The Directors present their Strategic Report together with the audited financial statements for the year ended 31 December 2025 for AB InBev UK Limited ("the Company").

The nature of the Company’s operations and its principal activities are brewing, distributing, and importing beer. The Company is a wholly owned subsidiary. The ultimate parent company and controlling party is Anheuser-Busch InBev SA/NV, incorporated in Belgium and the immediate parent company is Nimbuspath Limited, a company incorporated in the United Kingdom.

The UK economic environment in 2025 remained challenging, albeit more stable than the volatility experienced in recent years. Economic growth was modest and inflation, while significantly below the peaks seen in 2022 and 2023, remained above the Bank of England’s target for much of the year. This continues to place pressure on household disposable income and consumer confidence, with shoppers and customers remaining focused on value, quality and trusted brands.

The beer industry continued to face volume pressure in 2025, reflecting ongoing moderation trends, cost-of-living pressures and a competitive trading environment across both the off-trade and on-trade channels. The on-trade remained particularly impacted by sustained cost pressures across the hospitality sector. At the same time, consumer interest in premium, super-premium and alcohol-free offerings continued to shape the category, with consumers seeking quality, experience and more choice across a broader range of drinking occasions.

Despite a competitive landscape, AB InBev UK Limited delivered strong performance across its three strategic pillars:

Lead and grow the category

We continued to strengthen our premium and super-premium portfolio, supported by our leading brands including Stella Artois, Corona and Budweiser. During the year, we successfully integrated San Miguel into our UK portfolio, broadening our consumer proposition and strengthening our ability to serve customers across a wider range of occasions. At the same time, we worked on the launch of Modelo Especial, our new ultra-premium proposition that has scaled in 2026. We also continued to support the growth of moderation-led choices through our alcohol-free and low-alcohol portfolio.

Digitise and monetise our ecosystem

We enhanced our digital capabilities, improving customer engagement and operational efficiency through data-driven insights and e-commerce expansion.

Optimise the business

We maintained a disciplined focus on productivity, cost efficiency and cash generation. In a market where input costs, labour costs and customer investment remained under pressure, we continued to streamline our operations and invest selectively in capabilities that support sustainable long-term value creation.

In 2025, AB InBev UK Limited strengthened its market leadership, growing beer volume share in the off-trade and increasing market share in the on-trade, both supported by the integration of San Miguel into the portfolio.

We also continued to invest in our people and culture, embedding a growth mindset and reinforcing our commitment to diversity, equality and inclusion across the organisation.

Looking ahead to 2026, we are optimistic about continued economic stabilisation and growth in the beer category. Our focus will remain on:

Expanding the premium and super-premium portfolio

We will continue to invest in brands like Stella Artois, Corona, San Miguel, and our new innovation Modelo Especial to meet evolving consumer preferences.

Strengthening the on-trade sector

We are committed to supporting our On-Trade partners and driving growth through premiumisation, experiential marketing, and tailored support.

Sustainability and responsibility

We remain dedicated to our sustainability goals. All our beers are brewed using 100% renewable electricity, and we are making further progress in sustainable packaging and waste reduction. Our commitment to responsible drinking is reflected in the continued growth of our alcohol-free and low-alcohol portfolio.

Leveraging global partnerships

We are excited to activate our global sponsorships across Wimbledon and the FIFA World Cup 2026, which is sponsored by Budweiser.

We believe our strategic focus, strong brand portfolio, and commitment to innovation and sustainability position us well for long-term success.

The management of the business and the execution of the Company's strategy are subject to several risks.

The key business risks and uncertainties affecting the Company are considered to relate to increasing commodity costs, which increase production costs. These are monitored regularly by the Board of Directors and management of the Company.

Risk management policy

The Company's Board of Directors monitor risk management and the controls in place. These controls are regularly reviewed.

The main risks affecting the Company and their related risk management policies are as follows:

1. Credit risk

No material exposure is considered to exist in respect of intercompany loans or third-party debt. The Company has implemented policies that require appropriate credit checks on potential customers before sales are made and the Company monitors the exposure to individual customers on an ongoing basis. The Company principally trades with large, well-known businesses.

2. Interest rate risk

The Company has both interest-bearing intercompany assets and interest-bearing intercompany liabilities. No material exposure is therefore considered to exist regarding changes in interest rates.

3. Foreign currency risk

Purchases of goods and services from overseas group undertakings are denominated in foreign currencies with the Company assuming the foreign currency risk. The Group treasury function takes out contracts to manage this risk at the group level with the use of financial derivatives governed by the Ultimate Parent Company’s policies approved by its Board of Directors. The Company does not use any foreign exchange derivatives for speculative purposes.

