Ambev (ABEV3) Q1 2026 earnings summary

Executive summary

• Delivered a solid start to 2026 with high single-digit net revenue growth and double-digit EBITDA growth, supported by premiumization, digital platforms, 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-to-low twenties, balanced choices up over 60%, and no-alcohol beer up mid-teens.

• Operational cash flow generation was strong, reaching the highest Q1 in 10 years, enabling continued investment in brands and disciplined cash returns to shareholders.

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

• Digital platforms BEES and Zé Delivery drove commercial execution and consumer engagement, with BEES Marketplace GMV up 59% and 75% of customer base using the platform.

Financial highlights

• Net revenue grew 9.6% year-over-year, driven by an 8.3% increase in net revenue per hectoliter.

• 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$3.2 billion, the strongest Q1 in 10 years, surging 162.5% year-over-year.

• 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.

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

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