AB InBev

Reference: page 145

The Board of Directors is AB InBev's ultimate decision-making body and its sustainability oversight includes review and, where appropriate, approval of key enterprise-wide strategies and sustainability performance. The Board received multiple updates on sustainability matters in 2024 and, together with the Audit Committee, receives training and updates as needed.

Four Board committees assist in this role: the Nomination Committee (corporate governance and Board skills/expertise), the Remuneration Committee (remuneration policies and packages), the Finance Committee (sustainability matters tied to funding, financial risk, supply security and sourcing) and the Audit Committee (environmental matters and significant public disclosures on related impacts, risks and opportunities).

The Board defines and oversees strategy, including key sustainability topics. The CEO executes the corporate strategy with support from the Executive Committee (ExCom); the Chief Sustainability Officer oversees sustainability globally via a centralized team; Regional CEOs drive zone agendas. Further detail on Board and committee composition appears in the Corporate governance statement.

Reference: page 145

The Board received multiple updates on sustainability matters during 2024, and the Board and Audit Committee receive training and updates on sustainability topics as necessary or appropriate. Sustainability matters are addressed across the four Board committees within their respective remits: the Finance Committee reviews sustainability matters as part of its assessment of funding requirements, financial risk, supply security and sourcing strategies, while the Audit Committee reviews environmental matters as part of its audit function, including significant public disclosures on related impacts, risks and opportunities and goals.

Internal committees manage certain sustainability topics and the related impacts, risks and opportunities that span functions and geographies, providing visibility and fostering best-practice sharing. These include the Sustainability Council, the Global Compliance Committee and the Global Smart Drinking Community of Practice. Stakeholder input from engagement activities is embedded into the company's due diligence processes (page 146).

Reference: page 145

Executive remuneration generally consists of a fixed base salary plus variable performance-related compensation and other incentives. Individual performance targets for the CEO and other ExCom members may include financial and non-financial measures; non-financial measures typically relate to topics in the Sustainability statements, including employee engagement, sustainability goals and compliance, and are linked to achievement of strategic objectives.

In 2024, more than 3,000 employees across zones and functions, including AB InBev's Chief Sustainability Officer, Chief Procurement Officer and Chief Financial Officer, had variable compensation linked to delivering on the company's sustainability strategy. Sustainability-related variable incentives, including those related to climate and greenhouse gas (GHG) emissions reduction, would typically account for 10 to 20% of an annual bonus for employees carrying such targets. Further detail appears in the remuneration policy within the Corporate governance statement.

Reference: page 146

Due diligence is one of the functions incorporated into AB InBev's internal sustainability committees, namely the Sustainability Council, the Global Compliance Committee and the Global Smart Drinking Community of Practice. The company states that its due diligence processes for topics covered in the Sustainability statements are described in the relevant topical sections rather than consolidated in a single mapping table.

Stakeholder input from the engagement activities detailed in the Stakeholder Engagement section is embedded into the company's due diligence processes. Management of impacts, risks and opportunities is the responsibility of relevant functions across the business, and impacts, risks and opportunities are prioritized as part of the annual global risk management process.

Reference: page 146

AB InBev has established specific controls pertinent to sustainability data. A description of the company's internal controls and overall risk management systems is provided in the Corporate governance statement, and the Risks and Uncertainties section of the Management report describes the major risks and uncertainties the company faces. Specific risk management tools and a discussion of the material impacts, risks and opportunities are described in the topical disclosures of the Sustainability statements.

Management of impacts, risks and opportunities is the responsibility of relevant functions across the business, and these are prioritized as part of the annual global risk management process. The company maintains several policies addressing sustainability topics; all such policies apply globally to directors, officers and full-time, part-time and temporary employees, with contractors, agencies and other third parties expected to comply when acting on the company's behalf. The policies are available publicly on the company's website.

Reference: page 146

AB InBev's value chain begins with suppliers, including farmers, who provide ingredients and packaging materials. Significant resource inflows include water, primary packaging materials and agricultural crops such as barley, hops, corn and rice. The company operates in nearly 50 countries with approximately 171 major breweries and 31 major vertically integrated operations including barley malting and packaging facilities.

Using its brewing, bottling and packaging capabilities, the company produces beer, including no- and low-alcohol beer and beyond-beer products. Significant resource outflows include beer and brewery waste and by-products, mostly spent grain. AB InBev works with distribution partners to deliver products responsibly and with marketing agencies and brand promoters to develop its brands. Its direct customers are mostly retailers, on-trade venues and wholesalers. Sustainability helps enable the company's commercial vision and advance its purpose, Dream Big to Create a Future with More Cheers; further detail on purpose, strategy, footprint and value chain appears in the Strategy section (page 145).

Reference: page 146

AB InBev engages with stakeholders across its value chain, and stakeholder input, including by proxy, is considered in the company's strategy and double materiality assessment process, including the development and assessment of impacts, risks and opportunities.

The company identifies key stakeholder groups and describes how it engages each (page 147): Communities (responsible drinking, road safety, disaster response), Consumers (events, DTC platforms, advertising), Governments (consultations, industry associations, bilateral meetings), Customers (Customer services and BEES, sales meetings), Employees (engagement surveys, performance reviews, townhalls, Compliance Helpline), Farmers (direct engagement, agronomy teams), Suppliers (partnerships such as the Eclipse decarbonization platform, development programs), Other Partners (multistakeholder collaborations, the 100+ Accelerator), Shareholders (annual and interim reports, AGM, earnings calls) and Industry Engagement with independent external experts on water and agricultural sustainability.

