Investments in associates (Tables)

12 Months Ended

Dec. 31, 2025

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)

The net assets are converted at the respective closing rates of December.