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Ambev (ABEV3) investor relations material
Ambev Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Net revenue grew 7% year-over-year, driven by resilient net revenue per hectoliter and strong brand equity, especially in Brazil, despite a 5.8% consolidated volume decline.
EBITDA increased 2.9% year-over-year with margin expansion, and normalized EPS rose 8.7% year-over-year.
Year-to-date, topline grew 4%, EBITDA up over 7% with 120 basis points margin expansion, and normalized EPS up above 7%.
Board approved a share buyback program of up to R$2.5 billion (~208 million shares) and announced R$6 billion in dividends.
Cash flow from operating activities totaled R$6.9 billion, down 14.7% year-over-year due to higher cash taxes and slower monetization of tax credits.
Financial highlights
Normalized net income reached BRL3.8 billion, up 7.4% year-over-year, mainly due to a lower effective tax rate.
Stated net income was BRL4.9 billion, up 36% year-over-year, reflecting one-off effects.
Normalized EBITDA: R$7,059.1 million (+2.9% organic vs. 3Q24), with margin up 50 bps to 33.9%.
Gross margin expanded by 10 bps to 51.5% due to revenue and cost management initiatives.
Effective tax rate for Q3 was 6.7% (down from 23.6% last year) due to tax amnesty, fiscal incentives, and Barbados divestment.
Outlook and guidance
Guidance for Brazil Beer cash COGS per hectoliter remains unchanged, aiming for the lower half of the 5–7% range.
Management expects continued margin expansion and resilient EBITDA growth, leveraging major events like the 2026 FIFA World Cup and a favorable holiday calendar.
What drove the 3Q25 effective tax rate drop?
How does the digital ecosystem impact margins?
Rationale for Argentina's organic growth cap?
BEES' specific impact on Q3 gross margin?
What Q4 trends will shift Brazil beer to growth?
Rationale for BRL 2.5B share buyback?
Brazil Beer: Q4 outlook given weather/income?
Digital ecosystem's margin impact sustainability?
Impact of slower tax credit monetization?
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Frequently asked questions
Ambev S.A., through its subsidiaries, produces, distributes, and sells beer, draft beer, carbonated soft drinks, other non-alcoholic beverages, malt, and food products in the Americas. Ambev serves approximately 300 million consumers through a portfolio of approximately 200 brands that include Brahma, Antarctica, Skol, Quilmes, Victoria Bitter, Corona Extra, Budweiser Budvar, Stella Artois, Beck's, Leffe and Hoegaarden.
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