Ambev S.A. (ABEV) Earnings
Ambev S.A. is expected to report next earnings on July 30, 2026 (in NaN days), with a consensus EPS estimate of $0.04. ABEV has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise +0.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $0.05 | $0.05 | +0.0% | $4.6B | +4.2% |
| Feb 12, 2026 | $0.05 | $0.05 | +0.0% | $4.5B | +6.0% |
| Oct 30, 2025 | $0.04 | $0.04 | +0.0% | $3.9B | -18.1% |
| Jul 31, 2025 | $0.03 | $0.03 | +0.0% | $3.7B | -11.0% |
| May 8, 2025 | $0.04 | $0.04 | +0.0% | $3.9B | +1.0% |
| Feb 26, 2025 | $0.05 | $0.05 | +0.0% | $4.4B | +14.2% |
| Oct 31, 2024 | $0.04 | $0.04 | -11.1% | $3.8B | -3.5% |
| Feb 29, 2024 | $0.05 | $0.06 | +20.0% | $4.1B | -9.0% |
| Oct 31, 2023 | $0.04 | $0.05 | +20.0% | $4.0B | -3.7% |
| Aug 3, 2023 | $0.03 | $0.03 | +12.0% | $3.9B | -3.8% |
| May 4, 2023 | $0.03 | $0.04 | +45.5% | $4.0B | +0.4% |
| Mar 2, 2023 | $0.03 | $0.06 | +118.1% | $4.2B | -8.6% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
1. Mission around three priorities: avoid disruptions, keep momentum, build a stronger company. 2. Elevated marketing intelligence capabilities and focused on controlled factors. 3. Brazil Beer: outperformed commercially with volume growth, Premium, balance choices, no alcohol beer growth, core portfolio performance. 4. Brazil NAB: Guaraná brand equity at all-time high, non-sugar portfolio growth. 5. Argentina: macroenvironment more stable but consumption not significantly recovered, performance strengthening. 6. Dominican Republic: solid start with consumption environment improvement, beer gaining share. 7. Canada: maintained stable share in beer and gained share in Beyond Beer.
Guidance
1. Maintain Brazil beer cash cogs per hectolitre excluding marketplace guidance unchanged from 4.5% to 7.5% increase in 2026. 2. Continue to pursue ambition of expanding consolidated margin over time. 3. Continue executing ongoing share buyback program, Board of Directors approved payment of R$ 1.2 billion related to second tranche of IOC and new IOC declaration of R$ 700 million to be paid by December 2026.
Segment performance
Total volumes of Ambev were broadly flat against the toughest comparison base of the year, while beer returned to growth up low single-digit. Net revenue grew high single-digit. EBITDA delivered double digits growth with margin expansion of 60 base points. In Brazil Beer, despite the toughest comparison base, volumes grew 1.2% in the quarter, Premium grew more than 20%, balance choices grew over 70%, no alcohol beer grew low kings. Beyond Beer grew in the 20s. In Brazil NAB, volumes were still down 3.9% versus last year, but top-line grew 1.8% and EBITDA grew 16.4% with 400 base points of margin expansion. In Argentina, volumes declined by low single-digit, but sell-out market share increased. In the Dominican Republic, total volumes grew high single-digit. In Canada, volumes declined 2%, but EBITDA grew 6.7% with 160 base points of margin expansion, and gained share in Beyond Beer.
Risks & headwinds
1. Global geopolitical environment continues to be dynamic, affecting markets. 2. Cyclical factors like weather impacting beer industry volumes. 3.原材料价格波动、汇率变动等导致成本压力风险
Analyst Q&A
Q: About net revenue per hectolitre in Brazil beer, qualifying the 8% year-on-year increase and drivers.
A: Components include carryover from 2025, revenue management agenda in 2026, and mix.
Q: About volumes in Brazil Beer, confidence in category potential and volume growth in balance of 2026.
A: Industry cycling through toughest comparison base, expecting recovery with calendar effects like FIFA World Cup and considering weather impact.
Q: About momentum of brands in categories and core segment.
A: Mission to lead and develop category, premium segment brands growing, balance portfolio growing.
Q: About cost outlook and cadence throughout the year.
A: Maintaining cash cogs guidance, Q1 likely highest in cost with easing from Q2, Q2 skewed on sales and marketing due to FIFA World Cup.
Q: About FIFA World Cup impacts in Brazil Beer.
A: World Cup usually brings industry growth contribution, activating brands and creating consumption moments.
Q: About price mix and premium segment breakout.
A: Revenue management agenda aims at rate strategy aligned with inflation, mix contributing 20% to volumes growing around 20%.