perating performance:


3Q25:Revenue declined by 1.9% with revenue per hl growth of 6.5% driven by revenue management initiatives and premiumization. Total volumes declined by 7.9%, with beer volume decreasing by 7.7%, estimated to have outperformed a soft industry, and non-beer volumes decreasing by 8.5%, with both industries impacted by unseasonable weather and a soft consumer environment. EBITDA increased by 0.1% with margin expansion of 68bps as disciplined revenue management choices and productivity initiatives more than offset transactional FX headwinds.

9M25:Revenue grew by 0.4% with revenue per hl growth of 4.9%. Total volumes declined by 4.3% with beer volumes declining by 5.3% and non-beer volumes declining by 1.6%. EBITDA increased by 6.5% with margin expansion of 195bps.



Commercial highlights:Our premium and super premium beer brands led our performance, delivering mid-teens volume growth and gaining share of the
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