Thematic Exposure -- 7/10

World's largest brewer by volume and revenue. Crown-jewel oligopolies in Mexico (~60% share) and Brazil (~60% share) -- price-maker positions. Global portfolio of category-defining brands (Budweiser, Corona, Stella Artois, Modelo). Oligopoly gate PASS. Held from 8-10 because the global beer category grows only ~low-single-digit and BUD's own volumes are declining. Weight: 35%

Crown-Jewel Latin American Oligopolies

~60% Share in Mexico and Brazil -- Price-Maker Oligopolies -- Deep Distributor Lock-In

AB InBev holds ~60% share in both Mexico and Brazil -- two of the world's largest beer markets. These are genuine price-maker oligopolies with deep distributor lock-in and brand strength. Latin America represents the highest-quality, highest-margin portion of the business.

Global Scale & Brand Portfolio

#1 Global Brewer -- ~500+ Brands -- Premium/Super-Premium Mix Shift

World's largest brewer with brands including Budweiser, Corona Extra, Stella Artois, Modelo, Beck's, and a portfolio of ~500+ brands. #1 or #2 in most markets served. Premium/super-premium mix shift is the revenue-growth engine.

Volume Headwind & Category Maturity

Low-Single-Digit Category Growth -- 8 Straight Quarters of Volume Decline -- China Structurally Deteriorating

Beer is a mature, low-single-digit growth category globally. BUD's own volumes have declined 8 straight quarters (-2% to -4% YoY). The growth is entirely price/mix -- premiumization, not unit expansion. China is structurally deteriorating.

Oligopoly Gate

Gate Status

PASS

Crown-jewel oligopoly positions

Mexico Share

~60%

Price-maker duopoly

Brazil Share

~60%

Dominant market leader

Global Rank

By volume worldwide

Data sourced from Daloopa (company_id 52567).