As of 31 December 2025, the company had no outstanding balance under its commercial paper programs (31 December 2024: nil). The programs authorize issuances of up to USD 5.0 billion and EUR 3.0 billion, respectively.

In May 2025, Anheuser-Busch InBev NV/SA (“ABISA”) completed the issuance of the following series of bonds:

 

Additionally, the company completed the tender offers of three series of notes issued by Anheuser-Busch InBev Worldwide Inc. (“ABIWW”), Anheuser-Busch Companies, LLC (“ABC”) and Anheuser-Busch InBev Finance Inc. (“ABIFI”) and repurchased 1.8 billion US dollar aggregate principal amount of these notes. The total principal amount repurchased in the tender offers is set out in the table below:

 

These tender offers were financed with cash.

In May 2025, the company announced that its wholly-owned subsidiary ABIWW exercised its option to redeem the entire outstanding principal amount of the series of notes presented in the table below, for an aggregate principal amount of 1.6 billion US dollar.

In October 2025, the company announced that ABISA and its wholly-owned subsidiaries ABIWW and ABC exercised their respective options to redeem the entire outstanding principal amounts of the series of notes presented in the table below, for an aggregate principal amount of 2.0 billion US dollar.

 

 

Net debt is defined as non-current and current interest-bearing loans and borrowings and bank overdrafts minus debt securities and cash and cash equivalents. Net debt is a financial performance indicator that is used by AB InBev’s management to highlight changes in the company’s overall liquidity position.

 

AB InBev’s net debt increased to 60.9 billion US dollar as of 31 December 2025, from 60.6 billion US dollar as of 31 December 2024. In addition to operating results net of capital expenditures, the change in net debt primarily reflects the payment of interest and tax (5.9 billion US dollar), share buybacks by AB InBev and Ambev (2.6 billion US dollar), dividend payments to shareholders of AB InBev, Ambev and minorities (4.5 billion US dollar), and a foreign exchange impact on net debt (2.8 billion US dollar increase of net debt).

The table below details the changes in the company’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the company’s consolidated cash flow statement from financing activities.