Risks arising from financial instruments (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Financial Assets And Financial Liabilities

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



	31 December 2025								31 December 2024

Million US dollar	At amortized cost		At fair value through profit or loss		At fair value through OCI		Total		At amortized cost		At fair value through profit or loss		At fair value through OCI		Total

Cash and cash equivalents		11 638		-		-		11 638		11 174		-		-		11 174
Trade and other receivables		5 406		-		-		5 406		4 714		-		-		4 714
Investment securities		27		306		134		467		30		221		138		389
Foreign exchange derivatives		-		26		38		63		-		23		433		457
Commodities		-		-		439		439		-		-		106		106
Cross currency interest rate swaps		-		-		214		214		-		-		249		249
Interest rate swaps		-		11		-		11		-		3		-		3
Financial assets		17 070		343		825		18 239		15 918		247		927		17 092
Non-current		499		-		279		778		382		-		399		781
Current		16 571		343		546		17 460		15 536		247		528		16 311

Trade and other payables		21 348		241		-		21 589		20 037		288		-		20 325
Non-current interest-bearing loans and borrowings		70 938		1 191		-		72 128		69 011		1 709		-		70 720
Current interest-bearing loans and borrowings		885		-		-		885		1 449		-		-		1 449
Bank overdrafts		14		-		-		14		-		-		-		-
Equity swaps		-		5 481		-		5 481		-		5 614		-		5 614
Foreign exchange derivatives		-		127		435		563		-		30		22		52
Commodities		-		-		46		46		-		-		70		70
Cross currency interest rate swaps		-		-		205		205		-		-		55		55
Interest rate swaps		-		102		-		102		-		94		-		94
Financial liabilities		93 184		7 143		686		101 013		90 497		7 735		147		98 379
Non-current		71 678		1 320		183		73 182		69 494		1 933		66		71 492
Current		21 506		5 822		503		27 831		21 003		5 802		82		26 887

Summary of Notional Amounts of Derivatives Outstanding at Year-end by Maturity Bucket

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



	31 December 2025										31 December 2024

Million US dollar	< 1 year		1-2 years		2-3 years		3-5 years		> 5 years		< 1 year		1-2 years		2-3 years		3-5 years		> 5 years

Foreign currency
Foreign exchange forwards		10 498		344		-		-		-		8 867		300		150		-		-
Other foreign exchange derivatives		315		-		-		-		-		385		-		150		400		-

Interest rate
Interest rate swaps		1 191		-		-		-		-		1 791		-		-		-		-
Cross currency interest rate swaps		510		2 593		2 010		2 025		715		1 558		510		2 593		3 598		690

Commodities
Aluminum swaps		2 250		62		-		-		-		1 841		-		-		-		-
Other commodity derivatives		591		39		-		-		-		630		26		-		-		-

Equity
Equity derivatives		11 898		-		-		-		-		10 520		-		-		-		-

Summary of Foreign Exchange Risk on Operating Activities

The second currency of the currency pairs listed is the functional currency of the related subsidiary.



	31 December 2025						31 December 2024 1

Million US dollar	Total exposure		Total hedges		Open position		Total exposure		Total hedges		Open position

US dollar/Brazilian real		(1 682)		1 671		(11)		(1 823)		1 456		(367)
US dollar/Mexican peso		(1 203)		1 182		(21)		(1 250)		1 092		(158)
US dollar/Colombian peso		(494)		460		(34)		(504)		482		(22)
US dollar/South African rand		(385)		388		3		(373)		333		(40)
US dollar/Canadian dollar		(317)		312		(5)		(286)		243		(43)
US dollar/Argentine peso		(274)		-		(274)		(326)		-		(326)
US dollar/Honduran lempira		(226)		-		(226)		(225)		-		(225)
US dollar/Peruvian nuevo sol		(194)		199		5		(236)		215		(21)
US dollar/South Korean won		(182)		190		8		(160)		116		(44)
US dollar/Chinese yuan		(179)		201		22		(66)		52		(14)
US dollar/Chilean peso		(164)		151		(13)		(144)		127		(17)
US dollar/Paraguayan guarani		(150)		142		(8)		(144)		127		(17)
US dollar/Euro		(130)		128		(2)		(126)		106		(20)
US dollar/Indian rupee		(120)		115		(5)		(113)		69		(44)
US dollar/Dominican peso		(119)		-		(119)		(129)		-		(129)
US dollar/Bolivian boliviano		(112)		-		(112)		(104)		-		(104)
Euro/South African rand		(136)		133		(3)		(108)		111		3
Euro/Mexican peso		(123)		89		(34)		(91)		92		1
Mexican peso/Euro		(118)		97		(21)		(153)		132		(21)
Others		(502)		452		(50)		(567)		441		(126)

