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Investments in associates
 12 Months Ended
Dec. 31, 2025
Investments accounted for using equity method [abstract]  
Investments in associates
16. Investments in associates
A reconciliation of the summarized financial information to the carrying amount of the company’s interests in material associates is as follows:
 
    
2025
            
2024
  
Million US dollar
   
  Castel
     
 Anadolu Efes
            
  Castel
     
 Anadolu Efes
  
                                        
Balance at 1 January
   
 
3 125
 
   
 
214
 
      
 
3 482
 
   
 
164
 
Effect of movements in foreign exchange
   
 
375
 
   
 
(211)
 
      
 
(303)
 
   
 
(128)
 
Dividends received
   
 
(77)
 
   
 
(4)
 
      
 
(158)
 
   
 
(10)
 
Share of results of associates
   
 
140
 
   
 
53
 
      
 
104
 
   
 
84
 
Exceptional share of results of associates
   
 
-
 
   
 
9
 
      
 
-
 
   
 
104
 
Balance at 31 December
   
 
3 563
 
   
 
60
 
      
 
3 125
 
   
 
214
 
Summarized financial information of the company’s material associates is as follows:
 
    
2025
         
2024
  
Million US dollar
   
     Castel
     
 Anadolu Efes
    
  
   
     Castel
     
 Anadolu Efes
  
                                       
Current assets
   
 
3 793
 
   
 
2 820
 
     
 
3 411
 
   
 
3 542
 
Non-current assets
   
 
4 983
 
   
 
6 779
 
     
 
4 520
 
   
 
6 361
 
Current liabilities
   
 
(2 187)
 
   
 
(2 688)
 
     
 
(1 997)
 
   
 
(2 985)
 
Non-current liabilities
   
 
(700)
 
   
 
(1 962)
 
     
 
(586)
 
   
 
(2 066)
 
Non-controlling interests
   
 
(699)
 
   
 
(2 592)
 
     
 
(561)
 
   
 
(2 424)
 
Net assets¹
   
 
5 190
 
   
 
2 357
 
     
 
4 788
 
   
 
2 428
 
                                       
Revenue
   
 
5 637
 
   
 
5 596
 
     
 
5 329
 
   
 
6 421
 
Profit (loss)
   
 
724
 
   
 
476
 
     
 
654
 
   
 
1 214
 
Other comprehensive income (loss)
   
 
(166)
 
   
 
(717)
 
     
 
(206)
 
   
 
(1 853)
 
Total comprehensive income (loss)
   
 
557
 
   
 
(241)
 
     
 
448
 
   
 
(638)
 
In 2025, the exceptional share of results of associates included 9m US dollar income from our associate Anadolu Efes following the deconsolidation of its Russia business in the first quarter of 2025. In 2024, the exceptional share of results of associates included 104m US dollar income from our associate Anadolu Efes’ adoption of IAS 29 hyperinflation accounting on their 2023 results – see Note 8
Exceptional items
.
In 2025, associates that are not individually material contributed 185m US dollar to the results of investment in associates (31 December 2024: 141m US dollar; 31 December 2023: 126m US dollar). In December 2024, the company sold its share in associate Ghost Beverages LLC and recognized an exceptional gain on asset disposal of 437m US dollar – see Note 8
Exceptional items
.
Additional information related to
the
significant
associates
is presented in Note 34
AB InBev Companies
.
1
The net assets are converted at the respective closing rates of December.