9M25:Revenue declined by 11.3% with revenue per hl declining by 2.2% and volumes decreasing by 9.3%. EBITDA declined by 11.8%.



Commercial highlights:Industry volumes were estimated to have declined by low-single digits versus 3Q24, with a growing in-home channel outweighed by a soft on-premise. Our top priorities are to rebuild momentum and reignite growth. To achieve this, we are investing in our portfolio, innovation and mega platform activations, enhancing our route to market in the in-home channel, and expanding our footprint through targeted geographic expansion. As we move forward, our innovations will include the national rollout of Budweiser Magnum and launch of new packages for Budweiser and Corona such as the 1 liter can and a full-open lid can to bring the iconic lime ritual into the in-home occasion.


Highlights from our other markets


Canada:Revenue was flattish this quarter with low-single digit revenue per
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