SENS-AI
ANH Dividend Declaration Neutral

ANHEUSER-BUSCH INBEV SA/NV - Notice of Currency Exchange Rate 2025 Final Dividend

Anheuser-Busch InBev SA/NV
Full analysis

What this filing means

AB InBev has confirmed the €1.00 per share final dividend exchange rate at ZAR 19.42, resulting in a net payout of 1,262.59 SA cents after tax.

AB InBev is paying its final dividend to South African investors. They have set the exchange rate so investors know exactly how many Rands they will receive, though claiming back some foreign taxes will require extra paperwork.

Bull case

  • The company confirmed the final dividend of €1.00 per share was approved at the AGM, providing a predictable capital return to shareholders.
  • The ZAR exchange rate has been set at 19.4244600, yielding a gross dividend of 1,942.44600 SA cents and a net amount of 1,262.58990 SA cents after tax.
  • The payment timeline is clear, with the dividend payable to JSE shareholders on Monday, 11 May 2026.

Bear case

  • South African shareholders face high upfront tax friction, with a 30% Belgian Withholding Tax applied initially.
  • Investors must undergo a manual reimbursement process to claim a 15% rebate under the double tax treaty, creating an administrative burden.
  • A standard cross-border liquidity lock is enforced, preventing transfers of shareholdings between South Africa and Euronext from 5 May to 8 May 2026.
View original SENS announcement

AI-generated summary by SENS-AI, based on the original JSE SENS filing.

SENS-AI conclusion

AB InBev has finalized the currency exchange rate for its €1.00 per share final dividend, setting the conversion at ZAR 19.4244600 for a gross payout of 1,942.44600 SA cents per share. This is a scheduled completion of the capital return cycle following AGM approval, providing certainty on the net payout of 1,262.58990 SA cents after accounting for Belgian and South African taxes. This does not represent a change to the previously announced dividend policy or amount. Investor Takeaway: This is a routine procedural update confirming the rand value of the dividend, requiring no portfolio action beyond noting the tax rebate process. Rating Context: This is a mechanical event with no direct equity impact.

Routine filing. No equity signal. No portfolio action required.

Decision framework

Current stance: Filing Neutral

Key drivers

  • The company confirmed the final dividend of €1.00 per share was approved at the AGM, providing a predictable capital return to shareholders.
  • The ZAR exchange rate has been set at 19.4244600, yielding a gross dividend of 1,942.44600 SA cents and a net amount of 1,262.58990 SA cents after tax.
  • The payment timeline is clear, with the dividend payable to JSE shareholders on Monday, 11 May 2026.

Key risks

  • South African shareholders face high upfront tax friction, with a 30% Belgian Withholding Tax applied initially.
  • Investors must undergo a manual reimbursement process to claim a 15% rebate under the double tax treaty, creating an administrative burden.
  • A standard cross-border liquidity lock is enforced, preventing transfers of shareholdings between South Africa and Euronext from 5 May to 8 May 2026.

What would change the view

  • Guidance and cash-flow quality both improve materially from current baseline.
  • Subsequent filings remove current uncertainty and confirm durable execution.
  • Market structure/positioning shifts enough to support a directional thesis.

Evidence from the filing

  • The ZAR exchange rate has been set at 19.4244600, yielding a gross dividend of 1,942.44600 SA cents and a net amount of 1,262.58990 SA cents after tax.

    “Net amount of the Dividend 1,262.58990”

  • The payment timeline is clear, with the dividend payable to JSE shareholders on Monday, 11 May 2026.

    “Dividend payable (Euronext and JSE) Monday, 11 May”

  • South African shareholders face high upfront tax friction, with a 30% Belgian Withholding Tax applied initially.

    “A rebate of the additional Belgian Withholding Tax of 15% which is withheld in Belgium must be claimed by SA shareholders in accordance with the relevant reimbursement process”

  • Investors must undergo a manual reimbursement process to claim a 15% rebate under the double tax treaty, creating an administrative burden.

    “Shareholders who are in any doubt as to their tax position should seek independent professional advice.”

  • A standard cross-border liquidity lock is enforced, preventing transfers of shareholdings between South Africa and Euronext from 5 May to 8 May 2026.

    “No transfers of shareholdings to and from South Africa will be permitted between Tuesday, 5 May 2026 and Friday, 8 May 2026 (both dates inclusive).”

  • The company confirmed the final dividend of €1.00 per share was approved at the AGM, providing a predictable capital return to shareholders.

    “Notice of Currency Exchange Rate 2025 Final Dividend Anheuser-Busch InBev SA/NV (Incorporated in the Kingdom of Belgium) Register of Companies Number: 0417.497.106 Euronext Brussels Share Code: ABI Mexican Stock Exchange Share Code: ANB NYSE ADS Code: BUD JSE Share Code: ANH ISIN: BE0974293251 ("AB InBev" or the "Company") Notice of Currency Exchange Rate 2025 Final Dividend AB InBev shareholders are referred to the announcement published on the Stock Exchange News Service of the Johannesburg Stock Exchange ("JSE") ("SENS") on Thursday, 12 February 2026 and are advised that the final dividend of €1.00 per share (the "Dividend") proposed by the board of directors of AB InBev was approved by AB InBev shareholders at the Annual General Meeting held on Wednesday, 29 April 2026.”
Category
Dividend Declaration
Published
May 4, 2026

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