundtable discussions
Bilateral meetings
Customer services and BEES
Sales meetings
Events and activations
Notices regarding products
Social media and websites
Annual engagement surveys
Annual performance reviews
Leadership townhalls
Staff activities
Intranet and websites
Compliance Helpline
Partnerships (such as through our
Eclipse platform to support
decarbonization)
Industry events
Compliance Helpline
Industry associations and groups
Multistakeholder collaborations (such as
WEF Food Innovation Hubs, WEF
Global Alliance for Social
Entrepreneurship, UN Global Compact)
100+ Accelerator program (see Strategy
section)Annual Shareholders’ Meeting
Investor relations meetings andwebcasts
Website disclosures
Independent expert consultation
Industry associations and collaborations(such as Beverage Industry
Environmental Roundtable, BSR, 2023
Water Resource Group, BusinessFights Poverty)

Materiality assessment
For purposes of our sustainability efforts and reporting, we conducted a double materiality assessment in 2023, following
a previous assessment conducted in 2020, and may continue to conduct such assessments in the future. Such assessment
includes the input of a variety of our stakeholders and differs from how we approach disclosures (including the assessmentof materiality and consideration of impact on materiality) in our financial reporting obligations under applicable law. These
Sustainability statements include certain information and describe potential future events, which may be significant, but
any significance should not be read as necessarily rising to the level of materiality for disclosure in our financial reporting.
We engaged with internal and external stakeholders to determine both financial materiality and impact materiality. The
company used public information, external and internal datasets and stakeholder interviews to build a robust and complete
list of material sustainability issues to AB InBev.
AB InBev used a top-down approach to identify material impacts, risks and opportunities. The following steps were taken:
1.
2.

Environmental, societal and governance issues that might be material to AB InBev were defined based on research,
topics identified in our previous materiality assessment and industry benchmarks.
Issues and the associated impacts, risks and opportunities were evaluated using:• a platform that identifies and analyzes sustainability topics from publicly available sources, including corporate
annual reports, mandatory regulations and voluntary policies, news and online media;• external stakeholder interviews and workshops; and• internal input.
3.

Analyses were performed on both financial and impact materiality considering scale, impact, scope and remediablecharacter. This resulted in 11 material topics.

A description of impacts, risks and opportunities by issue can be found in the relevant sections of this statement.

AB InBev – Annual Report 2023  161

We regularly evaluate risks and opportunities, monitoring through tools and frameworks, including:•

the Task Force on Climate-Related Financial Disclosures (TCFD) for climate-related risks and opportunities(see the Climate section of this report);••a water risk assessment tool to review our operational risks globally (see the Water section of this report);
human rights due diligence processes (see the Workers in the value chain section of this report).

2. Environmental statements
2.1 Water
Beyond being a key ingredient in AB InBev’s products, water is a critical resource for the health and well-being of every
community. Climate pressures, inadequate infrastructure and governance issues magnify water resource challenges. The
growing scarcity of freshwater resources is not just an important issue for the company, but it is also important to theeconomic, social and environmental well-being of our communities.
The company’s approach to water stewardship considers third-party standards and initiatives such as the United Nations(UN) Global Compact CEO Water Mandate and the 2030 Water Resources Group. AB InBev works with local communities,
including farmers, in its watershed work. We also engage in industry forums including the Beverage Industry Environmental
Roundtable and partner organizations such as The Nature Conservancy and World Wildlife Fund to inform AB InBev’s
water strategy, share best practices and implement watershed projects.
The company uses its internal environmental management system to routinely monitor and manage water use in its
operations and to cascade best practices and performance standards across operational locations with the aim of driving
water use efficiency, responsible discharge and effluent re-use.
AB InBev set an ambition to achieve an average water use efficiency ratio of 2.5 hectoliter/hectoliter (hl/hl) across ourbreweries globally by 2025. In 2023, the company achieved a water use efficiency ratio of 2.53Ⓐ hl/hl globally, an
improvement of 17.9% compared to the 2017 baseline of 3.08 hl/hl.
The company also set an ambition to achieve a water use efficiency ratio of 2.0 hl/hl across the 36 high-stress sites inscope for the 2025 Water Stewardship Goal. In 2023, we achieved a water use efficiency ratio of 2.30 hl/hl across thesesites, an improvement of more than 17.8% compared to the 2017 baseline of 2.8 hl/hl. Please see the Agricultural andnatural ecosystems section of this report for more information on how we identified these high-stress sites.
Water 1 use
Total water use (in billion hl)
Water use by hectoliter of production (hl/hl)
Water withdrawals (in billion hl)
Water discharge 2 (in billion hl)
Water reused/recycled
Brewery water intake by source (%)
Third-party (i.e., municipal, tanker or steam)Surface water
Groundwater
Rainwater

2017(baseline)
1.71
3.08

2018
1.59
2.94

2019
1.56
2.79

2020
1.41
2.68

2021
1.52
2.64

2022

2023

1.55Ⓐ
2.64Ⓐ

1.44Ⓐ
2.53Ⓐ
1.70
1.01Ⓐ
0.22Ⓐ

2023
40.26Ⓐ
18.80Ⓐ
40.93Ⓐ
0.01Ⓐ

Making our products requires large amounts of water, including water consumption in the agricultural supply chain.
Changes in precipitation patterns and the frequency of extreme weather events may affect our water supply and, as aresult, our physical operations. Water may also be subject to price increases in certain areas and changes in water taxation
and regulation in certain geographies may negatively affect operating income.

Ⓐ Assured Metric (please refer to the External Assurance Report at the end of these Sustainability statements)
1

Our water data includes our beverage facilities only and do not encompass our vertical operations such as malt plants and packaging facilities
2
Volume per destination (in billion hl): discharge to surface water/seawater (0.04Ⓐ), discharge to fresh surface water (0.48Ⓐ), discharge to ground water (0.05Ⓐ), discharge to third
party destination (0.44Ⓐ) / Volume per treatment (in billion hl): no treatment (0.06Ⓐ), primary treatment (0.04Ⓐ), secondary treatment (0.63Ⓐ), tertiary treatment (0.28Ⓐ)

AB InBev – Annual Report 2023  162

As the world’s leading brewer, AB InBev is committed to being a partner in managing water across its operations,communities and supply chain. We continue to scale our water stewardship efforts by driving water efficiency in ouroperations and engaging in watershed protection measures in partnership with local stakeholders, especially in high-stressareas. For more information, please see the Agriculture and natural ecosystems section of this report.

2.2 Climate
Our business is closely tied to the natural environment. Agricultural crops and water are our key ingredients. We require
raw materials for our packaging. We need energy and fuel to brew, transport and cool our beers. Our business is also
closely connected with local communities and people across our global footprint. Climate change can impact all of these.
We are already experiencing both environmental and social climate-related impacts in our value chain and communities.
AB InBev uses the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures (formerly theTaskforce for Climate-Related Financial Disclosures (TCFD)), in line with GRI standards, to assess climate-related risks
and opportunities over the short- (one to five years), medium- (six to ten years) and long-term (more than ten years) views.
Against this time horizon, we evaluate risks and opportunities associated with policy, technology, market changes,
reputation and chronic and acute physical risks. We consider two scenarios each for physical and transition risks over the
medium and long term. We analyze short-term risks through our internal risk management processes. The outcome ofthese analyses informs our climate strategy.
To analyze physical risks and opportunities, we considered two scenarios, using the Intergovernmental Panel on Climate
Change (IPCC) Representative Concentration Pathways (RCP):•

Physical Risks Scenario 1: RCP 4.5, a high mitigation scenario in which emissions start declining by midcentury; and•Physical Risks Scenario 2: RCP 8.5, an extreme global warming scenario in which global warming reaches 4
degrees Celsius,

To analyze transition risks and opportunities, we selected two scenarios developed by the International Energy Agency(IEA):•

Transition Risks Scenario 1: Business-as-usual, as per Stated Policies Scenario (STEPS) considering current
policy settings (already implemented or confirmed upcoming policies); and•Transition Risks Scenario 2: Net Zero Emissions by 2050 (NZE), with a narrow but achievable pathway for the
global energy sector to achieve net zero emissions by 2050, aligned with the 1.5 degrees Celsius scenario.

The tables on the next page summarize the outcomes of our analyses. While these provided scenarios are different, we
believe that our strategy will enable us to address the potential risks and opportunities presented under each scenario.
Although these Sustainability statements contain statements based on hypothetical or severely adverse scenarios andassumptions, these statements should not necessarily be viewed as representing current or actual risk or forecasts of
expected risk. In addition, our climate risk scenario analysis and net zero ambition strategy remain under development as
we continue to refine our analysis of and response to potential future climate risks and opportunities. Further, the data andmethodology underlying our analysis and strategy remain subject to evolution. We believe the methodology of climate
scenario analysis and carbon accounting will continue to evolve and improve, especially related to Scope 3 emissions. As
such, in future reports, certain disclosures may differ from those contained in these Sustainability statements due toimprovements in the quality and completeness of our data and updates to our methodology.
Through the annual assessment described here, we develop a non-exhaustive list of our risk factors and uncertainties,
which can be found in our Annual Report under the Risks and uncertainties section.
We evaluate transition and physical risks linked to climate change in line with IFRS S2 recommendations. Risks associatedwith our organization are related to both our direct operations and supply chain. These range from the potential impact ofcarbon pricing in the geographies where we operate, to risks associated with climate pattern changes, to water scarcity
and extreme weather events across our value chain. We also consider the risks related to market changes and consumer
expectations as well as the impact these could have on our reputation as a company. Furthermore, we have undertaken
an analysis of our barley sourcing to assess the possible impacts of climate change as well as to identify areas of highproduction potential.

AB InBev – Annual Report 2023  163

TopicScenario 1: RCP 4.5

Scenario 2: RCP 8.5

Physical risks: Projected
impacts of changing
climate conditions onbarley yields (chronic
risk)

Low
Potential negative financial impacts could result fromyield decreases and the resulting costs of barley
production losses in some regions in the short term
due to the impact of climate change. It is also possiblethat new barley growing regions could develop due tochanges in climate.

MediumNegative financial impacts could be expected fromprojected yield declines and costs for replacing barley
production due to longer-term climate impacts such assustained higher temperatures

Physical risks:
Projected impacts ofextreme draught onbarley yields (acute risk)

Low
Extreme weather such as decreases in seasonableprecipitation could result in longer term disruptions ofagricultural supply chains and increased costs for ourmaterials due to yield. No immediate impacts would be
expected in the short term.

Low
Event-driven climate impacts such as extreme drought
could reduce barley quality and quantity in the longer
term and would be expected to have negative financial
impacts on the costs of barley production.

Physical risks:
Water availability risks
across global operations(acute and chronic risks)

Low
Projected availability of future water volume at certain
sites could represent an acute risk based on local
hydrological and meteorological indicators.

High
Negative financial impacts could be estimated tobe higher because of the potential for reduced
production across sites due to chronic water risk andavailability

We developed a water risk assessment tool that uses external data sources and input
from our local teams to review our operational risk globally on a quarterly basis. Using thistool, we have identified and continue to prioritize our sites that are in high-stress areas.
We are focused on being part of the solution to the growing water challenges across ourcommunities and supply chain by aiming to drive water use efficiency within ouroperations and investing in shared water security and watershed health in local
communities.

Topic

Business-as-usual

Net zero emissions by 2050

Our response

Transition risks:
PolicyHigh
Some exposure to future costs associated with carbon
taxation and carbon pricing schemes could be
expected but climate regulations would not be
projected to change significantly. Such policy
frameworks could limit pathways to meeting our longterm climate ambitions.

Low
Exposure to potentially higher costs associated withcarbon taxation and carbon pricing schemes could be
expected as climate regulations accelerate. Policy
frameworks would be expected to be more conducive
to meeting our long-term climate ambitions.

Our local operations in every country where we operate evaluate relevant regulatory risks
and opportunities. This informs strategic decisions on investments and plans related tocarbon pricing. As part of our 2025 Climate Action Goal, we have set a science-basedtarget to reduce our GHG emissions by 25% per hectoliter across our value chain by 2025
from a 2017 base year and to reduce our absolute Scope 1 and 2 emissions by 35% in
the same timeframe. We believe this goal, coupled with our ambition to achieve net zero,can help mitigate the impact of potential upcoming regulations by reducing our directemissions. For more information on progress toward our 2025 Sustainability Goals, see
the Strategy section of this report.

Transition risks:
Future procurement ofaluminumMediumExposure to shifts in the supply and demand foraluminum could be expected based on the carbon
cost associated with the procurement of aluminum. No
emissions reductions would be expected fromincreasing the share of recycled aluminum in themarket.
MediumExposure to shifts in the supply and demand for glass
could be expected along with related carbon costs andlittle potential for emission reductions from increasing
the share of recycled glass in the market.

MediumExposure to market risks in the supply and demand
for aluminum could be expected based on the carbon
cost associated with the procurement of aluminum.
There would be expected potential for reducing costs
and emissions through an increase in the share ofrecycled aluminum sourced.
MediumExposure to future shifts in the supply and demand forglass could be expected along with related carbon
costs but with more potential for emission and cost
reductions from increasing the share of recycled glass
sourced.

Transition risks:
Future procurement ofglass

AB InBev – Annual Report 2023  164

Our Response

To create our products, we depend on a reliable, quality supply of agricultural crops. We
use crop research and agronomy teams and invest in agricultural technologies to manage
raw materials costs and minimize disruptions. Across our sourcing regions, we work todevelop higher-yielding, higher-quality brewing crop varieties that are also resourceefficient, disease-resistant and resilient to climate stressors such as drought. For barley,
we support farmers on their crop production practices with analytics and insights to help
improve crop management decisions from season to season.

We continue to innovate and team up with key suppliers through our Eclipse platform tosupport decarbonization in our packaging supply chains and to help solve existing andfuture challenges to increasing recycled content, specifically in glass and aluminum.

Our approach to addressing climate change is focused on activities in our operations and across our value chain:•

actively decarbonizing our operations, including our breweries and our vertical operations that produce packaging
and brewing materials, by attempting to reduce energy consumption and implementing renewable electricity andheat solutions (either through on-site generation or through virtual power purchase agreements); and•engaging with value chain partners to work to reduce emissions in key categories, including:

o
o
o
o
o
o

agriculture: strive to increase yield through new and more resilient crop varieties, work with farmers on nutrient
management and optimized fertilizer application and introduce nature-based solutions across our agricultural
supply chain for carbon removal.
brewing operations: work to increase efficiency in brewing processes, implement renewable electricity andheat solutions and continue working toward near-zero landfill production waste in brewing operations.
packaging: work toward increasing recycled content, scale low-carbon packaging solutions and implement
lightweighting solutions.
logistics: continue load optimization, routing efficiency and mode switch and implement alternative fuel trucks.
product cooling: implement more efficient refrigeration with innovative cooling solutions and scale renewableelectricity across our retailers globally.
end of product life: promote local recycling and work to reduce waste using recycled content and lightweighting
packaging initiatives.

For more information on our activities aligned with the EU Taxonomy Climate Delegated Acts, please see the Taxonomy
section of this report.
Through our 2025 Climate Action Goal, we are working to build climate resilience by committing to purchase 100% of ourelectricity from renewable sources 3 and reducing our GHG emissions by 25% across our value chain by 2025. We included
approximately 87% of our Scope 3 emissions in our target, putting us well over the two-thirds inclusion thresholdrecommended by the Science Based Targets initiative. This includes the following Scope 3 categories: purchased goods
and services, upstream transportation, emissions from fuel use not included in Scopes 1 and 2, downstream transportation,use of sold products (product cooling), end of product life and waste. In 2018, following the Intergovernmental Panel on
Climate Change recommendation, we committed to reducing absolute Scopes 1 and 2 GHG emissions by 35% by 2025
from a 2017 baseline, which aligns with the pathway to keep global warming to 1.5 degrees Celsius.
In December 2021, we announced our ambition to achieve net zero across our value chain by 2040. With this ambition,
we aim to reduce absolute GHG emissions across Scopes 1, 2 and 3.
We are making progress on these targets and ambitions, and, in 2023, we reduced our absolute emissions in Scopes 1
and 2 by 44% and reduced Scopes 1, 2 and 3 emissions per hectoliter of production by 24.2% versus a 2017 baseline.
Scope 3 is where we see the greatest opportunities for emissions reductions, representing 87% of our emissions in 2023.
As of 2023, the equivalent of 100% of our purchased electricity is contracted from renewable sources and 73.6% is alreadyoperational.

3

We align with current RE100 guidelines on energy generation, leveraging self-generated energy through either on-site installations or off-site PPAs.

AB InBev – Annual Report 2023  165

2017(baseline)
59.83

2018

2019

2020

2021

2022

2023

59.46

58.51

52.36

56.23

*

57.71

56.57

50.51

53.82

55.45Ⓐ

52.94ⒶⒶ

52.71

50.03Ⓐ

111.42109.95104.74

99.50

97.37

94.43

92.99Ⓐ*

106.69101.28

95.98

93.19

89.76Ⓐ

87.89Ⓐ

/

16.9%

20.9%

32.2%

41.2%

/

51.1%

63.5%

73.6%

84.7%

67.6%Ⓐ

73.6%Ⓐ

97.1%

Ⓐ

100%Ⓐ

6.05

5.67

5.12

4.44

4.14

3.68Ⓐ

3.39Ⓐ

30.72

29.12

29.36

26.59

28.83

27.77Ⓐ

25.77Ⓐ

8.34

7.67

6.94

6.43

5.04

4.64Ⓐ

4.46Ⓐ

59.66

55.44

54.27

52.45

50.03

47.29Ⓐ

45.24Ⓐ

47.91

44.63

44.81

43.70

42.84

41.01Ⓐ

39.30Ⓐ

2022

2023

Ⓐ

24.09

22.38Ⓐ

14.8%
3.8%
42.5%
2.1%
10.3%
23.9%
2.6%

15.7%
4.4%
40.7%
2.3%
10.6%
25.1%
1.2%

Total GHG emissions per Zone
North America
Middle Americas

2022
20.2%Ⓐ
22.8%Ⓐ2023
18.7%Ⓐ
22.1%ⒶSouth America

14.9%Ⓐ

15.8%Ⓐ

EMEA

18.9%

Ⓐ

19.2%Ⓐ

Asia Pacific

23.2%

Ⓐ

24.2%Ⓐ

Energy consumption & GHG Emissions 4
Total GJ of energy (in millions)
Total GJ of energy purchased (in millions)
Energy usage per hectoliter of production(in Mj/hl)
Energy purchased per hectoliter of
production(in Mj/hl)% Renewable electricity operational 5% Renewable electricity contracted
Total direct and indirect GHG emissions
Scopes 1 and 2 (in million metric tons of
CO2e)
Total direct and indirect GHG Emissions
Scopes 1, 2 and 3 (in million metric tons of
CO2e)
Scopes 1 and 2 GHG emissions per
hectoliter of production (in kg CO2e)
Scopes 1, 2 and 3 GHG emissions per
hectoliter of production (in kg CO2e) 6
Scope 3 GHG emissions per hectoliter of
production (in kg CO2e)5

Significant Scope 3 GHG emissions 7
Total gross indirect (Scope 3) GHG
emissions (tCO2e)
Agriculture
Processing brewing ingredients
Packaging materials
Brewing operations
Logistics
Product coolingEnd of product life

Ⓐ Assured Metric (please refer to External Assurance Report at the end of these Sustainability statements)
4
GHG emissions per hectoliter of production and energy pertain to our beverage facilities only and do not encompass our vertical operations such as malt plants and packaging
facilities. Total direct and indirect GHG emissions data encompasses beverage facilities and most vertical operations, including malt plants and packaging facilities.
Scope 1 accounts for 76.8% of our operational emissions and includes CO2 equivalent (CO2 e) from fuel used in our manufacturing processes and in cogeneration plants thatgenerate on-site electricity. Scope 2 accounts for about 23.2% and represents emissions from purchased electricity. Scope 2 and 3 are calculated using a market-based approach.
* In line with our 2025 Sustainability Goals, energy reporting will shift to energy purchased versus energy usage. Energy purchased per hl aligns with our RE100 sustainability goal of
offsetting 100% of our purchased electricity with electricity sourced from renewable resources. Energy purchased per hl was not reported for breweries acquired from SABM in 2017.
5

We report renewable electricity by two metrics: operational electricity and contracted electricity. Our primary strategy is to help fund new renewable electricity projects on a global
scale. The contracted electricity metric reflects the progress of capacity contracted, regardless of the market in which the renewable electricity was used or if it was used in ouroperations. Contracted volumes exceeding 100% of our global purchased electricity are not being reported. The operational electricity metric measures the annual usage in ouroperations of renewable electricity in each of the regions.
6
GHG emissions by packaging type in 2023 (kgCO2e/hL): returnable kegs (2.0), returnable botles (7.4), PET botles (7.4), cans (23.0) and one way botles (41.3).
7
Scope 3 categories are determined internally and deviate from the categories in the GHG protocol. Scope 3 emissions constitute estimates based on a mix of supplier-based
numbers, global emission factors and assumptions. Scope 3 categories include: purchased goods and services, upstream and downstream distribution, product cooling (including on
and off premises but excluding at-home cooling) and end of life. Around 50% of emissions are calculated with own data or data reported by suppliers through CDP.

AB InBev – Annual Report 2023  166

2.3 Circular economy and resource use
AB InBev depends on high-quality agricultural crops and secure sources of packaging materials for its products. We strive
to use these resources responsibly while also preserving them for the future. In packaging, we are taking a circularapproach to deliver long-term financial benefits, provide our business with long-term packaging supply security and help
eliminate waste. We work with supply chain partners to increase the amount of reused or recycled materials in our
packaging and recover more post-consumer waste. In agriculture, we already see the impact from climate change in oursourcing regions, which is why we work to build resilience through crop management, improved varieties and risk mitigation
tools while also exploring how agriculture can help reduce carbon emissions, protect watersheds and improve biodiversity.
We aim to reduce packaging and the need for virgin materials through initiatives, such as lightweighting, that use package
design and innovation capabilities to rethink packaging and distribution models. We also work to improve recycling value
chains to increase the availability of recycled content in the market, enabling us to continue increasing the amount ofrecycled content used across our packaging types. In addition to recycling, we promote the recovery and reuse of our
packaging and work to increase our returnable bottle volume and the return rate.
We have set a 2025 Circular Packaging Goal that 100% of our packaging will be in returnable or made from majority
recycled content (more than 50%) by 2025 8. This goal applies to primary packaging globally, representing more than 83.3%
of AB InBev’s total packaging volumes by weight. In 2023, 77.5% of our products were in returnables or made from majority
recycled content (more than 50%).
Circular packaging% Returnable packaging% Recycled content in primary
packaging
Glass
Cans
PET

2017
(baseline)
47.2%

2018

2019

2020

2021

2022

2023

44.1%

43.4%

38.2%

37.0%

40.3%Ⓐ

41.2%Ⓐ

36.8%

40.5%

44.3%

45.8%

45.8%

59.7%

58.9%

59.3%

58.1%

56.2%

48.0%Ⓐ

48.3%Ⓐ

23.3%

17.5%

27.5%

31.6%

23.3%

56.7%

Ⓐ

61.3%Ⓐ

36.5%Ⓐ

42.6%ⒶIn agriculture, we work toward more sustainable sourcing in our direct programs by promoting sustainable agricultural
practices that help protect watersheds and improve biodiversity and by building resilience through crop management,
improved varieties and risk mitigation tools. For more information on our 2025 Smart Agriculture Goal, please see theWorkers in the value chain section.
We continue to pursue 100% recycling rates in our operations globally, while also complying with local laws andregulations. The company recycled 99.5% of the waste generated in its beverage production processes in 2023.
A significant portion of our operating expenses is related to raw materials and commodities, such as malted barley, wheat,corn, rice, water, glass, PET and aluminum. The supply and price of raw materials and commodities used to produce our
products can be affected by factors including the level of crop production around the world, extreme weather conditions,natural disasters and other factors.

2.4 Agricultural and natural ecosystems
AB InBev depends on high-quality agricultural crops and water from healthy natural ecosystems to brew its beers, and we
strive to protect and restore biodiversity through our work in watersheds and agriculture. With a value chain deeply rooted
in the world’s natural ecosystems, we aim to identify how to minimize our impact on nature while exploring opportunities
to invest in nature-based solutions in agriculture and watershed restoration and conversation.
AB InBev developed a water risk assessment tool that uses external data sources and input from its local teams to review
operational risks globally. Using this tool, we have identified and continue to prioritize sites in high-stress areas. In 2023,
a total of 46 locations were in high-stress areas. We have implemented a comprehensive watershed management process
in these areas to help identify specific local watershed challenges and appropriate solutions. Together with local authorities,
other water users and partners including The Nature Conservancy and World Wildlife Fund, we have devoted financial andⒶ Assured Metric (please refer to External Assurance Report at the end of these Sustainability statements)
8

AB InBev collects total tonnage data by material and by supplier, as well as the percentage of tonnage from recycled content. The percentage of recycled content per batch isaggregated at a plant level. In addition, each brewer relies on supplier certifications and surveys to calculate recycled content. For recycled content, we aggregate across countries
and zones to calculate a global percentage of recycled content by material. We use a weighted average based on tonnage bought per supplier to calculate an average recycledcontent for glass, cans, and PET by country, by zone and globally. Data on recycled content percentage is provided by suppliers and tracked on a regular basis. Packaging
purchases are derived from AB InBev’s owned procurement system. Each brewer engages with packaging suppliers, discussing key performance indicators, measurements andmain projects to enable improving recycled content.

AB InBev – Annual Report 2023  167

technical resources to support green infrastructure initiatives, conservation and reforestation projects, habitat restoration
efforts and soil conservation techniques.
In 2018, AB InBev set its 2025 Water Stewardship Goal: 100% of our communities in high-stress areas will havemeasurably improved water availability and quality by 2025. 36 sites are included in the goal scope, based on a 2017baseline analysis using the company’s water risk assessment tool. The company is on track and expects to achieve thistarget. In 2023, 100% of the 36 sites have conducted outreach, analyzed local water challenges and identified and started
implementing solutions with 55.6% already seeing measurable improvements.
Natural ecosystems are a core component of sustainability projects across our operations and value chain (see the
Climate, Water and Resource use and circular economy sections). AB InBev partnered with external experts to map
priority areas for biodiversity in our operations and value chain, using an approach consistent with international frameworks
such as the Taskforce on Nature-related Financial Disclosures (TNFD). The company is evaluating the spatial overlap of
its activities with broad priority areas for biodiversity to assess where activities are potentially located within or near
important terrestrial, freshwater and/or coastal marine areas for conservation.

3. Social statements
3.1 Our own workforce
As a signatory to the UN Global Compact, we are committed to business practices that respect human rights and that alignwith international standards of responsible business conduct. Our approach to human rights is based on the UN Guiding
Principles on Business and Human Rights (UNGPs) and is outlined in our Global Human Rights Policy.
As one way of engaging with our colleagues, we conduct an annual engagement survey. The survey includes feedback
on rewards, recognition, well-being, inclusion and comfort level reporting potential unethical behavior or other complaints
without fear of retaliation. In 2023, our annual Engagement Score was 87%.
Our global Compliance Helpline provides worldwide accessibility, offering colleagues and third parties direct access to the
Ethics & Compliance teams for reporting concerns. For more information, see the Business conduct section.
Many of our employees across our business segments are represented by unions, with a variety of collective bargaining
agreements in place.
This table presents selected diversity demographic metrics among our employees.
Percent of women in senior management
Percent of women in senior leadership

2017
19%
10%

2018
20%
11%

2019
22%
12%

2020
24%
14%

2021
26%
14%

2022
28%
14%

2023
29%
14%

We work to achieve high standards of health and safety in our offices and breweries and throughout our value chain bybuilding and promoting a culture of safety through training programs, workshops and coaching sessions. Safety metrics
are cascaded and monitored through our supply and logistics safety management systems. Our approach to safety focuseson mitigation. Focus areas include mitigating risk, running high-risk processes safely, training colleagues to better assess
risk, empowering individuals and teams to make safer decisions, using safety data to drive continuous improvement,
executing road safety programs and implementing violence prevention programs.

