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• The Coca-Cola of beer.
• A Nestlé for alcoholic beverages.

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• Beer: The company's core product, encompassing a vast portfolio of approximately 500 brands sold globally.
• Budweiser: A flagship American-style lager and one of the company's most recognized global beer brands.
• Corona: A globally popular Mexican lager beer.
• Stella Artois: A well-known Belgian pilsner beer.
• Michelob Ultra: A prominent low-calorie light lager beer.
• Bud Light: A leading light beer variant in key markets.
• Alcoholic Beverages: A broader category encompassing various alcoholic drinks, with beer being its primary offering.
• Soft Drinks: Non-alcoholic beverages offered by the company.

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Anheuser-Busch InBev SA/NV (BUD) primarily operates on a business-to-business (B2B) model, selling its beer, alcoholic beverages, and soft drinks to other companies rather than directly to individual consumers.

The company's major customers are typically:

• Beverage Distributors and Wholesalers: These companies are the primary direct purchasers of products from Anheuser-Busch InBev. They then handle the distribution to a vast network of retail outlets, bars, restaurants, and other on-premise establishments. While many of the largest beverage distributors are privately held (e.g., Reyes Holdings, Southern Glazer's Wine and Spirits), they are crucial intermediaries for BUD's market reach.
• Large Retail Chains: These retailers represent significant customer channels for Anheuser-Busch InBev's products. They purchase in large volumes (either directly or through distributors) for resale to individual consumers in their stores. Examples of such public companies include:
  • Walmart Inc. (Symbol: WMT)
  • The Kroger Co. (Symbol: KR)
  • Costco Wholesale Corporation (Symbol: COST)
• Hospitality Industry Chains: Large national or international chains of bars, restaurants, hotels, and other on-premise venues also constitute major customers, though their purchases are often facilitated through distributors.

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Ball Corporation (BALL)

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Michel Doukeris, Chief Executive Officer

Michel Doukeris joined Anheuser-Busch InBev in 1996 through a trainee program, holding various leadership roles in commercial operations across Latin America, and leading operations in China and the Asia Pacific region for seven years. He was appointed global chief sales officer in 2016 and led the North American business units from January 2018. He assumed the role of CEO on July 1, 2021. Mr. Doukeris holds a degree in chemical engineering, a master's degree in marketing, and has completed postgraduate programs at the Kellogg School of Management and the Wharton School. He also serves on the board of directors of Ecolab Inc., Ambev S.A., and Budweiser Brewing Company APAC Limited.

Fernando Tennenbaum, Chief Financial Officer

Fernando Tennenbaum has served as AB InBev's Chief Financial Officer since April 2020. He joined the company in 2004, holding various finance roles including treasury, investor relations, and M&A. Prior to joining AB InBev, he was a consultant at Booz & Company and also owned a small company in Brazil called Matex (or Matix) starting in 2002. Mr. Tennenbaum holds a bachelor's degree in Business Administration (or Industrial Engineering) and an MBA (or corporate MBA).

John Blood, Chief Legal & Corporate Affairs Officer and Company Secretary

John Blood serves as the Chief Legal & Corporate Affairs Officer and Company Secretary for AB InBev.

David Almeida, Chief Strategy and Technology Officer

David Almeida has been the Chief Strategy and Technology Officer at AB InBev since April 29, 2020.

Marcel Marcondes, Chief Marketing Officer

Marcel Marcondes was appointed Chief Marketing Officer in April 2022 and has been with the company for over 10 years.

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The key risks to Anheuser-Busch InBev SA/NV (BUD) are primarily related to its financial structure, brand reputation, and exposure to global macroeconomic and geopolitical factors.

1. Substantial Financial Leverage: Anheuser-Busch InBev carries significant financial leverage, evidenced by a high debt-to-equity ratio and an Altman Z-Score that places the company in a "distress zone," indicating a potential risk of bankruptcy. This financial strain can be exacerbated by refinancing costs and potential credit rating changes.

2. Brand and Reputation Damage / Shifting Consumer Preferences: The company faces ongoing challenges related to its brand and reputation, exemplified by the "Bud Light customer boycott" and its lasting negative impact on sales and market share in North America. Beyond specific controversies, the company is susceptible to broader sector-specific risks, including evolving consumer preferences and regulatory challenges in key markets.

3. Exposure to Macroeconomic Volatility and Geopolitical Risks: Given Anheuser-Busch InBev's extensive global operations, approximately 75% of its revenue is generated in non-U.S. dollar functional currencies and about 65% from developing markets, increasing its vulnerability to adverse currency translation effects (e.g., Argentine peso, Brazilian real, Mexican peso). The company is also exposed to inflation, volatility in commodity and energy costs (such as barley, packaging, and logistics), and geopolitical conflicts, which can impact operations and financial performance.

