As of 30 June 2026, current and non-current interest-bearing loans and borrowings totaled 72.3 billion US dollar, compared to 73.0 billion US dollar as of 31 December 2025.

As of 30 June 2026, the company had 0.2 billion US dollar outstanding balance on commercial papers (31 December 2025: nil). The programs authorize issuances of up to USD 5.0 billion and EUR 3.0 billion, respectively.

Net debt is defined as non-current and current interest-bearing loans and borrowings and bank overdrafts minus debt securities and cash and cash equivalents. Net debt is a financial performance indicator that is used by AB InBev’s management to highlight changes in the company’s overall liquidity position.

 

AB InBev’s net debt increased to 64.2 billion US dollar as of 30 June 2026, from 60.9 billion US dollar as of 31 December 2025. In addition to operating results net of capital expenditures, the change in net debt primarily reflects the payment of interest and tax (3.8 billion US dollar), share buybacks by AB InBev and Ambev (1.8 billion US dollar),  of the 49.9% minority stake in our US-based metal container plants (2.9 billion US dollar), the acquisition of an 85% controlling stake in BeatBox ( billion US dollar), dividend payments to shareholders of AB InBev, Ambev and minorities ( billion US dollar), and a foreign exchange impact on net debt (0.9 billion US dollar decrease of

The table below details the changes in the company’s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the company’s consolidated cash flow statement from financing activities.