AB InBev

Reference: page 164 (ESRS Reference Table, page 193).

The Board of Directors is described as "the company's ultimate decision-making body", whose "sustainability oversight includes review and, as appropriate, approval of key enterprise-wide strategies and sustainability performance." The Board "received multiple updates on sustainability matters in 2025", and "The Board and Audit Committee receive training and updates on sustainability topics as necessary or appropriate."

Four Board committees assist in that role (page 164):

• Nomination Committee - reviews corporate governance matters and "determines whether the Board composition fulfills the appropriate skills and expertise".
• Remuneration Committee - reviews remuneration policies and packages.
• Finance Committee - reviews sustainability matters "as part of its assessment of funding requirements, financial risk, supply security and sourcing strategies".
• Audit Committee - reviews sustainability matters "as part of its overall audit function, including significant public disclosures on related impacts, risks and opportunities, and goals".

Management roles are set out in the same section: the CEO is responsible for "the execution and management of the corporate strategy, including sustainability matters, with support from the Executive Committee (ExCom)"; the Chief Sustainability Officer "oversees sustainability matters globally with a centralized team"; Regional CEOs drive the zone agendas. The composition of the Board and its committees is incorporated by reference to the Corporate governance statement (page 204), as the reference table records at page 196.

Reference: page 164.

The statement records that "The Board received multiple updates on sustainability matters in 2025" and that "The Board and Audit Committee receive training and updates on sustainability topics as necessary or appropriate." Sustainability matters reach the Board through four committees, each with a defined remit: the Audit Committee reviews "significant public disclosures on related impacts, risks and opportunities, and goals", and the Finance Committee reviews sustainability matters as part of its assessment of "funding requirements, financial risk, supply security and sourcing strategies" (page 164).

Below Board level, three internal committees are named as the bodies through which cross-functional sustainability topics are addressed: "the Sustainability Council, the Global Compliance Committee, and the Global Smart Drinking Community of Practice", which "provide visibility and foster collaboration and best practice sharing between zones and functions" (page 165). The materiality process itself "is managed by the global sustainability reporting team with input from the business and oversight from the Audit Committee", and "The Audit Committee of AB InBev makes the final determination on material topics and associated impacts, risks and opportunities" (page 167).

The disclosure does not give a list of the specific sustainability matters addressed at each meeting during the reporting period, nor the dates or frequency of those updates.

Reference: pages 164-165.

Executive remuneration "generally consists of a fixed base salary and variable performance-related compensation and other incentives. Individual performance targets for the CEO and other ExCom members may consist of financial and non-financial targets. Individual performance measures in non-financial areas typically relate to certain topics discussed in these Sustainability statements, including employee engagement, sustainability goals, and compliance" (page 164).

Quantified coverage is given for 2025: "In 2025, more than 3,000 employees across zones and functions, including AB InBev's Chief Sustainability Officer and Chief Procurement 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" (page 165). Employees embedded across the business "may have part of their variable remuneration linked to these objectives" (page 164).

The statement cross-refers to "AB InBev's remuneration policy in the Corporate governance statement in this report" for further detail. No single percentage of CEO or ExCom variable pay tied to a named climate target is given in the sustainability statement itself.

Reference: page 165 (ESRS Reference Table, page 193, which also maps this row to ESRS 2 GOV-4 datapoint 1).

Due diligence is described as embedded in the internal committee structure rather than in a standalone table: "Internal committees manage certain sustainability topics and related impacts, risks and opportunities that span functions and geographies... These committees include the Sustainability Council, the Global Compliance Committee, and the Global Smart Drinking Community of Practice. Due diligence is one of the functions incorporated into these committees. AB InBev's due diligence processes for topics covered in these Sustainability statements are described in the relevant sections. Stakeholder input from the engagements detailed in the Stakeholder Engagement section below are embedded in the company's due diligence processes" (page 165).

The topical sections carry the operative detail: supplier screening and deeper due diligence for higher-risk suppliers based on "the Sedex Members Ethical Trade Audit (SMETA) methodology, which uses a combination of site-level assessment questionnaires, onsite audits and independent third-party interviews directly with workers", reviewed periodically by the Chief Sustainability Officer and Chief Procurement Officer (page 183); the annual Engagement Survey run "as part of its due diligence" for own workforce (page 182); and supplier corruption and bribery screening at "a regular cadence with more frequent due diligence review on high-risk suppliers" (page 186). The statement does not present the ESRS 2 GOV-4 mapping table linking each due-diligence core element to a paragraph.

Reference: page 165.

"AB InBev has established specific controls pertinent to sustainability data. A description of AB InBev's internal controls and overall risk management systems can be found in the Corporate governance statement in this report. The Risks and Uncertainties in the Management report in this report describe major risks and uncertainties the company faces. In addition, specific risk management tools and a discussion of the material impacts, risks and opportunities are described in the topical disclosures of these Sustainability statements" (page 165).

Ownership is allocated to the business: "Management of impacts, risks, and opportunities is the responsibility of relevant functions across the business. Impacts, risks, and opportunities are prioritized as part of the annual global risk management process" (page 165). Report-scope controls are described separately: "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 this scope... is stated in text or footnotes. Where data is not available or subject to measurement uncertainty, such as due to newly acquired operations, estimations are used and stated in text or footnotes" (page 168).

The disclosure is largely by cross-reference. It does not describe the scope, main features or findings of internal control over sustainability reporting, nor how the results were reported to the Board, within the sustainability statement itself.

Reference: page 165.

The value chain is described end to end: "AB InBev's value chain begins with suppliers, including farmers, who provide the ingredients and packaging materials for the company's products. The company's significant resource inflows include water, primary packaging materials, and agricultural crops, including barley, hops, corn, and rice."

Footprint figures are given: "The company has operations in more than 40 countries consisting of 205 beverage production facilities. The company also has 59 vertically integrated operations including barley malting and packaging facilities" (page 165).

Outflows and downstream structure follow: "The company's significant resource outflows include beer and brewery waste and by-products, which consist mostly of spent grain... Once the beer is brewed and packaged, AB InBev works with distribution partners to deliver its products responsibly and safely where consumers want them, and with marketing agencies and brand promoters to develop its brands. In most cases, the company's direct customers are retailers, on-trade venues, and wholesalers" (page 165).

Strategy is incorporated by reference rather than restated: "For more information on the company's purpose, business strategy, its diversified footprint, and its value chain, see the Strategy section in this report" (page 164). Revenue is not broken down by ESRS sector, and no headcount-by-geography breakdown is given in the statement (it is cross-referenced to the Consolidated financial statements, page 181).

Reference: pages 165-166.

"AB InBev engages with stakeholders across its value chain. 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" (page 165).

A stakeholder table on page 166 names ten groups - Communities, Consumers, Governments, Customers, Employees, Farmers, Suppliers, Other Partners, Shareholders and Industry Engagement - each with a description and the engagement channels used. Examples given include "Direct farmer engagement and training" and "AB InBev agronomy teams" for farmers; "Partnerships (such as through the Eclipse platform to support decarbonization) and commercial relationships" for suppliers; "Annual engagement surveys", "Annual performance reviews", "Leadership townhalls" and the "Compliance Helpline" for employees; and "Industry associations and groups", "Roundtable discussions" and "Bilateral meetings" for governments.

The DMA description records the mechanism by which this input reached the assessment: "A data analytics tool and direct and proxy interviews captured stakeholder input", and "The company conducted stakeholder interviews and considered insights from external stakeholders to evaluate impacts for severity (scope, scale, and remediable character) and likelihood" (page 167). How stakeholder views changed the strategy or business model is not separately described.

Reference: pages 167-168, with the topic-level impacts, risks and opportunities set out in each topical section (Water page 169, Climate page 171, Pollution page 177, Circular Economy page 177, Agriculture and Natural Ecosystems pages 178-179, Own Workforce page 181, Workers in the Value Chain pages 182-183, Consumers and End Users pages 184-185, Business Conduct page 186).

"This exercise resulted in 11 material topics" (page 167). The materiality matrix on page 168 plots them on impact and financial materiality axes: Climate, Water, Circular Economy, Responsible Drinking & Moderation, Agriculture & Natural Ecosystems, Responsible Sourcing, Human Right & Fair Labor Practices, Our People, Local Economic Development, Product Quality and Business Conduct, grouped under the categories Colleagues, Environment, Governance, Value chain, and Product and services.

The statement does not print an IRO register with typed rows. Impacts, risks and opportunities are written as prose inside each topical section, and the statement directs the reader accordingly: "A description of impacts, risks, and opportunities by issue can be found in the relevant sections of these Sustainability statements. These material topics are addressed throughout these Sustainability statements as shown in the ESRS reference table in Appendix I" (page 168). The reference table (pages 193-196) carries a separate SBM-3 row for each material topic.

