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”)


Anheuser-Busch InBev Reports Third Quarter
2022 Results
Short Form Announcement
KEY FIGURES
Total Revenue          + 12.1%
Revenue increased by 12.1% in 3Q22 with revenue per hl growth of 8.0% and by 11.5% in 9M22 with revenue
per hl growth of 7.8%.
12.7% increase in combined revenues of our global brands, Budweiser, Stella Artois and Corona, outside of
their respective home markets in 3Q22, and 9.6% in 9M22.
Approximately 57% of our revenue now through B2B digital platforms with the monthly active user base of
BEES reaching 3.1 million users as of 30 September 2022.
Over 385 million USD of revenue and approximately 17 million ecommerce orders generated by our direct-
to-consumer ecosystem in 3Q22.

Total Volume          +3.7%
In 3Q22, total volumes grew by 3.7%, with own beer volumes up by 3.4% and non-beer volumes up by 5.2%.
In 9M22, total volumes grew by 3.3% with own beer volumes up by 2.8% and non-beer volumes up by 6.5%.

Normalized EBITDA + 6.5%
In 3Q22 normalized EBITDA of 5 313 million USD represents an increase of 6.5% with normalized EBITDA
margin contraction of 183 bps to 35.2%. In 9M22, normalized EBITDA increased by 7.0% to 14 896 million
USD and normalized EBITDA margin contracted by 143 bps to 34.5%. Normalized EBITDA figures of 9M22
and 9M21 include an impact of 201 million USD and 226 million USD from tax credits in Brazil that were
recorded in 2Q22 and 2Q21 respectively. For more details, please see page 10 of the full announcement.

Underlying Profit             1 682 million USD
Underlying profit (normalized profit attributable to equity holders of AB InBev excluding mark-to-market gains
and losses linked to the hedging of our share-based payment programs and the impact of hyperinflation) was
1 682 million USD in 3Q22 compared to 1 699 million USD in 3Q21 and was 4 354 million USD in 9M22
compared to 4 290 million USD in 9M21.

ab-inbev.com
Underlying EPS                0.84 USD
Underlying EPS was 0.84 USD in 3Q22, a decrease from 0.85 USD in 3Q21 and was 2.16 USD in 9M22, an
increase from 2.14 USD in 9M21.



2022 OUTLOOK
   (i) Overall Performance: We expect our FY22 EBITDA to grow between 6-8% and our revenue to grow
       ahead of EBITDA from a healthy combination of volume and price. Our medium-term outlook, which
       aims to deliver EBITDA growth of 4-8%, remains unchanged.

   (ii) Net Finance Costs: Net pension interest expenses and accretion expenses are expected to be in
       the range of 170 to 200 million USD per quarter, depending on currency and interest rate fluctuations.
       We expect the average gross debt coupon in FY22 to be approximately 4.0%. Net finance costs will
       continue to be impacted by any gains and losses related to the hedging of our share-based payment
       programs.

   (iii) Effective Tax Rates (ETR): We expect the normalized ETR in FY22 to be in the range of 28% to
       30% excluding any gains and losses relating to the hedging of our share-based payment programs.
       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
       FY22.


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/2022/jse/isse/anhe/Q32022.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                                     Kate Laverge
Tel. : +1 212 573 9287                              Tel. : +1 917 940 7421
E-mail : shaun.fullalove@ab-inbev.com               E-mail : kate.laverge@ab-inbev.com


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Maria Glukhova                                         Ana Zenatti
Tel. : +32 16 276 888                                  Tel. : +1 646 249 5440
E-mail : maria.glukhova@ab-inbev.com                   E-mail : ana.zenatti@ab-inbev.com

Cyrus Nentin                                           Fallon Buckelew
Tel. : +1 646 746 9673                                 Tel. : +1 310 592 6319
E-mail : cyrus.nentin@ab-inbev.com                     E-mail : fallon.buckelew@ab-inbev.com


27 October 2022
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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