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Beer Market

• Global: The global beer market was estimated at USD 839.31 billion in 2024 and is projected to reach USD 1,248.3 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.8% from 2025 to 2030.
• U.S.: The U.S. beer market generated a revenue of USD 130.07 billion in 2024 and is expected to reach USD 191.71 billion by 2030, with a CAGR of 6.6% from 2025 to 2030.
• Europe: The Europe beer market size was estimated at USD 219.62 billion in 2024 and is expected to reach USD 323.81 billion by 2030, growing at a CAGR of 6.7% from 2025 to 2030.
• Asia Pacific: The Asia Pacific beer market generated a revenue of USD 297.89 billion in 2024 and is expected to reach USD 450.13 billion by 2030, growing at a CAGR of 7.1% from 2025 to 2030.
• Latin America: The Latin America beer market generated a revenue of USD 94.51 billion in 2024 and is expected to reach USD 135.44 million by 2030, growing at a CAGR of 6.1% from 2025 to 2030.

Alcoholic Beverages Market

• Global: The global alcoholic beverages market size was valued at USD 1,639.9 billion in 2023 and is projected to reach USD 2,249.3 billion by 2033, growing at a CAGR of 3.21% from 2023 to 2033. Other estimates show the market at USD 1,895.3 billion in 2025, expected to reach USD 3,617.9 billion by 2033, with a CAGR of 8.6% from 2026 to 2033.
• U.S.: The United States alcoholic beverages market was valued at US$ 543.13 billion in 2024, with a projected growth rate of 4.99% during 2025 and 2033, reaching US$ 806.44 billion in 2033.

Soft Drinks Market

• Global: The global soft drinks market size was valued at USD 629.2 billion in 2024 and is projected to reach USD 886.2 billion by 2033, exhibiting a CAGR of 3.84% during 2025-2033.
• U.S.: The U.S. soft drinks market size was valued at USD 293.5 billion in 2024 and is projected to grow to USD 545.2 billion by 2032, with an 8.2% growth during 2025-2032.

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Anheuser-Busch InBev SA/NV (BUD) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Premiumization of the Beer Portfolio: The company is focused on increasing the share of higher-margin premium and super-premium brands within its beer portfolio. Global brands like Stella Artois and Corona have demonstrated strong double-digit revenue growth, significantly contributing to overall profitability. This strategy is a key pillar for capturing evolving consumer preferences.
2. Expansion of the "Beyond Beer" Portfolio: AB InBev is actively diversifying into the "Beyond Beer" category, which includes flavored malt beverages, hard seltzers, spirits, and ready-to-drink (RTD) cocktails. This segment has shown significant momentum, with revenues rising by 23% in 2025, driven by brands such as Cutwater, Nutrl, and Mike's Hard Lemonade. This expansion aims to capture new consumer segments and adapt to evolving drinking habits beyond traditional beer consumption.
3. Growth of Digital Platforms and E-commerce: The company is scaling its digital transformation initiatives, particularly through its B2B digital platforms like BEES and direct-to-consumer (DTC) ecosystems such as Zé Delivery. These platforms are becoming increasingly important growth engines, with B2B digital platforms contributing approximately 70% to revenues in the third quarter of 2025 and the BEES marketplace reaching nearly $1 billion in quarterly gross merchandise value (GMV).
4. Growth of the Non-Alcohol Beer Portfolio: AB InBev is strategically investing in and innovating within its non-alcohol beer segment. This portfolio has consistently outperformed globally, with net revenue growing by 27% in Q3 2025 and 33% in Q2 2025, led by brands like Corona Zero. The company views non-alcohol beer as a key opportunity to develop new consumption occasions and drive incremental volume growth.
5. Geographical Expansion and Market Share Gains in Emerging Markets: AB InBev is pursuing an aggressive expansion strategy with a strong emphasis on emerging markets, particularly in Africa, Asia (including China and India), and Latin America. The company has demonstrated its ability to gain or maintain market share in two-thirds of its markets and is actively exploring opportunities through strategic partnerships, acquisitions, and organic growth in these regions.

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Share Repurchases

• Anheuser-Busch InBev authorized a $6 billion share buyback program on October 30, 2025, which is to be executed over 24 months.
• As of February 12, 2026, approximately $635 million of the $6 billion share buyback program had been completed.
• The company completed a $2 billion share buyback program, which was announced on October 31, 2024, by June 26, 2025.

Outbound Investments

• Anheuser-Busch InBev reacquired a 49.9% minority stake in its US-based metal container plants from a consortium led by Apollo Global Management for approximately $3 billion, with the transaction completed in the first quarter of 2026.
• In December 2025, the company acquired an 85% majority stake in BeatBox Beverages, a producer of ready-to-drink alcoholic beverages, for approximately $490 million.

Capital Expenditures

• For 2026, Anheuser-Busch InBev expects net capital expenditures to be between $3.5 billion and $4.0 billion.
• The projected net capital expenditures for 2025 were also in the range of $3.5 billion to $4.0 billion.
• Over the past five years (since 2021), the company has invested nearly $2 billion across its US operations, with a focus on enhancing operations, advancing technology, and increasing production of key brands such as Michelob Ultra.