Mozambique and Zambia reaching their highest market share in the last five years.

South Korea: Revenue was flattish in 4Q25 with mid-single digit revenue per hl growth driven by revenue management. Volumes declined by mid-single digits in 4Q25 and by low-single digits in FY25, estimated to have outperformed a soft industry in both the quarter and full year. Revenue increased by low-single digits in FY25 with low-single digit revenue per hl growth.


Consolidated Income Statement





Figure 3. Consolidated income statement





in USD Mio





4Q24





4Q25





Organic

















growth





Revenue





14 841









15 555







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