Reference: page 148

AB InBev's double materiality assessment resulted in 11 material topics, addressed throughout the Sustainability statements and mapped in the ESRS Reference Table in Appendix I (page 171). A description of impacts, risks and opportunities by issue is provided in the relevant topical sections (page 149).

The material topics span the environment, the company's own and value-chain workforce, consumers and business conduct: E1 Climate, E2 Pollution, E3 Water, E4 Biodiversity (Agriculture and Natural Ecosystems), E5 Circular Economy, S1 Own Workforce, S2 Workers in the Value Chain, S4 Consumers and End-users (Responsible Drinking), G1 Business Conduct, plus entity-specific topics including Responsible Sourcing, Local Economic Development and Product Quality. S3 affected communities was not assessed as material. Impacts, risks and opportunities span business activities, relationships and geographies and were considered over short (up to one year), medium (up to five years) and long-term (more than five years) horizons, covering both own operations and the value chain.

Reference: page 148

AB InBev conducted a double materiality assessment in 2024 and may refresh it in future. The company engaged internal and external stakeholders and subject matter experts to determine both financial and impact materiality, drawing on its overall risk profile and risk management processes, peer reports, external and internal datasets, ESRS topics and sub-topics, stakeholder interviews and data analytics tools. It considered actual and potential impacts from its own operations and value chain, and evaluated ESRS chapters unlikely to apply by creating and assessing IROs for those topics. The process is managed by the global sustainability reporting team with oversight from the Audit Committee.

A top-down approach was used in four steps: (1) define potential material topics; (2) assess impact materiality (severity, by scope, scale and remediable character, and likelihood); (3) assess financial materiality via an internal stakeholder workshop (magnitude and likelihood); and (4) define material topics, with the Audit Committee making the final determination. Likelihood was scored on a scale from unlikely (1) to very highly likely (5).

Reference: page 149

AB InBev has established processes to support consistent reporting on ESRS disclosures covering the fully consolidated companies included in the financial reporting scope; any exception to scope (such as the scope for the 2025 sustainability goals) is stated in text or footnotes. Where data is unavailable or subject to measurement uncertainty, such as for newly acquired operations, estimations are used and noted. The company has not used the option to omit information corresponding to intellectual property, and its value chain is in scope.

The material topics resulting from the assessment are addressed throughout the Sustainability statements as shown in the ESRS Reference Table in Appendix I (page 171), which maps each material topic and the corresponding ESRS disclosure requirements. The statements also note the use of applicable phase-in provisions defined by ESRS and preparation in accordance with EU Taxonomy disclosures under Article 8 of Regulation 2020/852 (page 145). These statements were authorized for issue by the Board of Directors on 25 February 2025 (page 150).

Reference: pages 154-155

Ambition and board approval. In 2021 AB InBev announced an ambition to achieve net zero across its value chain by 2040. The company's approach to addressing climate change was approved by the Board and is focused on activities in its operations and across its value chain. Transition plan implementation is embedded in business strategy through procurement, Capex investment, agricultural research, and logistics decisions.

Methodology and 1.5C/SBTi alignment. The company follows the sectoral decarbonization approach (SDA) defined by the SBTi, allocating its carbon budget across sectors by following each sector's growth and decarbonization pathway. Through its 2025 Climate Action Goal it aims to reduce GHG emissions by 25% per hectoliter across the value chain by 2025 (2017 base year), aligned with SBTi. Since 2018 it has worked to reduce absolute Scopes 1 and 2 GHG emissions by 35% by 2025 from a 2017 baseline, aligned with the 1.5 degrees Celsius pathway and SBTi standards. The net-zero-by-2040 ambition is estimated as equivalent to an 88% reduction versus a 2017 baseline (p156). The company states it is not excluded from the EU Paris-aligned benchmarks.

Decarbonization levers. Estimated share of total potential emissions reduction required to reach net zero by 2040: energy efficiency (5%), use of renewable energy (15%), fuel switching (10%), and supply chain decarbonization (70%).

Investments/funding. In 2024 the company spent USD 87m Capex on climate change mitigation and USD 13m Opex for projects in scope of EU Taxonomy Article 9 disclosure. It founded the 100+ Accelerator (2018) to fund sustainable innovation and engages suppliers via its Eclipse platform.

Progress. In 2024 it reduced absolute Scopes 1 and 2 emissions by 42.0% and Scopes 1, 2 and 3 emissions per hectoliter by 29.5% versus 2017. 2024 lever-specific reductions: energy efficiency 156 thousand tCO2eq, renewable energy 44 thousand tCO2eq, supply chain decarbonization 2 million tCO2eq.

Locked-in emissions. Assessed on a market-by-market estimate of beverage industry growth through 2040 plus committed assets where low-carbon technology is not available. Carbon-intensive assets (glass manufacturing furnaces, mass boilers in breweries) can take decades to replace; these are likely fully depreciated by 2040 and may then be replaced with low-carbon assets. Locked-in grid emissions for product cooling are estimated within Scope 3.