4. Climate change risk

Climate change is a big challenge affecting our industry and the whole world. It can impact the Company by affecting water and other raw materials' availability and prices. No material financial exposure is considered to exist regarding climate change risk.

Based on forecasts and the current level of activity in the business, the Directors deem it appropriate to prepare the financial statements on a going concern basis.

In addition, ABI UK Holding 1 Limited, an intermediate parent company of AB InBev UK Limited, has provided the Company with an undertaking that for at least twelve months from the date of approval of these financial statements, it will continue to make available such funds as are needed by the Company to enable the Company to continue in operational existence for the foreseeable future. As with any Company placing reliance on other group entities for financial support, the Directors acknowledge that there can be no certainty that the support will continue, although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

The Company Directors use net revenue, gross profit, operating profit, and cash from operations as a measurement of effectiveness of operations. The Company achieved net revenue and gross profit of £1,858m and £504m respectively (2024: net revenue £1,675m, gross profit £450m).

Loss for the financial year amounts to £5m (2024: Loss for the financial year of £61m).

The Company uses non-financial KPIs regularly, such as customer retention, employee engagement and company reputation.

The Directors must act in the way they consider, in good faith, and would be most likely to promote the success of the Company for the benefit of its members, as set out in section 172 of the Companies Act 2006. In doing so, the Directors must have regard (among other matters) to:

• the likely consequences of any decision in the long term;

• the interests of the Company's employees;

• the need to foster the Company's business relationships with suppliers, customers and others;

• the impact of the Company's operations on the community and the environment;

• the desirability of the Company maintaining a reputation for high standards of business conduct, and

• the need to act fairly as between members of the Company.

The Directors acted in a way that they consider would promote the success of the Company in accordance with the above.

The Directors welcome the legislation regarding stakeholder engagement.

The Company's Board of Directors considers the likely consequences of any decision in the long term by monitoring risk management and the controls in place. These controls are regularly reviewed. The Company also has access to sophisticated forecasting, business planning and macro, and micro economic analysis.

The relationships with stakeholders are considered by the Board of Directors when making decisions and the impact these decisions may have on stakeholders.

We list below our key stakeholders and how we engage with them. The list reflects a combination of the key touchpoints of our business on a day-to-day basis, and others that are important to us as a business and our role in society. The Directors understand that not every decision they make will result in a positive outcome for all stakeholders. However, they aim to consider them alongside the Company’s purpose, values, and strategic priorities.

Employees - Our people are our greatest asset, and the Company maintains an unwavering commitment to attracting, developing, and retaining the best talent. To support this, we offer a compelling and flexible total reward package, including comprehensive healthcare and pension plans. Senior colleagues are further incentivised through participation in group-wide employee share schemes.

The core of our people strategy is a commitment to sustainable, profitable growth. Through rigorous resource planning and disciplined cost management, we protect employment and ensure our people are deployed in roles where they can add the most value.

Employee engagement sits at the heart of our people agenda. We firmly believe that fostering genuine two-way dialogue between the Company and its workforce is a critical enabler of business success. We provide multiple channels through which employees can make their voices heard, including open forums at management meetings and structured, regular employee opinion surveys. Survey findings are carefully analysed and translated into clearly defined engagement action plans, with management held accountable for delivering measurable improvement year on year.

Employees also receive timely and consistent updates on the financial performance of their business units and the wider group through a variety of touchpoints, including email communications, all-employee meetings, and live digital sessions hosted by senior leaders. These sessions are designed to be genuinely interactive, with senior leaders actively welcoming and responding to employee questions, reinforcing a culture of openness and trust.

Directors meet monthly to review and deliberate on employee-related initiatives in depth. This is supplemented by weekly team meetings, structured one-to-one sessions with executive teams, and frequent, informal engagement with the People function and employees across the business - which ensures that people considerations remain visible, current, and embedded in leadership decision-making at all times.

Suppliers - Our suppliers are fundamental to our business. Our strong long-term working relationships with our suppliers are important to ensure the efficiency of the Company’s operations and we pride ourselves on working fairly with all our suppliers. The Company receives full support from an expert procurement team in its supplier relationships who apply European best practice.

Customers - Customers are of course a key part of our business, and our teams talk to them every day to understand their concerns and to work with them to support mutual goals. The Company aims to be number one in customer service and makes its business decisions accordingly.

