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• The Coca-Cola of beer.
• Procter & Gamble for beer.

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• Global Beer Brands: A portfolio of widely recognized international beer brands such as Budweiser, Stella Artois, and Corona Extra.
• Local & Regional Beer Brands: A diverse collection of popular beer brands specific to various countries and regions, including Michelob Ultra, Busch, and Goose Island.
• Craft & Specialty Beers: A range of beers from smaller, specialized breweries, often focusing on unique flavors and brewing techniques.
• Non-Alcoholic Beverages: Offerings that include non-alcoholic beers and other soft drinks to cater to a broader consumer base.
• Hard Seltzers and Ready-to-Drink (RTD) Beverages: A growing segment of pre-mixed alcoholic drinks, often fruit-flavored and carbonated.

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Anheuser-Busch InBev SA/NV (BUD) primarily sells its products to other companies rather than directly to individual consumers. Its distribution model relies heavily on a complex global network of wholesalers, distributors, and various retail channels.

Given the nature of the beverage industry, AB InBev's customer base is highly fragmented across thousands of partners worldwide. Public companies generally do not disclose the names of individual major customers unless one customer accounts for a significant portion of revenue, which is typically not the case for consumer goods companies like AB InBev.

However, AB InBev's major customers can be categorized into the following types of businesses:

• Beverage Wholesalers and Distributors: These companies act as intermediaries, purchasing beer and other beverages in bulk directly from AB InBev (or its regional subsidiaries) and then distributing them to various retail and on-premise outlets (e.g., grocery stores, convenience stores, bars, restaurants). Many of these distributors are independent, privately held companies, or regional entities. Due to their fragmented nature and often private ownership, it is not feasible to list specific major public companies solely operating as dedicated beer distributors for AB InBev.
• Large Retail Chains (Off-Premise): These are major grocery store chains, supermarkets, hypermarkets, and liquor store chains that sell directly to consumers for consumption off-site. They represent a significant portion of AB InBev's sales volume, often purchasing through the aforementioned distributors or sometimes directly for larger chains. Examples of public companies that would be major customers in this category (directly or indirectly) include:
  • Walmart Inc. (WMT)
  • The Kroger Co. (KR)
  • Target Corporation (TGT)
  • Costco Wholesale Corporation (COST)
  • Ahold Delhaize SA (ADRNY - OTC symbol for US investors, primary listing on Euronext Amsterdam)
• On-Premise Accounts: This category includes bars, restaurants, hotels, and entertainment venues that sell AB InBev products for consumption on-site. While these venues are direct points of sale to the end consumer, they typically procure their products through the network of beverage wholesalers and distributors rather than directly from AB InBev itself.

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Identifying specific "major suppliers" by name for a company like Anheuser-Busch InBev (BUD) is challenging because such information is often considered proprietary by both the supplier and the customer. Publicly available financial reports and investor relations documents for BUD typically do not list specific supplier names due to competitive reasons. Instead, they refer to categories of inputs.

Anheuser-Busch InBev's primary inputs include:

• Barley
• Hops
• Rice
• Corn
• Water
• Yeast
• Packaging materials (glass bottles, aluminum cans, labels, plastic crates, cardboard)
• Energy (electricity, natural gas)
• Logistics and transportation services

While we know these are the categories, specific companies supplying these to BUD are not publicly disclosed as "major suppliers" in a way that allows for a definitive list with symbols.

Therefore, based on publicly available information, specific named major suppliers with their symbols cannot be confidently identified.

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Michel Doukeris, Chief Executive Officer

Michel Doukeris has served as AB InBev's Chief Executive Officer since July 2021. A Brazilian citizen, he joined the company in 1996, beginning his career with Brazilian brewer AmBev. Doukeris held various commercial operations roles in Latin America before leading AB InBev's China and Asia Pacific operations for seven years. He later served as global Chief Sales Officer and President of North America for Anheuser-Busch before his appointment as CEO. He holds a degree in Chemical Engineering and a Master's Degree in Marketing, and has completed postgraduate programs at the Wharton School and Kellogg School of Management.