Reference: page 167.

"In accordance with ESRS requirements, AB InBev conducted a double materiality assessment in 2024 and may continue to refresh such assessments in the future... The company reviewed its material topics in 2025 with internal stakeholders and confirmed that the topics defined in 2024 are still applicable" (page 167). The FY2025 material topics are therefore carried over from the 2024 assessment rather than produced by a new one.

Inputs are listed: "The company used its overall risk profile and risk management processes, public information such as peer reports, external and internal datasets, ESRS topics and sub-topics, stakeholder interviews, and stakeholder information from data analytics tools to build a list of potentially material sustainability issues tailored to AB InBev." Screening of asset and activity exposure is described: "For environmental topics, the company considered its site locations, assets, and business activities in assessing related impacts, risks, and opportunities" (page 167).

Four steps are set out (page 167): define potential material topics; assess impact materiality for "severity (scope, scale, and remediable character) and likelihood"; assess financial materiality through "an internal stakeholder workshop" for "magnitude and likelihood"; and define material topics, with "The Audit Committee of AB InBev makes the final determination". Time horizons are "short (up to one year), medium (up to five years), and long-term (more than five years)". Scoring scales run from "unlikely (1) to very highly likely (5)" (footnotes 1 and 2, page 167). The numeric materiality thresholds themselves are not disclosed.

Reference: page 168, with the content index itself at Appendix I, pages 193-196.

"These material topics are addressed throughout these Sustainability statements as shown in the ESRS reference table in Appendix I" (page 168). Appendix I is a genuine ESRS content index: a four-column table (Material Topic, ESRS Disclosure #, Disclosure Description, Page) with a fifth column for "the material disclosures as listed in Appendix B of ESRS 2", keyed 1: SFDR; 2: Pillar 3; 3: Benchmark Regulation; 4: EU Climate Law (footnote 40, page 193).

Scope and omission policy are stated on page 168: "AB InBev has established processes to support consistent reporting on ESRS disclosures covering the fully consolidated companies included in the financial reporting scope... AB InBev has not used the option to omit information corresponding to intellectual property. AB InBev's value chain is in scope of this disclosure."

Phase-in use is declared once, at the head of the statement: "This report makes use of the applicable phase-in provisions defined by ESRS including for disclosures on non-employees and anticipated financial effects" (page 164).

Footnote 40 also states the company's treatment of gaps in the EU-legislation column: "Any excluded disclosure requirements and related datapoints in Appendix B are considered not material" (page 193). The index does not carry a separate list of omitted disclosure requirements.

Reference: pages 174-175.

"In 2021, AB InBev announced its ambition to achieve net zero across its value chain by 2040. The company's approach, approved by the Board, to addressing climate change is focused on activities in its operations and across its value chain" (page 174).

Method. "The company follows the sectoral decarbonization approach (SDA) defined by the SBTi. The company allocates its carbon budget across different sectors by evaluating and following the growth and decarbonization pathway of each sector. This approach, coupled with the company's projected activity levels, defines its decarbonization pathway and projected carbon budgets. The corresponding climate transition plan implementation is embedded in the company's business strategy through procurement, investments, agricultural research, and logistics decisions" (page 174).

Levers, quantified as shares of the reduction needed to reach net zero by 2040: energy efficiency 5%, use of renewable energy 15%, fuel switching 10%, supply chain decarbonization 70% (page 174).

Locked-in emissions. "AB InBev assesses locked-in emissions, including those associated with new operations, based on a market-by-market estimate of beverage industry growth through 2040 as well as locked-in emissions from assets already committed where low-carbon technology is not currently available." Carbon-intensive assets named are "glass manufacturing furnaces and mass boilers installed in breweries", whose replacement "can take decades" but which "are likely to be fully depreciated by 2040" (page 174).

Investment. "the company spent approximately 20 million US Dollar in Capex for climate change mitigation in 2025 and approximately 7 million US Dollar in operating expenses" for projects in scope of EU Taxonomy Article 9. "The company is not excluded from the EU Paris-aligned benchmarks" (page 175).

Identification of climate-related risks and scenario analysis

Back-filled from the Climate section's TCFD risk identification and scenario analysis, which the FY2025 ESRS Reference Table maps to Climate SBM-3 and Climate IRO-1 (pages 171-173, index page 193). This disclosure requirement did not exist under the 2023 ESRS the report was prepared against.

Method (page 171). "AB InBev used the Task Force on Climate-Related Financial Disclosures (TCFD) framework to assess climate-related risks and opportunities over the short- (one to five years), medium- (six to 10 years) and long-term (more than 10 years) views across geographies and value chain segments selected based on a risk-based approach... the company evaluated risks and opportunities associated with policy, technology, market changes, reputation, and chronic and acute physical risks." The analysis "was considered as an input in the double materiality assessment process... but was a separate exercise, and results of the analysis may differ from the double materiality assessment."

Scenarios (pages 171-172). Physical: "RCP 4.5, a high mitigation scenario where global emissions start declining by mid-century" and "RCP 8.5, an extreme global warming scenario in which global warming reaches 4 degrees Celsius". Transition: IEA "Stated Policies Scenario (STEPS)" and "Net Zero Emissions by 2050 (NZE), that shows a narrow but achievable pathway for the global energy sector to achieve net zero emissions by 2050, aligned with the 1.5 degrees Celsius scenario."

Risks classified (page 173). Physical - barley yields under changing climate conditions (chronic), extreme drought on barley yields (acute), water availability across global operations (acute and chronic). Transition - policy and carbon pricing, future procurement of aluminum, future procurement of glass. Each is rated Low / Medium / High per scenario.

Timing. The tables "summarize the outcomes of the company's analysis completed in 2022 and reviewed on an ongoing basis" (page 172). A global average temperature projection is given only for RCP 8.5 (4 degrees Celsius); none is stated for RCP 4.5, STEPS or NZE.

Resilience in relation to climate change

Back-filled from the Climate section, which the FY2025 ESRS Reference Table lists under Climate SBM-3 as "Resilience analysis and related details" (pages 172-173, index page 193). This disclosure requirement did not exist under the 2023 ESRS the report was prepared against.

Conclusion drawn (page 172). "While these provided scenarios are different, the company believes that its strategy will enable it to address the potential risks and opportunities presented under each scenario."

Response per risk (page 173). Against barley yield risk: "It uses crop research and agronomy teams and invests in agricultural technologies to manage raw materials costs and minimize disruptions. Across the company's sourcing regions, it works to develop higher-yielding, higher-quality brewing crop varieties that are also resource-efficient, disease-resistant and resilient to climate stressors such as drought." Against water availability risk: a water risk assessment tool reviewing "operational risk globally on a quarterly basis", with prioritisation of high-stress sites. Against packaging transition risk: "The company continues to innovate and partner with key suppliers through its Eclipse platform to support decarbonization in its packaging supply chains and to help solve existing and future challenges to increasing recycled content, specifically in glass and aluminum." Against policy risk: local operations "evaluate relevant regulatory risks and opportunities. This informs strategic decisions on investments and plans related to carbon pricing."

Uncertainty (page 169). "the company's climate risk scenario analysis, net zero ambition and other sustainability-related goals remain under development as the company continues to refine its analysis of and response to potential future climate and sustainability-related risks and opportunities... the company believes the methodology of climate scenario analysis and carbon accounting will continue to evolve and improve, especially related to Scope 3 emissions."

No time-horizon-by-horizon statement of the capacity to adjust or adapt, and no quantified resilience outcome, is given.

Reference: page 171 (ESRS Reference Table, page 193).

"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. The policy was developed through engagement with key stakeholders and is overseen by AB InBev's Chief Sustainability Officer" (page 171).

The same policy is relied on for resource use and circular economy, where it is described as aiming "to promote a transition away from non-renewable resources towards renewable resources across the value chain" (page 177), and for biodiversity alongside the Water Policies & Principles (page 179). Policies are stated to "apply globally to directors, officers, and full-time, part-time, and temporary employees of the company and its subsidiaries", with contractors, agencies and other third parties "expected to comply with the policies... whenever they are acting on the company's behalf", and are "available publicly on the company's website" (page 165).

The disclosure names one policy and its owner and scope. It does not separately identify a climate adaptation policy, nor set out how the policy addresses each of the E1 sub-topics individually.

Reference: pages 174-175 (ESRS Reference Table, page 193, which maps this row to actions "including decarbonization levers, potential outcomes, and CapEx and OpEx required to implement related to regulation (EU) 2021/2178").

