Ambev (ABEV3) Q3 2025 earnings summary

Executive summary

• Net revenue grew year-to-date, driven by a 7%–7.4% increase in net revenue per hectoliter and resilient brand performance across key markets.

• EBITDA increased 2.9%–8% year-over-year with margin expansion, supported by disciplined cost management and premiumization.

• Premium and super premium brands in Brazil grew mid-teens, reaching their highest market share since 2015.

• Digital ecosystem initiatives, including BEES Marketplace and Zé Delivery, drove significant growth in GMV and engagement.

• Share buyback program of R$2.5 billion approved, reinforcing commitment to shareholder returns.

Financial highlights

• Normalized net income reached BRL 3.8 billion, up 7%–7.4% year-over-year, mainly due to a lower effective tax rate.

• Stated net income was BRL 4.9 billion, up 36% year-over-year, reflecting one-off effects including a gain from the Barbados divestment.

• Cash flow from operating activities totaled BRL 6.9 billion, down 14.7% year-over-year due to higher cash taxes and slower monetization of tax credits.

• Dividend distribution for the year totaled BRL 6 billion.

• Normalized EBITDA margin expanded by 50 basis points in the quarter and 120 basis points year-to-date.

Outlook and guidance

• Management expects continued margin expansion and resilient EBITDA growth, with strong momentum into 2026 and positive impact anticipated from the FIFA World Cup and increased holidays in Brazil.

• Guidance for Brazil Beer cash COGS per hectoliter remains unchanged, aiming for the lower half of the range.