AB InBev – Annual Report 2023  168

As of the year ended 31 December 2023, the following are AB InBev’s safety metrics 9:
2018

2019

2020

2021

2022

2023

Lost Time Injuries (LTIs)
Supply employees

134Ⓐ

94Ⓐ

67Ⓐ

41Ⓐ

37Ⓐ

41Ⓐ

Last-mile logistics / Sales employees
Contractors (All)Total Recordable Injuries (TRIs)
Supply employees
Last-mile logistics / Sales employees
Contractors (All) 10
Fatalities 11
Supply employees

313Ⓐ
479

206Ⓐ
254

125Ⓐ
110

127Ⓐ
113

109Ⓐ
85

113Ⓐ
89

410Ⓐ
1,109

309Ⓐ
1,177

256Ⓐ
523
205

237Ⓐ
511
285

183Ⓐ
384
216

135Ⓐ
325
180

1Ⓐ

1Ⓐ

0Ⓐ

1Ⓐ

0Ⓐ

0Ⓐ

Last-mile logistics / Sales employees

4

1

4

3

2

2Ⓐ

Contractors (All)

9

5

3

2

7

3Ⓐ

Ⓐ

Ⓐ

Ⓐ

Ⓐ

Ⓐ

Ⓐ

Ⓐ

Ⓐ

Ⓐ
Ⓐ

3.2 Workers in the value chain
We develop innovative programs across our supply chain to help improve our sustainability performance with our business
partners. To promote inclusive growth and improved livelihoods in the communities we are part of, we also seek to help
the farmers and small retailers in our value chain be more productive.
Our Global Responsible Sourcing Policy outlines our approach and commitment to upholding human rights, labor
standards, health and safety, environmental management and business integrity across our global supply chain. AB InBev
is committed to working with suppliers, vendors, agents and contractors who share these values. We expect our business
partners to ensure that their employees, temporary and contract workers and parties involved in their own supply chain
also comply with this policy. The policy has been translated into local languages, communicated to vendors duringcontracting and included in certain contract clauses.
We have created our Responsible Sourcing Principles for Farms to supplement the Responsible Sourcing Policy. We takea farmer-centric approach to supporting sustainable agriculture. We work with more than 23,500 direct farmers, ranging
from large commercial farmers to smallholder farmers, and we have created these principles to apply across a broad rangeof agricultural contexts. We use our direct and local connections with farmers, secured through our agronomists andresearchers on the ground, to work toward our Smart Agriculture Goal that 100% of our direct farmers will be Skilled,
Connected and Financially Empowered by 2025 12. With this goal, AB InBev aims to address the environmental aspects offarming as well as the economic and social elements.
In 2023, we progressed toward our goal with 95% direct farmers Skilled, 92% Connected and 86% Financially Empowered.
Smart agriculture 13

2019

2020

2021

2022

2023

49%
44%
34%

75%
57%
59%

74%
64%
68%

89%
72%
72%

95%
92%
86%

Direct farmers Skilled, Connected and
Financially Empowered
SkilledConnected
Financially Empowered

For more information on AB InBev’s value chain, please see the Strategy section of this report.

9Ⓐ Assured Metric (please refer to External Assurance Report at the end of these Sustainability statements)

Non-occupational related acts of crime (such as among others: non occupational related thefts, assaults) resulting in a fatality, LTI or TRI are not in scope of the reporting.
Lost Time Injuries (LTIs): Occupational injury resulting in more than one-day absence from work.
Total Recordable Injuries (TRIs): LTIs + modified duty injuries + medical treatment injuries.
Supply Employees: Brewery and manufacturing facility employees, including first-tier logistics.
Last-mile logistics/Sales Employees: Last-mile logistics, sales, zone and global corporate employees.
10Supply contractors’ data only reported as of <2021>, as internal controls regarding the reporting of supply contractor TRIs (MDI & MTI) were not yet sufficiently implemented inprior years, resulting in lower data quality and robustness.
11
Fatalities data does not include commuting- and community-related fatalities as per AB InBev’s reporting definitions. The table also does not include road fatalities of contractors
who are fully managed by the contracted firm/ company.
Commuting Fatalities: An incident that occurs while coming to work or going homes, resulting in a fatality to our employee(s).
Community Fatalities: An incident that occurs to people outside of our operations
12
A Skilled farmer grows an approved variety, has received a crop protocol for that variety and has participated in two technical engagements annually with our agronomists orpartners. A Connected commercial farmer: receives insights from SmartBarley or a similar platform. A Connected smallholder farmer receives at least three digital communications
during the year on market, weather or agronomic advice. A Financially Empowered commercial farmer has access to cost sharing or risk mitigation tools. A Financially Empoweredsmallholder farmer receives financial training annually and has access to appropriate financial tools.
13
Smart Agriculture data is based on annual estimates

AB InBev – Annual Report 2023  169

See Our own workers section for AB InBev’s Human Rights Policy.
Due diligence is a key enabler of our approach to human rights management: identifying actual and potential impacts andimplementing measures to address, prevent and remedy issues that may arise. Responsibility for human rights is sharedacross relevant functions as well as global and local teams. As an example of how local teams work to identify and address
relevant human rights risks, local Legal Compliance teams convene and bring together representatives from teams
including Procurement, Sales, Supply, Logistics, People, Corporate Affairs and Marketing to map the value chain in the
country and identify potential human rights impacts. During 2023, workshops were held in the Dominican Republic, Mexico
and Colombia.
Where we work directly with farmers, we have mapped key risks relating to human rights and responsible sourcing.
Additionally, our Procurement management system defines the risk management process, which includes human rights
risk monitoring and screening. In 2023, we assessed more than 3,500 suppliers.

3.3 Consumers and end users
Responsible drinking and moderation
We believe beer is part of celebrating life throughout the world and a major engine of economic activity. Data from theWorld Health Organization (“WHO”) shows that the harmful consumption of alcohol has decreased globally over the last
decade. As the world’s leading brewer, we are committed to helping our consumers make smart choices while enjoying
our products, and we aim to use the core strengths of our business and invest in evidence-based initiatives to promote“Smart Drinking”.
Social Norms Marketing
Research indicates that individual patterns of consumption can be improved by reminding consumers that moderation andcontrol are the group norms. Social norms marketing is a combination of evidence-based techniques proven to promote
specific positive behaviors. Through social norms marketing, we aim to improve consumption patterns by promoting social
norms that produce positive outcomes. Our social norm efforts are built around the following programs:•

Investing in social norms marketing campaigns and programs: In 2015, we committed to invest 1 billion USD
across our markets in dedicated social marketing campaigns and related programs by the end of 2025. We areon track to meet our goal by 2025, with investment of approximately 900 million USD 14 through 2023.

•

Adhering to a clear code of Responsible Marketing and Communications (RMCC): The RMCC sets the standards
for our marketing and commercial communication worldwide to ensure that our commercial communications are
aimed only at individuals above the legal drinking age and are carried out in a socially responsible manner. Our
Sales, Marketing, Legal and Corporate Affairs colleagues, contractors, and agencies are trained periodically inmatters related to the RMCC.

•

Establishing Digital Guiding Principles: In 2014, we worked with the International Alliance for Responsible Drinking(IARD) and the World Federation of Advertisers (WFA) to develop the International Digital Guiding Principles(IDGP). These are a set of standards for responsible digital marketing, age affirmation mechanisms, sitetransparency, user generated content regulation, forward advice notice and a responsible drinking message.

Multi-Year Pilots
We believe we need to work with communities to reduce harmful drinking and offer impactful evidence-based interventions.
Through our Smart Drinking City Pilots, we identified best practices that could be scaled up, we have identified threeinterventions that we believe can be most impactful in helping to reduce the harmful effects of drinking and are working on
making these tools accessible and scalable.
•

Responsible Beverage Service Trainings: This training program for community point-of-sale professionals, suchas bar keepers and servers, aims to promote positive consumer behaviors.

•

Screenings and Brief Interventions: This preventive program measures an individual’s drinking pattern during
outpatient or wellness visits and motivates those identified as being at risk of harmful consumption of alcohol tochange their behavior.

•Road Safety Initiatives: We support the United Nations goal to halve the number of road traffic fatalities by 2030
and invest in innovative programs to improve road safety and reduce injuries and fatalities from traffic collisions.
In 2023, we renewed and expanded our partnership with United Nations Institute for Training and Research to14472 million USD of the total amount has been validated through an independent external auditor. The remaining investment figures are under review. Total investment could
potentially change based on results of external assurance process results.

AB InBev – Annual Report 2023  170

improve road safety. We continue to work with Together for Safer Roads, a private-sector coalition focused on
improving road safety.
In partnership with local experts, governments and the AB InBev Foundation, we are supporting 53 programs across 21
countries using the evidence-based techniques we tested in our City Pilots.
Providing choice in our product portfolio
In 2015, we led the industry by setting a goal of expanding our no- and low-alcohol beer volume to represent 20% of ourglobal beer volume by the end of 2025, bringing global attention and eventually momentum to this category. In 2023, 6.83%
of our global beer volume was less than 3.5% alcohol by volume (ABV). Although we have been striving to meet our goal,
we believe we will not reach the target of 20% by 2025. When measured against the typical 5% ABV for beer, lower-alcohol
alternatives are a larger part of our portfolio. Today, products at 4.5% ABV or below represent 54% of our portfolio. We
are committed to expanding our portfolio of no-alcohol and lower-alcohol products to give consumers more choice andpromote moderation and responsible drinking worldwide. We are furthering this effort by featuring Corona Cero, our fastgrowing zero alcohol beer brand, as the leading global Worldwide Olympic Partner brand.
Labeling
Our labels and secondary packaging are a key touchpoint with consumers. Many countries do not require guidance labels.
However, as part of our voluntary guidance labeling initiative, in 26 countries where there is currently no legal mandate forlegal warnings, we have updated our label designs on our primary product packaging to provide actionable advice toconsumers.

Product quality
Our passion for beer transfers to our uncompromising commitment to quality to help ensure our consumers enjoy the
freshest, best-tasting beers. In our efforts to maintain product safety, we follow a comprehensive quality management
system at our breweries and other sites, and we extend these standards to our suppliers.
If consumers have questions, comments or issues, they may speak to a company representative by calling our toll-freecustomer service number, printed on our packaging. In 2023, we experienced a 23% year-on-year reduction in consumer
complaints.
In 2023, 100% of our sites were internally audited against the BRC Global Standard Food Safety Requirements and 44%of these sites were externally audited.
AB InBev, as a consumer product company, may be subject to product recall or other associated liabilities, which could
adversely impact our business, reputation and performance.

AB InBev – Annual Report 2023  171

4. Governance statements
4.1 Business conduct
Business conduct policies
Our Code of Business Conduct contains ethical principles and includes policies that define colleagues’ responsibilities andexpected behavior, addressing key risk areas such as anti-corruption, human rights, digital ethics and data privacy,
harassment and discrimination, and conflict of interest. For more information on this policy, see the Corporate governancestatement in this report.

Grievance mechanism and investigation process
Through our Whistleblower Policy, we encourage colleagues to speak up. We have a zero-tolerance policy toward any
threatened or actual retaliation against anyone who, in good faith, raises concerns or participates in an investigation.
Any concerns with respect to potential violations of our Code of Business Conduct, policies and applicable laws or
regulations can be reported through our Compliance Helpline. This secure means of reporting is available 24/7 for internaland external users. Reports can be filed in different languages, and if desired and permitted by local law, anonymously.
All reports are taken seriously and are promptly reviewed by the Ethics & Compliance team.

Training and policy awareness
AB InBev annually launches a series of mandatory training modules to educate our workforce on our Code of BusinessConduct and policies. In addition to trainings, policies are available to all employees online, including versions in multiple
languages.
To help ensure the correct application and interpretation of the company’s policies, colleagues can seek guidance andrequest compliance approvals via our Compliance Channel. All submissions undergo comprehensive review by specialized
teams. In 2023, our platform received over 2000 requests from colleagues, with dedicated teams diligently following up.

Detecting risks
Our compliance data analytics and management platform, BrewRIGHT, works to aggregate, standardize and visualize
company systems to identify patterns in everyday operations to predict and attempt to identify any potential corruption risk
within the company.

AB InBev – Annual Report 2023  172

5. Report scope
Report Scope
AB InBev prepared the 2023 Sustainability statements using the Global Reporting Initiative’s (GRI) Standards and theSustainability Accounting Standards Board (SASB) Standards as guides. To help determine the content developed, amateriality assessment was conducted, which helped identify the key issues that are of most importance to ourstakeholders and our company. The GRI Index and the SASB Index for this year’s statements can be found in Appendix
3 and 4, which is an integral part of these Sustainability statements.
The data presented in the 2023 Sustainability statements were gathered and verified with the assistance of content owners
across all functions and geographic zones. AB InBev has established processes to support accurate and consistentreporting of Smart Drinking, 2025 Sustainability Goals and safety performance data, as well as key performance indicators(KPIs). In the Limited Assurance Report of the Independent Auditor (section 7 in the 2023 Sustainability statements) andin key places throughout the report, we have identified which metrics have been subject to this independent assurance.
Those assured metrics are marked with the symbol Ⓐ. Unless otherwise noted, the scope of the Sustainability statements
is aligned with the group’s financial reporting.
Environmental data from newly acquired operations are excluded from the running cycle. These facilities will be includedin future reporting.
Where data are not internally available, for instance due to newly acquired operations, reporting estimates are used. For
recycled content in primary packaging and Scope 3 GHG emissions, we estimate values based on a mix of our own andthird-party data as these include upstream and/or downstream activities of our organization. The total percentage of Scope
3 emissions follows the Science Based Targets initiative, where at least 66% of emissions are to be included in the target
scope. Approximately half of Scope 3 data are our own data and data provided by our suppliers via CDP (formerly the“Carbon Disclosure Project”).
Safety data is immediately tracked and monitored for all sites and included unless otherwise stated in text or footnotes.
End-of-year incident data in this report is captured in mid-January of the following year and validated based on informationfrom that point. Injuries may develop and change status based on further medical diagnosis, treatment and incident
management. This is a consistent practice to enable accurate year-over-year data comparison of a single point in time.
Subsequent changes to the injury classification in the years following the reporting year are not considered for current
year’s reporting purposes nor in the comparative data of prior years.
Global goals on water, energy purchased and GHG emissions presented in this report, as well as KPIs such as energy
usage include both our beverage and vertical operations unless stated otherwise in text or footnotes.
The use and purchase of energy excludes the energy exported to third parties and certain projects under construction.
The excluded use and purchase of energy does not reflect the amount of energy used in our beer brewing processes. For
our beverage and vertical operations, including malting and packaging facilities, we use our operations management
system VPO. The key performance indicators energy usage, water usage and Scopes 1 and 2 emissions per hectoliter of
production (in kilograms CO2/hectoliter) exclude vertical operations. This data is reported annually to CDP.
Specific data tables contain footnotes for additional data. Special Operations (SOPs) fulfill one or more criteria including
reduced volume, low number of FTEs, complexity of brand mix, unusual products or production processes. These areexcluded from the reporting scope. The potential impact of the 67 SOPs facilities accounted for in 2023 is estimated to be
2.7% of the total Scope 1 and 2 emissions. This percentage deviation on emissions equally is the maximum deviation
expected for all other KPIs.
The following assumptions are applied for the calculation of this percentage: 1) country average of Scopes 1 and 2
emissions per hectoliter is applied, 2) average production volume per country is applied, 3) for experimental centers, thetons of CO2 applied are the same as those for small facilities and 4) for the SOPs verticalized operations, emissions
averages from larger existing sites apply.
We report renewable electricity by two metrics: operational electricity and contracted electricity. Our primary strategy is tohelp fund new renewable electricity projects, and as these can take time to build, we believe it is important to report both
metrics. The contracted electricity metric tracks the progress of all renewable electricity contracted, regardless of themarket in which the renewable electricity was used or if it was used in our operations. The operational electricity measures
our actual annual realization towards our goal of 100% renewable electricity in each of the regions where we operate by2025.
AB InBev – Annual Report 2023  173

For recycled content calculation, a weighted average of recycled content is calculated based on purchases for eachsupplier and recycled content in the material. Our packaging goal applies to our primary packaging, which represents morethan 82% of our total packaging volume by weight globally, though our work in circularity extends to secondary packaging
and post-consumer waste. For packaging that is not returnable (such as one-way glass bottles, aluminum cans and PET
bottles), we are committed to reaching a minimum of 50% recycled content. Data on recycled content percentage isprovided by suppliers and tracked on a regular basis. Packaging purchases are derived from AB InBev’s owned
procurement system. We engage with packaging suppliers, discussing their key performance indicators, measurements
and main projects to enable improving recycled content.
For the Scopes 1 and 2 emissions calculation, the facilities in scope described above are included. Scope 3 emissions,which account for information that is beyond our operations and that impacts our supply chain, are estimated values basedon a mix of our own and third-party data. The total percentage of Scope 3 emissions follows the Science Based Targets
Initiative, where at least 66% of emissions are to be included in target scope. Approximately 50% of Scope 3 data is ourown data and data provided by suppliers via CDP. CDP data is used to calculate supplier-based emissions of raw andpackaging materials used in the manufacturing of beer. A hybrid approach that has been validated by the Science Based
Targets initiative and CDP is used, which entails a mix of own data, supplier data and market estimates. Scope 3 includes
the following out of the 15 categories: purchased good and services, upstream and downstream distribution, emissions
related to fuel use not included in Scopes 1 and 2, use of product (product cooling, including on and off premise andexcluding at-home cooling) and end of product life. Categories excluded include capital goods, waste generated inoperations (more than 99% of waste generated is recycled), business travel, commuting, upstream and downstream leased
assets, processing of sold products, franchises and investments. These categories represent approximately less than 10%
of total Scope 3 emissions. We expect that our ambition to achieve net zero and the supporting data may be revised asmeasurement standards, modelling methodology and the level of data granularity improve.

AB InBev – Annual Report 2023  174

6. Independent Limited Assurance Report
Report on selected sustainability information regarding the reporting
year 2023 included in the AB InBev Sustainability Statements 2023
To the Board of Directors of AB InBev
We have performed a limited assurance engagement on whether Anheuser Bush InBev NV (“AB InBev”)’s selectedsustainability information as of and for the year ended December 31, 2023, listed below and marked with the symbol
inthe AB InBev Sustainability Statements 2023 (the “Selected Information”) has been prepared in accordance with theapplied reporting criteria as disclosed in the section Report scope (pp. 173) in the AB InBev Sustainability Statements
2023 (the “Reporting Criteria”).
The Selected Information is described below:

•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•

Water Use by Hectoliter of Production, Total Water Use in hl (pp. 162)
Total Water Use in Hectoliter, per source (pp. 162)
Water discharges – Total Volume (pp. 162)
Water discharges – Volume by destination (pp. 162)
Water discharges – Volume by treatment (pp. 162)
Water recycled and/or reused volume (pp. 162)
Total Energy purchased and Energy purchased per Hectoliter of Production (pp. 166)
Energy usage per Hectoliter of Production (MJ/hl) (pp. 166)
Percentage of purchased (operational) electricity from renewable sources (pp. 166)
Percentage of contracted electricity from renewable sources (pp. 166)
Total Direct and Indirect GHG Emissions (in metric tons of Co2e) and GHG Emissions per Hectoliter of
Production (in kg Co2e/hl) (pp. 166)
Total Direct and Indirect GHG emissions (in metric tons of Co2e), per zone (pp. 166)
Total Scope 3 GHG Emissions (in metric tons of Co2e) and per Hectoliter of Production (in kg Co2e/hl) (pp.
166)
Percentage of returnable primary packaging (pp. 167)
Percentage of recycled content in primary packaging (pp. 167)
Lost Time Injuries (LTI) – Supply Employees, Last-mile logistics / Sales Employees (pp. 169)
Total Recordable Injuries (TRI) – Supply Employees (pp. 169)
Fatalities (pp. 169)

Based on the procedures performed and evidence obtained, nothing has come to our attention to cause us to believe that
AB InBev’s Selected Information as of and for the year ended December 31, 2023 is not prepared, in all material respects,
in accordance with the Reporting Criteria.
Our conclusion on the Selected Information does not extend to any other information that accompanies or contains the
Selected Information and our assurance report.

Basis for conclusion
We conducted our engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000
(Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information issued by theInternational Auditing and Assurance Standards Board (IAASB). Our responsibilities under this standard are further
described in the “Our responsibilities” section of our report.
We have complied with the independence and other ethical requirements of the International Code of Ethics forProfessional Accountants (including International Independence Standards) issued by the International Ethics Standards
Board for Accountants (IESBA).
Our firm applies International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform
Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements, issued by the IAASB.
AB InBev – Annual Report 2023  175

This standard requires the firm to design, implement and operate a system of quality management, including policies orprocedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory
requirements.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.

Responsibilities for the Selected Information
The management of AB InBev is responsible for• designing, implementing and maintaining internal control relevant to the preparation of the Selected
Information that is free from material misstatement, whether due to fraud or error;• selecting or developing suitable criteria for preparing the Selected Information and appropriately referring toor describing the criteria used; and• preparing the Selected Information in accordance with the Reporting Criteria.

Our responsibilities
We are responsible for:• planning and performing the engagement to obtain limited assurance about whether the Selected
Information is free from material misstatement, whether due to fraud or error;• forming an independent conclusion, based on the procedures we have performed and the evidence we haveobtained; and• reporting our conclusion to the Board of Directors of AB InBev.
We exercised professional judgment and maintained professional skepticism throughout the engagement. We designed
and performed our procedures to obtain evidence about the selected Information that is sufficient and appropriate to provide
a basis for our conclusion. Our procedures selected depended on our understanding of the Selected Information and otherengagement circumstances, and our consideration of areas where material misstatements are likely to arise. In carryingout our engagement, we:• Interviewed relevant staff responsible for providing the information, for carrying out internal control
procedures on the Selected Information and consolidating the data in the AB InBev Sustainability
Statements 2023;• Performed site visits to seven production sites in South-Africa (two sites), Brazil, China, Belgium, the UnitedStates of America and Mexico aimed at, on a local level, validating source data and evaluating the design andimplementation of internal control and validation procedures;• Reviewed relevant internal and external documentation, on a limited test basis, in order to determine thereliability of the Selected Information;• Evaluated for a selection of estimates included in the Selected Information the plausibility of the identified
methods and selected assumptions, as well as the relevance and reliability of selected data sources used
for their determination, and verifying the mathematical accuracy of the underlying calculations;• Performed preliminary and final analytical review procedures to confirm our understanding of trends in the
Selected Information at site and corporate level.
The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent thanfor, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance
engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance
engagement been performed.
Brussels, 29 February 2024
KPMG Bedrijfsrevisoren

Mike Boonen - Bedrijfsrevisor

AB InBev – Annual Report 2023  176

7. Disclosures pursuant to Article 8 of theTaxonomy Regulation
Overview of the EU Taxonomy Regulation
This section contains the EU Taxonomy disclosures required by Article 8 of Regulation 2020/852 (the EU Taxonomy
Regulation). Article 9 of the EU Taxonomy Regulation identifies the following six environmental objectives:
1.
2.
3.
4.
5.
6.

climate change mitigation,
climate change adaptation,
the sustainable use and protection of water and marine resources,
the transition to a circular economy,
pollution prevention and control, andthe protection and restoration of biodiversity and ecosystems.

The EU has published a catalog of economic activities that can be considered for these objectives (the DelegatedRegulations). Our view is that our core economic activities related to producing and selling beer are not covered by the
Delegated Regulations and consequently are not currently considered for Taxonomy purposes. For reporting in 2023, theproportion of Taxonomy-eligible and “aligned” economic activities in turnover, capital expenditure (Capex) and operating
expenditure (Opex) must be disclosed for the first two environmental objectives. Moreover, the proportion of Taxonomyeligible economic activities in turnover, Capex and Opex must be disclosed for the remaining four environmental objectives.

Application of the EU Taxonomy Regulation
The amounts used for the calculation of the turnover, Capex and Opex ratios are based on the reported data in the
consolidated financial statements. As none of our revenue-generating activities are described currently in the DelegatedRegulations, our EU Taxonomy-eligible turnover for 2023 is zero. For the same reason, we do not report any Capex related
to assets or processes associated with taxonomy-aligned economic activities or Capex that is part of a plan to expand
taxonomy-aligned economic activities. Consequently, we only report Capex and related Opex resulting from the acquisitionof products classified as taxonomy-eligible economic activities (and are not directly related to our turnover-generating
activities). As these activities are not tied directly to our core revenue-generating activities, our current Taxonomy-eligible
Capex and Opex ratios are by year-end 2023 approximately 1% 15 and 3% 16 respectively.
If and when the specific economic activity “manufacturing of food products and beverages” is added to the future DelegatedRegulations, we expect our key performance indicators for Taxonomy-eligible turnover, Capex and Opex to substantially
increase.
Using the guidance provided in the Regulation to screen our Taxonomy-eligible activities, our current Taxonomy-aligned
Capex and Opex ratios are by year-end 2023 approximately 50% 17 and 48% 18, respectively. As AB InBev’s core economic
activities related to producing and selling beer are not covered by the Delegated Regulations, we are using a simplified
version of the full table prescribed in EU regulation 2021/2178. The detailed tables can be found in Appendix 1, which isan integral part of these Sustainability statements.

A. Taxonomy-eligible activities
A1. Taxonomy-aligned activities
A2. Taxonomy-eligible but not Taxonomy-aligned activities
B. Taxonomy-non-eligible activities
TOTAL (A+B)

Proportion of Capex (%)
1%
50%
50%
99%
100%

15

Proportion of Opex (%)
3%
48%
52%
97%
100%

Eligible Capex KPI is defined as Taxonomy-eligible Capex (numerator) divided by our total Capex (denominator). Total Capex includes additions to property,
plant and equipment, intangible assets (excluding goodwill), and right-of-use assets, including additions resulting from business combinations. Our total
Capex can be reconciled to notes 13 and 15 of our consolidated financial statements.
16
Eligible Opex KPI is defined as Taxonomy-eligible Opex (numerator) divided by our total Opex (denominator). Total Opex consists of direct non-capitalized
costs that relate to research and development, building renovation measures, short-term lease and maintenance and repair and can be found in various lines
in our income statement.
17
Aligned Capex KPI is defined as Taxonomy-aligned Capex (numerator) divided by our Taxonomy-eligible Capex (denominator).
18
Aligned Opex KPI is defined as Taxonomy-aligned Opex (numerator) divided by our Taxonomy-eligible Opex (denominator).
AB InBev – Annual Report 2023  177

It is relevant to clarify that “non-eligibility” under the EU Taxonomy Regulation refers to the fact that the activities at present
remain outside of the scope of the economic activities for which technical screening criteria have been developed under
the Delegated Regulations. As such, non-eligible actives under the EU Taxonomy should not be interpreted as an indicationof our sustainability performance or ambition. Additionally, we would expect these key performance indicators to increaseas the four remaining environmental objectives are added to the Delegated Regulations and additional activities areincluded in the criteria for all environmental objectives.
The EU Taxonomy will evolve, and the delegated acts will be integrated progressively, to include all the activities with thepotential to contribute to the six environmental objectives. We may revise the definitions used to derive alignment data, as
we continue to develop our understanding of the EU Taxonomy. Although these ratios do not currently concern our core
activities, we have analyzed the eligibility and alignment ratios. Capex and Opex for activities performed outside the EU
were deemed in many cases not Taxonomy-aligned for this report.
AB InBev does not engage in activities related to fossil gas and nuclear energy. Template 1 of Annex XII of DelegatedRegulation (EU) 2021/2178 can be found in Appendix 2, which is an integral part of these Sustainability statements.

Current other activities and outlook on our potential for Taxonomyeligibility and alignment going forward
We continue to explore ways to reduce our emissions through our commercial strategy and invest in the decarbonizationof our operations and value chain as part of our 2025 Climate Action Goal and our ambition to achieve net zero by 2040.
We will continue to assess our Taxonomy-eligible and -aligned activities considering the evolving legal framework of the
EU Taxonomy Regulation and to further integrate the requirements of the EU Taxonomy framework in our business modeland reporting policies and procedures.

AB InBev – Annual Report 2023  178

APPENDIX 1A – TURNOVER & OPEXThis Appendix is an integral part of the Sustainability statements.

