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Interest-bearing loans and borrowings (Tables)

12 Months Ended

Dec. 31, 2024

Summary of 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 2024		31 December 2023
Unsecured bond issues		68 857		71 896
Lease liabilities		1 748		2 126
Unsecured other loans		100		119
Secured bank loans		16		23
Non-current interest-bearing loans and borrowings		70 720		74 163

Unsecured bond issues		627		2 514
Lease liabilities		556		703
Secured bank loans		3		392
Unsecured bank loans		94		182
Unsecured other loans		169		196
Current interest-bearing loans and borrowings		1 449		3 987

Interest-bearing loans and borrowings		72 169		78 150

The current and

non-current

interest-bearing loans and borrowings amount to 72.2 billion US dollar as at 31 December 2024, compared to 78.1 billion US dollar as at 31 December 2023.

As at 31 December 2024, the company had no outstanding balance on commercial papers (31 December 2023: nil). The commercial papers include programs in US dollar and euro with a total authorized issuance up to 5.0 billion US dollar and 3.0 billion euro, respectively.

Summary of Series of Bonds

In March 2024, Anheuser-Busch InBev SA/NV (“ABISA”) and its wholly-owned subsidiary Anheuser-Busch InBev Worldwide Inc. (“ABIWW”) completed the issuance of the following series of bonds:

Issue date

Issuer
(abbreviated)

Maturity date

Currency

Aggregate
principal amount

(in million)

Coupon rate

21 March 2024

ABIWW

15 June 2034

USD

1 000

5.000%

22 March 2024

ABISA

22 September 2031

EUR

1 000

3.450%

22 March 2024

ABISA

22 March 2037

EUR

1 500

3.750%

22 March 2024

ABISA

22 March 2044

EUR

1 500

3.950%

Summary of Tender Offers

In April 2024, the company completed the tender offers of five series of notes issued by ABISA and its wholly-owned subsidiaries ABIWW and Anheuser-Busch Companies, LLC (“ABC”) and repurchased

2.6

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 repurchase

Issuer
(abbreviated)

Title of series of notes
partially repurchased

Currency

Original
principal
amount
outstanding

(in million)

Principal
amount
repurchased

(in million)

Principal
amount not
repurchased
(in million)

22 April 2024

ABIWW and ABC

3.650% Notes due 2026

USD

2 255

947

1 307

22 April 2024

ABISA

2.700% Notes due 2026

EUR

1 000

385

615

22 April 2024

ABISA

2.125% Notes due 2027

EUR

1 000

212

788

22 April 2024

ABIWW

4.000%

Notes due 2028

USD

2 500

868

1 632

22 April 2024

ABISA

2.000% Notes due 2028

EUR

3 000

2 911

In December 2024, the company completed the tender offers of fourteen series of USD notes, two series of GBP notes and one series of EUR notes for up to 3.5 billion US dollar aggregate purchase price. The company accepted the tender offers of thirteen series of notes issued by ABISA and its wholly-owned subsidiaries ABIWW, ABC and Anheuser-Busch InBev Finance Inc. (“ABIFI”) and repurchased 3.8 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 repurchase

Issuer
(abbreviated)

Title of series of notes
partially repurchased

Currency

Original
principal
amount
outstanding

(in million)

Principal
amount
repurchased

(in million)

Principal
amount not
repurchased
(in million)

3 December 2024

ABISA

2.850% Notes due 2037

GBP

248

156

3 December 2024

ABIWW

3.750% Notes due 2042

USD

350

329

3 December 2024

ABIFI

4.000% Notes due 2043

USD

341

317

3 December 2024

ABISA

2.250% Notes due 2029

GBP

337

104

232

3 December 2024

ABISA

2.000% Notes due 2035

EUR

750

655

3 December 2024

ABIWW

4.350% Notes due 2040

USD

1 000

721

279

3 December 2024

ABIWW

4.600% Notes due 2060

USD

347

257

3 December 2024

ABIWW

4.500% Notes due 2050

USD

1 102

146

956

3 December 2024

ABIWW

4.600% Notes due 2048

USD

1 055

446

608

3 December 2024

ABIFI

4.625% Notes due 2044

USD

850

225

625

3 December 2024

ABIWW

4.750% Notes due 2058

USD

981

412

569

3 December 2024

ABIWW

4.375% Notes due 2038

USD

1 500

965

535

3 December 2024

ABIWW and ABC

4.900% Notes due 2046

USD

9 543

382

9 160

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 60.6 billion US dollar as at 31 December 2024, from 67.6 billion US dollar as at 31 December 2023. Aside from operating 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), share buybacks (0.9 billion US dollar), dividend payments to shareholders of AB InBev and Ambev (2.7 billion US dollar) and foreign exchange impact on net debt (0.2 billion US dollar decrease of net debt).

Summary of Reconciliation 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 2024		31 December 2023
Non-current interest-bearing loans and borrowings		70 720		74 163
Current interest-bearing loans and borrowings		1 449		3 987
Interest-bearing loans and borrowings		72 169		78 150

Bank overdrafts		-		17
Cash and cash equivalents		(11 174)		(10 332)
Interest bearing loans granted and other deposits (included within Trade and other receivables)		(99)		(168)
Debt securities (included within Investment securities)		(251)		(94)
Net debt		60 645		67 573

Summary of Changes in the Company's Liabilities Arising from Financing Activities

The table below details the changes in the company’s liabilities arising from financing activities, including both cash and

non-cash

changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the company’s consolidated cash flow statement from financing activities.



Million US dollar	Long-term debt, net of current portion		Short-term debt and current portion of long- term debt
Balance at 1 January 2024		74 163		3 987
Proceeds from borrowings		5 337		128
Repayments of borrowings		(6 036)		(3 259)
Capitalization / (payment) of lease liabilities		416		(698)
Amortized cost		63		1
Unrealized foreign exchange effects		(1 583)		(165)
Current portion of long-term debt		(1 302)		1 302
(Gain)/Loss on bond redemption and other movements		(338)		152
Balance at 31 December 2024		70 720		1 449


Million US dollar	Long-term debt, net of current portion		Short-term debt and current portion of long- term debt
Balance at 1 January 2023		78 880		1 029
Proceeds from borrowings		59		143
Repayments of borrowings		(3 004)		(94)
Capitalization / (payment) of lease liabilities		686		(458)
Amortized cost		61		-
Unrealized foreign exchange effects		909		83
Current portion of long-term debt		(3 113)		3 113
(Gain)/Loss on bond redemption and other movements		(316)		171
Balance at 31 December 2023		74 163		3 987


Million US dollar	Long-term debt, net of current portion		Short-term debt and current portion of long- term debt
Balance at 1 January 2022		87 369		1 408
Proceeds from borrowings		74		17
Repayments of borrowings		(6 698)		(567)
Capitalization / (payment) of lease liabilities		794		(519)
Amortized cost		63		-
Unrealized foreign exchange effects		(1 776)		(6)
Current portion of long-term debt		(617)		617
(Gain)/Loss on bond redemption and other movements		(329)		79
Balance at 31 December 2022		78 880		1 029