Ambev (ABEV3) Q4 2025 earnings summary

Executive summary

• Achieved meaningful progress on strategic pillars and consolidated EBITDA margin expansion in FY25, despite a 3.3% decline in total volumes due to cyclical factors and adverse weather.

• Strengthened portfolio, improved customer proximity, and advanced profitability, with premium and non-alcoholic segments leading growth.

• Employee engagement reached all-time highs in Brazil and Latin America South, reinforcing a resilient culture.

• Category fundamentals remain strong, with beer maintaining cultural relevance and headroom for growth in Latin America.

• Returned approximately R$20 billion to shareholders through dividends, interest on capital, and share buybacks, representing about 90% of operating cash flow.

Financial highlights

• FY25 consolidated normalized EBITDA margin expanded by 50 bps to 33.4%, with Normalized EBITDA up 5.6% year-over-year.

• Net revenue per hectoliter grew 7.5% year-over-year, supporting 4.0% net revenue growth.

• Stated net income for FY25 reached nearly BRL 16 billion; Normalized Profit was R$15,115.1 million, up 1.6% year-over-year.

• Cash flow from operating activities was BRL 24.5 billion, down 6.3% year-over-year.

• Cash and cash equivalents at year-end 2025 were BRL 18.6 billion.

Outlook and guidance

• 2026 expected to benefit from favorable socialization events (Carnival, FIFA World Cup, more holidays), supporting volume recovery and category expansion.

• Brazil Beer cash COGS per hectoliter (excl. non-Ambev marketplace) expected to rise 4.5%-7.5% in 2026, mainly due to commodity prices and portfolio mix.

• Continued ambition to expand consolidated margins, reinvest in organic growth, and maintain disciplined M&A and shareholder returns.