BUD vs PRMB

BUD Core

Annual filing released 2025-03-12 · GPT 6 Luna

ITEM 4. INFORMATION ON THE COMPANY A. HISTORY AND DEVELOPMENT OF THE COMPANY We are the world’s largest brewer by volume and one of the world’s top ten consumer products companies by revenue. As a consumer-focused, insights-driven company, we produce, market, distribute and sell a diversified portfolio of well over 500 beer and other malt beverage brands. These include brands with significant international distribution, such as Budweiser, Corona (except in the United States), Stella Artois, Michelob ULTRA, Beck’s, Leffe and Hoegaarden; and brands primarily distributed to local markets such as Bud Light in the United States, -30- Table of Contents

We produce, market, distribute and sell a portfolio of well over 500 beer and malt beverage brands. We have a global footprint with a balanced exposure to developed and developing markets and production facilities spread across our regions. Our production and distribution facilities and other assets are predominantly located in the same geographical areas as our consumers. We set up local production when we believe that there is substantial potential for local sales that cannot be addressed in a cost-efficient manner through exports or third-party distribution into the relevant country. Local production also helps us to reduce, although it does not eliminate, our exposure to currency movements. We are developing our business through a strong portfolio strategy focused on category expansion and premiumization. Our diverse geographic footprint spans nearly 50 countries worldwide.

PRMB Core

Annual filing released 2025-02-27 · GPT 6 Luna

and its consolidated subsidiaries (collectively, “BlueTriton”) and/or Primo Water Corporation and its consolidated subsidiaries (collectively, “Primo Water”) for periods prior to the Transaction. Primo Brands is a leading North American branded beverage company with a focus on healthy hydration, delivering responsibly and domestically sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in every state and Canada. We have an extensive portfolio of highly recognizable, responsibly sourced and conveniently packaged branded beverages distributed across more than 200,000 retail outlets, including established billion-dollar brands (which are our brands that generate more than $1 billion in annual net sales), Poland Spring® and Pure Life®, premium brands like Saratoga® and Mountain Valley®, regional leaders such as Arrowhead®, Deer P

ark®, Ice Mountain®, Ozarka®, and Zephyrhills®, purified brands including Primo WaterTM and Sparkletts®, and flavored and enhanced brands like AC+ION® and Splash RefresherTM. These brands are sold directly across retail channels, including mass food, convenience, natural, drug, wholesale, distributors and home improvement, as well as food service accounts in North America. We also have extensive direct-to-consumer offerings with our industry-leading line-up of innovative water dispensers, which create customer and consumer connectivity through recurring water purchases across our Water Direct, Water Exchange and Water Refill businesses. Through our Water Direct business, we deliver responsibly sourced hydration solutions direct to home and business customers.

BUD Core

Annual filing released 2025-03-12 · GPT 6 Luna

Modelo Especial, Victoria and Pacifico in Mexico; Skol, Brahma and Antarctica in Brazil; Aguila and Poker in Colombia; Cristal and Pilsen Callao in Peru; Quilmes in Argentina; Jupiler in Belgium and the Netherlands; Franziskaner in Germany; Carling Black Label, Castle Lager, Castle Lite and Hansa Pilsener in South Africa; Hero and Trophy in Nigeria; Safari and Kilimanjaro in Tanzania; Harbin and Sedrin in China; and Cass in South Korea. We also produce and distribute soft drinks, particularly in Central and South America and Africa, and Beyond Beer products, such as Cutwater and NÜTRL in the United States; NÜTRL, Palm Bay, and Mike’s Hard Spirit in Canada; and Brutal Fruit and Flying Fish in South Africa. Our dedication to quality goes back to a brewing tradition of more than 600 years with the Den Hoorn brewery in Leuven, Belgium, as well as the pioneering spirit of the Anheuser & Co.

The non-alcoholic beverages market includes both carbonated and non-carbonated beverages. Our non-alcoholic beverages business includes both our own brands and agreements with other global players, such as PepsiCo, Inc. (“PepsiCo”) related to bottling, selling and distribution of PepsiCo brands. Ambev has a long-term agreement with PepsiCo whereby it has been granted the exclusive right to bottle, sell and distribute certain PepsiCo brands in Brazil, including Pepsi-Cola, Gatorade, H2OH!, and Lipton Ice Tea. Through our South America operations, Ambev is also PepsiCo’s bottler for Argentina, Uruguay and Bolivia, as well as in the Dominican Republic and Panama.

