segment to now be the #1 premium brewer in the industry year-to-date, according to Nielsen. The market share trend of our mainstream portfolio improved sequentially through the quarter, however volumes were negatively impacted by a soft industry. Our portfolio of balanced choices drove incremental growth with volumes of our no-alcohol beer brands increasing by low-twenties and Stella Artois Gluten Free more than doubling. In non-beer, our low- and no-sugar portfolio continued to outperform, delivering low-twenties volume growth.We continue to progress our digital initiatives, with BEES Marketplace growing GMV by 88% versus 3Q24, and our digital DTC platform, Zé Delivery, reaching 5.4 million monthly active users.


Europe: Continued market share gains and premiumization drove flattish volumes and margin recovery


Operating performance:


3Q25:Revenue declined by low-single digits with flattish revenue per hl. Volumes were flatti
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