Amended to conform to the 2025 presentation.

Summary of Foreign Exchange Results Recognized on Unhedged and Hedged Exposures

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



Million US dollar	2025		2024		2023
Hedged (economic hedges)		93		(186)		70
Not hedged		(479)		40		(423)
		(386)		(147)		(353)

Summary of Effective Interest Rates at Balance Sheet



31 December 2025 Interest-bearing financial liabilities Million US dollar	Before hedging				After hedging
	Effective interest rate		Amount		Effective interest rate		Amount

Floating rate
US dollar		-		-		4.9%		1 193
Other		11.0%		334		10.9%		333
				334				1 527
Fixed rate
US dollar		5.3%		41 499		5.6%		32 965
Euro		2.7%		28 593		2.6%		29 274
Chinese yuan		3.8%		38		2.7%		2 768
Canadian dollar		4.5%		566		4.3%		2 668
South Korean won		5.3%		39		2.7%		2 049
Mexican peso		13.2%		225		13.2%		225
Pound sterling		2.5%		567		2.7%		37
Other		9.6%		1 165		9.5%		1 515
				72 693				71 500



31 December 2024 Interest-bearing financial liabilities Million US dollar	Before hedging				After hedging
	Effective interest rate		Amount		Effective interest rate		Amount

Floating rate
US dollar		-		-		5.3%		1 792
Other		11.2%		184		11.2%		184
				184				1 975
Fixed rate
US dollar		5.1%		46 192		5.4%		36 780
Euro		2.5%		22 653		2.5%		23 530
Chinese yuan		3.2%		41		2.6%		2 921
Canadian dollar		4.5%		555		4.4%		2 657
South Korean won		4.9%		40		2.3%		2 200
Mexican peso		15.7%		239		10.8%		1 239
Pound sterling		3.3%		1 154		2.6%		34
Other		8.6%		1 111		10.1%		833
				71 986				70 195

Summary of Interest Expense Recognized on Unhedged and Hedged Financial Liabilities

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



Million US dollar	2025			2024			2023
Financial liabilities measured at amortized cost – not hedged		(3 250	)		(3 492	)		(3 722	)
Fair value hedges		(31	)		(30	)		(22	)
Cash flow hedges		26			29			28
Net investment hedges - hedging instruments (interest component)		58			49			10
Economic hedges		3			2			-
		(3 194	)		(3 443	)		(3 705	)

Schedule of Commodity Derivatives Outstanding

The most significant commodity hedges are included in the table below (expressed in outstanding notional amounts):



Million US dollar	31 December 2025		31 December 2024

Aluminum		2 312		1 841
Energy		212		207
Corn		197		203
Plastic		86		79
Sugar		66		73
Wheat		43		47
Rice		26		46
		2 942		2 496

Summary of Estimated Impact on Changes in the Price of Commodities

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.



	2025						2024

			Pre-tax impact on equity						Pre-tax impact on equity

Million US dollar	Volatility of prices in %¹		Prices increase		Prices decrease		Volatility of prices in %¹		Prices increase		Prices decrease


Aluminum		22%		504		(504)		22%		408		(408)
Energy		47%		100		(100)		44%		92		(92)
Corn		19%		38		(38)		19%		38		(38)
Plastic		16%		14		(14)		16%		12		(12)
Sugar		27%		18		(18)		27%		20		(20)
Wheat		27%		12		(12)		27%		13		(13)
Rice		38%		10		(10)		38%		18		(18)

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.

