The changes in the present value of the defined benefit obligations are as follows:



Million US dollar	2025		2024		2023
Defined benefit obligation at 1 January		(4 632)		(5 403)		(5 191)
Current service costs		(46)		(51)		(50)
Interest cost		(275)		(282)		(302)
Past service gain/(cost)		(2)		3		4
Settlements		16		133		99
Benefits paid		389		432		469
Contribution by plan participants		(2)		(2)		(2)
Actuarial gains/(losses) – demographic assumptions		42		(4)		17
Actuarial gains/(losses) – financial assumptions		35		267		(220)
Experience adjustments		(40)		(13)		(44)
Exchange differences		(271)		288		(182)
Transfers and other movements		15		-		-
Defined benefit obligation at 31 December		(4 771)		(4 632)		(5 403)

The changes in the fair value of plan assets are as follows:



Million US dollar	2025		2024		2023
Fair value of plan assets at 1 January		3 547		3 882		3 807
Interest income		208		199		217
Administration costs		(16)		(14)		(17)
Return on plan assets exceeding interest income		63		(26)		94
Contributions by AB InBev		274		267		218
Contributions by plan participants		2		2		2
Benefits paid net of administration costs		(389)		(432)		(469)
Assets distributed on settlements		(17)		(130)		(97)
Exchange differences		201		(200)		127
Transfers and other movements		(22)		-		-
Fair value of plan assets at 31 December		3 851		3 547		3 882

The expense recognized in the income statement with regards to defined benefit plans can be detailed as follows:



Million US dollar	2025		2024		2023
Current service costs		(46)		(51)		(50)
Administration costs		(16)		(18)		(17)
Past service cost due to plan amendments, curtailments or settlements		(2)		6		6
(Losses)/gains due to experience and demographic assumption changes		(1)		(1)		(1)
Profit from operations		(65)		(63)		(61)
Net finance cost		(74)		(88)		(88)
Total employee benefit expense		(139)		(151)		(150)

Weighted average assumptions used in computing the benefit obligations of the company’s significant plans at the reporting date are as follows:



	2025

	United States		Canada		Mexico		Brazil		United Kingdom		AB InBev

Discount rate		5.5 %		4.7%		9.3%		11.0%		5.5%		6.0%
Price inflation		2.0 %		2.0%		3.5%		3.5%		2.7%		2.5%
Future salary increases		-		1.0%		4.3%		4.1%		-		3.7%
Future pension increases		-		2.0%		3.5%		3.5%		2.7%		2.6%
Medical cost trend rate		6.3 %- 4.5 %		4.5%		-		7.1%		-		6.3%-6%
Life expectation for a 65-year old male		86		87		85		85		85		86
Life expectation for a 65-year old female		87		89		88		88		87		88



	2024

	United States		Canada		Mexico		Brazil		United Kingdom		AB InBev

Discount rate		5.7 %		4.6%		10.8%		11.0%		5.6%		6.0%
Price inflation		2.0 %		2.0%		3.5%		3.5%		3.2%		2.5%
Future salary increases		-		1.0%		4.3%		6.7%-3.9%		-		3.6%
Future pension increases		-		2.0%		3.5%		3.5%		3.1%		2.8%
Medical cost trend rate		6.5%-4.5%		4.5%		-		7.1%		-		6.3%-5.9%
Life expectation for a 65-year old male		86		87		85		85		86		86
Life expectation for a 65-year old female		88		89		88		88		89		88

The fair value of plan assets at 31 December consists of the following:



	2025						2024

Million US dollar	Quoted		Unquoted		Total		Quoted		Unquoted		Total

Government bonds		36%		-		36%		37%		-		37%
Corporate bonds		36%		0%		36%		27%		1%		28%
Equity instruments		15%		-		15%		22%		-		22%
Property		-		5%		5%		-		7%		7%
Insurance contracts and others		5%		2%		7%		4%		2%		6%
		93%		7%		100%		90%		10%		100%