ted by inflationary pressures. Since 1Q24, the definition of organic revenue growth in Argentina has been amended to cap the price growth to a maximum of 2% per month. Revenue grew by high-single digits on this basis.

Africa excluding South Africa:In Nigeria, revenue grew by mid-single digits in 3Q25, driven by revenue management initiatives in a highly inflationary environment. Beer volumes declined by low-twenties, estimated to have underperformed the industry which was impacted by a soft consumer environment. In our other markets in Africa, revenue grew in aggregate by low-teens and volumes were flattish as we cycled a strong performance in 3Q24.

South Korea:Revenue increased by mid-single digits in 3Q25 with mid-single digit revenue per hl growth driven by revenue management initiatives. Volumes were flattish, estimated to have outperformed the industry in both the on-premise and in-home channels, with top-line performance led by our megabrand Cass.


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