Fernando Tennenbaum, Chief Financial Officer

Fernando Tennenbaum has been AB InBev's Chief Financial Officer since April 2020. A dual citizen of Brazil and Germany, he joined AmBev in 2004 and has held various finance roles including Treasury, Investor Relations, and M&A, and served as Global Treasurer for Anheuser-Busch InBev. Prior to his time with AmBev, he worked as a consultant at Booz & Company and was the owner of a small company in Brazil called Matex (or Matix) from 2002 to 2004. He holds a degree in Industrial Engineering and a corporate MBA.

Marcel Marcondes, Chief Marketing Officer

Marcel Marcondes has been the Chief Marketing Officer of Anheuser-Busch InBev since April 2022. He joined the company in 2005 and previously served as the Global President of Beyond Beer. Before joining AB InBev, he held brand management roles at Unilever. Marcondes is also a Director of the Association of National Advertisers (ANA) and a member of the Cannes Lions CMO Growth Council.

John James Blood, Chief Legal and Corporate Affairs Officer and Corporate Secretary

John James Blood serves as the Chief Legal and Corporate Affairs Officer and Corporate Secretary for Anheuser-Busch InBev.

Nick Caton, Chief B2B Officer

Nick Caton holds the title of Chief B2B Officer (also referred to as Chief BEES Officer) at Anheuser-Busch InBev.

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The key risks to Anheuser-Busch InBev SA/NV (BUD) include significant financial leverage, shifting consumer preferences leading to declining sales volumes, and broader macroeconomic pressures impacting costs and demand.

1. Financial Leverage and Debt

Anheuser-Busch InBev faces substantial financial leverage, with a reported debt-to-equity ratio indicating a moderate level of debt. The company's Altman Z-Score of 1.35 places it in a "distress zone," which suggests a possibility of bankruptcy within the next two years. High-interest expenses stemming from this debt are a concern, though a large portion of its bond portfolio has fixed-rate interests. Reducing debt has been a priority for the company.

2. Shifting Consumer Preferences and Declining Sales Volumes

The company is challenged by declining total volumes, particularly in key markets such as North America. This trend is partly due to changing consumer preferences, including a shift away from large premium pilsner brands towards craft beers and a general decline in per capita beer consumption. A notable example of this risk is the sustained negative impact of a customer boycott on Bud Light sales, which significantly affected market share and revenues in the U.S.

3. Macroeconomic Pressures and Commodity Costs

Anheuser-Busch InBev is exposed to macroeconomic challenges, including inflationary pressures that increase commodity and supply chain costs. Such inflation can also lead consumers to scale back on discretionary purchases, affecting overall sales volumes.

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The increasing legalization and social acceptance of cannabis, particularly the emergence and growth of cannabis-infused beverages (including THC-infused products where legal), as an alternative recreational product that competes directly with alcoholic beverages for consumer occasions.

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Anheuser-Busch InBev SA/NV (BUD) primarily operates within the alcoholic beverage market, with beer being its main product. The company also has offerings in the non-alcoholic beverage sector, including non-alcoholic beers, hard seltzers, and canned cocktails.

Addressable Market Sizes for Main Products:

