# Anheuser-Busch InBev (BUD): Recent Events AB InBev reports in US dollars, so company-reported amounts are shown as published. The few euro dividend amounts are converted to US dollars at the Federal Reserve H.10 rate on the date shown and are approximate. One ADS equals one ordinary share. ## Filings that contain financial statements AB InBev is a foreign private issuer; its interim results are furnished on Form 6-K. - **6-K, 29 October 2026, accession 0001193125-26-437051** (Exhibit 99.1). Third quarter and nine-month results press release, periods ended 30 September 2026. Holds the consolidated income statement for 3Q26 and 9M26 against 3Q25 and 9M25, volume and segment tables (3Q and 9M), the reconciliations of Normalized EBITDA, Underlying Profit and Underlying EPS to IFRS profit, and net finance, tax and per-share tables. It does not hold a balance sheet or a cash flow statement. - **6-K, 29 October 2026, accession 0001193125-26-437056** (Exhibit 99.1). Unaudited Interim Report for the nine-month period ended 30 September 2026: management's discussion of nine-month results in the Regulation G format, with income statement line analysis, Normalized EBITDA and a recent-events section. Exhibit 99.2 is the coordinated articles of association. - **6-K, 30 July 2026, accession 0001193125-26-326285** (Exhibits 99.1 and 99.2). Second quarter and half-year press release, plus the Unaudited Interim Report for the six-month period ended 30 June 2026 with full interim financial statements and notes. - **6-K, 30 July 2026, accession 0001193125-26-326320.** A second furnishing the same day of the six-month interim report to 30 June 2026 (Exhibit 99.1) in tagged form. - **6-K, 5 May 2026, accession 0001193125-26-205213** (Exhibit 99.1). First quarter 2026 results press release (three months ended 31 March 2026). - **6-K, 5 May 2026, accession 0001193125-26-205223** (Exhibit 99.1). Unaudited Interim Report for the three-month period ended 31 March 2026. - **6-K, 13 February 2026, accession 0001193125-26-049841** (Exhibits 99.1 and 99.2). Fourth quarter and full-year 2025 results press release and the 2025 Annual Report with audited financial statements for the year ended 31 December 2025. ## Third quarter 2026 results (29 October 2026, 6-K 0001193125-26-437051) - Revenue rose 4.9% organically in 3Q26 (volume +0.4%, revenue per hectolitre +4.2%); reported revenue was $16,512 million, up 9.1%, helped by currency translation. Nine-month revenue was $48,439 million, up 10.7% as reported and 5.4% organically. - Normalized EBITDA rose 3.9% to $5,957 million in 3Q26, with margin down 34 basis points to 36.1%. Nine-month Normalized EBITDA was $17,332 million, up 5.0%. Normalized EBIT rose 6.0% to $4,538 million for the quarter. Management cited a step-up in sales and marketing investment and commodity cost headwinds. - Profit attributable to equity holders was $1,597 million in 3Q26 against $1,054 million, and $7,910 million for nine months against $4,878 million. Underlying Profit was $2,396 million for the quarter. Underlying EPS was $1.21 against $0.99 (up 22.4%; 13.9% in constant currency); nine-month Underlying EPS was $3.40 against $2.78. Basic EPS was $0.81 for the quarter and $4.01 for nine months. Nine-month profit includes a $1,242 million non-underlying net finance gain, mainly mark-to-market gains on equity derivatives hedging share-based payment programs. - Segments: Middle Americas volume rose 7.3% and EBITDA 15.6% organically; North America volume fell 2.5% and EBITDA 3.5%; Asia Pacific volume fell 11.0% and EBITDA 22.4%. In China, volumes fell 16.8% and EBITDA 30.5% in the quarter, which the company attributed to inventory management, abnormal weather and weak on-premise trade. In the United States, revenue declined 1.2% and EBITDA 4.0%. - 2026 outlook was restated unchanged: EBITDA growth in line with the 4-8% medium-term outlook, normalized effective tax rate of 26% to 28%, net capital expenditure of $3.5 to $4.0 billion, net pension interest and accretion expense of $190 to $220 million per quarter, and an average gross debt coupon of about 4%. Management said it is confident in delivering the FY26 outlook. ## Capital allocation - **Interim dividend (29 October 2026, 0001193125-26-437051; also 0001193125-26-437056).** The Board approved on 28 October 2026 an interim dividend of 0.40 euro per share (about $0.45 at the 23 October 2026 rate) for fiscal 2026, against 0.15 euro (about $0.17 at the time) for fiscal 2025. NYSE ADR ex-dividend and record date is 20 November 2026, payable 16 December 2026; Euronext payment is 23 November 2026. - **Share buyback.