[ABEV] Ambev: Can Brazil Beer Volumes Keep Growing After the World Cup?

Ambev is the largest brewer in Latin America by sales volume, producing and selling beer, carbonated soft drinks and other beverages in 11 countries across the Americas, and it reports through four segments: Brazil, Latin America South, Central America and the Caribbean, and Canada[1]. According to the Drillr earnings calendar, Ambev will report Q3 2026 (3Q26, the three months ended September 30, 2026) results on 2026-10-29[2]. In the latest disclosed quarter, the second quarter of 2026, consolidated volumes grew 1.4% organically, net revenue reached R$20.149 billion with 6.1% organic growth, Normalized EBITDA rose 8.9% organically to R$6.377 billion with the margin up to 31.6%, and normalized profit increased 23.3% to R$3.493 billion[3][4]. The company's only quantified full-year guidance is a 4.5% to 7.5% increase in 2026 Brazil beer cash COGS per hectoliter excluding third-party marketplace products, which it kept unchanged with second-quarter results[5]; the Drillr earnings calendar records third-quarter consensus of US$0.05 in earnings per ADS and US$4.16 billion in revenue, both in US dollars, against second-quarter estimates of US$0.04 and US$4.05 billion, with second-quarter actual revenue recorded by that source at US$3.97 billion[2].

Three things matter most in these results. First, whether Ambev Brazil beer volumes can keep growing in a quarter without the World Cup: second-quarter volumes rose 5.0%, but management estimates the tournament added roughly 0.5 to 1 percentage point to industry growth, and revenue per hectoliter excluding the marketplace slowed from 8.0% in the first quarter to 4.4%[6][7][8][9], so the third quarter can separate share and brand mix from the event and an easy base. Second, whether Brazil beer unit cash costs stay within guidance: they already rose 9.7% in the first half, and a rough calculation implies the second half must land between about -0.7% and +5.3% for the year to stay within 4.5% to 7.5%[5], which decides how much of this year's profit growth can come from gross margin. Third, whether Brazil non-alcoholic beverages can turn share recovery into volume: second-quarter volumes fell 4.4% while EBITDA rose 13.8%, and management says share is back near historical levels with a much better second half ahead[10][11], so the quarter will test whether protecting profit through price can become growth in both volume and profit.

Company Background and Business Structure

Ambev is a beverage group centered on Brazil and spread across the Americas; it is the largest brewer in Latin America by sales volume and one of the largest beer producers in the world[1]. Its common shares trade on Brazil's B3, its American depositary shares trade on the New York Stock Exchange under ABEV, it reports to the SEC on Form 20-F, and its controlling shareholder is AB InBev. Its four reporting segments are Brazil (with beer and non-alcoholic beverage sales divisions), Central America and the Caribbean (the Dominican Republic, Cuba, Guatemala and Panama), Latin America South (Argentina, Bolivia, Paraguay, Uruguay and Chile) and Labatt's operations in Canada[1].

Brazil remains the core of revenue, but close to half of revenue comes from currencies other than the real. In 2025 net revenue was R$88.243 billion, of which Brazil contributed 55.6% (beer 45.6% and non-alcoholic beverages 10.0%), Latin America South 20.4%, Central America and the Caribbean 12.4% and Canada 11.6%; full-year volume was 175.8 million hectoliters, including 89.39 million hectoliters of Brazil beer[12]. In the same year 44.4% of net revenue came from subsidiaries whose functional currency is not the real, so exchange-rate moves directly change each segment's contribution to consolidated revenue and profit[13].

The value chain starts with raw materials and packaging that are priced in or linked to the US dollar. A significant portion of malt, hops, sugar and packaging such as aluminum cans and PET bottles is denominated in or linked to the dollar, and the company's policy is to substantially hedge cost of sales against currency moves[14]; it has a limited number of suppliers of aluminum cans, glass and PET bottles, and industry consolidation has reduced local alternatives in some markets[15]. In Brazil the company reaches roughly one million points of sale through 207 exclusive third-party distributors and 89 owned distribution centers; returnable 600-milliliter and 300-milliliter glass bottles mainly serve bars, while 350-milliliter aluminum cans are mostly sold in supermarkets[16].

