Segment reporting

12 Months Ended

Dec. 31, 2025

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 table below are stated in million US dollar, except volume (million hls).



.	North America						Middle Americas						South America						EMEA						Asia Pacific

	2025		2024		2023		2025		2024		2023		2025		2024		2023		2025		2024		2023		2025		2024		2023

.

Volume		83		86		90		150		150		149		155		161		162		93		94		90		79		84		93

Revenue		14 207		14 655		15 072		17 376		17 072		16 348		11 954		12 423		12 040		9 502		9 003		8 589		5 693		6 196		6 824

Profit from operations		3 747		4 350		3 607		7 382		6 809		6 201		2 909		3 012		2 838		2 022		1 765		1 461		1 011		1 222		1 451

Net finance income/(expense)

Share of results of associates

Exceptional share of results of associates

Income tax expense

Profit

.

Segment assets (non-current)¹		61 445		61 837		62 436		73 560		66 567		74 142		13 764		12 820		14 791		30 845		27 951		29 302		10 964		10 952		11 980

Gross capex¹		391		436		495		921		1 164		1 368		660		702		830		750		668		906		307		379		498

FTE		15 449		16 492		17 950		43 085		45 630		48 069		32 931		34 639		36 267		19 264		19 979		21 011		20 908		21 483		24 992

Amended to conform to the 2025 presentation.



	Global Export and Holding Companies						AB InBev Worldwide

	2025		2024		2023		2025		2024		2023

.

Volume		-		-		-		561		576		585

Revenue		588		418		508		59 320		59 768		59 380

Profit from operations		(1 666)		(1 671)		(1 592)		15 405		15 487		13 966

Net finance income/(expense)								(4 465)		(5 353)		(5 102)

Share of results of associates								378		329		295

Exceptional share of results of associates								9		104		(35)

Income tax expense								(2 850)		(3 152)		(2 234)

Profit								8 477		7 416		6 891

.

Segment assets (non-current)¹		3 461		3 511		3 323		194 039		183 637		195 973

Gross capex¹		628		513		540		3 656		3 863		4 638

FTE		5 168		5 662		6 251		136 805		143 885		154 540

For the year ended 31 December 2025, net revenue from the beer business amounted to 53 050m US dollar (2024

: 53 655m US dollar; 2023

: 53 865m US dollar) while the net revenue from the non-beer business (including primarily soft drinks, spirits-based beverages and energy drinks) accounted for 6 269m US dollar (2024

: 6 114m US dollar; 2023

: 5 515m US dollar). Additionally, for 2025, net revenue from the company’s business in the United States amounted to 12 376m US dollar (2024: 12 792m US dollar; 2023: 13 168m US dollar) and net revenue from the company’s business in Brazil amounted to 8 766m US dollar (2024: 9 063m US dollar; 2023: 9 257m US dollar).

On the same basis, net revenue from external customers attributable to AB InBev’s country of domicile (Belgium) represented 696m US dollar (2024: 692m US dollar; 2023: 606m US dollar) and non-current assets located in the country of domicile represented 2 221m US dollar (2024: 2 331m US dollar; 2023: 2 341m US dollar).

Amended to conform to the 2025 presentation.