First Read Anheuser-Busch InBev Off the call (Q2 26) - Compounding strong EPS

Research evidence excerpt

First Read Anheuser-Busch InBev Off the call (Q2 26) - Compounding strong EPS

our report): BEES continues to be one of ABI's most important

growth platforms. Marketplace GMV from 3PP increased +50% YoY to reach $1.2bn in

Q2, while total BEES GMV increased +16% to $15bn. Management reiterated that

Marketplace has been profitable since day one and is already equivalent to a top-20

country within the ABI portfolio by EBITDA size, while ranking among the group's top-

10 contributors to EBITDA growth. The company sees significant opportunity ahead,

with a strong pipeline of customers and countries and emphasizing that the platform

remains highly incremental to group profitability.

Capital allocation: over the last years, group has been reinforcing the business

successfully and added a lot to the portfolio (expanding to beyond beer and non-

alcoholic beer especially) and capabilities (digital, revenue growth management etc.).

Group will continue to optimize the business to support operational performance. This

combines with disciplined investment management creates more optionality (more

investment behind organic growth, M&A and dividend increase).

Europe: Market share gain in 5 of 6 markets.

Middle Americas - Colombia / Peru / Ecuador: Strong momentum supported by

weather, consumer environment, very strong execution growing industry, and world cup

activity. Growth came from all categories (beer, non-alcoholic) beer, beyond beer)

Ecuador benefited from a temporary excise effect due to the world cup. Colombia has

been growing for a while with improving consumer environment over the last 12

months (stability of currency, lower inflation, real income increase etc.)

Bolivia: Ambev highlighted a double-digit volume decline in Bolivia, driven by