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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 2025 Results
Short Form Announcement and Declaration of Interim
Dividend
KEY FIGURES
Revenue Normalized EBITDA
+0.9% +3.3%
Revenue increased by 0.9% in 3Q25 with revenue Normalized EBITDA increased by 3.3% to 5 594
per hl growth of 4.8% and by 1.8% in 9M25 with million USD in 3Q25, with a margin expansion of
revenue per hl growth of 4.5%. 85bps to 37.0%. Normalized EBITDA increased by
5.8% to 15 750 million USD in 9M25, with a margin
Reported revenue increased by 0.6% in 3Q25 to expansion of 138 bps to 36.0%.
15 133 million USD and decreased by 2.6% in
9M25 to 43 764 million USD, impacted by Underlying Profit
unfavorable currency translation.
1 970 million USD
3.0% increase in combined revenues of Underlying Profit was 1 970 million USD in 3Q25
megabrands in 3Q25, led by Corona, which grew by compared to 1 971 million USD in 3Q24 and was
6.3% outside of its home market. 5 526 million USD in 9M25 compared to 5 291
million USD in 9M24.
27% increase in revenue of no-alcohol beer in
3Q25. Reported profit attributable to equity holders of AB
InBev was 1 054 million USD in 3Q25 compared to
66% increase in Gross Merchandise Value (GMV) 2 071 million USD in 3Q24 and was 4 878 million
from sales of third-party products through BEES in 9M25 compared to 4 635 million in 9M24, with
Marketplace to reach 935 million USD in 3Q25. 3Q25 and 9M25 both negatively impacted by non-
underlying items.
Volumes
-3.7% Underlying EPS
Volumes declined by 3.7% in 3Q25, with beer 0.99 USD
volumes down by 3.9% and non-beer volumes down Underlying EPS increased by 1.0% to 0.99 USD in
by 2.2%. 3Q25, compared to 0.98 USD in 3Q24, and
Volumes declined by 2.6% in 9M25, with beer increased by 5.4% to 2.78 USD in 9M25, compared
volumes down by 2.9% and non-beer volumes down to 2.64 USD in 9M24.
by 0.7%. On a constant currency basis, Underlying EPS
increased by 0.3% in 3Q25 and by 11.8% in 9M25.
ab-inbev.com
Capital Allocation
6 billion USD share buyback ║2 billion USD bond redemption ║0.15 EUR interim dividend
The AB InBev Board of Directors has approved a 6 billion USD share buyback program to be executed within the
next 24 months and the company announced today a bond redemption of approximately 2 billion USD of
outstanding bonds. For further details please see the Recent Events section on page 14 of the full announcement.
In addition, the AB InBev Board of Directors has approved an interim dividend of 0.15 EUR per share for the fiscal
year 2025. A timeline showing the ex-dividend, record and payment dates can be found on page 13 of the full
announcement.
2025 OUTLOOK
(i) Overall Performance: We expect our EBITDA to grow in line with our medium-term outlook of between 4-
8%. The outlook for FY25 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 190 to 220 million USD per quarter, depending on currency and interest rate fluctuations. We expect
the average gross debt coupon in FY25 to be approximately 4%.
(iii) Effective Tax Rate (ETR): We expect the normalized ETR in FY25 to be in the range of 26% to 28%. 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 3.5 and 4.0 billion USD in FY25.
INTERIM DIVIDEND
The board of directors of AB InBev has approved an interim dividend of Euro 0.15 per ordinary share (“the
Dividend”) for the fiscal year 2025.
The proposed timetable for the Dividend is as follows:
2025
Dividend declaration announcement released on SENS Thursday, 30 October
Currency conversion announcement released on SENS (by 11h00 SA Thursday, 13 November
time)
Last day to trade on Johannesburg Stock Exchange (JSE) to qualify for Friday, 14 November
the Dividend
Ex-Dividend on JSE from commencement of trading on Monday, 17 November
Last day to trade on Euronext to qualify for the Dividend Monday, 17 November
Ex-Dividend on Euronext from commencement of trading on Tuesday, 18 November
Record date (Euronext and JSE) Wednesday, 19 November
Dividend payable (Euronext and JSE) Thursday, 20 November
Additional information required by the JSE Listings Requirements
1. No transfers of shareholdings to and from South Africa will be permitted between Friday, 14 November 2025
and Wednesday, 19 November 2025 (both dates inclusive). No dematerialisation or rematerialisation orders
will be permitted between Tuesday, 18 November 2025 and Thursday, 20 November 2025 (both dates
inclusive).
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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%.
3. At Thursday, 30 October 2025, being the declaration announcement date of the Dividend, the Company had
a total of 1,952,725,159 shares in issue (excluding treasury shares). The Company held 66,516,814 ordinary
shares in treasury giving a total issued share capital of 2,019,241,973 shares (of which 1,797,199,973
ordinary shares are listed and 222,042,000 restricted shares are unlisted).
4. The Dividend will be paid out of the Company’s operating results for 2025, 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://finance.belgium.be/sites/default/files/downloads/167-276-div-note.pdf
ab-inbev.com
The current version of Form N°/NR. 276 Div.-Aut. is available through this link, or through the Belgian Tax
authorities’ official website: https://fin.belgium.be/sites/default/files/media/documents/276-div-nl-fr-de-en.pdf
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) 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; (iv) the dividends relate to AB InBev shares which qualify as fixed
financial assets under Belgian accounting law in the books of the shareholder and (v) 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 withholding tax exemption, 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
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/2025/jse/isse/anhe/Q32025.pdf
or from the Company’s website at www.ab-inbev.com
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
E-mail: shaun.fullalove@ab-inbev.com E-mail: media.relations@ab-inbev.com
Ekaterina Baillie
E-mail: ekaterina.baillie@ab-inbev.com
Patrick Ryan
E-mail: patrick.ryan@ab-inbev.com
30 October 2025
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