Consumers - A key part of our culture is recognising that the consumer is the boss, and on that basis, we work every day to put the consumer at the centre of what we do. We aim to create a nation of smart drinkers and to champion Britain’s iconic beer culture.

Community - We recognise the importance of having strong working relationships with our local communities, in particular around our breweries in Samlesbury in Ribble Valley in the North West of England, established in 1972 and Magor in South Wales, established in 1979.  Our other breweries in Camden Town and Enfield are craft brewing innovators.

Environment - We strive to make the world a better place, combining our scale, resources and energy with the needs of our communities. Our sustainability strategy is embedded throughout our business and across our supply chain.

Government and Regulators - We are a founder member of the Portman Group, a social responsibility body and regulator for alcohol labelling. We support Drinkaware, an independent charity which aims to reduce alcohol-related harm, and Club Soda, and are a central member of the British Beer and Pub Association. We are also members of the All Party Parliamentary Beer Group, All Party Parliamentary Corporate Responsibility Group, Parliamentary Renewable and Sustainable Energy Group and Industry and Parliament Trust. We engage openly and proactively with Governments and Councils at a national, devolved, and local level to support our industry and work towards supporting its success in the future.

As a Company, we never take shortcuts. We know that integrity, hard work, quality, and responsibility are key to building our business.

Acting fairly between members - Finally, regarding the need to act fairly between the members of the Company, the Company is wholly owned by Nimbuspath Limited.

Purpose of report

These Sustainability statements serve as AB InBev UK Limited’s non-financial reporting on matters in accordance with the UK Government’s Mandatory climate-related financial disclosures by publicly quoted companies, large private companies, and LLPs, as mandated by the: Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations 2022.

Board oversight

Sustainability oversight is managed at group level for our global business. As the company’s ultimate decision-making body, the Board’s 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. Four Board committees assist the Board in exercising this role as part of their responsibilities.

Governance is overseen by group-level committees within AB InBev, which apply across all group companies, including AB InBev UK Limited.

• The Nomination Committee reviews corporate governance matters as part of its role in nomination and retention of Directors and executives and determines whether the Board composition fulfils the appropriate skills and expertise.

• The Remuneration Committee reviews remuneration policies and packages as part of its role in the compensation and retention of Directors and executives.

• The Finance Committee reviews sustainability matters as part of its assessment of funding requirements, financial risk, supply security and sourcing strategies.

• The Audit Committee reviews environmental matters as part of its overall audit function, including significant public disclosures on related impacts, risks and opportunities, and goals.

Please see the Corporate governance statement in AB InBev’s 2025 Annual Report for more information.

2. Strategy

AB InBev regularly evaluates risks and opportunities at Group level, monitoring through tools and frameworks, including:

• the Task Force on Climate-Related Financial Disclosures (TCFD) for climate-related risks and opportunities

• a water risk assessment tool to review the company’s operational risks globally

• human rights due diligence processes

Climate-related risks and opportunities, impact on business strategy and financial planning and resilience of strategy

AB InBev’s business is closely tied to the natural environment. Agricultural crops and water are its key ingredients. It requires raw materials for packaging and energy, and fuel to brew, transport, and cool its beers. Climate change or other environmental concerns, or legal, regulatory, or market measures to address climate change or other environmental concerns, may affect the company’s business or operations including the availability of key production inputs.

For purposes of its global reporting, 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. Against this time horizon, in line with the company’s long-term strategic planning, the company evaluated risks and opportunities associated with policy, technology, market changes, reputation and chronic and acute physical risks.

The following discussion on physical and transition risk scenarios refer to terms used in TCFD. In this risk scenario analysis, the company considered two scenarios each for physical and transition risks over the medium and long term. It analysed short-term risks through its internal risk management processes. The outcome of these analyses informed the company’s climate strategy.

To analyse physical risks and opportunities, the company considered two scenarios, using the Intergovernmental Panel on Climate Change (IPCC) Representative Concentration Pathways (RCP):

• Physical Risks Scenario 1: RCP 4.5, a high mitigation scenario in which emissions start declining by mid-century; and

• Physical Risks Scenario 2: RCP 8.5, an extreme global warming scenario in which global warming reaches 4 degrees Celsius, representing a failure of policy makers to implement the Paris Climate Agreement.

For the transition scenario analysis, the Company selected two scenarios developed by the International Energy Agency (IEA):

• Transition Risks Scenario 1: Business-as-usual, as per Stated Policies Scenario (STEPS) considering current policy settings (already implemented or confirmed upcoming policies); and

• Transition Risks Scenario 2: Net Zero Emissions by 2050 (NZE), with 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.

