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Changes in equity and earnings per share (Tables) | 6 Months Ended
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Jun. 30, 2026
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Summary of Changes in Issued Capital and Treasury Shares | The tables below summarize the changes in issued capital and treasury shares during the six-month period ended 30 June 2026:
Issued capital |  | Million shares |  |  | Million US dollar |
At the end of the previous year |  |  | 2 019 |  |  |  | 1 736 |
Changes during the period |  |  | - |  |  |  | - |
At the end of the current period |  |  | 2 019 |  |  |  | 1 736 |
Of which: |  |  |  |  |  |  |  |
Ordinary shares |  |  | 1 797 |  |  |  |  |
Restricted shares |  |  | 222 |  |  |  |  |
|  | Treasury shares |  |  | Result on the use of treasury shares |
Treasury shares |  | Million shares |  |  | Million US dollar |  |  | Million US dollar |
At the end of the previous year |  |  | 68.5 |  |  |  | (5 083 | ) |  |  | (6 316 | )
Changes during the period |  |  | (20.8 | ) |  |  | 1 567 |  |  |  | (1 439 | )
At the end of the current period |  |  | 47.7 |  |  |  | (3 516 | ) |  |  | (7 755 | )
Summary of Changes in Other Comprehensive Income Reserves | The changes in the other comprehensive income reserves are as follows:
|  |  |  |  |  |  |  | Post- |  |  |  |
| Translation |  |  | Hedging |  |  | employment |  |  | Total OCI |
Million US dollar |  | Reserves |  |  | reserves |  |  | benefits |  |  | Reserves |
As of 1 January 2026 |  |  | (32 076 | ) |  |  | 390 |  |  |  | (954 | ) |  |  | (32 641 | )
Other comprehensive income/(loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange differences on translation of foreign operations (gains/(losses)) |  |  | 2 857 |  |  |  | - |  |  |  | - |  |  |  | 2 857 |
Cash flow hedges |  |  | - |  |  |  | 61 |  |  |  | - |  |  |  | 61 |
Other comprehensive income/(loss) |  |  | 2 857 |  |  |  | 61 |  |  |  | - |  |  |  | 2 918 |
As of 30 June 2026 |  |  | (29 219 | ) |  |  | 451 |  |  |  | (954 | ) |  |  | (29 722 | )
The translation reserves were mainly impacted the effect of the appreciation of the closing rates of the Colombian peso, Mexican peso and Brazilian real and the depreciation of the closing rate of the Euro, which resulted in a net foreign exchange translation adjustment of 2 857m US dollar as of 30 June 2026 (increase of equity).
|  |  |  |  |  |  |  | Post- |  |  |  |
| Translation |  |  | Hedging |  |  | employment |  |  | Total OCI |
Million US dollar |  | Reserves |  |  | reserves |  |  | benefits |  |  | Reserves |
As of 1 January 2025 |  |  | (38 670 | ) |  |  | 490 |  |  |  | (1 020 | ) |  |  | (39 201 | )
Other comprehensive income/(loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Exchange differences on translation of foreign operations (gains/(losses)) |  |  | 2 694 |  |  |  | - |  |  |  | - |  |  |  | 2 694 |
Cash flow hedges |  |  | - |  |  |  | (255 | ) |  |  | - |  |  |  | (255 | )
Other comprehensive income/(loss) |  |  | 2 694 |  |  |  | (255 | ) |  |  | - |  |  |  | 2 439 |
As of 30 June 2025 |  |  | (35 976 | ) |  |  | 235 |  |  |  | (1 020 | ) |  |  | (36 762 | )
Summary of Basic and Diluted Earnings Per Share | The calculation of basic earnings per share (“Basic EPS”) for the six-month period ended 30 June 2026 is based on the profit attributable to equity holders of AB InBev of 6 314m US dollar (30 June 2025: 3 824m US dollar) and a weighted average number of ordinary and restricted shares outstanding (including stock lending) per end of the period, calculated as follows:
Million shares |  | 2026 |  |  | 2025 |
Issued ordinary and restricted shares as of 1 January, net of treasury shares |  |  | 1 951 |  |  |  | 1 975 |
Effect of stock lending |  |  | 20 |  |  |  | 27 |
Effect of delivery of treasury shares and share buyback programs |  |  | 5 |  |  |  | (13 | )
Weighted average number of ordinary and restricted shares as of 30 June |  |  | 1 976 |  |  |  | 1 989 |
The calculation of diluted earnings per share (“Diluted EPS”) for the six-month period ended 30 June 2026 is based on the profit attributable to equity holders of AB InBev of 6 314m US dollar (30 June 2025: 3 824m US dollar) and a weighted average number of ordinary and restricted shares (diluted) outstanding (including stock lending) at the end of the period, calculated as follows:
Million shares |  | 2026 |  |  | 2025 |
Weighted average number of ordinary and restricted shares as of 30 June |  |  | 1 976 |  |  |  | 1 989 |
Effect of share options, PSUs and restricted stock units |  |  | 33 |  |  |  | 37 |
Weighted average number of ordinary and restricted shares (diluted) as of 30 June |  |  | 2 009 |  |  |  | 2 026 |
The calculation of Underlying earnings per share (“Underlying EPS”) is based on the profit before exceptional items and hyperinflation impacts attributable to equity holders of AB InBev. Underlying EPS is a non-IFRS measure. A reconciliation of the profit attributable to equity holders of AB InBev to the profit before exceptional items, attributable to equity holders of AB InBev and underlying profit is calculated as follows:
For the six-month period ended 30 June |  |  |  |  |  |
Million US dollar |  | 2026 |  |  | 2025 |
Profit attributable to equity holders of AB InBev |  |  | 6 314 |  |  |  | 3 824 |
Net impact of exceptional items on profit (refer to Note 7) |  |  | (2 034 | ) |  |  | (305 | )
Profit, attributable to equity holders of AB InBev, before exceptional items |  |  | 4 280 |  |  |  | 3 519 |
Hyperinflation impacts |  |  | 35 |  |  |  | 37 |
Underlying profit |  |  | 4 314 |  |  |  | 3 556 |
Summary of Calculation of EPS | The table below sets out the EPS calculation:
For the six-month period ended 30 June |  |  |  |  |  |
Million US dollar |  | 2026 |  |  | 2025 |
Profit attributable to equity holders of AB InBev |  |  | 6 314 |  |  |  | 3 824 |
Weighted average number of ordinary and restricted shares |  |  | 1 976 |  |  |  | 1 989 |
Basic EPS |  |  | 3.20 |  |  |  | 1.92 |
Profit attributable to equity holders of AB InBev |  |  | 6 314 |  |  |  | 3 824 |
Weighted average number of ordinary and restricted shares (diluted) |  |  | 2 009 |  |  |  | 2 026 |
Diluted EPS |  |  | 3.14 |  |  |  | 1.89 |
Underlying profit |  |  | 4 314 |  |  |  | 3 556 |
Weighted average number of ordinary and restricted shares |  |  | 1 976 |  |  |  | 1 989 |
Underlying EPS |  |  | 2.18 |  |  |  | 1.79 |

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