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Risks arising from financial instruments

6 Months Ended

Jun. 30, 2026

Risks arising from financial instruments

19.	Risks arising from financial instruments

A) FINANCIAL ASSETS AND LIABILITIES

The table below presents the company’s financial assets and liabilities as of the reporting dates indicate


	30 June 2026								31 December 2025
			At fair								At fair
			value		At fair						value		At fair
	At		through		value				At		through		value
	amortized		profit or		through				amortized		profit or		through
Million US dollar	cost		loss		OCI		Total		cost		loss		OCI		Total

Cash and cash equivalents		7 658		-		-		7 658		11 638		-		-		11 638
Trade and other receivables		6 494		-		-		6 494		5 406		-		-		5 406
Investment securities		20		353		145		518		27		306		134		467
Foreign exchange derivatives		-		43		128		171		-		26		38		63
Commodities		-		-		397		397		-		-		439		439
Cross currency interest rate swaps		-		-		361		361		-		-		214		214
Interest rate swaps		-		12		-		12		-		11		-		11
Financial assets		14 173		408		1 032		15 613		17 070		343		825		18 239
Non-current		527		-		457		985		499		-		279		778
Current		13 646		408		575		14 628		16 571		343		546		17 460

Trade and other payables		20 918		556		-		21 474		21 348		241		-		21 589
Non-current interest-bearing loans and borrowings		67 730		1 178		-		68 908		70 938		1 191		-		72 128
Current interest-bearing loans and borrowings		3 381		-		-		3 381		885		-		-		885
Bank overdrafts		29		-		-		29		14		-		-		14
Equity swaps		-		3 206		-		3 206		-		5 481		-		5 481
Foreign exchange derivatives		-		185		501		686		-		127		435		563
Commodities		-		-		107		107		-		-		46		46
Cross currency interest rate swaps		-		-		300		300		-		-		205		205
Interest rate swaps		-		114		-		114		-		102		-		102
Financial liabilities		92 058		5 238		908		98 204		93 184		7 143		686		101 013
Non-current		68 432		1 474		302		70 207		71 678		1 320		183		73 182
Current		23 626		3 764		607		27 996		21 506		5 822		503		27 831

B)	INTEREST RATE RISK

The table below reflects the effective interest rates of interest-bearing financial liabilities at the reporting date as well as the currency in which the debt

denominated.


30 June 2026	Before hedging				After hedging
Interest-bearing financial liabilities	Effective				Effective
Million US dollar	interest rate		Amount		interest rate		Amount

Floating rate
US dollar		3.9%		200		5.6%		637
Other		11.4%		458		11.5%		1 213
				659				1 850
Fixed rate
US dollar		5.3%		41 436		5.6%		32 343
Euro		2.7%		27 719		2.6%		28 390
Chinese yuan		3.9%		35		2.7%		2 765
Canadian dollar		4.4%		541		4.3%		2 642
South Korean won		5.1%		31		2.7%		1 931
Mexican peso		13.3%		228		9.6%		828
Pound sterling		2.5%		556		2.9%		35
Other		9.8%		1 115		9.7%		1 535
				71 659				70 468

31 December 2025	Before hedging				After hedging
Interest-bearing financial liabilities	Effective				Effective
Million US dollar	interest rate		Amount		interest rate		Amount

Floating rate
US dollar		-		-		4.9%		1 193
Other		11.0%		334		10.9%		333
				334				1 527
Fixed rate
US dollar		5.3%		41 499		5.6%		32 965
Euro		2.7%		28 593		2.6%		29 274
Chinese yuan		3.8%		38		2.7%		2 768
Canadian dollar		4.5%		566		4.3%		2 668
South Korean won		5.3%		39		2.7%		2 049
Mexican peso		13.2%		225		13.2%		225
Pound sterling		2.5%		567		2.7%		37
Other		9.6%		1 165		9.5%		1 515
				72 693				71 500

As of 30 June 2026, the total carrying amount of the floating and fixed rate interest-bearing fin

ancia

l liabilities

before

hedging as presented above included bank overdrafts of 29m US dollar (31 December 2025: 14m). Of the company’s interest-bearing financial liabilities,

1 850

m US

dollar

2.6

% bore interest at a variable rate.