The tables below summarise the outcomes of the Company’s analysis completed in 2022 and reviewed on an ongoing basis. 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.

Although these Sustainability statements contain statements based on hypothetical or severely adverse scenarios and assumptions, these statements should not necessarily be viewed as representing current or actual risk or forecasts of expected risk. In addition, AB InBev’s climate risk scenario analysis and sustainability strategies remain under development as the Company continues to refine its analysis of and response to potential future climate risks and opportunities. Further, the data and methodology underlying AB InBev’s analysis and strategy remains subject to evolution. The Company believes the methodology of climate scenario analysis and carbon accounting will continue to evolve and improve, especially related to Scope 3 emissions.

Process for Identifying and Assessing Climate-related Risks

At a global level and in accordance with the European Sustainability Reporting Standards established under the Corporate Sustainability Reporting Directive, 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. Topics were considered material if there was a related material impact, risk, or opportunity. Please see the ultimate parent company’s global Annual Report page 167 for more details on the double materiality process and assessment of climate-related impacts, risks and opportunities.

For Climate specifically, 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. Against this time horizon, in line with the company’s long-term strategic planning, 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 previously mentioned.

Process for Managing Climate-related Risks

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. The company follows the sectoral decarbonization approach (SDA) defined by the SBTi. The corresponding climate transition plan implementation is embedded in the company’s business strategy.

To help decarbonise its global operations, including its breweries, vertical operations and supply chain, AB InBev has identified decarbonization levers and actions and continues to implement actions for each decarbonisation lever. These include:

• Energy efficiency: Energy efficiency actions include innovative ways to improve efficiency in breweries and adopting low-carbon technologies.

• Use of renewable energy: Use of renewable energy actions include 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: Fuel switching actions include switching to fuel sources such as green hydrogen, biomass and other renewable sources of heat, and switching the company’s fleet to an alternative, renewable fuel fleet and investing in sustainable fuel for shipping while optimising routes and modes of transportation.

• Supply chain decarbonisation: Supply chain decarbonisation actions include designing alternative packaging solutions, developing more resilient and higher-yield crop varieties, partnering with farmers on nutrient management and optimised fertiliser application, introducing nature-based solutions to help remove carbon from the environment and collaborating with peers and suppliers to adopt improved refrigeration in coolers. Supply chain decarbonisation actions also include working with communities and suppliers to help reduce waste, increasing recycled content and implementing programs to promote local recycling, and engaging suppliers through Eclipse, the company’s collaboration platform that supports supply chain partners by providing tools to measure and track decarbonisation while also building capabilities and sharing best practices. AB InBev also innovates with businesses in the 100+ Accelerator. The company founded the 100+ Accelerator in 2018 to provide mentorship, training, and funding to help scale sustainable innovations. In partnership with The Coca-Cola Company, Colgate Palmolive, Danone, Mondelēz, and Unilever, the 100+ Accelerator has worked with 190 startups from 40 countries.

Internal committees manage certain sustainability topics and related impacts, risks and opportunities that span functions and geographies. They provide visibility and foster collaboration and best practice sharing between zones and functions. 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 the global Annual Report.

Integration into Overall Risk Management:

Climate-related risks are integrated into AB InBev’s global risk management processes.

Metrics and targets

Metrics Used to Assess Climate-related Risks and Opportunities

Through its 2025 Climate Action Goal, 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. The Climate Action Goal refers to AB InBev’s global business.

In 2025, AB InBev achieved its global 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. The company contracted the equivalent of 100% of its global purchased electricity volume from renewable sources with 83.7% operational in 2025. While the company achieved an increase in operational renewable electricity each year over the past eight years, 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.

Scope 1, 2, and 3 GHG Emissions

The below set of data refers to the UK only.

On behalf of the board

The directors present their annual report and financial statements for the year ended 31 December 2025.

The principal activity of the Company continued to be that of brewing, distributing and importing beer.

The results for the year are set out on page 21.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

The Directors who have served since 1 January 2025 were:

As at the date of this report and during the year, indemnities are in force under which AB InBev S.A, a fellow

AB InBev group company, has agreed to indemnify the Directors of the Company, to the extent permitted by

law and the Company's Articles of Association, in respect of all losses arising out of, or in connection with, the

execution of their powers, duties and responsibilities, as Directors of the Company. These indemnities meet

the definition of a qualifying third-party indemnity provision.

There have been no significant events affecting the Company.

