Ambev (ABEV3) Q3 2026 earnings summary

Executive summary

• Q3 organic volume grew 0.8%, net revenue rose 7.6% and Normalized EBITDA increased 8.9% to R$7,270.9 million; margin expanded 40 bps to 33.7%.

• 9M26 volume grew 0.7%, net revenue increased 7.3% and Normalized EBITDA rose 9.3%, with 60 bps of margin expansion.

• Growth reflected revenue management, portfolio mix and disciplined resource allocation, alongside higher brand and commercial investment.

Financial highlights

• Q3 net revenue was R$21,594.6 million, up 7.6% organically; net revenue per hl increased 6.8%.

• Normalized profit rose 14.3% to R$4,393.6 million and Normalized EPS increased 15.4% to R$0.28; reported profit fell 10.2% to R$4,366.3 million.

• Organic gross margin expanded 60 bps; reported gross margin was 51.0%, down 50 bps. Cash COGS/hl excluding Marketplace rose 6.5%, while cash SG&A increased 7.6%.

• Q3 operating cash flow grew 11.0% to R$7,677.9 million, supported by EBITDA growth and improved working capital.

• 9M26 operating cash flow rose 39% to R$15.6bn; normalized net income grew 11.6%, ahead of normalized EBITDA growth of 9.3%.

Outlook and guidance

• FY26 Brazil Beer cash COGS/hl guidance remains a 4.5%–7.5% increase, excluding non-Ambev Marketplace products.

• Margin expansion remains a long-term ambition, supported by resource allocation to brands, brewery upgrades, innovation and commercial assets.

• BRL/USD exposure has been hedged for all of 2027, consistent with risk-management policy.