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Interest-bearing loans and borrowings (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Interest-bearing Loans and Borrowings



Million US dollar	31 December 2025		31 December 2024
Unsecured bond issues		70 199		68 857
Lease liabilities		1 776		1 748
Unsecured other loans		139		100
Secured bank loans		15		16
Non-current interest-bearing loans and borrowings		72 128		70 720

Unsecured bond issues		-		627
Lease liabilities		621		556
Unsecured bank loans		178		94
Unsecured other loans		82		169
Secured bank loans		3		3
Current interest-bearing loans and borrowings		885		1 449

Interest-bearing loans and borrowings		73 013		72 169

As of 31 December 2025 , current and non-current interest-bearing loans and borrowings totaled 73.0 billion US dollar, compared to 72.2 billion USD as of 31 December 2024. Further details on the company’s exposure to interest rate and foreign currency risk are provided in

Note 27 Risks arising from financial instruments.

As of 31 December 2025, the company had no outstanding balance under its commercial paper programs (31 December 2024: nil). The programs authorize issuances of up to USD 5.0 billion and EUR 3.0 billion, respectively.

Summary of Series of Bonds

In May 2025, Anheuser-Busch InBev NV/SA (“ABISA”) completed the issuance of the following series of bonds:

Issue date

Issuer
(abbreviated)

Maturity date

Currency

Aggregate
principal amount

(in million)

Coupon rate

19 May 2025

ABISA

19 May 2033

EUR

1 250

3.375%

19 May 2025

ABISA

19 May 2038

EUR

1 500

3.875%

19 May 2025

ABISA

19 May 2045

EUR

500

4.125%

Summary of Tender Offers

Additionally, the company completed the tender offers of three series of notes issued by Anheuser-Busch InBev Worldwide Inc. (“ABIWW”), Anheuser-Busch Companies, LLC (“ABC”) and Anheuser-Busch InBev Finance Inc. (“ABIFI”) and repurchased 1.8 billion US dollar aggregate principal amount of these notes. The total principal amount repurchased in the tender offers is set out in the table below:

Date of repurchase

Issuer
(abbreviated)

Title of series of notes
partially repurchased

Currency

Original
principal
amount
outstanding

(in million)

Principal
amount
repurchased

(in million)

Principal
amount not
repurchased
(in million)

30 May 2025

ABIWW

4.750% Notes due 2029

USD

4 250

1 321

2 929

30 May 2025

ABIWW and ABC

4.900% Notes due 2046

USD

9 160

330

8 830

30 May 2025

ABIFI

4.900% Notes due 2046

USD

1 457

167

1 291

These tender offers were financed with cash.

In May 2025, the company announced that its wholly-owned subsidiary ABIWW exercised its option to redeem the entire outstanding principal amount of the series of notes presented in the table below, for an aggregate principal amount of 1.6 billion US dollar.

In October 2025, the company announced that ABISA and its wholly-owned subsidiaries ABIWW and ABC exercised their respective options to redeem the entire outstanding principal amounts of the series of notes presented in the table below, for an aggregate principal amount of 2.0 billion US dollar.

Date of redemption

Issuer
(abbreviated)

Title of series of notes
redeemed

Currency

Original principal
amount
outstanding

(in million)

Principal amount
redeemed

(in million)

30 May 2025

ABIWW

4.000% Notes due 2028

USD

1 632

18 November 2025

ABISA

2.700% Notes due 2026

EUR

615

29 December 2025

ABIWW and ABC

3.650% Notes due 2026

USD

1 307

Summary of Reconciliation of Net Debt

Net debt is defined as non-current and current interest-bearing loans and borrowings and bank overdrafts minus debt securities and cash and cash equivalents. Net debt is a financial performance indicator that is used by AB InBev’s management to highlight changes in the company’s overall liquidity position.


Million US dollar	31 December 2025		31 December 2024
Non-current interest-bearing loans and borrowings		72 128		70 720
Current interest-bearing loans and borrowings		885		1 449
Interest-bearing loans and borrowings		73 013		72 169

Bank overdrafts		14		-
Cash and cash equivalents		(11 638)		(11 174)
Interest bearing loans granted and other deposits (included within Trade and other receivables)		(116)		(99)
Debt securities (included within Investment securities)		(333)		(251)
Net debt		60 941		60 645

Summary of Changes in the Company's Liabilities Arising from Financing Activities

The table below details the changes in the company’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the company’s consolidated cash flow statement from financing activities.



Million US dollar	Long-term debt, net of current portion		Short-term debt and current portion of long- term debt
Balance as of 1 January 2025		70 720		1 449
Proceeds from borrowings		3 665		735
Repayments of borrowings		(3 442)		(3 419)
Capitalization / (payment) of lease liabilities		382		(499)
Amortized cost		68		-
Unrealized foreign exchange effects		3 271		63
Current portion of long-term debt		(2 535)		2 535
(Gain)/Loss on bond redemption and other movements		(1)		20
Balance as of 31 December 2025		72 128		885


Million US dollar	Long-term debt, net of current portion		Short-term debt and current portion of long- term debt
Balance as of 1 January 2024		74 163		3 987
Proceeds from borrowings		5 337		128
Repayments of borrowings		(6 036)		(3 259)
Capitalization / (payment) of lease liabilities		416		(698)
Amortized cost		63		1
Unrealized foreign exchange effects		(1 583)		(165)
Current portion of long-term debt		(1 302)		1 302
(Gain)/Loss on bond redemption and other movements		(338)		152
Balance as of 31 December 2024		70 720		1 449


Million US dollar	Long-term debt, net of current portion		Short-term debt and current portion of long- term debt
Balance at 1 January 2023		78 880		1 029
Proceeds from borrowings		59		143
Repayments of borrowings		(3 004)		(94)
Capitalization / (payment) of lease liabilities		686		(458)
Amortized cost		61		-
Unrealized foreign exchange effects		909		83
Current portion of long-term debt		(3 113)		3 113
(Gain)/Loss on bond redemption and other movements		(316)		171
Balance at 31 December 2023		74 163		3 987