AB InBev's Financial Performance Review Q2 2025

AB InBev's Financial Performance Review Q2 2025

• 1. 2Q25 Results July 31, 2025

• 2. Certain statements contained in this report that are not statements of historical fact constitute forward-looking statements, notwithstanding that such statements are not specifically identified. In addition, certain statements may be contained in the future filings of the Company with the competent securities regulators or other authorities, in press releases, and in oral and written statements made by or with the approval of the Company that are not statements of historical fact and constitute forward-looking statements. Forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside the Company’s control and are difficult to predict, that may cause actual results or developments to differ materially from any future results or developments expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: (i) global, regional and local economic weakness and uncertainty, including the risks of an economic downturn, recession, foreign exchange fluctuations, tariffs and/or inflationary pressures in one or more of the Company’s key markets, and the impact they may have on the Company, its customers and suppliers and the Company’s assessment of that impact; (ii) continued geopolitical instability (including as a result of the ongoing conflict between Russia and Ukraine and in the Middle East, including the conflict in the Red Sea), which may have a substantial impact on the economies of one or more of the Company’s key markets and may result in, among other things, disruptions to global supply chains, increases in commodity and energy prices with follow-on inflationary impacts, and economic and political sanctions (iii) financial risks, such as interest rate risk, foreign exchange rate risk (in particular as against the U.S. dollar, the Company’s reporting currency), commodity risk, asset price risk, equity market risk, counterparty risk, sovereign risk, liquidity risk, inflation or deflation, including inability to achieve the Company’s optimal net debt level; (iv) changes in government policies and currency controls; (v) continued availability of financing and the Company’s ability to achieve its targeted coverage and debt levels and terms, including the risk of constraints on financing in the event of a credit rating downgrade; (vi) the monetary and interest rate policies of central banks; (vii) changes in applicable laws, regulations and taxes in jurisdictions in which the Company operates; (viii) limitations on the Company’s ability to contain costs and expenses or increase its prices to offset increased costs; (ix) the Company’s failure to meet its expectations with respect to expansion plans, premium growth, accretion to reported earnings, working capital improvements and investment income or cash flow projections; (x) the Company’s ability to continue to introduce competitive new products and services on a timely, cost-effective basis; (xi) the effects of competition and consolidation in the markets in which the Company operates, which may be influenced by regulation, deregulation or enforcement policies; (xii) changes in consumer preferences, spending and behavior; (xiii) changes in pricing environments; (xiv) volatility in the availability or prices of raw materials, commodities and energy; (xv) damage to the Company’s reputation or the image and reputation of its brands; (xvi) difficulties in maintaining relationships with employees; (xvii) regional or general changes in asset valuations; (xviii) greater than expected costs (including taxes) and expenses; (xix) climate change and other environmental concerns; (xx) the risk of unexpected consequences resulting from acquisitions, joint ventures, strategic alliances, corporate reorganizations or divestiture plans, and the Company’s ability to successfully and cost-effectively implement these transactions and integrate the operations of businesses or other assets it has acquired; (xxi) the outcome of pending and future litigation, investigations and governmental proceedings; (xxii) natural or other disasters, including widespread health emergencies, cyberattacks and military conflict and political instability; (xxiii) any inability to economically hedge certain risks; (xxiv) inadequate impairment provisions and loss reserves; (xxv) technological disruptions, threats to cybersecurity and the risk of loss or misuse of personal data; (xxvi) other statements included in this report that are not historical and (xxvii) the Company’s success in managing the risks involved in the foregoing. Many of these risks and uncertainties are, and will be, exacerbated by geopolitical volatility and unpredictability and any worsening of the global business and economic environment as a result. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements referenced above. Forward-looking statements speak only as of the date on which such statements are made. The Company’s statements regarding financial risks are subject to uncertainty. For example, certain market and financial risk disclosures are dependent on choices about key model characteristics and assumptions and are subject to various limitations. By their nature, certain of the market or financial risk disclosures are only estimates and, as a result, actual future gains and losses could differ materially from those that have been estimated. Subject to the Company’s obligations under Belgian and U.S. law in relation to disclosure and ongoing information, the Company undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction. By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the above limitations. © AB InBev 2025 – All rights reserved |2 Legal disclaimer

• 3. 2Q25 Operating performance highlights © AB InBev 2025 – All rights reserved |3

