Intangible assets

12 Months Ended

Dec. 31, 2025

15. Intangible assets



	31 December 2025										31 December 2024
Million US dollar	Brands		Commercial intangibles		Software		Other		Total		Total

Acquisition cost
Balance at end of previous year		37 040		2 281		5 438		93		44 852		46 080
Effect of movements in foreign exchange		1 591		129		491		31		2 242		(2 065)
Acquisitions through business combinations		13		-		-		-		13		-
Acquisitions and expenditures		11		563		641		2		1 217		1 069
Disposals through sale and derecognition		(19)		(367)		(395)		(13)		(794)		(473)
Transfer (to)/from other asset categories and other movements¹		(67)		(11)		4		(9)		(83)		240
Balance at end of period		38 569		2 595		6 179		104		47 447		44 852

Amortization and impairment losses
Balance at end of previous year		(91)		(1 362)		(3 283)		(81)		(4 818)		(4 794)
Effect of movements in foreign exchange		(1)		(96)		(317)		(17)		(432)		470
Amortization		-		(250)		(701)		(23)		(974)		(845)
Impairment		(4)		-		(8)		(3)		(15)		(17)
Disposals through sale and derecognition		7		367		393		12		779		471
Transfer to/(from) other asset categories and other movements¹		(2)		9		(44)		34		(3)		(103)
Balance at end of period		(91)		(1 332)		(3 960)		(79)		(5 462)		(4 818)

Carrying value
at 31 December 2024		36 948		919		2 155		12		40 034		40 034
at 31 December 2025		38 478		1 263		2 219		25		41 985

AB InBev is the owner of some of the world’s most valuable brands in the beer industry. As a result, brands and certain distribution rights are expected to generate positive cash flows for as long as the company owns the brands and distribution rights. Given AB InBev’s more than 600-year history, brands and certain distribution rights have been assigned indefinite lives.

Acquisitions and expenditures of commercial intangibles mainly represent supply and distribution rights, exclusive multi-year sponsorship rights and other commercial intangibles.

Intangible assets with indefinite useful lives are comprised primarily of brands and certain distribution rights that AB InBev purchased for its own products and are tested for impairment once a year or whenever a triggering event has occurred. Based on the impairment testing results, no impairment loss was allocated to intangible assets with indefinite useful lives – refer to Note 14

Goodwill.

As of 31 December 2025, the carrying amount of the intangible assets amounted to 41 985m US dollar (31 December 2024: 40 034m US dollar) of which 38 478m US dollar was assigned an indefinite useful life (31 December 2024: 36 948m US dollar) and 3 507m US dollar a finite life (31 December 2024: 3 086m US dollar).

The transfer (to)/from other asset categories and other movements mainly relates to transfers from assets under construction to their respective asset categories, to the separate presentation in the statement of financial position of intangible assets held for sale in accordance with IFRS 5

Non-current assets held for sale and discontinued operations

and to the restatement of non-monetary assets under hyperinflation accounting in line with IAS 29

Financial reporting in hyperinflationary economies



Million US dollar Cash-generating unit	2025		2024

United States		21 866		21 872
Rest of North America		39		37
Mexico		3 410		3 027
Colombia		3 045		2 586
Rest of Middle Americas		3 798		3 535
Rest of South America		797		806
Europe		399		370
South Africa		2 900		2 558
Rest of Africa		901		861
China		399		383
Rest of Asia Pacific		923		913
Total carrying amount of intangible assets with indefinite useful lives		38 478		36 948

In 2025, the company expensed 194m US dollar in research, compared to 222m US dollar in 2024, 256m US dollar in 2023. The spend focused on product innovations, market research, as well as process optimization and product

development