PRMB Core

Annual filing released 2025-02-27 · GPT 6 Luna

Bottled water has continued to be the beverage of choice in the U.S., ranking as the number one beverage by volume for eight consecutive years. We distribute conveniently packaged branded beverages to retail outlets and provide bottled water solutions, water filtration and coffee services through direct-to-consumer offerings in North America. Our products consist primarily of premium spring and sparkling water, purified water, self-service refill drinking water, flavored and enhanced beverages, water dispensers, filtration equipment and coffee. 6 Table of Contents

The segment sources, bottles and delivers water to customers in North America and manages the business activities on a consolidated basis. The Company does not assess the performance of its individual products on measures of profit or loss, or asset based metrics. Net sales by water type can be found in Note 17 "Revenue Recognition". The Company's Chief Executive Officer is the CODM. Business segment information is presented below: For the Year Ended December 31, ($ in millions) 2024 2023 2022 Net sales $ 5,152.5 $ 4,698.7 $ 4,441.1 Less:

BUD Core

Annual filing released 2025-03-12 · GPT 6 Luna

We manage our energy costs using various methods including supply contracts, hedging techniques and fuel-switching. Production Facilities Our production facilities are spread across our regions, giving us a balanced geographical footprint in terms of production and allowing us to efficiently meet consumer demand across the globe. We manage our production capacity across our regions, countries and plants. We typically own our production facilities free of any major encumbrances. We also lease a number of warehouses and other commercial buildings from third parties. See “—11. Regulations Affecting Our Business” for a description of the environmental and other regulations that affect our production facilities. Beverage Production Facilities Our beverage production facilities comprised 220 breweries and/or non-beer plants as of 31 December 2024 spread across our regions.

Of these 220 plants, 171 produced only beer and other alcoholic malt beverages, 17 produced only soft drinks and 32 produced beer, other alcoholic beverages and soft drinks. Except in limited cases, our breweries are not dedicated to one single brand of beer. This allows us to allocate production capacity efficiently within our group. The table below sets out, for each of our business segments (excluding Global Export and Holdings Companies) in 2024, the number of our beverage production plants (breweries and/or non-beer drink plants) as well as the plants’ overall capacity. 2024 Volumes(1)(3) Annual engineering capacity as of 31 December 2024 Business Segment Number of plants as of 31 December 2024(3) Beer and Beyond Beer (khl) Non-Beer (khl)(2) Beer and Beyond Beer (khl) Non-Beer (khl)(2) North America 33 81,953 4,319 133,221 0 Middle Americas 39 125,444 24,642

PRMB Core

Annual filing released 2025-02-27 · GPT 6 Luna

Our world-class operational capabilities are supported by an extensive infrastructure that includes more than 70 production facilities, more than 240 depots, and a robust returnable packaging operation. In addition, our direct-to-consumer network is underpinned by a delivery fleet of approximately 5,900 vehicles. We have more than 90 spring water sources located across North America, and we are the only branded beverage company whose brands own their spring assets, which strengthens our profitability and helps us further support our sustainability and water stewardship efforts. Of our more than 90 spring water sources located across the U.S. and Canada, 38 sites are Company-owned, five sites have a unique joint relationship and the rest are leased, some exclusively and some not exclusively. We also own three artesian wells and lease a fourth.

The segment sources, bottles and delivers water to customers in North America and manages the business activities on a consolidated basis. The Company does not assess the performance of its individual products on measures of profit or loss, or asset based metrics. Net sales by water type can be found in Note 17 "Revenue Recognition". The Company's Chief Executive Officer is the CODM. Business segment information is presented below: For the Year Ended December 31, ($ in millions) 2024 2023 2022 Net sales $ 5,152.5 $ 4,698.7 $ 4,441.1 Less:

BUD Material

Annual filing released 2025-03-12 · GPT 6 Luna

DTC & e-commerce Our omnichannel direct-to-consumer (“DTC”) ecosystem of digital and physical products operates in 21 countries and generated approximately USD 1.4 billion of revenue in 2024. Our DTC Business is made up of a portfolio of more than 11,500 retail stores, such as Modelorama in Mexico, and digital businesses that operate under three leading digital brands: Ze Delivery in Brazil, TaDa in Latin America and Africa, and PerfectDraft in Europe. These brands fulfilled approximately 76 million e-commerce orders and generated revenue of USD 560 million in 2024. DTC contributes to the execution of our strategy by helping us solve consumer problems and improve our relationship with consumers.

