ncrease.


Brazil: Record high beer volumes and double-digit bottom line growth driven by market share gain and an improved industry


Operating performance:Revenue increased by 8.4% with revenue per hl growth of 8.6%, driven by revenue management and premiumization. Beer volumes increased by 1.2%, estimated to have outperformed the industry. Non-beer volumes decreased by 3.9%, resulting in a total volume decline of 0.2%. EBITDA increased by 10.6% with margin expansion of 71bps, as disciplined revenue and cost management more than offset transactional FX headwinds.

Commercial highlights:Our premium and super premium beer brands led our performance, delivering low-twenties volume growth and strengthening our leadership position of the premium segment. Our mainstream beer performance improved sequentially, estimated to have gained share of the segment. We are leading the industry in no-alcohol beer, with our portfolio growing volumes by low-teens a
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