Digital channels connect the company directly with retailers and consumers. Store owners order through the B2B platform BEES, which also sells third-party products, and BEES Marketplace gross merchandise value grew 87% in the second quarter[6]; the consumer app Zé Delivery handled more than 66 million orders in 2025 and had over 27 million yearly active users at year-end[17]. Revenue minus cost of sales gives gross profit; deducting sales and marketing, distribution and administrative expenses and adding other operating income, mainly Brazilian state VAT incentives, gives Normalized EBITDA, and operating cash flow then funds capital expenditure, interest on capital, dividends and buybacks.

Financial History and Current Position

Revenue edged down in 2025, but margins and net income improved clearly. Net revenue of R$88.243 billion was 1.4% below R$89.453 billion in 2024, against R$79.737 billion in 2023, with Latin America South revenue down 9.3% mainly because of the weaker Argentine peso[12]. Full-year volume fell 3.3% to 175.8 million hectoliters, net revenue per hectoliter rose 2.1% to R$501.9, gross margin was 51.4% (up 20 basis points), income from operations was R$23.318 billion (up 7.0%) and net income was R$15.988 billion (up 7.7%)[18]. Brazil beer revenue was broadly flat because volumes fell 4.5% while revenue per hectoliter rose 4.8%[19].

Cash generation stayed strong in 2025, but large shareholder returns cut net cash materially. Operating cash flow was R$24.450 billion, below R$26.099 billion in 2024, and capital expenditure was R$4.591 billion[20]; year-end net cash was R$16.933 billion, down from R$26.385 billion at the end of 2024[21], mainly because of large dividends, interest on capital and buybacks.

Reported revenue was flat in the first half of 2026, while organic growth was much faster. First-half net revenue was R$42.613 billion, up 0.1% as reported and 7.2% organically, and Normalized EBITDA was R$13.932 billion, up 9.6% organically with a 32.7% margin[4]; operating cash flow was R$7.872 billion, compared with R$4.254 billion in the first half of 2025[22]. Second-quarter net revenue was R$20.149 billion with 6.1% organic growth, made up of 1.4% volume growth and 4.6% higher revenue per hectoliter, and normalized profit was R$3.493 billion, up 23.3%, as lower finance costs more than offset higher income tax[3]; operating cash flow in the quarter was R$4.711 billion, up 54.5%[22].

The balance sheet remains in net cash and shareholder returns are continuing. Net cash was R$15.397 billion at the end of June[23]; by the date of the second-quarter release the company had returned about R$5.9 billion to shareholders year-to-date before withholding tax, mainly through the buyback announced in October 2025 and 2025 interest-on-capital payments[24]. In August the board cancelled 279 million treasury shares, leaving 15.485 billion shares outstanding, and the buyback program was completed[25]; the final tranche of about R$1.9 billion before withholding tax of the interest on capital declared in December 2025 was paid on October 6, and about R$1.1 billion of further interest on capital is due by December 2026[24][26].

Operating Model

Revenue is the product of each segment's volume and net revenue per hectoliter, and Brazil beer is the largest driver. In the first half of 2026 Brazil beer accounted for about 48.7% of net revenue and Brazil non-alcoholic beverages about 10.2%, with Latin America South, Central America and the Caribbean and Canada at about 19.4%, 10.7% and 11.0%[27][4]. Brazil beer revenue is roughly volume (industry demand times share) multiplied by revenue per hectoliter excluding the marketplace (pricing plus the premium and balanced-choices mix), plus third-party marketplace revenue on BEES; weather, household debt and consumption occasions show up in volume within the quarter, and pricing and mix also feed revenue per hectoliter in the same quarter[28]. Latin America South is dominated by Argentina and Bolivia, where reported revenue is driven by high-inflation pricing and currency translation and Argentina applies hyperinflation accounting.

Segment profit depends on the unit spread, expenses and tax incentives, and cost changes reach the income statement with a lag. Segment Normalized EBITDA is roughly volume times the gap between revenue and cash COGS per hectoliter, minus cash SG&A, plus other operating income led by Brazilian state VAT incentives; unit cash cost depends on dollar-linked inputs such as aluminum cans and malt, hedged exchange rates and brewing efficiency[14]. Because the company hedges currency and commodities, spot price moves are smoothed into later quarters, which is the background to first-quarter unit costs rising 14.6% and second-quarter growth easing to 4.5%[9][8]. Below EBITDA, net finance costs (including hedge carry and Argentine hyperinflation adjustments) and income tax determine normalized profit, and Brazil's limit on the deductible interest-on-capital base since 2024 has pushed the nominal tax rate higher[29].