A. Turnover of Taxonomy eligible activities (A.1+A.2)

0.0%

Minimum
Safeguards

0.0%

0.0%
0.0%

Biodiversity

0.0%

0.0%
0.0%

Circular
EconomyBiodiversity

0.0%

0.0%
0.0%

Water

Circular
Economy

0.0%

0.0%
0.0%

Pollution

Pollution

0.0%

A. TAXONOMY ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Turnover of environmentally sustainable activities (Taxonomy-aligned)
00.0% 0.0%(A.1)
Of which enabling
0
0.0%
0.0%
0
0.0%
0.0%
Of which transitional
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Turnover of Taxonomy-eligible but not environmentally sustainable
0
0.0% 0.0%
activities (not Taxonomy-aligned activities) (A.2)

ClimateChangeAdaptation

Water

Proportion
Turnoverof Turnover($m)
year 2023

ClimateChangeAdaptation

Code

ClimateChangeMitigation

Economic Activities

DNSH criteria (“Does Not
Significantly Harm”)

Substantial contribution criteria

Year 2023

ClimateChangeMitigation

Proportion of Turnover from products/services associates with EU
Taxonomy activities% of Taxonomy
aligned (A.1.) or Category Category
enabling transitional
eligible (A.2.)
activity
Turnover, year activity
2022

0.0%

0.0%
0.0%

E

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

0

0.0%

59,380100.0%

100.0%

59,380100.0%

100.0%T

B. TAXONOMY NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non- eligible activities
TOTAL (A + B)

Proportion of OpEx from products/services associates with EU Taxonomy
activities

DNSH criteria (“Does Not Significantly Harm”)

Water

Pollution

Circular
EconomyBiodiversity

Minimum
Safeguards

N/EL

N/EL

N/EL

N/EL

Y

Y

Y

Y

Y

Y

Y

0.0%

0.0%

0.0%

0.0%

0.0%

Of which enabling
10
Of which transitional
0
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Installation, maintenance, repair of energy efficiency equipment
CCM 7.3
6
Nature-based solutions for flood and drought risk prevention and protection
WTR 3.1
5
OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy11aligned activities) (A.2)

100.0%
0.0%

100.0%
0.0%

0.9%
0.8%

N

N/EL

N/EL

N/EL

N/EL

N/EL

1.6%

0.9%

0.0%

0.0%

0.0%

0.0%

0.0%

1.0%

3.2%

2.4%

0.0%

0.0%

0.0%

0.0%

0.0%

2.0%

A. OpEx of Taxonomy eligible activities (A.1+A.2)

21

0.0%
0.0%

0.0%
0.0%

0.0%
0.0%

Circular
Economy

N/EL

1.5%

CCM 7.3

Proportion of
OpEx year2023

PollutionY

1.5%

OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)

OpEx ($m)

Water

1.5%

10

A. TAXONOMY ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Installation, maintenance, repair of energy efficiency equipment

Code

ClimateChangeAdaptation

10

Economic Activities

ClimateChangeMitigation

ClimateChangeAdaptation% of Taxonomy
Category Categoryaligned (A.1.) or
enabling transitional
eligible (A.2.)
activity
activity
OpEx, year 2022

ClimateChangeMitigation

Substantial contribution criteria

Biodiversity

Year 2023

0.0%
0.0%

1.0%

0.0%
0.0%

E

B. TAXONOMY NON-ELIGIBLE ACTIVITIESOpEx of Taxonomy-non- eligible activities
TOTAL (A + B)

650

96.8%

98.0%

671

100.0%

100.0%AB InBev – Annual Report 2023  179

E

1.0%
T

APPENDIX 1B - CAPEXThis Appendix is an integral part of the Sustainability statements.
Proportion of CapEX from products/services associates with EU Taxonomy
activities

Circular
EconomyBiodiversity

ClimateChangeMitigation

ClimateChangeAdaptation

Water

Pollution

Circular
EconomyBiodiversity

Minimum
Safeguards

0.1%
0.0%
0.1%

Pollution

6
2
4

Water

CCM 7.3
CCM 4.24
CCM 4.25

Proportion of
CapEx year
2023

CapEx
($m)

ClimateChangeAdaptation

Code

DNSH criteria (“Does Not Significantly Harm”)

ClimateChangeMitigation

Economic Activities
A. TAXONOMY ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Installation, maintenance, repair of energy efficiency equipment
Production of heat/cool from bioenergy
Production of heat/cool using waste heat
Installation, maintenance and repair of instruments and devices for measuring,
regulating and controlling energy performance in buildings
Installation, maintenance and repair of renewable energy technologies on-site
Close to market research, development and innovation

Substantial contribution criteria

Year 2023

Y
Y
Y

N/EL
N/EL
N/EL

N/EL
N/EL
N/EL

N/EL
N/EL
N/EL

N/EL
N/EL
N/EL

N/EL
N/EL
N/EL

Y
Y
Y

Y
Y
Y

Y
Y
Y

Y
Y
Y

Y
Y
Y

Y
Y
Y

Y
Y
Y

% of Taxonomy
aligned (A.1.) or Category Category
enabling transitional
eligible (A.2.)
CapEx, year
activity
activity
2022
0.2%
0.0%
0.0%

CCM 7.5

3

0.1%

Y

N/EL

N/EL

N/EL

N/EL

N/EL

Y

Y

Y

Y

Y

Y

Y

0.1%

CCM 7.6
CCA 9.2

2
2

0.0%
0.0%

Y
N/EL

N/EL
Y

N/EL
N/EL

N/EL
N/EL

N/EL
N/EL

N/EL
N/EL

Y
Y

Y
Y

Y
Y

Y
Y

Y
Y

Y
Y

Y
Y

0.0%
0.0%

19

0.3%

0.3%

0.0%

0.0%

0.0%

0.0%

0.0%

Of which enabling
80
Of which transitional
A.2. Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Installation, maintenance, repair of energy efficiency equipment
CCM 7.3
4
Production of heat/cool from bioenergy
CCM 4.24
1
Production of heat/cool using waste heatCCM 4.25
2
Installation, maintenance and repair of instruments and devices for measuring,CCM 7.52
regulating and controlling energy performance in buildings
Installation, maintenance and repair of renewable energy technologies on-site
CCM 7.6
1
Water supply
WTR 2.1
9
CapEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy19aligned activities) (A.2)

43.5%
0.0%

33.1%
0.0%

10.4%
0.0%

0.1%
0.0%
0.0%

N
N
N

N/EL
N/EL
N/EL

N
N

N/EL

N/EL

N/EL

N/EL

N/EL

N/EL

N/EL

N/EL

N/EL

N/EL

0.3%

0.2%

0.0%

0.0%

0.0%

0.0%

0.0%

0.6%

0.7%

0.7%

0.0%

0.0%

0.0%

0.0%

0.0%

0.9%

CapEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)

A. CapEx of Taxonomy eligible activities (A.1+A.2)

38

0.0%
0.0%
0.2%

0.0%
0.0%
N/EL
N/EL
N/EL

0.0%
0.0%
N/EL
N/EL
N/EL

0.0%
0.0%
N/EL
N/EL
N/EL

CapEx of Taxonomy-non- eligible activities

0.0%
0.0%

E

N/EL
N/EL
N/EL

5,529

99.3%

99.1%

5,567

100.0%

100.0%AB InBev – Annual Report 2023  180

E

0.3%

B. TAXONOMY NON-ELIGIBLE ACTIVITIESTOTAL (A + B)

E

T

APPENDIX 2 – NUCLEAR AND FOSSIL GAS RELATED ACTIVITIES (TEMPLATE 1)
This Appendix is an integral part of the Sustainability statements.
Nuclear energy related activities
1

The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovativeelectricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycleNO

2

The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce
electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as wellas their safety upgrades, using best available technologies

NO3

The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity orprocess heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear
energy, as well as their safety upgrades

NO

Fossil gas related activities
4

The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce
electricity using fossil gaseous fuelsNO

5

The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power
generation facilities using fossil gaseous fuelsNO

6

The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that
produce heat/cool using fossil gaseous fuels

NO

AB InBev – Annual Report 2023  181

APPENDIX 3 – GRI INDEXThis Appendix is an integral part of the Sustainability statements. AB InBev has reported the information cited in this GRI content index for 2023 with reference to the GRI
Standards. The index includes the reported disclosures from the referred to GRI Standards, as guided by our materiality assessment.

GRI 1: Foundation 2021
Disclosure number

Disclosure nameSourceUniversal Standard

GRI 2: General Disclosures 2021
GRI 2-1
Organizational details

GRI 2-2

Entities included in the organization’s sustainability
reporting

GRI 2-3

Reporting period, frequency and contact pointGRI 2-4
GRI 2-5
GRI 2-6
GRI 2-7

Restatements of information
External assurance
Activities, value chain and other business relationships
Employees

GRI 2-8
GRI 2-9Workers who are not employees
Governance structure and composition

GRI 2-10

Nomination and selection of the highest governance body

GRI 2-11
GRI 2-12

Chair of the highest governance bodyRole of the highest governance body in overseeing themanagement of impacts
Delegation of responsibility for managing impacts

GRI 2-13
GRI 2-14
GRI 2-15
GRI 2-16
GRI 2-17

Role of the highest governance body in sustainability
reporting
Conflicts of interest
Communication of critical concerns
Collective knowledge of the highest governance body

Legal name: Anheuser-Busch InBev SA/NV Location of its headquarters: Anheuser-Busch InBev
Global Headquarters, Brouwerijplein,1, 3000 Leuven, Belgium Nature of ownership and legal form:
Anheuser-Busch InBev (AB InBev) is a company incorporated under Belgian law
Countries of operation: AR pp. 11
Sustainability statements “1.General Statements” and “6. Report scope”
Financial Statement, pp. 149
Annual Report, pp. 11
Reporting period: January 1 2023 to December 31 2022
Reporting frequency: annual
Contact point for questions about the report or reported information:
corporategovernance@ab-inbev.com
Sustainability statements “6. Report scope”
Sustainability statements “7. Independent Limited Assurance Report”
Annual Report pp. 10, 11
Annual Report pp. 5, 4
Sustainability statements “3. Social statements”
Not disclosed
Sustainability statements “1. General statements”
AB InBev Corporate Governance Charter
Sustainability statements “1. General statements”
AB InBev Corporate Governance Charter
AB InBev Corporate Governance Charter
Sustainability statements “1. General statements”
AB InBev Corporate Governance Charter s
Sustainability statements “1. General statements”
AB InBev Corporate Governance Charter
Sustainability statements “1. General statements”
AB InBev Corporate Governance Charter
AB InBev Corporate Governance Charter
AB InBev Corporate Governance Charter
Sustainability statements “1. General statements”

AB InBev – Annual Report 2023  182

Disclosure number

Disclosure name

GRI 2-18
GRI 2-19

Evaluation of performance of highest governance body
Remuneration policies

GRI 2-20
GRI 2-21
GRI 2-22
GRI 2-23
GRI 2-24
GRI 2-25

Process to determine remuneration
Annual total compensation ratio
Statement on sustainable development strategy
Policy commitments
Embedding policy commitments
Processes to remediate negative impacts

SourceAB InBev Corporate Governance Charter
Not disclosed
Sustainability statements “1. General statements”
AB InBev Corporate Governance Charter
AB InBev Corporate Governance Charter
Corporate Governance Statement of the Annual Report pp. 188
AB InBev Corporate Governance Charter
AB InBev Corporate Governance Charter
Sustainability statements “1. General statements”
Sustainability statements “1. General statements”
Sustainability statements “2. Environmental statements”
Sustainability statements “3. Social statements”
Sustainability statements “3 Social statements”
Sustainability statements “4 Governance statements”
Sustainability statements “4 Governance statements”
Sustainability statements “1. General statements”
Sustainability statements “1. General statements”
Global Human Rights Policy

GRI 2-26
Mechanisms for seeking advice and raising concerns
GRI 2-27
Compliance with laws and regulations
GRI 2-28
Membership associations
GRI 2-29
Approach to stakeholder engagement
GRI 2-30
Collective bargaining agreements
GRI 3: Material Topics 2021
GRI 3-1
Process to determine material topics
GRI 3-2
List of material topics
GRI 3-3Management of material topics

Topic Standard

Sustainability statements “1. General statements”
Sustainability statements “1. General statements”
Sustainability statements “1. General statements”

GRI 201: Economic Performance 2016
GRI 201-1
Direct economic value generated and distributed
GRI 201-2
Financial implications and other risks and opportunities due
to climate change
GRI 205: Anti-corruption 2016
GRI 205-2
Communication and training about anti-corruption policies
and procedures
GRI 301: Materials 2016
GRI 301-2
Recycled input materials used
GRI 302: Energy 2016
GRI 302-1
Energy consumption within the organization
GRI 302-3
Energy intensity
GRI 302-4
Reduction of energy consumption
GRI 303: Water and Effluents 2018
GRI 303-1
Interactions with water as a shared resource
GRI 303-2
Management of water discharge-related impacts

Annual Report, pp. 45
Sustainability statements “2. Environmental statements”

Sustainability statements “4 Governance statements”

Sustainability statements “2. Environmental statements – Circular economy and resource use”
Sustainability statements “2. Environmental statements – Climate”
Sustainability statements "2. Environmental statements – Climate”
Annual Report, pp. 38
Sustainability statements “2. Environmental statements – Water”
Sustainability statements “2. Environmental statements – Water”; submitted to CDP on an annual
basis
Sustainability statements "2. Environmental statements – Agricultural and natural ecosystems"

AB InBev – Annual Report 2023  183

Disclosure number

Disclosure nameSourceGRI 303-3

Water withdrawal

GRI 303-4

Water discharge

GRI 303-5

Water consumption

Sustainability statements “2. Environmental statements – Water”; submitted to CDP on an annual
basis
Sustainability statements “2. Environmental statements – Water”; submitted to CDP on an annual
basis
Sustainability statements “2. Environmental statements – Water”; submitted to CDP on an annualbasis

GRI 304: Biodiversity 2016
GRI 304-2
Significant impacts of activities, products and services on
biodiversity
GRI 304-3
Habitats protected or restored
GRI 305: Emissions 2016
GRI 305-1
Direct (Scope 1) GHG emissions
GRI 305-2
Energy indirect (Scope 2) GHG emissions
GRI 305-3
Other indirect (Scope 3) GHG emissions
GRI 305-4
GHG emissions intensity
GRI 305-5
Reduction of GHG emissions
GRI 306: Waste 2020
GRI 306-1
Waste generation and significant waste-related impacts
GRI 306-2
Management of significant waste-related impacts
GRI 306-4
Waste diverted from disposal
GRI 308: Supplier Environmental Assessment 2016
GRI 308-1
New suppliers that were screened using environmental
criteria
GRI 308-2
Negative environmental impacts in the supply chain andactions taken

GRI 403: Occupational Health and Safety 2018
GRI 403-1
Occupational health and safety management system
GRI 403-4
Worker participation, consultation, and communication on
occupational health and safety
GRI 403-5
Worker training on occupational health and safety
GRI 403-6
Promotion of worker health
GRI 403-7
Prevention and mitigation of occupational health and safety
impacts directly linked by business relationships
GRI 403-8
Workers covered by an occupational health and safety
management system
GRI 403-9
Work-related injuries
GRI 405: Diversity and Equal Opportunity 2016
GRI 405-1
Diversity of governance bodies and employees
GRI 405-2
Ratio of basic salary and remuneration of women to men

Sustainability statements "2. Environmental statements – Agricultural and natural ecosystems"
Sustainability statements "2. Environmental statements – Agricultural and natural ecosystems"
Sustainability statements “2. Environmental statements – Climate”
Sustainability statements “2. Environmental statements – Climate”
Sustainability statements “2. Environmental statements – Climate”
Sustainability statements “2. Environmental statements – Climate”
Sustainability statements “2. Environmental statements – Climate”
Sustainability statements “2. Environmental statements – Circular economy and resource use”
Sustainability statements “2. Environmental statements – Circular economy and resource use”
Sustainability statements “2. Environmental statements – Circular economy and resource use”
Global Responsible Sourcing Policy
Sustainability statements “2. Environmental statements – Water”
Sustainability statements “2. Environmental statements – Climate”
Sustainability statements “2. Environmental statements – Circular economy and resource use”
Sustainability statements “2. Environmental statements – Agricultural and natural ecosystems”
Sustainability statements “3. Social statements – Our own workforce”
Sustainability statements “3. Social statements – Our own workforce”
Sustainability statements “3. Social statements – Our own workforce”
Sustainability statements “3. Social statements – Our own workforce”
Sustainability statements “3. Social statements – Our own workforce”
Sustainability statements “3. Social statements – Our own workforce”
Sustainability statements “3. Social statements – Our own workforce”
Sustainability statements “3. Social statements – Our own workforce”
Sustainability statements “3. Social statements – Our own workforce”

AB InBev – Annual Report 2023  184

Disclosure number

Disclosure nameSourceGRI 407: Freedom of Association and Collective Bargaining 2016
GRI 407-1
Operations and suppliers in which the right to freedom of
association and collective bargaining may be at risk

Global Human Rights Policy; Global Responsible Sourcing Policy

GRI 408: Child Labor 2016
GRI 408-1
Operations and suppliers at significant risk for incidents ofchild labor

Global Human Rights Policy, Global Responsible Sourcing Policy

GRI 409: Forced or Compulsory Labor 2016
GRI 409-1
Operations and suppliers at significant risk for incidents offorced or compulsory labor
GRI 413: Local Communities 2016
GRI 413-1
Operations with local community engagement, impact
assessments, and development programs
GRI 414: Supplier Social Assessment 2016
GRI 414-1
New suppliers that were screened using social criteria
GRI 414-2
Negative social impacts in the supply chain and actions
taken
GRI 416: Customer Health and Safety 2016
GRI 416-1
Assessment of the health and safety impacts of productand service categories
GRI 417: Marketing and Labeling 2016
GRI 417-1
Requirements for product and service information andlabeling

Global Human Rights Policy, Global Responsible Sourcing Policy

Annual Report, pp. 36

Global Responsible Sourcing Policy
Sustainability statements “3. Social statements – Workers in the value chain”

Sustainability statements “3. Social statements – Consumers and end users”

Sustainability statements “3. Social statements – Consumers and end users”

AB InBev – Annual Report 2023  185

APPENDIX 4 - SASB INDEX

Table 1. Sustainability Disclosure Topics & Accounting Metrics
Topic

Accounting metric

Category

Unit of measure

Code

Data

Reference

EnergyManagement(1) Total energy consumed(2) Percentage grid electricity(3) Percentage renewable

Quantitative

Gigajoules (GJ),
Percentage (%)

FB-AB-130a.1

1. Total GJ of energy (in millions): 52.94
2. Total GJ of energy purchased (in millions): 50.03
3. % Renewable Electricity - Operational: 73.6%.
% Renewable Electricity - Contracted: 100%

Sustainability statements “2.
Environmental statements –Climate”(1) Total water withdrawn(2) Total water consumed, percentage
of each in regions with High orExtremely High Baseline Water Stress

Quantitative

Percentage (%),
Billion hl

FB-AB-140a.1

1. Brewery water intake by source: Ground water(40.3%), Surface water (18.8%), Third party(40.9%), Rain water: (<0.1%)
2. (2) Total water use (billion hl): 1.44. Total water
use by hectoliter of production (hl/hl): 2.53

Sustainability statements “2.
Environmental statements –Water”

Description of water management risks
and discussion of strategies andpractices to mitigate those risks

Discussion andAnalysis

N/A

FB-AB-140a.2

100% of sites located in high-stress areas haveanalyzed local water challenges.
100% of sites located in high-stress areas havestarted implementation solutions.
20 of sites located in high-stress areas have begun
seeing measurable impact 100% of our communities
in high-stress areas will have measurably improved
water availability and quality by 2025
Water use efficiency ratio: 2.30 (hl/hl)

Sustainability statements “2.
Environmental statements –Water and Agricultural andnatural ecosystems”

Percentage of total advertising
impressions made on individuals at or
above the legal drinking age

Quantitative

Percentage (%)

FB-AB-270a.1

All advertising impressions are targeted to thoseabove the legal drinking age.
Our Responsible Marketing and Communications
Code

Sustainability statements “3.
Social statements –Consumers and end users”

Number of incidents of noncompliance with industry or regulatorylabeling and/or marketing codes

Quantitative

NumberFB-AB-270a.2

We have updated our label designs on 100% of ourprimary product packaging in all 26 countries where
mandatory labeling is not required. Today, our labels
share clear, actionable information on how
consumers can reduce harmful drinking.

Sustainability statements “3.
Social statements –Consumers and end users”

Total amount of monetary losses as aresult of legal proceedings associatedwith marketing and/or labeling practices

Quantitative

Reportingcurrency

FB-AB-270a.3

N/A

Description of efforts to promoteresponsible consumption of alcohol

Discussion andAnalysis

N/A

FB-AB-270a.4

Invest one billion USD across our markets indedicated social marketing campaigns and related
programs by the end of 2025.
We are on track to meet our goal by 2025, withinvestment of approximately USD 900 million USD
through 2023 19
Our Responsible Marketing and Communications
Code
Member of the International Alliance for Responsible
Drinking (IARD).

Water
Management

Responsible
Drinking &Marketing19

Sustainability statements“3.Social statements –Consumers and end users”

472 million USD of the total amount has been validated through an independent external auditor. The remaining investment figures are under review. Total investment could potentially change based on results of external assurance process results.

AB InBev – Annual Report 2023  186

Packaging
Lifecycle
Management

Environmental &Social Impacts
of Ingredient
Supply Chain

Ingredient
Sourcing(1) Total weight of packaging,(2) Percentage made from recycled
and/or renewable materials,(3) Percentage that is recyclable,
reusable and/or compostable

Quantitative

Metric tons (t),Percentage (%)

FB-AB-410a.1

1. N/A
2. % Recycled content in primary packaging: Glass:
48.3%, Cans: 61.3%, PET: 42.6%
3. Returnable packaging: 41.2%.
77.5% of our products were in either returnables(kegs and returnable glass bottles) or made frommajority recycled content (cans portfolio with morethan 50% recycled content)

Sustainability statements “2.
Environmental statements –Resource use and circular
economy”

Discussion of strategies to reduce theenvironmental impact of packaging
throughout its lifecycle

Discussion andAnalysis

N/A

FB-AB-410a.2

100% of our products will be in packaging that isreturnable or made from majority recycled content
by 2025. Our packaging goal applies to our primary
packaging which represents more than 83.3% of our
total packaging volume by weight globally, though
our work in circularity extends to secondary
packaging and post-consumer waste.

Sustainability statements “2.
Environmental statements –Resource use and circular
economy”

Suppliers’ social and environmental
responsibility audit(1) non-conformance rate(2) associated corrective action rate for(a) major and (b) minor nonconformances

Quantitative

Rate

FB-AB-430a.1

1. (1) N/A
2. (2) N/A
Human rights due diligence Model, Human Rights
Policy and Responsible Sourcing Policy, based on
the United Nations Guiding Principles on Businessand Human Rights

Sustainability statements “3.
Social statements – Own
workforce and Workers in
the value chain”

Percentage of beverage ingredientssourced from regions with high orextremely high baseline water stress

Quantitative

Percentage (%)
by costFB-AB-440a.1

N/A

List of priority beverage ingredientsand description of sourcing risks due
to environmental and social
considerations

Discussion andAnalysis

N/A

FB-AB-440a.2

Our priority crops include barley, rice, hops, maize,sorghum and cassava. Social and environmental
considerations for these supply chains are
discussed in the Sustainable Agriculture and TCFD
sections of this report.

Sustainability statements “2.
Environmental statements –Resource use and circular
economy”

Table 2. Activity Metrics
Activity metric

Category

Unit of measure

Code

Data

Reference

Volume ofproducts sold

Quantitative

Millions of hectoliters(Mhl)

FB-AB-000.A

584.73 million hl

Annual Report pp. 5

Quantitative

NumberFB-AB-000.B

Approximately 172 major breweries and 38
verticalized operations (including hop farms andbarley malting facilities)

Annual Report pp. 5, 10

Quantitative

Miles

B-AB-000.C

N/A

N/A

Number of production
facilities
Total fleet road
miles traveled

AB InBev – Annual Report 2023  187

CORPORATE
GOVERNANCE
STATEMENTTABLE OF CONTENTSINTRODUCTION 189
THE BOARD OF DIRECTORS192	CHIEF EXECUTIVE OFFICER AND
EXECUTIVE MANAGEMENT 199
SENIOR LEADERSHIP TEAM 200
	

INTERNAL CONTROL AND RISKMANAGEMENT SYSTEMS 203
SHAREHOLDERS’ STRUCTURE 205
ITEMS TO BE DISCLOSED PURSUANTTO ARTICLE 34 OF THE BELGIAN ROYALDECREE OF 14 NOVEMBER 2007 208
REMUNERATIONAB InBev - Annual report 2023 - 188

214

1. Introduction
1.1. The Belgian Code on Corporate GovernanceThe corporate governance practices of Anheuser-Busch InBev are reflected in its Corporate Governance Charter,
which is available on https://www.ab-inbev.com/investors/corporate-governance/corporate-governance-documents.html.
The Charter is regularly updated.
Anheuser-Busch InBev is a company incorporated under Belgian law with a primary listing on Euronext Brussels (Euronext:ABI) and with secondary listings on the Mexico Stock Exchange (MEXBOL: ANB) and the Johannesburg Stock Exchange(JSE: ANH) (ISIN: BE0974293251) and with American Depositary Shares (“ADSs”) listed on the New York Stock Exchange.
As a Belgian company with a primary listing on Euronext Brussels, Anheuser-Busch InBev adheres to the principles andprovisions of the 2020 Belgian Corporate Governance Code (www.corporategovernancecommittee.be) (“the Corporate
Governance Code”), taking into account its specific status as a multinational group with secondary listings in Mexico andJohannesburg and with ADSs listed in New York.
In line with AB InBev’s specific shareholding structure and the global nature of its operations, the company has departed in
2023 from the following soft-law principles of the Corporate Governance Code:Principle 4.19 of the Corporate Governance Code: “the Board should set up a nomination committee with the
majority of its members comprising independent non-executive board members” - The Board of Directors appoints
the chairman and members of the Nomination Committee from among the directors. As the committee is composed
exclusively of non-executive directors, including one independent director, who all are independent of management and freefrom any business relationship that could materially interfere with the exercise of their independent judgment, the Board
considers that the composition of this committee achieves the aim of Principle 4.19 of the Corporate Governance Code.
Principle 7.6 of the Corporate Governance Code: “A non-executive board member should receive part of theirremuneration in the form of shares in the company. These shares should be held until at least one year after the
non-executive board member leaves the board and at least three years after the moment of award. However, nostock options should be granted to non-executive board members” - The share-based component of the directors’
remuneration is paid in the form of Restricted Stock Units. Such Restricted Stock Units vest after five years and, upon
vesting, entitle their holders to one AB InBev share per Restricted Stock Unit (subject to any applicable withholdings). The
shares delivered to directors upon vesting of the Restricted Stock Units are not subject to a lock-up of three years after thedate of delivery and one year after the date of departure of the relevant director. However, the Board considers that the fiveyear vesting period of the Restricted Stock Units fosters a sustainable and long-term commitment of the directors toshareholder value creation that addresses the goal of Principle 7.6 of the Corporate Governance Code.

1.2. New York Stock Exchange Listing
Further to the New York Stock Exchange listing of ADSs representing ordinary shares of AB InBev, the New York Stock
Exchange Corporate Governance rules for Foreign Private Issuers are applicable to the company. AB InBev has also
registered under the US Securities and Exchange Act of 1934, as amended. As a result, it is also subject to the US SarbanesOxley Act of 2002 and to certain US Securities laws and regulations relating to corporate governance.

AB InBev – Annual Report 2023  189

1.3. Specific Corporate Governance initiatives
1.3.1. FOSTERING ETHICAL CONDUCTThe Board of Directors and management of AB InBev are committed to promoting and maintaining the highest standards of
ethical behavior and transparency. This guides everything that AB InBev does as an organization, and serves as its
foundation for creating a future with more cheers.
AB InBev has established ethical rules and internal codes and policies to reinforce this commitment. The Code of BusinessConduct sets out the ethical standards which all colleagues around the world are expected to adhere to and provides
guidance for interactions with third parties. During 2023, the Code of Business Conduct was updated to reinforce key
principles and policies. It requires colleagues to comply with all applicable laws, disclose any relevant conflicts of interests,
to act in the best interests of the company, and conduct all dealings in an honest and ethical manner. It covers confidentialityof information, limits on offering or accepting gifts or entertainment, and the appropriate use of the company’s property. The
Code of Business Conduct includes policies which define colleagues’ responsibilities and expected behavior, and includes
the Global Anti-Corruption, Human Rights, Data Privacy, Anti-Harassment and Anti-Discrimination, and Conflict of Interest
Policies. As an example, the Global Anti-Corruption Policy states that AB InBev’s employees are strictly prohibited from,either directly or indirectly, giving, offering, promising, or authorizing anything of value, to anyone with the intent to exert
improper influence or inducement, secure an improper commercial advantage for the company, or serve as a reward forpast improper conduct.
In line with this commitment to integrity, AB InBev encourages its colleagues and third parties to speak up through a global
whistle-blowing system. This system provides a simple, secure, confidential and, if desired, anonymous manner to raise
concerns or report actual or suspected violations of law or policies. The company also uses technology and its BrewRIGHT
digital risk analytics systems to proactively monitor risk and potential violations of policy.
1.3.2. DEMONSTRATING COMMITMENT TO SHAREHOLDER COMMUNICATIONAB InBev is committed to creating value for its shareholders. The company encourages its shareholders to take an active
interest in the company. In support of this objective, it provides quality information, in a timely fashion, through a variety ofcommunication tools. These include annual reports, half-yearly reports, sustainability reporting, quarterly statements,
financial results announcements, briefings, and a section that is dedicated to investors on the AB InBev website(www.ab-inbev.com/investors.html).
AB InBev recognizes that a commitment to disclosure builds trust and confidence with shareholders and the public ingeneral. The company adopted a Disclosure Manual to demonstrate its commitment to best practices in transparency. Thismanual is designed to promote full, consistent and timely disclosure of company activities.
1.3.3. UPHOLDING SHAREHOLDER RIGHTS
Prior to the annual shareholders’ meeting, shareholders are invited to submit any questions they have for the Chairman or
the CEO for discussion during the meeting.
The agenda for the shareholders’ meeting and all related documents are also posted on the AB InBev website at least 30
days in advance of any shareholders’ meeting. Shareholders have the right to vote on various resolutions related to company
matters. If they are unable to attend a meeting, they can submit their votes by mail or appoint a proxy. Minutes of themeetings and results of the votes are posted on the AB InBev website shortly after the meeting (www.abinbev.com/investors/corporate-governance/shareholder-meetings.html).
The convening notice for the upcoming annual shareholders’ meeting to be held on 24 April 2024 will be published on 22
March 2024 and will contain further information on the format of the meeting and modalities for participation.

