Financials Anheuser-Busch InBev SA/NV

Equities

ABI

BE0974293251

Brewers

Market Closed - Euronext Bruxelles Other stock markets 10:25:00 13/02/2026 pm IST			5-day change	1st Jan Change
67.68 ^EUR	-1.25%		+5.32%	+23.28%

13/02	Anheuser-Busch Inbev: ABI Set to Deliver Accelerated Growth
13/02	RBC Raises Price Target on Anheuser-Busch InBev to EUR79 From EUR72, Keeps Outperform Rating	MT

Projected Income Statement: Anheuser-Busch InBev SA/NV

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	54,304	57,786	59,380	59,768	59,320	63,200	65,578	68,392
Change	-	6.41%	2.76%	0.65%	-0.75%	6.54%	3.76%	4.29%
EBITDA ¹	19,209	19,843	19,976	20,958	21,223	22,963	24,242	25,434
Change	-	3.3%	0.67%	4.92%	1.26%	8.2%	5.57%	4.92%
EBIT ¹	14,438	14,768	14,590	15,462	15,854	17,389	18,591	19,628
Change	-	2.29%	-1.21%	5.98%	2.54%	9.68%	6.92%	5.58%
Interest Paid ¹	-4,803	-4,646	-5,102	-4,358	-	-4,088	-3,975	-3,825
Earnings before Tax (EBT) ¹	8,463	9,525	9,125	10,568	11,327	13,299	14,912	16,298
Change	-	12.55%	-4.2%	15.81%	7.18%	17.41%	12.13%	9.3%
Net income ¹	4,670	5,969	5,341	5,855	6,837	8,689	9,449	10,295
Change	-	27.82%	-10.52%	9.62%	16.77%	27.09%	8.74%	8.96%
Announcement Date	24/02/22	02/03/23	29/02/24	26/02/25	12/02/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	12,293	13,539	14,274	14,198	13,235	14,793	15,091	14,668	14,213	15,120	15,574	14,473	14,547	15,333	15,046	14,841	13,628	15,004	15,133	15,555	14,945	16,306	16,247	16,661	15,396	16,769	16,656	17,181
Change	-	10.14%	5.43%	-0.53%	-6.78%	11.77%	2.01%	-2.8%	-3.1%	6.38%	3%	-7.07%	0.51%	5.4%	-1.87%	-1.36%	-8.17%	10.1%	0.86%	2.79%	-3.92%	9.11%	-0.36%	2.55%	-7.59%	8.92%	-0.67%	3.15%
EBITDA ¹	4,267	4,847	5,214	4,881	4,486	5,096	5,313	4,947	4,759	4,909	5,431	4,877	4,987	5,302	5,424	5,245	4,855	5,301	5,594	5,473	5,378	5,788	6,087	6,069	5,691	6,087	6,298	6,408
Change	-	13.59%	7.57%	-6.39%	-8.09%	13.6%	4.26%	-6.89%	-3.8%	3.15%	10.63%	-10.2%	2.26%	6.32%	2.3%	-3.3%	-7.44%	9.19%	5.53%	-2.16%	-1.73%	7.63%	5.17%	-0.3%	-6.23%	6.96%	3.47%	1.75%
EBIT ¹	3,113	3,655	4,020	3,650	3,294	3,811	4,055	3,608	3,503	3,569	4,027	3,491	3,642	3,905	4,091	3,824	3,587	4,013	4,205	4,049	3,996	4,385	4,654	4,590	4,214	4,572	4,796	4,889
Change	-	17.41%	9.99%	-9.2%	-9.75%	15.7%	6.4%	-11.02%	-2.91%	1.88%	12.83%	-13.31%	4.33%	7.22%	4.76%	-6.53%	-6.2%	11.88%	4.78%	-3.71%	-1.32%	9.74%	6.14%	-1.38%	-8.19%	8.5%	4.9%	1.94%
Charge d'intérêts ¹	-1,292	-755	-1,900	-856	-1,065	-1,217	-1,900	-972	-806	-1,283	-1,223	-1,359	-714	-1,170	-1,043	-958	-984	-1,062	-1,165	-	-1,005	-1,027	-1,066	-946	-1,039	-954	-1,032	-940
Earnings before Tax (EBT)	1,421	2,884	1,374	2,784	1,023	2,696	2,513	3,294	-	1,202	2,632	2,646	2,279	-	2,829	-	3,208	2,765	2,258	3,097	-	-	-	-	-	-	-	-
Change	-	102.96%	-52.36%	102.62%	-63.25%	163.54%	-6.79%	31.08%	-	-	118.97%	0.53%	-13.87%	-	-	-	-	-13.81%	-18.34%	37.16%	-	-	-	-	-	-	-	-
Net income	595	1,863	250	1,962	95	1,597	1,433	2,844	1,639	339	1,472	1,891	1,091	1,472	2,071	1,220	2,148	1,676	1,054	1,959	-	-	-	-	-	-	-	-
Change	-	213.11%	-86.58%	684.8%	-95.16%	1,581.05%	-10.27%	98.46%	-42.37%	-79.32%	334.22%	28.46%	-42.31%	34.92%	40.69%	-41.09%	76.07%	-21.97%	-37.11%	85.86%	-	-	-	-	-	-	-	-
Announcement Date	06/05/21	29/07/21	28/10/21	24/02/22	05/05/22	28/07/22	27/10/22	02/03/23	04/05/23	03/08/23	31/10/23	29/02/24	08/05/24	01/08/24	31/10/24	26/02/25	08/05/25	31/07/25	30/10/25	12/02/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2025 S1	2025 S2
Net sales ¹	28,472	28,027	29,759	29,333	30,047	29,880	-	30,688
Change	-	-1.56%	6.18%	-1.43%	2.43%	-0.56%	-	-
EBITDA ¹	10,095	9,583	10,260	9,668	10,308	10,288	10,156	11,067
Change	-	-5.07%	7.06%	-5.77%	6.62%	-0.19%	-1.28%	8.97%
EBIT ¹	7,670	7,105	7,663	7,072	11,099	7,547	7,601	8,253
Change	-	-7.37%	7.85%	-7.71%	56.94%	-32%	0.72%	8.58%
Charge d'intérêts	-2,756	-2,282	-2,364	-2,520	-2,582	-2,357	-2,046	-
Earnings before Tax (EBT) ¹	4,158	3,718	5,807	3,847	5,278	4,782	-	5,355
Change	-	-10.58%	56.19%	-33.75%	37.2%	-9.4%	-	-
Net income ¹	2,212	1,692	4,277	1,977	3,364	2,564	-	3,013
Change	-	-23.51%	152.78%	-53.78%	70.16%	-23.78%	-	-
Announcement Date	24/02/22	28/07/22	02/03/23	03/08/23	29/02/24	01/08/24	31/07/25	12/02/26