Cash flow is clearly seasonal, and the pace of shareholder returns decides how net cash moves. Operating cash flow is roughly Normalized EBITDA minus working-capital changes, income tax and interest, plus or minus hedge settlements; payables build sharply in the fourth-quarter peak season and unwind in the first half, so first-half cash flow runs low[22]. After capital expenditure (R$4.591 billion in 2025)[20], cash goes to interest on capital, dividends and buybacks, and the company returns cash at that pace while staying in net cash.

Industry and Competitive Position

Ambev leads the Brazilian beer market, and its closest competitor is Heineken. By its own estimates the company was the market leader in Brazilian beer by volume in 2025, mainly through the Skol, Brahma and Antarctica brand families[16]. In the second quarter management said it had gained share for four consecutive quarters, premium share reached an all-time high and the premium portfolio made up about 25% of Brazil beer volume[30].

The company's advantages are distribution reach and digital channels, while its weakness is that mainstream brands are more sensitive to weather and lower-income consumers. Roughly one million highly fragmented points of sale, owned and exclusive distribution and the BEES platform let the company manage price, assortment and promotion in finer detail[16]. Mainstream brands, however, depend more on weather and disposable income: Brazil beer volume fell 4.5% in 2025[19], and management lists elevated household debt and extreme weather as demand risks[28].

Non-alcoholic beverages and the international segments face different competitive conditions. In Brazil non-alcoholic beverages the company competes with the Coca-Cola system through Guaraná Antarctica and the Pepsi family, lost share after resetting price relationships to protect profit in the second half of 2025, and by its own estimate had brought share back near historical levels by the end of the second quarter[10]. Latin America South is exposed to high inflation, currency controls and social unrest, and its second-quarter volume fell 2.9%[31]; Central America and the Caribbean grew volume 5.4% in the quarter[32], while Canada's domestic beer industry declined slightly even as the company gained share in beer and beyond beer[30]. These relative positions all come from the company's own estimates, with no independent share data to compare against, and should be read as management's view.

Core Debates

Ambev's Brazil beer volumes grew 5.0% in the second quarter, helped by roughly 0.5 to 1 percentage point of World Cup demand for the industry. Without the tournament but against a weak second half of 2025, can third-quarter volumes keep growing while revenue per hectoliter rises at least 4.4%?

This question decides whether the Brazil beer recovery is structural or a one-off. Brazil beer contributes about half of the company's revenue and EBITDA; in 2025 its volume fell 4.5% and revenue was flat, so profit growth relied mainly on price and cost control[19], while the first half of 2026 brought the first combined growth in volume and price, with volume up 2.9% and revenue per hectoliter up 6.2%[6]. The third quarter is the first without the tournament, so it can test whether the recovery comes from share and brand mix or from the event and a weak base.

Second-quarter data support share gains, but part of the growth came from the World Cup. Brazil beer volume was 21.03 million hectoliters in the second quarter, up 5.0% and estimated to have beaten the industry, after 1.2% growth in the first quarter, bringing first-half growth to 2.9% at 44.46 million hectoliters[33][34][27]. Management says the industry improved from a high-single-digit decline in the second half of 2025 to a mid-single-digit decline in the first quarter of 2026 and slightly positive growth in the second quarter[35], and estimates the World Cup added 0.5 to 1 percentage point to industry growth in the second quarter[7]. The premium portfolio grew in the mid-twenties, balanced choices doubled and mainstream was broadly stable; revenue per hectoliter excluding the marketplace was R$452.3, up 4.4% versus 8.0% in the first quarter, and Brazil beer Normalized EBITDA was R$3.275 billion, up 12.8% organically with a 33.5% margin[6][8][33].

