AMBEV S.A.
For the period ended Sep 30, 2026. Filed Oct 29, 2026.
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Sep 30, 2026 · Filed Oct 29, 2026
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Contents
NOTES
This press release segregates the impact of organic changes from those arising from changes in scope or currency translation. Scope changes represent the impact of acquisitions and divestitures, the start-up or termination of activities or the transfer of activities between segments, curtailment gains and losses and year-over-year changes in accounting estimates and other assumptions that management does not consider as part of the underlying performance of the business. Organic growth and normalized numbers are presented applying constant year-over-year exchange rates to exclude the impact of the movement of foreign exchange rates.
Whenever used in this document, terms referring to percentage changes are intended to simplify the reader’s understanding and correspond to the following ranges, regardless of whether the variance is positive or negative: flat (0.0 - 0.1%); low-single digit (LSD: 0.2 - 3.3%); mid-single digit (MSD: 3.4 - 6.6%); high-single digit (HSD: 6.7 - 9.9%); double-digit (10.0 - 19.9%); low-teens (10.1 - 13.3%); mid-teens (13.4 - 16.6%); high-teens (16.7 - 19.9%); twenties (20.0 - 29.9%); low-twenties (20.1 – 23.3%); mid-twenties (23.4 – 26.6%); high-twenties (26.7 – 29.9%). For higher percentages that exceed the prior defined ranges, the same classification logic shall be applied accordingly.
Whenever used in this document, the term "nm" refers to "not meaningful" and is intended to facilitate readability. It is used when the percentage variation exceeds 200% or is below -200%, or when the values compared have opposite signs between periods.
Unless stated, percentage changes in this press release are both organic and normalized in nature. Whenever used in this document, the term “normalized” refers to performance measures EBITDA and Operating Profit before exceptional items and share of results of joint ventures and to performance measures Profit and EPS before exceptional items adjustments. Exceptional items are either income or expenses which do not occur regularly as part of the normal activities of the Company. They are presented separately because they are important for the understanding of the underlying sustainable performance of the Company due to their size or nature. Normalized measures are additional measures used by management and should not replace the measures determined in accordance with IFRS as indicators of the Company’s performance. Comparisons, unless otherwise stated, refer to the third quarter of 2025 (3Q25). Values in this release may not add up due to rounding.
Statements contained in this press release may contain information that is forward-looking and reflects management’s current view and estimates of future economic circumstances, industry conditions, Company performance, and finance results. Any statements, expectations, capabilities, plans and assumptions contained in this press release that do not describe historical facts, such as statements regarding the declaration or payment of dividends, the direction of future operations, the implementation of principal operating and financing strategies and capital expenditure plans, the factors or trends affecting financial condition, liquidity or results of operations, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. There is no guarantee that these results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