C)	EQUITY PRICE RISK

AB InBev enters into equity swap derivatives to hedge the price risk on its shares in connection with its share-based payments programs, as disclosed in Note 18

Share-based Payments.

AB InBev also hedges its exposure arising from shares issued in connection with the Grupo Modelo and SAB combinations (see also Note 8

Finance expense and income

). These derivatives do not qualify for hedge accounting and the changes in fair value are recognized in the statement of profit or loss.

As of 30 June 2026, an exposure for an equivalent of 90.5m of AB InBev shares was hedged (31 December 2025: 100.5m), resulting in a total gain of 2 033m US dollar recognized in the statement of profit or loss for the period in exceptional finance

income, primarily driven by an increase in AB InBev share price from EUR 54.90 as of 31 December 2025 to EUR 72.66 as of 30 June 2026. As

of 30 June 2026, liabilities for equ

ity

swap derivatives amounted to 3.2 billion US dollar (31 December 2025: 5.5 billion US

dollar).

D)	CREDIT RISK

Credit risk encompasses all forms of counterparty exposure, i.e., where counterparties may default on their obligations to AB InBev in relation to lending, hedging, settlement and other financial activities. The company has a credit policy in place and the exposure to counterparty credit risk is monitored.

AB InBev mitigates its exposure through a variety of mechanisms. It has established minimum counterparty credit ratings and enters into transactions only with financial institutions of investment grade rating. The company monitors counterparty credit exposures closely and reviews any external downgrade in credit rating immediately. To mitigate pre-settlement risk, counterparty minimum credit standards become more stringent with increases in the duration of the derivatives. To minimize the concentration of counterparty credit risk, the company enters into derivative transactions with different financial institutions.

The company also has master netting agreements with all of the financial institutions that are counterparties to over the counter (OTC) derivatives. These agreements allow for the net settlement of assets and liabilities arising from different transactions with the same counterparty. Based on these factors, AB InBev considers the impact of the risk of counterparty default as of 30 June 2026 to be limited.

Exposure to credit risk

Credit risk arises from financial assets including trade and other receivables. The carrying amount of financial assets represents the maximum credit exposure of the company. The carrying amount is presented net of the impairment losses recognized and disclosed by financial asset class in section

A) Financial assets and liabilities

The maximum exposure to credit risk at the reporting date for trade and other receivables, excluding Brazilian tax credits, tax receivables other th

income tax and prepaid expenses, was as follows:


	30 June 2026							31 December 2025
Million US dollar	Gross		Impairment			Net carrying amount		Gross		Impairment			Net carrying amount

Trade receivables		5 554		(418	)		5 136		4 661		(399	)		4 261
Other receivables		1 427		(69	)		1 358		1 213		(68	)		1 145
Trade and other receivables		6 981		(487	)		6 494		5 874		(468	)		5 406

There was no significant concentration of credit risks with any single counterparty as of 30 June 2026 and no single customer represented more than 10% of the total revenue of the group in 2026.

Impairment losses

The allowance for impairment recognized during the period on trade and other receivables was as follows:


	30 June 2026			31 December 2025
Balance at end of previous year		(468	)		(438	)
Impairment losses		(25	)		(53	)
Derecognition		10			64
Currency translation and other		(4	)		(40	)
Balance at end of period		(487	)		(468	)

E)	LIQUIDITY RISK

Historically, AB InBev’s primary sources of cash flow have been cash flows from operating activities, the issuance of debt, bank borrowings and equity securities. AB InBev’s material cash requirements have included the following:

•

Debt servicing;

•

Capital expenditures;

•

Investments in companies;

•

Increases in ownership of AB InBev’s subsidiaries or companies in which it holds equity investments;

•

Share buyback programs; and

•

Payments of dividends and interest on shareholders’ equity.

The company believes that cash flows from operating activities, available cash and cash equivalents as well as short term investments, along with relate

derivatives and access to borrowing facilities, will be sufficient to fund capital expenditures, financial instrument liabilities and dividend payments going forward. It is the intention of the company to continue to reduce its financial indebtedness through a combination of strong operating cash flow generation and continued

refinancing.

