atives, even as we continued to increase our marketing investments to fuel momentum.

9M25:Revenue declined by 1.2%, with revenue per hl increasing by 1.8%. STRs declined by 3.1% and STWs were down by 3.0%, and we expect our STRs and STWs to converge on a full year basis. EBITDA increased by 1.1% with a margin improvement of 80bps.



Commercial highlights:Consistent execution and increased portfolio brand power drove our momentum with our business continuing to gain market share of the beer industry and the spirits-based ready-to-drink category, according to Circana. Our beer performance was led by Michelob Ultra, the #1 volume share gainer and now the leading brand by volume in the industry year-to-date, and Busch Light, which continued to be the #2 volume share gainer in the industry. We are the leaders in no-alcohol beer, with our portfolio growing revenue by double-digits, led by Michelob Ultra Zero which is the fastest growing no-alcohol beer
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