th, successfully compounding on the triple digit growth in 3Q24 following the Olympic Games.


South Africa: Continued momentum delivered mid-single digit top-line and high-single digit bottom-line growth


Operating performance:


3Q25:Revenue increased by mid-single digits with slight revenue per hl growth. Volumes grew by mid-single digits, supported by shipment phasing ahead of our October price increase, and estimated to have maintained share of beer and gained share of Beyond Beer. EBITDA grew by high-single digits with margin expansion.

9M25:Revenue increased by mid-single digits with revenue per hl growth of low-single digits. Volumes grew by low-single digits, estimated to have gained share in both beer and Beyond Beer. EBITDA grew by mid-single digits with margin expansion.



Commercial highlights:The beer industry continued to grow and gain share of alcohol beverages this quarter accordin
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