| ambev.com.br | Press Release – October 29, 2026 |
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Page | 26
| Ambev - EBITDA to Normalized EBITDA Reconciliation by Segment · Brazil · CAC · LAS · Canada · Ambev | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Organic results · Beer · NAB · Total · Consolidated | |||||||||||||||||||||
| 3Q25 · 3Q26% · 3Q25 · 3Q26% · 3Q25 · 3Q26% · 3Q25 · 3Q26% · 3Q25 · 3Q26% · 3Q25 · 3Q26% · 3Q25 · 3Q26% | |||||||||||||||||||||
| EBITDA | 3,385.2 | 3,536.8 | 1.1% | 587.4 | 623.0 | 2.6% | 3,972.5 | 4,159.8 | 1.1% | 2,109.8 | 1,221.8 | -37.2% | 959.4 | 1,061.6 | 45.1% | 857.5 | 807.5 | 3.1% | 7,899.2 | 7,250.7 | -3.0% |
| % of total | 42.9% | 48.8% | 7.4% | 8.6% | 50.3% | 57.4% | 26.7% | 16.9% | 12.1% | 14.6% | 10.9% | 11.1% | 100.0% | 100.0% | |||||||
| Exceptional items | -3.8 | -8.0 | 109.4% | - | - | 0.0% | -3.8 | -8.0 | 109.4% | 883.0 | -13.0 | nm | -33.9 | -21.5 | -60.9% | 0.2 | -0.5 | nm | 845.5 | -43.0 | nm |
| % of total | -0.4% | 18.5% | 0.0% | 0.0% | -0.4% | 18.5% | 104.4% | 30.3% | -4.0% | 50.1% | 0.0% | 1.1% | 100.0% | 100.0% | |||||||
| Share of results of joint ventures | -5.3 | 2.2 | nm | - | - | 0.0% | -5.3 | 2.2 | nm | - | 20.5 | 0.0% | - | - | 0.0% | -0.1 | - | -100.0% | -5.4 | 22.8 | nm |
| % of total | 98.0% | 9.8% | 0.0% | 0.0% | 98.0% | 9.8% | 0.0% | 90.2% | 0.0% | 0.0% | 2.0% | 0.0% | 100.0% | 100.0% | |||||||
| Normalized EBITDA | 3,394.3 | 3,542.6 | 1.0% | 587.4 | 623.0 | 2.6% | 3,981.6 | 4,165.5 | 1.2% | 1,226.8 | 1,214.2 | 11.4% | 993.3 | 1,083.2 | 41.5% | 857.4 | 808.0 | 3.2% | 7,059.1 | 7,270.9 | 8.9% |
| % of total | 48.1% | 48.7% | 8.3% | 8.6% | 56.4% | 57.3% | 17.4% | 16.7% | 14.1% | 14.9% | 12.1% | 11.1% | 100.0% | 100.0% | |||||||
| Ambev - EBITDA to Normalized EBITDA Reconciliation by Segment · Brazil · CAC · LAS · Canada · Ambev | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Organic results · Beer · NAB · Total · Consolidated | |||||||||||||||||||||
| YTD25 · YTD26% · YTD25 · YTD26% · YTD25 · YTD26% · YTD25 · YTD26% · YTD25 · YTD26% · YTD25 · YTD26% · YTD25 · YTD26% | |||||||||||||||||||||
| EBITDA | 9,865.8 | 10,651.4 | 7.0% | 1,753.6 | 1,958.7 | 11.0% | 11,619.4 | 12,610.1 | 7.6% | 4,396.9 | 3,296.4 | -11.3% | 3,148.4 | 3,133.3 | 19.2% | 2,256.6 | 2,158.8 | 4.4% | 21,421.3 | 21,198.6 | 5.3% |
| % of total | 46.1% | 50.2% | 8.2% | 9.2% | 54.2% | 59.5% | 20.5% | 15.5% | 14.7% | 14.8% | 10.5% | 10.2% | 100.0% | 100.0% | |||||||
| Exceptional items | -21.1 | -18.9 | 6.9% | - | - | 0.0% | -21.1 | -18.9 | -10.2% | 878.2 | 66.8 | -91.7% | -68.3 | -82.7 | 29.1% | -15.9 | -2.6 | -82.3% | 772.9 | -37.3 | nm |
| % of total | -2.7% | 50.7% | 0.0% | 0.0% | -2.7% | 50.7% | 113.6% | -179.0% | -8.8% | 221.3% | -2.1% | 6.9% | 100.0% | 100.0% | |||||||
| Share of results of joint ventures | -8.1 | -0.7 | -91.1% | - | - | 0.0% | -8.1 | -0.7 | -91.1% | - | 34.2 | 0.0% | - | - | 0.0% | -0.1 | - | -100.0% | -8.1 | 33.4 | nm |
| % of total | 99.1% | -2.2% | 0.0% | 0.0% | 99.1% | -2.2% | 0.0% | 102.2% | 0.0% | 0.0% | 0.9% | 0.0% | 100.0% | 100.0% | |||||||