PRMB Material

Annual filing released 2025-02-27 · GPT 6 Luna

ark®, Ice Mountain®, Ozarka®, and Zephyrhills®, purified brands including Primo WaterTM and Sparkletts®, and flavored and enhanced brands like AC+ION® and Splash RefresherTM. These brands are sold directly across retail channels, including mass food, convenience, natural, drug, wholesale, distributors and home improvement, as well as food service accounts in North America. We also have extensive direct-to-consumer offerings with our industry-leading line-up of innovative water dispensers, which create customer and consumer connectivity through recurring water purchases across our Water Direct, Water Exchange and Water Refill businesses. Through our Water Direct business, we deliver responsibly sourced hydration solutions direct to home and business customers.

These brands are sold directly across retail channels, including mass food, convenience, natural, drug, wholesale, distributors and home improvement, as well as food service accounts in North America. We also have extensive direct-to-consumer offerings with our industry-leading line-up of innovative water dispensers, which create customer and consumer connectivity through recurring water purchases across our Water Direct, Water Exchange and Water Refill businesses. Through our Water Direct business, we deliver responsibly sourced hydration solutions direct to home and business customers. Through our Water Exchange business, consumers can visit approximately 26,500 retail locations and purchase a pre-filled, multi-use bottle of water that can be exchanged after use for a discount on the next purchase.

BUD Material

Annual filing released 2025-03-12 · GPT 6 Luna

It connects every touch-point of our route-to-market, from sales representatives and call agents to delivery, in a single ecosystem that is designed to provide a personalized experience to users and enhance the roles of our sales, delivery, customer service, and call center teams. Retailers can browse products, place orders, earn rewards, arrange deliveries, manage invoices, access business insights and receive personalized shopping recommendations all in one place. Through its marketplace business, BEES allows us to extend our relationship with retailers by offering them third-party products through our platform. BEES Marketplace is also helping unlock adjacent business opportunities by helping other global consumer products companies and local brands to transform their businesses.

BEES Marketplace uses two partnership models: in the first model, we buy and sell third-party products using our existing physical and digital assets, while the second model allows suppliers to transform their own route-to-market by integrating services provided by BEES into their existing B2B processes. BEES was launched at the end of 2019 in the Dominican Republic and is currently live in 28 countries. As of December 2024, BEES generated 124 million total transactions and captured USD 49 billion in gross merchandise value (“GMV”). BEES Marketplace generated approximately USD 2.5 billion in GMV from sales of third-party products in 2024, with 36 million transactions containing marketplace products. -47- Table of Contents

PRMB Not tagged

Annual filing released 2025-02-27 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

BUD Material

Annual filing released 2025-03-12 · GPT 6 Luna

BEES Marketplace uses two partnership models: in the first model, we buy and sell third-party products using our existing physical and digital assets, while the second model allows suppliers to transform their own route-to-market by integrating services provided by BEES into their existing B2B processes. BEES was launched at the end of 2019 in the Dominican Republic and is currently live in 28 countries. As of December 2024, BEES generated 124 million total transactions and captured USD 49 billion in gross merchandise value (“GMV”). BEES Marketplace generated approximately USD 2.5 billion in GMV from sales of third-party products in 2024, with 36 million transactions containing marketplace products. -47- Table of Contents

DTC & e-commerce Our omnichannel direct-to-consumer (“DTC”) ecosystem of digital and physical products operates in 21 countries and generated approximately USD 1.4 billion of revenue in 2024. Our DTC Business is made up of a portfolio of more than 11,500 retail stores, such as Modelorama in Mexico, and digital businesses that operate under three leading digital brands: Ze Delivery in Brazil, TaDa in Latin America and Africa, and PerfectDraft in Europe. These brands fulfilled approximately 76 million e-commerce orders and generated revenue of USD 560 million in 2024. DTC contributes to the execution of our strategy by helping us solve consumer problems and improve our relationship with consumers.

PRMB Not tagged

Annual filing released 2025-02-27 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.