Assumptions/dependencies. Potential reduction estimates are forward-looking and may not be achieved. The 100% operational renewable electricity goal by end 2025 is not anticipated to be met due to absence of needed local infrastructure and enabling regulatory frameworks.

Governance of the plan. The global sustainability team reviews and updates decarbonization levers in its periodic review of the climate transition plan; proposed changes are reviewed cross-functionally and presented to the Sustainability Council.

Not present. No standalone statement of GHG emission reduction targets disclosed by scope and intermediate milestone years beyond 2025 and 2040; no explicit disclosure of executive remuneration linkage to the transition plan.

Reference: pages 152

AB InBev's Global Environmental Policy & Principles outlines how the company intends to address climate change through energy efficiency, energy deployment, decarbonization and adaptation across its value chain. The policy covers climate change, water stewardship, waste, circular packaging, sustainable agriculture, and legal compliance. It was developed through engagement with key stakeholders and is overseen by AB InBev's Chief Sustainability Officer.

The company also notes it may contribute to the expansion of renewable energies by working to adopt low-emission technologies, and to its suppliers' emissions reduction by seeking to implement sustainable procurement practices and purchase low-emission materials.

Reference: pages 154

To decarbonize its global operations, breweries, vertical operations and supply chain, AB InBev has identified decarbonization levers and actions:

• Energy efficiency: innovative ways to improve brewery efficiency and adopting low-carbon technologies.
• Use of renewable energy: expanding renewable electricity to reduce or eliminate market-based Scope 2 emissions, and helping scale renewable electricity across suppliers and retail partners.
• Fuel switching: switching to green hydrogen, biomass and other renewable heat sources; switching the fleet to alternative renewable fuels and investing in sustainable shipping fuel while optimizing routes and transport modes.
• Supply chain decarbonization (largest lever): alternative packaging design, higher-yield crop varieties, nutrient management and optimized fertilizer with farmers, nature-based solutions, improved cooler refrigeration, increased recycled content and local recycling, supplier engagement via the Eclipse platform.

2024 emissions reduced by lever: energy efficiency 156 thousand tCO2eq; renewable energy 44 thousand tCO2eq; supply chain decarbonization 2 million tCO2eq.

Resources / financial. In 2024 the company spent USD 87m Capex for climate change mitigation and USD 13m Opex (EU Taxonomy Article 9 scope). The 100+ Accelerator (founded 2018) provides funding and has worked with 148 startups from 38 countries.

Reference: pages 153-156

The net-zero-by-2040 ambition is estimated as equivalent to an 88% reduction versus a 2017 baseline (p156). The absolute Scopes 1 and 2 -35% target aligns with the 1.5 degrees Celsius pathway and SBTi. The 2025 -25% per-hl target across the value chain is aligned with SBTi.

The scope of the Climate Action Goal differs slightly from the ESRS financial reporting scope; reported Climate Action Goal figures cover 98% of reported Scopes 1 and 2 GHG emissions in the ESRS scope. The company does not anticipate reaching 100% operational renewable electricity by end 2025 due to absent local infrastructure and enabling regulatory frameworks.

Reference: pages 155-156

Energy consumption and mix from AB InBev's own operations (million MWh):

Nuclear consumption is 0 MWh. Renewable electricity: 100% contracted and 81.2% operational in 2024.

Energy intensity (high climate impact sectors): 326 MWh/million USD net revenue in 2024 (2023: 338; -3.6%). Beer production is treated as a high climate impact sector per Commission Delegated Regulation (EU) 2022/1288.

Reference: pages 156-157

Gross GHG emissions (million metric tonnes CO2eq):

23.4% of Scope 1 emissions are from regulated emission trading schemes; 98% of Scope 2 covered by contractual instruments.

Scope 3 by category (2024, dominant share):

27.0% of reported Scope 3 is from primary supplier data; 87% of total Scope 3 was included when setting the SBTi target in 2018.

Market-based total by zone (2024): North America 4.59, Middle Americas 5.26, South America 3.76, EMEA 4.79, Asia Pacific 5.22; worldwide 23.62.

GHG intensity: location-based 416, market-based 395 tCO2eq/million USD net revenue (2024; both -9% vs 2023).

Reference: page 157

AB InBev addresses pollution through global policies that apply to its direct operations and upstream value chain rather than a standalone pollution policy. Its Environmental Policy & Principles covers reducing emissions across the value chain, water stewardship, reducing waste, circular packaging, sustainable agriculture and compliance with applicable environmental laws and regulations. The Water Policies & Principles address water treatment and pollution prevention through responsible discharge and effluent reuse. The Global Responsible Sourcing Policy asks suppliers to reduce waste and increase recycled content, and the Global Responsible Sourcing Principles for Farms promote environmental management practices on farms.

The company states it strives to adhere to all applicable laws and regulations on air pollutants but does not have a target or policy specific to air pollution. The Global Responsible Sourcing Policy is the responsibility of the Chief Supply Officer; environmental policies are overseen by the Chief Sustainability Officer.

Reference: page 157

Beyond GHG emissions, AB InBev identifies air pollutants from road transport in its downstream value chain as a potential adverse environmental impact. In line with how it manages transport GHG emissions, the company works to reduce air pollution from transport through network optimization, operational initiatives, and alternative fuel strategies.

