ot consider the impact of potential future changes in legislation.

(iv) Net Capital Expenditure: We expect net capital expenditure of between 3.5 and 4.0 billion USD in FY26.





Figure 1. Consolidated performance





in USD Mio, except EPS in USD per share and Volumes in thousand hls





4Q24





4Q25





Organic

















growth





Volumes





141 829









139 166









(1.5



)%





Beer





121 052









119 039









(1.9



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