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 Q1 2024 Results
                         Short Form Announcement
KEY FIGURES
Consistent execution of our strategy delivered a 5.4% EBITDA increase with margin expansion, and 16%
Underlying EPS growth
“The strength of the beer category, our diversified global footprint and the continued momentum of our
megabrands delivered another quarter of broad-based top- and bottom-line growth. We are encouraged by our
results to start the year, and the consistent execution by our teams and partners reinforces our confidence in
delivering on our 2024 growth ambitions.” – Michel Doukeris, CEO, AB InBev


 Total Revenue                                       Normalized EBITDA

  + 2.6%                                              + 5.4%
 Revenue increased by 2.6% with revenue per hl Normalized EBITDA increased by 5.4% to 4 987
 growth of 3.3%.                                million USD with a normalized EBITDA margin
                                                expansion of 90 bps to 34.3%.
 6.7% increase in combined revenues of our
 megabrands, led by Corona, which grew by 15.5% Underlying Profit
 outside of its home market.
 Approximately 70% of our revenue is through B2B
                                                      1 509 million USD
 digital platforms with the monthly active user base Underlying profit (profit attributable to equity
 of BEES reaching 3.6 million users.                 holders of AB InBev excluding non-underlying
                                                     items and the impact of hyperinflation) was 1 509
 Approximately 130 million USD of revenue million USD in 1Q24 compared to 1 310 million
 generated by our digital direct-to-consumer USD in 1Q23.
 ecosystem.
                                                     Underlying EPS
 Total Volume
                                                      0.75 USD
  - 0.6%                                         Underlying EPS was 0.75 USD in 1Q24, an increase
 Total volumes declined by 0.6%, with own beer from 0.65 USD in 1Q23.
 volumes down by 1.3% and non-beer volumes up by
 3.5%.


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%. 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.


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/2024/jse/isse/anhe/Q12024.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                                            Media Relations
Tel.: +1 212 573 9287                                      E-mail: media.relations@ab-inbev.com
E-mail: shaun.fullalove@ab-inbev.com

Ekaterina Baillie
Tel: +32 16 276 888
E-mail: ekaterina.baillie@ab-inbev.com

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


8 May 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