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Supplemental guarantor financial information

12 Months Ended

Dec. 31, 2025

Supplemental guarantor financial information

32. Supplemental guarantor financial information

European public debt

Certain debt securities issued outside the United States in reliance on Regulation S by Anheuser-Busch InBev SA/NV (“ABISA”) under its Euro Medium-Term Note Programme are guaranteed by Anheuser-Busch InBev Worldwide Inc. (“ABIWW”), Anheuser-Busch InBev Finance Inc. (“ABIFI”), Anheuser-Busch Companies, LLC (“ABC”), Brandbrew S.A. (“Brandbrew”), Brandbev S.à r.l. (“Brandbev”) and Cobrew NV (“Cobrew”) (collectively, the “Subsidiary Guarantors”). ABISA owns, directly or indirectly, 100% of each of the Subsidiary Guarantors. The information presented below has been presented to satisfy the disclosure requirements of the United Kingdom Financial Conduct Authority.

Summarized Financial Information

The first five columns in the table below present summarized financial information for (i) ABISA, (ii) ABIWW, (iii) ABIFI and (iv) ABC, and (v) Brandbrew, Brandbev and Cobrew. Investments in consolidated subsidiaries are presented under the equity method of accounting as “Other non-current assets”.

The final column presents financial information for ABISA and the Subsidiary Guarantors on a combined basis after elimination of intercompany transactions and balances among them and excluding investments in and equity in the earnings of both non-Guarantor Subsidiaries and Guarantor Subsidiaries.


Income Statement For the year ended 31 December 2025 Million US dollar	ABISA		ABIWW		ABIFI		ABC		Brandbrew, Brandbev and Cobrew		Eliminations		Total ABISA and Subsidiary Guarantors after eliminations
Revenue		561		-		-		12 632		-		(60)		13 134
Cost of sales		(518)		-		-		(5 791)		-		55		(6 254)
Gross profit		43		-		-		6 840		-		(5)		6 879
Selling, general and administrative expenses		(74)		1 008		-		(5 649)		17		4		(4 693)
Other operating income/(expenses)¹		178		(4)		-		(119)		1		-		57
Profit/(loss) from operations		148		1 004		-		1 073		18		-		2 243
Net finance income/(expense)¹		(757)		(2 832)		13		71		36		-		(3 469)
Share of result of associates		-		-		-		2		-		-		2
Income tax expense		(28)		402		(3)		(165)		(4)		-		201
Profit/(loss)		(638)		(1 426)		10		980		50		-		(1 023)
Income from subsidiaries		7 475		1 220		-		239		1 632		(10 566)		-
Profit of the period		6 837		(206)		10		1 220		1 681		(10 566)		(1 023)


Income Statement For the year ended 31 December 2024 Million US dollar	ABISA		ABIWW		ABIFI		ABC		Brandbrew, Brandbev and Cobrew		Eliminations		Total ABISA and Subsidiary Guarantors after eliminations
Revenue		507		-		-		12 877		-		(61)		13 323
Cost of sales		(470)		-		-		(6 024)		-		55		(6 440)
Gross profit		37		-		-		6 852		-		(6)		6 883
Selling, general and administrative expenses		(139)		1 081		-		(5 607)		-		6		(4 659)
Other operating income/(expenses)¹		633		(4)		-		(106)		-		-		523
Profit/(loss) from operations		530		1 077		-		1 139		-		-		2 747
Net finance income/(expense)¹		(588)		(1 496)		18		(891)		248		-		(2 709)
Income tax expense		(83)		129		(4)		(76)		(9)		-		(43)
Profit/(loss)		(141)		(290)		14		172		240		-		(5)
Income from subsidiaries		5 995		408		-		236		869		(7 509)		-
Profit of the period		5 855		118		14		408		1 109		(7 509)		(5)

1	Other operating income/(expenses) and Net finance income/(expense) include exceptional items.


Statement of Financial Position As at 31 December 2025 Million US dollar	ABISA		ABIWW		ABIFI		ABC		Brandbrew, Brandbev and Cobrew		Eliminations		Total ABISA and Subsidiary Guarantors after eliminations
Due from subsidiaries		4 727		3 759		3 330		42 756		6 520		(17 128)		43 964
Other non-current assets		114 509		103 244		5		117 583		27 418		(301 511)		61 248
Total non-current assets		119 236		107 003		3 335		160 339		33 938		(318 638)		105 212

Due from subsidiaries		11 090		5 120		465		9 250		2 855		(10 468)		18 313
Other current assets		292		344		10		1 977		6 019		-		8 642
Total current assets		11 383		5 464		476		11 227		8 873		(10 468)		26 954

Total equity		87 288		50 730		415		133 928		28 247		(301 511)		(903)

Due to subsidiaries		13 613		22 718		-		8 561		509		(17 128)		28 273
Other non-current liabilities		28 386		23 030		3 303		22 544		133		-		77 397
Total non-current liabilities		41 999		45 748		3 303		31 105		642		(17 128)		105 670

Due to subsidiaries		325		15 476		-		2 744		8 228		(10 468)		16 305
Other current liabilities		1 007		513		92		3 789		5 694		-		11 094
Total current liabilities		1 332		15 989		92		6 533		13 922		(10 468)		27 400


Statement of Financial Position As at 31 December 2024 Million US dollar	ABISA		ABIWW		ABIFI		ABC		Brandbrew, Brandbev and Cobrew		Eliminations		Total ABISA and Subsidiary Guarantors after eliminations
Due from subsidiaries		11 779		8 792		3 472		39 257		6 629		(15 415)		54 513
Other non-current assets		103 542		102 143		1		124 340		27 309		(295 233)		62 104
Total non-current assets		115 321		110 935		3 473		163 597		33 938		(310 648)		116 617

Due from subsidiaries		2 373		94		459		8 162		1 338		(6 757)		5 669
Other current assets		251		116		8		1 598		3 327		-		5 301
Total current assets		2 625		210		467		9 760		4 666		(6 757)		10 971

Total equity		78 237		50 936		405		132 668		28 542		(295 233)		(4 445)

Due to subsidiaries		15 265		23 444		-		11 080		484		(15 415)		34 858
Other non-current liabilities		22 647		25 920		3 443		24 256		64		-		76 330
Total non-current liabilities		37 912		49 364		3 443		35 336		548		(15 415)		111 188

Due to subsidiaries		181		10 295		5		1 908		3 827		(6 757)		9 459
Other current liabilities		1 617		550		88		3 445		5 686		-		11 385
Total current liabilities		1 798		10 845		93		5 353		9 513		(6 757)		20 844