tream beer portfolio continued to grow, delivering low-single digit revenue growth led by Carling Black Label. In Beyond Beer, our portfolio grew volumes by high-single digits led by Flying Fish and our spirits-based RTD innovations.


China: Improved volume trend as we increased investments to rebuild momentum


Operating performance:Volumes declined by 1.5%, improving sequentially from 4Q25 but underperforming the industry according to our estimates. Revenue per hl decreased by 2.5%, driven by increased investments to expand our in-home presence, resulting in a revenue decline of 3.9%. EBITDA declined by 11.8%, impacted by top-line performance and increased sales and marketing investments.

Commercial highlights:Beer industry volume improved sequentially and was estimated to have grown slightly in 1Q26. Our top priorities are to rebuild momentum and reignite growth. We are investing behind our megabrands and innovations, strengthening our execut
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