Anheuser-Busch InBev SA/NV
(Incorporated in the Kingdom of Belgium)
Register of Companies Number: 0417.497.106
Euronext Brussels Share Code: ABI
Mexican Stock Exchange Share Code: ANB
NYSE ADS Code: BUD
JSE Share Code: ANH
ISIN: BE0974293251
(“AB InBev”, the “Company” or the “Group”)


AB InBev Reports Second Quarter and Half Year 2023 Results
                Short Form Announcement
KEY FIGURES
 Total Revenue                                            Underlying Profit

 +7.2%                                                    1 452 million USD
 Revenue increased by 7.2% in 2Q23 with revenue per       Underlying profit (profit attributable to equity holders of
 hl growth of 9.0% and by 10.0% in HY23 with revenue      AB InBev excluding non-underlying items and the
 per hl growth of 10.6%.                                  impact of hyperinflation) was 1 452 million USD in
                                                          2Q23 compared to 1 468 million USD in 2Q22 and was
 18.4% increase in combined revenues of our global        2 762 million USD in HY23 compared to 2 672 million
 brands, Budweiser, Stella Artois and Corona, outside     USD in HY22.
 of their respective home markets in 2Q23, and 16.9%
 in HY23.
                                                          Underlying EPS
 Approximately 64% of our revenue through B2B
 digital platforms with the monthly active user base of   0.72 USD
 BEES reaching 3.3 million users.                         Underlying EPS was 0.72 USD in 2Q23, a decrease
                                                          from 0.73 USD in 2Q22 and was 1.37 USD in HY23,
 Over 115 million USD of revenue generated by our         an increase from 1.33 USD in HY22.
 digital direct-to-consumer ecosystem.
                                                          Net Debt to EBITDA
 Total Volume

 -1.4%                                                    3.70x
                                                          Net debt to normalized EBITDA ratio was 3.70x at 30
 In 2Q23, total volumes declined by 1.4%, with own        June 2023 compared to 3.86x at 30 June 2022 and
 beer volumes down by 1.8% and non-beer volumes up        3.51x at 31 December 2022.
 by 0.5%. In HY23, total volumes declined by 0.3% with
 own beer volumes down by 0.8% and non-beer
 volumes up by 2.1%.

 Normalized EBITDA

 +5.0%
 In 2Q23, normalized EBITDA increased by 5.0% to
 4 909 million USD with a normalized EBITDA margin
 contraction of 69 bps to 32.5%. In HY23, normalized
 EBITDA increased by 9.1% to 9 668 million USD and


ab-inbev.com
  normalized EBITDA margin contracted by 29 bps to
  33.0%. Normalized EBITDA figures of HY22 include an
  impact of 201 million USD from tax credits in Brazil.

2023 OUTLOOK
(i)    Overall Performance: We expect our EBITDA to grow in line with our medium-term outlook of between 4-8% and
       our revenue to grow ahead of EBITDA from a healthy combination of volume and price. The outlook for FY23
       reflects our current assessment of inflation and other macroeconomic conditions.

(ii)   Net Finance Costs: Net pension interest expenses and accretion expenses are expected to be in the range of 200
       to 230 million USD per quarter, depending on currency and interest rate fluctuations. We expect the average gross
       debt coupon in FY23 to be approximately 4%.

(iii) Effective Tax Rates (ETR): We expect the normalized ETR in FY23 to be in the range of 27% to 29%. The ETR
      outlook does not consider the impact of potential future changes in legislation.

(iv) Net Capital Expenditure: We expect net capital expenditure of between 4.5 and 5.0 billion USD in FY23.


HEADLINE EARNINGS PER SHARE
Due to the secondary listing of the ordinary shares of AB InBev on the main board of the JSE Limited (JSE) in South
Africa, the Group is required to present headline earnings per share and diluted headline earnings per share, as
alternative measures of earnings per share, calculated in accordance with the circular entitled ‘Headline Earnings’ issued
by the South African Institute of Chartered Accountants, as amended from time to time.

The calculation of headline earnings per share is based on the headline earnings and a weighted average number of
ordinary and restricted shares outstanding (including deferred share instruments and stock lending) per end of the
period, calculated as follows:

                                                                                        HY23                   HY22
                                                                                          Net of taxes           Net of taxes
                                                                                               & non-                 & non-
                                                                                   Gross   controlling    Gross   controlling
  Million US dollar                                                               amount     interests   amount     interests

  Profit attributable to equity holders of AB InBev                                    -         1 977         -        1 692
  After tax impairment of goodwill, PP&E and intangible assets                        61            33        70           35
  After tax impairment of investment in associates                                     -             -     1 143        1 143
  After tax net (gain)/loss on disposal of PP&E, intangible and other assets          19             5         7            8
  Headline earnings                                                                              2 016                  2 879
  Weighted average number of ordinary and restricted shares (million)                            2 016                  2 012
  Headline earnings per share (US dollar)                                                         1.00                   1.43
  Weighted average number of ordinary and restricted shares (diluted) (million)                  2 054                  2 047
  Diluted headline earnings per share (US dollar)                                                 0.98                   1.41




SHORT FORM ANNOUNCEMENT
The unaudited condensed consolidated interim financial statements of AB InBev as of and for the six-month period
ended 30 June 2023 have been reviewed by our statutory auditors PwC Bedrijfsrevisoren/Réviseurs d’Entreprises
BV/SRL in accordance with the International Standard on Review Engagements 2410. The auditors concluded that,
based on their review, nothing had come to their attention that caused them to believe that those interim financial
statements were not presented fairly, in all material respects, in accordance with IAS 34 “Interim Financial Reporting”,
as adopted by the European Union.

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Shareholders should refer to the full review report for an overview of the review engagement performed by the Group’s
statutory auditors during the review engagement. The auditors’ full review report can be accessed from close of business
today, at the following link:

https://www.ab-inbev.com/investors/annual-and-half-year-reports.html

This short-form announcement is the responsibility of the board of directors of AB InBev and is a summary of the
information in the detailed financial results announcement and does not contain full or complete details. Any investment
decision in relation to the Company’s shares should be based on the full announcement.

The full announcement may be downloaded from:

https://senspdf.jse.co.za/documents/2023/jse/isse/anhe/Q22023.pdf

or from the Company’s website at www.ab-inbev.com

Copies may be requested from the Company and the Johannesburg office of the Company’s JSE Sponsor at no charge
during business hours for a period of 30 calendar days following the date of this announcement.


AB INBEV CONTACTS
Investors                                                Media
Shaun Fullalove                                          Fallon Buckelew
Tel: +1 212 573 9287                                     Tel: +1 310 592 6319
E-mail : shaun.fullalove@ab-inbev.com                    E-mail: fallon.buckelew@ab-inbev.com

Maria Glukhova                                           Michaël Cloots
Tel: +32 16 276 888                                      Tel: +32 497 167 183
E-mail : maria.glukhova@ab-inbev.com                     E-mail: michael.cloots@ab-inbev.com

Cyrus Nentin
Tel: +1 646 746 9673
E-mail : cyrus.nentin@ab-inbev.com


3 August 2023
JSE Sponsor: Questco Corporate Advisory Proprietary Limited

Anheuser-Busch InBev is a publicly traded company (Euronext: ABI) based in Leuven, Belgium, with secondary listings
on the Mexico (MEXBOL: ANB) and South Africa (JSE: ANH) stock exchanges and with American Depositary Receipts
on the New York Stock Exchange (NYSE: BUD).




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