Actions by lever (page 174). Energy efficiency: "innovative ways to improve efficiency in breweries and adopting low-carbon technologies." Renewable energy: "expanding renewable electricity to reduce or eliminate market-based Scope 2 GHG emissions and helping to scale renewable electricity across the company's suppliers and retail partners." Fuel switching: "switching to fuel sources such as green hydrogen, biomass and other renewable sources of heat, and working towards switching the company's fleet to an alternative, renewable fuel fleet and investing in sustainable fuel for shipping while optimizing routes and modes of transportation." Supply chain decarbonization: alternative packaging design, "more resilient and higher-yield crop varieties", nutrient management and fertilizer optimisation with farmers, "nature-based solutions to help remove carbon from the environment", improved cooler refrigeration, recycling and recycled content programmes, and supplier engagement through Eclipse.

Quantified 2025 outcomes (page 174). "For 2025, AB InBev implemented the following decarbonization levers: use of renewable energy (approximately 130 thousand tCO2eq emissions reduced in 2025), and supply chain decarbonization (approximately 700 thousand tCO2eq reduced in 2025)."

Resources (page 175). "the company spent approximately 20 million US Dollar in Capex for climate change mitigation in 2025 and approximately 7 million US Dollar in operating expenses" within the EU Taxonomy Article 9 scope.

Governance of the actions (page 174). "The company's global sustainability team is responsible for reviewing and updating the decarbonization levers as part of its periodic review of the climate transition plan. Proposed changes are reviewed cross-functionally and presented to the Sustainability Council." The 100+ Accelerator, founded in 2018 with The Coca-Cola Company, Colgate Palmolive, Danone, Mondelez and Unilever, "has worked with 190 startups from 40 countries".

Reference: page 175, with the 2040 ambition figures in the GHG table on page 176.

2025 Climate Action Goal (page 175). "the company aimed to purchase 100% of its electricity from renewable sources and reduce its GHG emissions by 25% per hectoliter of production across its value chain by 2025." Separately, "In 2018... the company began working to reduce absolute Scopes 1 and 2 GHG emissions by 35% by 2025 from a 2017 baseline, which aligns with the pathway to keep global warming to 1.5 degrees Celsius and the standards established by the SBTi."

Outcome (page 175). "In 2025, the company achieved its emission reduction goal by reducing its absolute emissions in Scopes 1 and 2 by 44.4% and its Scopes 1, 2 and 3 emissions per hectoliter of production by 31.9% against a 2017 baseline." On renewable electricity: "The company contracted the equivalent of 100% of its global purchased electricity volume from renewable sources with 83.7% operational in 2025... AB InBev did not reach 100% operational renewable electricity by the end of 2025 due to current challenges such as the absence of needed local infrastructure and enabling regulatory frameworks."

Progress series (page 175). Scopes 1 and 2, million tonnes CO2eq: 5.49 (2017 baseline), 5.22, 4.87, 4.44, 4.14, 3.68, 3.39, 3.19, 3.05 (2025). Scopes 1, 2 and 3 per hectoliter, kg CO2eq/hl: 58.67 (2017) falling to 39.94 (2025). Operational renewable electricity: 16.9% (2018) to 83.7% (2025); contracted: 51.1% (2018) to 100.0% from 2022.

Longer-dated ambition (page 176). The "Goals and Ambitions" columns give 2040 figures of approximately 0.3 million tonnes CO2eq for Scope 1, 0.2 for market-based Scope 2 and 3.0 for Scope 3, described in footnote 18 as "equivalent to an 88% reduction against a 2017 baseline". Scope 13 notes the goal scope covers 98% of ESRS-scope Scopes 1 and 2 emissions.

Reference: pages 175-176.

Energy consumption and mix for own operations, million MWh (2025 / 2024) (page 175):

"The company's consumption from nuclear sources is equivalent to 0 MWh" (footnote 16, page 175).

Energy intensity (page 176): "Total energy consumption from activities in high climate impact sectors per net revenue from activities in high climate impact sectors (MWh/million USD)" was 323 in 2025 against 326 in 2024, a fall of 0.9%. Footnote 17 states that "Beer production is considered a high climate impact sector as defined in Commission Delegated Regulation (EU) 2022/1288."

Reference: page 176.

Million tonnes CO2eq unless stated (2025 / 2024 / change):

• Gross Scope 1 2.51 / 2.49 / +0.8%. Percentage of Scope 1 from regulated emission trading schemes: 29.8% (2024: 23.4%).
• Gross location-based Scope 2 1.87 / 1.98 / -5.6%. Gross market-based Scope 2 0.60 / 0.76 / -21.1%. Percentage of contractual instruments 97.5% (2024: 98.0%).
• Total gross indirect Scope 3 19.03 / 20.37 / -6.6%, split as purchased goods and services 11.97 / 12.77; fuel not included in Scopes 1 and 2 0.46 / 0.50; upstream and downstream transportation 2.16 / 2.26; use of sold products (product cooling) 4.16 / 4.57; end of life treatment of sold products 0.28 / 0.27.
• Total location-based 23.41 / 24.84 / -5.8%. Total market-based 22.14 / 23.62 / -6.3%.

By zone, market-based (2025 / 2024): North America 4.34 / 4.59; Middle Americas 5.20 / 5.26; South America 3.45 / 3.76; EMEA 4.57 / 4.79; Asia Pacific 4.58 / 5.22; worldwide 22.14 / 23.62.

Intensity per net revenue (page 176): location-based 395 tCO2eq/million USD (2024: 416), market-based 373 (2024: 395).

Data quality is stated: "31.8% of reported Scope 3 GHG emissions are calculated using primary data obtained from suppliers or other value chain partners", and the company "included 87% of its total Scope 3 GHG emissions when setting the SBTi target in 2018" (footnote 21). Biogenic emissions are reported outside the scopes: 0.32 million tonnes for Scope 1 and 0.01 million tonnes for Scope 2, with "The company does not yet have an estimation for Scope 3 biogenic emissions" (footnote 22).

Reference: page 177 (ESRS Reference Table, page 194, which lists E2-1 "Pollution-related policies" under the Agriculture & Natural Ecosystems material topic).

The pollution disclosure is a short subsection at the end of the Climate section. On policy, the company states a nil position for the sub-topic it identifies as material: "The company strives to adhere to all applicable laws and regulations on air pollutants and does not have a target or policy specific to air pollution" (page 177).

The pollution IRO is placed in the downstream value chain: "In addition to GHG emissions, air pollutants from road transport in the company's downstream value chain could have an adverse impact on the environment" (page 177).

Adjacent policies are described elsewhere and cover related ground without being pollution-specific: the Global Environmental Policy & Principles "covers climate change, water stewardship, waste, circular packaging, sustainable agriculture, and legal compliance" and is overseen by the Chief Sustainability Officer (page 171), and the Water Policies & Principles "addresses water treatment and pollution prevention through responsible discharge, and effluent reuse" (page 169). The nil statement is the disclosure: no dedicated pollution policy, and no policy scope, owner or third-party standard is claimed for one.

Reference: page 177 (ESRS Reference Table, page 194).

Actions are described in one sentence and are tied to the transport-related air pollution impact the company identifies: "In line with how the company manages GHG emissions from transport, the company works to reduce air pollution from transport in its value chain through network optimization, operational initiatives, and alternative fuel strategies" (page 177).

The underlying transport actions are set out under climate: fuel switching includes "working towards switching the company's fleet to an alternative, renewable fuel fleet and investing in sustainable fuel for shipping while optimizing routes and modes of transportation" (page 174). Wastewater management sits under water rather than pollution: the Water Policies & Principles "addresses water treatment and pollution prevention through responsible discharge, and effluent reuse" (page 169), and "In its production, the company seeks to ensure high-quality wastewater discharge to facilitate, where possible, water re-use" (page 169).

No resources, capex, opex, time horizon, geographic scope or expected outcome is attached to the pollution actions, and no action is quantified.

Reference: page 177 (ESRS Reference Table, page 194).

The disclosure is a nil return, stated plainly: "The company strives to adhere to all applicable laws and regulations on air pollutants and does not have a target or policy specific to air pollution" (page 177).

No measurable pollution target, base year, target year or level of ambition is set, and no explanation is given of how the effectiveness of the pollution actions is tracked in the absence of one. The pollution sub-topic the company treats as material - air pollutants from road transport in the downstream value chain - is instead managed under the climate transport actions ("network optimization, operational initiatives, and alternative fuel strategies", page 177), whose progress is reported as part of the Scope 3 upstream and downstream transportation figure of 2.16 million tonnes CO2eq in 2025 against 2.26 in 2024 (page 176).

Reference: page 169 (ESRS Reference Table, page 194, which maps this row to E3-1 datapoints 9 and 13 under SFDR).

"AB InBev's Water Policies & Principles were designed to provide guidance on its approach to water stewardship and water use in the company's breweries and operational sites including those located 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. AB InBev's Water Policies and Principles are overseen by the company's Chief Sustainability Officer" (page 169).

