ow-teens with high-single digit revenue per hl growth, driven by revenue management initiatives. Volumes grew by low-single digits, with our portfolio estimated to have gained share of alcohol beverages. EBITDA grew by mid-single digits.

9M25:Revenue grew by high-single digits with high-single digit revenue per hl growth. Volumes increased by low-single digits. EBITDA grew by high-single digits with margin expansion.



Commercial highlights:The beer industry continued to grow and gain share of alcohol beverages this quarter according to our estimates. Our premium and super premium brands led our performance, delivering mid-teens volume growth and driving record high third quarter volumes. Our mainstream beer portfolio continued to grow, delivering low-single digit volume growth.


Brazil: Market share gain and disciplined revenue and cost management offset a soft industry to deliver flat EBITDA with margin expansion


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