ing investments ahead of the Milano Cortina 2026 Winter Olympics.

FY25: Revenue declined by low-single digits with flattish revenue per hl. Volumes declined by low-single digits, estimated to have gained market share in 5 of our 6 of our key markets. EBITDA declined by low-single digits with flat EBITDA margin.



Commercial highlights: The beer category was estimated to have gained share of alcohol beverages across our key markets in FY25. We continued to premiumize our portfolio and increase our overall brand power, with our premium and super premium brands making up approximately 61% of our FY25 revenue. Our performance this year was driven by our megabrands, led by Corona, which delivered mid-single digit volume growth, and Stella Artois. We successfully completed the integration of San Miguel into our UK portfolio, becoming the leading brewer in the UK. Led by Corona Cero, the momentum of our no-alcohol beer portfolio continued, delivering mid-twenties volume g
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