Market Risk, Hedging and Financial Instruments Our activities expose us to a variety of financial risks: market risk (including currency risk, fair value interest risk, cash flow interest risk, commodity risk and equity risk), credit risk and liquidity risk. We analyze each of these risks individually as well as on an interconnected basis, and define strategies to manage the economic impact on our performance in line with our financial risk management policy. Management meets on a frequent basis and is responsible for reviewing the results of the risk assessment, approving recommended risk management strategies, monitoring compliance with the financial risk management policy and reporting to the Finance Committee of our Board. Some of our risk management strategies include the use of derivatives. The main derivative instruments used are foreign exchange forwards, currency options, currency futures, interest rate swaps, cross currency interest rate swaps, commodity swaps, commodity futures and equity swaps. We do not, as a matter of policy, make use of derivative financial instruments in the context of speculative trading. Financial markets experienced significant volatility over the past years, which we have addressed and are continuing to address through our existing risk management policies. Please refer to note 27 to our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025 for a fuller quantitative and qualitative discussion on the market risks to which we are subject and our policies with respect to managing those risks. Foreign Currency Risk We are exposed to foreign currency risk on borrowings, investments, (forecasted) sales, (forecasted) purchases, royalties, dividends, licenses, management fees and interest expense/income whenever they are denominated in a currency other than the functional currency of our subsidiary engaged in the relevant transaction. To manage this risk, we primarily make use of foreign exchange forwards, currency options, currency futures and cross-currency interest rate swaps. As far as foreign currency risk on firm commitments and forecasted transactions is concerned, our policy is to hedge operating transactions which are reasonably expected to occur (e.g., cost of sales and selling, general and administrative expenses) within the forecast period determined in the financial risk management policy. Operating transactions that are certain are hedged without any limitation in time. Non-operating transactions (such as acquisitions and disposals of subsidiaries) are hedged as soon as they are highly probable. As of 31 December 2025, we have substantially locked in our anticipated exposures related to firm commitments and forecasted transactions for 2026 for the most important currency pairs such as USD/Brazilian real, USD/Mexican peso and USD/Colombian peso. Some exposures in certain countries had been either mostly or partially covered due to the fact that hedging can be limited in such countries as the local foreign exchange market prevents us from hedging at a reasonable cost. Open positions can also be the result of our risk management policy. -186- Table of Contents We use a sensitivity analysis to estimate the impact in our consolidated income statement and other comprehensive income of a strengthening or a weakening of the U.S. dollar against the other group currencies. In case the open positions remain unchanged and with all other variables held constant, a 10% strengthening or weakening of the closing rate of the U.S. dollar against other currencies could lead to an estimated decrease/increase of the consolidated profit before tax of approximately USD 91 million over the next 12 months. Applying a similar sensitivity on the total derivatives positions could lead to a negative/positive pre-tax impact on equity reserves of USD 516 million. The results of the sensitivity analysis should not be considered as projections of likely future events, as the gains or losses from exchange rates in the future may differ due to developments in the global financial markets. Foreign exchange rates have been subject to significant volatility in the recent past and may be again in the future. See note 27 to our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025 for details of the above sensitivity analysis, a fuller quantitative and qualitative discussion on the foreign currency risks to which we are subject and our policies with respect to managing those risks. Interest Rate Risk We are exposed to interest rate risk on our variable-rate interest-bearing financial liabilities. As of 31 December 2025, after certain hedging and fair value adjustments, USD 1.5 billion, or 2%, of our interest-bearing financial liabilities (which include bonds, loans, lease liabilities and bank overdrafts) bore a variable interest rate. We apply a dynamic interest rate hedging approach where the target mix between fixed and floating rate is reviewed periodically. The purpose of our policy is to achieve an optimal balance between cost of funding and volatility of financial results, while taking into account market conditions as well as our overall business strategy. From time to time, we enter into interest rate swap agreements and forward rate agreements to manage our interest rate risk, and also enter into cross-currency interest rate swap agreements to manage both our foreign currency risk and interest rate risk. We have performed a sensitivity analysis in relation to our exposure to interest rates for the floating rate debt after hedging, assuming the amount of liability outstanding at reporting date was outstanding for the whole year (see note 27 to our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025). The company estimates that an increase or decrease of 100 basis points represents a reasonably possible change in applicable interest rates. Accordingly, if interest rates had been higher/lower by 100 basis points, with all other variables held constant, the interest expense would have been USD 15 million higher/lower. This impact would have been more than offset by USD 112 million higher/lower interest income on interest-bearing financial assets. Additionally, the pre-tax impact on equity reserves from the market value of hedging instruments would not have been significant. Interest rates have been subject to significant volatility in the recent past and may be again in the future. See note 27 to our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025 for details of the above sensitivity analysis, a fuller quantitative and qualitative discussion on the interest rate risks to which we are subject and our policies with respect to managing those risks. Commodity Price Risk We have significant exposures to various commodities, including, but not limited to, aluminum, energy, corn, wheat, plastic, rice and sugar. The commodity markets have experienced and are expected to continue to experience price fluctuations. We therefore use both fixed-price purchasing contracts and commodity derivatives to minimize exposure to commodity price volatility. -187- Table of Contents As of 31 December 2025, we had the following commodity derivatives outstanding, by maturity: Notional <1 year 1-5 years >5 years Total Fair Value Commodities Aluminum swaps 2,250 62 — 2,312 411 Other commodity derivatives 591 39 — 630 (18 ) Note: (1) These hedges are designated in a cash flow hedge accounting relationship in accordance with IFRS 9. See note 27 to our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025 for a fuller quantitative and qualitative discussion on the commodity risks that we are subject to, and our policies with respect to managing those risks. Equity Price Risk We enter into equity swap derivatives to hedge the price risk on our shares in connection with our share-based payment programs. Furthermore, we hedge our exposure arising from shares issued in connection with the Modelo and SAB combinations (see also notes 11 and 27 to our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025). These derivative instruments do not qualify for hedge accounting and the changes in fair value are recorded in the profit or loss account. As of 31 December 2025, an exposure for an equivalent of 100.5 million of our shares was hedged, resulting in a total loss of USD 213 million recognized in the income statement for the period in exceptional net finance income/(expense). The sensitivity analysis on the equity swap derivatives, calculated based on a 24% reasonably possible volatility of our share price, and with all the other variables held constant, would show USD 1,563 million positive/negative impact on our 2025 profit before tax. The sensitivity analysis is assessed based on the yearly volatility using daily observable market data during 250 days at 31 December 2025. Other Risks See note 27 to our audited consolidated financial statements as of 31 December 2025 and 2024, and for the three years ended 31 December 2025 for a fuller quantitative and qualitative discussion on the equity, credit and liquidity risks to which we are subject and our policies with respect to managing those risks.