The table below presents the company’s financial assets and liabilities as of the reporting dates indicated.

 

 

AB InBev’s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest risk, commodity risk and equity risk), credit risk and liquidity risk. The company analyses each of these risks individually as well as on a combined basis and defines strategies to manage the economic impact on the company’s performance in line with its financial risk management policy.

AB InBev primarily uses the following derivative instruments: foreign exchange forwards, currency options, currency futures, interest rate swaps, cross currency interest rate swaps (“CCIRS”), commodity swaps, commodity futures and equity swaps.

The table below provides an overview of the notional amounts of derivatives outstanding as of the dates indicated by maturity bucket.

 

 

AB InBev is subject to foreign currency risk when contracts are denominated in a currency other than the functional currency of the entity. This includes borrowings, investments, (forecasted) sales, (forecasted) purchases, royalties, dividends, licenses, management fees and interest expense/income. To manage foreign currency risk, the company uses mainly foreign exchange forwards, currency options, currency futures and cross currency interest rate swaps.

AB InBev’s policy is to hedge operating transactions which are reasonably expected to occur (e.g., cost of sales and selling, general & administrative expenses) within the forecast period determined in the financial risk management policy. Operating transactions that are considered certain to occur are hedged without any time limits. Non-operating transactions (such as acquisitions and disposals of subsidiaries) are hedged as soon as they are highly probable.

The table below shows the company’s main net foreign currency positions for firm commitments and forecasted transactions for the most important currency pairs. The open positions are the result of the application of AB InBev’s risk management policy. Positive amounts indicate that the company is long (net future cash inflows) in the first currency of the currency pair while negative amounts indicate that the company is short (net future cash outflows) in the first currency of the currency pair. The second currency of the currency pairs listed is the functional currency of the related subsidiary.

 

Further analysis on the impact of open currency exposures is performed in the currency sensitivity analysis below.

Hedges of firm commitments and highly probable forecasted transactions denominated in foreign currency are designated as cash flow hedges.

Net losses on hedging instruments reported in the finance line in 2025 amounted to (0.3) billion US dollar and were largely related to foreign-currency hedges associated with commodity purchases, deemed operating in nature.

AB InBev’s policy is to have the debt in the subsidiaries as much as possible linked to the functional currency of the subsidiary. To the extent this is not the case, foreign exchange risk is managed using derivatives unless the cost to hedge outweighs the benefits. Interest rate decisions and currency mix of debt and cash are decided on a global basis and take into consideration a holistic risk management approach.

Amended to conform to the 2025 presentation.

 

Currency transactional risk

Most of AB InBev’s non-derivative financial instruments are either denominated in the functional currency of the subsidiary or are converted into the functional currency through the use of derivatives. Where illiquidity in the local market prevents hedging at a reasonable cost, the company can have open positions. The transactional foreign currency risk mainly arises from open positions in Argentine peso, Honduran lempira, Dominican peso and Bolivian boliviano against the US dollar.

The company uses a sensitivity analysis to estimate the impact in its consolidated income statement and other comprehensive income of a strengthening or a weakening of the US dollar against the other group currencies. In case the open positions remain unchanged and with all other variables held constant, a 10% strengthening or weakening of the US dollar against other currencies could lead to an estimated decrease/increase on the consolidated profit before tax of approximately 91m US dollar over the next 12 months (31 December 2024: 169m US dollar; 31 December 2023: 98m US dollar). Applying a similar sensitivity on the total derivatives positions could lead to a negative/positive pre-tax impact equity reserves of 516m US dollar (31 December 2024: 446m US dollar). The results of the sensitivity analysis should not be considered as projections of likely future events, as the gains or losses from exchange rates in the future may differ due to developments in the global financial markets.

AB InBev mitigates exposures of its investments in foreign operations using both derivative and non-derivative financial instruments as hedging instruments.

As of 31 December 2025, designated derivative financial instruments in net investment hedges applied on the company’s debt amount to 7 239m US dollar equivalent (31 December 2024: 7 835m US dollar). These instruments hedge foreign operations with Chinese yuan, Canadian dollar, South Korean won and Mexican peso functional currencies.

Foreign exchange results recognized on hedged and unhedged exposures are as follows:

 

Out of the net (0.4) billion US dollar foreign exchange losses reported in the finance line in 2025, approximately (0.2) billion US dollar was related to foreign exchange exposures that are deemed operating in nature.

The company applies a dynamic interest rate hedging approach whereby the target mix between fixed and floating rate debt is reviewed periodically. The purpose of AB InBev’s policy is to achieve an optimal balance between the cost of funding and the volatility of financial results, while taking into account market conditions as well as AB InBev’s overall business strategy.

US dollar fixed rate bond hedges (interest rate risk on borrowings in US dollar)

The company manages and reduces the impact of changes in the US dollar interest rates on the fair value of certain fixed rate bonds with an aggregate principal amount of 1.2 billion US dollar through fixed/floating interest rate swaps. These derivative instruments have been designated in fair value hedge accounting relationships.

