Anheuser-Busch InBev SA/NV

Strong Q3 momentum: volumes +4.9% revenue +22% EPS - Total volumes +0.4% (3rd consecutive quarter of volume growth); soft drinks led growth, while beer was flattish (China headwind). - Revenue +4.9% with revenue/hl +4.2% driven by pricing in line with inflation + favorable mix from mega brands and non-alcohol/Beyond Beer. - Underlying EPS +22% to $1.21 (also cited constant-currency EPS growth 13.9%). - EBITDA +3.9% with flattish margins; U.S. dollar EBITDA +6.5% YoY in Q3 and +10% YTD. - EBIT +6% and operating leverage highlighted as key contributor.

Growth engines scaling: mega brands, non-alcohol, Beyond Beer (and BEES marketplace) - Mega brands net revenue +7.7%; Corona continued premiumization: - Corona +20% revenue outside Mexico, and double-digit volume growth in 37 markets. - Non-alcohol beer outperformance: - Portfolio non-alcohol beer revenue +35% in Q3; Corona Zero + Michelob ULTRA Zero cited as key. - Management says it brings new consumers and new occasions; estimated ~60% of volume from new occasions/new consumers. - Taste/tech and product quality improvements cited; non-alcohol share moved from <1% (previously) to >1.5% now, approaching ~2% run rate. - BEES digital ecosystem: - GMV $1.4bn (+45% YoY), marketplace GMV $1.4bn and third-party products +45% to $1.4bn annual GMV run rate cited. - BEES gross merchandising value $15.9bn (+12% YoY); 13m consumers, $158m revenue. - Digital D2C + marketplace described as monetization lever (annualized GMV from marketplace ~$200m).

Key negatives / challenges: China underperformance driven mainly by weather + inventory/demand weakness - China revenue/volume -16.8%; management estimates the industry declined low teens due to abnormal weather and on-premise weakness. - They estimate industry decline on their footprint “north of 10% down” due to weather exposure and channel/region concentration. - Explained as largely industry + inventory/channel adjustments (wholesalers/retailers) rather than purely consumer demand collapse: - With a ~10% industry drop, channel inventory normalization pressures shipments. - Management expects work continues on in-home trend improvement (said improved vs prior year) and believes the Q3 pattern may not repeat, but visibility into Q4 comps is a key uncertainty.