• 4. Consistent execution of our strategy delivering solid results • Continued global momentum drove EBITDA growth of +6.5% • EBITDA margin expansion of 116 bps • Revenue per hl accelerated +4.9% in 2Q25 • US portfolio momentum: #1 and #2 volume share gain brands in the industry in 2Q25 • No-alcohol beer revenue +33% • BEES Marketplace growth accelerated: GMV +63% to $785M • Underlying USD EPS +8.7% and H1 FCF +$0.5bn vs. LY © AB InBev 2025 – All rights reserved |4

• 5. +17.4% Total volumes Revenue per hl Total revenue EBITDA EBITDA margin Underlying EPS (USD) Constant Currency Operating performance 2Q25 -1.9% +3.0% +4.9% +6.5% +116 bps +8.7% +18.7% HY25 -2.0% +2.3% +4.3% +7.2% +166 bps +8.0% © AB InBev 2025 – All rights reserved |5 2Q volumes impacted by Brazil and China YoY Volume growth (%) Remaining ABI markets Brazil China +0.7% -6.9% Accelerated NR/hl growth YoY NR/hl growth (%) FY24 1Q25 2Q25 4.3% 3.7% 4.9% ~67% of total volumes 1 Note: 1. % of total volumes based on 2Q24 ABI total volumes

• 6. Diversified geographic footprint driving consistent performance Note: 1. Percentage EBITDA contribution is based on share of AB InBev Worldwide LTM EBITDA, excluding GEHC as of 30-Jun-2025 2. Since 1Q24, the definition of organic revenue growth has been amended to cap the price growth in Argentina to a maximum of 2% per month (26.8% year-over-year) -4.5% Organic revenue -4.8% Organic EBITDA North America Middle Americas South America EMEA APAC +2.2% Organic revenue +4.5% Organic EBITDA +5.1% Organic revenue +6.9% Organic EBITDA +3.6% Organic revenue 2 +7.2% Organic EBITDA 2 +5.2% Organic revenue +9.5% Organic EBITDA 22% EBITDA contribution1 2Q25 38% EBITDA contribution1 18% EBITDA contribution1 8% EBITDA contribution1 2Q25 2Q25 2Q25 14% EBITDA contribution1 2Q25 © AB InBev 2025 – All rights reserved |6

• 7. North America Canada • Low-single digit volume growth, outperformed an improved industry • Michelob Ultra, Busch and Corona estimated to be the top 3 volume share gainers in the beer industry © AB InBev 2025 – All rights reserved |7 Volumes Revenue / hl Revenue Normalized EBITDA Normalized EBITDA Margin + 0.3% + 1.9% + 2.2% + 4.5% 35.7% 2Q25 • Michelob ULTRA and Busch Light the #1 and #2 volume share gainers in the beer industry • Spirits-based RTD portfolio grew volumes by lowteens United States Michelob Ultra momentum drove continued market share gain and top- and bottom-line growth

• 8. Middle Americas © AB InBev 2025 – All rights reserved |8 + 1.1% + 3.9% + 5.1% + 6.9% 49.5% 2Q25 Mexico • Volumes increased low-single digits • Above core beer brands delivered high-single digit revenue growth, led by Modelo and Michelob Ultra Continued momentum drove mid-single digit top- and bottom-line growth Colombia Record high volumes drove high single-digit topand bottom-line growth • Volumes grew by low-single digits • Above core beer brands delivered mid-single digit volume growth Volumes Revenue / hl Revenue Normalized EBITDA Normalized EBITDA Margin

• 9. South America Argentina • Volume trend improved sequentially, declining by low-single digits, with low-single digit beer volume growth • Overall consumer demand impacted by inflationary pressures © AB InBev 2025 – All rights reserved |9 - 4.9% + 8.9% + 3.6% + 7.2% 27.4% 2Q25 1 Brazil • Underperformed a soft industry, which was impacted by adverse weather • Premium and super premium beer brands grew volumes in the mid-teens Revenue decline impacted by volume; mid-single digit bottom-line growth with margin expansion Notes: 1. Since 1Q24, the definition of organic revenue growth has been amended to cap the price growth in Argentina to a maximum of 2% per month (26.8% year-overyear) Volumes Revenue / hl Revenue Normalized EBITDA Normalized EBITDA Margin

• 10. EMEA © AB InBev 2025 – All rights reserved |10 + 0.9% + 4.3% + 5.2% + 9.5% 32.1% 2Q25 Europe • Estimated market share gains in 5 of our 6 key markets • Premium and super premium portfolio makes up ~62% of revenue Improved industry, continued premiumization and margin recovery • Mid-single digit top- and bottom-line growth • Premium and super premium brands grew volumes by mid-teens South Africa Continued momentum and market share gain Volumes Revenue / hl Revenue Normalized EBITDA Normalized EBITDA Margin