Summary of Carrying Amount of Financial Assets

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:



	31 December 2025						31 December 2024

Million US dollar	Gross		Impairment		Net carrying amount		Gross		Impairment		Net carrying amount

Trade receivables		4 661		(399)		4 261		4 168		(377)		3 792
Other receivables		1 213		(68)		1 145		984		(61)		923
Trade and other receivables		5 874		(468)		5 406		5 152		(438)		4 714

Summary of Allowance for Impairment

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



	31 December 2025		31 December 2024		31 December 2023
Balance at end of previous year		(438)		(462)		(416)
Impairment losses		(53)		(56)		(54)
Derecognition		64		24		26
Currency translation and other		(40)		55		(18)
Balance at end of period		(468)		(438)		(462)

Summary of Nominal Contractual Maturities of Non-Derivative Financial Liabilities

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


	31 December 2025

Million US dollar	Carrying amount		Contractual cash flows		Less than 1 year		1-2 years		2-3 years		3-5 years		More than 5 years

Non-derivative financial liabilities
Unsecured bond issues		(70 199)		(115 992)		(2 962)		(8 108)		(6 398)		(11 951)		(86 573)
Trade and other payables		(26 324)		(26 547)		(25 410)		(150)		(177)		(277)		(532)
Lease liabilities		(2 397)		(2 706)		(704)		(606)		(448)		(447)		(501)
Secured bank loans		(18)		(23)		(5)		(5)		(4)		(9)		-
Unsecured bank loans		(178)		(178)		(178)		-		-		-		-
Unsecured other loans		(221)		(239)		(84)		(132)		(12)		(2)		(10)
Bank overdrafts		(14)		(14)		(14)		-		-		-		-
		(99 351)		(145 700)		(29 358)		(9 001)		(7 039)		(12 686)		(87 617)

Derivative financial liabilities
Equity derivatives		(5 481)		(5 481)		(5 481)		-		-		-		-
Foreign exchange derivatives		(563)		(563)		(416)		(59)		-		(87)		-
Cross currency interest rate swaps		(205)		(205)		(60)		(51)		(32)		(18)		(44)
Interest rate swaps		(102)		(102)		(102)		-		-		-		-
Commodity derivatives		(46)		(46)		(46)		-		-		-		-
		(6 397)		(6 397)		(6 105)		(111)		(32)		(105)		(44)

Of which: related to cash flow hedges		(460)		(460)		(425)		(24)		-		(5)		(6)


	31 December 2024

Million US dollar	Carrying amount		Contractual cash flows		Less than 1 year		1-2 years		2-3 years		3-5 years		More than 5 years

Non-derivative financial liabilities
Unsecured bond issues		(69 484)		(113 412)		(3 453)		(3 416)		(7 311)		(14 352)		(84 881)
Trade and other payables		(24 601)		(24 760)		(23 750)		(257)		(128)		(328)		(297)
Lease liabilities		(2 303)		(2 592)		(639)		(620)		(398)		(447)		(488)
Secured bank loans		(19)		(25)		(5)		(4)		(4)		(8)		(4)
Unsecured bank loans		(94)		(94)		(94)		-		-		-		-
Unsecured other loans		(269)		(297)		(172)		(94)		(20)		(2)		(9)
		(96 770)		(141 181)		(28 113)		(4 391)		(7 861)		(15 138)		(85 678)

Derivative financial liabilities
Equity derivatives		(5 614)		(5 614)		(5 614)		-		-		-		-
Foreign exchange derivatives		(52)		(52)		(52)		-		-		-		-
Cross currency interest rate swaps		(55)		(55)		9		9		(30)		1		(46)
Interest rate swaps		(94)		(94)		(93)		-		-		-		(1)
Commodity derivatives		(69)		(69)		(69)		-		-		-		-
		(5 885)		(5 885)		(5 818)		9		(30)		1		(47)

Of which: related to cash flow hedges		(134)		(134)		(91)		(2)		(38)		-		(4)

Summary of Carrying Amount of Fixed Rate Interest-Bearing Financial Liabilities and Fair Value

The table below summarizes the carrying amount and the fair value of the fixed rate interest-bearing financial liabilities as recognized in the statement of financial position. Floating rate interest-bearing financial liabilities, trade and other receivables and trade and other payables, lease liabilities and derivative financial instruments have been excluded from the analysis as their carrying amount is a reasonable approximation of their fair value.



