5 Key takeaways from our CFO meetings with ABI and industry feedback

Research evidence excerpt

5 Key takeaways from our CFO meetings with ABI and industry feedback

Flash Note Consumer | Global Beverages

June 11, 2026

AB Inbev Robert Ottenstein Greg Porter 212-653-9020 212-653-9042

BUD | $81.02 Robert.Ottenstein@evercoreisi.com Greg.Porter@evercoreisi.com

Outperform | Target Price/Base Case: $105.00 JD Todd

Company Update 212-812-2912

JD.Todd@evercoreisi.com

We hosted CFO Fernando Tennenbaum and IR at our conference this week. We remain impressed with

the across-the-board progress we are seeing at ABI and view the company as increasingly the global leader

in beverage alcohol. The company has an unmatched beer portfolio, now meaningfully augmented by its

Beyond Beer offerings, is the leader in eCommerce and digital technology, and has hard to match scale

advantages in procurement and media properties. In sum, ABI has all the elements of a +HSD% to +DD%

compounder worthy of a 20x+ multiple.

The U.S. business is a critical part of this equation and that business has stronger momentum now than at

any point in recent history. Management attributes its recent success in the U.S. to 10+ years of consistent

investment through various ups and downs. Clear examples of that paying off include the impressive

success of Michelob Ultra and Cutwater, both of which we believe are nicely profit-accretive, especially

Cutwater, which we believe is now having a meaningful impact on ABI and its distributors’ P&L. Ultra is now

the largest beer brand by volume in the U.S. and such an important traffic driver for retailers that the lower

price realization for Ultra picked up in scanner reflects retailer investment, not discounting from ABI,

according to industry sources. We believe that ABI is seeing similar success in other markets, including