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 Fourth Quarter and Full Year 2023 Results Short Form Announcement KEY FIGURES Total Revenue Underlying Profit (million USD) 4Q +6.2% | FY + 7.8% 4Q 1 661 | FY 6 158 Revenue increased by 6.2% in 4Q23 with revenue per hl Underlying profit (profit attributable to equity holders of AB growth of 9.3% and by 7.8% in FY23 with revenue per hl InBev excluding non-underlying items and the impact of growth of 9.9%. hyperinflation) was 1 661 million USD in 4Q23 compared to 1 739 million USD in 4Q22 and was 6 158 million USD 24.6% increase in combined revenues of our global brands, Budweiser, Stella Artois, Corona and Michelob Ultra, outside in FY23 compared to 6 093 million USD in FY22. of their respective home markets in 4Q23, and 18.2% in FY23. Underlying EPS (USD) Approximately 70% of our revenue through B2B digital platforms with the monthly active user base of BEES 4Q 0.82 | FY 3.05 reaching 3.7 million users. Underlying EPS was 0.82 USD in 4Q23, a decrease from Over 550 million USD of revenue generated by our digital 0.86 USD in 4Q22 and was 3.05 USD in FY23, an increase direct-to-consumer ecosystem. from 3.03 USD in FY22. Total Volume Net Debt to EBITDA 4Q - 2.6% | FY - 1.7% 3.38x In 4Q23, total volumes declined by 2.6%, with own beer Net debt to normalized EBITDA ratio was 3.38x at 31 volumes down by 3.6% and non-beer volumes up by 3.0%. December 2023, compared to 3.51x at 31 December 2022. In FY23, total volumes declined by 1.7% with own beer volumes down by 2.3% and non-beer volumes up by 2.1%. Capital Allocation Normalized EBITDA Dividend 0.82 EUR The AB InBev Board proposes a full year 2023 dividend of 4Q + 6.2% | FY +7.0% 0.82 EUR per share, subject to shareholder approval at the In 4Q23, normalized EBITDA increased by 6.2% to 4 877 AGM on 24 April 2024. A timeline showing the ex-dividend, million USD with a normalized EBITDA margin contraction of record and payment dates can be found on page 16 of the 2 bps to 33.7%. In FY23, normalized EBITDA increased by detailed financial results announcement. 7.0% to 19 976 million USD and normalized EBITDA margin contracted by 23 bps to 33.6%. Normalized EBITDA figures Out of the one billion USD share buyback program of FY23 and FY22 include an impact of 44 million USD and announced on 31 October 2023, 870 million USD was 201 million USD, respectively, from tax credits in Brazil. completed as of 23 February 2024. The 2023 Full Year Financial Report is available on our website at www.ab-inbev.com. ab-inbev.com 2024 OUTLOOK (i) Overall Performance: We expect our EBITDA to grow in line with our medium-term outlook of between 4-8%1. The outlook for FY24 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 220 to 250 million USD per quarter, depending on currency and interest rate fluctuations. We expect the average gross debt coupon in FY24 to be approximately 4%. (iii) Effective Tax Rates (ETR): We expect the normalized ETR in FY24 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 4.0 and 4.5 billion USD in FY24. 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: FY23 FY22 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 - 5 341 - 5 969 After tax impairment of goodwill, PP&E and intangible assets 232 179 179 100 After tax impairment of investment in associates 35 35 1 143 1 143 After tax net (gain)/loss on disposal of PP&E, intangible and other assets 322 324 (21) (10) Headline earnings 5 878 7 202 Weighted average number of ordinary and restricted shares (million) 2 016 2 013 Headline earnings per share (US dollar) 2.92 3.58 Weighted average number of ordinary and restricted shares (diluted) (million) 2 054 2 050 Diluted headline earnings per share (US dollar) 2.86 3.51 DIVIDEND The board of directors of AB InBev has proposed a full year 2023 dividend of €0.82 per share (the “Dividend”), subject to obtaining approval at the Annual General meeting to be held on Wednesday, 24 April 2024. The proposed timetable for the Dividend is as follows: 2024 Dividend declaration announcement released on SENS Thursday, 29 February Annual General Meeting of shareholders to approve the Dividend Wednesday, 24 April Results of Annual General Meeting and finalisation of Dividend announced on SENS Thursday, 25 April Currency conversion announcement released on SENS (by 11h00 SA time) Monday, 29 April Last day to trade on Johannesburg Stock Exchange (JSE) to qualify for the Dividend Tuesday, 30 April Ex-Dividend on JSE from commencement of trading on Thursday, 2 May Last day to trade on Euronext to qualify for the Dividend Thursday, 2 May Ex-Dividend on Euronext from commencement of trading on Friday, 3 May ab-inbev.com Record date (Euronext and JSE) Monday, 6 May Dividend payable (Euronext and JSE) Tuesday, 7 May Additional information required by the JSE Listings Requirements 1. No transfers of shareholdings to and from South Africa will be permitted between Monday, 29 April 2024 and Monday, 6 May 2024 (both dates inclusive). No dematerialisation or rematerialisation orders will be permitted between Thursday, 2 May 2024 and Monday, 6 May 2024 (both dates inclusive). 2. The gross amount of the Dividend will be subject to a Belgian withholding tax of 30%. Such withholding tax may be reduced to 15% in terms of the double tax treaty in force between Belgium and South Africa. A rebate of the additional Belgian withholding tax imposed must be claimed in accordance with the relevant reimbursement process noted below. The Dividend will also be subject to South African dividends tax at the rate of 20% unless a shareholder qualifies for an exemption. Any shareholder who receives a dividend which is subject to South African dividends tax (i.e., where no exemption is available) will qualify for a 15% reduction in dividends tax. The ultimate result in such a case is that a dividend will be subject to a reduced Belgian withholding tax rate of 15% and subject to South African dividends tax at a rate of 5%. 4. The Dividend will be paid out of the Company’s operating results for 2023, increased with the profits carried over, without drawing on any capital reserves. 