Michel Doukeris received about $19.5 million across three years, but the movement in his annual compensation provides a clearer view of how the world’s largest brewer rewards performance.
AB InBev chief executive Michel Doukeris received about $19.5 million in salary, bonuses and immediate benefits between 2023 and 2025, with his annual remuneration falling last year as weaker company performance reduced his incentive payout.
Doukeris received approximately $6.16 million in 2023, $7.65 million in 2024 and $5.70 million in 2025, according to an analysis of the brewer’s remuneration disclosures by BusinessTech. The calculation excludes long-term share awards whose eventual value depends on vesting conditions and future performance.
The movement in those figures is more revealing than the three-year total. Doukeris’s base salary increased from about $1.39 million in 2023 to $1.53 million in 2025. His annual bonus moved much more sharply, climbing from approximately $4.54 million in 2023 to $5.92 million in 2024 before dropping to about $3.91 million last year. That reflects the weight AB InBev places on variable compensation.
The brewer assesses annual incentives using company, business-unit and individual performance measures. In 2024, AB InBev achieved 118% of its aggregated company and business-unit targets, while Doukeris achieved 78% of his individual objectives. The combined result produced an aggregate payout achievement of 106% for the CEO and his highest remuneration of the three years.
The calculation changed in 2025. Doukeris achieved 96% of his individual targets, according to the remuneration disclosures, but weaker company-level results pulled down the final award. One organic EBITDA performance component reached only 58% of its target, contributing to the decline in his annual bonus despite the higher individual achievement.
That distinction matters for investors assessing executive incentives at the world’s largest brewer. Doukeris’s fixed salary continued to rise, but the larger movement in his overall remuneration came from the portion tied to whether AB InBev delivered against its financial and operational targets.
Doukeris has led AB InBev globally since July 2021, after previously running the brewer’s North American business. In Africa, the group controls South African Breweries, giving it the dominant position in South Africa’s beer market.
The business entered 2026 with earnings growth continuing, although volume and category performance remain important measures of how that growth is being delivered.
AB InBev reported first-quarter revenue growth of 5.8%, while normalised EBITDA increased 5.3% to $5.44 billion. Revenue from no-alcohol beer increased 27%, extending the brewer’s push into a category it increasingly views as a source of incremental growth.
Those numbers will eventually feed into another compensation calculation. Doukeris’s 2025 pay shows that strong individual performance does not necessarily protect the chief executive’s bonus when the wider business misses important targets. AB InBev’s 2026 results will determine whether that variable component rebounds when the board calculates his next award.
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