| Normalized EBITDA | 9,894.9 | 10,671.1 | 6.9% | 1,753.6 | 1,958.7 | 11.0% | 11,648.5 | 12,629.8 | 7.5% | 3,518.7 | 3,195.4 | 9.8% | 3,216.7 | 3,216.0 | 19.4% | 2,272.5 | 2,161.4 | 3.8% | 20,656.5 | 21,202.5 | 9.3% |
| % of total | 47.9% | 50.3% | 8.5% | 9.2% | 56.4% | 59.6% | 17.0% | 15.1% | 15.6% | 15.2% | 11.0% | 10.2% | 100.0% | 100.0% | |||||||
| ambev.com.br | Press Release – October 29, 2026 |
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Page | 27
| Ambev - Segment financial information · Brazil · CAC · LAS · Canada · Ambev | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Organic results · Beer · NAB · Total · Consolidated | |||||||||||||||||||||
| 3Q25 · 3Q26% · 3Q25 · 3Q26% · 3Q25 · 3Q26% · 3Q25 · 3Q26% · 3Q25 · 3Q26% · 3Q25 · 3Q26% · 3Q25 · 3Q26% | |||||||||||||||||||||
| Volume ('000 hl) | 21,556.8 | 21,673.4 | 0.5% | 7,760.2 | 8,040.6 | 3.6% | 29,316.9 | 29,713.9 | 1.4% | 3,097.6 | 2,796.3 | 2.3% | 7,605.1 | 7,498.9 | -1.4% | 2,399.6 | 2,376.0 | -1.0% | 42,419.2 | 42,385.0 | 0.8% |
| R$ million | |||||||||||||||||||||
| Net revenue | 9,677.2 | 10,138.9 | 4.8% | 2,083.1 | 2,213.8 | 6.3% | 11,760.3 | 12,352.7 | 5.0% | 2,738.9 | 2,565.7 | 8.1% | 3,491.9 | 4,037.5 | 21.4% | 2,856.1 | 2,638.6 | 1.2% | 20,847.3 | 21,594.6 | 7.6% |
| % of total | 46.4% | 47.0% | 10.0% | 10.3% | 56.4% | 57.2% | 13.1% | 11.9% | 16.8% | 18.7% | 13.7% | 12.2% | 100.0% | 100.0% | |||||||
| COGS | (4,749.7) | (4,991.8) | 5.1% | (1,151.1) | (1,232.5) | 7.1% | (5,900.8) | (6,224.2) | 5.5% | (1,208.9) | (1,072.3) | 4.1% | (1,808.6) | (2,187.4) | 14.0% | (1,201.7) | (1,104.4) | 0.7% | (10,120.0) | (10,588.3) | 6.3% |
| % of total | 46.9% | 47.1% | 11.4% | 11.6% | 58.3% | 58.8% | 11.9% | 10.1% | 17.9% | 20.7% | 11.9% | 10.4% | 100.0% | 100.0% | |||||||
| Gross profit | 4,927.5 | 5,147.2 | 4.5% | 932.0 | 981.3 | 5.3% | 5,859.6 | 6,128.5 | 4.6% | 1,530.0 | 1,493.3 | 11.1% | 1,683.3 | 1,850.2 | 29.2% | 1,654.4 | 1,534.3 | 1.6% | 10,727.3 | 11,006.3 | 8.9% |
| % of total | 45.9% | 46.8% | 8.7% | 8.9% | 54.6% | 55.7% | 14.3% | 13.6% | 15.7% | 16.8% | 15.4% | 13.9% | 100.0% | 100.0% | |||||||
| SG&A | (2,912.0) | (3,136.4) | 7.7% | (543.8) | (544.3) | 0.1% | (3,455.8) | (3,680.7) | 6.5% | (490.3) | (446.0) | 4.6% | (961.9) | (1,092.5) | 10.1% | (926.6) | (889.2) | 5.2% | (5,834.6) | (6,108.4) | 6.7% |
| % of total | 49.9% | 51.3% | 9.3% | 8.9% | 59.2% | 60.3% | 8.4% | 7.3% | 16.5% | 17.9% | 15.9% | 14.6% | 100.0% | 100.0% | |||||||
| Other operating income/(expenses) | 467.1 | 556.5 | -5.2% | 98.8 | 108.7 | -10.8% | 565.9 | 665.2 | -6.2% | 5.8 | 1.4 | -75.3% | 15.8 | 13.8 | -12.1% | (20.3) | 2.8 | nm | 567.1 | 683.2 | -3.3% |
| % of total | 82.4% | 81.5% | 17.4% | 15.9% | 99.8% | 97.4% | 1.0% | 0.2% | 2.8% | 2.0% | -3.6% | 0.4% | 100.0% | 100.0% | |||||||
| Normalized Operating Profit | 2,482.6 | 2,567.3 | -1.2% | 487.0 | 545.7 | 7.8% | 2,969.6 | 3,113.1 | 0.3% | 1,045.5 | 1,048.7 | 13.5% | 737.2 | 771.4 | 53.3% | 707.5 | 647.8 | 0.3% | 5,459.8 | 5,581.0 | 9.9% |
| % of total | 45.5% | 46.0% | 8.9% | 9.8% | 54.4% | 55.8% | 19.1% | 18.8% | 13.5% | 13.8% | 13.0% | 11.6% | 100.0% | 100.0% | |||||||
| Normalized EBITDA | 3,394.3 | 3,542.6 | 1.0% | 587.4 | 623.0 | 2.6% | 3,981.6 | 4,165.5 | 1.2% | 1,226.8 | 1,214.2 | 11.4% | 993.3 | 1,083.2 | 41.5% | 857.4 | 808.0 | 3.2% | 7,059.1 | 7,270.9 | 8.9% |