AB InBev – Annual Report 2023  190

1.3.4. PREVENTING THE ABUSE OF INSIDE INFORMATIONThe company’s Code of Dealing is applicable to all members of the Board of Directors, all members of senior management,
all employees and certain associated persons. The Code of Dealing aims to prevent the abuse of inside information,
especially in periods leading up to price-sensitive events or decisions or announcement of financial results.
The Code of Dealing prohibits dealing in the company’s securities by certain persons during any closed period, e.g. a periodof 30 days preceding any results announcement of the company. In addition, before dealing in any securities of the company,
members of the Board of Directors, certain members of senior leadership, including all members of the Senior Leadership
Team, and certain associated persons must obtain clearance in accordance with the procedure set forth in the Code of
Dealing.
Compliance with the Code of Dealing is reinforced and monitored through the company’s Compliance Program.
In accordance with EU Regulation 596/2014 on market abuse (MAR), the company establishes lists of insiders whenrequired. In addition, pursuant to the same regulation, (i) members of the Executive Committee (ExCom) and (ii) membersof the Board of Directors notify their trades (above a 5,000 Euro yearly threshold) to the company and to the Belgian Financial
Services and Markets Authority (FSMA), which publishes these notifications on its website.
1.3.5. CORPORATE SOCIAL RESPONSIBILITYAB InBev’s Purpose is to dream big to create a future with more cheers. Corporate social responsibility and sustainability
are central to the company’s culture and embedded in the way it does business.
In accordance with article 3:6, §4 and article 3:32, §2 of the Belgian Code of Companies and Associations (the “Belgian
Companies Code”), which implement Directive 2014/95/EU of 22 October 2014 amending Directive 2013/34/EU as regards
disclosure of non-financial and diversity information by certain large undertakings and groups, AB InBev has included in thisAnnual Report a non-financial statement reporting on corporate social responsibility and sustainability matters.
1.3.6. DIVERSITY AND INCLUSIVE WORKPLACE
The process for nominating and selecting candidates for the Board of Directors is described in the Corporate Governance
Charter of Anheuser-Busch InBev. The company aims to have a balanced and diverse Board primarily considering, among
other things, the relevant skills, education, experience and background of directors. Currently, five out of 15 Board members
are women (same ratio as last reporting year). Reference is made to section 2.1 of this Corporate Governance Statement
for a short biography of each of the members of the Board of Directors, including their qualifications and background, as
well as for further information on the applicable Belgian legal gender diversity requirements.
AB InBev is proud to have an employee base of 135 nationalities across the business. Effective 1 March 2024, 24
nationalities are represented on the SLT and the senior leadership level directly below the SLT and two out of 18 memberson the SLT are women (same ratio as last reporting year). Reference is made to section 4 of this Corporate GovernanceStatement for a short biography of each of the members of the SLT, including their qualifications and background. The
overall representation of women in senior management in our company was 29% in 2023 versus 28% in 2022. AB InBev
continues working to build diverse teams while considering the relevant skills, education, experience and background of
employees.
AB InBev has a Diversity Policy and Principles as part of the company’s Global Code of Business Conduct, which includes
policies on anti-harassment, anti-discrimination and human rights. This policy aims at cultivating and maintaining a diverse
and inclusive workplace. We also engage with our colleagues through our annual engagement survey. The survey includes
feedback on rewards, recognition, well-being, inclusion and comfort level reporting potential unethical behavior or othercomplaints without fear of retaliation.

AB InBev – Annual Report 2023  191

2. The Board of Directors
2.1. Structure and composition
The Board of Directors currently consists of 15 members, all of whom are non-executives.
The roles and responsibilities of the Board, its composition, structure and organization are described in detail in AnheuserBusch InBev’s Corporate Governance Charter. This Corporate Governance Charter includes the criteria that directors mustsatisfy to qualify as independent directors.
Unless the shareholders’ meeting decides on a shorter term, directors (other than the Restricted Share Directors) areappointed for a maximum term of four years, which is renewable. In accordance with article 19.4 (b) of our Articles of
Association, Restricted Share Directors are appointed for renewable terms ending at the next ordinary shareholders’ meeting
following their appointment.
The appointment and renewal of mandates of directors (i) is based on a recommendation of the Nomination Committee,
taking into account the rules regarding the composition of the Board that are set out in the Articles of Association (e.g., rules
regarding number of independent directors and directors appointed upon proposal of the AB InBev Reference Shareholder
and the Restricted Shareholders), and (ii) is subject to approval by the shareholders’ meeting.
The annual general meeting of the Company held on 26 April 2023 approved a proposal to revise the Board composition
rules through an amendment of the Articles of Association, increasing the number of independent directors on the Board
from three to four and decreasing the number of directors appointed upon proposal of our Reference Shareholder from nine
to eight. Consequently, pursuant to the amended Articles of Association, the Board is composed as follows, reflecting theCompany’s particular shareholder structure:•

four directors shall be independent directors appointed by the shareholders’ meeting upon proposal by the Board;and•so long as the Stichting Anheuser-Busch InBev (the Reference Shareholder) and/or any of its Affiliates, any of theirrespective Successors or Successors' Affiliates own, in aggregate, more than 30% of shares with voting rights inthe share capital of the company, eight directors shall be appointed by the shareholders’ meeting upon proposalby the Reference Shareholder and/or any of its Affiliates, any of their respective Successors or Successors'
Affiliates; and•so long as the holders of Restricted Shares (the Restricted Shareholders) (together with their Affiliates, any of theirrespective Successors and/or Successors' Affiliates) own in aggregate:−

more than 13.5% of the Shares with voting rights in the share capital of the company, three directors will
be appointed by the shareholders’ meeting upon proposal by the Restricted Shareholders (each suchdirector a Restricted Share Director);−

more than 9% but not more than 13.5% of the Shares with voting rights in the share capital of the company,
two Restricted Share Directors will be appointed;−

more than 4.5% but not more than 9% of the Shares with voting rights in the share capital of the company,
one Restricted Share Director will be appointed; and−4.5% or less than 4.5% of the Shares with voting rights in the share capital of the company, they will nolonger have the right to propose any candidate for appointment as a member of the Board and no
Restricted Share Directors will be appointed.

The Articles of Association set out detailed rules regarding the calculation of the company’s share capital owned by the
Reference Shareholder and the Restricted Shareholders for the purpose of determining director nomination rights. Affiliates
and Successors have the meaning set out in the Articles of Association.
The composition of the Board will be balanced primarily considering the respective skills, education, experience andbackground of each of the Board members.
AB InBev fully complies with the Belgian Code of Corporate Governance, which recommends that companies have at least
three independent directors.

AB InBev – Annual Report 2023  192

According to the Belgian Companies Code, at least one third of the directors have to be women. As a newly listed company
having securities admitted to trade on Euronext Brussels on 11 October 2016, AB InBev needed to comply with this gender
diversity requirement as from 1 January 2022. The company, however, has already been compliant with this gender diversity
requirement since April 2019, with five women currently on the Board (out of a total of 15 Board members). AB InBev willcontinue its efforts towards fostering gender diversity on its Board in the coming years.
At the annual shareholders’ meeting held on 26 April 2023, the Board mandates of Ms. Mariasun Aramburuzabala, Mr.
William F. Gifford, Mr. Elio Leoni Sceti, Ms. Xiaozhi Liu and Ms. Cecilia Sicupira ended. Ms. Lynne Biggar, Ms. AradhanaSarin and Mr. Dirk Van de Put were appointed as new independent Directors for a term of four years. Likewise, Ms. Heloisa
Sicupira was appointed as a new member of the Board, and the mandates of Ms. Sabine Chalmers and Mr. Claudio Garcia
were renewed, for a term of four years upon proposal of the Reference Shareholder.
In addition, the mandates of all three Restricted Share Directors ended at the annual shareholders’ meeting held on 26 April
2023. In accordance with article 19.4 (b) of our Articles of Association, the mandates of Messrs. Martin J. Barrington andAlejandro Santo Domingo were renewed for a one year term ending at the upcoming annual shareholders’ meeting to beheld on 24 April 2024. Likewise, Mr. Salvatore Mancuso was appointed as a new member of the Board for a one year term
as a successor to Mr. William F. Gifford.
The composition of Anheuser-Busch InBev’s Board of Directors at the end of the reporting period is as follows:
Date of birth
Name
Nationality
Independent Directors

Current TermstartedTerm
expires

1962,
Non-Executive Independent director
AmericanMichele Burns
1958,
Non-Executive Independent director
AmericanAradhana Sarin
1974,
Non-Executive Independent director
AmericanDirk Van de Put
1960,
Non-Executive Independent director
BelgianDirectors upon proposal of the AB InBev Reference Shareholder

2023

2027

2020

2024

2023

2027

2023

2027

Paul Cornet deWays Ruart
Sabine Chalmers

1968,
Non-Executive director, nominated by the holders of
Belgianclass A Stichting Anheuser-Busch InBev certificates1965,
Non-Executive director, nominated by the holders ofAmericanclass A Stichting Anheuser-Busch InBev certificates
Grégoire de1966,
Non-Executive director, nominated by the holders of
Spoelberch
Belgianclass A Stichting Anheuser-Busch InBev certificates
Alexandre Van
1962,
Non-Executive director, nominated by the holders of
Damme
Belgianclass A Stichting Anheuser-Busch InBev certificates
Claudio Garcia
1968,
Non-Executive director, nominated by the holders ofBrazilianclass B Stichting Anheuser-Busch InBev certificates
Paulo Lemann
1968,
Non-Executive director, nominated by the holders ofBrazilianclass B Stichting Anheuser-Busch InBev certificates
Nitin Nohria
1962,
Non-Executive director, nominated by the holders ofAmericanclass B Stichting Anheuser-Busch InBev certificates
Heloisa Sicupira
1987,
Non-Executive director, nominated by the holders ofBrazilianclass B Stichting Anheuser-Busch InBev certificates
Directors upon proposal of the Restricted Shareholders (Restricted Share Directors)

2020

2024

2023

2027

2020

2024

2020

2024

2023

2027

2020

2024

2022

2026

2023

2027

Martin J.
Barrington
Salvatore
Mancuso
Alejandro Santo
DomingoNon-Executive director, nominated by Altria

2023

2024

Non-Executive director, nominated by Altria

2023

2024

Non-Executive director, nominated by Bevco

2023

2024

Function

Lynne Biggar

1953,
American
1965,
American1977,
Colombian

AB InBev – Annual Report 2023  193

Mr. Barrington is a representative of the Restricted Shareholders. Born in 1953, he is an American citizen and graduatedfrom Albany Law School of Union University with a Juris Doctorate Degree. He is the retired Chairman, Chief Executive
Officer and President of Altria Group. During his 25 years at Altria Group, he served in numerous legal and business roles
for Altria and its companies. These include Vice Chairman of Altria Group; Executive Vice President and Chief Administrative
Officer of Altria Group; Senior Vice President and General Counsel of Philip Morris International (a separate public company
spun-off from Altria Group in 2008); and Senior Vice President and General Counsel of Philip Morris USA. Before joining
Altria, Mr. Barrington practiced law in both the government and private sectors.
Ms. Biggar is an independent member of the Board. Born in 1962, she is a US citizen and graduated from Stanford
University with a Bachelor’s Degree in International Relations and holds an MBA from Columbia Business School. She is a
Senior Advisor at the Boston Consulting Group and is an independent Board director of Voya Financial, Inc., a leading
health, wealth and investment company based in the US, and of Finastra, a financial software company headquartered in
the UK. She is also an independent Executive Committee member of Leading Hotels of the World. Ms. Biggar was Executive
Vice President and Global Chief Marketing Officer at Visa from 2016 to 2022. Prior to joining Visa, she served as executive
vice president of consumer marketing and revenue for Time, Inc., and before that, she spent more than 20 years at American
Express in a variety of leadership positions. Ms. Biggar is also a Board member of The New 42nd Street and the global
media trade group MMA Global.
Ms. Burns is an independent member of the Board. Born in 1958, she is an American citizen and graduated Summa Cum
Laude from the University of Georgia with a Bachelor’s Degree in Business Administration and a Master’s Degree in
Accountancy. Ms. Burns was the Chairman and Chief Executive Officer of Mercer LLC from 2006 until 2012. She currently
serves on the Boards of Directors of The Goldman Sachs Group, Goldman Sachs International, Etsy and Circle Online
Financial, a private company. From 2003 until 2013, she served as a director of Wal-Mart Stores. From 2013 to 2023, she
served on the Board of Cisco Systems. From 2014 until 2018, she served on the Board of Alexion Pharmaceuticals. She
currently serves on the Advisory Council of the Stanford Center on Longevity at Stanford University. Ms. Burns began her
career in 1981 at Arthur Andersen, where she became a partner in 1991. In 1999, she joined Delta Air Lines, assuming therole of Chief Financial Officer from 2000 to 2004. From 2004 to 2006, Ms. Burns served as Chief Financial Officer and Chief
Restructuring Officer of Mirant Corporation, an independent power producer. From March 2006 until September 2006, Ms.
Burns served as the Chief Financial Officer of Marsh and McLennan Companies.
Ms. Chalmers is a representative of the main shareholders (nominated by Eugénie Patri Sébastien S.A., the holder of theClass A Stichting certificates). Born in 1965, Ms. Chalmers is a dual American-British citizen and holds a Bachelor’s Degreein Law from the London School of Economics. She is qualified to practice law in England and New York State. Ms. Chalmers
is the General Counsel, Company Secretary and Director of Regulatory Affairs of BT Group plc and is also a member of the
Court of Directors of the Bank of England. Prior to joining BT, she was the Chief Legal and Corporate Affairs Officer andSecretary to the Board of Directors of AB InBev, a role she held from 2005 to 2017. Ms. Chalmers joined AB InBev after 12
years with Diageo plc where she held a number of senior legal positions including as General Counsel of the Latin Americanand North American businesses. Prior to Diageo plc, she was an associate at the law firm of Lovell White Durrant in London,
specializing in mergers and acquisitions.
Mr. Cornet de Ways Ruart is a representative of the main shareholders (nominated by Eugénie Patri Sébastien S.A., theholder of the Class A Stichting certificates). Born in 1968, he is a Belgian citizen and holds a Master’s Degree as aCommercial Engineer from the Catholic University of Louvain and an MBA from the University of Chicago. He has attended
the Master Brewer program at the Catholic University of Louvain. From 2006 to 2011, he worked at Yahoo! and was incharge of Corporate Development for Europe before taking on additional responsibilities as Senior Financial Director for
Audience and Chief of Staff. Prior to joining Yahoo!, Mr. Cornet was Director of Strategy for Orange U.K. and spent sevenyears with McKinsey & Company in London and Palo Alto, California. He is also a non-executive director of EPS, Adrien
Invest, Floridienne S.A. and several privately held companies.
Mr. Garcia is a representative of the main shareholders (nominated by BRC S.à.R.L., the holder of the class B Stichting
certificates). Born in Brazil in 1968, he is a Brazilian citizen and is a graduate from Universidade Estadual do Rio de Janeiro,
Brazil with a B.A. in Economics. Mr. Garcia interned at Companhia Cervejaria Brahma in 1991 and was employed as aManagement Trainee in February 1993. From 1993 until 2001, Mr. Garcia worked in several positions in finance, mainly inthe area of corporate budgeting. In 2001, he started the first Shared Service Center for Ambev and in 2003 he became thehead of both the Technology and Shared Services operations. Mr. Garcia participated in all M&A integration projects from1999 until 2018. In 2005, he was appointed Chief Information and Shared Service Officer for InBev (following the
combination of Ambev and Interbrew) in Leuven, Belgium. From 2006 to 2014, Mr. Garcia combined the functions of Chief
People and Technology Officer. From 2014 to January 2018, Mr. Garcia was the Chief People Officer of Anheuser-BuschInBev. Mr. Garcia is a board member of Americanas SA, the Garcia Family Foundation, Chairman of the Telles Foundation
and a Trustee at the Chapin School in New York City.

AB InBev – Annual Report 2023  194

Mr. Lemann is a representative of the main shareholders (nominated by BRC S.à.R.L., the holder of the class B Stichting
certificates). Born in Brazil in 1968, he is a Brazilian citizen and graduated from Faculdade Candido Mendes in Rio deJaneiro, Brazil with a B.A. in Economics. Mr. Lemann interned at PriceWaterhouse in 1989 and was employed as an Analyst
at Andersen Consulting from 1990 to 1991. Mr. Lemann also performed equity analysis while at Banco Marka and Dynamo
Asset Management (both in Rio de Janeiro). From 1997 to 2004, he developed the hedge fund investment group at Tinicum
Inc., a New York-based investment office that advised the Synergy Fund of Funds, where he served as Portfolio Manager.
Mr. Lemann is a Founding Partner at Vectis Partners and is a board member of Americanas SA, Lemann Foundation andLone Pine Capital.
Mr. Mancuso is a representative of the Restricted Shareholders. Born in 1965, he is a US citizen and holds a Bachelor’s
Degree in Accounting from Iona College, USA. He serves as Executive Vice President and Chief Financial Officer for Altria
Group. Over the course of his more than 32 years with Altria, he has held a variety of leadership roles across the Finance,
Compliance and Strategy & Business Development organizations. Previous senior roles for Altria Group include Senior Vice
President, Finance & Procurement, and Treasurer & Vice President, Investor Relations and Accounting. Prior to joining the
Altria Group, Mr. Mancuso worked for Pittston Company. He also serves on the Board of the Greater Richmond Partnership.
Mr. Nohria is a representative of the main shareholders (nominated by BRC S.à.R.L., the holder of the class B Stichting
certificates). Born in 1962, he is an American citizen and graduated from Massachusetts Institute of Technology with a Ph.D.
in Management and from the Indian Institute of Technology, Bombay, with a Bachelor of Technology in Chemical
Engineering. Mr. Nohria started his career as a Harvard Business School faculty member in 1988 and served as its Deanfrom 2010 to 2020. He is currently a Professor at Harvard Business School and Chairman of Thrive Capital, a venture capitalfirm. Mr. Nohria also serves on the Boards of Directors of Alsym, The Bridgespan Group, Exor, Mass General Brigham, andRakuten Medical.
Mr. Santo Domingo is a representative of the Restricted Shareholders. Born in 1977, he is a US, Colombian and Spanish
citizen and obtained a B.A. in History from Harvard College. He is the Senior Managing Director at Quadrant Capital
Advisors, Inc. in New York City. He was a member of the Board of SABMiller Plc until 2016, where he was also ViceChairman of SABMiller Plc for Latin America. Mr. Santo Domingo is Chairman of the Board of Bavaria S.A. in Colombia. He
is Chairman of the Board of Valorem, a company which owns a diverse portfolio of industrial and media assets in Latin
America. Mr. Santo Domingo is also a director of Life Time Group Holdings, Inc., an owner and operator of fitness centersin the United States and Canada, Florida Crystals, the world’s largest sugar refiner, Caracol TV, Colombia’s leading
broadcaster, El Espectador, a leading Colombian newspaper, and Cine Colombia, Colombia’s leading film distribution andmovie theatre company. In the non-profit sector, he is Chair of the Wildlife Conservation Society and Fundación Santo
Domingo. He is also a Member of the Boards of The Metropolitan Museum of Art, The British Museum, DKMS, a foundation
dedicated to combatting leukemia and blood disorders, WNET, Mount Sinai Health System and Fundación Pies Descalzos,a foundation focused on assisting impoverished children in Colombia. He is a member of Harvard University’s Global
Advisory Council (GAC).
Dr. Sarin is an independent member of the Board. Born in 1974, she is a US citizen and holds a medical degree from the
University of Delhi, India, and an MBA degree from Stanford Business School, USA. Dr. Sarin is Executive Director andChief Financial Officer of AstraZeneca PLC since August 2021. Previously, she was Chief Financial Officer of Alexion, arare disease biopharmaceutical company. Prior to Alexion, she was Managing Director, Corporate and Investment Banking
at Citi Global Healthcare Banking, Managing Director of Healthcare Investment Banking at UBS, and worked at JP Morganin the Mergers & Acquisitions advisory group. Dr. Sarin started her career practicing medicine in India and Africa. She is amember of the Board of Governors of the American Red Cross.
Ms. Sicupira is a representative of the main shareholders (nominated by BRC S.à.R.L., the holder of the class B Stichting
certificates). Born in 1987, she is a Brazilian citizen and is a graduate from Columbia University (USA) with an MBA degreeand from Pontifícia Universidade Católica (Brazil) with a Bachelor’s Degree in Law, and is qualified to practice law in Brazil.
She previously served on the Board of São Carlos Empreendimentos S.A. from 2018-2021. Ms. Sicupira began her careerin 2011 as a lawyer specializing in capital markets. Since 2017 she has been an investment analyst and portfolio manager
at LTS Investments and prior to that she was an investment analyst at MSD Capital.
Mr. de Spoelberch is a representative of the main shareholders (nominated by Eugénie Patri Sébastien S.A., the holder of
the Class A Stichting certificates). Born in 1966, he is a Belgian citizen and holds an MBA from INSEAD. Mr. de Spoelberch
is an active private equity shareholder and his recent activities include shared Chief Executive Officer responsibilities for
Lunch Garden, the leading Belgian self-service restaurant chain. He is a member of the board of several family-owned
companies, such as Eugénie Patri Sébastien S.A., Verlinvest and Cobehold (Cobepa). He is also an administrator of the
Baillet-Latour Fund, a foundation that encourages social, cultural, artistic, technical, sporting, educational and philanthropic
achievements.

AB InBev – Annual Report 2023  195

Mr. Van Damme is a representative of the main shareholders (nominated by Eugénie Patri Sébastien S.A., the holder of
the Class A Stichting certificates). Born in 1962, he is a Belgian citizen and graduated from Solvay Business School,
Brussels. Mr. Van Damme joined the beer industry early in his career and held various operational positions within Interbrew
until 1991, including Head of Corporate Planning and Strategy. He has managed several private venture holding companies
and is currently a director of several family-owned companies such as Patri S.A. (Luxembourg).
Mr. Van de Put is an independent member of the Board. Born in 1960, he is a dual citizen of Belgium and the US and holds
a doctorate in veterinary medicine from the University of Ghent, Belgium. Mr. Van de Put is Chairman and CEO of Mondelēz
International, the global leader in biscuits and chocolate, since 2017. He joined Mondelēz from McCain Foods Limited, thelargest marketer and manufacturer of frozen French fries, potato specialties and appetizers, where he was President andCEO since 2010. Before joining McCain, he was President of the Global OTC Division of Novartis Inc., a Swiss
pharmaceutical company, and spent more than a decade with Groupe Danone, a maker of dairy, water, baby food andclinical nutrition products, where he served as President of the Americas Division and joint President of the Fresh Dairy
Division. In the first 15 years of his career, he held many sales and marketing roles in Europe and Latin America for Mars
Inc., as well as The Coca Cola Company, where he served as President, Coca Cola Caribbean. He is the co-Chair of theBoard of Directors at The Consumer Goods Forum, and has previously been a non-executive director of Mattel, a global toy
company and Keurig Dr Pepper, a coffee and drinks company.

2.2. Functioning
In 2023, the Board of Anheuser-Busch InBev held nine meetings, most of which were in person meetings. Certain of themeetings were held in the geographical zones in which the company has operations. On these occasions, the Board wasprovided with a comprehensive briefing of the relevant geographical zone and market, which included an overview of
performance, key challenges facing the market and the steps being taken to address the challenges. These visits also
provided the Board members with the opportunity to meet with employees, trainees, consumers, customers and otherstakeholders.
Other major Board agenda items in 2023 included the impact of and response to the ongoing conflict between Russia andUkraine; geopolitical and macro-economic developments; the long-range plan (10YP); achievement of targets; sales figuresand brand health, including Bud Light performance; reporting and budget (1YP); consolidated results; strategic direction;
culture and people, including diversity & inclusion (D&I) and management succession planning; executive compensation;
new and ongoing investment; capital market transactions; financial profile and deleveraging; capital allocation initiatives;transformation initiatives; external growth and acquisitions; marketing strategy; consumer insights; corporate social
responsibility and sustainability; risk management and compliance; cybersecurity and data privacy; as well as discussions
on governance and Board succession planning.
The average attendance rate at Board meetings in 2023 was 96%.
In 2023, the Board has been assisted by four Committees: the Audit Committee, the Finance Committee, the Remuneration
Committee and the Nomination Committee.
As per the date of this report, the composition of the Committees is as follows:

Martin J. Barrington
Lynne Biggar
Michele Burns
Sabine Chalmers
Paul Cornet de Ways Ruart
Grégoire de Spoelberch
Claudio Garcia
Paulo Lemann
Salvatore Mancuso
Nitin Nohria
Aradhana Sarin
Alejandro Santo Domingo
Heloisa Sicupira
Alexandre Van Damme
Dirk Van de Put

Audit
Committee
MemberMemberChair

Nomination
Committee
MemberFinanceCommittee

Remuneration
Committee

MemberMemberMemberMemberMember
Chair
Chair

Chair
MemberMemberMemberMemberMemberMemberMemberMember

AB InBev – Annual Report 2023  196

AUDIT COMMITTEEIn accordance with the requirements of the Belgian Companies Code, the Audit Committee is composed exclusively of nonexecutive Board members and at least one of its members qualifies as an independent director under Belgian law. In
addition, Ms. Burns and Ms. Sarin have extensive experience in accounting and audit matters. Reference is made to section
2.1 for short biographies and overviews of their qualifications and experience.
A majority of the voting members of the Audit Committee are independent directors as defined in the company’s Corporate
Governance Charter and all of them are independent as defined in Rule 10A-3(b)(1)(ii) under the US Securities Exchange
Act of 1934, as amended.
In 2023, the Audit Committee met eight times. During its meetings, the Committee reviewed the financial statements of thecompany, the annual report, half-yearly and quarterly statements, as well as related results announcements. The Committee
also considered issues arising from internal audits conducted by the Internal Audit department and the implementation of
the company’s Compliance Program. Obligations under the Sarbanes Oxley Act, the review of the independence of theexternal auditor, the company’s data privacy and cybersecurity programs, developments in sustainability reporting
regulations and a quarterly status update of significant litigation were some of the other important topics on the agenda of
the Committee in 2023. The members of the Committee attended all meetings (100% average attendance rate).
FINANCE COMMITTEEThe Finance Committee met six times in 2023. Committee discussions included treasury updates and overall risk
management strategy including, but not limited to risks related to commodities, interest rates, currencies and liquidity,
hedging policies, the debt profile and capital structure of the group, pensions, dividends and share buy-backs. The membersof the Committee attended all meetings, except for Mr. Gifford and Mr. Mancuso each of whom was excused at one meeting(95% average attendance rate).
NOMINATION COMMITTEEThe Nomination Committee’s principal role is to guide the Board succession process. The Committee identifies persons
qualified to become Board members and recommends director candidates for nomination by the Board and appointment by
the shareholders’ meeting.
The Nomination Committee met three times in 2023. Discussions included the nomination of directors for appointment or
renewal, Board and Board Committee composition, management targets, the global management trainee program, D&I
initiatives and progress, and succession planning for key executive functions. In 2023, the Nomination Committee also
oversaw the on-boarding program for the new Directors who joined our Board on 26 April 2023. The members of theCommittee attended all meetings (100% average attendance rate).
REMUNERATION COMMITTEEIn accordance with the requirements of the Belgian Companies Code, the Remuneration Committee is composed exclusively
of non-executive Board members and a majority of its members, i.e. Ms. Michele Burns and Mr. Dirk Van de Put, qualify as
independent directors under Belgian law.
The Remuneration Committee’s principal role is to guide the Board on decisions relating to the remuneration policies for the
Board, the CEO, the Executive Committee (ExCom) and the Senior Leadership Team (SLT) and on individual remuneration
packages of directors, the CEO and other members of the ExCom and members of the SLT.
The Remuneration Committee met five times in 2023. Discussions included achievement of targets, Executive and Board
compensation, executive shares and restricted stock units schemes, Long Term Incentive grants, compensation models
and special incentives. The members of the Committee attended all meetings (100% average attendance rate).

AB InBev – Annual Report 2023  197

2.3. Evaluation of the Board and its committees
For each financial year, the Board performs an evaluation of its performance at the initiative of the Chairman. The Board
discusses the results of this evaluation in executive session in the absence of management. A third party may act as
facilitator.
As part of this evaluation process, each director is requested to comment on and evaluate the following topics:•

effectiveness of Board and committee operations (e.g. checking that important issues are suitably prepared anddiscussed, time available for discussion of important policy matters, checking availability and adequacy of preread);•the qualifications and responsibilities of individual directors (e.g. actual contribution of each director, the director’spresence at the meetings and his/her involvement in discussions, impact of changes to the director’s other relevant
commitments outside the company);••effectiveness of oversight of management and interaction with management;
composition and size of the Board and committees. Examples of relevant criteria that are considered include:−

director independence: an affirmative determination as to independence in accordance with theindependence criteria published in the Corporate Governance Charter.

−

other commitments of directors: the outside Board commitments of each director enhance experience andperspective of directors, but will be reviewed on a case-by-case basis to ensure that each director candevote proper attention to the fulfilment of his oversight responsibilities.

−

disqualifying circumstances: certain circumstances may constitute a disqualification for membership on
the Board (e.g. Board membership of a major supplier, customer or competitor of the company,
membership of a federal or regional government). Circumstances will be evaluated on a case-by-casebasis to ensure that directors are not conflicted.

−

skills and previous contributions: the company expects that all directors prepare for, attend and participate
actively and constructively in all meetings; exercise their business judgment in good faith; focus theirefforts on ensuring that the company’s business is conducted so as to further the interests of theshareholders; and become and remain well informed about the company, relevant business and economic
trends and about the principles and practices of sound Corporate Governance.

Following review and discussion of the responses, the Chairman of the Board may table proposals to enhance theperformance or effectiveness of the functioning of the Board. Advice can be requested from a third-party expert.
The evaluation of the Audit Committee is a recurring agenda item for the Committee and is performed about once a year.
This evaluation is discussed at a Committee meeting and includes assessment of its planning going forward, theappropriateness of the time allocated to its various areas of responsibility, its composition and any areas for improvement.
Any major action points resulting therefrom are reported to the Board.

2.4. Certain transactions and other contractual
relationships
There are no transactions or other contractual relationships to be reported between the company and its Board membersthat gave rise to conflicting interests as defined in the Belgian Companies Code.
The company is prohibited from making loans to directors, whether for the purpose of exercising options or for any otherpurpose.