Upstream coverage runs through a second policy: "AB InBev's Global Responsible Sourcing Policy encourages business partners to set targets to reduce water use within their operations and develop plans to reduce water consumption in the overall value chain" (page 169).

Third-party reference points are named: "The company's approach to water stewardship considers third-party standards and initiatives such as the United Nations (UN) Global Compact CEO Water Mandate and the 2030 Water Resources Group. AB InBev works with local communities, including farmers, in its watershed work" (page 169).

The policy is not described as addressing marine resources, and no commitment to sustainable oceans and seas is stated.

Reference: pages 169-170 (ESRS Reference Table, page 194).

"In 2025, the company continued working to scale its water stewardship efforts by driving water efficiency in its operations and by engaging in watershed protection measures in partnership with local stakeholders, especially in high-water-stress areas" (page 169).

Risk screening. "The company uses a water risk assessment tool that leverages external data sources and input from its local teams to review operational water risks globally in its own operations. Using this tool, the company has identified sites in high-stress areas" (page 170). Footnote 3 explains the method: reputational and regulatory risk on the company's own methodology and physical risk using "the World Resources Institute aqueduct methodology", reviewed at zone and global level, with 36 sites in scope based on a 2017 analysis.

Watershed actions. "To help the company identify these specific local watershed challenges and the appropriate solutions to address them across its high-stress sites, it has developed and implemented a seven-step watershed management process. Together with local authorities, other water users and partners including The Nature Conservancy and World Wildlife Fund, the company has devoted financial and technical resources to support and monitor site-specific metrics related to infrastructure initiatives, conservation and reforestation projects, habitat restoration efforts, and soil conservation practices, and track improvement" (page 170). The seven steps are listed in footnote 4.

Operational actions. "the company uses an internal environmental management system to routinely monitor and manage water use in its operations and to cascade best practices and performance standards across locations... Key water-saving actions may include process optimization, maintenance interventions, or implementation of new technologies" (page 170). No capex or opex figure is attached to the water actions.

Reference: page 170 (ESRS Reference Table, page 194).

Two voluntary goals are disclosed, both with 2025 as the target year, and both reported as achieved.

2025 Water Stewardship Goal. "In 2018, AB InBev set its voluntary 2025 Water Stewardship Goal: 100% of its communities in high-stress areas will have measurably improved water availability and quality by 2025. The goal scope includes 36 sites based on a 2017 analysis using the company's water risk assessment tool. In 2025, the goal was achieved with all 36 sites recording measurable improvement in water availability. Any improvement in the metrics identified and measured through this process for each individual watershed was considered part of the goal achievement" (page 170).

Water use efficiency. "AB InBev sought to achieve an average water use efficiency ratio of 2.5 hectoliter/hectoliter (hl/hl) across its breweries globally by 2025, and a water use efficiency ratio of 2.0 hl/hl for its breweries across the 36 high-stress sites in scope of its 2025 Water Stewardship Goal. In 2025, the company reached these ambitions with a water use efficiency ratio of 2.38 hl/hl globally, an improvement of 22.7% compared to the 2017 water use efficiency ratio, and 1.95 hl/hl across the high-stress sites in scope of the Goal, an improvement of 31.3% compared to the 2017 water use efficiency ratio across these sites of 2.84 hl/hl" (page 170).

The efficiency series runs 3.08 hl/hl (2017), 2.94, 2.79, 2.68, 2.64, 2.64, 2.53, 2.47, 2.38 (2025) (page 170). No successor target beyond 2025 is disclosed.

Reference: page 170 (ESRS Reference Table, page 194, which maps this row to E3-4 datapoints 28(c) and 29 under SFDR).

Definitions and data quality are stated in footnote 7 (page 170): "All metrics in this table follow ESRS definitions and consider all AB InBev operations. The ESRS water consumption definition is water withdrawn minus water exported to third parties minus water discharged. The company obtained 99% of reported metrics from direct measurement and 1% from best estimates."

Footnote 8 distinguishes the ESRS boundary from the company's own goal boundary: "Areas of water risk are defined according to ESRS and consider all AB InBev operations. This identification differs from AB InBev's internal methodology used in its own water risk assessment to identify high water-stress areas, where more localized data and context for each site are used."

Footnote 6 flags a further reconciliation point: the water use efficiency numerator "does not subtract water discharged and is therefore greater than the total water consumption figure reported in the Water Metrics table, which follows the calculation prescribed by ESRS." Water withdrawal and discharge volumes are not reported separately.

Reference: pages 178-179 (ESRS Reference Table, page 194, where the row is titled "Consideration of biodiversity in strategy and business model" under the Agriculture & Natural Ecosystems material topic).

The company states its dependency and its intent, and is explicit that it has no biodiversity transition plan: "AB InBev depends on high-quality agricultural crops and water from healthy natural ecosystems to brew its beers and it strives to protect and restore biodiversity through its work in watersheds and agriculture. With a value chain deeply rooted in the world's natural ecosystems, the company aims to identify how to minimize its impact on nature while exploring opportunities to invest in nature-based solutions in agriculture and watershed restoration and conservation" (page 178).

The nil statement is given directly: "AB InBev operates in many ecosystems around the world. While AB InBev does not currently have a standalone biodiversity resilience analysis, transition plan, biodiversity target or policy, the company has been working actively on the topic through its 2025 Water Stewardship (see the Water section in these Sustainability statements) and Smart Agriculture Goals" (page 179).

The business-model link is made through raw material exposure: "A significant portion of the company's operating expenses is related to raw materials and commodities. The supply and price of raw materials and commodities used to produce the company's products can be affected by factors including the level of crop production around the world, extreme weather conditions, natural disasters, and others" (page 179). No biodiversity scenario analysis, resilience assessment or 2030 alignment statement is disclosed.

Reference: page 179 (ESRS Reference Table, page 194).

Biodiversity is addressed through existing environmental policies rather than a dedicated one: "The company's Water Policies & Principles and Environmental Policy & Principles address its approach to biodiversity and natural ecosystems. See the Water and Climate sections in these Sustainability statements respectively for further details on the scope of these policies and for ambitions in these areas" (page 179).

The company then states the limit of that position in the same section: it "does not currently have a standalone biodiversity resilience analysis, transition plan, biodiversity target or policy" (page 179).

A third policy instrument reaches the upstream agricultural base: "AB InBev's Global Responsible Sourcing Principles for Farms seeks to promote the implementation of environmental management practices on farms" (page 177). The Environmental Policy & Principles is owned by the Chief Sustainability Officer and covers "climate change, water stewardship, waste, circular packaging, sustainable agriculture, and legal compliance" (page 171); the Water Policies & Principles is also overseen by the Chief Sustainability Officer (page 169).

No traceability, deforestation or no-conversion commitment is stated, and the policies are not described as referencing biodiversity-specific third-party standards.

Reference: page 179 (ESRS Reference Table, page 194).

"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 varieties, and risk mitigation tools, while also exploring how agriculture can be part of the solution to help reduce GHG emissions, protect watersheds, and improve biodiversity" (page 179).

The principal named action is the soil health framework: "Aligned with its 2025 Smart Agriculture Goal, the company continued to implement its soil health framework, launched in 2020 in partnership with The Nature Conservancy, to provide a path for its agronomists and researchers to design and measure the impact of soil health, water, and biodiversity initiatives in the field. These practices may also support local economic development through improved crop yields" (page 179).

Watershed actions are cross-referenced to the water section, where they are described as conducted "Together with local authorities, other water users and partners including The Nature Conservancy and World Wildlife Fund", covering "infrastructure initiatives, conservation and reforestation projects, habitat restoration efforts, and soil conservation practices" (page 170).

No hectares restored, no biodiversity offsets, and no capex or opex attached to biodiversity actions are disclosed, and the actions are not located to named key biodiversity areas.

Reference: page 179 (ESRS Reference Table, page 194).

The company states directly that it has no biodiversity target: it "does not currently have a standalone biodiversity resilience analysis, transition plan, biodiversity target or policy" (page 179). What it offers instead is progress tracked through two other 2025 goals which it presents as its active work on the topic: "the company has been working actively on the topic through its 2025 Water Stewardship (see the Water section in these Sustainability statements) and Smart Agriculture Goals (see the Workers in the value chain section in these Sustainability statements)" (page 179).

Those two goals carry measurable outcomes reported elsewhere in the statement. The 2025 Water Stewardship Goal - "100% of its communities in high-stress areas will have measurably improved water availability and quality by 2025" - was achieved, "with all 36 sites recording measurable improvement in water availability" (page 170). The 2025 Smart Agriculture Goal - "100% of its direct farmers will be Skilled, Connected and Financially Empowered by 2025" - was achieved, with all three components at 100% in 2025 against 49%, 44% and 34% respectively in 2019 (page 184).

