AB InBev is the world's largest brewer by volume, producing, marketing, and selling a portfolio of over 400 beer and malt beverage brands across more than 150 countries. Beer accounts for roughly 89% of revenue, with AB InBev competing across all price tiers — from value to premium — though the company's strategy centers on premiumization, with investment concentrated on roughly 50 "mega brands" (about five per market). Its four global brands are Budweiser, Corona, Stella Artois, and Michelob ULTRA, complemented by dominant local brands like Bud Light, Brahma, Skol, Modelo Especial, and Carling Black Label. AB InBev operates through five regional segments: Middle Americas (its largest, anchored by Mexico), North America, South America (anchored by Brazil, where Ambev is a ~62%-owned listed subsidiary), EMEA, and Asia Pacific (where Budweiser APAC is a ~87%-owned listed subsidiary in Hong Kong). The company sells through independent wholesalers, its own distribution networks, and a growing direct-to-consumer channel that includes roughly 10,000 owned retail stores and digital delivery platforms. AB InBev also operates BEES, a B2B digital ordering platform used by roughly 6 million retail customers across 29 countries, which generated $52.5B in GMV in FY25 and includes a marketplace for third-party consumer goods. Beyond Beer products — spirits-based RTDs, hard seltzers, and flavored malt beverages — account for a small but growing share of revenue. Profitability is driven by volume, revenue per hectoliter (price and mix), and cost efficiency across 205 breweries globally, with more than 98% of volumes locally produced.