AB InBev – Annual Report 2023  198

3. Chief Executive Officer
and Executive Management
The Chief Executive Officer (CEO) is entrusted by the Board with the responsibility for the day-to-day management of thecompany. The CEO has direct operational responsibility for the entire company. The CEO leads an Executive Committee(ExCom) which comprises the CEO, the Chief Financial Officer, the Chief Strategy and Technology Officer and the Chief
Legal & Corporate Affairs Officer.
The ExCom was established with effect as from 1 January 2019 and is the successor to the former Executive Board ofManagement. It reports to the CEO and works with the Board on matters such as corporate governance, generalmanagement of our company and the implementation of corporate strategy as defined by our Board. The ExCom performs
such other duties as may be assigned to it from time to time by the CEO or the Board.
As per 1 January 2024, our Executive Committee consisted of the following members:Michel Doukeris

CEODavid Almeida

Chief Strategy and Technology Officer

Fernando Tennenbaum

Chief Financial Officer

John Blood

Chief Legal and Corporate Affairs Officer
and Corporate Secretary

AB InBev – Annual Report 2023  199

4. Senior Leadership TeamThe Senior Leadership Team (SLT) was established with effect as from 1 January 2019. The SLT reports to the Chief
Executive Officer and consists of the members of the ExCom, all other functional Chiefs and Zone CEOs, including the Chief
Executive Officer of Ambev and the Chief Executive Officer of Bud APAC, who report to the Board of Directors of Ambev
and Bud APAC respectively.
The SLT has an advisory role to the Board and the ExCom and drives the commercial and operational agenda, reflecting
the strategy set out by the Board. In addition, the SLT performs such duties as may be assigned to it from time to time by
the CEO, ExCom or the Board.
As per 1 January 2024, our Senior Leadership Team consisted of the following members:Michel Doukeris – CEOMembers of the ExCom (other than the CEO)David Almeida
Chief Strategy and Technology Officer
John Blood
Chief Legal & Corporate Affairs Officer
and Corporate Secretary
Fernando Tennenbaum
Chief Financial Officer
Other Functional Chiefs

Zone CEOs
Jan Craps
Jean Jereissati

Asia Pacific (APAC)
South America

Carlos Lisboa
Cassiano de Stefano

Middle America
AfricaEzgi Barcenas*
Nick Caton
Katherine M. Barrett
Lucas Herscovici
Nelson Jamel
Donna Lorenson
Marcel Marcondes
Ricardo Moreira
Ricardo Tadeu

Jason Warner
Brendan Whitworth

EuropeNorth America

Chief Sustainability Officer
Chief B2B Officer
General Counsel
Chief Direct-to-Consumer Officer
Chief People Officer
Chief Communications Officer
Chief Marketing Officer
Chief Supply Officer
Chief Growth Officer* Ezgi Barcenas has decided to leave AB InBev, effective 1 March 2024, to take on a different professional opportunity.

Michel Doukeris is AB InBev’s Chief Executive Officer since 1 July 2021. Born in 1973, he is a Brazilian citizen and holdsa Degree in Chemical Engineering from Federal University of Santa Catarina in Brazil and a Master’s Degree in Marketingfrom Fundação Getulio Vargas, also in Brazil. He has also completed post-graduate programs in Marketing and Marketing
Strategy from the Kellogg School of Management and Wharton Business School in the United States. Mr. Doukeris joined
AB InBev in 1996 and held a number of commercial operations roles in Latin America before moving to Asia where he led
AB InBev’s China and Asia Pacific operations for seven years. In 2016 he moved to the U.S. to assume the position of global
Chief Sales Officer. Prior to his appointment as CEO, Mr. Doukeris led Anheuser-Busch and the North American businesssince January 2018.
David Almeida is AB InBev’s Chief Strategy and Technology Officer since 29 April 2020. Born in 1976, he is a dual citizenof the U.S. and Brazil and holds a Bachelor’s Degree in Economics from the University of Pennsylvania. Most recently, heserved as Chief Strategy and Transformation Officer and before that as Chief Integration Officer and Chief Sales Officer adinterim having previously held the positions of Vice President, U.S. Sales and of Vice President, Finance for the North
American organization. Prior to that, he served as InBev’s head of mergers and acquisitions, where he led the combination
with Anheuser-Busch in 2008 and subsequent integration activities in the U.S. Before joining the group in 1998, he worked
at Salomon Brothers in New York as a financial analyst in the Investment Banking division.
Katherine Barrett is AB InBev’s General Counsel. Born in 1970, she is a U.S. citizen and holds a bachelor’s degree inBusiness Administration from Saint Louis University and a Juris Doctorate degree from the University of Arizona. Ms. Barrett
joined Anheuser-Busch in 2000 as a litigation attorney in the Legal Department. She most recently served as Vice President,
U.S. General Counsel & Labor Relations, where she was responsible for overseeing all legal issues in the U.S. includingcommercial, litigation and regulatory matters and labor relations. Prior to joining the company, Ms. Barrett worked in private
practice at law firms in Nevada and Missouri.

AB InBev – Annual Report 2023  200

John Blood is AB InBev’s Chief Legal & Corporate Affairs Officer and Company Secretary. Born in 1967, Mr. Blood is a
U.S. citizen and holds a bachelor’s degree from Amherst College and a JD degree from the University of Michigan Law
School. Mr. Blood joined AB InBev in 2009 as Vice President Legal, Commercial and M&A. Most recently Mr. Blood was AB
InBev’s General Counsel. Prior to the latter role, he was Zone Vice President Legal & Corporate Affairs in North America
where he has led the legal and corporate affairs agenda for the United States and Canada. Prior to joining the company,
Mr. Blood worked on the legal team in Diageo’s North American business and also was in private practice at a New York
City law firm.
Nick Caton, is AB InBev’s Chief B2B Officer since April 2022. Born in 1982, he is a U.S. citizen and received a bachelor’s
degree in mathematics from Stanford University and a law degree from Yale Law School. Mr. Caton has been with AB InBev
for over 10 years, most recently as Chief Financial Officer for Anheuser-Busch. During his time at the company, Mr. Catonhas held roles in finance, technology and sales in the North America Zone, Asia-Pacific Zone, BEES, and GHQ. Prior to AB
InBev, Mr. Caton was with McKinsey and with Skadden Arps LLP.
Jan Craps is AB InBev’s CEO Asia Pacific Zone since 1 January 2019 and CEO and Co-Chair of Budweiser Brewing
Company APAC since 8 May 2019. Born in 1977, he is a Belgian citizen and obtained a Degree in Business Engineeringfrom KU Brussels and a Master’s Degree in Business Engineering from KU Leuven, Belgium. Mr. Craps was an associate
consultant with McKinsey & Company before joining Interbrew in 2002. He acquired a range of international experiences ina number of senior marketing, sales and logistics executive positions in France and Belgium. In 2011, he relocated to
Canada where he was appointed Head of Sales for Canada followed by his appointment as President and CEO of Labatt
Breweries of Canada in 2014. Until 31 December 2018, he held the position of Zone President Asia Pacific South.
Lucas Herscovici is AB InBev’s Chief Direct-To-Consumer Officer since April 2022. Born in 1977, he is an Argentinean
citizen and received a Degree in Industrial Engineering from Instituto Tecnológico de Buenos Aires. Mr. Herscovici joined
the group in 2002 as a Global Management Trainee in Latin America South Zone and has built his career in Marketing andSales. After years of leading Sales Strategy in Argentina, he moved to the Global Headquarters and in 2011 was responsible
for opening the “Beer Garage”, AB InBev’s Global digital innovation office, based out of Palo Alto, California. After leading
Digital Marketing and Consumer connections for USA, he later became Global Marketing VP of Insights, Innovation andConsumer Connections and held such role until 31 December 2018, when he became Chief Non-Alcohol Officer, a position
he held until August 2020. He most recently served as Chief Sales Officer until April 2022.
Nelson Jamel is AB InBev’s Chief People Officer since 29 April 2020. Born in 1972, he is a Brazilian citizen and holds abachelor’s and master’s degree in industrial engineering from the Universidade Federal do Rio de Janeiro. His more than
20-year journey with AB InBev has taken him from leading finance roles in Brazil to the Dominican Republic, through Western
Europe and North America. Prior to his current role, he served as the Vice President of Finance and Technology for the
North America Zone.
Donna Lorenson is AB InBev’s Chief Communications Officer since November 2023. Born in 1973, she is an American
citizen and holds a bachelor’s degree from the University of Idaho. Ms. Lorenson has more than 23 years of deep expertiseleading global teams in consumer packaged goods and highly regulated industries. Most recently, she served as Chief
Corporate Affairs Officer at Kenvue, the world’s largest pure-play consumer health company. Previously, she led Global
Communications & Public Affairs for the Consumer Health business at Johnson & Johnson. Prior to joining Johnson &Johnson, Ms. Lorenson held leadership positions at Alcon as Head of US Communications, and at Edelman in their
Washington, D.C., and New York offices. Before entering the field of public relations, Donna served in the U.S. Army as a
Military Police Officer and was stationed in Ansbach, Germany.
Jean Jereissati Neto is AB InBev’s CEO South America Zone and CEO of Ambev. Born in 1974, he is a Brazilian citizen
and received a Degree in Business Administration from Fundação Getúlio Vargas (FGV) and an Executive Education at
Insead and Wharton. Mr. Jereissati joined Ambev in 1998 and held various positions in Sales and Trade Marketing prior to
becoming CEO of Cerveceria Nacional Dominicana, in 2013, making a successful integration with CND. In 2015, he joined
Asia and Pacific North Zone to become Business Unit President for China and in 2017 he was appointed Zone President of
the Zone, leading one of the most complex and fast-growing business. Most recently, Mr Jereissati held the role of Business
Unit President for Brazil.
Carlos Lisboa is AB InBev’s CEO Middle America Zone since 1 January 2019. Born in 1969, he is a Brazilian citizen andreceived a Degree in Business Administration from the Catholic University of Pernambuco and a Marketing specializationfrom FESP, both in Brazil. Mr. Lisboa joined Ambev in 1993 and has built his career in Marketing and Sales. He was
responsible for building the Skol brand in Brazil in 2001 and after that became Marketing Vice President for AB InBev’s Latin
American North Zone. Mr. Lisboa then led the International Business Unit in AB InBev’s Latin America South Zone for two
years prior to becoming Business Unit President for Canada. In 2015, he was appointed Marketing Vice President for AB
InBev’s Global Brands. Most recently, Mr. Lisboa held the role of Zone President Latin America South until 31 December
2018.

AB InBev – Annual Report 2023  201

Marcel Marcondes is AB InBev’s Chief Marketing Officer since April 2022. Born in 1975, he is a Brazilian citizen and holds
a Master’s Degree in business administration from the Business School São Paulo. Mr. Marcondes has been with thecompany since 2005, most recently as Global President, Beyond Beer Co. From 2017 to 2021, Mr. Marcondes was theChief Marketing Officer at Anheuser-Busch, where he led the marketing strategy for a broad portfolio of some of the world’s
largest beer brands. Mr. Marcondes sits on the Board of the Association of National Advertisers (ANA) and is a member of
the Cannes Lions CMO Growth Council. He also sits on Adweek’s Diversity & Inclusion Council and leads Anheuser-Busch’s
partnerships with AIMM’s #SeeHer and #SeeAll to promote multicultural marketing. Before joining AB InBev, Mr. Marcondes
spent seven years in brand management at Unilever.
Ricardo Moreira is AB InBev’s Chief Supply Officer since 1 January 2024. Born in 1971, he is a Portuguese citizen andreceived a Degree in Mechanical Engineering from Rio de Janeiro Federal University in Brazil and a specialization in
Management from University of Chicago in the U.S. Mr. Moreira joined Ambev in 1995 and held various positions in theSales and Finance organizations prior to becoming Regional Sales Director in 2001. He subsequently held positions as Vice
President Logistics & Procurement for Latin America North, Business Unit President for Hispanic Latin America (HILA) andVice President Soft Drinks Latin America North. In 2013, Mr. Moreira moved to Mexico to head AB InBev’s Sales, Marketingand Distribution organizations and lead the commercial integration of Grupo Modelo. Most recently, Mr. Moreira held therole of CEO Africa Zone until 31 December 2023 and, prior to that, of Zone President Latin America COPEC until 31
December 2018.
Cassiano de Stefano is AB InBev’s CEO Africa Zone since 1 January 2024. Born in 1974, he is a Brazilian citizen andholds a degree in civil engineering from Unicamp and a Master’s in Business Administration from the University of Sao
Paulo. He also has postgraduate certifications in business, sales, marketing, logistics, and administration from The Wharton
School, INSEAD, the Kellogg School of Management, and Stanford University. Mr. de Stefano has been with AB InBev forover 24 years, most recently serving as President of Grupo Modelo in México. During his time at the company, Cassiano
has held various management roles in Sales and Logistics, in Brazil and Russia. Prior to his movement to Mexico, he was
Logistics Vice President and Vice President of High End Co for AmBev.
Ricardo Tadeu is AB InBev’s Chief Growth Officer since April 2022. Born in 1976, he is a Brazilian citizen, and received alaw degree from the Universidade Cândido Mendes in Brazil and a Master of Laws from Harvard Law School in Cambridge,
Massachusetts. He is also Six Sigma Black Belt certified. He joined Ambev in 1995 and has held various roles across theCommercial area. He was appointed Business Unit President for the operations in Hispanic Latin America in 2005, andserved as Business Unit President, Brazil from 2008 to 2012. He served as Zone President, Mexico from 2013 until his
appointment as Zone President Africa upon completion of the combination with SAB in 2016. Mr. Tadeu most recently
served as Chief B2B Officer, spearheading the creation of BEES, and before that he served as Chief Sales Officer until July
2020, and Zone President Africa until 31 December 2018.
Fernando Tennenbaum is AB InBev’s Chief Financial Officer since 29 April 2020. Born in 1977, he is a dual citizen of Brazil
and Germany and holds a degree in industrial engineering from Escola Politécnica da Universidade de São Paulo and acorporate MBA from Ambev. He joined the company in 2004, and has held various roles in the finance function (including
Treasury, Investor Relations and M&A). He most recently served as the Vice President of Finance (South America Zone)
and Chief Financial and Investor Relations Officer of Ambev S.A.
Jason Warner is AB InBev’s CEO Europe Zone since 1 January 2019. Born in 1973, he is a dual British and U.S. citizen
and received a BSc Eng Hons Industrial Business Studies degree from DeMontfort University in the United Kingdom. Prior
to his current role, he was Business Unit President for North Europe between 2015 and 2018. He joined AB InBev in July2009 as Global VP Budweiser, based in New York, before moving into a dual role of Global VP Budweiser and Marketing
VP. He has also held Global VP roles for Corona as well as Innovation and Renovation. Prior to joining AB InBev, he held
various positions at The Coca-Cola Company and Nestlé.
Brendan Whitworth is AB InBev’s CEO North America Zone and CEO of Anheuser-Busch since 1 July 2021. Born in 1976,
he is a US citizen and holds an MBA degree from Harvard Business School. Prior to his current role, he was Chief Sales
Officer of Anheuser-Busch. Mr. Whitworth joined AB InBev in 2013 as a Global Sales Director and went on to hold various
commercial leadership positions in the U.S., including Vice President U.S. Trade Marketing, and Vice President Sales U.S.
Northeast Region. Prior to joining AB InBev, Mr. Whitworth held a series of U.S. commercial leadership roles at PepsiCo
Frito-Lay. He also served in the US Marine Corps and Central Intelligence Agency.

AB InBev – Annual Report 2023  202

5. Internal Control and Risk
Management Systems
The Board of Directors and the ExCom, assisted by the SLT, were responsible for establishing and maintaining adequate
internal controls and risk management systems during the reporting period. Internal control is the process designed toprovide reasonable assurance regarding achievement of objectives related to effectiveness and efficiency of operations,reliability of financial reporting and compliance with applicable laws and regulations. Risk management is the process
designed to identify potential events that may affect the company and to manage risks to be within its risk appetite.
Without prejudice to the responsibilities of the Board as a whole, the Audit Committee oversees financial and business risk
management and discusses the process by which management assesses and manages the company’s exposure to thoserisks and the steps taken to monitor and control such exposure.
The major risks and uncertainties faced by the company are described in the Risks and Uncertainties section of theManagement report in AB InBev’s annual report.
The company has established and operates its internal control and risk management systems based on guidelines issued
by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The internal control system is based
upon COSO’s Internal Control – Integrated Framework of 2013 and the risk management system is based on COSO’s
Enterprise Risk Management Framework of 2017.

5.1 Financial reporting
The ExCom, assisted by the SLT, was responsible for establishing and maintaining adequate internal controls over financial
reporting during the reporting period. The company’s internal control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with International Financial Reporting Standards (IFRS). Internal controls over financial reporting
include those written policies and procedures that:

•
•
•
•

pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions anddispositions of company assets;
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with IFRS;
provide reasonable assurance that receipts and expenditures are being made only in accordance with authorizationof management and directors of the company; andprovide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use ordisposition of assets that could have a material effect on the consolidated financial statements.

Internal control over financial reporting includes the assessment of the relevant risks and the identification and monitoringof key controls and actions taken to correct deficiencies as identified. Because of its inherent limitations, internal control overfinancial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degreeof compliance with the policies or procedures may deteriorate.
Senior management assessed the effectiveness of the company’s internal control over financial reporting as of 31 December
2023. As indicated above, management based this assessment on criteria for effective internal control over financial
reporting described in “Internal Control — Integrated Framework” issued by COSO in May 2013. The assessment included
an evaluation of the design of the company’s internal control over financial reporting and testing of its operational
effectiveness. Based on this assessment, it was determined that, as of 31 December 2023, the company maintained
effective internal control over financial reporting.
The Board of Directors and the Audit Committee reviewed management’s assessment. The review related among otherthings to ensuring that there are no significant deficiencies or material weaknesses in the design or operation of internal
controls over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process,summarize and report financial information, and to the existence of any fraud, whether or not material, that involves
management or other employees who have a significant role in the company’s internal control over financial reporting.

AB InBev – Annual Report 2023  203

In addition, as a result of the listing of Anheuser-Busch InBev on the New York Stock Exchange, the company must adhere
to Section 404 of the US Sarbanes-Oxley Act of 2002. As a consequence, the company is required to provide on a yearlybasis a management report on the effectiveness of the company’s internal control over financial reporting, as described in
Section 404 of the US Sarbanes-Oxley Act of 2002 and the rules implementing the act. Management’s report and the
Statutory Auditor’s related opinion regarding the relevant financial year, will be included in the company’s Annual Report on
Form 20-F for such year, which is required to be filed with the US Securities and Exchange Commission.

5.2 Internal Audit
The company has a professional and independent internal audit (risk management) department. The appointment of the
Head of internal audit is reviewed by the Audit Committee. The Audit Committee reviews internal audit’s risk assessment
and annual audit plan and regularly receives internal audit reports for review and discussion.
Internal control deficiencies identified by internal audit are communicated in a timely manner to management and periodic
follow-up is performed to verify corrective action has been taken.

5.3 Compliance
AB InBev has an Ethics & Compliance Program which fosters a culture of ethics, integrity and lawful behavior. This program
includes a Code of Business Conduct and the Anti-Corruption Policy. During 2023, the Code of Business Conduct was
updated to reinforce key principles and policies. In addition, training on company policies was expanded in 2023 to reachmore colleagues and more topics. The Ethics & Compliance Program further promotes compliance with applicable laws andregulations and the completion of a periodic certification by management of compliance with the Code of Business Conduct.
A set of internal controls and a data analytics tool have been implemented and are periodically assessed by the Global andLocal Ethics & Compliance Committees and the Audit Committee.
The Global Ethics & Compliance Committee, chaired by the company’s Global Head of Ethics & Compliance, assesses
regulatory, ethical and compliance risks for the company from a global perspective and provides strategic direction for theactivities of the Ethics and Compliance function. On a quarterly basis, the Global Ethics & Compliance Committee reviews
the operation of the Compliance Program and follows-up on reports submitted through the company’s Compliance Helpline(a confidential whistle-blowing platform). In addition to the Global Ethics & Compliance Committee, each Zone has its own
Local Ethics & Compliance Committee, which addresses local ethics and compliance matters.
The Audit Committee reviews the operation of the Ethics & Compliance Program and the results of any compliance reviews
or reports submitted through the company’s global Compliance Helpline. On a regular basis, the Audit Committee also
reviews the significant legal, compliance and regulatory matters that may have a material effect on the financial statementsor the company’s operations, including material notices to or inquiries received from governmental agencies. In addition, theBoard of Directors dedicated time in 2023 to a review of the company’s compliance function and programs, including in theareas of data privacy and cybersecurity.

AB InBev – Annual Report 2023  204

6. Shareholders’ structure
6.1. Shareholders’ structure
The following table shows the shareholders' structure of Anheuser-Busch InBev as at 31 December 2023 based on (i)transparency declarations made by shareholders who are compelled to disclose their shareholdings pursuant to the Belgian
law of 2 May 2007 on the notification of significant shareholdings and the Articles of Association of the company, (ii)notifications made by such shareholders to the company on a voluntary basis on or prior to 31 December 2023 for the
purpose of updating the above information, (iii) notifications received by the company in accordance with Regulation (EU)No 596/2014 of the European Parliament and of the Council of 16 April 2014 and (iv) information included in public filings
with the US Securities and Exchange Commission.
Major shareholders
Holders of Ordinary Shares
1. Stichting Anheuser-Busch InBev, a stichting incorporated under Dutch law(the “Reference Shareholder”)
2. EPS Participations Sàrl, a company incorporated under Luxembourg law, affiliatedto EPS, its parent company
3. EPS SA, a company incorporated under Luxembourg law, affiliated to the Reference
Shareholder that it jointly controls with BRC
4. BRC Sàrl, a company incorporated under Luxembourg law, affiliated to theReference Shareholder that it jointly controls with EPS
5. Rayvax Société d’Investissements SA, a company incorporated under Belgian law
6. Fonds Verhelst SC, a company with a social purpose incorporated under Belgianlaw
7. Fonds Voorzitter Verhelst SC, a company with a social purpose incorporated under
Belgian law, affiliated to Fonds Verhelst SRL with a social purpose, that controls it
8. Stichting Fonds InBev-Baillet Latour, a stichting incorporated under Dutch law
9. Fonds Baillet Latour SC, a company incorporated under Belgian law, affiliated toStichting Fonds InBev-Baillet Latour under Dutch law, that controls it
10. Olia 2 AG, a company incorporated under Liechtenstein law, acting in concert with
Jorge Paulo Lemann within the meaning of Article 3, §2 of the Takeover Law
Holders of Restricted Shares
1. Altria Group Inc.(2)2. Bevco Lux Sàrl (3)Numberof Shares% of voting
rights (1)663,074,832

33.42%

133,846,578

6.75%

99,9990.01%

28,097,078

1.42%

50,000
0

0.00%
0.00%

6,997,665

0.35%

05,485,415

0.00%
0.28%

259,000

0.01%

185,115,417
96,862,718

9.33%
4.88%

(1) Holding percentages are calculated on the basis of the total number of shares in issue, excluding treasury shares (1,983,827,782). As at 31 December
2023, there were 2,019,241,973 shares in issue including 35,414,191 Ordinary Shares held in treasury by AB InBev and certain of its subsidiaries.
(2) In addition to the Restricted Shares listed above, Altria Group Inc. announced in its Schedule 13D beneficial ownership report on 11 October 2016 that,
following completion of the business combination with SAB, it purchased 11,941,937 Ordinary Shares in the company. Finally, Altria Group Inc. further
increased its position of Ordinary Shares in the company to 12,341,937, as disclosed in the Schedule 13D beneficial ownership report filed by Stichting
dated 1 November 2016, implying an aggregate ownership of 9.95% based on the number of shares with voting rights as at 31 December 2023.
(3) In addition to the Restricted Shares listed above, Bevco Lux Sàrl announced in a notification made on 17 January 2017 in accordance with the Belgian
law of 2 May 2007 on the notification of significant shareholdings, that it purchased 4,215,794 Ordinary Shares in the company. Bevco Lux Sàrl disclosed
to us that it increased its position of Ordinary Shares in the company to an aggregate of 6,000,000 Ordinary Shares, resulting in an aggregate ownershipof 5.19% based on the number of shares with voting rights as at 31 December 2023.

AB InBev – Annual Report 2023  205

The first ten entities mentioned in the table act in concert (it being understood that (i) the first nine entities act in concert
within the meaning of article 3, §1, 13º of the Belgian law of 2 May 2007 on the disclosure of significant shareholdings inissuers whose securities are admitted to trading on a regulated market and containing various provisions, implementing into
Belgian law Directive 2004/109/CE, and (ii) the tenth entity acts in concert with the first nine entities within the meaning ofarticle 3, §2 of the Belgian law of 1 April 2007 on public takeover bids) and hold, as per (i) the most recent notifications
received by AB InBev and the FSMA in accordance with (a) article 6 of the Belgian law of 2 May 2007 on the notification ofsignificant shareholdings or (b) Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April
2014, and (ii) notifications to the company made on a voluntary basis prior to 31 December 2023, in aggregate, 837,910,567
Ordinary Shares, representing 42.24% of the voting rights attached to the shares outstanding as of 31 December 2023
excluding treasury shares.

6.2. Shareholders’ arrangements
Stichting Anheuser-Busch InBev (the Reference Shareholder) has entered into shareholders’ agreements with (a) BRC,
EPS, EPS Participations, Rayvax Société d’Investissements SA (Rayvax), (b) Fonds Baillet Latour SC and Fonds Voorzitter
Verhelst SC with a social purpose, and (c) the largest holders of Restricted Shares in the company (the Restricted
Shareholders).
A. REFERENCE SHAREHOLDER’S AGREEMENT
In connection with the combination of Interbrew with Ambev in 2004, BRC, EPS, Rayvax and the Reference Shareholder
entered into a shareholders’ agreement on 2 March 2004 which provided for BRC and EPS to hold their interests in the old
Anheuser-Busch InBev through the Reference Shareholder (except for approximately 134 million shares held directly or
indirectly by EPS and approximately 28 million shares held directly by BRC based on the most recent shareholding
disclosure received by the company as at 31 December 2023). The shareholders’ agreement was amended and restatedon 9 September 2009. On 18 December 2013, EPS contributed to EPS Participations its certificates in the Reference
Shareholder and the shares it held in the old Anheuser-Busch InBev except for 100,000 shares. Immediately thereafter,
EPS Participations joined the concert constituted by BRC, EPS, Rayvax and the Reference Shareholder and adhered to theshareholders’ agreement. On 18 December 2014, the Reference Shareholder, EPS, EPS Participations, BRC and Rayvax
entered into a new shareholders’ agreement that replaced the previous shareholders’ agreement of 2009. On 11 April 2016,
the parties thereto entered into an amended and restated new shareholders’ agreement (the 2016 Shareholders’
Agreement). On April 27, 2023, the parties thereto entered into an amended and restated shareholders’ agreement (the2023 Shareholders’ Agreement), which replaced in its entirety the 2016 Shareholders’ Agreement. The 2023 Shareholders’
Agreement has primarily modified certain provisions for nominating members of the Board included in the 2016
Shareholders’ Agreement.
The 2023 Shareholders’ Agreement addresses, among other things, certain matters relating to the governance andmanagement of both AB InBev and the Reference Shareholder, as well as (i) the transfer of the Reference Shareholder
certificates, and (ii) the de-certification and re-certification process for the company’s shares (the Shares) and thecircumstances in which the Shares held by the Reference Shareholder may be de-certified and/or pledged at the request of
BRC, EPS and EPS Participations.
The 2023 Shareholders’ Agreement provides for restrictions on the ability of BRC and EPS/EPS Participations to transfer
their Reference Shareholder certificates.
Pursuant to the terms of the 2023 Shareholders’ Agreement, BRC and EPS/EPS Participations jointly and equally exercise
control over the Reference Shareholder and the Shares held by the Reference Shareholder. The Reference Shareholder ismanaged by an eight-member board of directors and each of BRC and EPS/EPS Participations have the right to appoint
four directors to the Reference Shareholder board of directors. Subject to certain exceptions, at least seven of the eight
Reference Shareholder directors must be present or represented in order to constitute a quorum of the Reference
Shareholder board, and any action to be taken by the Reference Shareholder board of directors will, subject to certain
qualified majority conditions, require the approval of a majority of the directors present or represented, including at least two
directors appointed by BRC and two directors appointed by EPS/EPS Participations. Subject to certain exceptions, alldecisions of the Reference Shareholder with respect to the Shares it holds, including how such Shares will be voted atshareholders’ meetings of AB InBev (Shareholders’ Meetings), will be made by the Reference Shareholder board of
directors.

