(11 207



)





421 934





(2.6



)%





(2.9



)%








Key Markets Performance

United States: Michelob Ultra now the #1 brand in the industry; our portfolio continues to build momentum and gain market share


Operating performance:


3Q25:Revenue declined by 0.8% with revenue per hl increasing by 2.0% driven by revenue management initiatives and premiumization. Sales-to-retailers (STRs) declined by 2.5%, estimated to have outperformed a soft industry. Sales-to-wholesalers (STWs) declined by 2.7%. EBITDA increased by 0.4% with a margin improvement of 42bps, driven by productivity initi
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