The mix of volume and price flows directly into Brazil beer revenue and EBITDA. Industry demand and share drive volume, revenue management and mix drive revenue per hectoliter excluding the marketplace, and together they set Brazil beer net revenue, R$9.791 billion in the second quarter, up 8.9%, before unit costs and selling expenses leave EBITDA[33]. The alternative reading is that second-quarter growth came mainly from the tournament and a weak comparison a year earlier, and that the slowdown in revenue per hectoliter from 8.0% to 4.4% partly reflects slower pricing to protect volume. Management gave no industry guidance, saying only that the toughest comparison has passed and temperature forecasts are no worse than in 2025, while acknowledging that elevated household debt remains a concern[7][28].

The third quarter needs to be read across volume, price and profit at the same time. If Brazil beer organic volume growth is at least the first half's 2.9%, revenue per hectoliter excluding the marketplace holds 4.4%, mainstream volume stays flat rather than falling, and Brazil beer EBITDA grows organically by the first half's 9.9%[27], the recovery is not just about the tournament. Conversely, organic volume growth below 0% would show the recovery depended on the event, and revenue per hectoliter growth below 4.4% without faster volume would show the company trading price for volume.

Ambev guides Brazil beer cash COGS per hectoliter up 4.5% to 7.5% for 2026, yet the first half already rose 9.7%. Can third-quarter unit-cost growth stay at or below 5.3% so the year lands inside guidance and gross margin keeps expanding?

This is the company's only quantified annual guidance, and it decides how much of 2026 profit growth comes from gross margin. A significant part of Brazil beer packaging and raw-material cost is linked to the dollar, and hedging smooths currency and aluminum moves into later quarters[14]. In the first quarter unit cash cost excluding the marketplace rose 14.6% and Brazil beer gross margin contracted 170 basis points[34]; after growth eased to 4.5% in the second quarter, gross margin expanded 110 basis points to 52.0%[6][33].

Efficiency supported the second-quarter cost slowdown, but the room left for the year is not wide. Unit cash cost excluding the marketplace was R$192.6 in the second quarter, up 4.5%, which the company attributed to currency, commodities and product mix[8][6]; management said the continuous-improvement cost PMO program launched in 2025 delivered efficiencies, with consolidated unit cash cost excluding the marketplace up only 2.2% in the quarter[35], and on the first-quarter call it said the first quarter would be the cost peak with easing from the second[36]. First-half unit cost was R$195.9, up 9.7%, and assuming similar weights for the two halves, a full year of 4.5% to 7.5% implies roughly -0.7% to +5.3% in the second half, a calculation rather than a company disclosure[8]. First-half Brazil beer gross margin was 51.6% (down 40 basis points), and cash SG&A rose 7.1% to R$5.586 billion, including a 10.8% increase to R$2.911 billion in the second quarter from World Cup marketing after only 3.4% growth in the first quarter[27][33][34].

Currency and input prices enter unit cost through hedging and then pass to gross margin and EBITDA. The dollar-real exchange rate and the prices of aluminum cans, malt and other inputs set the hedged unit purchase cost, efficiencies in brewing and packaging from the cost PMO offset part of it, and the result is cash COGS per hectoliter excluding the marketplace, which then sets Brazil beer gross margin and, after cash SG&A, Normalized EBITDA. The company still hedges about US$1.9 billion of currency exposure in Brazil, with a carry cost of about 9.6% in the second quarter[37]. The alternative reading is that part of the second-quarter slowdown came from quarterly hedge timing and product mix rather than a change in the cost trend; if third-quarter unit cost accelerates again while the company keeps its guidance, the credibility of the top of the range would weaken.

In the third quarter, cost growth, the guidance wording and gross margin need to point the same way. The items to watch are whether Brazil beer unit cash cost excluding the marketplace grows no more than 5.3%, whether the company reiterates the 4.5% to 7.5% guidance[5], whether Brazil beer gross margin expands year on year, and whether cash SG&A growth falls back below 7.1%. Unit cost growth above 5.3% or a raised guidance range would show that hedging and efficiency did not absorb cost pressure; a year-on-year decline in gross margin would show that pricing did not outrun cost.

Ambev's Brazil non-alcoholic volumes fell 4.4% in the second quarter even as EBITDA rose 13.8%, and management says share is back near historical levels with a much better second half ahead. Can third-quarter volumes improve to no worse than -1.3% while net revenue grows at least 4%?

