Risk Reward Update

Research evidence excerpt

Risk Reward Update

Price Price Target Technology Diffusion: Positive

View descriptions of Risk Rewards Themes here

Source: Refinitiv, Morgan Stanley Research, Morgan Stanley Institutional Equities Division. The probabilities of our Bull,

Base, and Bear case scenarios playing out were estimated with implied volatility data from the options market as of 1 Jul

2026. All figures are approximate risk-neutral probabilities of the stock reaching beyond the scenario price in either

three-months’ or one-years’ time. View explanation of Options Probabilities methodology here

BULL CASE €91.50 BASE CASE €74.00 BEAR CASE €43.50

~22.9x our bull case CY26 EPS ~19.1x our base case CY26 EPS ~12.3x our bear case CY26 EPS

Our bull case assumes a faster recovery in We forecast FY26 organic EBITDA growth of Our bear case assumes a recession scenario,

US volumes (post Bud Light) and continued +5.3%, in the middle of the guidance range which sees consumers cut back on spending

strength in EM. We model organic EBITDA of 4-8%. We reflect the recently announced due to rising cost of living, leading to

growth in 2026 of 6.5%, rising to 10% in $6bn SBB. Our P/E and DCF blend valuation volume declines across key markets in 2025

2027, and 7% thereafter, above the mid- implies CY26 P/E at 19.1x, a ~19% premium and beyond. With transactional headwinds

point of ABI's mid-term guidance range, and to EU Staples, reflecting the group's creating a drag on margins, this scenario

reflecting enhanced execution. With superior FCF generation. sees only +1% growth in organic EBITDA in

accelerated growth and faster deleveraging 2026 and beyond, below the group's 4-8%

paving the way for more substantial annual target. We assume the stock would