Pollution prevention in operations is managed mainly through water and waste actions. In production, the company seeks to ensure high-quality wastewater discharge to facilitate water re-use, and its environmental management system cascades best practices on responsible discharge and effluent re-use across breweries. The company pursues 100% recycling rates in its operations: in 2024 only 470 thousand metric tonnes of waste and by-products (5% of total) were not recycled, with spent grains (the majority of brewery waste) mainly used as animal feed.

Reference: page 157

AB InBev does not have a target specific to air pollution and states it strives to adhere to all applicable laws and regulations on air pollutants. It also reports that it does not have targets on waste management.

Pollution-relevant ambitions are pursued through adjacent goals rather than dedicated pollution targets. The company manages transport-related air pollutants through the same levers as transport GHG emissions (network optimization, operational initiatives and alternative fuel strategies). For effluent and resource-related pollution, the company voluntarily pursues 100% recycling rates in its own operations and aims for high-quality wastewater discharge to enable water re-use.

Reference: page 150

Water is one of AB InBev's key ingredients, and both production and the agricultural supply chain require large amounts of water. The company's Water Policies & Principles provide guidance on water stewardship and water use across breweries and operational sites, including those in high-water-stress areas in its own operations and upstream value chain. The policy addresses water treatment and pollution prevention through responsible discharge and effluent reuse, and is overseen by the Chief Sustainability Officer.

The Global Responsible Sourcing Policy encourages business partners to set targets to reduce water use within their operations and to develop plans to reduce water consumption across the value chain. The company's approach considers third-party standards such as the UN Global Compact CEO Water Mandate and the 2030 Water Resources Group, and it works with local communities, including farmers, in its watershed work.

Reference: page 150

In 2024 AB InBev scaled its water stewardship efforts by driving water efficiency in operations and engaging in watershed protection in partnership with local stakeholders, especially in high-water-stress areas. A water risk assessment tool (using external data and local team input, reviewed quarterly) identifies sites in high-stress areas.

For its 2025 Water Stewardship Goal (36 sites in scope based on a 2017 analysis), 100% of the 36 sites have conducted outreach, analyzed local water challenges, and identified and started implementing solutions, with 89% already seeing measurable improvements in water availability. The company applies a seven-step watershed management process and partners with The Nature Conservancy and World Wildlife Fund, devoting financial and technical resources to infrastructure, conservation and reforestation, habitat restoration and soil conservation. In breweries, an internal environmental management system drives water-use efficiency, responsible discharge and effluent re-use through process optimization, maintenance interventions and new technologies.

Reference: page 150

AB InBev maintains several voluntary 2025 water targets:

The company notes it may face challenges in reaching the 2.0 hl/hl ambition for high-stress sites by 2025.

Reference: page 151

AB InBev's water use efficiency ratio reached 2.47 hl/hl globally in 2024, improving from 3.08 hl/hl in 2017. Key 2024 water metrics (ESRS definitions, all operations):

Total water use by hectoliter of production (hl/hl): 3.08 (2017), 2.94 (2018), 2.79 (2019), 2.68 (2020), 2.64 (2021), 2.64 (2022), 2.53 (2023), 2.47 (2024). Areas of water risk are identified using the World Resources Institute Aqueduct methodology, which differs from the company's internal high-water-stress methodology.

Reference: page 159

AB InBev discloses E4-1 as consideration of biodiversity in its strategy and business model. The company depends on high-quality agricultural crops and water from healthy natural ecosystems to brew its beers, and aims to identify how to minimize its impact on nature while investing in nature-based solutions in agriculture and watershed restoration and conservation.

The company states that it does not currently have a standalone biodiversity resilience analysis, transition plan, biodiversity target or policy. Instead, it has been working on biodiversity through its 2025 Water Stewardship Goal and its 2025 Smart Agriculture Goal. In 2024 it continued to implement its soil health framework, launched in 2020 in partnership with The Nature Conservancy, which provides a path for agronomists and researchers to design and measure the impact of soil health, water and biodiversity initiatives in the field.

Reference: page 159

AB InBev does not have a standalone biodiversity policy. Its approach to biodiversity and natural ecosystems is addressed through its Water Policies & Principles and its Environmental Policy & Principles, which cover water stewardship, sustainable agriculture, waste and emissions reduction across the value chain.

Responsible sourcing in agriculture is guided by the company's commitment to promoting sustainable agricultural practices, including building resilience through crop management, improved varieties and risk mitigation tools, while exploring how agriculture can help reduce GHG emissions, protect watersheds and improve biodiversity. The company notes its value chain is deeply rooted in the world's natural ecosystems and that it strives to protect and restore biodiversity through its work in watersheds and agriculture.

Reference: page 159

AB InBev works toward more responsible sourcing in its direct agriculture programs by promoting sustainable agricultural practices such as building resilience through crop management, improved crop varieties, and risk mitigation tools, while exploring how agriculture can help reduce GHG emissions, protect watersheds and improve biodiversity.

