Ambev (ABEV3) investor relations material

Executive summary

• Achieved high single-digit organic EBITDA growth with margin expansion, despite volume declines from adverse weather and macroeconomic factors in several markets.

• Net income and normalized profit rose 15% year-over-year, supported by premium brand momentum, cost efficiencies, and lower tax expenses.

• EPS increased 6.5%–15.7% year-over-year, with cash flow from operating activities up 4% year-to-date but down 9.2% in the quarter.

• Board approved intermediary dividends of BRL2 billion, totaling BRL6 billion declared year-to-date.

• Premium and super premium segments grew low to mid teens, with balanced choice portfolio expanding in the low 20s.

Financial highlights

• Net income for the quarter reached BRL2.8 billion, up 15% year-over-year.

• Normalized EBITDA grew 7.6%–double digits, with margin expansion of 110–190 bps across key geographies.

• Cash flow from operating activities was BRL3 billion, down 9.2% year-over-year, but up 4% year-to-date.

• Effective tax rate for the quarter was 18.4%, down from 28.6% last year, due to non-recurring tax events and favorable court rulings.

• Cash and cash equivalents at June 2025 stood at BRL16.4 billion, with improved net debt position.

Outlook and guidance

• Confident in maintaining margin expansion and top/bottom line growth for the year, with focus on disciplined revenue and cost management.

• No structural change in consumer demand; expect volume improvement as weather normalizes and price relativity eases.

• Strategic revenue management and premiumization expected to support resilience.

• Hedging strategy for raw materials remains unchanged, with a 12-month forward, non-speculative approach.

• Cash COGS per hectoliter guidance for Brazil Beer reaffirmed at BRL5.5–8.5.