• 11. 2Q25 Volumes 2Q25 Value © AB InBev 2025 – All rights reserved |11 Europe beer industry: Resilient with normalized weather Off-trade industry performance 1 (YoY) Europe 2Q25 Weather 1 +8 # Sunny days vs. L3Y avg -6 # Rainy days vs. L3Y avg Normalized weather in Europe Improved industry Beer gaining share of Total Alcohol +0.4pp 2Q25 Increase in Share of Total Alcohol 1 With gains across key markets: +0.5% +2.1% 0.2 1.0 1.2 GE BE FR 0.3 0.5 0.4 NL IT UK Beer share of total alcohol (YoY, pp) Source: Nielsen, WeatherTrends 360, World-weather.info Notes 1. Weighted average across top 6 markets in region

• 12. Asia Pacific © AB InBev 2025 – All rights reserved |12 - 6.6% + 2.3% - 4.5% - 4.8% 32.2% 2Q25 China • Performance impacted by continued weakness in our key regions and channels • Increased marketing investments in our megabrands Revenue declined by 6.2% impacted by volume performance • Gained share in both the on-premise and in-home channels • Volumes negatively impacted by shipment phasing ahead of April price increase South Korea Volumes Revenue / hl Revenue Normalized EBITDA Normalized EBITDA Margin

• 13. Consistent execution of our strategy © AB InBev 2025 – All rights reserved |13

• 14. Consistent investments Growing Brand Power in our brands © AB InBev 2025 – All rights reserved |14 Sales & Marketing ($Bn) 7.3 6.8 7.2 7.2 7.2 2021 2022 2023 2024 LTM’25 +4% organic +0.4pp Total ABI +0.7pp Megabrands Brand Power 1(1H25 vs. 1H24) Notes 1. According to Kantar

• 15. 8 of top 10 most valuable beer brands globally 1 Notes 1. According to KANTAR BrandZ, 2025 #2 #3 #4 #5 #7 #8 #9 #10 #6 +1 +1 -- -- © AB InBev 2025 – All rights reserved |15

• 16. Megabrands driving efficient growth © AB InBev 2025 – All rights reserved |16 Led by Corona Note: 1. Outside of Mexico, where Corona commands a premium price. Excludes exports to Australia for which a perpetual license was granted to a third party upon disposal of the Australia operations +7.7% 2Q25 NR growth +5.6% 1 2Q25 NR growth ~5 BRANDS per market Making up the majority of volumes & growth Receiving disproportionate S&M investment

• 17. Premiumization Driving increased category participation across our markets 1 © AB InBev 2025 – All rights reserved |17 Consistent execution across our category expansion levers Note 1. Participation captured in top 12 ABI markets where data is available, source: Kantar Core Superiority Balanced choices Beyond Beer +7.9% Balanced choices beer portfolio NR growth vs LY +5.1% Above core beer portfolio NR growth vs LY +6.4% Beyond Beer portfolio NR growth vs LY +0.4% Mainstream portfolio NR growth vs LY

• 18. Corona Cero leading the growth in no-alcohol beer © AB InBev 2025 – All rights reserved |18 YoY Net Revenue growth (%) No-alcohol beer growth led by Corona Cero No-Alc Portfolio 33% ~80% ~70% of markets gaining market share of NA beer 1, 2 #1 Market positions in 7 of our top 13 NA beer markets2 Note 1. YTD through Jun’25; key markets based on markets totaling ~90% of total ABI No-Alcohol Beer revenue 2. According to our estimates

• 19. Leading innovation in the US #1 1H25 Innovation in US ~6x Purchase % of 21-24 LDA consumers vs. industry avg 1 #2 1H25 Innovation in US #6 Volume share gainer in the industry 2 Note: 1. Numerator (May-June) 2. Circana Total US MULC (1H25) © AB InBev 2025 – All rights reserved |19

• 20. +10% vs LY2 Total GMV $12.2Bn Notes: 1. Reflects weighted average NPS of BEES Markets 2. Since 1Q24, the definition of organic revenue growth has been amended to cap the price growth in Argentina to a maximum of 2% per month (26.8% year-over-year) 3. Represents orders including non-ABI products © AB InBev 2025 – All rights reserved |20 BEES Marketplace accelerating, growing GMV 63% to $785M SELLERS RETAILERS +3ppvs LY Net Promoter Score1 67 +11%vs LY Orders 33M +8%vs LY Rewards program members 2.5M +63%vs LY2 Marketplace GMV $785M +27%vs LY Orders including Marketplace products3 11M +22%vs LY Marketplace buyers 1.8M