In 2024 the company continued to implement its soil health framework, launched in 2020 in partnership with The Nature Conservancy, providing a path for agronomists and researchers to design and measure the impact of soil health, water and biodiversity initiatives in the field. Biodiversity work is also pursued through the 2025 Water Stewardship Goal (watershed conservation, reforestation, habitat restoration and soil conservation projects with The Nature Conservancy and World Wildlife Fund) and the 2025 Smart Agriculture Goal covering the company's most material agricultural inflows (barley, corn, rice and hops).

Reference: page 159

AB InBev does not currently have a standalone biodiversity target. It instead pursues biodiversity-related outcomes through two voluntary 2025 goals:

• 2025 Water Stewardship Goal: 100% of communities in high-stress areas to have measurably improved water availability and quality (36 sites in scope); progress includes watershed conservation, reforestation, habitat restoration and soil conservation.
• 2025 Smart Agriculture Goal: covering direct agriculture programs for the company's most material crops (barley, corn, rice, hops), promoting resilient crop management and improved varieties (detailed in the Workers in the value chain section).

The soil health framework (with The Nature Conservancy) is used to measure the impact of soil health, water and biodiversity initiatives in the field.

Reference: page 157

AB InBev addresses resource use and circular economy through global policies covering direct operations and the upstream value chain. The company depends on secure sources of packaging materials, and aims to encourage circularity by using recyclable packaging, upcycling waste materials, and expanding circular solutions to reduce the need for virgin packaging materials.

Key policies:

• Environmental Policy & Principles: covers reducing emissions across the value chain, water stewardship, reducing waste, circular packaging, and sustainable agriculture; aims to promote a transition away from non-renewable resources towards renewable resources.
• Global Responsible Sourcing Policy: states suppliers should commit to reducing waste production and implementing initiatives to measurably increase the recycled content and/or returnability of their products. It is primarily the responsibility of the Chief Supply Officer and is overseen by the procurement function.
• Global Responsible Sourcing Principles for Farms: promotes implementation of environmental management practices on farms.

Reference: page 157

AB InBev aims to reduce packaging and the need for virgin materials through initiatives such as lightweighting, using package design and innovation capabilities to rethink packaging and distribution models.

The company also works to improve recycling value chains to increase the availability of recycled content in the market, enabling greater use of recycled content across packaging types. In addition to recycling, it promotes the recovery and reuse of its packaging and continues to support its returnable bottle volume and return rate, working with local communities on programs as relevant.

The company's global product portfolio consists of aluminum cans, one-way glass, returnable glass, PET, and returnable kegs. In 2024, approximately 40.9% of global volume was sold in returnable glass bottles or returnable kegs.

Reference: page 157

AB InBev has set a voluntary 2025 Circular Packaging Goal: that 100% of its packaging will be in returnable formats or made from majority recycled content (more than 50%) by 2025. This goal applies globally to primary packaging, which represents more than 80% of total packaging volumes by weight.

The company notes it faces challenges and may not achieve the goal by 2025 due to the availability of viable recycled content, which is highly dependent on local recycling supply chains and dynamic market conditions, especially for glass and PET packaging.

In 2024, 89.8% of products were in returnable packaging or made from majority recycled content (more than 50%).

The company does not have targets on waste management.

Reference: page 158

AB InBev's material resource inflows include:

1. Water (refer to the Water section).
2. Main new primary packaging materials including one-way and returnable glass, aluminum cans, PET, and returnable kegs. The absolute weight of primary packaging materials was 6 million metric tonnes, of which 52.3% had reused or recycled components.
3. Agricultural crops including barley, corn, rice, and hops. The absolute weight of agricultural crops (biological materials) was 9 million metric tonnes. The company does not currently have a definition of sustainably sourced.

Barley, corn, rice, and hops are described as the most material agricultural inflows based on percentage spend of total raw materials and importance to beer production.

Reference: page 158

In addition to beer, AB InBev's material resource outflows include:

1. Primary packaging material, of which more than 99% is recyclable. Primary packaging is considered both an in-flow and an out-flow.
2. Brewery waste (including transport packaging waste and traditional facilities waste) and by-products (including spent grain and spent yeast).

The company continues to voluntarily pursue 100% recycling rates in its operations globally while complying with local laws and regulations. Spent grains from the brewing process make up the majority of brewery waste and by-products and are mainly used as animal feed.

The total amount of waste and by-products not recycled in 2024 in own operations was 470 thousand metric tonnes, or 5% of total waste and by-products generated.

Reference: page 158

AB InBev reports non-hazardous waste and by-product metrics. Total waste and by-products not recycled in 2024 in own operations was 470 thousand metric tonnes (5% of total generated). The company does not generate radioactive waste, and hazardous waste generated is immaterial.

In calculating waste, 98% of reported metrics were from direct measurement and 2% from best estimates.

Reference: page 160

AB InBev's approach to human rights is based on the UN Guiding Principles on Business and Human Rights and outlined in its Global Human Rights Policy, which prohibits all forms of forced or compulsory labor, human trafficking and the employment and exploitation of children within its facilities. The policy covers AB InBev employees, is periodically reviewed, is publicly available, and the Chief Legal and Corporate Affairs Officer is responsible for its implementation.

