Anheuser-Busch InBev (AB InBev) CMD 2026

Great. Hello. Good morning, everyone. Firstly, welcome to St. Louis. Thanks to those who have been able to join in person. It is hard to believe that it was three years ago already since we were all last together in Mexico City. This also marks the three-year anniversary of my spinning class career. I look forward to revisiting that chapter with some of you at 6:30 A.M. tomorrow. Hopefully, the weather in St. Louis is as kind to us as it was in Mexico City. I know it was a long flight for many. Ironically, we have people from Cape Town, where I think it was quite easy. We had people from London and from Europe, where it was quite easy. The hardest part to travel from apparently was New York yesterday.

Those that persevered through the travel disruptions, we really appreciate you being here with us in person. We have a great agenda of presentations and experiences today and tomorrow, so I am sure we will make it worth your while. Most importantly, we will have a couple of opportunities to share a beer, so we look forward to doing that. I think I have met almost everyone here today, but in case not, I am Shaun Fullalove, and I have had the privilege of leading the investor relations function here at ABI for the last five years. Michel and Fernando surprisingly have also allowed me to be the emcee for the event again, so I will do my best to keep us on track during the day. Before I invite Michel to the stage to kick us off, I just have a few housekeeping matters to mention.

Firstly, in small words up here, just a quick reminder on the legal side, this is our disclaimer, which is available on our website. Do not expect you to read all of this now, but everything 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, you can refer to our 20-F on our website that contains a discussion of all of our risk factors, including geopolitical and economic uncertainties. For those that did not join for breakfast this morning, the bathrooms are to the right, as you exit the room. For those that did not join for spinning this morning, which is most of you, expect to see you tomorrow.

I think we still have a few spare seats still, so if you would like to do it in the stadium next door, reach out to me or Pat or Kate in my team, and we can sign you up. We also have an event WhatsApp channel, so we have evolved from the app from last time to a WhatsApp channel. If you have not signed up for that yet, there should be a QR code floating around somewhere. We are using that as a channel just to communicate about events, reminders, etc., during the next couple of days. What else? We have a planned 20-minute break, should be around 10:30 A.M. It might be slightly earlier, depending on how the agenda moves. We will have lunch around 12:15 P.M., 12:20 P.M. And then we have a short break around 3:00 P.M. just to allow you to drop bags, etc.

Then we will head to the brewery in the late afternoon for the brewery tour, dinner, and brand experience event. Of course, I know people have traveled from far, so if you need to take a break more frequently, feel free to do that. Finally, name badges. I'm not wearing mine right now, but they have a few relevant details. First one is your table number, which I think you guys are all at the right tables now, so you've figured that out this morning. The second one is going to be your brewery tour group for this afternoon. We'll leave in different vans, and then we'll split into different groups, so make sure you're in the right beer brand group for this afternoon. The third is going to be your market visit group for tomorrow. We'll split into groups then as well.

Any issues with logistics or scheduling or anything that you need to be resolved, please stop by the concierge desk right outside here on the second floor, and we can sort it out. That is it, I think, in terms of reminders and logistics. Let's get it started. With that, I'd like to invite our CEO, Michel Doukeris, to the stage to take us through the introduction. Michel, it's with you. Look at that dot.

That's home. That's us. Imagine the billions of people, the thousands of cultures, the entire civilizations that have come and gone. If they could sit at the same table, you'd find one thing right at the center. Beer. It held the world's first civilization together. It's the reason the inns, the taverns, the ale houses ever existed. It was so essential, Old English had one word for both beer and gathering, ale. Through the good, through the bad, through the toughest times, through cultural revolutions, moon landings, and everything in between. Somewhere along the way, the story of beer became the story of us. Because socialization moves people move culture, and we're at the heart of it. That's the torch we carry forward. When billions come together for the beautiful game, we have the honor to pour the celebration.