** A $6 billion program was announced on 30 October 2025. Completed amounts disclosed: about $635 million by 9 February 2026 (0001193125-26-049841), $1.4 billion by 1 May 2026 (0001193125-26-205213), $1.9 billion by 24 July 2026 (0001193125-26-326285) and $2.6 billion by 26 October 2026 (0001193125-26-437051). - **Final 2025 dividend (29 April 2026, 0001193125-26-191502).** Shareholders approved the 2025 gross dividend of 1.15 euro per share (about $1.34); after the 0.15 euro interim (about $0.17 at 30 October 2025) paid in November 2025, the remaining 1.00 euro (about $1.17) was payable 11 May 2026 (ADR payment 5 June 2026). - **Balance sheet.** Net debt to Normalized EBITDA was 2.86x at 30 June 2026 against 3.27x a year earlier and 2.87x at 31 December 2025 (0001193125-26-326285). In the first quarter the company reported that Moody's had upgraded its credit rating from A3 to A2 (0001193125-26-205213). For 2025 the company reported bond repurchases and redemptions of $6 billion and issuance of EUR 3.25 billion (about $3.65 billion at the 19 May 2025 rate; the release rounds it to 3.2 billion euro) (0001193125-26-049841). The third quarter release does not state a net debt ratio. ## Transactions - **US metal container plants (closed).** On 6 January 2026 AB InBev announced it was exercising its right to reacquire the 49.9% minority stake in its US metal container plants from investors led or advised by affiliates of Apollo Global Management, for an estimated $3 billion, funded from cash (0001193125-26-004373). On 30 January 2026 it announced it had **completed** the acquisition for approximately $2.9 billion (0001193125-26-031755). - **BeatBox Beverages (closed).** The 2025 Annual Report on Form 20-F states that on 5 December 2025 AB InBev agreed to acquire 85% of the US ready-to-drink company BeatBox Beverages for up to about $490 million, with a path to 100% after five years (0001193125-26-088105). The nine-month interim report states that the company **completed** the acquisition on 27 February 2026 (0001193125-26-437056); it recorded $14 million of acquisition-related costs in the nine months. - **Other.** From 1 January 2026 the Cuban brewer Cervecería Bucanero, 50% held through Ambev, is accounted for as an associate (0001193125-26-437056). Nine-month results include a gain on the sale of a Newark, United States brewery (0001193125-26-437056). ## Governance - **27 March 2026 (0001193125-26-128944).** Chairman Martin J. Barrington announced he would retire from the Board after the 29 April 2026 Annual Shareholders' Meeting, in line with the age-70 provision of the Corporate Governance Charter. Restricted-share holders proposed William F. Gifford, Jr., retiring CEO of Altria, for the vacated seat. - **29 April 2026 (0001193125-26-191502).** The General Shareholders' Meeting approved the 2025 accounts and dividend and discharged directors and the auditor. - **16 June 2026 (0001193125-26-272577).** The Board selected independent director Dirk Van de Put, chairman and CEO of Mondelez International, as Chairman, effective that day. ## Earlier 2026 results - **First quarter (5 May 2026, 0001193125-26-205213).** Revenue +5.8% organically to $15,267 million reported; Normalized EBITDA +5.3% to $5,437 million; Underlying EPS $0.97, up 20.8%; reported profit attributable to equity holders $2,563 million. - **Second quarter (30 July 2026, 0001193125-26-326285).** Revenue +5.6% organically to $16,660 million reported; Normalized EBITDA +5.8% to $5,938 million; Underlying EPS $1.21, up 23.4%; reported profit attributable to equity holders $3,751 million; half-year free cash flow $3,881 million, up $2,526 million. - **Fourth quarter and full year 2025 (12 February 2026, 0001193125-26-049841).** FY25 revenue $59,320 million (organic +2.0%); Normalized EBITDA $21,223 million (+4.9%); Underlying EPS $3.73 (+6.0%); free cash flow $11.3 billion; proposed final dividend of 1.00 euro per share. The 2026 outlook given then (EBITDA growth of 4-8%, normalized tax rate 26-28%) is unchanged through the third quarter. - **Annual Report on Form 20-F (3 March 2026, 0001193125-26-088105; announced in 6-K 0001193125-26-088448).** Audited financial statements for the year ended 31 December 2025. ## Not material Filings of 2 March 2026 (0001193125-26-085345) and 14 May 2026 (0001193125-26-222887) furnish the articles of association only.