When I found out that /maho/ means ‘magic’ in Japanese, I thought it was a meaningful coincidence because of its similarity to our Company’s name and the surname of the family that founded it 135 years ago. There’s magic in seeing how, after all this time, our brands proudly represent Spain across the globe — in a world increasingly shaped by the fleeting and the momentary. Magic also lies in staying true to a principle we’ve upheld since day one: that the only way to grow is by enabling growth and nurturing long-term, sustainable relationships across our entire value chain.

Because, at Mahou San Miguel, people always come first. In 2024, we welcomed 401 new professionals, adding to a workforce that now totals more than 4,400. We place a strong emphasis on their training, development, and well-being-an approach that has earned us recognition as one of the best companies to work for in Spain, according to leading rankings such as Merco Talento, Forbes, and LinkedIn Top Companies.

Our team’s talent, combined with having achieved our ambitious 2022-2024 Strategic Plan, ‘The Value of Change,’ is reflected in our business performance: we hit our targets, strengthened our market reach, and devoted significant effort and resources to transforming the Company and diversifying our operating activities.

2024 has been a good year for Mahou San Miguel, despite the complicated global context and the uncertainty arising from various geopolitical conflicts around the world. For the first time, we exceeded 300 million in EBITDA, increased our turnover compared to the previous year, reaching €1.933 billion, and posted a positive operating result of €133.2 million, representing a 4% increase.

We are proud to have achieved a record market share in the Hospitality sector, reinforcing our position as the preferred partner for our customers in a segment whose growth and momentum we fully support. As part of our Global Transformation Plan for the Hospitality Industry, we allocated €38.6 million in 2024 to further enhance our portfolio of comprehensive, value-added solutions-driving the progress of hospitality businesses through digitalisation and sustainability. Mahou San Miguel was also recognized as the most efficient Spanish brewery in logistics processes within the food channel, according to the AECOC Benchmarking Supply Chain 2024 study, and ranked first in the Organized Hospitality ranking, also by AECOC, for our outstanding service levels.

Our long-term vision led us to prioritize investments to ensure our future sustainability, with a special focus on the Spanish market and our international expansion. We closed the year by unleashing the full potential of San Miguel, which plans to invest more than €50 million in Continental Europe through 2027, and we developed our business in the United States under the umbrella of Mahou USA, where we have three plants. It is there that we have consolidated our position in the highly competitive and constantly evolving craft beer sector, propelling Founders Brewing to become the fourth-largest brewery in the United States in terms of market share gained in 2024.

We also continued to invest significantly in our production centres and water bottling plants, both in Spain and internationally. As the brewery with the largest industrial footprint in Spain, we play a key role in job creation, economic development, and maintaining a unique local connection within the industry. Our contribution goes beyond business: we actively support cultural and sporting initiatives that bring people together and celebrate community life.
los ciudadanos.

In 2024, we inaugurated ‘Plaza Mahou’ at the Santiago Bernabéu-the first beer brewery ever built inside a football stadium in Spain. We also became the global sponsor of the New York Yacht Club American Magic, the only U.S. team competing in the 37th America’s Cup. Additionally, we strengthened the visibility and vitality of our brands by launching nine new products, including Mahou Reserva and La Diabla Mahou x Duki, while creating memorable consumer experiences both inside and outside the home.

Once again, Mahou’s beer brands were the most awarded Spanish beers in the world and Mahou was also recognized as the most valuable beer brand in Spain according to the 2024 Kantar Bran dZ ranking. Meanwhile, Alhambra Reserva 1925 and Alhambra Especial received awards from the International Taste Institute, and Solán de Cabras was granted the 2024 Silver Medal by EcoVadis for its commitment to sustainability. This is an area in which, as a committed Company, we continue to make steady progress, adapting our ‘Vamos 2030’ Strategic Framework to the new context to better respond to the current social and environmental challenges facing the entire value chain. An example of this is the launch of a biomass plant at our Alovera Production Center, which will reduce CO2 emissions by 95%.

While 2024 brought many opportunities, it was also a year marked by significant challenges. It ended with an unprecedented natural disaster-a weather system known as DANA-which deeply affected our country. Once again, it became clear that at Mahou San Miguel, we are a family: united not only in times of success but, above all, in the face of adversity. From day one, we mobilized a comprehensive aid plan to support our distributors and customers in the affected areas, helping them reopen their businesses and recover as quickly as possible.

Magic is knowing where we’re headed and who we’re sharing the journey with. We would not have come this far without walking alongside farmers, suppliers, distributors, customers, and consumers. And, of course, none of it would be possible without the people behind the brands, services, and experiences that define Mahou San Miguel.

Year after year, thank you for creating magic with us.