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The 2023 Shareholders’ Agreement requires the Reference Shareholder board of directors to meet prior to eachshareholders’ meeting of AB InBev to determine how the Shares held by the Reference Shareholder are to be voted.
The 2023 Shareholders’ Agreement requires EPS, EPS Participations, BRC and Rayvax, as well as any other holder ofcertificates issued by the Reference Shareholder, to vote their Shares in the same manner as the Shares held by the
Reference Shareholder. The parties agree to effect any free transfers of their Shares in an orderly manner of disposal that
does not disrupt the market for the Shares and in accordance with any conditions established by the company to ensure
such orderly disposal. In addition, under the 2023 Shareholders’ Agreement, EPS, EPS Participations and BRC agree notto acquire any shares of Ambev’s capital stock, subject to limited exceptions.
Pursuant to the 2023 Shareholders’ Agreement, the Reference Shareholder board of directors will propose to theshareholders’ meeting of AB InBev eight candidates for appointment to the Board, among which each of BRC and EPS/EPS
Participations will have the right to nominate four candidates.
The 2023 Shareholders’ Agreement will remain in effect for an initial term until 27 August 2034. It will be automaticallyrenewed for successive terms of ten years each unless, not later than two years prior to the expiration of the initial or any
successive ten-year term, either party to the 2023 Shareholders' Agreement notifies the other of its intention to terminate
the 2023 Shareholders’ Agreement.
B. VOTING AGREEMENT BETWEEN THE REFERENCE SHAREHOLDER AND THE FOUNDATIONSIn addition, the Reference Shareholder has entered into a voting agreement with Fonds Baillet Latour SRL with a social
purpose (now Fonds Baillet Latour SC) and Fonds Voorzitter Verhelst SRL with a social purpose (now Fonds Voorzitter
Verhelst SC). This agreement provides for consultations between the three bodies before any shareholders’ meetings of AB
InBev to decide how they will exercise the voting rights attached to their Shares. Consensus is required for all items that are
submitted to the approval of any shareholders’ meetings. If the parties fail to reach a consensus, Fonds Baillet Latour SC
and Fonds Voorzitter Verhelst SC will vote their Shares in the same manner as the Reference Shareholder. The voting
agreement is valid until 1 November 2034.
C. VOTING AGREEMENT BETWEEN THE REFERENCE SHAREHOLDER AND SOME RESTRICTEDSHAREHOLDERS
On 8 October 2016, the Reference Shareholder and each holder of Restricted Shares (such holders being the Restricted
Shareholders) holding more than 1% of the company’s total share capital, being Altria Group Inc. and Bevco LTD, haveentered into a voting agreement, to which the company is also a party, under which notably:•

the Reference Shareholder is required to exercise the voting rights attached to its Ordinary Shares to give effect tothe directors’ appointment principles set out in articles 19 and 20 of the Articles of Association of the company;•

each Restricted Shareholder is required to exercise the voting rights attached to its Ordinary Shares and Restricted
Shares, as applicable, to give effect to the directors’ appointment principles set out in articles 19 and 20 of the
Articles of Association; and•each Restricted Shareholder is required not to exercise the voting rights attached to its Ordinary Shares andRestricted Shares, as applicable, in favour of any resolutions which would be proposed to modify the rights attached
to Restricted Shares, unless such resolution has been approved by a qualified majority of the holders of at least
75% of the Restricted Shareholder Voting Shares (as defined in the Articles of Association).

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7. Items to be disclosed pursuant to
Article 34 of the Belgian Royal Decreeof 14 November 2007
According to article 34 of the Belgian Royal Decree of 14 November 2007, Anheuser-Busch InBev hereby discloses thefollowing items:

7.1. Capital structure and authorizations granted to theBoard
The company’s share capital is divided in two categories of shares: all shares are ordinary shares (the Ordinary Shares),except for the restricted shares which were issued as part of the combination with SAB and remain outstanding from time
to time (the Restricted Shares). Since 11 October 2021, the Restricted Shares are convertible at the election of their holders
into new Ordinary Shares on a one-for-one basis. Following conversion requests made until 31 December 2023, as of 1
January 2024, 282,044,710 Restricted Shares remain outstanding compared to 1,737,197,263 outstanding Ordinary Shares.
As of that date, Ordinary Shares represented 86.03% of the capital while Restricted Shares represented 13.97% of thecapital. Ordinary Shares and Restricted Shares have the same rights except as set out in the Articles of Association.
Restricted Shares shall always be in registered form and shall not be listed or admitted to trading on any stock market.
Anheuser-Busch InBev may increase or decrease its share capital with the specific approval of a shareholders’ meeting.
The shareholders may also authorize the Board of Directors to increase the share capital. Such authorization must be
limited in time and amount. In either case, the shareholders’ approval or authorization must satisfy the quorum and majority
requirements applicable to amendments to the Articles of Association. At the annual shareholders’ meeting of 27 April 2022,
the shareholders authorized the Board of Directors to increase the share capital of AB InBev to an amount not to exceed
3% of the total number of shares issued and outstanding on 27 April 2022 (i.e. 2,019,241,973). This authorization has been
granted for five years from the date of publication of the amendment of the Articles of Association resolved upon by theshareholders’ meeting held on 27 April 2022 (i.e., until 3 June 2027). It can be used for several purposes, including when
the sound management of the company’s business or the need to react to appropriate business opportunities calls for a
restructuring, an acquisition (whether private or public) of securities or assets in one or more companies or, generally, anyother appropriate increase of the company’s capital.
AB InBev’s Board of Directors has been authorized by the shareholders’ meeting to acquire, on or outside the stock
exchange, AB InBev shares up to maximum 20% of the issued shares for a unitary price which will not be lower than 1 Euroand not higher than 20% above the highest closing price in the last 20 trading days preceding the transaction. Thisauthorization is valid for five years as from the date of publication of the amendment of the Articles of Association resolved
upon by the shareholders’ meeting held on 28 April 2021 (i.e., until 1 June 2026).

7.2. Voting rights and transferability of shares andshareholders’ arrangements
VOTING RIGHTS, QUORUM AND MAJORITY REQUIREMENTS
Each share entitles the holder to one vote. In accordance with article 7:217, §1 and article 7:224 of the Belgian Companies
Code, the voting rights attached to shares held by Anheuser-Busch InBev and its subsidiaries are suspended.
Generally, there is no quorum requirement for a shareholders’ meeting and decisions will be taken by a simple majority voteof shares present or represented. However, certain matters will require a larger majority and/or a quorum. These include
the following:i. any amendment to the Articles of Association (except the amendments to the corporate purpose or the transformationof the legal form of the company), including inter alia, reductions or increases of the share capital of the company(except for capital increases decided by the Board pursuant to the authorized capital) or any resolution relating to amerger or demerger of the company require the presence in person or by proxy of shareholders holding an aggregate

AB InBev – Annual Report 2023  208

of at least 50% of the issued share capital, and the approval of a qualified majority of at least 75% of the votes cast at
the meeting (without taking abstentions into account);
ii. any authorization to repurchase of Shares requires a quorum of shareholders holding an aggregate of at least 50% of
the share capital and approval by a qualified majority of at least 75% of the votes cast at the meeting (without taking
abstentions into account);iii. any modification of the purpose of the company requires a quorum of shareholders holding an aggregate of at least
50% of the share capital and approval by a qualified majority of at least 80% of the votes cast at the meeting (without
taking abstentions into account);
iv. resolutions relating to the modification of the rights attached to a particular class of shares will require the presence inperson or by proxy of shareholders holding an aggregate of at least 50% of the issued share capital in each class ofshares and the approval of a qualified majority of at least 75% of the votes cast at the meeting (without taking
abstentions into account) in each class of shares, (in each of the cases (i), (ii), (iii) and (iv), if a quorum is not present,a second meeting must be convened. At the second meeting, the quorum requirement does not apply. However, thequalified majority requirement of 75% or 80%, as the case may be, continues to apply); andv. any acquisition or disposal of tangible assets by the company for an amount higher than the value of one third of thecompany’s consolidated total assets as reported in its most recent audited consolidated financial statements requires
the approval of a qualified majority of at least 75% of the votes cast at the meeting (without taking abstentions into
account), but there is no minimum quorum requirement.
As an additional rule, in the event of (i) a contribution in kind to the company with assets owned by any person or entity
which is required to file a transparency declaration pursuant to applicable Belgian law or a subsidiary (within the meaning ofarticle 1:15 of the Belgian Companies Code) of such person or entity, or (ii) a merger of the company with such a person orentity or a subsidiary of such person or entity, then such person or entity and its subsidiaries shall not be entitled to vote on
the resolution submitted to the shareholders’ meeting to approve such contribution in kind or merger.
TRANSFERABILITY OF SHARES
Ordinary Shares are freely transferable.
As far as Restricted Shares are concerned, until 10 October 2021, no Restricted Shareholder was able, in each case directly
or indirectly, to transfer, sell, contribute, offer, grant any option on, otherwise dispose of, pledge, charge, assign, mortgage,
grant any lien or any security interest on, enter into any certification or depository arrangement or enter into any form ofhedging arrangement with respect to, any of its Restricted Shares or any interests therein or any rights relating thereto, or
enter into any contract or other agreement to do any of the foregoing, except in the specific instances set out in the Articles
of Association in connection with transactions with Affiliates and Successors or in relation with Pledges. Each of the terms
Affiliates, Successors and Pledge is defined in the Articles of Association. Since 11 October 2021, these transfer restrictions
are no longer applicable, but Restricted Shares shall automatically convert into Ordinary Shares (on a one-for-one basis)upon any transfer, sale, contribution or other disposal of Restricted Shares as set out below.
CONVERSION
Voluntary conversion
Since 11 October 2021, each Restricted Shareholder has the right to convert all or part of its holding of Restricted Shares
into Ordinary Shares at its election at any time.
Automatic conversion
The Restricted Shares shall automatically convert into Ordinary Shares in the situations set out in article 7.6. of the Articles
of Association, i.e.:•

upon any transfer, sale, contribution or other disposal, except as set out in article 7.6 (a) of the Articles of
Association in connection with transactions with Affiliates and Successors or in relation with Pledges;•

immediately prior to the closing of a successful public takeover bid for all shares of the company or the completionof a merger of Anheuser-Busch InBev as acquiring or disappearing company, in circumstances where theshareholders directly or indirectly, controlling or exercising directly or indirectly joint control over AB InBev
immediately prior to such takeover bid or merger will not directly or indirectly control, or exercise joint control over,
AB InBev or the surviving entity following such takeover bid or merger; or•upon the announcement of a squeeze-out bid for the outstanding shares of the company, in accordance with article
7:82 of the Belgian Companies Code.

SHAREHOLDERS ARRANGEMENTS
Please refer to section 6.2 above.

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7.3. Significant agreements or securities of AnheuserBusch InBev that may be impacted by a change ofcontrol on the company
1. REVOLVING CREDIT AND SWINGLINE FACILITIES AGREEMENT
The company entered, on 16 February 2021, into an Amendment and Restatement Agreement in respect of its existing
Revolving Credit and Swingline Facilities Agreement originally dated 26 February 2010, as amended from time to time andfor the last time pursuant to an Amendment Letter dated 27 October 2015 (the "Original Facilities Agreement" and, as
amended and restated by the Amendment and Restatement Agreement, the "Restated Facilities Agreement").
The Original Facilities Agreement was originally entered into by the old Anheuser-Busch InBev SA/NV, and was transferredto the company as a result of the merger between Anheuser-Busch InBev (formerly “Newbelco”) and the old AnheuserBusch InBev SA/NV, that took place on 10 October 2016 in the framework of the combination with SAB.
The total commitments of the Original Facilities Agreement were, immediately prior to the effective date of the Amendment
and Restatement Agreement, USD 9,000,000,000 and, following the effective date of the Amendment and Restatement
Agreement, USD 10,100,000,000. Pursuant to the Amendment and Restatement Agreement, the maturity of the Original
Facilities Agreement was extended from August 2022 under the Original Facilities Agreement to February 2026 under the
Restated Facilities Agreement. The company has, with effect from 17 March 2022, exercised the first of its two options under
the Restated Facilities Agreement to further extend the maturity of the USD 10,100,000,000 facility until February 2027.
Likewise, the company has, with effect from 8 September 2023, exercised the second of its two options under the Restated
Facilities Agreement to further extend the maturity of the facility until February 2028 with total commitments of USD
9,750,000,000 for the period from February 2027 to February 2028.
The Restated Facilities Agreement contains a clause 17 (Mandatory Prepayment) that grants, in essence, to any lenderunder the Restated Facilities Agreement, upon a Change of Control over the Company, the right (i) not to fund any loan orletter of credit (other than a rollover loan meeting certain conditions) and (ii) (by not less than 30 days written notice) tocancel its undrawn commitments and require repayment of its participations in the loans or letters of credit, together with
accrued interest thereon, and all other amounts owed to such lender under the Restated Facilities Agreement (and certain
related documents). Pursuant to the Restated Facilities Agreement (a) “Change of Control” means “any person or group of
persons acting in concert (in each case other than Stichting InBev or any existing direct or indirect certificate holder or
certificate holders of Stichting InBev or any person or group of persons acting in concert with any such persons) gaining
Control of the Company, (b) “acting in concert” means “a group of persons who, pursuant to an agreement or understanding(whether formal or informal), actively co-operate, through the acquisition directly or indirectly of shares in the Company by
any of them, either directly or indirectly, to obtain Control of the Company” and (c) “Control” means, in respect of theCompany, (a) “the direct or indirect ownership of more than 50 per cent of the share capital or similar rights of ownershipof the Company or the power to direct the management and the policies of the Company whether through the ownership ofshare capital, contract or otherwise or (b) the power (whether by way of ownership of shares, proxy, contract, agency orotherwise) to: (i) cast, or control the casting of, more than 50 per cent. of the maximum number of votes that might be castat a general meeting; or (ii) appoint or remove all, or the majority, of the directors or other equivalent officers; or (iii) give
directions to management with respect to the operating and financial policies of the entity with which the directors or otherequivalent officers of the Company are obliged to comply”.
In accordance with article 7:151 of the Belgian Companies Code, clause 17 (Mandatory Prepayment) of the Restated
Facilities Agreement was approved by the annual shareholders’ meeting of the Company held on 28 April 2021. Similarclauses were, in respect of the Original Facilities Agreement, approved by the shareholders meeting of old Anheuser-BuschInBev SA/NV on 27 April 2010 and 27 April 2016 in accordance with the then Article 556 of the 2009 Belgian Companies
Code.
As of 31 December 2023, no drawdowns were outstanding under the Original Facilities Agreement.
2. EMTN PROGRAM
In accordance with article 556 of the 2009 Belgian Companies Code, the shareholders’ meeting of the old Anheuser-BuschInBev approved on 24 April 2013 (i) Condition 7.5. of the Terms & Conditions (Redemption at the Option of the Noteholders(Change of Control Put)) of the 15,000,000,000 Euro updated Euro Medium Term Note Program dated 16 May 2012 ofAnheuser-Busch InBev SA/NV and Brandbrew SA (the “Issuers”) and Deutsche Bank AG, London Branch, acting as
Arranger, which may be applicable in the case of Notes issued under the Program (the “EMTN Program”), (ii) any otherprovision in the EMTN Program granting rights to third parties which could affect the company’s assets or could impose an

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obligation on the company where in each case the exercise of those rights is dependent on the occurrence of a “Change ofControl” (as defined in the Terms & Conditions of the EMTN Program). Pursuant to the EMTN Program, (a) “Change ofControl” means “any person or group of persons acting in concert (in each case other than Stichting Anheuser-Busch InBev
or any existing direct or indirect certificate holder or certificate holders of Stichting Anheuser-Busch InBev) gaining Controlof the company provided that a change of control shall not be deemed to have occurred if all or substantially all of theshareholders of the relevant person or group of persons are, or immediately prior to the event which would otherwise haveconstituted a change of control were, the shareholders of the company with the same (or substantially the same) pro rata
interests in the share capital of the relevant person or group of persons as such shareholders have, or as the case may be,
had, in the share capital of the company”, (b) “acting in concert” means “a group of persons who, pursuant to an agreement
or understanding (whether formal or informal), actively cooperate, through the acquisition directly or indirectly of shares in
the company by any of them, either directly or indirectly, to obtain Control of the company”, and (c) “Control” means the“direct or indirect ownership of more than 50 per cent of the share capital or similar rights of ownership of the company or
the power to direct the management and the policies of the company whether through the ownership of share capital,
contract or otherwise”.
If a Change of Control Put is specified in the applicable Final Terms of the concerned notes, Condition 7.5. of the Terms &Conditions of the EMTN Programme grants, to any holder of such notes, in essence, the right to request the redemption of
his notes at the redemption amount specified in the Final Terms of the notes, together, if appropriate, with interest accrued,
upon the occurrence of a Change of Control and a related downgrade of the notes to sub-investment grade.
The change of control provision above is included in the Final Terms of:•the 750,000,000 Euro 7.375% Notes due 2013 (Redeemed on 30 January 2013), the 600,000,000 Euro 8.625%
Notes due 2017 (Redeemed on 9 December 2016) and the 550,000,000 GBP 9.75% Notes due 2024, each issued
by the company in January 2009;•the 750,000,000 Euro 6.57% Notes due 2014, issued by the company in February 2009 (Redeemed on 27 February2014);•

the 50,000,000 Euro FRN Notes that bear an interest at a floating rate of 3 month EURIBOR plus 3.90 %, issued
by the company in April 2009 (Redeemed on 9 April 2014);•

the 600,000,000 CHF 4.50% Notes due 2014 (Redeemed on 11 June 2014), issued by Brandbrew SA in June2009 (with a guarantee by the company);•

the 250,000,000 Euro 5.75% Notes due 2015 (Redeemed on 22 June 2015) and the 750,000,000 GBP 6.50%
Notes due 2017 (Redeemed in June 2017), each issued by the company in June 2009; and•the 750,000,000 Euro 4% Notes due 2018 (Redeemed in April 2018), issued by the company in April 2010.

The series of Notes referred to in the above paragraph were issued pursuant to the 10,000,000,000 Euro initial Euro Medium
Term Note Programme dated 16 January 2009 or the 15,000,000,000 Euro updated Euro Medium Term Note Programme
dated 24 February 2010 (as applicable). The relevant change of control provisions contained in the Final Terms of suchseries of Notes were submitted to, and approved by, the shareholders meetings of the old Anheuser-Busch InBev held on
28 April 2009 and 27 April 2010, respectively.
There is no change of control clause included in the Final Terms of any series of Notes issued pursuant to the EMTN
Programme by the company and/or Brandbrew SA after April 2010.
As a result of the update of the EMTN Programme on 22 August 2013 the Terms & Conditions of the updated EMTN
Programme no longer provide for a Redemption at the option of the Noteholders (Change of Control Put).
In May 2016, the old Anheuser-Busch InBev invited Noteholders of certain outstanding series of Notes issued under the
EMTN Programme prior to 2016 (the "Notes") to consider certain amendments to the terms and conditions applicable tothose Notes (the "Participation Solicitation"). The Participation Solicitation was undertaken to avoid any suggestion that the
combination with SAB could be interpreted as a cessation of business (or a threat to do so), winding up or dissolution of theold Anheuser-Busch InBev.
Meetings of the Noteholders of each series of the Notes were held on 1 June 2016 at which Noteholders voted in favour of
the Participation Solicitation for each of the relevant series of Notes. Amended and restated final terms for each series of
the Notes reflecting the amended terms and conditions, were signed by the old Anheuser-Busch InBev and the subsidiaryguarantors named therein on 1 June 2016.
The EMTN Program has been transferred to the company as a result of the merger between Anheuser-Busch InBev(formerly “Newbelco”) and the old AB InBev, that took place on 10 October 2016 in the framework of the combination withSAB.

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3. US DOLLAR NOTESIn accordance with article 556 of the 2009 Belgian Companies Code, the shareholders meeting of the old Anheuser-BuschInBev approved on 26 April 2011 (i) the Change of Control Clause of the USD 3,250,000,000 Notes issued on 29 and 26
March 2010, consisting of USD 1,000,000,000 2.50 % Notes due 2013 (Exchanged for Registered Notes in an exchange
offer that closed on 2 September 2010 and redeemed on 26 March 2013), USD 750,000,000 3.625 % Notes due 2015
(Exchanged for Registered Notes in an exchange offer that closed on 2 September 2010 and redeemed on 15 April 2015),
USD 1,000,000,000 5.00 % Notes due 2020 (Exchanged for Registered Notes in an exchange offer that closed on 2
September 2010 and redeemed on 6 June 2018) and USD 500,000,000 Floating Rate Notes due 2013 (Exchanged for
Registered Notes in an exchange offer that closed on 2 September 2010 and redeemed on 26 March 2013) (the“Unregistered Notes issued in March 2010”), (ii) the Change of Control Clause of the USD 3,250,000,000 Registered Notes
issued in September 2010, consisting of USD 1,000,000,000 2.50 % Notes due 2013 (Redeemed on 26 March 2013), USD
750,000,000 3.625 % Notes due 2015 (Redeemed on 15 April 2015), USD 1,000,000,000 5.00 % Notes due 2020
(Redeemed on 6 June 2018) and USD 500,000,000 Floating Rate Notes due 2013 (Redeemed on 26 March 2013) andoffered in exchange for corresponding amounts of the corresponding Unregistered Notes issued in March 2010, in
accordance with a US Form F-4 Registration Statement pursuant to an exchange offer launched by Anheuser-Busch InBev
Worldwide Inc. in the U.S. on 5 August 2010 and expired on 2 September 2010 (the “Registered Notes issued in September
2010”), (iii) the Change of Control Clause of the USD 8,000,000,000 Registered Notes issued in March 2011, consisting of
USD 1,250,000,000 7.20% Notes due 2014 (Redeemed on 20 June 2011), USD 2,500,000,000 7.75% Notes due 2019
(Redeemed on 19 March 2018) and USD 1,250,000,000 8.20% Notes due 2039, USD 1,550,000,000 5.375 % Notes due
2014 (Redeemed on 15 November 2014), USD 1,000,000,000 6.875 % Notes due 2019 (Redeemed on 15 November 2019)and USD 450,000,000 8.00 % Notes due 2039 and offered in exchange for corresponding amounts of the corresponding
Unregistered Notes issued in January 2009 and of the corresponding Unregistered Notes issued in May 2009, in accordancewith a US Form F-4 Registration Statement pursuant to an exchange offer launched by Anheuser-Busch InBev Worldwide
Inc. in the U.S. on 11 February 2011 and expired on 14 March 2011 (the “Registered Notes issued in March 2011”), whereby
each of the Unregistered Notes issued in March 2010, the Registered Notes issued in September 2010 and the Registered
Notes issued in March 2011 were issued by Anheuser-Busch InBev Worldwide Inc. with an unconditional and irrevocableguarantee as to payment of principal and interest from the old Anheuser-Busch InBev, and (iv) any other provision applicableto the Unregistered Notes issued in March 2010, the Registered Notes issued in September 2010 and the Registered Notes
issued in March 2011 granting rights to third parties which could affect the company’s assets or could impose an obligationon the company where in each case the exercise of those rights is dependent on the launch of a public take-over bid overthe shares of the company or on a “Change of Control” (as defined in the Offering Memorandum with respect to the
Unregistered Notes, as the case may be, and in the Registration Statement with respect to the Registered Notes). Pursuant
to the Offering Memorandum and Registration Statement (a) “Change of Control” means “any person or group of persons
acting in concert (in each case other than Stichting Anheuser-Busch InBev or any existing direct or indirect certificate holder
or certificate holders of Stichting Anheuser-Busch InBev) gaining Control of the company provided that a change of control
shall not be deemed to have occurred if all or substantially all of the shareholders of the relevant person or group of persons
are, or immediately prior to the event which would otherwise have constituted a change of control were, the shareholders of
the company with the same (or substantially the same) pro rata interests in the share capital of the relevant person or groupof persons as such shareholders have, or as the case may be, had, in the share capital of the company”, (b) “Acting inconcert” means “a group of persons who, pursuant to an agreement or understanding (whether formal or informal), actively
cooperate, through the acquisition directly or indirectly of shares in the company by any of them, either directly or indirectly,
to obtain Control of the company”, and (c) “Control” means the “direct or indirect ownership of more than 50 per cent of theshare capital or similar rights of ownership of the company or the power to direct the management and the policies of thecompany whether through the ownership of share capital, contract or otherwise”.
The Change of Control clause grants to any Noteholder, in essence, the right to request the redemption of his Notes at arepurchase price in cash of 101% of their principal amount (plus interest accrued) upon the occurrence of a Change ofControl and a related downgrade in the Notes to sub-investment grade.

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A similar change of control provision was approved by the shareholders’ meeting of the old Anheuser-Busch InBev on 28
April 2009 with respect to:•

the USD 5,000,000,000 Notes, consisting of USD 1,250,000,000 7.20% Notes due 2014 (Exchanged for
Registered Notes in an exchange offer that closed on 14 March 2011 and redeemed on 20 June 2011), USD
2,500,000,000 7.75% Notes due 2019 (Exchanged for Registered Notes in an exchange offer that closed on 14
March 2011 and redeemed on 19 March 2018) and USD 1,250,000,000 8.20% Notes due 2039 (Exchanged for
Registered Notes in an exchange offer that closed on 14 March 2011), each issued in January 2009 by AnheuserBusch InBev Worldwide Inc. with an unconditional and irrevocable guarantee as to payment of principal and interest
from Anheuser-Busch InBev SA/NV (the “Unregistered Notes issued in January 2009”).

A similar change of control provision was approved by the shareholders’ meeting of the old Anheuser-Busch InBev on 27
April 2010 with respect to:•

the USD 3,000,000,000 Notes issued in May 2009, consisting of USD 1,550,000,000 5.375 % Notes due 2014
(Exchanged for Registered Notes in an exchange offer that closed on 14 March 2011 and redeemed on 15
November 2014), USD 1,000,000,000 6.875 % Notes due 2019 (Redeemed on 15 November 2019) and USD
450,000,000 8.00 % Notes due 2039 (the “Unregistered Notes issued in May 2009”) each issued by AnheuserBusch InBev Worldwide Inc. with an unconditional and irrevocable guarantee as to payment of principal and interest
from the old Anheuser-Busch InBev.

•

the USD 5,500,000,000 Notes issued in October 2009, consisting of USD 1,500,000,000 3.00 % Notes due 2012
(Exchanged for Registered Notes in an exchange offer that closed on 05 February 2010 and redeemed on 15
October 2012), USD 1,250,000,000 4.125 % Notes due 2015 (Exchanged for Registered Notes in an exchange
offer that closed on 5 February 2010 and redeemed on 15 January 2015), USD 2,250,000,000 5.375 % Notes due
2020 (exchanged for Registered Notes in an exchange offer that closed on 5 February 2010 and redeemed on 23
April 2018) and USD 500,000,000 6.375 % Notes due 2040 (exchanged for Registered Notes in an exchange offerthat closed on 5 February 2010 and partially exchanged for a combination of Unregistered Notes and cash in an
exchange offer that closed on 6 April 2017) (the “Unregistered Notes issued in October 2009”) each issued byAnheuser-Busch InBev Worldwide Inc. with an unconditional and irrevocable guarantee as to payment of principal
and interest from the old Anheuser-Busch InBev.

•

the USD 5,500,000,000 Registered Notes issued in February 2010, consisting of USD 1,500,000,000 3 % Notes
due 2012 (Redeemed on 15 October 2012), USD 1,250,000,000 4.125 % Notes due 2015 (Redeemed on 15
January 2015), USD 2,250,000,000 5.375 % Notes due 2020 (redeemed on 23 April 2018) and USD 500,000,000
6.375 % Notes due 2040 (partially exchanged for a combination of Unregistered Notes and cash in an exchange
offer that closed on 6 April 2017) and offered in exchange for corresponding amounts of the corresponding
Unregistered Notes issued in October 2009, in accordance with a US Form F-4 Registration Statement pursuant
to an exchange offer launched by Anheuser-Busch InBev Worldwide Inc. in the US on 8 January 2010 and expiredon 5 February 2010 (the “Registered Notes issued in February 2010”) each issued by Anheuser-Busch InBev
Worldwide Inc. with an unconditional and irrevocable guarantee as to payment of principal and interest from theold Anheuser-Busch InBev.

The US Dollar Notes have been transferred to the company as a result of the merger between Anheuser-Busch InBev(formerly “Newbelco”) and the old AB InBev, which took place on 10 October 2016 in the framework of the combination withSAB.
4.

NOTES ISSUED UNDER ANHEUSER-BUSCH INBEV’S SHELF REGISTRATION STATEMENT FILED ON
FORM F-3.

For the sake of completeness, there is no Change of Control Clause applicable to outstanding Notes issued under AnheuserBusch InBev’s Shelf Registration Statement filed on Form F-3 (with an unconditional and irrevocable guarantee as topayment of principal and interest from Anheuser-Busch InBev SA/NV).

AB InBev – Annual Report 2023  213

8. Remuneration
8.1. Remuneration policy
The remuneration policy applies to the directors, the CEO and the other members of the ExCom. References to the
remuneration of other executives of the company, including the other members of the Senior Leadership Team (SLT), arepurely for information purposes. The remuneration policy was approved at the annual shareholders’ meeting of 27 April
2022.
8.1.1. REMUNERATION COMMITTEEThe Remuneration Committee consists of three members appointed by the Board, all of whom are non-executive directors.
Currently, the chairperson of the Remuneration Committee is a representative of the Reference Shareholder and the twoother members meet the requirements of independence as established by the Belgian Companies and Associations Codeand the 2020 Belgian Corporate Governance Code. The CEO and the Chief People Officer are invited to the meetings of
the Remuneration Committee.
The Remuneration Committee meets four times a year, and more often if required, and is convened by its chairperson or at
the request of at least two of its members.
The detailed composition, functioning and specific responsibilities of the Remuneration Committee are set forth in its termsof reference, which are part of the company’s Corporate Governance Charter.
The principal role of the Remuneration Committee is to guide the Board with respect to all its decisions relating to the
remuneration policies for the Board, the CEO, the ExCom and the SLT, and on their individual remuneration packages. Its
objective is that the CEO and members of the ExCom and SLT are incentivized to achieve, and are compensated for,exceptional performance. It also promotes the maintenance and continuous improvement of the company’s compensation
framework, which applies to all employees.
AB InBev’s compensation framework is based on meritocracy and a sense of ownership with a view to aligning the interestsof employees with the interests of shareholders. The Remuneration Committee takes into account the compensation of theemployees when preparing the remuneration policy applicable to the directors, the members of the ExCom and the othermembers of the SLT. Particularly, the Committee discusses and assesses key areas of remuneration policy for the wider
workforce throughout the year, the annual bonus pool and resulting pay outcomes for employees across the workforce andany material changes to the structure of workforce compensation.
The Remuneration Committee prepares (and revises as the case may be) the remuneration policy and the remuneration
report.
In exceptional circumstances, the company may temporarily derogate from the remuneration policy. These exceptional
circumstances cover situations in which the derogation is necessary to serve the long-term interests and sustainability of
the company as a whole or to assure its viability. Such derogation requires the approval of both the Remuneration Committee
and the Board of Directors. The remuneration report relating to the relevant financial year will include information on any
derogation, including its justification.
As noted above, the Remuneration Committee is composed exclusively of non-executive directors and a majority of its
members qualify as independent directors. This helps to prevent conflicts of interest regarding the establishment,
amendments and implementation of the remuneration policy in relation to the CEO and ExCom members. The CEO and theChief People Officer do not take part in any discussions or deliberations of the Remuneration Committee related to theirremuneration. The Remuneration Committee can hold in camera sessions without management being present whenever it
deems appropriate to do so.
In addition, the power to approve the remuneration policy, prior to its submission to the shareholders’ meeting, and thedetermination of the remuneration of the CEO and the ExCom and SLT members is vested with the Board uponrecommendation of the Remuneration Committee. No member of the ExCom is at the same time a member of the Board.
As regards the remuneration of the directors, all decisions are adopted by the shareholders’ meeting.