| % of total | 48.1% | 48.7% | 8.3% | 8.6% | 56.4% | 57.3% | 17.4% | 16.7% | 14.1% | 14.9% | 12.1% | 11.1% | 100.0% | 100.0% | |||||||
| % of net revenue | |||||||||||||||||||||
| Net revenue | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | |||||||
| COGS | -49.1% | -49.2% | -55.3% | -55.7% | -50.2% | -50.4% | -44.1% | -41.8% | -51.8% | -54.2% | -42.1% | -41.9% | -48.5% | -49.0% | |||||||
| Gross profit | 50.9% | 50.8% | 44.7% | 44.3% | 49.8% | 49.6% | 55.9% | 58.2% | 48.2% | 45.8% | 57.9% | 58.1% | 51.5% | 51.0% | |||||||
| SG&A | -30.1% | -30.9% | -26.1% | -24.6% | -29.4% | -29.8% | -17.9% | -17.4% | -27.5% | -27.1% | -32.4% | -33.7% | -28.0% | -28.3% | |||||||
| Other operating income/(expenses) | 4.8% | 5.5% | 4.7% | 4.9% | 4.8% | 5.4% | 0.2% | 0.1% | 0.5% | 0.3% | -0.7% | 0.1% | 2.7% | 3.2% | |||||||
| Normalized Operating Profit | 25.7% | 25.3% | 23.4% | 24.7% | 25.3% | 25.2% | 38.2% | 40.9% | 21.1% | 19.1% | 24.8% | 24.6% | 26.2% | 25.8% | |||||||
| Normalized EBITDA | 35.1% | 34.9% | 28.2% | 28.1% | 33.9% | 33.7% | 44.8% | 47.3% | 28.4% | 26.8% | 30.0% | 30.6% | 33.9% | 33.7% | |||||||
| Per hectoliter - (R$/hl) | |||||||||||||||||||||
| Net revenue | 448.9 | 467.8 | 4.2% | 268.4 | 275.3 | 2.6% | 401.1 | 415.7 | 3.6% | 884.2 | 917.5 | 5.7% | 459.2 | 538.4 | 23.1% | 1,190.2 | 1,110.6 | 2.2% | 491.5 | 509.5 | 6.8% |
| COGS | (220.3) | (230.3) | 4.5% | (148.3) | (153.3) | 3.3% | (201.3) | (209.5) | 4.1% | (390.3) | (383.5) | 1.8% | (237.8) | (291.7) | 15.7% | (500.8) | (464.8) | 1.7% | (238.6) | (249.8) | 5.5% |
| Gross profit | 228.6 | 237.5 | 3.9% | 120.1 | 122.0 | 1.6% | 199.9 | 206.2 | 3.2% | 493.9 | 534.0 | 8.7% | 221.3 | 246.7 | 31.0% | 689.4 | 645.7 | 2.6% | 252.9 | 259.7 | 8.1% |
| SG&A | (135.1) | (144.7) | 7.1% | (70.1) | (67.7) | -3.4% | (117.9) | (123.9) | 5.1% | (158.3) | (159.5) | 2.3% | (126.5) | (145.7) | 11.6% | (386.1) | (374.2) | 6.2% | (137.5) | (144.1) | 5.9% |
| Other operating income/(expenses) | 21.7 | 25.7 | -5.7% | 12.7 | 13.5 | -13.9% | 19.3 | 22.4 | -7.4% | 1.9 | 0.5 | -75.9% | 2.1 | 1.8 | -10.9% | (8.5) | 1.2 | nm | 13.4 | 16.1 | -4.0% |
| Normalized Operating Profit | 115.2 | 118.5 | -1.7% | 62.8 | 67.9 | 4.1% | 101.3 | 104.8 | -1.0% | 337.5 | 375.0 | 11.0% | 96.9 | 102.9 | 55.5% | 294.8 | 272.7 | 1.3% | 128.7 | 131.7 | 9.1% |
| Normalized EBITDA | 157.5 | 163.5 | 0.5% | 75.7 | 77.5 | -1.0% | 135.8 | 140.2 | -0.1% | 396.0 | 434.2 | 8.9% | 130.6 | 144.4 | 43.5% | 357.3 | 340.1 | 4.3% | 166.4 | 171.5 | 8.0% |
| ambev.com.br | Press Release – October 29, 2026 |
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Page | 28
| Ambev - Segment financial information · Brazil · CAC · LAS · Canada · Ambev | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Organic results · Beer · NAB · Total · Consolidated | |||||||||||||||||||||
| YTD25 · YTD26% · YTD25 · YTD26% · YTD25 · YTD26% · YTD25 · YTD26% · YTD25 · YTD26% · YTD25 · YTD26% · YTD25 · YTD26% | |||||||||||||||||||||
| Volume ('000 hl) | 64,757.8 | 66,138.1 | 2.1% | 24,657.1 | 24,239.5 | -1.7% | 89,414.9 | 90,377.6 | 1.1% | 8,772.7 | 8,015.7 | 5.0% | 22,596.5 | 22,265.4 | -1.5% | 6,522.2 | 6,422.3 | -1.5% | 127,306.2 | 127,080.9 | 0.7% |
| R$ million | |||||||||||||||||||||
