AB InBev Reports Q3 2023 Results Short Form Announcement 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 2023 Results Short Form Announcement KEY FIGURES Total Revenue Underlying Profit +5.0% 1 735 million USD Revenue increased by 5.0% in 3Q23 with revenue Underlying profit (profit attributable to equity per hl growth of 9.0% and by 8.3% in 9M23 with holders of AB InBev excluding non-underlying revenue per hl growth of 10.1%. items and the impact of hyperinflation) was 1 735 million USD in 3Q23 compared to 1 682 million 15.1% increase in combined revenues of our global USD in 3Q22 and was 4 497 million USD in 9M23 brands, Budweiser, Stella Artois, Corona and compared to 4 354 million USD in 9M22. Michelob Ultra, outside of their respective home markets in 3Q23, and 16.2% in 9M23. Approximately 66% of our revenue through B2B Underlying EPS digital platforms with the monthly active user base of BEES reaching 3.4 million users. 0.86 USD Over 125 million USD of revenue generated by our Underlying EPS was 0.86 USD in 3Q23, an increase digital direct-to-consumer ecosystem. from 0.84 USD in 3Q22 and was 2.23 USD in 9M23, an increase from 2.16 USD in 9M22. Total Volume Capital Allocation -3.4% 3 billion USD 1 billion USD In 3Q23, total volumes declined by 3.4%, with own Debt redemption Share buyback program beer volumes down by 4.0% and non-beer volumes up by 1.4%. In 9M23, total volumes declined by The company has approved a cash tender offer for 1.4% with own beer volumes down by 1.9% and non- up to 3 billion USD in aggregate purchase price of beer volumes up by 1.8%. outstanding bonds and the AB InBev Board of Directors has approved a 1 billion USD share Normalized EBITDA buyback program to be executed within the next 12 months. For further details please see the Recent +4.1% Events section on page 13 of the full In 3Q23, normalized EBITDA increased by 4.1% to announcement. 5 431 million USD with a normalized EBITDA margin contraction of 29 bps to 34.9%. In 9M23, normalized EBITDA increased by 7.3% to 15 099 million USD and normalized EBITDA margin contracted by 31 bps to 33.6%. Normalized EBITDA figures of 9M22 include an impact of 201 million USD from tax credits in Brazil. OUTLOOK (i) Overall Performance: We expect our EBITDA to grow in line with our medium-term outlook of between 4- 8% and our revenue to grow ahead of EBITDA from a healthy combination of volume and price. The outlook for FY23 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 200 to 230 million USD per quarter, depending on currency and interest rate fluctuations. We expect the average gross debt coupon in FY23 to be approximately 4%. (iii)Effective Tax Rates (ETR): We expect the normalized ETR in FY23 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 4.5 and 5.0 billion USD in FY23. 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/2023/jse/isse/anhe/Q32023.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 Fallon Buckelew Tel. : +1 212 573 9287 Tel. : +1 310 592 6319 E-mail : shaun.fullalove@ab-inbev.com E-mail : fallon.buckelew@ab-inbev.com Maria Glukhova Michaël Cloots Tel. : +32 16 276 888 Tel. : +32 497 167 183 E-mail : maria.glukhova@ab-inbev.com E-mail : michael.cloots@ab-inbev.com Cyrus Nentin Tel : +1 646 746 9673 E-mail : cyrus.nentin@ab-inbev.com 31 October 2023 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). Date: 31-10-2023 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 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