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

This report aligns with the financial reporting scope of AB InBev UK Limited. A location-based method has been used to calculate the emissions from the electricity purchased. To calculate the carbon emissions from the energy consumption we first measure the actual energy consumption across our scope 1, 2 and 3 and report these numbers internally through our bespoke carbon model. To then calculate the CO2 emissions, we multiply the MJ/KW consumed with carbon emission (intensity) factors. The company uses emissions factors from a mix of databases, sector guidelines and supplier-driven emissions factors. These include the Intergovernmental Panel on Climate Change, UK Department for Environment, Food & Rural Affairs, Eco invent, The Aluminum Association, Environmental Protection Agency, and International Energy Agency among others. Our carbon reporting is audited at global level as per our global annual report.

The chosen intensity measurement ratio is total gross scope 1 and 2 brewery emissions in kg CO2e per HL of beer sold.

Sustainability helps enable AB InBev’s commercial vision and advance the company’s purpose – Dream Big to Create a Future with More Cheers.

We aim to responsibly manage water consumption and discharge across our operations and supply chain. In 2025, we continued working to scale our water stewardship efforts by driving water efficiency in our operations and by engaging in watershed protection measures in partnership with local stakeholders across our global value chain, especially in high-water-stress areas.

In 2021, AB InBev announced its ambition to achieve net zero across its value chain by 2040. Our approach to addressing climate change is focused on activities in our operations and across our value chain. We have identified decarbonisation levers and actions to help decarbonise our global operations. These include energy efficiency, use of renewable energy, fuel switching and supply chain decarbonisation.

The Company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the Directors' report. It has done so in respect of engagement with employees, suppliers, customers and others, risk management and future developments.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the Directors individually have taken all the necessary steps that they ought to have taken as Directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of AB InBev UK Limited (the 'Company') for the year ended 31 December 2025 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 101 'Reduced Disclosure Framework' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors.

• Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

• We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation.

• We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

• We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

• We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

• Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

The income statement has been prepared on the basis that all operations are continuing operations.

The notes on pages 25 to 51 form part of these financial statements.

The notes on pages 25 to 51 form part of these financial statements.

The notes on pages 25 to 51 form part of these financial statements.

AB InBev UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bureau, 90 Fetter Lane, London, United Kingdom, EC4A 1EN. The company's principal activities and nature of its operations are disclosed in the directors' report.

The financial statements have been prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) and in accordance with applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

As permitted by FRS 101, the Company has taken advantage of the following disclosure exemptions from the requirements of IFRS:

• inclusion of an explicit and unreserved statement of compliance with IFRS;

• presentation of a statement of cash flows and related notes;

• disclosure of the objectives, policies and processes for managing capital;

• disclosure of key management personnel compensation;

• disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;

• the effect of financial instruments on the statement of comprehensive income;

• comparative period reconciliations for the number of shares outstanding and the carrying amounts of property, plant and equipment, intangible assets, investment property and biological assets;

• disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;

• a reconciliation of the number and weighted average exercise prices of share options, how the fair value of share-based payments was determined and their effect on profit or loss and the financial position;

• comparative narrative information;

• related party disclosures for transactions with the parent or wholly owned members of the group.

The Company is a wholly owned subsidiary of Nimbuspath Limited and is included in the consolidated financial statements of Anheuser-Busch InBev SA/NV, incorporated in Belgium, which are publicly available and can be obtained from the address noted in note 25. Consequently, the Company has used the right of exemption from preparing consolidated financial statements under the terms of section 400 of the Companies Act 2006. These financial statements are separate financial statements.

Operating segments are applied using the "management approach", where the information presented is on the same basis as the internal reports provided to the Chief Operating Decision Makers ("CODM"). The CODM is responsible for the allocation of resources to operating segments and assessing their performance. The Directors have determined there to be one operating segment in the entity.

The directors have at the time of approving the financial statements, a reasonable expectation that the trueCompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Based on forecasts and current level of activity in the business, the Directors deem it appropriate to prepare the financial statements on a going concern basis.

In addition, ABI UK Holding 1 Limited, an intermediate parent company of AB InBev UK Limited has provided the Company with an undertaking that for at least twelve months from the date of approval of these financial statements, it will continue to make available such funds as are needed by the Company to enable the Company to continue in operational existence for the foreseeable future.

Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognises revenue when it transfers control of a product or service to a customer, upon delivery.

AB InBev UK Limited recognises revenue only when the customer has taken ownership and risk of goods, in line with agreed Incoterms and IFRS standards. All sales are supported by written contracts detailing pricing, payment terms, and rebate conditions. Any practices that distort the timing or substance of sales are strictly forbidden and must be reported for review. Sales outliers and inventory levels are reviewed monthly, with any anomalies escalated to the Company's management committee.

