Ambev (ABEV3) investor relations material

Executive summary

• Entered 2026 in a stronger position, building on momentum from 2025 and focusing on long-term value creation.

• Delivered a solid start to 2026 with consistent execution of growth strategy, positive beer volumes, double-digit Normalized EBITDA growth, and margin expansion.

• Mission centers on avoiding disruption, maintaining momentum, and building a stronger company.

• Growth strategy prioritizes category leadership, digital ecosystem monetization, and business optimization.

• Digital platforms BEES and Zé Delivery drove commercial execution and consumer engagement, with BEES Marketplace GMV up 59%.

Financial highlights

• Net revenue grew 8.1% year-over-year, driven by 8.0% growth in net revenue per hectoliter.

• Normalized EBITDA increased 10.1% year-over-year, with margin up 60 bps to 33.6%.

• Normalized EBITDA reached R$7.6 billion; normalized net income was R$3.8 billion.

• Cash flow from operating activities surged 162.5% to R$3,160.9 million, the highest first-quarter performance in 10 years.

• Net financial expenses totaled R$1 billion.

Outlook and guidance

• 2026 guidance unchanged; Brazil Beer cash COGS/hl expected to rise 4.5%–7.5% year-over-year, excluding non-Ambev marketplace products.

• Management remains focused on disciplined execution and resource allocation amid a dynamic global geopolitical environment.