¹USD in Million

Estimates

Forecast Balance Sheet: Anheuser-Busch InBev SA/NV

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	76,162	69,713	67,573	60,600	-	56,824	50,838	46,944
Change	-	-8.47%	-3.07%	-10.32%	-	-	-10.53%	-7.66%
Announcement Date	24/02/22	02/03/23	29/02/24	26/02/25	12/02/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Anheuser-Busch InBev SA/NV

Fiscal Period: December	2021	2022	2023	2024	2026	2027	2028
CAPEX ¹	5,640	5,160	4,638	3,863	3,886	4,096	4,172
Change	-	-8.51%	-10.12%	-16.71%	-	5.42%	1.84%
Free Cash Flow (FCF) ¹	9,159	8,138	8,627	11,192	11,800	12,453	13,580
Change	-	-11.15%	6.01%	29.73%	-	5.53%	9.05%
Announcement Date	24/02/22	02/03/23	29/02/24	26/02/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Anheuser-Busch InBev SA/NV

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	35.37%	34.34%	33.64%	35.07%	35.78%	36.33%	36.97%	37.19%
EBIT Margin (%)	26.59%	25.56%	24.57%	25.87%	26.73%	27.51%	28.35%	28.7%
EBT Margin (%)	15.58%	16.48%	15.37%	17.68%	19.09%	21.04%	22.74%	23.83%
Net margin (%)	8.6%	10.33%	8.99%	9.8%	11.53%	13.75%	14.41%	15.05%
FCF margin (%)	16.87%	14.08%	14.53%	18.73%	-	18.67%	18.99%	19.86%
FCF / Net Income (%)	196.12%	136.34%	161.52%	191.15%	-	135.81%	131.8%	131.9%
Profitability
ROA	2.58%	2.77%	2.47%	2.75%	-	3.77%	4.17%	4.52%
ROE	8.37%	8.4%	6.88%	7.31%	-	9.44%	10.3%	10.79%
Financial Health
Leverage (Debt/EBITDA)	3.96x	3.51x	3.38x	2.89x	-	2.47x	2.1x	1.85x
Debt / Free cash flow	8.32x	8.57x	7.83x	5.41x	-	4.82x	4.08x	3.46x
Capital Intensity
CAPEX / Current Assets (%)	10.39%	8.93%	7.81%	6.46%	-	6.15%	6.25%	6.1%
CAPEX / EBITDA (%)	29.36%	26%	23.22%	18.43%	-	16.92%	16.9%	16.4%
CAPEX / FCF (%)	61.58%	63.41%	53.76%	34.52%	-	32.93%	32.89%	30.72%
Items per share
Cash flow per share ¹	7.37	6.61	6.58	7.516	-	7.528	8.494	9.262
Change	-	-10.31%	-0.45%	14.23%	-	-	12.84%	9.04%
Dividend per Share ¹	0.557	0.795	0.8864	1.05	-	1.374	1.593	1.808
Change	-	42.73%	11.5%	18.46%	-	-	15.94%	13.49%
Book Value Per Share ¹	34.21	36.46	40.6	39.06	-	44.01	47.4	50.29
Change	-	6.57%	11.35%	-3.79%	-	-	7.7%	6.08%
EPS ¹	2.28	2.91	2.65	2.92	3.45	4.281	4.796	5.306
Change	-	27.63%	-8.93%	10.19%	18.15%	24.09%	12.03%	10.64%
Nbr of stocks (in thousands)	20,23,621	19,82,782	19,86,774	19,71,987	19,52,642	19,50,752	19,50,752	19,50,752
Announcement Date	24/02/22	02/03/23	29/02/24	26/02/25	12/02/26	-	-	-