No ecological threshold, no base year for a biodiversity target and no target beyond 2025 is disclosed.

Reference: page 177 (ESRS Reference Table, page 194).

"AB InBev aims to address resource use and circular economy through global policies that apply to its direct operations and upstream value chain. The company's Environmental Policy & Principles includes reducing emissions across its value chain, water stewardship, reducing waste, circular packaging, investing in sustainable agriculture and compliance with applicable environmental laws and regulations. This policy aims to promote a transition away from non-renewable resources towards renewable resources across the value chain" (page 177).

Supplier expectations sit in a second policy with a named owner: "The company's Global Responsible Sourcing Policy states that suppliers should commit to reducing the production of waste and implementing initiatives to measurably increase the recycled content and/or returnability of their products. The Global Responsible Sourcing Policy is primarily the responsibility of the Chief Supply Officer and is overseen by the procurement function" (page 177).

A third instrument covers the farm base: "AB InBev's Global Responsible Sourcing Principles for Farms seeks to promote the implementation of environmental management practices on farms" (page 177).

The policies are stated to apply globally to employees, with third parties "expected to comply... whenever they are acting on the company's behalf", and are published on the company's website (page 165). No waste hierarchy commitment or specific policy on the phase-out of virgin non-renewable materials is stated.

Reference: pages 177-178 (ESRS Reference Table, page 194).

Packaging design and recycled content. "AB InBev aims to reduce packaging and the need for virgin materials through initiatives, such as lightweighting, that use 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 and enable it to increase the amount of recycled content used across packaging types. In addition to recycling, the company promotes the recovery and reuse of its packaging and continues to support its returnable bottle volume and return rate, working with local communities where relevant" (page 177).

Recycling in own operations. "The company continues to voluntarily pursue 100% recycling rates in its operations globally while complying with local laws and regulations. Waste and by-product streams relevant to the company's operations mainly include spent grains from the brewing process, which make up the majority of the company's brewery waste and by-products and are mainly used as animal feed" (page 178).

Upstream engagement. Supply chain decarbonization actions include "working with communities and suppliers to help reduce waste, increasing circularity, recycled content and implementing programs to promote local recycling", and supplier engagement through Eclipse, "the company's collaboration platform that supports supply chain partners by providing tools to measure and track decarbonization while also building capabilities and sharing best practices" (page 174).

No capex or opex is attributed to circular economy actions.

Reference: pages 177-178 (ESRS Reference Table, page 194).

2025 Circular Packaging Goal. "AB InBev set a voluntary 2025 Circular Packaging Goal that 100% of its packaging would 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 AB InBev's total packaging volumes by weight" (page 177).

Outcome, reported as a miss. "In 2025, 89.7% of the company's products were in returnable packaging or made from majority recycled content (more than 50%). This figure represents a 10.6 percentage point improvement since the goal was set in 2017. While the company continues to increase circular packaging across its operations and achieved majority recycled content in glass and cans, it did not achieve this goal by the end of 2025 due to the availability of viable recycled content in PET packaging, which is highly dependent on local recycling supply chains and dynamic market conditions. The company reached more than 50% recycled content in glass and cans, which means that 52.7% of its total primary packaging globally is made from majority recycled content, and more than 99% is recyclable" (page 177).

Progress series (page 178): returnable packaging 47.2% (2017) to 40.4% (2025); recycled content in glass 36.8% to 50.9%, cans 59.7% to 66.2%, PET 23.3% to 41.8%.

Waste. A nil target position is stated: "The company does not have targets on waste management" (page 178). No successor packaging target beyond 2025 is disclosed.

Reference: page 178 (ESRS Reference Table, page 194).

"AB InBev's material resource inflows include:

1. Water. Refer to the Water section in these Sustainability statements for further details.
2. Main new primary packaging materials including one-way and returnable glass, aluminum cans, PET, and returnable kegs. Consistent with 2024, the absolute weight of primary packaging materials was approximately 6 million metric tonnes in 2025, of which 52.7% had reused or recycled components.
3. Agricultural crops including barley, corn, rice, and hops. Consistent with 2024, the absolute weight of agricultural crops (biological materials) was approximately 9 million metric tonnes in 2025. The company does not currently have a definition of sustainably sourced" (page 178).

Footnote 26 explains the selection: "Barley, corn, rice, and hops are considered the most material agricultural inflows based on the percentage spend of total raw materials and the importance of the crop to beer production" (page 178).

Recycled content by material is reported separately: glass 50.9%, cans 66.2%, PET 41.8% in 2025 (page 178). The stated absence of a definition of sustainably sourced means no percentage of sustainably sourced biological materials is given, and the inflow weights are given as approximations rather than exact tonnages.

Reference: page 178 (ESRS Reference Table, page 195, which maps this row to E5-5 datapoint 37(d) under SFDR).

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

1. Primary packaging material, of which more than 99% is recyclable, and secondary packaging material. 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)" (page 178).

Durability, reusability and recyclability are addressed through the packaging portfolio: "AB InBev's global product portfolio consists of aluminum cans, one-way glass, returnable glass, PET, and returnable kegs. In 2025, approximately 40.4% of the company's global volume was sold in returnable glass bottles or in returnable kegs" (page 177). Footnote 25 qualifies the recyclability claim: "AB InBev's primary packaging formats include recyclable packaging types (returnable kegs, cans, glass bottles, and PET). The recyclability of primary packaging reported does not account for the availability of local recycling supply chains" (page 177).

The waste and by-product outflow is quantified in the table on page 178 (see the separate Waste entry). Rates of recyclable content in products and packaging are given only as the "more than 99% recyclable" figure; expected durability of products relative to industry averages is not disclosed.

Waste

Reference: page 178.

Non-hazardous waste and by-products, thousand metric tonnes:

Non-recycled waste is stated in the narrative: "The total amount of waste and by-products not recycled in 2025 in the company's own operations is 286 thousand metric tonnes or 3.2% of the total waste and by-products generated" (page 178).

Composition and data quality (footnote 27, page 178): "In calculating waste and by-products generated, the company obtained 98% of reported metrics from direct measurement and 2% from best estimates. The company does not generate radioactive waste. The total amount of hazardous waste it generates is immaterial. To ensure the avoidance of double counting, the company's sites map the entire waste management process to ensure that reported waste and by-product volumes are not counted at multiple points."

The dominant stream is spent grain, "mainly used as animal feed" (page 178). Hazardous waste is not quantified, and "The company does not have targets on waste management" (page 178).

Reference: page 181 (ESRS Reference Table, page 195, which maps this row to S1-1 datapoints 20, 22 and 23 under SFDR and datapoint 21 under the Benchmark Regulation).

Human rights. "As a signatory to the UN Global Compact, AB InBev is committed to business practices that respect human rights and that align with international standards of responsible business conduct including the International Bill of Human Rights and the International Labor Organization's Declaration of the Fundamental Principles and Rights at Work. The company's approach to human rights is based on the United Nations Guiding Principles on Business and Human Rights (UNGPs) and is outlined in its Global Human Rights Policy. The policy prohibits all forms of forced or compulsory labor; human trafficking, including arranging or facilitating the travel of another person with a view to that person being exploited; and the employment and exploitation of children within its facilities. This policy covers AB InBev employees and is periodically reviewed and modified. It is publicly available on the company's website and the Chief Legal and Corporate Affairs Officer is responsible for its implementation" (page 181).

Harassment and discrimination. "The company's Anti-Harassment and Anti-Discrimination Policy aims to create a workplace free from all forms of harassment, including unfair discrimination, sexual harassment and sexual misconduct... The discrimination parameters defined by the policy include, but are not limited to, age, race, and physical or mental disability. The Chief Legal and Corporate Affairs Officer oversees this policy" (page 181).

Health and safety. "AB InBev works to achieve high standards of occupational safety... as articulated in the company's Global Health and Safety Policy. The policy is available on the company's website and covers all employees and contractors and others working on the company's behalf. Safety is embedded in the company's management systems, which cover 100% of its employees. The Chief Supply Officer is responsible for this policy" (page 182).

Reference: pages 181-182 (ESRS Reference Table, page 195).

The primary engagement channel is an annual survey run as part of due diligence: "The company 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. Within the company's performance management processes and as part of its due diligence, the annual Engagement Survey is shared with all active employees to monitor engagement. The Survey objectively assesses employee experience to inform engagement strategy and initiatives managed at a local level" (page 182).

Coverage of subject matter and result: "In 2025, the company's annual Engagement Score increased to 91% from 89% in 2024. It includes feedback on rewards, recognition, well-being, belonging and comfort level reporting potential unethical behavior or other complaints without fear of retaliation" (page 182).

Accountability is named: "AB InBev's Chief People Officer oversees engagement" (page 182). The stakeholder table lists the employee channels as "Annual engagement surveys", "Annual performance reviews", "Leadership townhalls", "Staff activities" and the "Compliance Helpline" (page 166).

