Anheuser-Busch InBev SA/NV

Solid Q2 operating momentum + strong profitability/cash generation (good surprise: both EPS and FCF accelerated) - Beer volumes +1.1% with global market share growth; “record high” Q2 volumes in Mexico, Colombia, Ecuador. - Total volumes +0.9%; revenue +5.6%; revenue per hectoliter +4.2% (driven by mix and proactive revenue management amid inflation/input cost pressures). - Underlying EPS +23.4% to $1.21 (dollar EPS growth on top of constant-currency EPS strength). - Free cash flow H1: $3.9B, up $2.5B YoY (major positive for investors). - EBITDA +5.8%, margins flattish: disciplined cost management + higher sales/marketing offset transaction FX headwinds.

Strategy execution broad-based: megabrands + premiumization + low/no + Beyond Beer (good: diversified growth engines) - Net revenue from megabrands +6.2%; Corona: #1 most valuable brand in BrandZ ranking (ranked #1 for third year in a row) and double-digit volume increase in 37 markets. - Non-alcohol beer +27% revenue in the quarter; growth led by Corona Cero and Michelob Ultra Zero (management highlights ~60% of volumes from new occasions/new consumers). - Beyond Beer: U.S. leadership continues—Cutwater triple-digit revenue growth, described as the #1 share gainer in total spirits in Q2; overall Beyond Beer scaling supports global growth ambitions (including Europe/Americas expansion of Flying Fish). - Innovation/trade execution: examples include Busch Light Apple return (became #2 volume share gainer in total industry in Q2) and Stella Artois Wimbledon innovation increasing share of total alcohol at the tournament.

Digitize & monetize BEES marketplace: scaling fast (good: marketplace is not just “nice to have,” it’s economically supportive) - BEES gross merchandising value $15B in Q2 (+16% YoY). - BEES GMV scaling: GMV +50% to $1.2B, with third-party GMV +50%. - Management claims the marketplace is profitable since day 1 and is an increasingly meaningful EBITDA contributor. - D2C platform monetization: 13M consumers, $165M revenue in the quarter; growing D2C marketplace with annualized GMV ~$200M and 25B+ AI-driven touchpoints annually.