On the biggest stage in sport, our brands earned a place in the show. Fascinating. When 2 million people turn a beach into the world's biggest dance floor, we move with the crowd. After the buzzer sounds, guess what's the first thing that goes up? In the stories that become part of culture, we make them feel real. Even when there's no stage at all, there's still a place for us at the table. The ways we come together never stop evolving, and we evolve with them. We go beyond to bring people together. Across the world, our brands are at the heart of the moments that move culture forward, and the next ones are already waiting. New stages will rise. New rituals will take shape. New reasons will bring us together. At the heart of it all, we'll be there. To a future with more cheers.

Please welcome to the stage, Michel Doukeris.

Good morning, everyone, and welcome to the 2026 ABI Capital Markets Day. Thank you for those here in person and those joining us virtually. It is really exciting to come together in St. Louis, the historic home of Anheuser-Busch Brewery. It was right here, 150 years ago, that a legacy was born and the first Budweiser was brewed. Over the next few days, you will experience firsthand Anheuser-Busch's history and heritage, how we have rebalanced our portfolio to create momentum in the U.S., and our global strategy in action. You also hear from several members of our global and U.S. leadership teams. We have three objectives for our time together. First, update you on the progress we've made in our global strategy. Second, reinforce our unique leadership advantages, and even more importantly, show how we have been investing to build superior capabilities.

Lastly, share how we have transitioned from the first half of our 10-year plan, what we internally call Reset, to our next phase of growth, called Reignite. Allow me to start by recapping what we discussed during our last two meetings together. In 2021, we made a deliberate choice. We moved from inorganic to organic growth strategy. We set a long-term ambition, simplified our strategy, and we committed to consistent compounding growth. In 2023, we shared the elements to create superior value. A large and growing category, hard-earned and unique leadership advantages, replicable growth toolkits, and superior profitability. Together, these elements formed a compelling investment thesis. One that was so simple, it fit on the back of a beer coast. I hope you have some at your table. Today, we are halfway through our 10-year plan.

From the beginning, we committed to delivering consistent and compounding EBITDA growth within the range of 4%-8%. Since 2021, we have been delivering within or above this outlook every year. Just as important, we have grown our EBITDA in nominal terms from $19.2 billion in 2021 to $22.4 billion in the last 12 months. This was the result of consistent execution of our strategy across our footprint. Our net revenue increased from $54 billion in 2021 to roughly $63 billion as of the last 12 months. We are growing brand power and market share globally, and we reached all-time high volumes in 16 of our markets in the H1 of this year, including countries like Mexico, South Africa, Colombia, and India. We are digitizing and monetizing our business, scaling B2C into a superior B2B platform. B2C has achieved $60 billion in annualized GMV this year.

B2C marketplace is delivering around $5 billion in GMV, and it is becoming a meaningful incremental revenue stream. We estimate that B2C marketplace, if treated like a country, would be a top 10 contributor to EBITDA growth for us this year. We continue to optimize our business. We expanded our EBITDA margin and generated $13.9 billion in free cash flow, an increase of $4.6 billion since 2021. We have reduced our net debt ratio to below three times. All of this results in industry leading EPS growth that has been both consistent and compounding. Despite a challenging operating environment, we have delivered in line or above the top quartile of CPGs across relevant KPIs. As I always say, we have a resilient strategy that, just like beer, is made for all occasions. Five years ago, most of our excess free cash flow was allocated to deleveraging.

Today, we have a stronger balance sheet. Our capital allocation has evolved, and we have increased our capital return to shareholders. As our leverage continues to trend down and our cash flow generation remains strong, we will further increase our capital allocation flexibility. Everything that I have shown so far is what we call above the surface, things you can see in our reported results. The biggest transformation is what we've been building under the surface. We have a very strong foundation with leadership advantages that differentiate us, an unparalleled ecosystem that give us meaningful scale, a broad, diversified footprint with meaningful market positions in large markets, a portfolio of leading and iconic mega brands, and superior profitability and cash conversion. This is the foundation on which we began to transform from inorganic to organic. Let me be clear here.