Workers' representatives, works councils and trade unions are not named as engagement counterparties in the statement, and no global framework agreement is described.

Reference: page 181 (ESRS Reference Table, page 195, which maps this row to S1-3 datapoint 32(c) under SFDR).

"To monitor, track and address potential risks and actual impacts related to its workforce, the company's global Compliance Helpline is accessible worldwide, and offers employees and third parties direct access to AB InBev's Ethics & Compliance team for reporting concerns. The Compliance Helpline is promoted to AB InBev's employees through internal communications. Reported matters are assessed, remedied, and monitored on an individual basis" (page 181).

The channel's characteristics are set out in the business conduct section: "The Helpline is a secure means of reporting and is available 24/7 for both internal and external users. Reports can be filed in different languages, and if desired and permitted by local law, anonymously. Reports are reviewed by the Ethics & Compliance team, in line with its Investigation Guidelines that govern the company's investigation process. Escalation and recusal rules are embedded into the company's process to avoid conflicts of interest" (page 186).

Protection from retaliation is stated: "Through its Global Whistleblower Policy, AB InBev encourages colleagues to raise any concerns. The company has a zero-tolerance policy towards any threatened or actual retaliation against any persons, who, in good faith, raise concerns or participate in an investigation" (page 186).

No figure is given for awareness of, or trust in, the channel among the workforce, and no number of reports received is disclosed.

Reference: pages 181-182 (ESRS Reference Table, page 195).

Safety. "The company's approach to safety focuses on mitigation. Based on safety data, the company develops and executes programs on process safety management, road safety and violence prevention. The company's global program, SAFE Together, supports its teams to make safer decisions by promoting ownership and communication. It provides training on hazard recognition to drive continuous improvement" (page 182). Safety "is embedded in the company's management systems, which cover 100% of its employees" (page 182).

Culture and engagement. "AB InBev's corporate culture revolves around 10 guiding principles which form the foundation of the company's culture. These principles are integrated into people management, visually communicated, and reinforced through internal campaigns. The company assesses cultural performance at both individual and global levels ensuring continuous development of AB InBev's corporate culture" (pages 181-182). The annual Engagement Survey informs "engagement strategy and initiatives managed at a local level" (page 182).

Wages. "In 2025, the company conducted an adequate wage review and concluded that all employees were being paid adequate wages, as defined by country benchmarks" (page 182).

Grievance handling. Matters raised through the Compliance Helpline "are assessed, remedied, and monitored on an individual basis" (page 181).

No resources allocated to these actions are quantified, and no time horizon is attached to any of them.

Reference: page 181 (ESRS Reference Table, page 195).

"The number of full-time equivalents ("FTE") as of 31 December 2025 is approximately 137 thousand (144 thousand in 2024), representing a total headcount of approximately 143 thousand (151 thousand in 2024). The approximate number of FTEs at the end of the reporting period for countries in which the company has employees representing at least 10% of its total number of employees is as follows: Brazil (28 thousand), China (17 thousand) and Mexico (25 thousand). In 2024, these figures were as follows: Brazil (28 thousand), China (18 thousand) and Mexico (27 thousand)" (page 181).

Turnover. "The company had a 18% employee turnover rate (19% in 2024) and approximately 24 thousand employees left the company in 2025 (approximately 27 thousand in 2024) due to voluntary and involuntary termination, and contracts ending" (page 181).

Contract type and gender. "AB InBev's total FTEs at the end of the reporting period included approximately 126 thousand permanent employees (133 thousand in 2024), 6 thousand temporary employees (6 thousand in 2024) and 5 thousand non-guaranteed hours employees (5 thousand in 2024). Of the company's total employees, approximately 32 thousand have reported that they are female (34 thousand in 2024). For AB InBev's employees by geography, refer to the Consolidated financial statements in this report" (page 181).

Footnote 32 defines the FTE measure and notes that the gap to headcount "is driven mainly by part-time workers". Figures are given to the nearest thousand, and the contract-type and gender breakdowns are not cross-tabulated by region.

Reference: page 182 (ESRS Reference Table, page 195, where the row is titled "Gender metrics").

Footnote 34 gives the definitions used: "Senior leadership is defined as employees responsible for vision, long-term goals, functional oversight and department-wide or region-wide objectives. Senior management is defined as senior leadership and employees responsible for tactical and operational management at the department or function level" (page 182).

Total workforce gender is reported separately in the S1-6 disclosure: "Of the company's total employees, approximately 32 thousand have reported that they are female (34 thousand in 2024)" against a total headcount of approximately 143 thousand (page 181).

The distribution of employees by age group, the second limb of the ESRS diversity metric, is not disclosed. The metrics are given for two grades of leadership rather than for top management as defined by the undertaking's own governance structure.

Reference: page 182 (ESRS Reference Table, page 195).

"In 2025, the company conducted an adequate wage review and concluded that all employees were being paid adequate wages, as defined by country benchmarks" (page 182).

The benchmarks used are set out in footnote 33: "For non-EEA countries, the company used the established adequate/living wages as benchmarks. For countries with no established adequate/living wages, the company used minimum wages as benchmarks. For EEA countries, the company used Directive (EU) 2022/2041 on adequate minimum wages in the European Union as benchmarks" (page 182).

This is a nil-exception return: because all employees are stated to be paid at or above the applicable benchmark, no percentage of employees paid below an adequate wage and no country breakdown of such employees is presented. The reference table maps the row to the "Our People" material topic (page 195).

The disclosure does not state the number of employees covered by the review or whether any country's benchmark was set at minimum wage rather than a living wage, beyond the general rule in footnote 33.

Reference: page 182 (ESRS Reference Table, page 195, which maps this row to S1-14 datapoints 88(b) and (c) under SFDR and the Benchmark Regulation).

Coverage first: "Safety is embedded in the company's management systems, which cover 100% of its employees" (page 182).

"The rate of Total Recordable Injuries, including fatalities for employees, was 2.29 per 1 million hours worked" (page 182).

Definitions are given in footnote 35: "Lost Time Injuries (LTIs) are defined as occupational injuries resulting in more than one-day absence from work. Total Recordable Injuries (TRIs) are defined as LTIs + modified duty injuries + medical treatment injuries" (page 182).

Recordable injuries fell year on year while lost time injuries rose, from 366 to 380. The number of days lost to injuries, ill health and fatalities is not reported, no prior-year injury rate is given for comparison against the 2.29 figure, and cases of recordable work-related ill health are not separately disclosed.

Reference: page 183 (ESRS Reference Table, page 195, which maps this row to S2-1 datapoints 17 and 18 under SFDR and datapoint 19 under the Benchmark Regulation).

"AB InBev's Global Human Rights Policy outlines the company's approach and commitment to respecting human rights across its operations and value chain" (page 183). The policy is grounded in "the United Nations Guiding Principles on Business and Human Rights (UNGPs)" and prohibits "all forms of forced or compulsory labor; human trafficking... and the employment and exploitation of children" (page 181).

The supply chain instrument is the Global Responsible Sourcing Policy: "The company's Global Responsible Sourcing Policy outlines its approach and commitment to respecting human rights, labor standards, health and safety, and business integrity across its supply chain and addresses human trafficking, forced labor and child labor. AB InBev is committed to working with suppliers, vendors, agents, and contractors who share these values. The company expects its business partners to ensure that their employees, temporary and contract workers, and parties involved in their own supply chain also comply with this policy. The policy has been translated into local languages, communicated to vendors during contracting and included in certain contract clauses. The Chief Supply Officer oversees implementation of this policy" (page 183).

Farm-level coverage is added by a third instrument: "the company's Responsible Sourcing Principles for Farms provides additional principles to apply across a broad range of agricultural contexts" (page 184). Accountability sits with the Global Compliance Committee, "responsible for ensuring compliance with its policies" (page 183).

Reference: page 183 (ESRS Reference Table, page 195).

"Due diligence is a key enabler of the company's approach for compliance with its policies and its commitment to responsible business practices. The company's due diligence includes efforts to identify, prevent and mitigate potential risks or issues, as well as periodic engagement with value chain workers or credible proxies. In 2025, AB InBev's value chain consists of various types of workers, including, but not limited to, farmers, factory workers, brand promoters, professional services staff and logistics personnel" (page 183).

Direct worker engagement is built into the audit methodology: the deeper due diligence for suppliers identified as potentially high risk "is based on the Sedex Members Ethical Trade Audit (SMETA) methodology, which uses a combination of site-level assessment questionnaires, onsite audits and independent third-party interviews directly with workers" (page 183).