The Anti-Harassment and Anti-Discrimination Policy aims to create a workplace free from harassment, unfair discrimination, sexual harassment and sexual misconduct, with discrimination parameters including age, race, and physical or mental disability. Diversity and inclusion are further covered in the Code of Business Conduct. Occupational safety is governed by the Global Health and Safety Policy, available on the company website and covering all employees and contractors. AB InBev is a signatory to the UN Global Compact and aligns with the International Bill of Human Rights and the ILO Declaration on Fundamental Principles and Rights at Work.

Reference: page 161

AB InBev measures and analyzes its culture using specific processes, including its annual Engagement Survey. Engagement is part of the company's talent retention strategy and its approach to managing associated risks and impacts. As part of its due diligence, the annual Engagement Survey is shared with all active employees to monitor engagement and objectively assess employee experience, informing engagement strategy and initiatives managed at a local level.

In 2024, the company's annual Engagement Score was 89%. The survey includes feedback on rewards, recognition, well-being, belonging and comfort level reporting potential unethical behavior or other complaints without fear of retaliation. Workplace safety is also addressed in the annual Engagement Survey. The Chief People Officer oversees engagement.

Reference: page 160

To monitor, track and address potential risks and actual impacts related to its workforce, AB InBev's global Compliance Helpline is accessible worldwide and offers employees and third parties direct access to the company's Ethics & Compliance team for reporting concerns. The Compliance Helpline is promoted to employees through internal communications.

Reported matters are assessed, remedied, and monitored on an individual basis. Further detail on the company's policy to protect against retaliation for individuals that use channels to raise concerns is set out in the Business conduct section of the Sustainability statements.

Reference: page 161

AB InBev's corporate culture revolves around 10 guiding principles that form the foundation of the company's culture. These principles are integrated into people management, visually communicated, and reinforced through internal campaigns, with cultural performance assessed at both individual and global levels.

The company's approach to safety focuses on mitigation. Based on safety data, it develops and executes programs on process safety management, road safety and violence prevention. Its global program, SAFE Together, supports teams to make safer decisions by promoting ownership and communication and provides training on hazard recognition to drive continuous improvement. Safety is embedded in management systems covering 100% of employees, and the Chief Supply Officer is responsible for the Global Health and Safety Policy.

Reference: page 160

As of 31 December 2024, AB InBev had approximately 144 thousand full-time equivalents (FTEs), representing a total headcount of approximately 151 thousand. Countries with employees representing at least 10% of the total were Brazil (28 thousand), China (18 thousand) and Mexico (27 thousand). The company had a 19% employee turnover rate, with approximately 27 thousand employees leaving in 2024 due to voluntary and involuntary termination and contracts ending.

Employee types include brewery staff, sales and marketing, procurement and supply chain, and corporate and administrative functions.

The difference between headcount and FTEs is driven mainly by part-time workers.

Reference: page 161

The table below presents AB InBev's gender demographic metrics among employees for 2024 and 2023. Of the company's total employees, approximately 34 thousand reported that they are female.

Senior leadership is defined as employees responsible for vision, long-term goals, functional oversight and department- or region-wide objectives. Senior management is defined as senior leadership plus employees responsible for tactical and operational management at the department or function level.

Reference: page 161

In 2024, AB InBev conducted an adequate wage review and concluded that all employees were being paid adequate wages, as defined by country benchmarks.

For non-EEA countries, the company used the established adequate/living wages as benchmarks. For countries with no established adequate/living wages, it used minimum wages as benchmarks. For EEA countries, it used Directive (EU) 2022/2041 on adequate minimum wages in the European Union as benchmarks.

Reference: page 161

AB InBev works to achieve high standards of occupational safety throughout the organization and value chain, as articulated in its Global Health and Safety Policy. Safety is embedded in management systems that cover 100% of its employees. As of the year ended 31 December 2024, safety metrics were as follows:

The rate of Total Recordable Injuries, including fatalities for employees, was 2.35 per 1 million hours worked. LTIs are defined as occupational injuries resulting in more than one-day absence from work; TRIs are defined as LTIs plus modified duty injuries plus medical treatment injuries.

Reference: page 163

AB InBev's policies addressing value chain workers center on respecting human rights, labor standards, health and safety, and business integrity across its supply chain.

• The Global Human Rights Policy sets out the company's approach and commitment to respecting human rights across operations and the value chain.
• The Global Responsible Sourcing Policy addresses human trafficking, forced labor and child labor; it has been translated into local languages, communicated to vendors during contracting and included in certain contract clauses. The Chief Supply Officer oversees implementation.
• The Responsible Sourcing Principles for Farms provide additional principles across a broad range of agricultural contexts, applied as the company engages with more than 20 thousand direct farmers, from large commercial to smallholder farmers.

AB InBev's value chain includes farmers, factory workers, brand promoters, professional services staff and logistics personnel. A substantial proportion of operations are in developing markets where human rights concerns such as forced or child labor can arise.

Reference: page 163

AB InBev embeds respect for human rights across functions and global and local teams, with due diligence as the key enabler of engagement with value chain workers.

• Due diligence includes efforts to identify, prevent and mitigate potential risks, as well as periodic engagement with value chain workers or credible proxies.
• The procurement management system supports risk management, including screening of suppliers.
• Deeper due diligence for potentially high-risk suppliers uses the Sedex Members Ethical Trade Audit (SMETA) methodology, combining site-level assessment questionnaires, onsite audits and independent third-party interviews directly with workers.
• The Chief Sustainability Officer and Chief Procurement Officer routinely review due diligence outcomes.