AB InBev – Annual Report 2023  214

8.1.2. REMUNERATION POLICY OF THE DIRECTORS
A. Remuneration governance
The Remuneration Committee recommends the remuneration for directors, including the chairperson and the directors
sitting on one or more of the Board committees. In so doing, it benchmarks from time to time directors’ remuneration against
peer companies, as the case may be, with the assistance of an independent consulting firm. These recommendations are
subject to approval by the Board and, subsequently, by the shareholders at the annual general meeting.
In addition, the Board sets and revises, from time to time, the rules and level of compensation for directors carrying out aspecial mandate and the rules for reimbursement of directors’ business-related out-of-pocket expenses.
The shareholders’ meeting may from time to time revise the directors’ remuneration upon recommendation of theRemuneration Committee.
B. Structure of the remuneration
The remuneration of the directors comprises a fixed cash fee component and a share-based component consisting of anaward of Restricted Stock Units, which makes Board remuneration simple, transparent and easy for shareholders tounderstand. Remuneration is commensurate to the time committed by the directors to the Board and its various committees
and is set by the shareholders’ meeting upon recommendation of the Remuneration Committee. In addition, theremuneration is designed to attract and retain talented directors. The award of Restricted Stock Units further aligns theinterests of the directors with the sustainable value-creation objectives of the company.
Restricted Stock Units corresponding to a fixed value in Euro are granted to the members of its Board as part of the fixed
remuneration for the exercise of their duties. The Restricted Stock Units vest after five years and, upon vesting, entitle theirholders to one AB InBev share per Restricted Stock Unit (subject to any applicable withholdings). The granting and vestingof the Restricted Stock Units are not subject to performance criteria. Such Restricted Stock Units therefore qualify as fixed
remuneration, as recommended by the 2020 Belgian Corporate Governance Code.
Contrary to the soft law recommendation of the 2020 Belgian Corporate Governance Code, the shares delivered to directors
upon vesting of the Restricted Stock Units are not subject to a lock-up of three years after the date of the delivery and one
year after the date of departure of the relevant director. However, the five-year vesting period of the Restricted Stock Units
fosters a sustainable and long-term commitment of the directors to shareholder value creation that addresses the goal of
the 2020 Belgian Corporate Governance Code.
C. Other
The company is prohibited from making loans to directors, whether for the purpose of exercising options or for any otherpurpose (except for routine advances for business-related expenses in accordance with the company’s rules forreimbursement of expenses).
The company does not provide pensions, medical benefits or other benefit programs to directors.
8.1.3. REMUNERATION POLICY OF THE EXCOM
The company’s remuneration policy is designed to support its high-performance culture and the creation of long-termsustainable value for its shareholders. The goal of the policy is to reward executives with market-leading compensation,
which is conditional upon both the overall success of the company and individual performance. It promotes alignment withshareholders’ interests by strongly encouraging executive ownership of shares in the company and enables the company
to attract and retain the best talent at a global level.
Base salaries are aligned with mid-market levels. Additional short- and long-term incentives are linked to challenging shortand long-term performance targets, and the investment of part or all of any variable compensation earned in company
shares is encouraged (see section 8.1.3.A.b).
The Board determines the maximum amount for the funding of the variable remuneration pool prior to the start of aperformance year and the allocation is made in accordance with criteria determined by the Board upon recommendation of
the Remuneration Committee.
All criteria and the duration of the vesting periods are aligned with the relevant time horizon of the company and set with thegoal of fostering the company’s sustainable and long-term commitment to shareholder value creation and its talent retention
strategy. Criteria and objectives are reviewed by the Remuneration Committee and the Board to promote alignment with thecompany’s business objective and strategic ambition.

AB InBev – Annual Report 2023  215

The targets for each of the performance KPIs and business and individual objectives of the CEO and the other members of
the ExCom and SLT are set and assessed by the Board based on a pre-determined performance matrix, uponrecommendation of the Remuneration Committee. The target achievement and corresponding annual and long-term
incentives of the CEO and the other members of the ExCom and SLT are assessed by the Remuneration Committee.
The Board may revise the level of remuneration and approve a revised remuneration policy upon recommendation of theRemuneration Committee, subject to the approval of the shareholders’ meeting where required.
A. Components of executive remuneration
Executive remuneration generally consists of (a) fixed base salary, (b) variable performance-related compensation (bonus),(c) long-term incentives in the form of long-term Restricted Stock Units, long-term Performance Stock Units and/or longterm stock options, (d) pension schemes and (e) other components.
The ratio between fixed remuneration (consisting of items (a), (d) and (e) listed above) and on-target variable remuneration(consisting of items (b) and (c) listed above) depends on seniority levels of the executives. Our remuneration structure
places a significant emphasis on share-based components, resulting in items (b) and (c) being of a relatively higher weightassuming all performance and other requirements are fully met.
To promote alignment with market practice, executives’ total compensation is reviewed overall against benchmarks. Thesebenchmarks are collected by independent compensation consultants, in relevant industries and geographies. For
benchmarking, a custom sample of over 20 global leading peer companies (the Compensation Peer Group) is used whenavailable. The Compensation Peer Group is comprised of companies with a similar size to AB InBev, with the majority ofthem belonging to the consumer goods sector, and each shares a complex and diverse business model and operates intalent and labor markets similar to AB InBev.
The Compensation Peer Group is set by the Remuneration Committee upon the advice of an independent compensation
consultant. It may be revised from time to time as the company evolves. The Compensation Peer Group that is used as thebenchmark for a given financial year will be detailed in the Remuneration Report for such financial year.
If Compensation Peer Group data is not available for a given role, Fortune 100 companies’ data is used.
Executives’ total compensation at target is intended to be 10% above the third quartile.
a. Base salary
Executives’ base salaries are intended to be aligned with mid-market levels for the appropriate market. Mid-market means
that, for a similar job in the market, 50% of companies in that market pay more and 50% of companies pay less.
b. Variable performance-related compensation (bonus) – Share-based compensation plan
Variable performance-related compensation (bonus) is key to the company’s compensation system and is aimed atrewarding executives’ short- and long-term performance.
The target variable performance-related compensation (bonus) is expressed as a percentage of the market reference salary
applicable to the executive. The on-target bonus percentage currently theoretically amounts to maximum 200% of the market
reference salary for members of the ExCom and 340% for the CEO. Company performance below or above target will resultin a bonus payout that is lower or higher than the theoretical on-target amount, subject to a cap. An additional incentive of
20% on a bonus amount may be awarded by the Remuneration Committee in the case of exceptional circumstances.
The effective payout of variable performance-related compensation (bonus) is directly correlated with performance, i.e.
linked to the achievement of total company, business unit and individual targets, all of which are based on performance
metrics. If executives do not achieve their individual target hurdle, no bonus is earned irrespective of whether the totalcompany and/or relevant business units achieve their targets. If, on the other hand, the total company and/or relevantbusiness unit targets are not achieved, a limited portion of the bonus is payable to executives if they achieve their individual
target hurdle.

AB InBev – Annual Report 2023  216

Company and business unit targets are based on performance metrics which focus on top-line growth, profitability andlong-term value creation. Examples of key performance metrics are:

•
•
•
•
•

EBITDA (organic)
Cash Flow Generation
Net Revenue GrowthMarket Share
Sustainability targets

These performance metrics may evolve over time. The metrics and the relative weight attributed to each of them are set by
the Board annually taking into account the company’s strategic priorities. Further details on the metrics for a given financial
year are included in the remuneration report for such year.
Individual performance targets of the CEO and the other members of the ExCom may consist of financial and non-financial
targets. Individual financial targets can, for example, be related to EBITDA, net revenue, capex, resource allocation and net
debt ratios. Examples of individual non-financial targets include brand development, operations and innovation, sustainability
and other elements of corporate social responsibility, corporate reputation and compliance/ethics. Typical individual
performance measures in the non-financial areas relate to employee engagement, talent pipeline, sustainability goals andcompliance, and are linked to the achievement of the company’s strategic objectives.
The target achievement for each of the performance metrics and business and personal objectives is assessed by the
Remuneration Committee on the basis of accounting and financial data and other objective criteria. A weighted performance
score is translated into a payout curve with a cap, subject to a hurdle of achievement for individual targets. The hurdle is set
at the minimum acceptable level of individual performance to trigger eligibility for a bonus pay-out.
The variable performance-related compensation (bonus) is usually paid annually in arrears after the publication of thecompany’s full year results, in or around March of the relevant year. Exceptionally, it may be paid out semi-annually at thediscretion of the Board. In such case, the first half of the variable compensation is paid shortly after publication of the halfyear results and the second half is paid after publication of the full year results.
Executives receive their variable performance-related compensation (bonus) in cash but are encouraged to invest some (upto 60%) or all of its value in company shares (Voluntary Shares).
Voluntary Shares are:

•
•
•
•

existing ordinary shares;
entitled to dividends paid as from the date of grant;
subject to a lock-up period of three years; andgranted at market price, to which a discount of up to 20% is applied. The discount is delivered in the form ofRestricted Stock Units, subject to specific restrictions or forfeiture provisions in the event of termination of service(Discounted Shares).

Executives who invest in Voluntary Shares also receive one and a half matching shares from the company for each voluntary
share invested up to a limited total percentage (60%) of each executive’s variable compensation. These matching sharesare also delivered in the form of Restricted Stock Units (Matching Shares).
The Restricted Stock Units relating to the Matching Shares and the Discounted Shares vest over a three-year period. No
performance conditions apply to the vesting of the Restricted Stock Units. However, Restricted Stock Units will only be
granted under the double condition that the executive:•

has earned a variable compensation, which is subject to the successful achievement of total company, business
unit and individual performance targets (performance condition); and•has agreed to reinvest all or part of his/her variable compensation in company shares, which are subject to a lockup as indicated above (ownership condition).

Specific forfeiture rules apply in the event the executive leaves the company before the vesting date of the Restricted Stock
Units.

AB InBev – Annual Report 2023  217

In accordance with the authorization granted in the company’s bylaws, this variable compensation system partly deviatesfrom article 7:91 of the Belgian Companies and Associations Code, as it allows:•

for the variable remuneration to be paid out based on the achievement of annual targets without staggering its
grant or payment over a three-year period. However, as indicated above, executives are encouraged to invest
some or all of their variable compensation in company Voluntary Shares. Such voluntary investment also leads toa grant of Matching Shares in the form of Restricted Stock Units, which vest over a three-year period, promoting
sustainable long-term performance; and•for the Voluntary Shares granted under the share-based compensation plan to vest at their grant, instead of
applying a vesting period of minimum three years. Nonetheless, the Voluntary Shares are subject to a lock-up
period of three years.

c. Long-term incentives
Annual long-term incentives
Subject to management’s assessment of the executive’s performance and future potential, members of our senior
management may be eligible for an annual long-term incentive paid out in Restricted Stock Units, Performance Stock Units
and/or stock options. Any grant of annual long-term incentives to members of the ExCom and SLT is subject to Board
approval, upon recommendation of the Remuneration Committee. Grants to executives of a certain seniority, including
members of the ExCom and SLT, will primarily take the form of a combination of Restricted Stock Units and Performance
Stock Units.
Long-term Restricted Stock Units have the following features:•a grant value determined on the basis of the market price or an average market price of the share at the time of
grant;•••

upon vesting, each Restricted Stock Unit entitles its holder to acquire one share;
the Restricted Stock Units cliff vest over a three-year period; andin the event the executive leaves the company before the vesting date, specific forfeiture rules will apply.

Long-term Performance Stock Units have the following features:•a grant value determined on the basis of the market price or an average market price of the share at the time of
grant;••

the Performance Stock Units cliff vest over a three-year period;•in the event the executive leaves the company before the vesting date, specific forfeiture rules will apply.

upon vesting of the Performance Stock Units, the number of shares to which the holders thereof shall be entitledshall depend on a performance test measuring (on a percentile basis) the company’s three-year Total Shareholder
Return (TSR) relative to the TSR realized for that period by a representative sample of listed companies belonging
to the consumer goods sector. The number of shares to which such Units entitle their holders is subject to a hurdle
and cap; andLong-term incentive stock options have the following features:

•
•
•
•
•

an exercise price equal to the market price or an average market price of the share at the time of grant;
a maximum lifetime of 10 years and an exercise period that starts after five years;
upon exercise, each option entitles the option holder to purchase one share;
the options cliff vest after five years; andin the event of termination of service before the vesting date, specific forfeiture rules will apply.

AB InBev – Annual Report 2023  218

Exceptional long-term incentives
Restricted Stock Units, Performance Stock Units or stock options may be granted from time to time to members of the senior
management of the company:••

who have made a significant contribution to the success of the company; or•to incentivize and retain senior leaders who are considered to be instrumental in achieving the company’s ambitious
short or long-term growth agenda.

who have made a significant contribution in relation to acquisitions and/or the achievement of integration benefits;or

Vesting of such Restricted Stock Units, Performance Stock Units or stock options may be subject to achievement of
performance conditions which will be related to the objectives of such exceptional grants. Such performance conditions may
consist of financial metrics related to market conditions (e.g. relative TSR) or non-market conditions (e.g. an EBITDA
compounded annual growth rate).
Grants will primarily take the form of Restricted Stock Units. Any grant of exceptional long-term incentives to members of
the ExCom and SLT is subject to Board approval, upon recommendation of the Remuneration Committee.
The following historic exceptional long-term incentive plans are listed by way of example:
1. 2020 Incentive Plan: options could be granted to selected members of the senior management of the company,
who were considered to be instrumental in helping the company to achieve its ambitious growth target.
Each option gave the grantee the right to purchase one existing share. An exercise price was set at an amountequal to the market price of the share at the time of grant. The options had a duration of 10 years as from granting
and would vest after five years. The options would only become exercisable provided a performance test was met
by the company. This performance test was based on a net revenue amount which had to be achieved by 31
December 2022 at the latest.
2. Integration Incentive Plan: options could be granted to selected members of the senior management of thecompany considering the significant contribution that these employees could make to the success of the company
and the achievement of integration benefits.
Each option gave the grantee the right to purchase one existing AB InBev share. The exercise price of the options
was set at an amount equal to the market price of the share at the time of grant. The options had a duration of 10
years from grant and would vest on 1 January 2022 and would only become exercisable provided a performance
test was met by the company by 31 December 2021 at the latest. This performance test was based on an EBITDA
compounded annual growth rate target and could be complemented by additional country or zone specific orfunction specific targets. Specific forfeiture rules applied if the employee left the company before the performance
test achievement or vesting date.
3. Incentive Plan for SAB employees: options could be granted to employees of former SAB. The grant resulted
from the commitment that the company made under the terms of the combination with SAB that it would, for at least
one year, preserve the terms and conditions for employment of all employees that remain with the group.
Each option gives the grantee the right to purchase one existing AB InBev share. The exercise price of the options
is set at an amount equal to the market price of the share at the time of grant. The options have a duration of 10
years as from granting and vest after three years. Specific forfeiture rules apply if the employee leaves the company
before the vesting date.
4. Long Run Stock Options Incentive Plan: options can be granted to selected members of the company’s senior
management to incentivize and retain senior leaders who are considered to be instrumental in achieving thecompany’s ambitious long-term growth agenda over the next 10 years. Each option gives the grantee the right topurchase one existing share. The exercise price of the options is set at the closing share price on the day preceding
the grant date. The options have a duration of 15 years as from granting and, in principle, vest after 5 or 10 years.
The options only become exercisable provided a performance test is met by the company. This performance test
is based on an organic EBITDA compounded annual growth rate target. Specific forfeiture rules apply if theemployee leaves the company before the performance test achievement or vesting date.
Upon recommendation of the Remuneration Committee, the Board can implement similar exceptional long-term incentive
plans.

AB InBev – Annual Report 2023  219

Other recurring long-term Restricted Stock Unit programs
Several recurring specific long-term Restricted Stock Unit programs are in place:1.

A base long-term Restricted Stock Units program allowing for the offer of Restricted Stock Units to members of thecompany’s senior management.
In addition to the annual Long-term Restricted Stock Units described above (see section 8.1.3.A.c Annual long-term
incentives), under this program, Restricted Stock Units can be granted under other sub-plans with specific terms andconditions and for specific purposes, e.g. for special retention incentives or to compensate for assignments of
expatriates in certain countries. In most cases, the Restricted Stock Units vest after three or five years without aperformance test and in the event of termination of service before the vesting date, specific forfeiture rules apply.
The Board may set different vesting periods for specific sub-plans or introduce performance tests in line with thecompany’s high-performance culture and the creation of long-term sustainable value for its shareholders. Any grant
under long-term Restricted Stock Unit programs to members of the ExCom and SLT is subject to Board approval,
upon recommendation of the Remuneration Committee.

2.

A program allowing certain employees to purchase company shares at a discount aimed as a long-term retention
incentive for (i) high-potential employees of the company, who are at a mid-manager level (People bet sharepurchase program) or (ii) newly hired employees. The voluntary investment in company shares leads to the grant of
up to three Matching Shares for each share invested or, as the case may be, a number of Matching Sharescorresponding to a fixed monetary value that depends on seniority level. The Matching Shares are granted in theform of Restricted Stock Units which vest after five years. In the event of termination before the vesting date, specificforfeiture rules apply. Since 2016, instead of Restricted Stock Units, stock options may also be granted under thisprogram with similar vesting and forfeiture rules.

Exchange of share ownership program
From time to time, certain members of Ambev’s senior management are transferred to AB InBev and vice versa. In order toencourage management mobility and promote alignment between AB InBev’s interests and the interests of these managers,
the Board has approved a program that aims at facilitating the exchange by these managers of their Ambev shares into AB
InBev shares.
Under the program, the Ambev shares can be exchanged for AB InBev shares based on the average share price of both
the Ambev and the AB InBev shares on the date the exchange is requested. A discount of 16.66% is granted in exchange
for a five-year lock-up period for the shares, provided the manager remains in service during this period. The discounted
shares are forfeited in the event of termination of service before the end of the five-year lock-up period.
Programs for maintaining consistency of benefits granted and for encouraging global mobility of executives
Two programs which are aimed at maintaining consistency of benefits granted to executives and encouraging theinternational mobility of executives while complying with all legal and tax obligations are in place:
1.

The Exchange program: under this program, the vesting and transferability restrictions of the Series A options
granted under the November 2008 Exceptional Option Grant and of the options granted under the April 2009
Exceptional Option Grant could be released, e.g. for executives who moved to the United States. These executives
were then offered the possibility to exchange their options for ordinary AB InBev shares that remained locked up until
31 December 2018 (five years longer than the original lock-up period). Since the Series A options granted under theNovember 2008 Exceptional Option Grant and the options granted under the April 2009 Exceptional Option Grant
vested on 1 January 2014, the Exchange program is no longer relevant for these options. Instead, the Exchange
program became applicable to the Series B options granted under the November 2008 Exceptional Option Grant.
Under the extended program, executives who were relocated, e.g. to the United States, could be offered thepossibility to exchange their Series B options for ordinary Anheuser-Busch shares that, in principle, remained locked
up until 31 December 2023 (five years longer than the original lock-up period). As a variant to this program, the Board
also approved the recommendation of the Remuneration Committee to allow the early release of the vesting
conditions of the Series B options granted under the November 2008 Exceptional Option Grant for executives who
were relocated, e.g. to the United States. The shares that resulted from the exercise of the options, in principle,
remained blocked until 31 December 2023.

AB InBev – Annual Report 2023  220

2.

The Dividend waiver program: where applicable, the dividend protection feature of the outstanding options owned
by executives who move to the United States is being cancelled. In order to compensate for the economic loss which
results from this cancellation, a number of new options is granted to these executives with a value equal to thiseconomic loss. The new options have a strike price equal to the share price on the day preceding the grant date of
the options. All other terms and conditions, in particular with respect to vesting, exercise limitations and forfeiturerules of the new options are identical to the outstanding options for which the dividend protection feature is cancelled.
As a consequence, the grant of these new options does not result in the grant of any additional economic benefit to
the executives concerned.

There is also a possible early release of vesting conditions of unvested stock options or Restricted Stock Units which are
vesting within six months of the executives’ relocation. The shares that result from the early exercise of the options or the
early vesting of the Restricted Stock Units must remain blocked until the end of the initial vesting period.
d. Pension schemes
Our executives participate in Anheuser-Busch InBev’s pension schemes in either the United States, Belgium or their homecountry. These schemes are in line with predominant market practices in the respective countries. They may be defined
benefit plans or defined contribution plans.
e. Other benefits
The company is prohibited from making loans to members of the ExCom or SLT, whether for the purpose of exercising
options or for any other purpose (except for routine advances for business-related expenses in accordance with thecompany’s rules for reimbursement of expenses).
Executives and their family are eligible to participate in the Employer’s Executive benefit plans (including medical andhospitalization, death and disability plans) in effect from time to time, in line with the predominant market practices.
B.

Minimum threshold of shares to be held by members of the ExComThe Board has set a minimum threshold of shares of the company to be held at any time by the CEO to two years of basesalary (gross) and by the other members of the ExCom to one year of base salary (gross). Newly appointed ExCom members
have three years to reach such threshold following the date of their appointment.
C.

Main contractual terms and conditions of employment of members of the ExCom

The terms and conditions of employment of the members of the ExCom are included in individual employment agreements
which are concluded for an indefinite period of time. Executives are also required to comply with the company’s policies andcodes such as the Code of Business Conduct and Code of Dealing and are subject to exclusivity, confidentiality and noncompete obligations under their employment agreements.
The agreement typically provides that the executive’s eligibility for payment of variable compensation is determined
exclusively on the basis of the achievement of company and individual targets set by the company. The specific conditions
and modalities of the variable compensation are fixed separately by the company and approved by the Remuneration
Committee.
The termination arrangements for the ExCom members provide for a termination indemnity of 12 months of remuneration,
including variable compensation, in the event of termination without cause. The variable compensation for purposes of thetermination indemnity shall be calculated as the average of the variable compensation paid to the executive for the last two
years of employment prior to the year of termination. In addition, if the company decides to impose upon the executive a
non-compete restriction of 12 months, the executive shall be entitled to receive an additional indemnity of six months, subject
to applicable laws and regulations.

AB InBev – Annual Report 2023  221

D.

Reclaim of variable remuneration

The company’s share-based compensation and long-term incentive plans contain a malus provision for all grants madesince March 2019. Such provision provides that the Restricted Stock Units and/or stock options granted to an executive willautomatically expire and become null and void in the scenario where the executive is found by the Global Ethics andCompliance Committee to be (i) responsible for a material breach of the company’s Code of Business Conduct; or (ii) subject
to a material adverse court or administrative decision, in each case in the period before the vesting of the Restricted Stock
Units or exercise of the stock options.
In addition, on 11 October 2023, the company adopted a clawback policy that applies to incentive-based compensation
received by certain executives (which currently comprise the members of the ExCom). Under this policy, “incentive-based
compensation” is defined broadly to include any compensation that is granted, earned, or vested based wholly or in part
upon the attainment of a financial reporting measure (e.g. variable performance-related compensation (bonus) and annual
long-term incentive performance stock units (PSUs)). The policy provides that in the event the company is required toprepare an accounting restatement of its financial statements due to the company’s material noncompliance with any
financial reporting requirements under the applicable securities laws, the company will recover (on a pre-tax basis) from therelevant executives any incentive-based compensation received by such executives on or after 2 October 2023 and during
the three fiscal years preceding the date the restatement was required that exceeds the amount of incentive-based
compensation that otherwise would have been received had such incentive-based compensation been determinedaccording to the applicable accounting restatement, subject to limited exceptions. The recovery of such compensation
applies regardless of whether any misconduct occurred and without regard to whether an executive engaged in misconduct
or otherwise caused or contributed to the requirement for a restatement.

8.2. Remuneration report
This remuneration report must be read together with the remuneration policy which, to the extent necessary, should be
regarded as forming part of this remuneration report. The remuneration granted to directors and members of the ExComwith respect to financial year 2023 is in line with the remuneration policy. It is designed to support the company’s highperformance culture and the creation of long-term sustainable value for its shareholders and promotes alignment withshareholders’ interests by strongly encouraging executive ownership of shares in the company.
The remuneration report will be submitted to the approval of the annual shareholders’ meeting of 24 April 2024.
8.2.1. REMUNERATION REPORT RELATING TO DIRECTORS
A. General overview
a. Cash remuneration
The fixed annual fee of the directors amounts to EUR 75,000, except for the chairperson of the Board and the chairpersonof the Audit Committee whose annual fixed fees amount respectively to EUR 255,000 and EUR 127,500.
In addition, a fixed annual retainer applies as follows: (a) EUR 28,000 for the chairperson of the Audit Committee, (b) EUR
14,000 for the other members of the Audit Committee, (c) EUR 14,000 for each of the chairpersons of the FinanceCommittee, the Remuneration Committee and the Nomination Committee, and (d) EUR 7,000 for each of the other membersof the Finance Committee, the Remuneration Committee and the Nomination Committee, it being understood that theamounts of the retainers set out above are cumulative in the case of participation of a director in several committees.
b. Share-based remuneration
The share-based portion of the remuneration of the directors of the company is granted in the form of Restricted Stock Units
corresponding to a fixed gross value per year of (i) EUR 550,000 for the chairperson of the Board, (ii) EUR 350,000 for thechairperson of the Audit Committee and (iii) EUR 200,000 for the other directors.
Such Restricted Stock Units vest after five years. Each director is entitled to receive a number of Restricted Stock Units
corresponding to the above amount to which such director is entitled divided by the closing price of the shares of thecompany on Euronext Brussels on the day preceding the annual shareholders’ meeting approving the accounts of thefinancial year to which the remuneration in Restricted Stock Units relates. Upon vesting, each vested Restricted Stock Unit
entitles its holder to one AB InBev share (subject to any applicable withholdings).

AB InBev – Annual Report 2023  222

B. Individual director remuneration
Individual director remuneration for 2023 is presented in the table below. All amounts presented are gross amounts
expressed in Euro before deduction of withholding tax.

Maria Asuncion Aramburuzabala (1)Martin J. Barrington
Lynne Biggar (2) (3)Michele Burns
Sabine Chalmers
Paul Cornet de Ways Ruart
Grégoire de Spoelberch
Claudio Garcia
William F. Gifford (1) (4)Paulo Lemann
Xiaozhi Liu (1)Salvatore Mancuso (2) (4)Nitin Nohria
Alejandro Santo Domingo
Aradhana Sarin (2)Elio Leoni Sceti (1)Cecilia Sicupira (1)Heloisa Sicupira (2)Alexandre Van Damme
Dirk Van de Put (2)All directors as a group

Number of
Board meetings
attended
4
9
5
9
9
9
9
9
1
9
4
4
9
9
4
4
4
5
9
5

Annual fee
for Board
meetings
24,033
255,000
50,967
127,500
75,00075,00075,00075,000075,00024,033075,00075,00050,96724,03324,03350,96775,00050,967
1,282,500

Fees forCommittee
meetings
0
21,0009,550
46,7757,000
7,000
14,00028,000
0
7,000
4,450
0
7,000
7,000
9,550
6,675
2,225
4,775
7,000
4,775
193,775

Total fee
24,033
276,000
60,517
174,275
82,00082,00089,000103,000
0
82,00028,483082,00082,00060,51730,70826,25855,74282,00055,742
1,476,275

Number of
Restricted Stock
Units granted (5)
3,328
9,154
0
5,825
3,328
3,328
3,328
3,328
0
3,328
3,328
0
3,328
3,328
0
3,328
3,328
0
3,328
0
54,915(1) Member of the Board of Directors until 26 April 2023.
(2) Member of the Board of Directors since 26 April 2023.
(3) Ms. Lynne Biggar served as a strategic advisor to the Board prior to her appointment as Board member on 26 April 2023. For 2023, Ms. Biggar earned
EUR 104,857 in this advisory capacity.
(4) Messrs. William F. Gifford and Salvatore Mancuso have waived their entitlement to any type of remuneration, including share-based remuneration,
relating to the exercise of their mandate in 2023 and before (if applicable).
(5) No Restricted Stock Units granted to Directors vested in 2023.