• 21. Building a global digital DTC business © AB InBev 2025 – All rights reserved |21 +6% vs LY $134m Net Revenue -2% vs LY Online Orders 18.2m +7% vs LY 11.5m Active Consumers 2Q25

• 22. Free cash flow improvement Optimizing our business USD EPS growth © AB InBev 2025 – All rights reserved |22 Margin expansion Progress in deleveraging

• 23. Margin expansion of 116 bps © AB InBev 2025 – All rights reserved |23 EBITDA margin expansion in four of five regions Middle Americas +83 bps margin expansion 1 2Q23 2Q24 2Q25 32.5% 34.6% 35.3% EBITDA margin Margin evolution South America +93 bps margin expansion 1 EMEA +129 bps margin expansion 1 Note: 1. 2Q25 Organic margin expansion North Americas +81 bps margin expansion 1 +116 bps 1

• 24. Underlying EPS grew by 8.7% to $0.98, driven by EBIT growth and lower net finance costs © AB InBev 2025 – All rights reserved |24

• 25. $0.5bn improvement in Free Cash Flow © AB InBev 2025 – All rights reserved |25 Optimizing our Business 0.2 -0.5 0.9 1.4 1H22 1H23 1H24 1H25 Note: 1. Free cash flow defined as Cash flow from Operating Activities less Net Capex Free Cash Flow 1 ($Bn) Normalized EBITDA 10.3 10.2 1H24 1H25 -0.1 Net Interest Expense -1.4 -1.3 1H24 1H25 +0.1 Δ NWC -4.2 -3.7 1H24 1H25 +0.5 Net Capex -1.7 -1.4 1H24 1H25 +0.3 ($Bn) +$0.5 Bn

• 26. 83.4 75.9 73.8 70.4 68.1 4.37x Jun-21 3.86x Jun-22 3.70x Jun-23 3.42x Jun-24 3.27x Jun-25 Net Leverage (x) Net Debt ($B) Note: 1. Net Leverage (x) represents Net Debt to Normalized LTM EBITDA multiple Continued deleveraging progress © AB InBev 2025 – All rights reserved |26 19.1 19.7 19.9 20.6 20.8 1 1 LTM EBITDA ($B) Deleveraging through both EBITDA growth and Net debt reduction

• 27. Actively managed debt portfolio with manageable coupon and no relevant medium-term refinancing needs © AB InBev 2025 – All rights reserved |27 Notes: 1. Represents full bond portfolio as of June 30, 2025; 2. Represents full bond portfolio as of June 30, 2025, after hedging Well-distributed bond 1 maturity profile with manageable average coupon Diverse currency mix 2 ~98% fixed rate 2 • Limited near- and mid-term maturities (~$3Bn through 2026) • Manageable fixed coupon (~4% pre-tax) • No covenants $bn 0 2 4 6 8 10 12 2025 2026 2027 2028 2029 2030 2031 2032 20332034 20352036 2037 2038 2039 2040 2041 2042 20432044 20452046 2047 2048 2049 2050 2051 2052 20532054 20552056 2057 2058 2059 2060 98% 2% Floating Fixed 50% 40% 4% USD EUR 3% CAD 3% KRW CNY Remaining Bonds New Issuance - May’25 Debt Paydown - May’25

• 28. © AB InBev 2025 – All rights reserved |28 2025 outlook Note: 1. Since 1Q24, the definition of organic revenue growth has been amended to cap the price growth in Argentina to a maximum of 2% per month (26.8% year-over-year) $3.5-4.0 Bn Overall Performance Net Capex 4-8% Organic EBITDA growth 1 Normalized Effective Tax Rate (ETR) Net Finance Costs 26-28% $190-220m Net pension interest expenses and accretion expenses (per quarter – USD, Millions) ~4% Average gross debt coupon

• 29. Meeting the moment in 2025 © AB InBev 2025 – All rights reserved |29

• 30. Resilient strategy driving consistent results • Solid financial performance in 1H25 with highsingle digit EBITDA and USD EPS growth • Beer category is resilient, and our business is local • Revenue per hl accelerated in 2Q25 • Developed market performance: North America and Europe growing top- and bottomline in 2Q25 • Confident in our ability to deliver on our 2025 outlook © AB InBev 2025 – All rights reserved |30

• 31. Meeting consumers in the most iconic moments of the year © AB InBev 2025 – All rights reserved |31 H1 2025 H2 2025

• 32. Q&A © AB InBev 2025 – All rights reserved |32