growth of 3.7%. Reported revenue decreased by 6.3% to 13 628 million USD, impacted by unfavorable currency translation.



4.4% increasein combined revenues of our megabrands, led by Corona, which grew by 11.2% outside of its home market in 1Q25.



34% increasein revenue of our no-alcohol beer portfolio.



53% increasein Gross Merchandise Value (GMV) from sales of third-party products through BEES Marketplace to reach 645 million USD.



Volumes

-2.2%

Volumes declined by 2.2%, with beer volumes down by 2.5% and non-beer volumes down by 0.2%.



Normalized EBITDA

+7.9%

In 1Q25, Normalized EBITDA increased by 7.9% to 4 855 million USD with a margin expansion of 218bps to 35.6%.



Unde
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