Farmer engagement is direct and at scale: the company "works with and engages with more than 20,500 direct farmers, ranging from large commercial farmers to smallholder farmers. It also uses direct and local connections with farmers, secured through agronomists and researchers on the ground, to support training and upskilling farmers in its value chain" (page 184). The stakeholder table lists the farmer channels as "Direct farmer engagement and training" and "AB InBev agronomy teams" (page 166).

No frequency of engagement is stated, and no senior individual is named as accountable for ensuring engagement happens.

Reference: page 183 (ESRS Reference Table, page 195).

The primary channel sits with suppliers, with a notification duty back to the company: "The Global Responsible Sourcing Policy is intended to encourage workers in the value chain to raise concerns through their employers' grievance mechanisms, while also requiring suppliers to ensure that their workers are aware of the 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" (page 183).

The company states the limit of its own oversight and the fallback channel: "While AB InBev does not directly oversee suppliers' grievance mechanisms, the company's Compliance Helpline is available to all stakeholders to raise concerns. Reports received by AB InBev are taken seriously and are assessed and addressed in accordance with internal policies and applicable laws" (page 183).

Retaliation protection is cross-referenced: "Refer to the Business conduct section in these Sustainability statements for information about the company's policy to protect against retaliation for individuals that use channels to raise concerns and the Code of Business Conduct" (page 183). The Helpline itself "is available 24/7 for both internal and external users. Reports can be filed in different languages, and if desired and permitted by local law, anonymously" (page 186).

No assessment is given of whether value chain workers are aware of or trust these channels, and no remediation outcome is reported.

Reference: pages 183-184 (ESRS Reference Table, page 195).

Supplier screening and audit. "The company's procurement management system supports the risk management process, which includes screening of suppliers. The company conducts deeper due diligence for suppliers identified as potentially high risk through its screening processes. This due diligence is based on the Sedex Members Ethical Trade Audit (SMETA) methodology, which uses a combination of site-level assessment questionnaires, onsite audits and independent third-party interviews directly with workers. The due diligence process is designed to provide the company with insight into the issues in its value chain and enables it to monitor cases and take action as appropriate. The company's Chief Sustainability Officer and Chief Procurement Officer review the due diligence outcomes periodically" (page 183).

Livelihoods and inclusion. "The company seeks to promote growth and improved livelihoods in communities across its value chain through programs that are designed to support digital, financial and social inclusion. The company's e-commerce platform, BEES, aims to make retailers' businesses more profitable and manageable... BEES is active in 29 markets offering assistance to retailers in accessing financial services, developing business skills and uncovering valuable business insights" (page 183).

Agriculture. "the company aims to take a farmer-centric approach with respect to agriculture workers in its value chain", working with "more than 20,500 direct farmers" and using agronomists and researchers on the ground "to support training and upskilling farmers in its value chain" (page 184).

The number of supplier audits conducted, findings raised and cases remediated in 2025 is not disclosed.

Reference: page 184 (ESRS Reference Table, page 195, where the row is shared across the Human Rights & Fair Labor Practices, Local Economic Development and Responsible Sourcing material topics).

The disclosed target is the 2025 Smart Agriculture Goal: "It also uses direct and local connections with farmers, secured through agronomists and researchers on the ground, to support training and upskilling farmers in its value chain and to work toward its Smart Agriculture Goal that 100% of its direct farmers will be Skilled, Connected and Financially Empowered by 2025. In 2025, the company achieved this goal with 100% of direct farmers in the company's value chain considered Skilled, Connected, and Financially Empowered" (page 184).

Progress by component (page 184):

Footnote 37 defines each term, for example: "A Skilled farmer: (i) has access to an approved variety; (ii) has access to a crop protocol; and (iii) has access to technical advice based on crop protocol through at least two engagements per year" (page 184). Footnote 36 defines a direct farmer as one "with whom AB InBev has a direct sourcing relationship for a priority crop through a contract".

The goal covers direct farmers only. No target is set for supplier audit coverage, remediation or human rights outcomes across the wider value chain, and no successor target beyond 2025 is disclosed.

Reference: pages 184-185 (ESRS Reference Table, page 196, which maps this row to S4-1 datapoint 16 under SFDR and datapoint 17 under SFDR and the Benchmark Regulation).

"AB InBev's Responsible Marketing and Communications Code (RMCC) sets the standards for its marketing and commercial communication worldwide to ensure that commercial communications are aimed only at individuals above the legal drinking age and are carried out responsibly. The company's marketers, distributors and customers share similar impacts and are subject to the same legal drinking age requirements. As a result, employees and the company's relevant contractors and agencies are trained periodically in matters related to the RMCC. The RMCC applies to all consumers. The Chief Legal and Corporate Affairs Officer and the Chief Marketing Officer are responsible for implementing the RMCC which is both available on the company's website and shared with all employees" (pages 184-185).

Human rights coverage extends to this group: "Consumers and end users are also covered by the company's Global Human Rights policy" (page 185).

Product safety is governed through a management system rather than a named policy: "AB InBev follows a comprehensive quality management system at its breweries and facilities to maintain product safety and extends these standards to its suppliers as well" (page 185).

The company also aligns with an external code: its social norms efforts include "alignment with the International Alliance for Responsible Drinking's International Digital Guiding Principles" (page 185).

Reference: page 185 (ESRS Reference Table, page 196).

"AB InBev engages with consumers and end users through its marketing practices at various stages and frequencies, and input is reflected in the relevant strategies" (page 185).

Direct consumer contact is described in the product quality subsection: "If consumers have any questions, comments, or issues, they may call the company's toll-free customer service number printed on its packaging and speak to a company representative... Consumer complaints are resolved on a case-by-case basis through management systems" (page 185).

The stakeholder table lists the consumer channels as "Digital engagement (DTC platforms)", "Media", "Advertising and sponsorships", "Events and activations", "Notices regarding products" and "Social media and websites" (page 166).

Programme design is stated to draw on outside expertise and local assessment: programmes are "grounded in evidence-based interventions", and "Tracking and assessment of these programs is managed at a local level. In partnership with local experts, governments and the AB InBev Foundation, AB InBev supported 46 programs across 24 countries using these evidence-based techniques in 2025 (33 programs across 20 countries in 2024)" (page 185).

No senior role is named as accountable for consumer engagement, and no assessment of the effectiveness of the engagement itself is given.

Reference: page 185 (ESRS Reference Table, page 196).

Two channels are described. For product issues: "If consumers have any questions, comments, or issues, they may call the company's toll-free customer service number printed on its packaging and speak to a company representative... Consumer complaints are resolved on a case-by-case basis through management systems" (page 185). A measured outcome is given: "The company also experienced an 20% year-over-year reduction in consumer complaints from 2024 to 2025" (page 185).

For conduct issues, the statement cross-refers to the whistleblowing route: "Refer to the Business conduct section in these Sustainability statements for further detail on the company's Whistleblower Policy" (page 185). That channel is open to external users: the Compliance Helpline "is a secure means of reporting and is available 24/7 for both internal and external users. Reports can be filed in different languages, and if desired and permitted by local law, anonymously" (page 186), and it "is available to all stakeholders to raise concerns" (page 183).

Product recall exposure is acknowledged as the underlying risk: "If any products are defective or found to contain contaminants, AB InBev may be subject to product recalls or other associated liabilities" (page 185).

The absolute number of consumer complaints is not disclosed, only the year-on-year percentage change, and no assessment of consumer awareness of or trust in the channels is given.

Reference: page 185 (ESRS Reference Table, page 196, which maps this row to S4-4 datapoint 35 under SFDR).

Four areas of action are set out (page 185):

• Social norms marketing. "By informing consumers of the fact that the majority of those who consume alcohol do so in moderation, the company seeks to drive positive behavioral change... The company has invested more than 1 billion USD in dedicated social marketing campaigns and related programs since 2016."
• Programs. "responsible beverage service training, screenings and brief interventions designed as preventive measures during outpatient and wellness visits, and road safety initiatives aiming to help governments improve their road safety management systems... AB InBev supported 46 programs across 24 countries using these evidence-based techniques in 2025 (33 programs across 20 countries in 2024)."
• Providing balanced choices. "AB InBev's portfolio includes no-alcohol beers in many markets. These include global brands like Corona Cero, Budweiser 0.0, Stella 0.0, and Michelob ULTRA Zero... In 2025, 6.2% of the company's global beer volume was less than 3.5% alcohol by volume (ABV) compared to 6.3% in 2024... In 2025, products at 4.5% ABV or below represented 52.9% of the company's portfolio compared to 50.8% in 2024."
• Labeling. "the company continues to include smart drinking label designs on primary product packaging in countries where there is currently no mandate for legal warnings. This includes labels with voluntary messaging that promotes responsible consumption such as "Don't Drink and Drive," "Not for Minors," and "Not for Pregnant Women.""