The table below presents the nominal contractual maturities of the company’s non-derivative financial liabilities including interest payments and derivative liabilities:


	30 June 2026
				Contractual			Less												More
	Carrying			cash			than												than
Million US dollar	amount			flows			1 year			1-2 years			2-3 years			3-5 years			5 years

Non-derivative financial liabilities
Unsecured bond issues		(69 361	)		(113 113	)		(5 218	)		(9 052	)		(6 022	)		(10 562	)		(82 259	)
Trade and other payables		(25 633	)		(26 007	)		(24 662	)		(145	)		(195	)		(248	)		(757	)
Lease liabilities		(2 236	)		(2 504	)		(714	)		(572	)		(385	)		(407	)		(425	)
Secured bank loans		(16	)		(19	)		(5	)		(5	)		(5	)		(5	)		-
Unsecured bank loans		(222	)		(222	)		(222	)		-			-			-			-
Unsecured other loans		(254	)		(267	)		(47	)		(198	)		(13	)		-			(8	)
Commercial papers		(200	)		(200	)		(200	)		-			-			-			-
Bank overdrafts		(29	)		(29	)		(29	)		-			-			-			-
		(97 951	)		(142 362	)		(31 098	)		(9 972	)		(6 620	)		(11 223	)		(83 450	)

Derivative financial liabilities
Equity derivatives		(3 206	)		(3 206	)		(3 206	)		-			-			-			-
Foreign exchange derivatives		(686	)		(686	)		(538	)		(51	)		(96	)		-			-
Cross currency interest rate swaps		(300	)		(300	)		(70	)		(47	)		(89	)		-			(94	)
Interest rate swaps		(114	)		(114	)		(114	)		-			-			-			-
Commodity derivatives		(107	)		(107	)		(107	)		-			-			-			-
		(4 412	)		(4 412	)		(4 034	)		(98	)		(185	)		-			(94	)

Of which: related to cash flow hedges		(510	)		(510	)		(473	)		(27	)		(2	)		-			(8	)

	31 December 2025
				Contractual			Less												More
	Carrying			cash			than												than
Million US dollar	amount			flows			1 year			1-2 years			2-3 years			3-5 years			5 years

Non-derivative financial liabilities
Unsecured bond issues		(70 199	)		(115 992	)		(2 962	)		(8 108	)		(6 398	)		(11 951	)		(86 573	)
Trade and other payables		(26 324	)		(26 547	)		(25 410	)		(150	)		(177	)		(277	)		(532	)
Lease liabilities		(2 397	)		(2 706	)		(704	)		(606	)		(448	)		(447	)		(501	)
Secured bank loans		(18	)		(23	)		(5	)		(5	)		(4	)		(9	)		-
Unsecured bank loans		(178	)		(178	)		(178	)		-			-			-			-
Unsecured other loans		(221	)		(239	)		(84	)		(132	)		(12	)		(2	)		(10	)
Bank overdrafts		(14	)		(14	)		(14	)		-			-			-			-
		(99 351	)		(145 700	)		(29 358	)		(9 001	)		(7 039	)		(12 686	)		(87 617	)

Derivative financial liabilities
Equity derivatives		(5 481	)		(5 481	)		(5 481	)		-			-			-			-
Foreign exchange derivatives		(563	)		(563	)		(416	)		(59	)		-			(87	)		-
Cross currency interest rate swaps		(205	)		(205	)		(60	)		(51	)		(32	)		(18	)		(44	)
Interest rate swaps		(102	)		(102	)		(102	)		-			-			-			-
Commodity derivatives		(46	)		(46	)		(46	)		-			-			-			-
		(6 397	)		(6 397	)		(6 105	)		(111	)		(32	)		(105	)		(44	)

Of which: related to cash flow hedges		(460	)		(460	)		(425	)		(24	)		-			(5	)		(6	)

F)	FAIR VAL UE

The table below summarizes

e carrying amount and the fair value of the fixed rate interest-bearing financial liabilities as recognized in the statement

financial position. Floating rate interest-bearing financial liabilities, trade and other receivables and trade and other payables, lease liabilities and derivative financial instruments have been excluded from the analysis as their carrying amount is a reasonable approximation of their fair value.


