XML 73 R62.htm IDEA: XBRL DOCUMENT v3.25.4
Pensions and similar obligations (Tables)
 12 Months Ended
Dec. 31, 2025
Statement [LineItems]  
Summary of Net Liability for Post-Employment and Long-Term Employee Benefit Plans
The company’s net liability for post-employment and long-term employee benefit plans comprises the following:
 
Million US dollar
   
2025
     
     2024
  
Present value of funded obligations
   
 
(4 209)
 
   
 
(4 090)
 
Fair value of plan assets
   
 
3 851
 
   
 
3 547
 
Present value of net obligations for funded plans
   
 
(358)
 
   
 
(543)
 
Present value of unfunded obligations
   
 
(562)
 
   
 
(542)
 
Present value of net obligations
   
 
(920)
 
   
 
(1 085)
 
                   
Unrecognized asset
   
 
(95)
 
   
 
(63)
 
Net liability
   
 
(1 015)
 
   
 
(1 148)
 
                   
Other long term employee benefits
   
 
(110)
 
   
 
(106)
 
Total employee benefits
   
 
(1 125)
 
   
 
(1 254)
 
                   
Employee benefits amounts in the statement of financial position:
   
 
 
 
   
 
 
 
Liabilities
   
 
(1 275)
 
   
 
(1 296)
 
Assets
   
 
150
   
 
42
Net liability
   
 
(1 125)
 
   
 
(1 254)
 
Summary of Changes in Present Value of Defined Benefit Obligations and Changes in Fair Value of Plan Assets
The changes in the present value of the defined benefit obligations are as follows:
 
Million US dollar
   
2025
     
    2024
     
    2023
  
Defined benefit obligation at 1 January
   
 
(4 632)
 
   
 
(5 403)
 
   
 
(5 191)
 
Current service costs
   
 
(46)
 
   
 
(51)
 
   
 
(50)
 
Interest cost
   
 
(275)
 
   
 
(282)
 
   
 
(302)
 
Past service gain/(cost)
   
 
(2)
 
   
 
3 
   
 
4 
 
Settlements
   
 
16 
   
 
133 
   
 
99 
 
Benefits paid
   
 
389 
   
 
432 
   
 
469 
 
Contribution by plan participants
   
 
(2)
 
   
 
(2)
 
   
 
(2)
 
Actuarial gains/(losses) – demographic assumptions
   
 
42 
   
 
(4)
 
   
 
17 
Actuarial gains/(losses) – financial assumptions
   
 
35 
   
 
267 
   
 
(220)
 
Experience adjustments
   
 
(40)
 
   
 
(13)
 
   
 
(44)
 
Exchange differences
   
 
(271)
 
   
 
288 
   
 
(182)
 
Transfers and other movements
   
 
15 
   
 
- 
 
   
 
- 
 
Defined benefit obligation at 31 December
   
 
(4 771)
 
   
 
(4 632)
 
   
 
(5 403)
 
The changes in the fair value of plan assets are as follows:
 
Million US dollar
   
2025
     
    2024
     
    2023
  
Fair value of plan assets at 1 January
   
 
3 547 
 
   
 
3 882 
 
   
 
3 807 
  
Interest income
   
 
208 
 
   
 
199 
 
   
 
217 
 
Administration costs
   
 
(16)
 
   
 
(14)
 
   
 
(17)
 
Return on plan assets exceeding interest income
   
 
63 
   
 
(26)
 
   
 
94 
 
Contributions by AB InBev
   
 
274 
 
   
 
267 
 
   
 
218 
 
Contributions by plan participants
   
 
2 
 
   
 
2 
 
   
 
2 
 
Benefits paid net of administration costs
   
 
(389)
 
   
 
(432)
 
   
 
(469)
 
Assets distributed on settlements
   
 
(17)
 
   
 
(130)
 
   
 
(97)
 
Exchange differences
   
 
201 
   
 
(200)
 
   
 
127 
Transfers and other movements
   
 
(22)
 
   
 
- 
 
   
 
- 
 
Fair value of plan assets at 31 December
   
 
3 851 
 
   
 
3 547 
     
 
3 882 
  
Summary of Changes in Unrecognized Assets
The changes in the unrecognized asset are as follows:
 
Million US dollar
   
2025
     
    2024
     
    2023
  
Irrecoverable surplus impact at 1 January
   
 
(63)
 
   
 
(38)
 
   
 
(43)
 
Interest expense
   
 
(7)
 
   
 
(4)
 
   
 
(4)
 
Changes excluding amounts included in interest expense
   
 
(25)
 
   
 
(21)
 
   
 
9 
Irrecoverable surplus impact at 31 December
   
 
(95)
 
   
 
(63)
 
   
 
(38)
 
Summary of Employee Benefit Expense Recognized in Income Statement
The expense recognized in the income statement with regards to defined benefit plans can be detailed as follows:
 
Million US dollar
   
2025
     
    2024
     
    2023
  
Current service costs
   
 
(46)
 
   
 
(51)
 
   
 
(50)
 
Administration costs
   
 
(16)
 
   
 
(18)
 
   
 
(17)
 
Past service cost due to plan amendments, curtailments or settlements
   
 
(2)
 
   
 
6 
   
 
6 
(Losses)/gains due to experience and demographic assumption changes
   
 
(1)
 
   
 
(1)
 
   
 
(1)
 
Profit from operations
   
 
(65)
 
   
 
(63)
 
   
 
(61)
 
Net finance cost
   
 
(74)
 
   
 
(88)
 
   
 
(88)
 
Total employee benefit expense
   
 
(139)
 
