Segment reporting

12 Months Ended

Dec. 31, 2024

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

	2024		2023		2022		2024		2023		2022		2024		2023		2022		2024		2023		2022		2024		2023		2022



Volume		86		90		103		150		149		148		161		162		164		94		90		91		84		93		89

Revenue		14 655		15 072		16 566		17 072		16 348		14 180		12 423		12 040		11 599		9 003		8 589		8 120		6 196		6 824		6 532

Profit from operations		4 350		3 607		5 220		6 809		6 201		5 219		3 012		2 838		2 620		1 765		1 461		1 478		1 222		1 451		1 431

Net finance income/(expense)

Share of results of associates

Exceptional share of results of associates

Income tax expense

Profit



Segment assets (non-current)		62 292		62 931		63 379		66 586		74 160		66 262		12 820		14 791		14 297		27 951		29 302		30 918		10 952		11 980		12 397

Gross capex		454		530		695		1 168		1 371		1 319		702		830		1 001		668		906		1 011		379		498		496

FTE¹		16 492		17 950		20 040		45 630		48 069		52 355		34 639		36 267		40 589		19 979		21 011		21 306		21 483		24 992		24 331



	Global Export and Holding companies						AB InBev Worldwide

	2024		2023		2022		2024		2023		2022



Volume		-		-		1		576		585		595

Revenue		418		508		790		59 768		59 380		57 786

Profit from operations		(1 671)		(1 592)		(1 451)		15 487		13 966		14 517

Net finance income/(expense)								(5 353)		(5 102)		(4 148)

Share of results of associates								329		295		299

Exceptional share of results of associates								104		(35)		(1 143)

Income tax expense								(3 152)		(2 234)		(1 928)

Profit								7 416		6 891		7 597



Segment assets (non-current)		3 036		2 808		2 505		183 637		195 973		189 758

Gross capex		492		504		638		3 863		4 638		5 160

FTE¹		5 662		6 251		6 572		143 885		154 540		165 193

For the year ended 31 December 2024, net revenue from the beer business amounted to 52 718m US dollar (2023: 52 645m US dollar; 2022: 51 544m US dollar) while the net revenue from the

non-beer

business (soft drinks and other business) accounted for 7 050m US dollar (2023: 6 735m US dollar; 2022: 6 242m US dollar). Additionally, for 2024, net revenue from the company’s

business in the United States amounted to

12 792

m US dollar (2023:

13 168

m US dollar; 2022:

14 580

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

9 063

m US dollar (2023:

9 257

m US dollar; 2022:

8 256

m US dollar).

On the same basis, net revenue from external customers attributable to AB InBev’s country of domicile (Belgium) represented 692m US dollar (2023: 606m US dollar; 2022: 632m US dollar) and

non-current

assets located in the country of domicile represented 2 331m US dollar (2023: 2 341m US dollar; 2022: 2 533m US dollar).

The 2022 presentation was amended to conform to the 2023 and 2024 presentation.