Non-alcoholic beverages are where the strategy of protecting profit through price must show it can shift to growth in both volume and profit. The business is about one-tenth of company revenue, with 2025 net revenue of R$8.800 billion, up 4.9%[12]; from the second half of 2025 the company reset price relationships to protect profit, and volume and share kept falling while margins rose sharply[38]. In the second quarter management for the first time explicitly called for a much better second half[11], and the third quarter is the first test of that view.

Second-quarter profit improvement was strong, but volume was still falling. Volume fell 3.9% in the first quarter and 4.4% in the second quarter to 7.62 million hectoliters, and 4.1% in the first half to 16.20 million hectoliters[38][39][10]; about 30% of the second-quarter decline came from a deliberate exit from a low-return fast-food channel, a drag that will last all year, and underlying volume improved sequentially once it is excluded[30]. Revenue per hectoliter was R$270.6, up 6.1%, lower sugar and PET prices cut unit cash cost 3.1%, and gross margin expanded 540 basis points; net revenue was R$2.061 billion, up 1.4% (after 1.8% in the first quarter and 1.6% for the first half), and EBITDA was R$610.7 million, up 13.8%, with a 29.6% margin (up 320 basis points) and a first-half margin of 30.7%[39][10].

Price relationships, product mix and input costs together determine non-alcoholic revenue and profit. Relative prices against competitors and brand investment drive share and volume, revenue management and the mix of no-sugar products and the Pepsi family drive revenue per hectoliter, and sugar and PET prices drive unit cash cost; together they form non-alcoholic net revenue and EBITDA. Management says the non-alcoholic industry grew in the first half, the company's share was near historical levels by the end of the second quarter and the toughest comparison has passed[7][10]. The alternative reading is that margin improvement came mainly from lower input prices and that share recovery is only a company estimate; if third-quarter volume still falls around 4%, price relationships remain too high and the profit gain would fade when input costs rise again.

The third quarter should show whether the volume decline narrows clearly and whether margins hold. The items to watch are whether non-alcoholic organic volume growth is no worse than -1.3%, whether revenue per hectoliter growth stays above 5%, whether organic net revenue growth reaches 4%, and whether EBITDA margin keeps expanding year on year. A volume decline steeper than the second quarter's 4.4% would show that share recovery has not turned into volume; a margin contraction would show the company giving up price to win back share.

Risks and Falsifiers

Currency and social risk in Latin America South can weigh on reported revenue and EBITDA. Bolivia's currency was devalued by about 40% in late June, and management expects gradual negative translation effects in coming quarters[28]; Bolivia's volume fell by double digits in the second quarter because of social unrest and road blockades, and Latin America South volume fell 2.9% overall[30][31], while Argentina applies hyperinflation accounting and its reported revenue is also held down by the weaker peso. The exposure sits in Latin America South net revenue and EBITDA, and 44.4% of 2025 revenue came from subsidiaries with functional currencies other than the real[13]. If third-quarter reported revenue and EBITDA in Latin America South do not fall year on year and Bolivian volume returns to growth, the concern would be falsified.

Higher Brazilian taxes are absorbing part of the operating improvement. Since 2024 the deductible interest-on-capital base has been limited and state VAT incentives are no longer tax-exempt[29]; the aggregated weighted nominal tax rate was 30.0% in the second quarter versus 27.5% a year earlier[23], and income tax expense rose 37.4% to R$864.5 million[40]. From 2027 Brazil will levy a selective excise tax on alcoholic beverages and sugary drinks, with rates still undetermined[41], and it will directly affect Brazilian net revenue and pricing. If third-quarter income tax expense grows no faster than pre-tax profit, and the excise tax rates and transition rules create no quantifiable pressure on 2027 pricing, the risk has not materialized.

Once World Cup demand fades, the Brazilian beer industry could slip back into decline. Combined with elevated household debt and poor weather, the company could be forced to slow pricing or add promotions to defend share[28]. On second-quarter Brazil beer net revenue of R$9.791 billion, each percentage point of volume changes quarterly revenue by about R$100 million[33]. If third-quarter Brazil beer organic volume growth is at least 2.9% and revenue per hectoliter excluding the marketplace grows at least 4.4%, the risk is falsified.

