g to our estimates.Our performance was led by our core brands, which grew volumes by high-single digits driven by Carling Black Label. The momentum of our premium and super premium beer portfolio continued, with revenue growth of mid-single digits led by Stella Artois. In Beyond Beer, our portfolio grew volumes by mid-teens led by Flying Fish, Brutal Fruit and Redd’s.


China: Top- and bottom-line declined, impacted by volume performance


Operating performance:


3Q25:Volumes declined by 11.4%, underperforming the industry according to our estimates, with our performance impacted by continued weakness in our key regions and channels and inventory management. Revenue per hl declined by 4.3%, impacted by increased investments to expand our in-home presence and negative brand mix, resulting in a revenue decline of 15.2%. EBITDA declined by 16.9% as productivity initiatives partially offset the impact of operational deleverage.

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