Interest-bearing financial liabilities	31 December 2025				31 December 2024


Million US dollar	Carrying amount		Fair value		Carrying amount		Fair value

Fixed rate
US dollar		(41 050)		(41 863)		(45 800)		(45 558)
Euro		(27 854)		(27 187)		(21 915)		(21 605)
Pound sterling		(519)		(467)		(1 108)		(1 046)
Canadian dollar		(509)		(465)		(484)		(461)
Other		(364)		(362)		(375)		(373)
		(70 296)		(70 343)		(69 682)		(69 044)

Analysis of Financial Instruments

The table below presents the fair value hierarchy, which classifies financial instruments according to the extent to which their valuation relies on observable market inputs:



Fair value hierarchy 31 December 2025 Million US dollar	Quoted (unadjusted) prices - level 1		Observable market inputs - level 2		Unobservable market inputs - level 3

Financial Assets
Derivatives at fair value through profit and loss		-		36		-
Derivatives in a cash flow hedge relationship		31		454		-
Derivatives in a net investment hedge relationship		-		207		-
		31		696		-
Financial Liabilities
Deferred consideration on acquisitions at fair value		-		-		241
Derivatives at fair value through profit and loss		-		5 609		-
Derivatives in a cash flow hedge relationship		64		396		-
Derivatives in a fair value hedge relationship		-		102		-
Derivatives in a net investment hedge relationship		-		227		-
		64		6 333		241



Fair value hierarchy 31 December 2024 Million US dollar	Quoted (unadjusted) prices - level 1		Observable market inputs - level 2		Unobservable market inputs - level 3

Financial Assets
Held for trading (non-derivatives)		-		9		-
Derivatives at fair value through profit and loss		-		26		-
Derivatives in a cash flow hedge relationship		27		416		-
Derivatives in a net investment hedge relationship		-		345		-
		27		796		-
Financial Liabilities
Deferred consideration on acquisitions at fair value		-		-		288
Derivatives at fair value through profit and loss		-		5 644		-
Derivatives in a cash flow hedge relationship		29		105		-
Derivatives in a fair value hedge relationship		-		94		-
Derivatives in a net investment hedge relationship		-		14		-
		29		5 857		288

Summary of Hedging Reserve and Hedging Instruments

The company’s hedging reserves disclosed in Note 21 C

hanges in equity and earnings per share

relate to the following instruments:



Million US dollar	Commodities		Foreign currency & others		Total hedging reserves

As of 1 January 2025		(241)		731		490
Change in fair value of hedging instrument recognized in OCI		403		(312)		92
Reclassified to profit or loss / cost of inventory		(81)		(111)		(192)
As of 31 December 2025		82		308		390



Million US dollar	Commodities		Foreign currency & others		Total hedging reserves

As of 1 January 2024		(304)		486		181
Change in fair value of hedging instrument recognized in OCI		54		519		573
Reclassified to profit or loss / cost of inventory		9		(273)		(264)
As of 31 December 2024		(241)		731		490

Summary of Offsetting Financial Assets and Liabilities

The following financial assets and liabilities are subject to offsetting, enforceable master netting agreements and similar agreements:



	31 December 2025

Million US dollar	Gross amount		Net amount recognized in the statement of financial position 1		Other offsetting agreements 2		Total net amount

Derivative assets		728		728		(725)		3
Derivative liabilities		(6 397)		(6 397)		725		(5 672)


	31 December 2024

Million US dollar	Gross amount		Net amount recognized in the statement of financial position 1		Other offsetting agreements 2		Total net amount

Derivative assets		815		815		(814)		1
Derivative liabilities		(5 886)		(5 886)		814		(5 071)

1	Net amount recognized in the statement of financial position after considering agreements that meet the offsetting criteria under IFRS.

2	Other offsetting agreements include collateral, guarantee instruments and offsetting agreements that do not meet the offsetting criteria under IFRS.