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less impairment losses.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is subsequently reversed if, and only if, the reasons for the impairment loss have ceased to apply.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

• Other intangibles (licenses): 5 years being the duration of the licenses

The Directors have deemed the brands to have an indefinite useful economic life and so no amortisation is charged on the assets but is subject to an annual impairment review.

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and assets in the course of construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the Company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

At each reporting end date, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.

Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

In determining the cost of raw materials, consumables and goods purchase for resale, the weighted average purchase price is used. For work in progress and finished goods, cost is taken as production cost. A provision is recognised for slow moving and obsolete stock.

Spare parts are stated at the lower of cost and net realisable value. Impairment is calculated when the spare parts are more than five years old. If there is no movement of spare parts after five years, we recognise impairment loss in the profit and loss account.

Cash and cash equivalents include deposits held at call with banks.

Financial assets are recognised in the Company's statement of financial position when the Company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognised initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Financial assets carried at amortised cost are assessed for indicators of impairment at each reporting end date.

The expected credit losses on these financial assets are estimated based on the aging of financial assets, company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

The Company recognises financial debt when the Company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Provisions are recognised when the Company has a legal or constructive present obligation as a result of a past event and it is probable that the Company will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the binomial Hull model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest.

Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each Balance Sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Restricted stock units ('RSUs') give employees interest in their employer's equity but have no tangible value until they are vested. The RSUs are assigned a fair market value when they vest. RSUs are considered income once vested, and a portion of the shares is withheld to pay income taxes. The employee then receives the remaining shares and has the right to sell them.

At inception, the Company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the Company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the Company's estimate of the amount expected to be payable under a residual value guarantee; or the Company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The Company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

The annual depreciation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property plant and equipment and note 1 for the useful economic lives for each class of assets.

As indicated in note 1 the estimated useful lives of items of property, plant and equipment range between 3 – 30 years. However, the actual useful lives might be shorter or longer depending on technological innovations and other factors. Based on the current useful lives, the carrying amount of property, plant and equipment is expected to be £259m at the next reporting date (within 12 months). If the useful lives were two years shorter, the carrying amount would instead be £267m and if they were 2 years longer, the carrying amount would be £382m.

The liability to the pension schemes is dependent on the life expectancy estimations in relation to both current and former employees, discount and inflation rates used in the actuarial modelling, future pension increases and asset valuations. The scheme liabilities are estimated by an independent actuary and are calculated using industry models. See note 22 for further detail.

Management has assessed the recoverability of the surplus in the defined benefit pension scheme in accordance with IAS 19 and IFRIC 14. Although the scheme is in surplus, recognition of an asset is limited to the extent that the surplus is available to the company either through a refund or a reduction in future contributions. Based on the terms of the scheme and applicable funding regulations, management has determined that no unconditional right to a refund exists, and the economic benefit is limited to future contribution reductions. Accordingly, the net defined benefit asset has been restricted to the present value of the economic benefit available, resulting in an asset ceiling adjustment. This assessment involves management judgment regarding the interpretation of scheme rules and future funding requirements.

The consideration of the impairment of the company's goodwill and other intangible and tangible assets requires key assumptions and estimations to establish the value in use of the cash generating units to which the goodwill relates. The value in use calculations require the entity to estimate discount rates, growth rates and expected cash flows. Discount rates are estimated using pre-tax rates that reflect the weighted average cost of capital, growth rates are estimated using the company's long term growth rates and cash flows are estimated using extrapolated financial budgets approved by management. See note 11 for further detail.

Turnover represents the amounts derived from the provision of goods to customers, including duty, after deducting discounts and value added tax. Turnover to third parties by destination is not materially different from the turnover by origin. The Company operates in one class of business being the manufacture and distribution of beer.

An analysis of the company's revenue is as follows:

The average monthly number of persons (including Directors) employed by the Company during the year was:

Their aggregate remuneration comprised:

Employees participate in an annual bonus scheme, which includes performance measurements for the Company and economic benefits. This encourages employees' involvement in the Company's performance and also ensures a common awareness of the financial and economic factors that affect the performance of the Company. Senior management are also entitled to join the share option scheme provided by the ultimate parent company.

The number of Directors for whom retirement benefits are accruing under defined contribution schemes amounted to 11 (2024: 8). Directors' emoluments includes £80,488 (2024: £73,784) in pension contributions.