| Net revenue | 28,667.6 | 30,890.0 | 7.8% | 6,368.9 | 6,568.9 | 3.1% | 35,036.5 | 37,458.9 | 6.9% | 8,180.4 | 7,128.4 | 8.3% | 12,323.2 | 12,299.8 | 11.8% | 7,894.7 | 7,320.9 | 1.2% | 63,434.8 | 64,208.0 | 7.3% |
| % of total | 45.2% | 48.1% | 10.0% | 10.2% | 55.2% | 58.3% | 12.9% | 11.1% | 19.4% | 19.2% | 12.4% | 11.4% | 100.0% | 100.0% | |||||||
| COGS | (13,870.5) | (15,038.7) | 8.4% | (3,618.3) | (3,526.7) | -2.5% | (17,488.8) | (18,565.4) | 6.2% | (3,711.1) | (3,017.4) | 2.7% | (6,586.3) | (6,546.3) | 7.2% | (3,325.7) | (3,041.2) | -0.2% | (31,111.9) | (31,170.3) | 5.3% |
| % of total | 44.6% | 48.2% | 11.6% | 11.3% | 56.2% | 59.6% | 11.9% | 9.7% | 21.2% | 21.0% | 10.7% | 9.8% | 100.0% | 100.0% | |||||||
| Gross profit | 14,797.1 | 15,851.3 | 7.1% | 2,750.6 | 3,042.3 | 10.6% | 17,547.7 | 18,893.6 | 7.7% | 4,469.3 | 4,111.0 | 12.8% | 5,736.9 | 5,753.4 | 17.1% | 4,569.1 | 4,279.6 | 2.2% | 32,323.0 | 33,037.6 | 9.2% |
| % of total | 45.8% | 48.0% | 8.5% | 9.2% | 54.3% | 57.2% | 13.8% | 12.4% | 17.7% | 17.4% | 14.1% | 13.0% | 100.0% | 100.0% | |||||||
| SG&A | (9,055.3) | (9,684.7) | 6.9% | (1,656.7) | (1,664.3) | 0.5% | (10,712.0) | (11,349.0) | 5.9% | (1,555.5) | (1,361.9) | 9.4% | (3,448.9) | (3,450.3) | 12.0% | (2,733.1) | (2,546.8) | 1.7% | (18,449.7) | (18,708.0) | 6.7% |
| % of total | 49.1% | 51.8% | 9.0% | 8.9% | 58.1% | 60.7% | 8.4% | 7.3% | 18.7% | 18.4% | 14.8% | 13.6% | 100.0% | 100.0% | |||||||
| Other operating income/(expenses) | 1,387.7 | 1,685.4 | 14.8% | 353.7 | 325.4 | -12.4% | 1,741.4 | 2,010.8 | 9.2% | 2.9 | (11.4) | nm | 32.2 | 34.8 | 14.6% | (8.3) | 14.2 | nm | 1,768.2 | 2,048.4 | 9.5% |
| % of total | 78.5% | 82.3% | 20.0% | 15.9% | 98.5% | 98.2% | 0.2% | -0.6% | 1.8% | 1.7% | -0.5% | 0.7% | 100.0% | 100.0% | |||||||
| Normalized Operating Profit | 7,129.5 | 7,852.1 | 8.8% | 1,447.6 | 1,703.4 | 16.8% | 8,577.1 | 9,555.4 | 10.1% | 2,916.6 | 2,737.7 | 13.8% | 2,320.2 | 2,338.0 | 24.5% | 1,827.6 | 1,746.9 | 4.3% | 15,641.5 | 16,378.1 | 12.3% |
| % of total | 45.6% | 47.9% | 9.3% | 10.4% | 54.8% | 58.3% | 18.6% | 16.7% | 14.8% | 14.3% | 11.7% | 10.7% | 100.0% | 100.0% | |||||||
| Normalized EBITDA | 9,894.9 | 10,671.1 | 6.9% | 1,753.6 | 1,958.7 | 11.0% | 11,648.5 | 12,629.8 | 7.5% | 3,518.7 | 3,195.4 | 9.8% | 3,216.7 | 3,216.0 | 19.4% | 2,272.5 | 2,161.4 | 3.8% | 20,656.5 | 21,202.5 | 9.3% |
| % of total | 47.9% | 50.3% | 8.5% | 9.2% | 56.4% | 59.6% | 17.0% | 15.1% | 15.6% | 15.2% | 11.0% | 10.2% | 100.0% | 100.0% | |||||||
| % of net revenue | |||||||||||||||||||||
| Net revenue | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | |||||||
| COGS | -48.4% | -48.7% | -56.8% | -53.7% | -49.9% | -49.6% | -45.4% | -42.3% | -53.4% | -53.2% | -42.1% | -41.5% | -49.0% | -48.5% | |||||||
| Gross profit | 51.6% | 51.3% | 43.2% | 46.3% | 50.1% | 50.4% | 54.6% | 57.7% | 46.6% | 46.8% | 57.9% | 58.5% | 51.0% | 51.5% | |||||||
| SG&A | -31.6% | -31.4% | -26.0% | -25.3% | -30.6% | -30.3% | -19.0% | -19.1% | -28.0% | -28.1% | -34.6% | -34.8% | -29.1% | -29.1% | |||||||
| Other operating income/(expenses) | 4.8% | 5.5% | 5.6% | 5.0% | 5.0% | 5.4% | 0.0% | -0.2% | 0.3% | 0.3% | -0.1% | 0.2% | 2.8% | 3.2% | |||||||
| Normalized Operating Profit | 24.9% | 25.4% | 22.7% | 25.9% | 24.5% | 25.5% | 35.7% | 38.4% | 18.8% | 19.0% | 23.1% | 23.9% | 24.7% | 25.5% | |||||||
