MORE THAN 135 YEARS OF SHARED HISTORY

When we’re asked to define who we are, we like to say that Mahou San Miguel is the realisation of a dream - a dream born with Casimiro Mahou and his family, my family. Our story begins in 1850, when an Alsatian entrepreneur emigrated to Madrid. Though he first made his mark producing ice and paint, his true ambition was always to brew beer. It wasn’t until 1890, forty years later, that his widow and children brought this vision to life by founding ‘El Barril’, Madrid’s first brewery. After more than 135 years, members of the family’s sixth and seventh generations, who currently hold positions within its governing bodies, remain dedicated to nurturing this dream daily. What began as a small brewery in the heart of Madrid has grown into a lasting legacy thanks to the dedication and passion of the many professionals who have walked this journey with us, and whom I would like to honour. Their commitment planted the seeds that have blossomed into the brand we cherish today. Those of us carrying their legacy today are driven by the dream of enriching it further, striving each day to grow, to give our best, and to remain present in our consumers’ most cherished moments while continuing to add meaningful value to society.

From the very beginning, we have grown with the ongoing goal of transcending our business, always emphasizing the importance of fostering and nurturing authentic, unique and lasting connections among people. In fact, this idea shapes our new purpose, which we have updated this year to reflect the Company’s true contribution to our times: ‘Enriching relationships to enjoy a shared life.’ This spirit has permeated each of the initiatives launched this past year.

2024 was a year of milestones and lessons learned, marking a new chapter in our history and enabling us to remain the leading Spanish beer company in our country. As a company that has remained entirely in family hands, 100% Spanish-owned and with a strong international presence, we look beyond our products to offer other distinctive beverages and services and, of course, experiences that foster moments of connection among people.

It is difficult to summarize this last lap around the sun, but we’ve tried to do it in this Report. It has been a year of shared victories, because Mahou San Miguel also encompasses its entire ecosystem of partners, without whom we would not have been able to come this far. Because we are well aware that what truly lasts are not individual victories, but the bonds we build together. Our vision for the future is rooted in the belief that the well-being of one is intrinsically linked to the well-being of all. We are convinced that positive impact grows exponentially when it is shared.

Whether in the countryside or in the city, on the plains or on the coast, within our borders or beyond, our distinctive industrial footprint allows us to forge strong connections with every region where we operate. We contribute to local development and actively participate in the rich diversity of identities, cultures, and traditions found in these communities. With 12 breweries-eight in Spain and three in the United States-four water springs with their respective bottling plants, and a team of nearly 4,400 professionals, our presence in the industry is unmatched. This reach is a direct result of our Company’s philosophy, our dedication to creating value, and our commitment to building genuine connections. It reflects a unique approach to business that truly sets us apart.

Building on this strong foundation, we are accelerating our transformation with a clear focus on the people who make up our extraordinary family. We are strengthening our position as a robust, competitive Company-more leadership-driven and global, more digital, and innovative, more sustainable, and better equipped to meet the challenges of the future. This is how we ensure our legacy endures for generations to come, earning recognition not only for what we achieve, but for how we achieve it, always true to our principles and guided by a long-term vision.

Our legacy is also built through the work of the Mahou San Miguel Foundation, which plays a vital role in helping vulnerable young people access their first job opportunities in the Hospitality industry. At the heart of our Foundation are the dedicated volunteers, professionals who give their time generously, driven by enthusiasm, commitment, and a genuine desire to support others. I want to take this opportunity to express my gratitude to all of them.

We are a company with soul, one that dares to dream big and is firmly committed to turning our purpose into meaningful action every single day. We are determined to continue innovating and improving.

Our story is ongoing, and we would love nothing more than to continue writing it with you.