5. The Dividend is payable in South African Rand to shareholders whose shares are held through Central Securities Participants and brokers traded on the JSE. South African income tax and dividends tax consequences The Dividend should be regarded as a ‘foreign dividend’ for South African income tax and South African dividends tax purposes. Foreign dividends received in respect of shares which are dual listed on the JSE are, however, exempt from income tax. Consequently, no South African income tax should be incurred by the shareholders in respect of the Dividend received. The Dividend may, however, be subject to South African dividends tax at 20%. There is though, amongst others, an exemption from South African dividends tax if the Dividend is paid to a South African resident corporate shareholder. This exemption operates in a manner similar to other local shares listed on the JSE and the dividends paid in respect thereof to resident corporate shareholders and retirement funds. Intermediaries may only allow an exemption from South African dividends tax, provided shareholders have completed and lodged a valid exemption form, which is obtainable from their intermediary. Belgian withholding tax The gross amount of the Dividend will as a rule be subject to a Belgian withholding tax of 30%. Such withholding tax can under certain circumstances be reduced. Belgian dividend withholding tax can be reduced to 15% pursuant to the Belgian-South African double tax treaty in force. Such reduced rate can be applied provided that Form N°/NR. 276 Div.-Aut. is filed by the shareholder with the Bureau Central de Taxation de Bruxelles-Etranger, boulevard du Jardin Botanique 50 boîte 3429, 1000 Brussels, Belgium (hereinafter the “Central Bureau of Taxation”) before the expiry of a period of five years from January 1st of the year in which the withholding tax was paid, in which case the differential between the standard withholding tax rate of 30% and the reduced treaty rate of 15% will be reimbursed. An explanatory note is available through this link, or through the Belgian Tax authorities’ official website: https://eservices.minfin.fgov.be/mym-api-rest/finform/pdf/2575 The current version of Form N°/NR. 276 Div.-Aut. is available through this link, or through the Belgian Tax authorities’ official website: https://eservices.minfin.fgov.be/mym-api-rest/finform/pdf/2599 A Belgian withholding tax exemption is also applicable to dividends paid to South African corporate shareholders that hold a participation of less than 10% in the capital of AB InBev but with an acquisition value of at least €2.5 million. This regime is subject to the cumulative conditions that (i) the company is treated as a body corporate for tax purposes in the meaning of Article 3, 1), d) of the Double Tax Treaty between Belgium and South Africa and has a legal form considered similar to the ones listed in Annex I, Part A, to the Council Directive 2011/96/EU of 30 November 2011 on the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States, as amended by Directive 2014/863/EU of 8 July 2014; (ii) it is subject to corporate income tax or a similar tax without benefiting from a tax regime that deviates from the ordinary domestic tax regime; (iii) ab-inbev.com the dividends relate to AB InBev shares which it has held or will hold in full legal ownership for an uninterrupted period of at least one year; and (iv) it cannot in principle credit the Belgian withholding tax paid on the AB InBev dividends or obtain a refund thereof according to the legal provisions in force on December 31 of the year preceding the year of the payment or attribution of the dividends. In order to benefit from this reduced withholding tax, the shareholder must provide the Central Bureau of Taxation with a South African residency certificate confirming that it fulfils the abovementioned conditions and indicating to what extent the Belgian withholding tax is in principle creditable or reimbursable on the basis of the South African laws applicable on 31 December of the year preceding the one during which the Dividend is paid or attributed. South African dividends tax rebate in respect of Belgian withholding tax A rebate must, for South African dividends tax purposes, be deducted from any South African dividends tax payable in respect of the Dividend (i.e. where no exemption is available). This rebate will be equal to the amount of any Belgian withholding tax paid in respect of the Dividend, without any right of recovery, and must not exceed the amount of the South African dividends tax imposed in respect of the Dividend. The CSDPs and/or brokers, in their capacity as the regulated intermediaries, must obtain proof of any Belgian withholding tax paid and deducted from the South African tax payable, as above, in the form and manner prescribed by the South African Revenue Service. For the avoidance of doubt, the income tax and dividends tax information provided above is only relevant to shareholders whose shares are held through CSDPs and brokers and are traded on the JSE. Any shareholder who is in any doubt as to their tax position should seek independent professional advice. SHORT FORM ANNOUNCEMENT The consolidated financial statements of AB InBev for the year ended 31 December 2023 have been audited by our statutory auditors PwC Bedrijfsrevisoren/Réviseurs d’Entreprises BV/SRL in accordance with International Standards on Auditing as adopted by the European Union, and they have issued an unqualified audit report on these consolidated financial statements. Shareholders should refer to the full audit report for an overview of the audit engagement and for the key audit matters identified by the group’s statutory auditors during the audit engagement. The annual report containing the auditors’ full audit report can be accessed at the following link: https://www.ab-inbev.com/investors/annual-reports.html from close of business today. 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/2024/jse/isse/anhe/FY2023.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. ANHEUSER-BUSCH 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 ab-inbev.com Cyrus Nentin Tel.: +1 646 746 9673 E-mail: cyrus.nentin@ab-inbev.com 29 February 2024 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). ab-inbev.com