Good morning, everyone, and welcome to Royal Unibrew's Q3 '25 Trading Statement. I'm Lars Jensen, CEO of Royal Unibrew, and I'm joined today by our CFO, Lars Vestergaard. We'll take you through the highlights of our performance in the third quarter and then open for questions at the end.
Before we begin, please note the usual disclaimer on Slide #2. It contains important information about forward-looking statements, assumptions and risks that may impact our outlook.
With that, let's start with a broader view on Slide #3. Let's start with a look at our strategic progress and long-term targets. Our financial performance demonstrates that the strategy is working with solid commercial execution and strong margin expansion. We continue to benefit from our growth framework, where 60% of our net revenue sits in attractive and growing beverage categories such as no/low sugar, carbonated soft drink, energy, enhanced RTD/cider and premium. In markets where consumer confidence generally remains low, we delivered organic revenue growth of more than 3% in the first 9 months of '25, which is ahead of European peers.
Our top line growth was supported by the new activities in BeLux, but also negatively