Interest-bearing loans and borrowings

6 Months Ended

Jun. 30, 2026

17.	Interest-bearing loans and borrowings


Million US dollar	30 June 2026		31 December 2025

Unsecured bond issues		67 081		70 199
Lease liabilities		1 606		1 776
Unsecured other loans		208		139
Secured bank loans		12		15
Non-current interest-bearing loans and borrowings		68 908		72 128

Unsecured bond issues		2 280		-
Lease liabilities		630		621
Commercial papers		200		-
Unsecured bank loans		222		178
Unsecured other loans		46		82
Secured bank loans		3		3
Current interest-bearing loans and borrowings		3 381		885

Interest-bearing loans and borrowings		72 288		73 013

As of 30 June 2026, current and non-current interest-bearing loans and borrowings totaled 72.3 billion US dollar, compared to 73.0 billion US dollar as of 31 December 2025.

As of 30 June 2026, the company had 0.2 billion US dollar outstanding balance on commercial papers (31 December 2025: nil). The programs authorize issuances of up to USD 5.0 billion and EUR 3.0 billion, respectively.

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	30 June 2026			31 December 2025

Non-current interest-bearing loans and borrowings		68 908			72 128
Current interest-bearing loans and borrowings		3 381			885
Interest-bearing loans and borrowings		72 288			73 013

Bank overdrafts		29			14
Cash and cash equivalents		(7 658	)		(11 638	)
Interest-bearing loans granted and other deposits (included within Trade and other receivables)		(117	)		(116	)
Debt securities (included within Investment securities)		(373	)		(333	)
Net debt		64 170			60 941

AB InBev’s net debt increased to 64.2 billion US dollar as of 30 June 2026, from 60.9 billion US dollar as of 31 December 2025. In addition to operating results net of capital expenditures, the change in net debt primarily reflects the payment of interest and tax (3.8 billion US dollar), share buybacks by AB InBev and Ambev (1.8

billion US dollar),

the reacquisition

of the 49.9% minority stake in our US-based metal container plants (2.9 billion US dollar), the acquisition of an 85% controlling stake in BeatBox (

0.5

billion US dollar), dividend payments to shareholders of AB InBev, Ambev and minorities (

2.6

billion US dollar), and a foreign exchange impact on net debt (0.9 billion US dollar decrease of

net debt).

Reconciliation of 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 2026		72 128			885
Proceeds from borrowings		80			475
Repayments of borrowings		(34	)		(276	)
Capitalization/(payment) of lease liabilities		136			(312	)
Amortized cost		29			1
Unrealized foreign exchange effects		(763	)		(67	)
Current portion of long-term debt		(2 671	)		2 671
(Gain)/Loss on bond redemption and other movements		1			3
Balance as of 30 June 2026		68 908			3 381

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		3 502			565
Repayments of borrowings		(3 424	)		(574	)
Capitalization/(payment) of lease liabilities		182			(335	)
Amortized cost		34			1
Unrealized foreign exchange effects		3 269			156
Current portion of long-term debt		(2 313	)		2 313
(Gain)/Loss on bond redemption and other movements		8			4
Balance as of 30 June 2025		71 979			3 578