For agriculture, the company uses direct and local connections with farmers, secured through agronomists and researchers on the ground, to support training and upskilling of farmers in its value chain.

Reference: page 163

AB InBev provides multiple channels for value chain workers to raise concerns and a process to remediate negative impacts.

• The Global Responsible Sourcing Policy encourages workers in the value chain to raise concerns through their employers' grievance mechanisms, while requiring suppliers to ensure workers are aware of these mechanisms and how concerns are handled.
• Under the policy, suppliers must notify AB InBev of any reports of violations to the Global Responsible Sourcing Policy.
• The company's Compliance Helpline is open for all stakeholders to raise concerns.
• AB InBev does not directly oversee suppliers' grievance mechanisms, but a review of those mechanisms is part of the supplier due diligence process.

The due diligence process is designed to provide insight into issues in the value chain and enables the company to take action and monitor cases. The company maintains a policy to protect against retaliation for individuals who use channels to raise concerns.

Reference: page 163

Agriculture is a focus area for action related to responsible sourcing and human rights, with AB InBev taking a farmer-centric approach toward agricultural workers in its value chain.

• The company works with more than 20 thousand direct farmers, ranging from large commercial farmers to smallholder farmers.
• Through its Smart Agriculture Goal, the company aims for 100% of its direct farmers to be Skilled, Connected and Financially Empowered by 2025. In 2024, 100% of direct farmers met all three criteria.
• The BEES e-commerce platform, active in 28 markets, helps retailers access financial services, develop business skills and uncover business insights, supporting digital, financial and social inclusion.
• Deeper due diligence for high-risk suppliers, based on the SMETA methodology, enables the company to take action and monitor cases as appropriate.

The company seeks to promote growth and improved livelihoods in communities across its value chain.

Reference: page 164

AB InBev's principal target for value chain workers is its 2025 Smart Agriculture Goal: that 100% of its direct farmers will be Skilled, Connected and Financially Empowered by 2025.

Progress against the goal (% of direct farmers):

• Skilled: 49% (2019) to 75% (2020) to 74% (2021) to 89% (2022) to 95% (2023) to 100% (2024)
• Connected: 44% (2019) to 57% (2020) to 64% (2021) to 72% (2022) to 92% (2023) to 100% (2024)
• Financially Empowered: 34% (2019) to 59% (2020) to 68% (2021) to 72% (2022) to 86% (2023) to 100% (2024)

A Skilled farmer has access to an approved variety, a crop protocol and technical advice. A Connected farmer receives insights from a digital platform or digital communications. A Financially Empowered farmer has access to cost-sharing or risk-mitigation tools, or receives financial training and access to a financial product. In 2024, all three dimensions reached 100%.

Reference: page 164

AB InBev's policies for consumers and end users focus on responsible drinking, moderation and product quality.

• The Responsible Marketing and Communications Code (RMCC) sets the standards for marketing and commercial communication worldwide, ensuring communications are aimed only at individuals above the legal drinking age and are carried out responsibly. The RMCC applies to all consumers; the Chief Legal and Corporate Affairs Officer and the Chief Marketing Officer are responsible for implementing it. It is available on the company's website and shared with all employees, who, along with relevant contractors and agencies, are trained periodically.
• Consumers and end users are also covered by the company's Global Human Rights Policy.
• Product quality is governed by a comprehensive quality management system at breweries and facilities, extended to suppliers.

The company remains committed to promoting moderation through its Smart Drinking initiatives.

Reference: page 164

AB InBev engages with consumers and end users through its marketing practices at various stages and frequencies, with input reflected in relevant strategies. The company focuses on four areas for responsible drinking and moderation:

• Social Norms Marketing: using peer information to encourage moderate consumption, informing consumers that the majority of those who drink do so in moderation, aligned with the International Alliance for Responsible Drinking's International Digital Guiding Principles. The company has invested more than 1 billion USD in dedicated social marketing campaigns and related programs since 2016.
• Programs: evidence-based interventions such as responsible beverage service training, screenings and brief interventions, and road safety initiatives. In partnership with local experts, governments and the AB InBev Foundation, the company supported 33 programs across 20 countries in 2024.
• Providing balanced choices in the product portfolio.
• Labeling through its voluntary guidance labeling initiative.

Consumers may also call the toll-free customer service number printed on packaging to speak with a representative.

Reference: page 165

AB InBev provides channels for consumers and end users to raise concerns and processes to remediate impacts, particularly around product quality.

• If consumers have questions, comments or issues, they may call the toll-free customer service number printed on packaging to speak to a company representative.
• Consumer complaints are resolved on a case-by-case basis through management systems. The company experienced an 18.7% year-over-year reduction in consumer complaints from 2023 to 2024.
• For marketing-related concerns, consumers and end users are covered by the company's Whistleblower Policy and the Compliance Helpline.
• If products are defective or found to contain contaminants, AB InBev may be subject to product recalls.

In 2024, 100% of AB InBev's sites were internally audited and 51% were externally audited against the BRC Global Standard Food Safety requirements.

Reference: page 165

AB InBev takes action across responsible drinking, moderation and product quality.

