expansion of 101 bps to 35.8%.





Underlying Profit

4Q 1 884 | FY 7 410 million USD

Underlying Profit was 1 884 million USD in 4Q25 compared to 1 770 million USD in 4Q24 and was 7 410 million USD in FY25 compared to 7 061 million USD in FY24.



Reported profit attributable to equity holders of AB InBev was 1 959 million USD in 4Q25 compared to 1 220 million USD in 4Q24 and was 6 837 million USD in FY25 compared to 5 855 million USD in FY24.



Underlying EPS

4Q 0.95 | FY 3.73 USD

Underlying EPS increased by 7.5% to 0.95 USD in 4Q25, compared to 0.88 USD in 4Q24, and increased by 6.0% to 3.73 USD in FY25, compared to 3.53 USD in FY24.



On a constant currency basis, Underlying EPS increased by 2.1% in 4Q25 and by 9.4% in FY25.



Net Debt to EBITDA

2.87x

Net debt to normalized EBITDA ratio was 2.
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