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                              August 14, 2023

       Fernando Tennenbaum
       Chief Financial Officer
       Anheuser-Busch InBev SA/NV
       Brouwerijplein 1
       3000 Leuven, Belgium

                                                        Re: Anheuser-Busch
InBev SA/NV
                                                            Form 20-F for the
Year Ended December 31, 2022
                                                            Form 6-K filed
August 3, 2023
                                                            File No. 001-37911

       Dear Fernando Tennenbaum:

              We have limited our review of your filing to the financial
statements and related
       disclosures and have the following comments. In some of our comments, we
may ask you to
       provide us with information so we may better understand your disclosure.

              Please respond to these comments within ten business days by
providing the requested
       information or advise us as soon as possible when you will respond. If
you do not believe our
       comments apply to your facts and circumstances, please tell us why in
your response.

                                                        After reviewing your
response to these comments, we may have additional comments.

       Form 20-F for the Year Ended December 31, 2022

       Item 5. Operating and Financial Review, page 68

   1.                                                   We note from page 69
that    increasing inflationary pressures may result in significant
                                                        increases to [y]our
expenses.    We further note from page 71 that you experienced higher
                                                        commodity and logistics
costs in 2022 and that such higher costs    may continue.    In
                                                        future filings, please
expand upon the principal factors contributing to your inflationary
                                                        pressures, the actions
planned or taken, if any, to mitigate the inflationary pressures, and
                                                        quantify the resulting
impact on your results of operations and financial condition.
       E. Results of Operations
       Normalized EBITDA, page 90

   2.                                                   We note that your
presentation and discussion of Normalized EBITDA precedes the
                                                        discussion of your
profits on an IFRS basis. Please revise your disclosures to provide
                                                        equal or greater
prominence of the comparable IFRS measures. Refer to Item
 Fernando Tennenbaum
FirstName LastNameFernando
Anheuser-Busch  InBev SA/NVTennenbaum
Comapany
August 14, NameAnheuser-Busch
           2023               InBev SA/NV
August
Page 2 14, 2023 Page 2
FirstName LastName
         10(e)(1)(i)(A) of Regulation S-K and Question 102.10 of the Compliance
and Disclosure
         Interpretations on Non-GAAP Financial Measures. Also ensure that you
apply this
         comment to any Form 6-K subject to Item 10(e).
Free Cash Flow, page 105

3.       Your calculation of free cash flow differs from the typical
calculation of cash flows from
         operating activities less capital expenditures considering it also
adjusts for proceeds from
         sales. In order to avoid potential confusion, please revise the title
to
         adjusted free cash flow or a similar description. Refer to Question
102.07 of the
         Compliance and Disclosure Interpretations on Non-GAAP Financial
Measures.

Financial Statements
Consolidated income statement , page F-5

4.       We note that you present the line item "Exceptional costs above profit
from operations"
         on the face of your consolidated income statement. Based on your
disclosures in footnote
         8 on page F-28, we note that this line item includes several different
individual amounts
         and components that, with the exception of a goodwill impairment
charge during fiscal
         year 2020, mostly do not appear quantitatively material to either
profit from operations or
         profit of the period. Please tell us how you determined your
presentation was appropriate
         under IFRS standards, including paragraph 99 and, by analogy,
paragraph 87 of IAS 1.
Notes to the consolidated financial statements
8. Exceptional items, page F-28

5.       We note that the "exceptional taxes" line item for fiscal year 2022
primarily relates to a
         reorganization. Please tell us and disclose what the remaining amounts
represent for the
         fiscal years presented and how you calculated the tax effects.
29. Contingencies, page F-72

6.       We note that you are currently involved in several matters,
particularly in Brazil, that have
         and may result in the recovery or payment of additional taxes and have
the following
         comments:

                Please tell us and revise your disclosures to clearly describe
your accounting policy
              for these matters. In doing so, specify the taxes that fall
within the scope of IAS 12
              and those that fall within the scope of other guidance, such as
IAS 37, and tell us how
              you arrived at your determination.

                Tell us and disclose how you apply IFRIC 23 in recognizing and
measuring the effect
              of tax uncertainties.

                Per your disclosures in footnote 7 on page F-27, we note that
you recognized
 Fernando Tennenbaum
Anheuser-Busch InBev SA/NV
August 14, 2023
Page 3
              Brazilian tax credits within other operating income. Tell us the
specific nature of
              these tax credits and the accounting model used, including how
the credits met the
              criteria for recognition.
Form 6-K filed August 3, 2023

Exhibit 99.1 Unaudited Interim Report for the six-month period ended 30 June
2023
Management Comments, page 8

7.       We note that your presentation and discussion of revenue growth on a
non-IFRS
         basis, Normalized EBITDA, and Underlying EPS without presenting the
most directly
         comparable IFRS measure on an equal or comparable basis. Please revise
your
         disclosures accordingly to comply with Item 10(e)(1)(i)(A) of
Regulation S-K
         and Question 102.10 of the Compliance and Disclosure Interpretations
on Non-GAAP
         Financial Measures.

       In closing, we remind you that the company and its management are
responsible for the
accuracy and adequacy of their disclosures, notwithstanding any review,
comments, action or
absence of action by the staff.

       You may contact Heather Clark at 202-551-3624 or Andrew Blume at
202-551-3254 with
any questions.



FirstName LastNameFernando Tennenbaum                          Sincerely,
Comapany NameAnheuser-Busch InBev SA/NV
                                                               Division of
Corporation Finance
August 14, 2023 Page 3                                         Office of
Manufacturing
FirstName LastName