A weaker real or higher aluminum and malt prices could pass through hedges into second-half unit costs. If second-half Brazil beer unit cash cost growth exceeds about 5.3%, the year would reach or breach the top of guidance[5][14]. Second-quarter Brazil beer cost of sales was R$4.695 billion with a 52.0% gross margin, and on cost of sales excluding depreciation of R$4.262 billion, each extra percentage point of unit cost growth cuts quarterly gross profit by about R$43 million[33]. If third-quarter unit cash cost growth is no more than 4.5% and the company reiterates guidance, the risk is falsified.

Non-alcoholic share could recover more slowly than management suggests, or the company could step up promotions to win share back. That would keep volume falling at a mid-single-digit rate or pull margins back, hitting second-quarter net revenue of R$2.061 billion and EBITDA of R$610.7 million at a 29.6% margin[39], and management has already acknowledged that demand recovery in this business took longer than it first thought[28]. If third-quarter non-alcoholic organic volume growth is no worse than -1.3% and EBITDA margin expands year on year, the risk is falsified.

What to Watch Next

• Brazil beer volume: second-quarter organic growth was 5.0% and first-half growth 2.9%; at least 2.9% in a quarter without the World Cup supports share recovery, while growth below 0% would show dependence on the event.
• Brazil beer revenue per hectoliter excluding the marketplace: R$452.3, up 4.4% in the second quarter; growth below 4.4% without faster volume would signal price traded for volume.
• Brazil beer EBITDA: up 12.8% organically in the second quarter and 9.9% in the first half; reaching 9.9% supports the recovery.
• Brazil beer cash COGS per hectoliter excluding the marketplace: R$192.6, up 4.5% in the second quarter and 9.7% in the first half; growth of no more than 5.3% with the 4.5% to 7.5% guidance reiterated confirms the cost path, while growth above 5.3% or higher guidance falsifies it.
• Brazil beer gross margin and cash SG&A: gross margin was 52.0% in the second quarter and first-half SG&A grew 7.1%; a year-on-year margin decline would show pricing failing to outrun cost.
• Brazil non-alcoholic volume and net revenue: second-quarter volume fell 4.4% and revenue rose 1.4%; volume no worse than -1.3% with revenue up 4% confirms recovery, while a decline steeper than 4.4% falsifies it.
• Brazil non-alcoholic EBITDA margin: 29.6% in the second quarter, up 320 basis points; a year-on-year contraction would indicate price concessions.

Conclusion

Ambev's results are driven mainly by the volume-price mix in Brazil beer, dollar-linked unit costs and currency translation in Latin America South. In the first half of 2026 organic revenue grew 7.2% and the Normalized EBITDA margin was 32.7%[4], and the company still held R$15.397 billion of net cash at the end of June[23]. The central unresolved relationship is whether Brazil beer can keep growing in both volume and price after the World Cup while holding unit cost within full-year guidance, and whether non-alcoholic beverages can turn margin improvement into a volume recovery.

Since the second-quarter release, not a single signed outside commentary could be found in public sources that has a verifiable original text and makes a substantive argument on these debates. The material that did surface was mainly results summaries, isolated operating news and brokers adjusting their views on the shares, and none offered attributable independent analysis of Brazil beer volume and price, the cost guidance or non-alcoholic share, so no market view is presented here and the assessment above rests only on company disclosures.

The combination that would materially strengthen the current understanding is third-quarter Brazil beer organic volume growth of at least 2.9%, revenue per hectoliter excluding the marketplace up at least 4.4%, unit cash cost growth of no more than 5.3% with guidance reiterated, and a non-alcoholic volume decline narrowed to within 1.3% with margins still expanding. Conversely, if Brazil beer volume turns negative, unit cost accelerates again or guidance is raised, while non-alcoholic volume still falls around 4%, the second-quarter improvement would look more like the product of the tournament, hedge timing and input prices than a lasting recovery in share and pricing power.