During the period, no (2024: no) Director exercised share options which are held in the ultimate parent company, Anheuser-Busch InBev NV/SA.

The charge for the year can be reconciled to the loss per the income statement as follows:

In addition to the amount charged to the income statement, the following amounts relating to tax have been recognised directly in other comprehensive income:

The OECD Pillar Two model has established a global minimum effective tax rate of 15% in the United Kingdom with both a domestic top-up tax and a multinational top-up tax. The Company does not have any related current tax exposure.

Goodwill acquired in a business combination is allocated, at acquisition, to the cash generating units (CGUs) of the brand/brands that are expected to benefit from that business combination.

Goodwill relates to the acquisition of The Whitbread Beer Company assets. An impairment test is carried out once a year, using value in use calculation, to ensure that the CGU represents the long term position of the Company. The key assumptions for the value in use calculations are those regarding the discount rates, growth rates and expected cash flows during the period. Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the brands associated to the CGU. The growth rates are based on long term company growth rates.

The Company prepares cash flow forecasts derived from the most recent financial budgets approved by management for the next ten years. The post-tax rate used to discount the forecasted cash flows from the goodwill is 6.6% (2024: 6.1%).

During the year, the Company completed the acquisition of the license right to distribute the San Miguel brand in the UK which was recognised as an other intangible fixed asset. The asset will be amortised over its estimated useful economic life, in line with the Company's accounting policies for intangible assets.

Property, plant and equipment includes right-of-use assets, as follows:

The net book value of fixed assets above (primarily plant & equipment) includes assets under construction of £150k (2024: £5,739k) as at 31 December 2025.

Details of the company's subsidiaries at 31 December 2025 are as follows:

Registered office addresses (all UK unless otherwise indicated):

The investments in subsidiaries are all stated at cost less impairment.

Loans from the parent undertaking of £275,000k (2024: £275,000k) comprise amounts that incur interest at a fixed rate of 6.09% (2024: 6.09%), are unsecured and are repayable in 2026. During the year, the parent undertaking advanced an additional loan of £75,000k, which bears interest at a fixed rate of 5.11%, is unsecured and is repayable in 2028.

Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

The following are the major deferred tax liabilities and assets recognised by the Company and movements thereon during the current and prior reporting period.

A deferred tax asset is held to account for depreciation in advance of capital allowances. The utilisation of this deferred tax asset is dependent on the forecast future taxable profits in excess of the profits arising from the reversal of existing taxable temporary differences.

No deferred tax asset has been recognised in respect of tax losses amounting to £34,082k (2024: £34,082k) as the timing of the future economic benefit from these losses should they be relieved to the group isn't known with certainty.

Other provisions includes dilapidations expected to be utilised by 2026 and a pension provision which has an expected utilisation date of 2040.

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost for the period represents contributions payable by the Company to the scheme and amounted to £6,400k (2024: £5,948k). There were no outstanding or prepaid contributions at either the beginning or end of the financial period.

The Company operates four Defined Benefit Pension Schemes.

AB InBev UK Ltd Pension Plan (the "Plan"):

The Plan is a funded defined benefit scheme which is closed to new members and closed to future accrual with effect from 31 May 2013.

The Plan's funds are administered by trustees and are independent of the Company's finances.

Contributions are paid to the Plan in accordance with the recommendations of an independent actuarial adviser.

The valuation of the liabilities for the Plan has been based on results from the actuarial valuation of the Plan as at 31 December 2024, rolled forward to 31 December 2025. This roll forward allows for actual cashflows from 1 January 2024 to 31 December 2025 and also changes in market conditions. The roll forward does not make any allowance for membership movements since 31 December 2024.

The weighted average duration of the defined obligation of the scheme is 20 years.

InBev UK Ltd Top-Up Pension ("ITUP"):

The ITUP is unfunded.

The ITUPs funds are administered by trustees and are independent of the Company's finances.

The valuation of ITUP is based on a valuation of the one existing member’s benefits as at 31 December 2020.

The weighted average duration of the defined obligation of the scheme is 16 years.

Stag Brewing Pension Plan (“Stag”):

The plan is a funded defined benefit scheme which is closed to new members and closed to future accrual with effect from 1 April 2012.

The Plan's funds are administered by trustees and are independent of the Company's finances.

Contributions are paid to the Plan in accordance with the recommendations of an independent actuarial adviser.

The valuation of the liabilities for Stag has been based on the results of the actuarial valuation of Stag as at 1 April 2024, rolled forward to 31 December 2025. This roll forward allows for actual cashflows from 1 April 2024 to 31 December 2025 and also changes in market conditions. The roll forward does not make any allowance for membership movements since 1 April 2024.

