the Milano Cortina 2026 Winter Olympics and created golden moments for consumers, with Corona and Corona Cero accounting for 60% of all beverages sold in Olympic venues.


South Africa: Record high volumes drove mid-single digit top-line growth


Operating performance:Revenue increased by mid-single digits with revenue per hl growth of low-single digits. Volumes grew by low-single digits, with beer volumes estimated to have underperformed a low-single digit growing industry, while Beyond Beer outperformed. EBITDA declined by low-single digits, with top-line growth primarily offset by phasing of sales and marketing investments.

Commercial highlights:The momentum of our business continued, with the consistent execution of our strategy driving an increase in our portfolio brand power and record high first quarter volumes. Performance was driven by our premium and super premium beer brands, which grew volumes by mid-twenties led by Corona. Our mains
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