Segment reporting

12 Months Ended

Dec. 31, 2023

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 profit from operations as a measure of segment performance which forms part of the basis for many of the company’s segment performance indicators to make decisions 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).



	North America						Middle Americas						South America						EMEA						Asia Pacific

	2023		2022		2021		2023		2022		2021		2023		2022		2021		2023		2022		2021		2023		2022		2021



Volume		90		103		107		149		148		141		162		164		157		90		91		87		93		89		88

Revenue		15 072		16 566		16 257		16 348		14 180		12 541		12 040		11 599		9 494		8 589		8 120		8 032		6 824		6 532		6 848

Profit from operations		3 607		5 220		5 110		6 201		5 219		4 888		2 838		2 620		2 305		1 461		1 478		1 472		1 451		1 431		1 569

Net finance income/(cost)

Share of results of associates

Exceptional share of results of associates

Income tax expense

Profit



Segment assets (non-current)		62 931		63 379		63 722		74 160		66 262		67 516		14 791		14 297		12 917		29 302		30 918		34 098		11 980		12 397		13 453

Gross capex		530		695		868		1 371		1 319		1 307		830		1 001		1 154		906		1 011		1 051		498		496		605

FTE¹		17 950		20 040		19 691		48 069		52 355		51 969		36 267		40 589		40 836		21 011		21 306		22 215		24 992		24 331		26 095



	Global Export and Holding companies						AB InBev Worldwide

	2023		2022		2021		2023		2022		2021



Volume		-		1		2		585		595		582

Revenue		508		790		1 133		59 380		57 786		54 304

Profit from operations		(1 592)		(1 451)		(1 520)		13 966		14 517		13 824

Net finance income/(cost)								(5 102)		(4 148)		(5 609)

Share of results of associates								295		299		248

Exceptional share of results of associates								(35)		(1 143)		-

Income tax expense								(2 234)		(1 928)		(2 350)

Profit								6 891		7 597		6 114



Segment assets (non-current)		2 808		2 505		1 973		195 973		189 757		193 679

Gross capex		504		638		655		4 638		5 160		5 640

FTE¹		6 251		6 572		7 160		154 540		165 193		167 966

The 2021 and 2022 presentation were amended to conform to the 2023 presentation.

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; 2021: 49 333m US dollar) while the net revenue from the non-beer business (soft drinks and other business) accounted for 6 735m US dollar (2022: 6 242m US dollar; 2021:

4 971m

US dollar). Additionally, for 2023, net revenue from the company’s business in the United States amounted to 13 168

m US dollar (2022: 14 580

m US dollar; 2021:

14 259

m US dollar) and net revenue from the company’s business in Brazil amounted to

9 257

m US dollar (2022:

8 256

m US dollar; 2021:

6 500

m 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; 2021: 623m US dollar) and non-current assets located in the country of domicile represented 2 341m US dollar (2022: 2 533m US dollar; 2021: 2 457m US dollar).