The weighted average duration of the defined obligation of the scheme is 21 years.

During the year ended 31 December 2023, the trustees of the Stag Plan entered into a bulk annuity insurance policy ("buy-in") with Just Retirement Limited to insure the pension benefits of all members. This buy-in insurance policy matches the obligations resulting from benefits provided to members and provides the Stag Plan with an income stream that matches the timing and amounts of  pension payments associated with those members, thereby significantly reducing the Stag Plan’s exposure to investment, longevity, interest rate, and inflation risks related to those liabilities.

The premium paid for the buy-in policy was £69.8m, which was entirely met out of the Stag Plan’s assets. The corresponding pension liabilities remain unchanged, as the Stag Plan retains the obligation to pay the benefits to the insured members. As the buy-in insurance asset exactly matches the forecasted pension liability, the fair value of the insurance asset at the balance sheet date is taken to be equal to the associated liability. As a result, the net impact on the Company's balance sheet is a small decrease in the net pension scheme asset, with no immediate effect on the profit and loss account.

The transaction does not constitute a settlement or curtailment under FRS101.

The Directors consider that the buy-in transaction enhances the security of members' benefits and reduces the Company's exposure to pension-related risks, aligning with the Company's long-term risk management strategy.

Inbev Ireland Limited Pension Plan ("Inbev Ireland"):

The plan was transferred to AB Inbev UK Limited in January 2019, when Inbev Ireland Limited became dormant. The scheme is closed to new members and future accrual.

The figures below are in respect of the Company's participation in these schemes which have been derived using established methodology.

Due to 87% of the schemes assets being invested in debt securities, the major risk to which the scheme exposes the Company is debt securities market risk.

Assumed life expectations on retirement at age 65:

Amounts recognised in the income statement

Amounts recognised in other comprehensive income

The amounts included in the statement of financial position arising from the company's obligations in respect of defined benefit plans are as follows:

Movements in the present value of defined benefit obligations

The defined benefit obligations arise from plans funded as follows:

Movements in the fair value of plan assets:

The fair value of plan assets at the reporting period end was as follows:

Different share and share option programmes allow Company senior management and members of the Board of Directors to acquire shares of Anheuser-Busch InBev NV/SA (the ultimate parent company). The options' exercise price equals the average market price of the underlying shares in the thirty calendar days preceding the offer date. The options have a contractual life of 10 years. The fair value of the options granted is estimated at grant date, using the binomial Hull model.

Since the acceptance period of the options is two months, the fair value was determined as the average of the fair values calculated on a weekly basis during the two months offer period. The fair value of options granted to employees is expensed over the vesting period.

Total expenses arising from share options recognised during the period were £317k (2024: £304k).

Expected volatility is based on historically calculated volatility using 1,766 days of historical data. In the determination of the expected volatility the group is excluding the volatility measured during the period 15 July 2008 until 30 April 2009, in view of the extreme market conditions experienced during that period. The binomial Hull model assumes that all employees would immediately exercise their options if the AB InBev share price is 2.5 times above the exercise price. As a result, no single expected option life applies.

The range of exercise prices of the outstanding options is between £57.55 and £103.76 while the weighted average remaining contractual life is 2.74 years.

As at 31 December 2025, the Company has 410,605 (2024: 725,529) outstanding restricted stock units (“RSUs”) to certain members of senior management. Upon vesting, each RSU gives the executive the right to receive one existing AB InBev share. The RSUs can have a vesting period of 3 years. The shares resulting from the RSU vesting will only be delivered provided a performance test is met by the Company. Specific forfeiture rules apply if the employee leaves the Company before the performance test achievement or vesting date.

The Company has one class of ordinary share which is entitled to one vote in any circumstance.

Each share is entitled pari passu to dividend payments or any other distribution. Each share is entitled pari passu to participate in a distribution arising from a winding up of the company.

The immediate parent undertaking as at 31 December 2025 was Nimbuspath Limited, a company incorporated in England and Wales.

At 31 December 2025, the ultimate parent undertaking and controlling party was Anheuser-Busch InBev SA/NV, a company incorporated in Leuven, Belgium. Anheuser-Busch InBev SA/NV is the parent undertaking of the smallest and largest group to consolidate these financial statements. Copies of Anheuser-Busch InBev SA/NV consolidated financial statements can be obtained from AB InBev NV, Brouwerijplein 1, B 3000 Leuven, Belgium.