Interest-bearing financial liabilities	30 June 2026						31 December 2025
Million US dollar	Carrying amount			Fair value			Carrying amount			Fair value

Fixed rate
US dollar		(41 032	)		(41 174	)		(41 050	)		(41 863	)
Euro		(27 020	)		(26 465	)		(27 854	)		(27 187	)
Pound sterling		(510	)		(455	)		(519	)		(467	)
Canadian dollar		(490	)		(453	)		(509	)		(465	)
Other		(372	)		(369	)		(364	)		(362	)
		(69 424	)		(68 916	)		(70 296	)		(70 343	)

The table below presents the fair value hierarchy, which classifies financial instruments according to the extent to which their valuation relies on observable market inputs:


Fair value hierarchy as of 30 June 2026 Million US dollar	Quoted (unadjusted) prices - level 1		Observable market inputs - level 2		Unobservable market inputs - level 3
Financial Assets
Derivatives at fair value through profit and loss		-		54		-
Derivatives in a cash flow hedge relationship		41		429		-
Derivatives in a net investment hedge relationship		-		417		-
		41		901		-
Financial Liabilities
Deferred consideration on acquisitions at fair value		-		-		556
Derivatives at fair value through profit and loss		-		3 390		-
Derivatives in a cash flow hedge relationship		43		467		-
Derivatives in a fair value hedge relationship		-		114		-
Derivatives in a net investment hedge relationship		-		399		-
		43		4 369		556

Fair value hierarchy as of 31 December 2025 Million US dollar	Quoted (unadjusted) prices - level 1		Observable market inputs - level 2		Unobservable market inputs - level 3
Financial Assets
Derivatives at fair value through profit and loss		-		36		-
Derivatives in a cash flow hedge relationship		31		454		-
Derivatives in a net investment hedge relationship		-		207		-
		31		696		-
Financial Liabilities
Deferred consideration on acquisitions at fair value		-		-		241
Derivatives at fair value through profit and loss		-		5 609		-
Derivatives in a cash flow hedge relationship		64		396		-
Derivatives in a fair value hedge relationship		-		102		-
Derivatives in a net investment hedge relationship		-		227		-
		64		6 333		241

There were no significant changes in the measurement and valuation techniques, or significant transfers between the levels of the financial assets and liabilities during the period. Movements in the fair value “level 3” category of financial liabilities, measured on a recurring basis, are mainly related to the initial measurement, settlement and remeasurement of deferred consideration from prior years acquisitions and the put options as described below.

Non-derivative financial liabilities

As part of the 2012 shareholders agreement between Ambev and E. León Jimenes S.A. (“ELJ”), following the acquisition of Cervecería Nacional Dominicana S.A. (“CND”), a forward-purchase contract (combination of a put option and purchased call option) was put in place which may result in Ambev acquiring additional shares in CND. In July 2020, Ambev and ELJ amended the Shareholders’ Agreement to extend their partnership and change the terms and the exercise date of the call and put options. On 31 January 2024, ELJ exercised its put option to sell to Ambev approximately 12% of the shares of CND for a net consideration of 0.3 billion US dollar. The closing of the transaction resulted in Ambev’s participation in

CND

increasing from 85% to 97%. ELJ currently holds 3% of CND and the remaining put option is exercisable as from 2026. As of 30 June 2026, the put option on the remaining shares held by ELJ was valued at 226m US dollar (31 December 2025: 210m US dollar) and recognized as a deferred consideration on acquisitions at fair value in the “level 3” category above.

As part of the shareholders agreement between AB InBev and Future Proof Brands LLC entered into following the acquisition of an 85% controlling stake in BeatBox in February 2026, a forward-purchase contract was put in place which may result in AB InBev acquiring the remaining 15% shares in BeatBox. The call option is exercisable by AB InBev from 2030 through 2032. If the call option is not exercised, the put option becomes exercisable for a subsequent six-month period. As of 30 June 2026, the put option on the remaining shares held by Future Proof Brands LLC was valued at 202m

dollar and recognized as a non-current deferred consideration on acquisitions at fair value in the “level 3” category above.