Anheuser-Busch InBev (AB InBev) CMD 2026

Thanks for the claps. Good morning, everyone. Welcome to day 2 of our Capital Markets Day. It was great to share a beer or 2 yesterday. Some shared a few more at the bar afterwards, which was also fun. First things first, for the legal friends, on the screen here, you can see our legal disclaimer, again, which is available on our website, and is also relevant to what we will share today. Everything that we talk about today that is not a historical fact is a forward-looking statement, and these are not guarantees of future performance. As a helpful reference, we also have this up in our 20-F, which you can refer to on our website, and that also contains a discussion of our risk factors, including geopolitical and economic uncertainties.

Yesterday, we heard some reflections from Michel on the journey of the company, the progress that we have made in executing our strategy, and our focus as we have shifted into the Reignite phase of the 10-year plan. Tadeo gave some perspective on our category, our footprint, and the unique leadership advantages of ABI. Marcel, Lucas, and Nick talked about our progress and ambitions in the first 2 pillars of our strategy to lead and grow the category and digitize and monetize our ecosystem. David showed us some real-life analytics products that are embedded in our business today that are driving meaningful value across both growth and efficiency.

We closed the day with Brendan and Kyle, who showcased how our global strategy has been executed right here in the U.S. market, driving market share momentum across total alcohol as we continue to rebalance our portfolio towards the growing segments of the industry. Importantly, we also took some time to experience firsthand our capabilities, innovation, and the cultural relevance of our brands right here at the iconic St. Louis Brewery. The opportunity to socialize, swap perspectives, share a beer together is truly a great privilege of being in our category. As you can see here in our photo collage from day 1, we also had the early morning spinning class, where Fernando put me to shame, and probably the less said about that, the better.

Moving swiftly along, today, we're going to start with Michel, who's going to talk a little bit about our culture and the 10 principles of the company. Simon Wuestenberg, our Chief Sales Officer here in the U.S., is going to showcase our route to market and sales capabilities. We're going to head for a market visit around the St. Louis area to see how our strategy and execution is coming to life with our customers and consumers. Let's start the day with culture, and I'd like to invite Michel to the stage. Michel, it's over to you.

Hey, good morning, everyone. Good morning.

Morning. Hope you enjoyed yesterday, that you had a good time at the brewery. I always tell people it doesn't matter how many times I go back to that St. Louis brewery, is always different, is always rewarding, and it's fantastic to see everything that is happening there, but connect this with the culture, heritage, and the history of Anheuser-Busch. We'll start today talking about culture. As we put together the program for these 2 days, of course, there is always more things that we have in hands and in the shelves that we want to fit in the time that we have together, because it's just 2 days. We need to make choices on what topics we bring forward, what conversations we believe will be more important to you.

And in talking, Shaun, Fernando, and I, we thought that a refresh to you into the 10 principles and the culture, and tell a little bit of what's happening and how we are evolving this over the last five years would be a good kickoff for the day two. I think that we are on the topic because yesterday, through the conversations we had during the visit to the brewery or dinner, many people asking me questions about the culture. It's a frequent topic that time to time when we are traveling, visiting investors, when they come to talk to us, people always have some curiosity about. The next 45 minutes, give or take, will be a little bit about this culture. I will do this in a way that I do internally. I travel all zones that we have once a year.

We have a yearly event that we call LPC inside the company. It stands for Leadership, Performance, and Culture, or as we like to call now, Leadership, Performance, and Cheers, because it's always a very good opportunity to meet people and talk to them. The way that I chose to talk about culture with our teams is by showing them examples, things that we do, and they are in line with our culture. Things that they, on a day to day, as they make decisions, they bring the culture to life. This page is a very important one because it's one that you see in all offices when you visit an ABI office, in all our breweries, in all places. We always have these 10 principles around the office and where the management meets, where our teams come together.

Two messages here on this first page before we go through all of them. The first one is that we have decided on the last five years To bring forward in a big way this idea of ownership.

For those that know us for longer, you remember that we are owners was somehow part of one principle and was described within the principles. We think that this is so important in our culture for our company, that we want to start with this idea of ownership and explain to people why this is so important for us. In a nutshell, if you think about our ownership structure, we have families that for centuries, they are around the business as investors, as owners. We have, in our controlling group, a group of shareholders that they are in the business for the very long run.

The company itself was built, and we teach people in a way, we coach people every single day from the day that they start in the company to the day that they are performing today and in the future, that this idea of treating the company as owners is one of the most important things for us in our company. In our compensation system, there was a question yesterday. We reinforce the culture of ownership because a good portion of the management compensation is linked to shares, RSUs, PSUs, and therefore, the way that the company performs impacts directly the management of the company, their wealth, and their future. Then when you look at the 10 principles: owners who dream big, owners who focus on superior results, owners who lead by example.

Equally, for those who know us for longer, will see that this is a simplified and more straightforward view on our principles. At one point, for those that followed this through the years, those were very wordy principles. Sometimes we were trying to accommodate for a huge amount of things in each and every principle. What we saw was a little bit of a dilution of what the understanding of these principles were. We decided to simplify, as we did for many other things in the company, leave this very actionable so people can clearly understand what these principles are about. When we go talking to people, of course, we explain a little bit, but we give examples. I will give you here two things that I think that can give you more the sense of that.

When we talk about focus on superior results, we do not want to have another 35 words to describe what this is. We want to tell people in a simple way that we cannot do everything, neither we can be everything for everyone. Therefore, our choice is to look at our business, benchmark ourselves versus other companies, and work as hard as we can to do better today than we did yesterday. That is it. Everything else would be a complication. On your canning line that you were visiting yesterday, our operator knows that he needs to have a better yield, that if he can take more production out of that line, he is making a contribution for a future of more cheers. Because for more cheers, we need more productivity.