9M25:Revenue grew by mid-single digits with revenue per hl growth of mid-single digits and flattish volumes, in-line with the industry. EBITDA grew by mid-single digits with margin expansion.



Commercial highlights:Our performance was led by our above core beer portfolio, which grew revenue by low-single digits driven by Modelo and Pacifico. We are leading the growth in no-alcohol beer, with Corona Cero growing volume by strong double-digits and Modelo Cero, an innovation launch earlier this year, already the #4 no-alcohol beer in the industry. We continue to progress our digital initiatives, with BEES Marketplace growing GMV by 26% versus 3Q24 and our digital DTC platform, TaDa Delivery, fulfilling 3.2 million orders year-to-date, a 5% increase versus 9M24.


Colombia: Record high volume drove double-digit top-line and mid-single digit bottom-line growth


Operating performance:


3Q25:Revenue increased by l
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