Sources

[1] ABEV 20-F filed 2026-03-03 · business overview · 2026-03-03 · 20-F · https://www.sec.gov/Archives/edgar/data/1565025/000129281426000640/abevform20f_2025.htm

[2] Drillr earnings calendar (updated 2026-10-21) · ABEV 2026-10-29 Q3 2026 estimates · 2026-10-21 · Drillr earnings calendar · https://gateway.drillr.ai/mcp/private

[3] ABEV 6-K filed 2026-07-30 (2Q26 results press release) · consolidated highlights 2Q26 · 2026-07-30 · 6-K · https://www.sec.gov/Archives/edgar/data/1565025/000129281426003970/abevpr2q26_6k.htm

[4] ABEV 6-K filed 2026-07-30 (2Q26 results press release) · financial highlights 2Q26 and HY26 · 2026-07-30 · 6-K · https://www.sec.gov/Archives/edgar/data/1565025/000129281426003970/abevpr2q26_6k.htm

[5] ABEV 6-K filed 2026-07-30 (2Q26 results press release) · cost, SG&A and unchanged 2026 guidance · 2026-07-30 · 6-K · https://www.sec.gov/Archives/edgar/data/1565025/000129281426003970/abevpr2q26_6k.htm

[6] ABEV 6-K filed 2026-07-30 (2Q26 results press release) · Brazil Beer operating performance 2Q26 and HY26 · 2026-07-30 · 6-K · https://www.sec.gov/Archives/edgar/data/1565025/000129281426003970/abevpr2q26_6k.htm

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[12] ABEV 20-F filed 2026-03-03 · net sales and volumes by segment 2023-2025 · 2026-03-03 · 20-F · https://www.sec.gov/Archives/edgar/data/1565025/000129281426000640/abevform20f_2025.htm

[13] ABEV 20-F filed 2026-03-03 · revenues from non-real functional currencies · 2026-03-03 · 20-F · https://www.sec.gov/Archives/edgar/data/1565025/000129281426000640/abevform20f_2025.htm

[14] ABEV 20-F filed 2026-03-03 · dollar-linked costs and hedging policy · 2026-03-03 · 20-F · https://www.sec.gov/Archives/edgar/data/1565025/000129281426000640/abevform20f_2025.htm

[15] ABEV 20-F filed 2026-03-03 · packaging and raw-material suppliers · 2026-03-03 · 20-F · https://www.sec.gov/Archives/edgar/data/1565025/000129281426000640/abevform20f_2025.htm

[16] ABEV 20-F filed 2026-03-03 · Brazilian beer market, competitor and distribution · 2026-03-03 · 20-F · https://www.sec.gov/Archives/edgar/data/1565025/000129281426000640/abevform20f_2025.htm

[17] ABEV 20-F filed 2026-03-03 · Zé Delivery and BEES platforms · 2026-03-03 · 20-F · https://www.sec.gov/Archives/edgar/data/1565025/000129281426000640/abevform20f_2025.htm

[18] ABEV 20-F filed 2026-03-03 · consolidated financial highlights 2025 · 2026-03-03 · 20-F · https://www.sec.gov/Archives/edgar/data/1565025/000129281426000640/abevform20f_2025.htm

[19] ABEV 20-F filed 2026-03-03 · net revenue per hectoliter by segment 2025 · 2026-03-03 · 20-F · https://www.sec.gov/Archives/edgar/data/1565025/000129281426000640/abevform20f_2025.htm

[20] ABEV 20-F filed 2026-03-03 · consolidated cash flow 2023-2025 · 2026-03-03 · 20-F · https://www.sec.gov/Archives/edgar/data/1565025/000129281426000640/abevform20f_2025.htm

[21] ABEV 20-F filed 2026-03-03 · net cash position 2025 · 2026-03-03 · 20-F · https://www.sec.gov/Archives/edgar/data/1565025/000129281426000640/abevform20f_2025.htm

[22] ABEV 6-K filed 2026-07-30 (2Q26 results press release) · cash flow statement 2Q26 and HY26 · 2026-07-30 · 6-K · https://www.sec.gov/Archives/edgar/data/1565025/000129281426003970/abevpr2q26_6k.htm

[23] ABEV 6-K filed 2026-07-30 (2Q26 results press release) · net cash and income tax provision 2Q26 · 2026-07-30 · 6-K · https://www.sec.gov/Archives/edgar/data/1565025/000129281426003970/abevpr2q26_6k.htm

