Ambev (ABEV3) Q1 2026 earnings summary

Executive summary

• Delivered a solid start to 2026 with high single-digit net revenue growth, double-digit EBITDA growth, and margin expansion, despite a challenging environment and tough comparison base.

• Beer volumes returned to growth, up low single digit, with estimated market share gains across several markets; premium beer volumes grew mid-teens to over 20%, balanced choices up low-sixties to over 70%, and no-alcohol beer up low to mid-teens.

• Digital platforms BEES and Zé Delivery drove commercial execution and consumer engagement, with BEES Marketplace now used by 75% of the customer base and GMV up high single digit to 59%.

• Operational cash flow generation was strong, supporting continued investment in brands, disciplined cash returns to shareholders, and ongoing share buyback program.

• Strategic focus on category leadership, digital ecosystem expansion, and disciplined resource allocation, driving portfolio and operational improvements.

Financial highlights

• Net revenue grew 9.6% year-over-year, driven by an 8.3% increase in net revenue per hectoliter; consolidated volumes were flat (+0.1%), with growth in CAC (+7.7%) and Brazil Beer (+1.2%).

• Normalized EBITDA reached R$7.6 billion, up 10.1% year-over-year, with margin up 60 bps to 33.6%.

• Normalized net income increased 0.3% to R$3.8 billion; normalized EPS was R$0.24, up 0.5%.

• Operating cash flow totaled R$3.16 billion, the strongest Q1 in 10 years.

• Cash COGS per hectoliter excluding marketplace rose 9%, mainly due to FX and commodity headwinds.

Outlook and guidance

• Maintains Brazil Beer cash COGS per hectoliter excluding marketplace guidance of 4.5%-7.5% increase for 2026.

• Expects cost pressures to ease from Q2 onwards; sales and marketing spend to be higher in Q2 due to FIFA World Cup activations.

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

• Anticipates continued impact from currency volatility and inflation in key markets, especially Argentina.

• Confident in continued category recovery, supported by favorable calendar effects and improved portfolio momentum.