Q3 trading update: Beer volumes grew organically by +2.5% (consensus +2.8%). Volumes by region: Africa, ME & EE +8.8% (cons. +3.5%), the Americas +2.9% (cons. +4.7%), Asia Pacific +12.2% (cons. +9%), Europe -2.8% (cons.-0.5%). Heineken brand’s volumes grew +3.4% in Q3 driven by Brazil, South Africa, Russia and Mexico. The FY guidance is maintained.