Product quality (page 185). "In 2025, 100% of AB InBev's sites were internally audited consistent with 2024, and 47% of these sites were externally audited against the BRC Global Standard Food Safety requirements, compared to 51% in 2024."

Reference: page 185 (ESRS Reference Table, page 196).

The disclosed target is the no- and low-alcohol volume goal, reported as missed: "In 2015, AB InBev led the industry by setting a goal to expand its no- and low-alcohol beer volume to represent 20% of its global beer volume by the end of 2025. In 2025, 6.2% of the company's global beer volume was less than 3.5% alcohol by volume (ABV) compared to 6.3% in 2024. Although AB InBev has been striving to meet this goal, the company did not reach the 20% goal by 2025" (page 185).

A second, broader portfolio measure is reported alongside it and moved the other way: "In 2025, products at 4.5% ABV or below represented 52.9% of the company's portfolio compared to 50.8% in 2024" (page 185). Footnote 38 states the basis: "The global beer volume is based on global beer products sold in 2025 and 2024 respectively."

Effectiveness of the wider moderation work is tracked through programme counts rather than targets: 46 programmes across 24 countries in 2025 against 33 across 20 countries in 2024, with "Tracking and assessment of these programs... managed at a local level" (page 185). Product quality is tracked through audit coverage: 100% of sites internally audited and 47% externally audited against BRC (page 185).

No successor target beyond 2025 is disclosed, and no target is set for product quality or for consumer complaint reduction.

Reference: page 186, with corporate culture also mapped to page 182 in the ESRS Reference Table (page 195); the table maps this row to G1-1 datapoints 10(b) and (d) under SFDR (page 196).

"The company's Code of Business Conduct is a practical guide to living its principles and values every day. AB InBev's Code of Business Conduct (Code) contains ethical principles designed to align with the International Labor Organization (ILO) Standards and includes policies that define employees' responsibilities and expected behavior, addressing key risk areas such as anti-corruption, human rights, safety of workers, human trafficking, use of forced or child labor, digital ethics and data privacy, harassment and discrimination, and conflict of interest" (page 186).

Corporate culture. "AB InBev's corporate culture revolves around 10 guiding principles which form the foundation of the company's culture. These principles are integrated into people management, visually communicated, and reinforced through internal campaigns. The company assesses cultural performance at both individual and global levels" (pages 181-182).

Whistleblower protection. "Through its Global Whistleblower Policy, AB InBev encourages colleagues to raise any concerns. The company has a zero-tolerance policy towards any threatened or actual retaliation against any persons, who, in good faith, raise concerns or participate in an investigation" (page 186).

Reporting route. "Important matters and the outcomes of investigations are periodically reported to the Global Compliance Committee comprising senior management, AB InBev's Board of Directors and Audit Committee as needed" (page 186). Investigations follow "Investigation Guidelines that govern the company's investigation process", with "Escalation and recusal rules... embedded into the company's process to avoid conflicts of interest" (page 186).

Reference: page 186 (ESRS Reference Table, page 196).

Supplier management is described through the Code and the screening process attached to it: "AB InBev works to ensure suppliers' compliance with the Code's ethical principles on corruption and bribery as part of its due diligence and risk assessment process for suppliers. The company works to screen new suppliers to categorize corruption and bribery risk level based on likelihood of interacting with public officials and other factors. Vendors are then screened at a regular cadence with more frequent due diligence review on high-risk suppliers to ensure compliance with the Code of Conduct" (page 186).

The statement then cross-refers for the wider supplier relationship: "For more information on AB InBev's approach to supplier relationships and due diligence, refer to the Workers in the value chain section in these Sustainability statements" (page 186). That section sets out the Global Responsible Sourcing Policy, translated into local languages, "communicated to vendors during contracting and included in certain contract clauses", overseen by the Chief Supply Officer, and the SMETA-based deeper due diligence for higher-risk suppliers (page 183).

Sustainability criteria for supplier selection include waste and recycled content commitments: suppliers "should commit to reducing the production of waste and implementing initiatives to measurably increase the recycled content and/or returnability of their products" (page 177).

Payment practices and the risk of late payment to smaller suppliers are not addressed, and no supplier audit or screening coverage figure is given.

Reference: pages 186-187 (ESRS Reference Table, page 196, where the row is titled "Business conduct processes").

Training. "AB InBev annually launches a series of mandatory training modules overseen by the Ethics & Compliance team to educate the workforce on its Code and key policies. In 2025, the company conducted global training on the Code of Business Conduct including topics such as Responsible Drinking, Anti-Corruption, Antitrust, Anti-Harassment and Anti-Discrimination and Data Security. The annual compliance training package includes a mandatory attestation. The Anti-Corruption module specifically reinforces the company's zero tolerance policy toward bribery and corruption and emphasizes the importance of third-party due diligence. Over 51 thousand employees from all functions of the organization completed the trainings online including the full senior leadership team" (pages 186-187). Onboarding training for full-time employees covers "the Code of Business Conduct, Anti-Corruption, Anti-Harassment, Anti-Money Laundering and International Trade Compliance, Antitrust, Conflict of Interest, Digital Ethics, and Human Rights. The Board receives ad hoc trainings on compliance matters as relevant" (page 187). Footnote 39 notes training is "mandatory for 100% of employees except for those on leave or employed in certain jurisdictions that require different trainings".

Detection and investigation. Reports through the Compliance Helpline "are reviewed by the Ethics & Compliance team, in line with its Investigation Guidelines... Escalation and recusal rules are embedded into the company's process to avoid conflicts of interest", and outcomes are "periodically reported to the Global Compliance Committee comprising senior management, AB InBev's Board of Directors and Audit Committee as needed" (page 186).

Third parties. New suppliers are screened "to categorize corruption and bribery risk level based on likelihood of interacting with public officials", with more frequent review of high-risk suppliers (page 186).

The percentage of functions at risk covered by training programmes is not stated as such.

Targets related to business conduct

Back-filled from the business conduct chapter, where business conduct targets fell under the MDR-T minimum disclosure requirements rather than a numbered disclosure requirement. G1-3 became a standalone DR only in the 2025/2026 ESRS, and this statement was prepared under the 2023 ESRS.

AB InBev discloses no measurable outcome-oriented business conduct target. No target is set for training completion, supplier screening coverage, investigation closure or incident reduction, and the ESRS Reference Table lists no targets row for Business Conduct - only SBM-3, GOV-1, G1-1, G1-2, G1-3 and G1-4 (page 196).

Consistent with MDR-T's other limb, effectiveness is tracked in the absence of a target:

• Annual mandatory training with an attestation gate: "The annual compliance training package includes a mandatory attestation", and "Over 51 thousand employees from all functions of the organization completed the trainings online including the full senior leadership team" in 2025 (pages 186-187). Footnote 39 records that trainings are "mandatory for 100% of employees except for those on leave or employed in certain jurisdictions that require different trainings" (page 187).
• Recurring supplier screening: vendors "are then screened at a regular cadence with more frequent due diligence review on high-risk suppliers to ensure compliance with the Code of Conduct" (page 186).
• Governance review of outcomes: "Important matters and the outcomes of investigations are periodically reported to the Global Compliance Committee comprising senior management, AB InBev's Board of Directors and Audit Committee as needed" (page 186), with all submissions undergoing "comprehensive review by specialized teams" (page 187).

The statement carries no blanket disclosure explaining why material IROs lack associated targets.

Reference: pages 186-187 (ESRS Reference Table, page 196, where the row is titled "Business conduct actions").

The company lists G1-4 as covered in its ESRS content index. What the referenced pages contain is the actions and controls around corruption and bribery rather than an incident count:

• Zero tolerance. "The Anti-Corruption module specifically reinforces the company's zero tolerance policy toward bribery and corruption and emphasizes the importance of third-party due diligence" (page 187).
• Reporting route. "Any concerns with respect to potential violations of the company's Code, policies and applicable laws or regulations, can be reported through the company's Compliance Helpline... Reports are reviewed by the Ethics & Compliance team, in line with its Investigation Guidelines that govern the company's investigation process" (page 186).
• Escalation. "Important matters and the outcomes of investigations are periodically reported to the Global Compliance Committee comprising senior management, AB InBev's Board of Directors and Audit Committee as needed" (page 186).
• Follow-up. "All submissions undergo comprehensive review by specialized teams. Global and local teams follow up on reports based on guidelines and action plans" (page 187).

No number of convictions and no amount of fines for violation of anti-corruption and anti-bribery laws is disclosed, and no count of confirmed incidents of corruption or bribery, or of contract terminations or dismissals arising from them, is given. Fines are referred to only as a forward-looking exposure: if the company "does not successfully comply with applicable laws, regulations, and trade restrictions, it could become subject to fines, penalties, or other regulatory sanctions" (page 186). Material contingencies are cross-referenced to "note 29 to the Consolidated financial statements" (page 186).