AB InBev – Annual Report 2023  223

C. Options owned by directors
The table below sets forth, for each of the company’s current directors, the number of LTI stock options they owned as of
31 December 2023 (1). LTI options are no longer awarded to directors (last grant on 25 April 2018) 1.

LTI 26

LTI 25

LTI 24

LTI 23

LTI 22Grant date

25 Apr 201826 Apr 201727 Apr 201629 Apr 2015

30 Apr 2014

Vesting date

25 Apr 2023

26 Apr 2022

27 Apr 2021

29 Apr 2020

30 Apr 2019

Expiry dateMartin J. Barrington

24 Apr 2028
025 Apr 2027
026 Apr 2026
028 Apr 2025
029 Apr 20240

Lynne Biggar

0

0

0

0

0

0

Michele Burns

25,50025,50025,5000

076,500Sabine Chalmers (2)

0

0

0

0

0

0

Paul Cornet de Ways Ruart

15,00015,00015,00015,00015,00075,000

Grégoire de Spoelberch

15,00015,00015,00015,00015,00075,000Claudio Garcia (2)

0

0

0

0

0

0

Paulo Lemann

15,00015,00015,00015,000060,000

Salvatore Mancuso

0

0

0

0

0

0

Nitin Nohria

0

0

0

0

0

0

Alejandro Santo Domingo

15,00015,00000030,000

Aradhana Sarin

0

0

0

0

0

0

Heloisa Sicupira

0

0

0

0

0

0

Alexandre Van Damme

15,00015,00015,00015,00015,00075,000

Dirk Van de Put

0

0

0

0

0

0

Strike price (Euro)

84.47

104.50113.25113.1080.83

Number of LTI
stock options
owned0(1) At the annual shareholders’ meeting of 30 April 2014, all outstanding LTI warrants were converted into LTI stock options, i.e. the right to purchase existing
ordinary shares instead of the right to subscribe to newly issued shares. All other terms and conditions of the outstanding LTI warrants remained
unchanged. In 2023, no LTI stock options listed in the above table were exercised by directors.
(2) Claudio Garcia and Sabine Chalmers do not hold stock options under the company’s LTI Stock Options Plan for directors. However, they do still holdcertain LTI stock options that were awarded to them in the past in their capacity as executives of the company. Out of these, in 2023 Claudio Garcia
exercised 331,360 LTI stock options granted on 25 November 2008 with an exercise price of EUR 10.32 and 177,021 LTI stock options granted on 1
December 2009 with an exercise price of EUR 33.24.

1 Until 31 December 2018, the company had a long-term incentive (LTI) stock option plan for directors. All LTI grants to directors were in the form of stock
options on existing shares with the following features:- an exercise price equal to the market price of the share at the time of granting;- a maximum lifetime of 10 years and an exercise period that starts after five years; and- the LTI stock options cliff vest after five years. Unvested LTI stock options are subject to forfeiture provisions in the event that the directorship is notrenewed upon the expiry of its term or is terminated in the course of its term, both due to a breach of duty by the director.

This LTI stock option plan was replaced in 2019 with the RSU Plan described in section 8.2.1.A.b.

AB InBev – Annual Report 2023  224

D. Restricted Stock Units owned by directors
The table below sets forth, for each of the company’s current directors, the number of Restricted Stock Units they owned asof 31 December 2023:

28 April 2021
28 April 2026

27 April 2022
27 April 2027

26 April 2023
26 April 2028

Number of
Restricted
Stock Units
owned (2)9,758

10,221

0

0

9,270
0

43,733
0

8,159

6,209

6,504

5,899

31,452

4,661

3,546

3,716

3,370

15,293

4,661

3,546

3,716

3,370

17,966

3,716

3,370

17,966

3,716

3,370

15,293
17,966

Grant Date

24 April 20193 June 2020

Vesting Date
Martin J. Barrington

24 April 2024
1,661

3 June 2025
12,823Lynne Biggar

00Michele Burns

4,681

Sabine Chalmers

0Paul Cornet de Ways Ruart

2,673

Grégoire de Spoelberch
Claudio Garcia

2,673
0

Paulo Lemann

4,661
4,661

3,546
3,546

2,673

4,661

3,546

3,716

3,370

0

0

0

0

0

0

Nitin Nohria

0

0

0

0

3,370

3,370

Alejandro Santo Domingo

2,673

4,661

3,546

3,716

3,370

17,966

Aradhana Sarin

0

0

0

0

0

0

Heloisa Sicupira

0

0

0

0

0

0

Alexandre Van Damme

2,673

4,661

3,546

3,716

3,370

17,966

Dirk Van de Put

019,707053,609040,789042,7370042,129198,971

Salvatore Mancuso(1)

All directors as a group(1) Salvatore Mancuso has waived his entitlement to any type of remuneration, including share-based remuneration, relating to the exercise of his mandate
in 2023.
(2) No Restricted Stock Units granted to Directors vested in 2023.

AB InBev – Annual Report 2023  225

8.2.2. REMUNERATION REPORT RELATING TO THE EXCOM
Except as provided otherwise, the information in this section relates to the members of the ExCom as at 31 December 2023.
A. Components of executive remunerationa.

General Overview and Peer Groups

General Overview
Executive remuneration generally consists of (a) fixed base salary, (b) variable performance-related compensation (bonus),(c) long-term incentives in the form of long-term Restricted Stock Units, long-term Performance Stock Units and/or longterm stock options, (d) pension schemes (e) other components. All amounts shown below are gross amounts before
deduction of withholding taxes and social security.
The ratio between fixed remuneration (consisting of items (a), (d) and (e) listed above) and on-target variable remuneration(consisting of items (b) and (c) listed above) depends on seniority levels of the executives. Our remuneration structure
places a significant emphasis on share-based components, resulting in items (b) and (c) being of a relatively higher weightassuming all performance and other requirements are fully met. Variable compensation is key to the company’scompensation system and is aimed at rewarding executives’ short- and long-term performance. For the CEO, the award
value of on-target variable remuneration for 2023 could amount to up to 94% of his total on-target compensation, assuming
all performance and other requirements are fully met. For the other members of the ExCom, the award value of on-target
variable remuneration for 2023 could on average amount to up to 89% of their total on-target compensation, assuming all
performance and other requirements are fully met.
Peer Groups
To promote alignment with market practice, executives’ total compensation is reviewed against benchmarks (see section
8.1.3.A. of our remuneration policy). The Compensation Peer Group that was used as the benchmark for financial year 2023
was composed of the following companies:
2023 Compensation Peer GroupAccenture
AltriaApple
Coca-Cola
ComcastDiageoFedEx
IBMJohnson & Johnson
Kraft Heinz
LVMH
McDonald’s
Merck
Microsoft
Nike
Omnicom

OraclePepsiCo
Philip Morris
Procter & Gamble
Starbucks
Walt Disney

The Company also establishes a peer group to assess its three-year Total Shareholder Return (TSR) relative to the TSR
realized for that period by a representative sample of 16 listed companies belonging to the consumer goods sector (the TSR
Peer Group) (see section 8.1.3.A.c. of our remuneration policy). The below TSR Peer Group was used for Performance
Stock Units granted in 2023:
2023 TSR Peer Group
3M
AltriaCarlsberg
Coca-Cola
Colgate-Palmolive
DiageoHeinekenKraft Heinz
Mondelez
Nestlé
PepsiCo
Philip Morris

Procter & Gamble
Reckitt Benckiser
Starbucks
Unilever

AB InBev – Annual Report 2023  226

b.

Base salary

In 2023, based on his employment contract, Michel Doukeris earned a fixed annual base salary of EUR 1.29 million (USD
1.39 million), while the other members of the ExCom earned an aggregate annual base salary of EUR 2.02 million (USD
2.19 million).
c. Variable performance-related compensation (bonus) – Share-based compensation plan
The effective payout of variable performance-based compensation (bonus) in respect of financial year 2023 is directly
correlated with performance, i.e. linked to the achievement of total company, business unit and individual targets, all ofwhich are based on performance metrics, whereby below a hurdle of individual target achievement, no variable
compensation is earned.
The Board of Directors sets targets for eligibility to a bonus payout. Company and business unit targets are based on
performance metrics which focus on top-line growth, profitability and long-term value creation. The individual targets arederived from the Company’s ten-year plan which is the foundation of our strategy and which is defined by three strategicpillars: Lead and Grow the Category, Digitize and Monetize our Ecosystem and Optimize our Business.
For financial year 2023, the performance metrics for the ExCom and their relative weights were:Component

WeightingCompany targets

Performance measures

Organic EBITDA
40%
Organic Net Revenue (40%)

Business Unit targets

Organic EBITDA (30%)
30%Organic Cash Flow (30%)
Targets based on the strategic pillars underlying our 10year plan

Individual targets
30%

Variable compensation (bonus) for performance in 2023 – To be paid in March 2024
Based on its performance and results in 2023, the company partially achieved its aggregated company and business unit
performance targets.
For the year 2023, Michel Doukeris earned a bonus of EUR 4.20 million (USD 4.54 million). The other members of the
ExCom (as at 31 December 2023) earned an aggregate bonus of EUR 3.43 million (USD 3.71 million).
The amount of variable compensation (bonus) is based on the company’s performance during the year 2023 and theexecutive’s individual target achievement. The variable compensation will be paid in or around March 2024.
Executives will receive their bonus for financial year 2023 in cash but are encouraged to invest some or all of its value in
Voluntary Shares. Such voluntary investment leads to a discount of up to 20% and a grant of one and a half (1.5) Matching
Shares by the company for each Voluntary Share invested up to a limited total percentage of each executive’s bonus inaccordance with the remuneration policy of the company.
Variable compensation (bonus) for performance in 2022 – Paid in March 2023
The following table sets forth information regarding the number of Voluntary Shares acquired by, and Matching Shares andDiscounted Shares granted to, our CEO and the other members of our ExCom in March 2023 under the Share-based
compensation plan in respect of the variable compensation (bonus) awarded for performance in 2022 as described in the
remuneration report for financial year 2022. The CEO and the other members of our ExCom invested the full amunt of theirbonus in Voluntary Shares. The Matching Shares (in an amount of one and a half (1.5) Matching Shares for each Voluntary
Share) and Discounted Shares were granted in the form of Restricted Stock Units which will vest after three years (on 6
March 2026) in accordance with the remuneration policy of the company. In the event the executive leaves the company
before the vesting date, specific forfeiture rules apply.

AB InBev – Annual Report 2023  227

Name

Voluntary Shares
Acquired

Matching andDiscounted Shares
Granted49,670
11,251
12,787
16,951

133,157
34,61135,92147,842Michel Doukeris (CEO)David Almeida
John Blood
Fernando Tennenbaumd.

Long-term incentives

Annual long-term incentive restricted stock units (RSUs)
On 11 December 2023, annual long-term Restricted Stock Units for 2023 were granted to Michel Doukeris (38,906 RSUs),
David Almeida (30,459 RSUs), John Blood (14,797 RSUs) and Fernando Tennenbaum (33,334 RSUs). In accordance withthe remuneration policy, these Restricted Stock Units cliff vest over a three-year period (11 December 2026). In the eventthe executive leaves the company before the vesting date, specific forfeiture rules apply.
Annual long-term incentive performance stock units (PSUs)
On 11 December 2023, annual long-term Performance Stock Units (PSUs) for 2023 were granted to Michel Doukeris (9,994
PSUs), David Almeida (8,736 PSUs), John Blood (4,958 PSUs) and Fernando Tennenbaum (9,654 PSUs).
The Performance Stock Units cliff vest over a three-year period (11 December 2026). In the event the executive leaves thecompany before the vesting date, specific forfeiture rules apply.
See section 8.2.2.A.a. for the applicable TSR Peer Group.
Exceptional long-term incentives
In 2023, no grants were made to members of the ExCom under the historic exceptional long-term incentive plans describedin section 8.1.3.A.c.
Recurring Specific long-term Restricted Stock Unit programs
In 2023, no grants were made to members of the ExCom under the company’s other recurring specific long-term Restricted
Stock Unit programs (as described in section 8.1.3.A.c.).
Exchange of share ownership program
In 2023, no member of the ExCom participated in the company’s exchange of share ownership program (as described in
section 8.1.3.A.c).
Programs for maintaining consistency of benefits granted and for encouraging global mobility of executives
In 2023, no member of the ExCom participated in any of the company’s programs for maintaining consistency of benefits
granted and for encouraging global mobility of executives (as described in section 8.1.3.A.c).
e. Pension schemes
The CEO and the other members of the ExCom participate in a defined contribution plan. The annual contribution that was
paid by the company for Michel Doukeris amounted to approximately USD 0.20 million in 2023. The contributions for theother members of the ExCom amounted to approximately USD 0.03 million in aggregate in 2023.
f. Other benefits
Executives are also entitled to disability, life, medical (including vision and dental) and Group Variable Universal Life (GVUL)
insurance and perquisites that are competitive with market practices, the costs of which together amounted in 2023 toapproximately USD 0.03 million for Michel Doukeris and approximately USD 0.08 million in aggregate for the other membersof the ExCom.

AB InBev – Annual Report 2023  228

B. Minimum threshold of shares to be held by members of the ExComThe Board has set a minimum threshold of shares of the company to be held at any time by the CEO to two years of basesalary (gross) and by the other members of the ExCom to one year of base salary (gross). Newly appointed ExCom members
have three years to reach such threshold following the date of their appointment.
C. Main contractual terms and conditions of employment of members of the Executive Committee (ExCom) in 2022
See section 8.1.3.C for a description of the main contractual terms and conditions of employment of members of the ExCom,
including termination arrangements.
D. Reclaim of variable remuneration
Malus provisions have been included in the share-based compensation and long-term incentive plans relating to grants
made in 2023 (see section 8.1.3.D.).
In addition, on 11 October 2023, the Company adopted a clawback policy that applies to incentive-based compensation
received by certain executives of the company (which currently comprise the members of the ExCom) (see section 8.1.3.D.).
No variable remuneration was reclaimed in 2023.
E. Options owned by members of the ExCom
The table below sets forth the number of LTI stock options owned by the members of our ExCom as of 31 December 2023
under the annual LTI stock option plan (see section 8.1.3.A.c).
Grant date
Vesting date
Expiry date
ExCom (1)Strike price (EUR)

Grant date
Vesting date
Expiry date
ExCom (1)Strike price (EUR)
(1)
(2)

(3)

LTI options

LTI options

LTI options

LTI options

LTI options

02 Dec 201302 Dec 201801 Dec 2023
0(2)
75.15

01 Dec 201401 Dec 201930 Nov 2024
113,468
94.46

01 Dec 2015
01 Dec 2020
30 Nov 2025
36,035121.9522 Dec 201522 Dec 2020
21 Dec 2025
45,837113.0001 Dec 201601 Dec 2021
30 Nov 2026
36,72898.04

LTI options

LTI options

LTI options

LTI options

LTI options

20 Jan 201720 Jan 2022
19 Jan 2027
75,75698.85

01 Dec 201701 Dec 2022
30 Nov 2027
19,11296.70

22 Jan 201822 Jan 2023
21 Jan 2028
146,486 (3)94.36

25 Jan 201925 Jan 2024
24 Jan 2029
306,79465.70

02 Dec 201902 Dec 2024
01 Dec 2029
377,402
71.87

No options were exercised in 2023 by members of the ExCom.
The following options granted on 2 December 2013 expired on 1 December 2023:•
33,573 options held by Michel Doukeris•
26,772 options held by David Almeida.
•
17,886 options held by Fernando Tennenbaum.
•
5,691 options held by John Blood.
The following options granted on 22 January 2018 vested on 22 January 2023 with an exercise price of EUR 94.36:•
69,806 options held by Michel Doukeris.
•
55,527 options held by David Almeida.
•
21,153 options held by John Blood.

AB InBev – Annual Report 2023  229

The table below sets forth the number of options owned by the members of the ExCom as of 31 December 2023(1) under
the November 2008 Exceptional Option Grant.

Grant date
Vesting date
Expiry date
ExCom (2)Strike price (EUR)
(1)

(2)

November 2008 Exceptional
Grant options Series B – Dividend Waiver 09
1 Dec 2009
01 Jan 201924 Nov 2023
033.24

The outstanding stock options had a duration of 15 years as from granting and vested on 1 January 2019. The exercise of the stock options is subject,among other things, to the condition that the company meets a performance test. This performance test, which was met, required the net debt/EBITDA,
as defined (adjusted for exceptional items) ratio to fall below 2.5 before 31 December 2013.
The following options granted on 1 December 2009 with a strike price of EUR 33.24 were exercised in 2023:•
228,943 options held by David Almeida.

The table below sets forth the number of options granted under exceptional long-term plans owned by the members of the
ExCom as of 31 December 2023 (see section 8.1.3. A.c).

Grant date
Vesting date
Expiry date
ExCom (2)Strike price (EUR)

Long Run Stock Options
Incentive Plan
1 Dec 2017
1 Jan 2028(1)31 Dec 2032
2,503,130
96.70

March 2020 Stock Option
Incentive
25 Mar 2020
25 Mar 2025
24 Mar 2030
4,980,927
40.40(1) The exercisability of the Long Run Stock Options is subject, among other things, to the condition that the company meets a performance test. This
performance test is based on an organic EBITDA compounded annual growth rate target.
(2) No options were exercised in 2023 by members of the ExCom.

AB InBev – Annual Report 2023  230

F. Restricted Stock Units owned by members of the ExCom
The table below sets forth the number of Restricted Stock Units owned by the members of the ExCom as of 31 December
2023(1).

Grant date
Vesting date
ExCom

December
2014
Exceptional
RSU B
17 Dec 201417 Dec 2024
11,041

Grant date
Vesting date
ExCom

March 2020
RSU grant
25 Mar 2020
25 Mar 2025
1,308,417

December 2020
LTI RSU A
14 Dec 2020
14 Dec 2023
0

December 2020
LTI RSU B
14 Dec 2020
14 Dec 2025
36,507

December 2021
LTI RSU A
13 Dec 2021
13 Dec 2024
26,646

December 2021
LTI RSU B
13 Dec 2021
13 Dec 2026
26,646

March 2022 LTI
RSU grant A
1 Mar 2022
1 Mar 2025
70,344

Grant date
Vesting date
ExCom

March 2022 LTI
RSU grant B
1 Mar 2022
1 Mar 2027
70,344

Matching
Shares March2022 grant A
1 Mar 2022
1 Mar 2025
316,709

Matching
Shares March2022 grant B
1 Mar 2022
1 Mar 2027
316,707

December 2022
LTI RSU14 Dec 2022
14 Dec 2025
361,687

Matching
Shares March2023
6 Mar 2023
6 Mar 2026
254,744

December 2023
LTI RSU11 Dec 2023
11 Dec 2026
117,496

Matching
Shares March
2018
2 Mar 2018
2 Mar 2023
0

August 2018
Performance
RSU
14 Aug 2018
14 Aug 2028
56,132

Matching
Shares March
2019
4 Mar 20194 Mar 2024
17,334

Matching
Shares July
2019
29 Jul 201929 Jul 2024
43,133

Matching
Shares March
2020
2 Mar 2020
2 Mar 2025
11,073(1) The following Restricted Stock Units vested in 2023:•
34,763, 31,435, 6,053 and 6,952 Restricted Stock Units granted on 2 March 2018 respectively held by Michel Doukeris, David Almeida, Fernando
Tennenbaum and John Blood vested on 2 March 2023 at a price of EUR 56.62.
•
16,496, 7,332, 6,110 and 6,110 Restricted Stock Units granted on 14 December 2020 respectively held by Michel Doukeris, David Almeida,
Fernando Tennenbaum and John Blood vested on 14 December 2023 at a price of EUR 57.42.

G. Performance stock units owned by members of the ExCom
The table below sets forth the number of Performance Stock Units owned by the members of the ExCom as of 31 December
2023.
Grant date
Vesting date
ExCom

December 2022 LTI PSU
14 Dec 2022
14 Dec 2025
97,993

December 2023 LTI PSU
12 Dec 2023
12 Dec 2026
33,3428.2.3. PAY RATIOFor 2023, the ratio between the remuneration of the highest paid member of the ExCom and the lowest paid employee of
the Company (Anheuser-Busch InBev SA/NV) was 184.8 to one.
For purposes of calculating the ratio, the following components have been taken into account to determine the total
remuneration for 2023: (a) base salary, (b) variable performance-related compensation (bonus) definitively acquired in 2023
(if any), (c) long-term incentives vested in 2023 (if any), (d) pension contributions and (e) other cash and non-cash benefits(e.g. health plans, etc.). Expat allowances (if any) have been excluded from the calculation, since they mainly represent the
reimbursement of additional expenses incurred by the employee as a result of the assignment abroad.
Our pay ratio may vary significantly year-to-year due to a number of factors such as the high proportion of variable
performance related compensation (bonus) and long-term incentives in the total compensation package for our top
management (including the members of the ExCom) and exchange rate movements between reporting years.

AB InBev – Annual Report 2023  231

8.2.4. COMPARATIVE INFORMATION ON THE CHANGE OF REMUNERATION AND COMPANY PERFORMANCEThe below table contains information on the annual change of (i) the remuneration of the directors and the members of the
ExCom, (ii) the performance of the company and (iii) the average remuneration on a full-time equivalent basis of employeesof the company (other than the persons under item (i)), over the five most recent financial years.
As explained in section 8.2.3 above, ExCom remuneration varies significantly year-to-year due to a number of factors suchas the high proportion of variable performance related compensation (bonus) and long-term incentives in the totalcompensation package for our top management (including the members of the ExCom) and exchange rate movements
between reporting years.
Comparative table on the change of remuneration and company performance over the last five reported financial years
Annual change in %2019 vs 20182020 vs 20192021 vs 2020

1. Average remuneration of the directors (total)
Board Members(1)6%0%0%
2. Average remuneration of the ExCom members (total)
ExCom Members(2)> 100%(3)(97%)>100%(4)3. AB InBev performance (Group)
EBITDA (organic) (5)
3%
(13%)
12%
Net Revenue (organic) (5)
4%
(4%)
16%
GHG Emissions(6)
(10%)
(7%)
(22%)
4. Average remuneration on a FTE basis of employees of the Company
Employees of the
48%
4%
22%
Company(7)2022 vs 2021

2023 vs 2022

0%

0%

(27%)

19%

7%
11%
(8%)

7%
8%
(4%)

(14%)

(3%)

Explanatory notes
1. Average remuneration of Board members for a given financial year calculated on the basis of total value of cash components due inrespect of the relevant year and the value (if any) of share based components that vested during such year, divided by the number of
directors that sat on the Board as per the end of that year (excluding directors, if any, who have waived their entitlement to director
remuneration).
2. Average remuneration of the members of the ExCom calculated on the basis of the total value of cash components (i.e. base salary,bonus, benefits, etc.) due in respect of the relevant year and the value (if any) of share-based components that vested during such
year, for all executives who sat on the ExCom as per the end of that year. On the same basis, for financial year 2023, the proportionof fixed and variable remuneration of the CEO is 17%/83% and the average relative proportion of fixed and variable remuneration of
the other members of the ExCom is 24%/76%.
For the purposes of the average remuneration of the members of the ExCom for 2021, we considered the amounts for the respective
periods as CEO for Carlos Brito (until 30 June 2021) and Michel Doukeris (as from 1 July 2021).
3. The significant increase between 2019 and 2018 is driven by the vesting on 1 January 2019 of the following aggregate stock options
granted in 2008 and 2009 to three ExCom members (as of 2019): (a) 2.2 million November 2008 Exceptional Grant Options (seriesB) with a strike price of EUR 10.32, (b) 0.36 million November 2008 Exceptional Grant Options (series B) with a strike price of EUR
10.50, and (c) 1.6 million Dividend Waiver Series Options of December 2009 with a strike price of EUR 33.24. The share price on thevesting date was EUR 57.40.
4. The significant increase between 2021 and 2020 is because for the year 2020, no bonus was earned by the members of the ExCom,
whereas for the year 2021, the members of the ExCom earned a bonus of EUR 12.9 million (USD 15.3 million) in aggregate.
5. Based on organic Group EBITDA and organic Net Revenue numbers reported in the full year results announcement published by thecompany for the relevant financial year. The 2018 results were restated considering (i) the adoption of new IFRS rules on leaseaccounting (IFRS 16 Leases) under the full retrospective approach on 1 January 2019 and (ii) the classification of our Australianbusiness as discontinued operations.
6. Based on GHG Emissions Scope 1+2 (kgCO2e/hl) numbers for the AB InBev Group.
7. Calculated on a Belgian GAAP basis (the sum of line items 620, 622, 623 and 624 of the statutory annual accounts divided by the
number of FTE of Anheuser-Busch InBev SA/NV set forth in line item 1003 in the social balance annex to the statutory accounts).

AB InBev – Annual Report 2023  232

CONTACTS
Registered Office

Asia Pacific

Latin America SouthAB InBev
Grand-Place 11000 Brussels
Belgium

26F Raffles City Shanghai Office Tower
268 Middle Xizang Road
Shanghai, 200001
China

Global Headquarters Belgium

Europe InBev Belgium

Cervecería y Maltería Quilmes
Av. 12 de Octubre y Gran Canaraia s/n(B1878AAB) Quilmes
Provincia de Buenos Aires
Argentina

AB InBev
Brouwerijplein 1
3000 Leuven
Belgium

Functional Management
OfficeAB InBev
250 Park Avenue
Floor 2
New York, NY 10177
United States

AfricaSouth African Breweries
65 Park Lane
Sandown
Johannesburg
South Africa

Brouwerijplein 1
3000 Leuven
Belgium

Latin America COPEC
Bavaria
Carrera 53A 127-35
BogotáColombia

Latin America North
Cervejaria Ambev
Corporate Park
Rua Dr. Renato Paes de Barros 1017 4th Floor
04530-001, Sao Paulo
BrazilAB InBev - Annual report 2023 - 233

Middle Americas
Grupo Modelo S.A. de C.V.
Cerrada de Palomas 22, piso 5
Colonia Reforma Social
CP 11650
MexicoNorth America
Anheuser-Busch Co. Inc.
One Busch Place
St. Louis, MO 63118
United States

REGISTERED TRADEMARKSThe following brands are among the registered trademarks of AnheuserBusch InBev SA/NV or one of its affiliated companies:

Global brands

The following brands are registeredtrademarks co-owned with third parties:• PerfectDraft: co-owned with Koninklijke Philips N.V.

Budweiser, Corona, Stella Artois and Michelob ULTRA• Clean Waves: co-owned with Parley LLC

International brands

Responsible Editor

Beck’s, Castle, Hoegaarden and Leffe

Donna Lorenson

Local brands

Project Lead

10 Barrel, 2M, Aguila, Alexander Keith’s, Alta Palla, Ama, Andes, Antarctica,
Antarctica Sub-Zero, Archibald, Atlas, Babe, Balboa, Bathtub Gin, Barrilito,
Bass, BBC, Beck’s Ice, Becker, Belle-Vue, Birra del Borgo, Black Crown Gin,
Blasfemia, Blue Point, Boddingtons, Bohemia, Boxing Cat, Brahma, Brahma
Double Malt, Breckenridge, Brutal Fruit, Bud Zero, Bud 66, Bud Light, Bud
Light Seltzer, Busch, Busch Light, Cafri, Camden Town, Camden Hells,
Carling Black Label, Cass, Castle Lager, Castle Lite, Club, Club Colombia,
Colorado, Corona Agua Rifada, Corona Sunbrew, Corona Tropical, Cristal,
Cubanisto, Cucapá, Cusqueña, Cutwater, Devils Backbone, Diebels,
Diekirch, Eagle Lager, Elysian, Estrella Jalisco, Flying Fish, Four Peaks,
Franziskaner, Ginette, Golden Road, Goose Island, Guaraná Antarctica,
Haake-Beck, HANMAC, Harbin, Harbin Cristal, Harbin Ice, Harbin 1900,
Hasseröder, Hayward 5000, Hero, Hertog Jan, HiBall, Impala, Jinling, Julius,
Jupiler, Kaiba, Karbach, Kilimanjaro, King of Beers, Kokanee, Kombrewcha,
Kona, Kwak, Labatt, Lakeport, La Virgen, Leffe 0.0, Leon, Löwenbräu,
Mackeson, Magnífica, Mexicali, Mike’s, Mike’s Hard Seltzer, Mill Street,
Modelo, Modelo Especial, Modelo Pura Malta, Montejo, Mosi, Nativa, Natty
Daddy, Natural Light, Natural Light Seltzer, Negra Modelo, Norte, Nossa,
Nuestra Siembra, NÜTRL, O’Doul’s, OB, Oland, Paceña, Pacifico, Patagonia,
Patricia, Pilsen, Pilsen Callao, Pilsener, Poker, Pony Malta, Presidente, Pure
Draught, Quilmes, Quilmes Zero, Redd’s, Safari, Salva Vida, Sedrin, Shiliang,
Shock Top, Skol, Spaten, Stanley Park, Tijuana, Tripel Karmeliet, Trophy,
Tropical, Vieux Temps, Victoria, Wäls, Whitbread, Wicked Weed.
For some of our most recent innovations, trademark applications are still
pending and haven’t matured to registration yet.

Michaël Cloots
Special thanks to all our colleagues from AB InBev who made this Annual
Report a reality.

Design and Production
ChrisComU kan dit rapport in het Nederlands raadplegen op onze website:www.ab-inbev. com
Vous pouvez consulter ce rapport en français sur notre site web:www.ab-inbev.com
Anheuser-Busch InBev NV/SA
Brouwerijplein 1B-3000 Leuven
Belgium
Tel: +32 16 276 111

Register of Companies
0417.497.106

AB InBev - Annual report 2023 - 234