• Balanced product choices: In 2024, 6.3% of global beer volume was less than 3.5% ABV. Products at 4.5% ABV or below represented 50.8% of the portfolio. The company set a goal in 2015 to expand no- and low-alcohol beer to 20% of global volume by end of 2025, though it believes it will not reach this goal by 2025. It continues innovating its brewing process to scale non-alcohol offerings.
• Programs: 33 evidence-based programs supported across 20 countries in 2024; over 1 billion USD invested in social marketing since 2016.
• Labeling: smart drinking label designs on primary packaging in many countries without a legal mandate, including alcohol content, health warnings and information for vulnerable groups such as pregnant women.
• Product quality: 100% of sites internally audited and 51% externally audited (BRC Global Standard), with an 18.7% year-over-year reduction in consumer complaints.

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AB InBev's principal consumer-facing target relates to expanding balanced product choices.

• In 2015, the company set a goal to expand its no- and low-alcohol beer volume to represent 20% of global beer volume by the end of 2025.
• In 2024, 6.3% of global beer volume was less than 3.5% ABV. Products at 4.5% ABV or below represented 50.8% of the portfolio.
• The company believes it will not reach the 20% goal by 2025, though it continues to innovate its brewing process to scale non-alcohol offerings with superior taste.

In product quality, the company tracks site audit coverage (100% internal, 51% external against the BRC Global Standard Food Safety requirements in 2024) and consumer complaint trends (an 18.7% year-over-year reduction from 2023 to 2024). Responsible-drinking program tracking and assessment are managed at a local level.

Reference: page 166

The Code of Business Conduct is AB InBev's practical guide to living its principles and values. It contains ethical principles designed to align with International Labor Organization (ILO) Standards and defines employees' responsibilities and expected behavior, addressing key risk areas such as anti-corruption, human rights, safety of workers, human trafficking, forced or child labor, digital ethics and data privacy, harassment and discrimination, and conflict of interest.

• AB InBev annually launches mandatory training modules overseen by the Ethics & Compliance team. In 2024, global training covered the Code of Business Conduct (including Conflict of Interest, Anti-Corruption, Anti-Harassment and Anti-Discrimination, and Ways of Reporting), Code of Dealing, Data Security, External Speaking and Social Media, and the RMCC.
• Over 54 thousand employees from all functions completed the trainings online, including the full senior leadership team. Training includes a mandatory attestation.
• Onboarding training for full-time employees covers the Code, Anti-Corruption, Anti-Money Laundering, Antitrust, Conflict of Interest and Human Rights.

The Board receives ad hoc trainings on compliance matters as relevant.

Reference: page 166

AB InBev works to manage suppliers' compliance with the Code of Business Conduct's ethical principles on corruption and bribery as part of its due diligence and risk assessment process for suppliers.

• The company screens new suppliers to categorize corruption and bribery risk level based on the likelihood of interacting with public officials and other factors.
• Vendors are screened at a regular cadence, with more frequent due diligence review on high-risk suppliers to ensure compliance with the Code of Conduct.
• The Global Responsible Sourcing Policy governs human rights, labor standards, health and safety, and business integrity across the supply chain, and is included in certain contract clauses.
• Deeper due diligence for high-risk suppliers uses the SMETA methodology, including site assessments, onsite audits and worker interviews.

The Chief Sustainability Officer and Chief Procurement Officer routinely review due diligence outcomes. For more detail, the company cross-references the Workers in the value chain section of its Sustainability statements.

Reference: page 166

AB InBev maintains a zero-tolerance approach to bribery and corruption, supported by training, screening and reporting mechanisms.

• The Anti-Corruption training module specifically reinforces the company's zero-tolerance policy toward bribery and corruption and emphasizes the importance of third-party due diligence. Over 54 thousand employees completed compliance trainings in 2024, including the full senior leadership team.
• Suppliers are screened to categorize corruption and bribery risk based on the likelihood of interacting with public officials, with more frequent due diligence on high-risk vendors.
• Concerns about potential violations can be reported through the Compliance Helpline, available 24/7 for internal and external users, in different languages and anonymously where permitted.
• Reports are reviewed by the Ethics & Compliance team in line with Investigation Guidelines. Escalation and recusal rules are embedded to avoid conflicts of interest.

Important matters and investigation outcomes are periodically reported to the Global Compliance Committee, the Board of Directors and the Audit Committee as needed.

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AB InBev addresses potential incidents of corruption or bribery through its Code of Business Conduct, Global Whistleblower Policy and Compliance Helpline.

• Through its Global Whistleblower Policy, the company encourages colleagues to raise any concerns and maintains a zero-tolerance policy toward any threatened or actual retaliation against persons who, in good faith, raise concerns or participate in an investigation.
• Concerns about potential violations of the Code, policies and applicable laws can be reported through the Compliance Helpline, a secure means available 24/7 for internal and external users, with reports filed in different languages and anonymously where permitted by local law.
• Reports are reviewed by the Ethics & Compliance team under its Investigation Guidelines, with escalation and recusal rules to avoid conflicts of interest.
• Important matters and the outcomes of investigations are periodically reported to the Global Compliance Committee, the Board of Directors and Audit Committee as needed.

The statement describes these processes; for material contingencies, the company cross-references note 29 to the Consolidated financial statements.