| Normalized EBITDA | 34.5% | 34.5% | 27.5% | 29.8% | 33.2% | 33.7% | 43.0% | 44.8% | 26.1% | 26.1% | 28.8% | 29.5% | 32.6% | 33.0% | |||||||
| Per hectoliter - (R$/hl) | |||||||||||||||||||||
| Net revenue | 442.7 | 467.1 | 5.5% | 258.3 | 271.0 | 4.9% | 391.8 | 414.5 | 5.8% | 932.5 | 889.3 | 3.2% | 545.4 | 552.4 | 13.5% | 1,210.4 | 1,139.9 | 2.8% | 498.3 | 505.3 | 6.6% |
| COGS | (214.2) | (227.4) | 6.2% | (146.7) | (145.5) | -0.9% | (195.6) | (205.4) | 5.0% | (423.0) | (376.4) | -2.2% | (291.5) | (294.0) | 8.8% | (509.9) | (473.5) | 1.4% | (244.4) | (245.3) | 4.6% |
| Gross profit | 228.5 | 239.7 | 4.9% | 111.6 | 125.5 | 12.5% | 196.3 | 209.1 | 6.5% | 509.5 | 512.9 | 7.4% | 253.9 | 258.4 | 18.8% | 700.5 | 666.4 | 3.8% | 253.9 | 260.0 | 8.4% |
| SG&A | (139.8) | (146.4) | 4.7% | (67.2) | (68.7) | 2.2% | (119.8) | (125.6) | 4.8% | (177.3) | (169.9) | 4.2% | (152.6) | (155.0) | 13.7% | (419.1) | (396.6) | 3.3% | (144.9) | (147.2) | 6.0% |
| Other operating income/(expenses) | 21.4 | 25.5 | 12.4% | 14.3 | 13.4 | -10.9% | 19.5 | 22.2 | 8.0% | 0.3 | (1.4) | nm | 1.4 | 1.6 | 16.3% | (1.3) | 2.2 | nm | 13.9 | 16.1 | 8.7% |
| Normalized Operating Profit | 110.1 | 118.7 | 6.5% | 58.7 | 70.3 | 18.8% | 95.9 | 105.7 | 9.0% | 332.5 | 341.5 | 8.4% | 102.7 | 105.0 | 26.4% | 280.2 | 272.0 | 6.0% | 122.9 | 128.9 | 11.5% |
| Normalized EBITDA | 152.8 | 161.3 | 4.6% | 71.1 | 80.8 | 12.9% | 130.3 | 139.7 | 6.3% | 401.1 | 398.6 | 4.6% | 142.4 | 144.4 | 21.2% | 348.4 | 336.5 | 5.4% | 162.3 | 166.8 | 8.5% |
| ambev.com.br | Press Release – October 29, 2026 |
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Page | 29
| CONSOLIDATED BALANCE SHEET | ||
|---|---|---|
| R$ million | December 31, 2025 | September 30, 2026 |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | 18,638.2 | 19,188.2 |
| Investment securities | 1,681.7 | 2,725.9 |
| Trade receivables | 6,351.6 | 6,254.0 |
| Derivative financial instruments | 769.2 | 689.6 |
| Inventories | 10,520.1 | 9,982.8 |
| Recoverable taxes | 3,623.4 | 1,680.7 |
| Other assets | 1,911.9 | 2,384.2 |
| Assets held for sale | 379.4 | 247.7 |
| 43,875.6 | 43,153.0 | |
| Non-current assets | ||
| Investment securities | 123.3 | 90.9 |
| Derivative financial instruments | 8.9 | 1.9 |
| Recoverable taxes | 10,149.1 | 10,987.4 |
| Deferred tax assets | 8,404.4 | 8,542.2 |
| Other assets | 1,784.7 | 1,811.6 |
| Employee benefits | 29.9 | 23.9 |
| Long term assets | 20,500.4 | 21,457.9 |
| Investments in associates and joint ventures | 485.8 | 1,166.9 |
| Property, plant and equipment | 27,644.3 | 25,299.8 |
| Intangible assets | 11,042.7 | 10,426.6 |
| Goodwill | 41,538.4 | 40,070.5 |
| 101,211.6 | 98,421.7 | |
| Total assets | 145,087.2 | 141,574.7 |
| Equity and liabilities | ||
| Current liabilities | ||
| Trade payables | 23,742.8 | 21,176.1 |
| Derivative financial instruments | 925.1 | 894.3 |
| Interest-bearing loans and borrowing | 1,167.3 | 997.1 |
| Payroll and social security payables | 2,200.7 | 2,505.0 |
| Dividends and interest on capital payables | 4,927.8 | 4,119.7 |
| Income tax and social contribution payable | 1,437.3 | 1,076.2 |
| Taxes and contributions payable | 6,003.1 | 4,457.4 |
| Other liabilities, including obligations related to the acquisition of non-controlling interest | 4,623.7 | 4,836.6 |
| Provisions | 571.4 | 662.4 |
| 45,599.3 | 40,724.7 | |
