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” or the “Company”)

                       AB InBev Reports Q3 2023 Results
                           Short Form Announcement
KEY FIGURES
 Total Revenue                                       Underlying Profit

 +5.0%                                               1 735 million USD
 Revenue increased by 5.0% in 3Q23 with revenue Underlying profit (profit attributable to equity
 per hl growth of 9.0% and by 8.3% in 9M23 with holders of AB InBev excluding non-underlying
 revenue per hl growth of 10.1%.                   items and the impact of hyperinflation) was 1 735
                                                   million USD in 3Q23 compared to 1 682 million
 15.1% increase in combined revenues of our global
                                                   USD in 3Q22 and was 4 497 million USD in 9M23
 brands, Budweiser, Stella Artois, Corona and
                                                   compared to 4 354 million USD in 9M22.
 Michelob Ultra, outside of their respective home
 markets in 3Q23, and 16.2% in 9M23.
 Approximately 66% of our revenue through B2B Underlying EPS
 digital platforms with the monthly active user base
 of BEES reaching 3.4 million users.                 0.86 USD
 Over 125 million USD of revenue generated by our Underlying EPS was 0.86 USD in 3Q23, an increase
 digital direct-to-consumer ecosystem.               from 0.84 USD in 3Q22 and was 2.23 USD in 9M23,
                                                     an increase from 2.16 USD in 9M22.
 Total Volume
                                                     Capital Allocation
 -3.4%                                                3 billion USD 1 billion USD
 In 3Q23, total volumes declined by 3.4%, with own Debt redemption           Share buyback program
 beer volumes down by 4.0% and non-beer volumes
 up by 1.4%. In 9M23, total volumes declined by The company has approved a cash tender offer for
 1.4% with own beer volumes down by 1.9% and non- up to 3 billion USD in aggregate purchase price of
 beer volumes up by 1.8%.                          outstanding bonds and the AB InBev Board of
                                                   Directors has approved a 1 billion USD share
 Normalized EBITDA                                 buyback program to be executed within the next 12
                                                   months. For further details please see the Recent
 +4.1%                                             Events section on page 13 of the full
 In 3Q23, normalized EBITDA increased by 4.1% to announcement.
 5 431 million USD with a normalized EBITDA margin
 contraction of 29 bps to 34.9%. In 9M23,
 normalized EBITDA increased by 7.3% to 15 099


ab-inbev.com
 million USD and normalized EBITDA margin
 contracted by 31 bps to 33.6%. Normalized EBITDA
 figures of 9M22 include an impact of 201 million
 USD from tax credits in Brazil.

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.



SHORT FORM ANNOUNCEMENT
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/Q32023.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

ab-inbev.com
31 October 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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