sh, estimated to have outperformed a soft industry in 5 of our 6 key markets. EBITDA grew by low-single digits with margin recovery.

9M25:Revenue declined by low-single digits with slight revenue per hl growth driven by continued premiumization. Volume declined by low-single digits, estimated to have gained or maintained market share in all 6 of our key markets. EBITDA grew by mid-single digits with margin recovery.



Commercial highlights:Market share gains and the continued premiumization of our portfolio drove flattish volumes, with our premium and super premium brands making up approximately 60% of our 3Q25 revenue. Our performance this quarter was driven by our megabrands, led by Corona, which delivered double-digit volume growth, and Stella Artois, which effectively activated the Perfect Serve campaign at the Wimbledon tennis tournament. The momentum of our no-alcohol beer portfolio continued, led by Corona Cero with mid-twenties volume grow
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