| Non-current liabilities | ||
| Trade payables | 313.0 | 230.0 |
| Derivative financial instruments | 0.3 | 1.1 |
| Interest-bearing loans and borrowing | 2,219.6 | 1,717.7 |
| Deferred tax liabilities | 3,912.3 | 3,793.4 |
| Income tax and social contribution payable | 713.6 | 498.5 |
| Taxes and contributions payable | 659.7 | 695.3 |
| Other liabilities | 4.3 | 3.7 |
| Provisions | 877.7 | 723.0 |
| Employee benefits | 2,012.7 | 1,745.4 |
| 10,713.1 | 9,408.1 | |
| Total liabilities | 56,312.4 | 50,132.8 |
| Equity | ||
| Issued capital | 58,275.1 | 58,308.1 |
| Reserves | 108,003.5 | 104,939.2 |
| Carrying value adjustments | (78,364.5) | (83,543.9) |
| Retained earnings/(losses) | - | 11,192.3 |
| Equity attributable to Ambev’s shareholders | 87,914.0 | 90,895.7 |
| Non-controlling interest | 860.7 | 546.2 |
| Total Equity | 88,774.8 | 91,441.9 |
| Total equity and liabilities | 145,087.2 | 141,574.7 |
| ambev.com.br | Press Release – October 29, 2026 |
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Page | 30
| CONSOLIDATED INCOME STATEMENT | 3Q25 | 3Q26 | YTD25 | YTD26 |
|---|---|---|---|---|
| R$ million | ||||
| Net revenue | 20,847.3 | 21,594.6 | 63,434.8 | 64,208.0 |
| Cost of goods sold | (10,120.0) | (10,588.3) | (31,111.9) | (31,170.3) |
| Gross profit | 10,727.3 | 11,006.3 | 32,323.0 | 33,037.6 |
| Distribution expenses | (2,559.7) | (2,594.4) | (8,016.7) | (8,064.3) |
| Sales and marketing expenses | (1,919.9) | (2,067.6) | (6,162.7) | (6,405.2) |
| Administrative expenses | (1,355.0) | (1,446.4) | (4,270.2) | (4,238.5) |
| Other operating income/(expenses) | 567.1 | 683.2 | 1,768.2 | 2,048.4 |
| Normalized Operating Profit | 5,459.8 | 5,581.0 | 15,641.5 | 16,378.1 |
| Exceptional items | 845.5 | (43.0) | 772.9 | (37.3) |
| Income from operations | 6,305.3 | 5,538.1 | 16,414.4 | 16,340.7 |
| Net finance results | (1,086.0) | (312.4) | (2,916.4) | (1,855.0) |
| Share of results of joint ventures | (5.4) | 22.8 | (8.1) | 33.4 |
| Profit before income tax | 5,213.9 | 5,248.4 | 13,489.9 | 14,519.1 |
| Income tax expense | (350.2) | (882.1) | (2,031.0) | (2,792.5) |
| Profit | 4,863.7 | 4,366.3 | 11,458.9 | 11,726.6 |
| Equity holders of Ambev | 4,745.1 | 4,245.4 | 11,156.8 | 11,400.6 |
| Non-controlling interest | 118.6 | 120.9 | 302.1 | 326.0 |
| Basic earnings per share (R$) | 0.30 | 0.28 | 0.71 | 0.73 |
| Diluted earnings per share (R$) | 0.30 | 0.27 | 0.71 | 0.73 |
| Normalized Profit | 3,843.1 | 4,393.6 | 10,496.0 | 11,718.7 |
| Normalized basic earnings per share (R$) | 0.24 | 0.28 | 0.65 | 0.73 |
| Normalized diluted earnings per share (R$) | 0.24 | 0.28 | 0.65 | 0.73 |
| Nº of basic shares outstanding (million of shares) | 15,592.3 | 15,417.7 | 15,623.2 | 15,513.8 |
| Nº of diluted shares outstanding (million of shares) | 15,663.9 | 15,476.3 | 15,694.8 | 15,572.4 |
| ambev.com.br | Press Release – October 29, 2026 |
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Page | 31
| CONSOLIDATED STATEMENT OF CASH FLOWS | 3Q25 | 3Q26 | YTD25 | YTD26 |
|---|---|---|---|---|
| R$ million | ||||
| Net income | 4,863.7 | 4,366.3 | 11,458.9 | 11,726.6 |
| Depreciation, amortization and impairment | 1,599.3 | 1,689.8 | 5,015.0 | 4,824.5 |
| Impairment losses on receivables and inventory | 61.6 | 63.5 | 200.7 | 165.1 |
