ABEV · Ambev S.A.

Ambev S.A. delivered a solid start to 2026, demonstrating effective execution of its growth strategy with positive beer volume growth and margin expansion. Consolidated volumes were essentially flat (+0.1% organic), as growth in Central America and the Caribbean (CAC) and Brazil Beer offset declines in Latin America South (LAS), Canada, and Brazil NAB. The top-line growth of 8.1% was primarily driven by revenue management initiatives and a favorable brand mix, resulting in an 8.0% increase in Net Revenue per hectoliter. The Brazil Beer segment achieved a record high volume for a first quarter, supported by strong performance in premium brands like Stella Artois, Corona, and Original, which grew in the low-twenties. Profitability improved significantly, with Normalized EBITDA growing 10.1% organically and margins expanding 60 basis points to 33.6%. This expansion was achieved despite a 8.5% increase in Cash COGS per hectoliter, driven by FX and commodity headwinds, highlighting the company's pricing power and operational efficiency. Operating cash flow was a standout, reaching R$3.2 billion, the highest first-quarter level in a decade, aided by improved working capital dynamics. Management maintained its guidance for Brazil Beer Cash COGS/hl growth of 4.5% to 7.5% for the year. The Board also authorized a new Interest on Capital distribution of approximately R$700 million, reinforcing a commitment to shareholder returns alongside the ongoing buyback program.