[24] ABEV 6-K filed 2026-07-30 (2Q26 results press release) · shareholder returns year-to-date · 2026-07-30 · 6-K · https://www.sec.gov/Archives/edgar/data/1565025/000129281426003970/abevpr2q26_6k.htm

[25] ABEV 6-K filed 2026-08-14 (share cancellation and buyback completion) · 2026-08-14 · 6-K · https://www.sec.gov/Archives/edgar/data/1565025/000129281426004239/abev20260813_6k1.htm

[26] ABEV 6-K filed 2026-07-30 (notice to shareholders: IOC payments) · 2026-07-30 · 6-K · https://www.sec.gov/Archives/edgar/data/1565025/000129281426003974/abev20260729_6k1.htm

[27] ABEV 6-K filed 2026-07-30 (2Q26 results press release) · Brazil Beer income statement HY26 · 2026-07-30 · 6-K · https://www.sec.gov/Archives/edgar/data/1565025/000129281426003970/abevpr2q26_6k.htm

[28] ABEV earnings call 2026-07-30 (2Q26 results) · management-stated risks: Bolivia devaluation, household debt, El Niño · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[29] ABEV 20-F filed 2026-03-03 · IOC deductibility limits · 2026-03-03 · 20-F · https://www.sec.gov/Archives/edgar/data/1565025/000129281426000640/abevform20f_2025.htm

[30] ABEV earnings call 2026-07-30 (2Q26 results) · Brazil NAB channel exit and premium mix · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[31] ABEV 6-K filed 2026-07-30 (2Q26 results press release) · LAS operating performance 2Q26 · 2026-07-30 · 6-K · https://www.sec.gov/Archives/edgar/data/1565025/000129281426003970/abevpr2q26_6k.htm

[32] ABEV 6-K filed 2026-07-30 (2Q26 results press release) · CAC and Canada operating performance 2Q26 · 2026-07-30 · 6-K · https://www.sec.gov/Archives/edgar/data/1565025/000129281426003970/abevpr2q26_6k.htm

[33] ABEV 6-K filed 2026-07-30 (2Q26 results press release) · Brazil Beer income statement 2Q26 · 2026-07-30 · 6-K · https://www.sec.gov/Archives/edgar/data/1565025/000129281426003970/abevpr2q26_6k.htm

[34] ABEV 6-K filed 2026-05-05 (1Q26 results press release) · Brazil Beer operating performance 1Q26 · 2026-05-05 · 6-K · https://www.sec.gov/Archives/edgar/data/1565025/000129281426002777/abevpr1q26_6k.htm

[35] ABEV earnings call 2026-07-30 (2Q26 results) · Brazil beer industry trend and cost PMO · 2026-07-30 · earnings-call · https://gateway.drillr.ai/mcp/private

[36] ABEV earnings call 2026-05-05 (1Q26 results) · Q&A: cost cadence and price drivers · 2026-05-05 · earnings-call · https://gateway.drillr.ai/mcp/private

[37] ABEV 6-K filed 2026-07-30 (2Q26 results press release) · net finance results and FX hedge carry 2Q26 · 2026-07-30 · 6-K · https://www.sec.gov/Archives/edgar/data/1565025/000129281426003970/abevpr2q26_6k.htm

[38] ABEV 6-K filed 2026-05-05 (1Q26 results press release) · Brazil NAB operating performance 1Q26 · 2026-05-05 · 6-K · https://www.sec.gov/Archives/edgar/data/1565025/000129281426002777/abevpr1q26_6k.htm

[39] ABEV 6-K filed 2026-07-30 (2Q26 results press release) · Brazil NAB income statement 2Q26 · 2026-07-30 · 6-K · https://www.sec.gov/Archives/edgar/data/1565025/000129281426003970/abevpr2q26_6k.htm

[40] ABEV 6-K filed 2026-07-30 (2Q26 results press release) · consolidated income statement 2Q26 · 2026-07-30 · 6-K · https://www.sec.gov/Archives/edgar/data/1565025/000129281426003970/abevpr2q26_6k.htm

[41] ABEV 20-F filed 2026-03-03 · consumption tax reform and selective excise tax · 2026-03-03 · 20-F · https://www.sec.gov/Archives/edgar/data/1565025/000129281426000640/abevform20f_2025.htm