| Additions to/(reversals of) provisions and employee benefits | 75.2 | 61.1 | 274.8 | 116.7 |
| Net financial results | 1,086.0 | 312.4 | 2,916.4 | 1,855.0 |
| Losses/(gains) on sales of property, plant and equipment and intangible assets | (9.9) | (33.6) | (71.9) | (96.1) |
| Losses/(gains) on sales of operations in subsidiaries and associates | (884.5) | 5.0 | (884.5) | (81.4) |
| Share-based payment expenses | 100.0 | 114.2 | 306.1 | 304.8 |
| Income tax expenses | 350.2 | 882.1 | 2,031.0 | 2,792.5 |
| Share of results of associates and joint ventures | 5.4 | (22.8) | 8.1 | (33.4) |
| Hedge operations | (97.4) | (130.2) | (794.8) | (247.1) |
| Cash flow from operating activities before changes in working capital | 7,149.7 | 7,307.9 | 20,459.7 | 21,327.1 |
| (Increase)/decrease in trade and other receivables | (137.0) | (250.5) | 784.4 | 411.6 |
| (Increase)/decrease in inventories | 519.3 | 262.2 | (35.9) | (200.9) |
| Increase/(decrease) in trade and other payables | 311.3 | 1,051.9 | (6,665.0) | (3,679.7) |
| Cash generated from operations | 7,843.3 | 8,371.5 | 14,543.2 | 17,858.1 |
| Interest paid | (227.9) | (97.2) | (607.2) | (453.1) |
| Interest received | 336.7 | 455.7 | 986.2 | 1,248.3 |
| Dividends received | 15.0 | 27.1 | 22.0 | 139.3 |
| Income tax paid | (1,048.2) | (1,079.3) | (3,745.9) | (3,242.3) |
| Cash flow from operating activities | 6,919.0 | 7,677.9 | 11,198.4 | 15,550.3 |
| Proceeds from sales of property, plant and equipment and intangible assets | 38.4 | 38.6 | 105.1 | 116.7 |
| Acquisitions of property, plant and equipment and intangible assets | (1,043.9) | (1,133.0) | (2,960.3) | (2,479.8) |
| Sale/(acquisition) and others related to subsidiaries and associates, net of cash | 241.8 | 57.3 | 201.6 | (1,894.9) |
| Investments in short-term debt securities and net proceeds/(acquisitions) of debt securities | (411.3) | (1,045.8) | (268.9) | (1,093.0) |
| Net proceeds/(acquisitions) of other assets | 5.0 | (0.7) | 6.7 | (1.1) |
| Cash flow from/(used in) investing activities | (1,170.0) | (2,083.7) | (2,915.7) | (5,352.0) |
| Capital increases(reduction)/ in associates and subsidiaries | 0.0 | 64.4 | (3.7) | 35.6 |
| Proceeds from/(buybacks of) treasury shares | - | (680.4) | (1,831.1) | (3,333.0) |
| Acquisitions of non-controlling interest | - | - | (0.0) | - |
| Proceeds from borrowing | (41.2) | 14.9 | 9.5 | 40.6 |
| Repayments of borrowing | (39.8) | (30.3) | (131.2) | (133.6) |
| Cash net of finance costs other than interest | (807.5) | (735.8) | (2,457.6) | (1,910.2) |
| Payments of lease liabilities | (253.0) | (272.3) | (847.2) | (827.8) |
| Dividends and interest on capital paid | (2,081.7) | (1,377.2) | (10,773.7) | (2,561.7) |
| Cash flow from/(used in) financing activities | (3,223.2) | (3,016.7) | (16,035.2) | (8,690.2) |
| Net increase/(decrease) in cash and cash equivalents | 2,525.8 | 2,577.5 | (7,752.5) | 1,508.1 |
| Cash and cash equivalents at the beginning of the period | 16,404.0 | 16,610.8 | 28,595.7 | 18,638.2 |
| Effects of exchange rate fluctuations on cash and cash equivalents | (622.1) | (0.0) | (2,535.4) | (958.1) |
| Cash and cash equivalents at the end of the period | 18,307.7 | 19,188.2 | 18,307.7 | 19,188.2 |
| ambev.com.br | Press Release – October 29, 2026 |
|---|
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.