v3.25.4
Non-controlling interests
 12 Months Ended
Dec. 31, 2025
Text Block1 [Abstract]  
Non-controlling interests
 
30.
Non-controlling interests
As of 31 December 2025 and 2024, material non-controlling interests relate to Ambev, a Brazilian listed subsidiary in which AB InBev has 61.73% ownership, and Budweiser APAC, an Asia Pacific listed subsidiary in which AB InBev has 87.22% ownership. The tables below provide summarized information derived from the consolidated financial statements of Ambev and Budweiser APAC as of 31 December 2025, 2024 and 2023, in accordance with IFRS.
Summarized financial information of Ambev and Budweiser APAC, in which the company has material non-controlling interests, is as follows:
 
    
Ambev
     
Budweiser APAC
  
Million US dollar
   
31 December
2025
     
31 December
2024
     
31 December
2025
     
31 December
2024
  
                                     
Summarized statement of financial position information
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Current assets
   
 
7 951
   
 
8 746
   
 
3 810
   
 
3 824
Non-current assets
   
 
18 394
   
 
17 498
   
 
10 958
   
 
10 945
Current liabilities
   
 
8 264
   
 
7 976
   
 
3 832
   
 
3 924
Non-current liabilities
   
 
1 947
   
 
2 186
   
 
608
   
 
605
Equity attributable to equity holders
   
 
15 977
   
 
15 930
   
 
10 262
   
 
10 184
Non-controlling interests
   
 
156
   
 
151
   
 
66
   
 
56
 
    
Ambev
     
Budweiser APAC
  
 Million US dollar
   
 2025 
     
2024 
     
 2023 
     
 2025 
     
 2024 
     
 2023 
  
                                                       
Summarized income statement and other comprehensive income information
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Revenue
   
 
15 751
   
 
16 678
   
 
15 920
   
 
5 764
   
 
6 246
   
 
6 856
Net income
   
 
2 854
   
 
2 768
   
 
2 987
   
 
520
   
 
750
   
 
880
                                                       
Attributable to:
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Equity holders
   
 
2 767
   
 
2 692
   
 
2 895
   
 
489
   
 
719
   
 
852
Non-controlling interests
   
 
87
   
 
76
   
 
92
   
 
31
   
 
31
   
 
28
                                                       
Net income
   
 
2 854
   
 
2 768
   
 
2 987
   
 
520
   
 
750
   
 
880
Other comprehensive income
   
 
(1 759
) 
   
 
1 677
   
 
(1 909
) 
   
 
287
   
 
(694
) 
   
 
(286
) 
Total comprehensive income
   
 
1 095
   
 
4 445
   
 
1 078
   
 
807
   
 
56
   
 
594
                                                       
Attributable to:
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Equity holders
   
 
1 028
   
 
4 337
   
 
1 011
   
 
772
   
 
33
   
 
567
Non-controlling interests
   
 
66
   
 
108
   
 
67
   
 
35
   
 
23
   
 
27
                                                       
Summarized cash flow information
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
   
 
 
 
Cash flow from operating activities
   
 
4 364
   
 
4 866
   
 
4 934
   
 
951
   
 
1 135
   
 
1 811
Cash flow from investing activities
   
 
(884
) 
   
 
(1 019
) 
   
 
(1 151
) 
   
 
(324
) 
   
 
(409
) 
   
 
(447
) 
Cash flow from financing activities
   
 
(4 779
) 
   
 
(1 930
) 
   
 
(3 218
) 
   
 
(738
) 
   
 
(903
) 
   
 
(621
) 
Net increase/(decrease) in cash and cash equivalents
   
 
(1 298
) 
   
 
1 917
     
 
565
     
 
(111
) 
   
 
(177
) 
   
 
743
  
Dividends paid by Ambev and its subsidiaries to non-controlling interests (i.e., to entities outside the AB InBev Group) amounted to 1.4 billion US dollar for 2025 (2024: 0.8 billion US dollar; 2023: 1.0 billion US dollar). In 2025, Budweiser APAC and its subsidiaries paid a final dividend related to the financial year 2025 to non-controlling interests amounting to 119m US dollar (2024: 119m US dollar; 2023: 94m US dollar).
Other non-controlling interests not deemed individually material by the company mainly related to the company’s operations in Africa in association with the Castel Group (e.g., Botswana, Ghana, Mozambique, Nigeria, Tanzania, Uganda and Zambia), as well as non-controlling interests in US-based metal container operations from Apollo Global Management, Inc. (“Apollo”) and non-controlling interests recognized in respect of the company’s subsidiaries in Colombia, Ecuador and Peru.