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Property, plant and equipment

12 Months Ended

Dec. 31, 2025

13. Property, plant and equipment

Property, plant and equipment comprises owned and leased assets, as follows:



Million US dollar	31 December 2025		31 December 2024



Property, plant and equipment owned		21 368		21 295

Property, plant and equipment leased (right-of-use assets)		2 297		2 209

Total property, plant and equipment		23 664		23 503



	31 December 2025								31 December 2024

Million US dollar	Land and buildings		Plant and equipment, fixtures and fittings		Under construction		Total		Total

Acquisition cost
Balance at end of previous year		12 325		38 056		1 166		51 547		54 522
Effect of movements in foreign exchange		808		2 764		97		3 669		(4 424)
Acquisitions		32		878		1 833		2 744		2 989
Acquisitions through business combinations		-		-		-		-		16
Disposals through sale and derecognition		(258)		(2 385)		(1)		(2 644)		(2 271)
Disposals through the sale of subsidiaries		(9)		(18)		-		(27)		(9)
Transfer (to)/from other asset categories and other movements¹		331		3 452		(2 085)		1 698		724
Balance at end of the period		13 229		42 747		1 011		56 987		51 547

Depreciation and impairment losses
Balance at end of previous year		(5 018)		(25 235)		-		(30 252)		(30 430)
Effect of movements in foreign exchange		(317)		(1 765)		-		(2 082)		2 367
Depreciation		(385)		(2 944)		-		(3 329)		(3 518)
Disposals through sale and derecognition		243		2 329		-		2 572		2 121
Disposals through the sale of subsidiaries		4		15		-		18		5
Impairment losses		(66)		(390)		-		(456)		(247)
Transfer to/(from) other asset categories and other movements 1		(204)		(1 886)		-		(2 090)		(550)
Balance at end of the period		(5 743)		(29 876)		-		(35 619)		(30 252)

Carrying amount
at 31 December 2024		7 307		12 821		1 166		21 295		21 295
at 31 December 2025		7 486		12 871		1 011		21 368

As of 31 December 2025 and 2024 there were no significant restrictions on title on property, plant and equipment.

Contractual commitments to purchase property, plant and equipment amounted to 171m US dollar as of 31 December 2025 compared to 257m US dollar as of 31 December 2024.

AB InBev’s net capital expenditures in the statement of cash flow amounted to 3 552m US dollar in 2025 compared to 3 735m US dollar in 2024. Out of the total 2025 capital expenditures approximately 26% was used to improve the company’s production facilities while 50% was used for logistics and commercial investments and 24% for the purchase of hardware and software and improving administrative capabilities.

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



	31 December 2025

Million US dollar	Land and buildings		Machinery, equipment and other		Total

Net carrying amount at 31 December		1 505		795		2 298
Depreciation for the year ended 31 December		(425)		(318)		(742)



	31 December 2024

Million US dollar	Land and buildings		Machinery, equipment and other		Total

Net carrying amount at 31 December		1 443		766		2 209
Depreciation for the year ended 31 December		(433)		(349)		(782)

Additions to right-of-use assets in the year ended 31 December 2025 were 588m US dollar (31 December 2024: 546m US dollar).

Following the sale of Dutch and Belgian pub real estate to Cofinimmo in October 2007, AB InBev entered into lease agreements 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

to 8 years and part of its own property under operating leases. In 2025, 128m US dollar was recognized as income in the income statement in respect of subleasing of right-of-use assets (2024: 124m US dollar; 2023: 120m US dollar). As of 31 December 2025, the undiscounted lease payments of the non-cancelable lease payments are expected to be received as follows: 117m US dollar in the next 12 months, 329m US dollar in the years 2 through 5 and 68m US dollar after 5 years.

The expense related to short-term and low-value leases and variable lease payments that are not included in the measurement of the lease liabilities is not significant.

The transfer (to)/from other asset categories and other movements relates 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,

to the restatement of non-monetary assets under hyperinflation accounting in line with IAS 29

Financial reporting in hyperinflationary economies

and to other movements.