Anheuser-Busch InBev SA/NV - ADR

Strong topline + EPS growth; cash flow surge - Beer volumes: +1.1%; total volumes: +0.9% - Revenue: +5.6% with revenue per hectoliter (r/hL) +4.2% (mix + proactive revenue management to offset inflation/input costs) - Underlying EPS: +23.4% to $1.21 (constant currency EPS +12.9%; dollar EPS boosted by FX tailwinds) - Free cash flow (H1): $3.9B, + $2.5B YoY - EBITDA: +5.8%; margins “flattish” (sales/marketing investment rising, FX headwinds)

Strategic growth engines performing well (good news) - Megabrands / premiumization: Megabrands net revenue +6.2%; Corona revenue +17% outside Mexico; double-digit volume growth in 37 markets - Non-alcohol & balanced choice expansion: Non-alcohol beer revenue +27%, led by Corona Cero and Michelob Ultra Zero - ~60% of non-alcohol volume from new occasions/new consumers (category-building opportunity) - Beyond Beer / spirits RTD momentum: Beyond Beer revenue growth in mid-70s; Cutwater triple-digit growth and #1 share gainer in total spirits - BEES marketplace scaling: GMV +50% to $1.2B; BEES gross merchandising value $15B (+16% YoY)

Events/brand investments helping—World Cup benefit in line with prior guidance (surprising/positive) - FIFA World Cup expected volume lift ~20–30 bps for the year; company believes the outcome will land around ~0.25 (guidance reiterated implicitly) - More importantly, they emphasize longer-term brand equity effects (especially the Michelob Ultra rollout across the Americas) - Data point highlighted: ~40% of Ultra’s Q2 volume growth came from outside the U.S., supporting the “balanced choices” strategy