• Global Beer Market: The global beer market was valued at approximately USD 851.15 billion in 2024 and is projected to reach USD 1,167.47 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 4.07%. Other estimates place the global beer market size at USD 839.31 billion in 2024, with a projection to reach USD 1,248.3 billion by 2030, at a CAGR of 6.8% from 2025.
• North America Beer Market: The North America beer market was estimated to be between USD 177.83 billion and USD 190.41 billion in 2024. It is expected to grow, with projections reaching USD 279.57 billion by 2033 at a CAGR of 4.36% from 2025.
• Europe Beer Market: The Europe beer market was valued at approximately USD 219.62 billion in 2024 and is expected to grow at a CAGR of 6.7% from 2025 to 2030. Another estimate shows the market at USD 205.6 billion in 2024, with a projection to reach USD 326.77 billion by 2035.
• Asia Pacific Beer Market: The Asia Pacific beer market generated approximately USD 297.89 billion in revenue in 2024 and is expected to grow at a CAGR of 7.1% from 2025 to 2030, reaching USD 450.13 billion by 2030. Other sources estimate the market size at USD 240.87 billion in 2025, projected to grow to USD 311.39 billion by 2030.
• Latin America Beer Market: The Latin America beer market generated a revenue of USD 94.51 billion in 2024 and is expected to grow at a CAGR of 6.1% from 2025 to 2030.
• Global Non-Alcoholic Beer Market: The global non-alcoholic beer market was valued at approximately USD 21.94 billion in 2024 and is projected to grow to USD 34.98 billion by 2029, with a CAGR of 10.1%. Another estimate places the market size at USD 19 billion in 2024, projected to reach USD 34.4 billion by 2032.
• Global Non-Alcoholic Beverages Market (broader category): The broader global non-alcoholic beverages market was estimated at USD 1.32 trillion in 2024 and is predicted to increase to approximately USD 2.68 trillion by 2034, expanding at a CAGR of 7.34% from 2025.

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Expected Drivers of Future Revenue Growth for Anheuser-Busch InBev SA/NV (BUD)

Over the next 2-3 years, Anheuser-Busch InBev SA/NV (BUD) is expected to drive revenue growth through several key strategic initiatives:

1. Premiumization and Revenue Management: AB InBev is focused on increasing revenue per hectoliter through strategic pricing and a continued emphasis on its premium brand portfolio. This strategy has consistently contributed to revenue growth, with revenue per hectoliter increasing by 4.9% in Q2 2025 and 4.8% in Q3 2025.
2. Expansion of the "Beyond Beer" Portfolio: The company is significantly expanding its offerings beyond traditional beer, including spirits and non-alcoholic beverages. The non-alcohol beer portfolio saw a 33% revenue surge in Q2 2025, and brands like Cutwater spirits and Michelob Ultra Zero are highlighted as leading product innovations and key growth drivers.
3. Growth of the BEES Digital Marketplace: The BEES marketplace, AB InBev's business-to-business (B2B) digital platform, is demonstrating robust growth. Its quarterly Gross Merchandise Value (GMV) is approaching $1 billion, showcasing the company's successful digital transformation and expanded reach within its distribution network.
4. Strategic Investment in Core Brands and Market Share Gains: AB InBev continues to leverage and invest in its portfolio of "megabrands." For instance, Michelob Ultra has become the number one brand by volume year-to-date in the U.S., and brands like Corona and Budweiser maintain strong global rankings, contributing to market share gains in key regions.
5. Geographical Expansion and Event-Driven Opportunities: The company has reported revenue growth in 70% of its markets, demonstrating resilience despite challenges in some regions. Future growth is also anticipated from strategic geographical expansion and leveraging major events, such as the FIFA World Cup in North America in 2026, which is expected to boost the beer category.

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Share Repurchases

• On October 31, 2023, Anheuser-Busch InBev authorized a $1 billion share repurchase program, which was completed by March 8, 2024.
• A $2 billion share buyback program was approved on October 31, 2024, and was completed by June 26, 2025.
• The company's Board of Directors approved a new $6 billion share buyback program on October 30, 2025, to be executed within the next 24 months.

Share Issuance

• No specific dollar amounts of new share issuances for Anheuser-Busch InBev were found within the last 3-5 years in the provided information.

Inbound Investments

• No large inbound investments by strategic partners or private equity firms specifically into Anheuser-Busch InBev were identified within the last 3-5 years in the provided information.

Outbound Investments

• No significant strategic outbound investments or acquisitions made by Anheuser-Busch InBev in other companies were identified within the last 3-5 years in the provided information.

Capital Expenditures

• Net capital expenditures were $3.781 billion in 2020, $5.64 billion in 2021, $5.16 billion in 2022, $4.638 billion in 2023, and $3.735 billion in 2024.
• Expected net capital expenditures for fiscal year 2025 are projected to be between $3.5 billion and $4.0 billion.
• For 2024, approximately 44% of capital expenditures were allocated to improving production facilities, 40% to logistics and commercial investments, and 16% to hardware, software, and administrative capabilities.