   
 
(151)
 
   
 
(150)
 
Summary of Employee Benefit Expense Recognized in Income Statement
The employee benefit expense is included in the following line items of the income statement:
 
Million US dollar
   
2025
     
    2024
     
    2023
  
Cost of sales
   
 
(20)
 
   
 
(20)
 
   
 
(18)
 
Distribution expenses
   
 
(8)
 
   
 
(10)
 
   
 
(9)
 
Sales and marketing expenses
   
 
(14)
 
   
 
(14)
 
   
 
(14)
 
Administrative expenses
   
 
(23)
 
   
 
(18)
 
   
 
(21)
 
Net finance cost
   
 
(74)
 
   
 
(88)
 
   
 
(88)
 
Total employee benefit expense
   
 
(139)
 
   
 
(151)
 
   
 
(150)
 
Summary of Weighted Average Assumptions used in Computing Benefit Obligations
Weighted average assumptions used in computing the benefit obligations of the company’s significant plans at the reporting date are as follows:
 
    
2025
  
     
United
States
     
   Canada
     
    Mexico
     
    Brazil
     
United
   Kingdom
     
   AB InBev
  
Discount rate
   
 
5.5
%
 
   
 
4.7%
 
   
 
9.3%
 
   
 
11.0%
 
   
 
5.5%
 
   
 
6.0%
 
Price inflation
   
 
2.0
%
 
   
 
2.0%
 
   
 
3.5%
 
   
 
3.5%
 
   
 
2.7%
 
   
 
2.5%
 
Future salary increases
   
 
-
 
   
 
1.0%
 
   
 
4.3%
 
   
 
4.1%
 
   
 
-
 
   
 
3.7%
 
Future pension increases
   
 
-
 
   
 
2.0%
 
   
 
3.5%
 
   
 
3.5%
 
   
 
2.7%
 
   
 
2.6%
 
Medical cost trend rate
   
 
6.3
%-
4.5
%
 
   
 
4.5%
 
   
 
-
 
   
 
7.1%
 
   
 
-
 
   
 
6.3%-6%
 
Life expectation for a 65-year old male
   
 
86
 
   
 
87
 
   
 
85
 
   
 
85
 
   
 
85
 
   
 
86
 
Life expectation for a 65-year old female
   
 
87
 
   
 
89
 
   
 
88
 
   
 
88
 
   
 
87
 
   
 
88
 
 
    
2024
  
     
United
States
     
   Canada
     
    Mexico
     
    Brazil
     
United
   Kingdom
     
   AB InBev
  
Discount rate
   
 
5.7
%
 
   
 
4.6%
 
   
 
10.8%
 
   
 
11.0%
 
   
 
5.6%
 
   
 
6.0%
 
Price inflation
   
 
2.0
%
 
   
 
2.0%
 
   
 
3.5%
 
   
 
3.5%
 
   
 
3.2%
 
   
 
2.5%
 
Future salary increases
   
 
-
 
   
 
1.0%
 
   
 
4.3%
 
   
 
6.7%-3.9%
 
   
 
-
 
   
 
3.6%
 
Future pension increases
   
 
-
 
   
 
2.0%
 
   
 
3.5%
 
   
 
3.5%
 
   
 
3.1%
 
   
 
2.8%
 
Medical cost trend rate
   
 
6.5%-4.5%
 
   
 
4.5%
 
   
 
-
 
   
 
7.1%
 
   
 
-
 
   
 
6.3%-5.9%
 
Life expectation for a 65-year old male
   
 
86
 
   
 
87
 
   
 
85
 
   
 
85
 
   
 
86
 
   
 
86
 
Life expectation for a 65-year old female
   
 
88
 
   
 
89
 
   
 
88
 
   
 
88
 
   
 
89
 
   
 
88
 
Summary of Sensitivity Analysis of Defined Benefit Obligation for Weighted Principle Assumption
The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is:
 
    
2025
  
Million US dollar
   
Change in
   assumption
     
Increase in
   assumption
    
Decrease in
   assumption
  
Discount rate
   
 
0.5%
 
   
 
(217
) 
  
 
236 
Price inflation
   
 
0.5%
 
   
 
97
  
 
(96)
 
Future salary increases
   
 
0.5%
 
   
 
19
  
 
(18)
 
Medical cost trend rate
   
 
0.5%
 
   
 
20
  
 
(17)
 
Mortality
   
 
One year
 
   
 
130
  
 
(132)
 
Summary of Fair Value of Plan Assets
The fair value of plan assets at 31 December consists of the following:
 
    
2025
     
2024
  
Million US dollar
   
Quoted
     
   Unquoted
     
   Total
     
   Quoted
     
   Unquoted
     
    Total
  
Government bonds
   
 
36%
 
   
 
-  
   
 
36%
 
   
 
37%
 
   
 
-  
   
 
37%
 
Corporate bonds
   
 
36%
 
   
 
0%
 
   
 
36%
 
   
 
27%
 
   
 
1%
 
   
 
28%
 
Equity instruments
   
 
15%
 
   
 
-  
   
 
15%
 
   
 
22%
 
   
 
-  
   
 
22%
 
Property
   
 
-  
   
 
5%
 
   
 
5%
 
   
 
-  
   
 
7%
 
   
 
7%
 
Insurance contracts and others
   
 
5%
 
   
 
2%
 
   
 
7%
 
   
 
4%
 
   
 
2%
 
   
 
6%
 
 
   
 
93%
 
   
 
7%
 
   
 
100%
 
   
 
90%
 
   
 
10%
 
   
 
100%