Pound sterling bond hedges (foreign currency risk and interest rate risk on borrowings in pound sterling)

In May 2017, the company issued a pound sterling bond for 700m pound sterling at a rate of 2.25% per year and maturing in May 2029, and issued a pound sterling bond for 900m pound sterling at a rate of 2.85% per year and maturing in May 2037. These bonds have a principal outstanding as of 31 December 2025 of 232m and 156m pound sterling, respectively.

The impact of changes in the pound sterling exchange rate and interest rate on these bonds is managed and reduced through pound sterling fixed/euro fixed cross currency interest rate swaps. These derivative instruments have been designated in cash flow hedge relationships.

 

The table below reflects the effective interest rates of interest-bearing financial liabilities at the reporting date as well as the currency in which the debt is denominated.

 

 

As of 31 December 2025, the total carrying amount of the floating and fixed rate interest-bearing financial liabilities before hedging as presented above included bank overdrafts of 14m US dollar (31 December 2024: nil). Of the company’s interest-bearing financial liabilities, 1 527m US dollar or 2.1% bore interest at a variable rate.

The sensitivity analysis has been prepared based on the exposure to interest rates for the floating rate debt after hedging, assuming the amount of liability outstanding at reporting date was outstanding for the whole year. The company estimates that an increase or decrease of 100 basis points represents a reasonably possible change in applicable interest rates. Accordingly, if interest rates had been higher/lower by 100 basis points, with all other variables held constant, the interest expense would have been 15m US dollar higher/lower (31 December 2024: 20m US dollar; 31 December 2023: 26m US dollar). This impact would have been more than offset by 112m US dollar higher/lower interest income on interest-bearing financial assets (31 December 2024: 105m US dollar; 31 December 2023: 96m US dollar). Additionally, the pre-tax impact on equity reserves from the market value of hedging instruments would not have been significant.

 

Interest expense recognized on unhedged and hedged financial liabilities was as follows:

 

The commodity markets have experienced and are expected to continue to experience price fluctuations. AB InBev therefore uses both fixed price purchasing contracts and commodity derivatives to manage the exposure to price volatility. The most significant commodity hedges are included in the table below (expressed in outstanding notional amounts):

 

The impact of changes in prices of commodities that are being financially hedged would not have had a material impact on AB InBev’s profit in 2025 as they are hedged using derivative contracts which are designated in hedge accounting in accordance with IFRS 9 rules.

The table below presents the estimated impact that changes in the price of the commodities, for which AB InBev held material derivative exposures would have on the equity reserves.

 

As of 31 December 2025, an exposure for an equivalent of 100.5m of AB InBev shares was hedged, resulting in a total loss of (213)m US dollar recognized in the income statement for the period in exceptional finance income/(expense). As of 31 December 2025, liabilities for equity swap derivatives amounted to 5.5 billion US dollar (31 December 2024: 5.6 billion US dollar).

 

Sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2025 and 31 December 2024.

 

The sensitivity analysis on the equity swap derivatives, calculated based on a 24% (2024: 19%; 2023: 18%;) reasonably possible volatility of the AB InBev share price, with all the other variables held constant, would show 1 563m US dollar positive/negative impact on the 2025 profit before tax (31 December 2024: 960m US dollar; 31 December 2023: 1 181m US dollar).

Credit risk encompasses all forms of counterparty exposure, i.e., where counterparties may default on their obligations to AB InBev in relation to lending, hedging, settlement and other financial activities. The company has a credit policy in place and the exposure to counterparty credit risk is monitored.

AB InBev mitigates its exposure through a variety of mechanisms. It has established minimum counterparty credit ratings and enters into transactions only with financial institutions of investment grade rating. The company monitors counterparty credit exposures closely and reviews any external downgrade in credit rating immediately. To mitigate pre-settlement risk, counterparty minimum credit standards become more stringent with increases in the duration of the derivatives. To minimize the concentration of counterparty credit risk, the company enters into derivative transactions with different financial institutions.

The company also has master netting agreements with all of the financial institutions that are counterparties to over the counter (OTC) derivatives. These agreements allow for the net settlement of assets and liabilities arising from different transactions with the same counterparty. Based on these factors, AB InBev considers the impact of the risk of counterparty default as of 31 December 2025 to be limited.

The maximum exposure to credit risk at the reporting date for trade and other receivables, excluding Brazilian tax credits, tax receivables other than income tax and prepaid expenses, was as follows:

 

There was no significant concentration of credit risks with any single counterparty as of 31 December 2025 and no single customer represented more than 10% of the total revenue of the group in 2025.

The allowance for impairment recognized during the period on trade and other receivables was as follows:

 

Historically, AB InBev’s primary sources of cash flow have been cash flows from operating activities, the issuance of debt, bank borrowings and equity securities. AB InBev’s material cash requirements have included the following:

 

 

 

 

 

 

 

The company believes that cash flows from operating activities, available cash and cash equivalents as well as short term investments, along with related derivatives and access to borrowing facilities, will be sufficient to fund capital expenditures, financial instrument liabilities and dividend payments going forward. It is the intention of the company to continue to reduce its financial indebtedness through a combination of strong operating cash flow generation and continued refinancing.

The table below presents the nominal contractual maturities of the company’s non-derivative financial liabilities including interest payments and derivative liabilities: