SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

 

For the month of July, 2025

Commission File Number 1565025

 

 

AMBEV S.A.

(Exact name of registrant as specified in its charter)

 

AMBEV S.A.

(Translation of Registrant's name into English)

 

Rua Dr. Renato Paes de Barros, 1017 - 3rd Floor
04530-000 São Paulo, SP
Federative Republic of Brazil

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. 


Form 20-F ___X___ Form 40-F _______

 Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.  

Yes _______ No ___X____

 
 
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AMBEV REPORTS 2025 SECOND QUARTER RESULTS[1]

“The strength of our brands and the consistent execution of our strategy drove high-single-digit Normalized EBITDA growth with margin expansion.” – Carlos Lisboa, CEO

 

 

 

Total Volume (organic)

  

Net Revenue (organic)

     
 -4.5% vs LY     +3.4% vs LY  
     

Consolidated volumes declined by -4.5% in 2Q25, affected mostly by soft industries. Volume performance was driven by Brazil (-6.5%, with -8.9% in Beer and 0.2% in NAB) and Central America and the Caribbean (“CAC”) (-4.4%) partially offset by Latin America South (“LAS”) and Canada where volumes grew 2.9%, and 0.8%, respectively.

  

Top line performance was driven by net revenue per hectoliter (“NR/hl”) growth of 8.4%. Net revenue grew in LAS2 (+23.3%), Brazil NAB (+6.7%) and Canada (+2.9%) while declining in Brazil Beer (-3.5%) and CAC (-1.3%) affected by volume performance.

     
     
 

Normalized EBITDA (organic)

    

Normalized Profit

     
 7.6% vs LY      R$ 2,832.7 million  
       

Normalized EBITDA grew by 7.6% with all our reporting segments delivering EBITDA growth. Gross margin was flat and Normalized EBITDA margin expanded by 110 bps to 30.6%, supported by effective revenue management and cost initiatives.

  

Normalized Profit increased by 15.2% compared to R$ 2,459.1 million in 2Q24, driven by EBITDA growth and lower income tax expenses which were partially offset by higher net financial results.

     
     
 

Cash flow from operating activities

  

Capital Allocation

     
 R$ 3,050.0 million      R$ 2,000.0 million intermediary dividends
     

Cash flow from operating activities declined 9.2% when compared to R$ 3,358.1 million in 2Q24, mainly due to lower payables given the volumes decline.

  

On July 30th, 2025, the Board of Directors approved the distribution of intermediary dividends to be paid in October.

 

 

 

[1] The following operating and financial information, unless otherwise indicated, is presented in nominal Reais and prepared according to the International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) and to the accounting practices issued by the Brazilian Accounting Standards Committee ("CPC”) and approved by the Brazilian Securities and Exchange Commission (“CVM”). The information herein should be read together with our financial information for the six-month period ended June 30, 2025, filed with the CVM and submitted to the U.S. Securities and Exchange Commission (“SEC”).

[2] The impacts resulting from applying Hyperinflation Accounting for our Argentinean subsidiaries, in accordance with IAS 29, are detailed in the section Financial Reporting in Hyperinflationary Economies - Argentina (page 14). For HY25, the definition of organic revenue growth has been amended to cap the price growth in Argentina to a maximum of 2% per month (26.8% year-over-year). Corresponding adjustments were made to all income statement related items in the organic growth calculations through scope changes. Further details on the cap methodology are available at page 15. 

 

  

ambev.com.br

Press Release – July 31, 2025

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MANAGEMENT COMMENTS

Our business delivered solid financial results in HY25. Top-line growth continued and Normalized EBITDA increased by double-digits with margin expansion. The underlying demand for our brands remained resilient as we made strategic decisions in revenue management, positioning us well for the second semester.

 

In the first half of the year, our performance reflects the further strengthening of our brands with top-line growing 5.1%, supported by our revenue management strategy and ongoing premiumization. Gross margin expanded 80 bps and Normalized EBITDA grew double-digits, with 160 bps of margin expansion while Normalized EPS increased by 6.5%. Cash flow from operating activities also remained resilient, growing by 4.4%.

 

In Q2, the disciplined execution of our growth strategy centered on stronger revenue management and efficient resource allocation position us well for the future. Despite facing softer industries, mainly driven by unfavorable weather conditions across key markets, our top line remained resilient, growing by 3.4% and NR/hl increasing by 8.4%. Normalized EBITDA grew by high-single digits, with margin expansion of 110 bps.

 

·Lead and grow the category

This quarter reinforced our confidence in the strength and relevance of our brands. Brand equity continued to grow across key markets and supported the strategic revenue management choices we made as category leaders, once the resilience of our brands helped offset the impact of these decisions on market share across our footprint.

 

Our strategic priorities continued to deliver results in several fronts. Premium and super premium brands volumes increased by low-teens, growing in 7 of our top 10 markets. Our balanced choices portfolio, led by no-low beers, continued to outperform with low-twenties volume growth. As for the core segment, volume declined due to the segment’s higher sensitivity to industry softness and our revenue management choices. We continued investing in our brand activations across megaplatforms such as the FIFA Club World Cup and Roland-Garros, further strengthening the equity of our megabrands, which grew in most of our top 10 markets.

 

 

·Digitize and monetize our ecosystem

 

Our digital transformation continues to play a key role in expanding our addressable market and enhancing our core business through better services to customers and consumers. While consolidated BEES Marketplace GMV continued to grow by nineties, BEES also enables deeper customer engagement, allowing for a more effective execution of our strategy, and leading to a better distribution, as a result, in Brazil, SKUs per POC increased by 3.4% compared to last year.

 

Regarding DTC, Zé Delivery continued supporting top-line and deeper consumer connections. In 2Q25, GMV grew by 7% vs LY driven by an 11% increase in Average Order Value (AOV), as consumers increasingly chose a broader and more premium product assortment. Zé Delivery has become a key platform for connecting with beer enthusiasts and serves as a valuable source of consumer insights. Through consumption insights and surveys, we can identify some purchase and consumption barriers and address them with our current and new portfolio, for example, within the balance choices brands, non-alcoholic beers grew 55% and Stella Pure Gold grew over 150% in the platform. 

 

 

 

  

ambev.com.br

Press Release – July 31, 2025

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·Optimize our business

Cash COGS/hl increased by 8.9% in the quarter, primarily driven by FX and commodity headwinds, particularly aluminum, while we continued seeking efficiency gains across multiple fronts. Cash SG&A decreased by 0.2%, reflecting disciplined expenses management and lower distribution and administrative costs, amid volume decline. Normalized EBITDA increased by 7.6%, with 110 bps of margin expansion to 30.6%. Normalized EPS increased by 15.7% in the quarter, driven by EBITDA growth and a lower effective tax rate of 18.4% which more than offset the increase in net financial expenses. As for our cash flow generation, our cash flow from operating activities declined 9.2% vs. LY, primarily reflecting working capital impacts from lower volumes in the quarter.

We are encouraged by our performance in the first half of the year and we are confident that we are on the right track to deliver another year of growth with value creation. As a result of our continued strong cash flow generation, on July 30th, our Board of Directors approved the distribution of intermediary dividends of about R$ 2 billion to be paid in October. Our revenue management choices and financial discipline position us well to manage the anticipated FX and commodity headwinds in the second half of the year. At the same time, we will continue to balance the progress on the 3 pillars of our strategy, strengthening our brands as leaders of the category, accelerating our digitization and focusing on disciplined revenue and cost management.

Financial highlights - Ambev consolidated                
R$ million 2Q24 2Q25 % As Reported % Organic HY24 HY25 % As Reported %
Organic
Volume ('000 hl) 41,454.0  39,569.3  -4.5% -4.5% 86,442.3  84,887.0  -1.8% -1.8%
Net revenue 20,044.2  20,090.2  0.2% 3.4% 40,320.5  42,587.6  5.6% 5.1%
Gross profit 9,984.2  10,044.1  0.6% 3.5% 20,201.5  21,595.7  6.9% 6.7%
% Gross margin 49.8% 50.0% 20 bps 0 bps 50.1% 50.7% 60 bps 80 bps
Normalized EBITDA 5,811.0  6,152.7  5.9% 7.6% 12,345.8  13,597.4  10.1% 10.3%
% Normalized EBITDA margin 29.0% 30.6% 160 bps 110 bps 30.6% 31.9% 130 bps 160 bps
                 
Profit 2,451.9  2,790.6  13.8%   6,256.1  6,595.2  5.4%  
Normalized profit 2,459.1  2,832.7  15.2%   6,276.3  6,652.9  6.0%  
EPS (R$/shares) 0.15  0.17  14.3%   0.39  0.41  5.9%  
Normalized EPS (R$/shares) 0.15  0.18  15.7%   0.39  0.41  6.5%  
  

ambev.com.br

Press Release – July 31, 2025

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KEY MARKETS PERFORMANCES

Brazil Beer: Top line declined by 3.5% impacted by volume. Disciplined revenue and cost management drove low-single digit bottom line growth with margin expansion.

·Operating performance: Industry softness was the main driver of our volume performance. Colder temperatures negatively affected key consumption occasions, particularly in South and Southeast regions, which account for nearly 60% of the industry demand. June was the most affected month, representing over 60% of the quarter’s volume decline. NR/hl excluding marketplace grew 6.2% driven by revenue management and positive brand mix. Cash COGS/hl excluding marketplace increased by 6.7% driven by FX and commodities prices headwinds, partially offset by our cost efficiency initiatives, while Cash SG&A declined by 6.5% led by distribution and administrative expenses. Normalized EBITDA increased by 2.7%, with gross and Normalized EBITDA margins expanding by 50 bps and 190 bps, respectively.

In HY25, net revenue was flat (volumes -4.0% and NR/hl +4.1%), and Normalized EBITDA grew by 7.0%, with gross margin expansion of 160 bps, and Normalized EBITDA margin expansion of 230 bps.

·Commercial highlights: We made strategic choices in revenue management this quarter that position us well to manage the anticipated cost headwinds in 2H25. This resulted in a market share headwind of low-single digit based on our current estimates, aligned with Nielsen sell out data, mainly driven by the mainstream segment while being partially mitigated by the strength of our brands and the performance of our premium portfolio. Our premium and super premium brands grew by mid-teens, led by Corona, Original and Stella Artois gaining share in the segment according to our estimates. Within the Balanced Choices portfolio, non-alcoholic beer volumes grew mid-teens, as we maintained leadership in the segment. Stella Pure Gold volumes more than doubled and now represents nearly 30% of Stella Artois volumes while Michelob Ultra grew in the sixties. As for our digital initiatives, BEES Marketplace GMV more than doubled driven by the 3P expansion. And Zé Delivery continued expanding Monthly Active Users by +3% and GMV +7%.
Brazil Beer[3]              
R$ million 2Q24 Scope Currency Translation Organic Growth 2Q25 % As Reported

%

Organic

Volume ('000 hl) 22,003.7  -      (1,961.3) 20,042.3  -8.9% -8.9%
Net revenue 9,311.4  -    -    (321.8) 8,989.6  -3.5% -3.5%
Net revenue/hl (R$) 423.2  -    -    25.4  448.5  6.0% 6.0%
COGS (4,615.2) -    -    201.7  (4,413.5) -4.4% -4.4%
COGS/hl (R$) (209.7) -    -    (10.5) (220.2) 5.0% 5.0%
COGS excl. deprec. & amort. (4,108.0) -    -    153.9  (3,954.1) -3.7% -3.7%
COGS/hl excl. deprec. & amort. (R$) (186.7) -    -    (10.6) (197.3) 5.7% 5.7%
Gross profit 4,696.3  -    -    (120.1) 4,576.1  -2.6% -2.6%
% Gross margin 50.4%       50.9% 50 bps 50 bps
SG&A excl. deprec. & amort. (2,808.9) -    -    182.2  (2,626.7) -6.5% -6.5%
SG&A deprec. & amort. (461.0) -    -    (3.1) (464.1) 0.7% 0.7%
SG&A total (3,269.9) -    -    179.1  (3,090.8) -5.5% -5.5%
Other operating income/(expenses) 422.4  (22.1) -    59.5  459.8  8.9% 15.4%
Normalized Operating Profit 1,848.8  (22.1) -    118.4  1,945.1  5.2% 6.5%
% Normalized Operating margin 19.9% 0.0%   0.0% 21.6% 170 bps 200 bps
Normalized EBITDA 2,817.0  (22.1) -    73.8  2,868.7  1.8% 2.7%
% Normalized EBITDA margin 30.3%       31.9% 160 bps 190 bps

 

Brazil Beer              
R$ million HY24 Scope Currency Translation Organic Growth HY25 % As Reported

%

Organic

Volume ('000 hl) 44,991.0  -      (1,790.0) 43,201.0  -4.0% -4.0%
Net revenue 18,998.9  -    -    (8.6) 18,990.4  0.0% 0.0%
Net revenue/hl (R$) 422.3  -    -    17.3  439.6  4.1% 4.1%
COGS (9,427.6) -    -    306.8  (9,120.8) -3.3% -3.3%
COGS/hl (R$) (209.5) -    -    (1.6) (211.1) 0.8% 0.8%
COGS excl. deprec. & amort. (8,460.6) -    -    264.7  (8,195.9) -3.1% -3.1%
COGS/hl excl. deprec. & amort. (R$) (188.1) -    -    (1.7) (189.7) 0.9% 0.9%
Gross profit 9,571.3  -    -    298.3  9,869.6  3.1% 3.1%
% Gross margin 50.4%       52.0% 160 bps 160 bps
SG&A excl. deprec. & amort. (5,363.5) -    -    149.0  (5,214.5) -2.8% -2.8%
SG&A deprec. & amort. (906.5) -    -    (22.4) (928.9) 2.5% 2.5%
SG&A total (6,270.0) -    -    126.7  (6,143.3) -2.0% -2.0%
Other operating income/(expenses) 897.5  5.4  -    17.8  920.6  2.6% 2.1%
Normalized Operating Profit 4,198.8  5.4  -    442.8  4,646.9  10.7% 10.7%
% Normalized Operating margin 22.1%     0.0% 24.5% 240 bps 230 bps
Normalized EBITDA 6,072.3  5.4  -    423.0  6,500.7  7.1% 7.0%
% Normalized EBITDA margin 32.0%       34.2% 220 bps 230 bps

 

 

 

[3] In 2Q25, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$ 433.1 (6.2% organic growth) and R$ (184.4) (6.7% organic growth), respectively. In HY25 net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$ 426.1 (4.2% organic growth) and R$ (178.5) (1.3% organic growth), respectively. The scope change in Brazil Beer refers to tax credits and related effects.

  

ambev.com.br

Press Release – July 31, 2025

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Brazil NAB: Top line grew 6.7% driven by the execution of our revenue management strategy, outperforming a soft industry with continued improvement in brand equity.

·Operating performance: Our brands proved resilient as we delivered slight growth in volumes (+0.2%) amid a soft industry, given adverse weather conditions. The month of June, in particular, was the most impacted by weather with volumes declining mid-teens. Overall volume performance was supported by the continued momentum of our non-sugar brands. Net revenue grew by 6.7%, with NR/hl up 6.5%, reflecting our revenue management initiatives and a favorable brand mix. On the cost side, Cash COGS/hl increased by 14.8% on the back of higher FX and commodity prices, mainly packaging items, and brand mix, while Cash SG&A rose by 2.5% despite lower administrative and S&M expenses. Normalized EBITDA increased by 0.9%, with gross and Normalized EBITDA margins declining by 360 bps and 150 bps, respectively.

In HY25, net revenue grew by 9.1% (volumes +1.8% and NR/hl +7.2%), and Normalized EBITDA was up 4.9%, with gross margin and Normalized EBITDA margin contracting 220 bps and 110 bps, respectively.

·Commercial highlights: We outperformed the carbonated soft drinks industry in the quarter, according to our estimates. This performance was led by Guaraná Antarctica Zero and Pepsi Black, which delivered volume growth by high-thirties and mid-fifties, respectively, reinforcing the strength of our portfolio in the no-sugar category.
Brazil NAB[4]              
R$ million 2Q24 Scope Currency Translation Organic Growth 2Q25 % As Reported

%

Organic

Volume ('000 hl) 7,947.7  -      14.7  7,962.4  0.2% 0.2%
Net revenue 1,904.1  -    -    127.1  2,031.2  6.7% 6.7%
Net revenue/hl (R$) 239.6  -    -    15.5  255.1  6.5% 6.5%
COGS (1,039.1) -    -    (143.7) (1,182.9) 13.8% 13.8%
COGS/hl (R$) (130.7) -    -    (17.8) (148.6) 13.6% 13.6%
COGS excl. deprec. & amort. (1,001.2) -    -    (150.7) (1,151.9) 15.1% 15.1%
COGS/hl excl. deprec. & amort. (R$) (126.0) -    -    (18.7) (144.7) 14.8% 14.8%
Gross profit 864.9  -    -    (16.7) 848.3  -1.9% -1.9%
% Gross margin 45.4%       41.8% -360 bps -360 bps
SG&A excl. deprec. & amort. (464.0) -    -    (11.6) (475.6) 2.5% 2.5%
SG&A deprec. & amort. (61.5) -    -    (6.0) (67.4) 9.7% 9.7%
SG&A total (525.5) -    -    (17.5) (543.0) 3.3% 3.3%
Other operating income/(expenses) 94.7  (3.9) -    39.7  130.5  37.8% 44.9%
Normalized Operating Profit 434.1  (3.9) -    5.6  435.8  0.4% 1.3%
% Normalized Operating margin 22.8%     0.0% 21.5% -130 bps -120 bps
Normalized EBITDA 533.6  (3.9) -    4.5  534.2  0.1% 0.9%
% Normalized EBITDA margin 28.0%       26.3% -170 bps -150 bps

 

Brazil NAB              
R$ million HY24 Scope Currency Translation Organic Growth HY25 % As Reported

%

Organic

Volume ('000 hl) 16,601.3  -      295.6  16,896.9  1.8% 1.8%
Net revenue 3,928.5  -    -    357.3  4,285.8  9.1% 9.1%
Net revenue/hl (R$) 236.6  -    -    17.0  253.6  7.2% 7.2%
COGS (2,176.6) -    -    (290.7) (2,467.2) 13.4% 13.4%
COGS/hl (R$) (131.1) -    -    (14.9) (146.0) 11.4% 11.4%
COGS excl. deprec. & amort. (2,084.3) -    -    (320.7) (2,405.0) 15.4% 15.4%
COGS/hl excl. deprec. & amort. (R$) (125.5) -    -    (16.8) (142.3) 13.4% 13.4%
Gross profit 1,752.0  -    -    66.6  1,818.5  3.8% 3.8%
% Gross margin 44.6%       42.4% -220 bps -220 bps
SG&A excl. deprec. & amort. (940.8) -    -    (28.7) (969.5) 3.1% 3.1%
SG&A deprec. & amort. (128.5) -    -    (14.9) (143.4) 11.6% 11.6%
SG&A total (1,069.4) -    -    (43.6) (1,112.9) 4.1% 4.1%
Other operating income/(expenses) 208.2  1.0  -    45.8  255.0  22.5% 23.2%
Normalized Operating Profit 890.8  1.0  -    68.8  960.6  7.8% 7.8%
% Normalized Operating margin 22.7%     0.0% 22.4% -30 bps -30 bps
Normalized EBITDA 1,111.6  1.0  -    53.6  1,166.2  4.9% 4.9%
% Normalized EBITDA margin 28.3%       27.2% -110 bps -110 bps

 

 

 

[4]The scope change in Brazil NAB refers to tax credits and related effects.

  

ambev.com.br

Press Release – July 31, 2025

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BRAZIL

Brazil[5]              
R$ million 2Q24 Scope Currency Translation Organic Growth 2Q25 % As Reported

%

Organic

Volume ('000 hl) 29,951.3  -      (1,946.6) 28,004.7  -6.5% -6.5%
Net revenue 11,215.5  -    -    (194.7) 11,020.8  -1.7% -1.7%
Net revenue/hl (R$) 374.5  -    -    19.1  393.5  5.1% 5.1%
COGS (5,654.3) -    -    57.9  (5,596.4) -1.0% -1.0%
COGS/hl (R$) (188.8) -    -    (11.1) (199.8) 5.9% 5.9%
COGS excl. deprec. & amort. (5,109.1) -    -    3.2  (5,106.0) -0.1% -0.1%
COGS/hl excl. deprec. & amort. (R$) (170.6) -    -    (11.7) (182.3) 6.9% 6.9%
Gross profit 5,561.2  -    -    (136.8) 5,424.4  -2.5% -2.5%
% Gross margin 49.6%       49.2% -40 bps -40 bps
SG&A excl. deprec. & amort. (3,272.9) -    -    170.7  (3,102.2) -5.2% -5.2%
SG&A deprec. & amort. (522.5) -    -    (9.1) (531.6) 1.7% 1.7%
SG&A total (3,795.4) -    -    161.6  (3,633.8) -4.3% -4.3%
Other operating income/(expenses) 517.1  (26.0) -    99.2  590.3  14.2% 20.9%
Normalized Operating Profit 2,282.9  (26.0) -    124.0  2,380.9  4.3% 5.5%
% Normalized Operating margin 20.4%     0.0% 21.6% 120 bps 150 bps
Normalized EBITDA 3,350.6  (26.0) -    78.3  3,402.9  1.6% 2.4%
% Normalized EBITDA margin 29.9%       30.9% 100 bps 120 bps

 

Brazil              
R$ million HY24 Scope Currency Translation Organic Growth HY25 % As Reported

%

Organic

Volume ('000 hl) 61,592.3  -      (1,494.3) 60,098.0  -2.4% -2.4%
Net revenue 22,927.4  -    -    348.7  23,276.1  1.5% 1.5%
Net revenue/hl (R$) 372.2  -  -    15.1  387.3  4.0% 4.0%
COGS (11,604.2) -    -    16.2  (11,588.0) -0.1% -0.1%
COGS/hl (R$) (188.4) -    -    (4.4) (192.8) 2.3% 2.3%
COGS excl. deprec. & amort. (10,544.9) -    -    (56.0) (10,600.8) 0.5% 0.5%
COGS/hl excl. deprec. & amort. (R$) (171.2) -    -    (5.2) (176.4) 3.0% 3.0%
Gross profit 11,323.2  -    -    364.9  11,688.1  3.2% 3.2%
% Gross margin 49.4%       50.2% 80 bps 80 bps
SG&A excl. deprec. & amort. (6,304.3) -    -    120.3  (6,184.0) -1.9% -1.9%
SG&A deprec. & amort. (1,035.0) -    -    (37.2) (1,072.2) 3.6% 3.6%
SG&A total (7,339.3) -    -    83.1  (7,256.2) -1.1% -1.1%
Other operating income/(expenses) 1,105.6  6.4  -    63.6  1,175.6  6.3% 6.1%
Normalized Operating Profit 5,089.5  6.4  -    511.6  5,607.5  10.2% 10.2%
% Normalized Operating margin 22.2%     0.0% 24.1% 190 bps 190 bps
Normalized EBITDA 7,183.9  6.4  -    476.7  7,666.9  6.7% 6.7%
% Normalized EBITDA margin 31.3%       32.9% 160 bps 160 bps

 

 

 

[5] In 2Q25, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$ 382.5 (5.3% organic growth) and R$ (173.1) (7.9% organic growth), respectively. In HY25, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$ 377.6 (4.2% organic growth) and R$ (168.4) (3.6% organic growth), respectively. The scope change in Brazil refers to tax credits and related effects.

  

ambev.com.br

Press Release – July 31, 2025

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Central America and the Caribbean (CAC): Bottom line grew 5.9% with 290 bps of margin expansion led by a sequential improvement in the Dominican Republic industry, with beer gaining share of throat.

·Operating performance: The overall improvement in the Dominican Republic environment led to a sequential volume recovery. However, soft industries across the region drove a 4.4% volumes decline. NR/hl grew 3.2%, driven by revenue management initiatives, while Cash COGS/hl declined by 1.7% primarily due commodities tailwinds and costs efficiencies and Cash SG&A decreased by 8.4% reflecting lower distribution and S&M expenses across the region. Normalized EBITDA grew by 5.9% with gross margin and Normalized EBITDA margins expanding 230 bps and 290 bps, respectively.

In HY25, net revenue decreased by 1.1% (volumes -4.6% and NR/hl +3.7%), and Normalized EBITDA grew by 3.7%, with gross margin expansion of 100 bps, and Normalized EBITDA margin expansion of 200 bps.

·Commercial highlights: In the Dominican Republic, beer gained share of total alcohol in 2Q25 according to our estimates. Brand equity of the Presidente family reached an all-time high driven by consistent S&M investments. In Panama, we continued to implement our recovery plan. The brand equity of our megabrands continued to increase this quarter led by the Balboa family, while Corona volumes grew by mid-twenties in the quarter. Both the Dominican Republic and Panama are fully digital, with more than 90% of our revenue transacted through BEES.
CAC[6]              
R$ million 2Q24 Scope Currency Translation Organic Growth 2Q25 % As Reported

%

Organic

Volume ('000 hl) 3,057.6  -      (133.5) 2,924.1  -4.4% -4.4%
Net revenue 2,580.0  -    237.9  (33.3) 2,784.6  7.9% -1.3%
Net revenue/hl (R$) 843.8  -    81.3  27.1  952.3  12.9% 3.2%
COGS (1,216.6) -    (100.5) 72.5  (1,244.6) 2.3% -6.0%
COGS/hl (R$) (397.9) -    (34.4) 6.6  (425.6) 7.0% -1.7%
COGS excl. deprec. & amort. (1,085.2) -    (89.0) 65.0  (1,109.3) 2.2% -6.0%
COGS/hl excl. deprec. & amort. (R$) (354.9) -    (30.4) 6.0  (379.4) 6.9% -1.7%
Gross profit 1,363.4  -    137.4  39.2  1,539.9  12.9% 2.9%
% Gross margin 52.8%       55.3% 250 bps 230 bps
SG&A excl. deprec. & amort. (465.5) -    (43.1) 39.3  (469.3) 0.8% -8.4%
SG&A deprec. & amort. (68.8) -    (6.5) 5.4  (70.0) 1.6% -7.9%
SG&A total (534.3) -    (49.7) 44.7  (539.3) 0.9% -8.4%
 Other operating income/(expenses)  0.8  -    (2.3) (10.0) (11.5) nm nm
Normalized Operating Profit 829.9  -    85.4  73.9  989.2  19.2% 8.9%
% Normalized Operating margin 32.2%       35.5% 330 bps 330 bps
Normalized EBITDA 1,030.1  -    103.4  61.0  1,194.5  16.0% 5.9%
% Normalized EBITDA margin 39.9%       42.9% 300 bps 290 bps

 

CAC HY24 Scope Currency Translation Organic Growth HY25 % As Reported

%

Organic

R$ million
Volume ('000 hl) 5,949.4  -      (274.3) 5,675.1  -4.6% -4.6%
Net revenue 4,894.7  -  598.5  (51.7) 5,441.5  11.2% -1.1%
Net revenue/hl (R$) 822.7  -  105.5  30.7  958.8  16.5% 3.7%
COGS (2,304.3) -    (269.5) 71.5  (2,502.2) 8.6% -3.1%
COGS/hl (R$) (387.3) -    (47.5) (6.1) (440.9) 13.8% 1.6%
COGS excl. deprec. & amort. (2,051.5) -    (237.6) 73.0  (2,216.2) 8.0% -3.6%
COGS/hl excl. deprec. & amort. (R$) (344.8) -    (41.9) (3.8) (390.5) 13.2% 1.1%
Gross profit 2,590.4  -    329.0  19.9  2,939.3  13.5% 0.8%
% Gross margin 52.9%       54.0% 110 bps 100 bps
SG&A excl. deprec. & amort. (879.7) -    (110.9) 60.1  (930.5) 5.8% -6.8%
SG&A deprec. & amort. (118.4) -    (16.0) (0.3) (134.7) 13.8% 0.3%
SG&A total (998.1) -    (126.9) 59.7  (1,065.2) 6.7% -6.0%
 Other operating income/(expenses)  6.2  -    (1.3) (7.7) (2.9) -147.0% -125.5%
Normalized Operating Profit 1,598.5  -    200.8  71.8  1,871.1  17.1% 4.5%
% Normalized Operating margin 32.7%   0.0% 0.0% 34.4% 170 bps 180 bps
Normalized EBITDA 1,969.6  - 248.7  73.6  2,291.9  16.4% 3.7%
% Normalized EBITDA margin 40.2%       42.1% 190 bps 200 bps

 

 

 

[6] In 2Q25, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$ 908.7 (3.3% organic growth) and R$ (341.7) (1.7% organic decline), respectively. In HY25, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$ 914.5 (4.2% organic growth) and R$ (351.9) (1.8% organic growth), respectively.

  

ambev.com.br

Press Release – July 31, 2025

Page |8 
 
 

Latin America South (LAS): Volume grew led by Bolivia and Argentina beer delivering bottom line growth, with margin expansion of 270 bps.

·Operating performance: As consumer demand continued to improve in Argentina and remained strong in Bolivia, volumes were up 2.9%, despite the weather impact on Paraguay’s industry. Top line increased led by the execution of our revenue management strategy. Cash COGS/hl and Cash SG&A continued to be impacted by overall inflation. Normalized EBITDA increased by 42.8%, with gross and Normalized EBITDA margins expanding by 120 bps and 270 bps, respectively.

In HY25, net revenue was up 21.2% (volumes +1.8% and NR/hl +19.1%), and Normalized EBITDA rose by 31.5%, with gross margin expansion of 110 bps, and Normalized EBITDA margin expansion of 210 bps.

·Commercial highlights: In Argentina, as we continue to prepare to lead and shape the category’s recovery, volumes sequentially improved, with beer returning to growth after 7 consecutive quarters of decline. Our premium brands grew by high teens, led by Corona. And we advanced with our revenue management choices, underperforming the industry according to our estimates. In Bolivia, volumes grew by low twenties, driven by the above core brands, with our megabrands Paceña and Huari standing out. In Chile, volume performance was broadly stable. And in Paraguay, Budweiser drove premium volumes growth. Our portfolio gained brand equity across all countries in the region. As for our digital initiatives, BEES covered above seventies of the top-line in Argentina, Bolivia and Paraguay.
LAS[7]       IAS 29
3M Impact		        
R$ million 2Q24 Scope Currency Translation Organic Growth 2Q25 % As Reported

%

Organic

Volume ('000 hl) 6,017.4  --      -    176.7  6,194.1  2.9% 2.9%
Net revenue 3,608.7  170.4  (1,064.5) (260.5) 841.2  3,295.2  -8.7% 23.3%
Net revenue/hl (R$) 599.7  28.3  (171.9) (42.9) 118.7  532.0  -11.3% 19.8%
COGS (2,086.9) (240.2) 700.4  113.1  (430.1) (1,943.7) -6.9% 20.6%
COGS/hl (R$) (346.8) (39.9) 113.1  19.4  (59.5) (313.8) -9.5% 17.2%
COGS excl. deprec. & amort. (1,883.7) (203.3) 633.7  94.2  (388.8) (1,747.9) -7.2% 20.6%
COGS/hl excl. deprec. & amort. (R$) (313.0) (33.8) 102.3  16.2  (53.8) (282.2) -9.9% 17.2%
Gross profit 1,521.7  (69.9) (364.1) (147.4) 411.1  1,351.4  -11.2% 27.0%
% Gross margin 42.2%         41.0% -120 bps 120 bps
SG&A excl. deprec. & amort. (1,111.7) (15.8) 334.2  52.7  (195.2) (935.8) -15.8% 17.6%
SG&A deprec. & amort. (115.9) (16.5) 37.9  5.6  (22.2) (111.1) -4.1% 19.2%
SG&A total (1,227.5) (32.4) 372.1  58.3  (217.4) (1,046.8) -14.7% 17.7%
 Other operating income/(expenses)  0.9  (4.6) (1.9) 4.2  5.9  4.6  nm nm
Normalized Operating Profit  295.1  (106.9) 6.1  (84.8) 199.6  309.2  4.7% 67.6%
% Normalized Operating margin 8.2% 0.0% 0.0% 0.0% 0.0% 9.4% 120 bps 290 bps
Normalized EBITDA 614.2  (53.3) (98.6) (109.3) 263.1  616.1  0.3% 42.8%
% Normalized EBITDA margin 17.0%         18.7% 170 bps 270 bps

 

  

ambev.com.br

Press Release – July 31, 2025

Page |9 
 
 

 

LAS HY24 Scope Currency Translation   Organic Growth HY25 % As Reported

%

Organic

R$ million IAS 29
3M Impact
Volume ('000 hl) 14,722.8  -      -    268.6  14,991.4  1.8% 1.8%
Net revenue 8,010.6  363.8  (983.9) (260.5) 1,701.3  8,831.3  10.2% 21.2%
Net revenue/hl (R$) 544.1  24.7  (65.6) (17.8) 103.7  589.1  8.3% 19.1%
COGS (4,277.8) (510.1) 695.1  113.1  (798.0) (4,777.6) 11.7% 18.7%
COGS/hl (R$) (290.6) (34.6) 46.4  8.2  (48.0) (318.7) 9.7% 16.5%
COGS excl. deprec. & amort. (3,855.9) (506.0) 627.1  94.2  (714.9) (4,355.4) 13.0% 18.5%
COGS/hl excl. deprec. & amort. (R$) (261.9) (34.4) 41.8  6.9  (43.0) (290.5) 10.9% 16.4%
Gross profit 3,732.8  (146.3) (288.8) (147.4) 903.3  4,053.6  8.6% 24.2%
% Gross margin 46.6%         45.9% -70 bps 110 bps
SG&A excl. deprec. & amort. (2,144.1) (151.7) 335.4  52.7  (361.1) (2,268.8) 5.8% 16.8%
SG&A deprec. & amort. (207.3) (17.9) 38.5  5.6  (37.2) (218.3) 5.3% 18.0%
SG&A total (2,351.4) (169.6) 373.9  58.3  (398.3) (2,487.1) 5.8% 16.9%
 Other operating income/(expenses)  (7.6) 16.6  (2.3) 4.2  5.4  16.4  nm -71.2%
Normalized Operating Profit 1,373.8  (299.2) 82.8  (84.8) 510.4  1,583.0  15.2% 37.1%
% Normalized Operating margin 17.2% 0.0% 0.0%   0.0% 17.9% 70 bps 220 bps
Normalized EBITDA 2,003.0  (277.3) (23.7) (109.3) 630.7  2,223.4  11.0% 31.5%
% Normalized EBITDA margin 25.0%         25.2% 20 bps 210 bps

 

 

[7] In 2Q25, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$ 522.8 (19.4% organic growth) and R$ (274.2) (16.6% organic growth), respectively. In HY25, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$ 580.7 (18.7% organic growth) and R$ (283.1) (15.7% organic growth), respectively. Reported numbers are presented applying Hyperinflation Accounting for our Argentinean operations, as detailed on page 14 and 15.

  

ambev.com.br

Press Release – July 31, 2025

Page |10 
 
 

Canada: Top and bottom line growth, outperforming an improved industry.

·Operating performance: Volumes increased by 0.8%, outperforming the industry, which was still affected by colder temperatures. Our performance was mainly supported by the strength of our megabrands, the continued growth in Ontario which benefitted from the route to market expansion, and strong momentum in the non-alcoholic beer segment. Top line increased by 2.9%, with NR/hl growth of 2.0% reflecting our revenue management initiatives and continued premiumization of our portfolio. Normalized EBITDA increased by 4.4% with Normalized EBITDA margin expansion of 40 bps.

In HY25, net revenue was up 1.0% (volumes -1.3% and NR/hl +2.3%), and Normalized EBITDA increased by 7.2%, with gross margin expansion of 90 bps, and Normalized EBITDA margin expansion of 160 bps.

·Commercial highlights: We gained beer market share, according to our estimates, with megabrands leading the share gains. Corona and Michelob Ultra led market share gains while driving premiumization, and Busch continued to accelerate its momentum with volume expansion of high teens and reaching all time-high volumes. As for our digital initiatives, BEES covered low thirties of net revenue in the country.
Canada[8]              
R$ million 2Q24 Scope Currency Translation Organic Growth 2Q25 % As Reported

%

Organic

Volume ('000 hl) 2,427.7  (1.4)   20.1  2,446.4  0.8% 0.8%
Net revenue 2,640.1  (1.8) 275.7  75.7  2,989.7  13.2% 2.9%
Net revenue/hl (R$) 1,087.5  (0.1) 112.7  22.0  1,222.0  12.4% 2.0%
COGS (1,102.1) 0.2  (116.3) (43.1) (1,261.4) 14.4% 3.9%
COGS/hl (R$) (454.0) (0.2) (47.6) (13.9) (515.6) 13.6% 3.1%
COGS excl. deprec. & amort. (1,033.9) 0.2  (109.1) (40.4) (1,183.1) 14.4% 3.9%
COGS/hl excl. deprec. & amort. (R$) (425.9) (0.1) (44.6) (13.0) (483.6) 13.6% 3.1%
Gross profit 1,537.9  (1.6) 159.4  32.6  1,728.3  12.4% 2.1%
% Gross margin 58.3%       57.8% -50 bps -40 bps
SG&A excl. deprec. & amort. (790.9) 0.3  (78.0) (1.2) (869.7) 10.0% 0.2%
SG&A deprec. & amort. (64.6) -    (8.2) (17.2) (89.9) 39.2% 26.6%
SG&A total (855.5) 0.3  (86.1) (18.4) (959.7) 12.2% 2.2%
 Other operating income/(expenses)  0.7  -    0.1  1.6  2.5  nm nm
Normalized Operating Profit 683.2  (1.3) 73.3  15.8  771.1  12.9% 2.3%
% Normalized Operating margin 25.9% 0.0% 0.0% 0.0% 25.8% -10 bps -10 bps
Normalized EBITDA 816.1  (1.3) 88.7  35.7  939.2  15.1% 4.4%
% Normalized EBITDA margin 30.9%       31.4% 50 bps 40 bps

 

Canada              
R$ million HY24 Scope Currency Translation Organic Growth HY25 % As Reported

%

Organic

Volume ('000 hl) 4,177.7  (2.4)   (52.7) 4,122.5  -1.3% -1.3%
Net revenue 4,487.8  (3.2) 507.7  46.4  5,038.6  12.3% 1.0%
Net revenue/hl (R$) 1,074.2  (0.1) 123.1  25.0  1,222.2  13.8% 2.3%
COGS (1,932.7) 0.4  (214.0) 22.4  (2,124.0) 9.9% -1.2%
COGS/hl (R$) (462.6) (0.2) (51.9) (0.5) (515.2) 11.4% 0.1%
COGS excl. deprec. & amort. (1,808.9) 0.4  (200.7) 17.3  (1,991.9) 10.1% -1.0%
COGS/hl excl. deprec. & amort. (R$) (433.0) (0.2) (48.7) (1.3) (483.2) 11.6% 0.3%
Gross profit 2,555.1  (2.8) 293.7  68.7  2,914.7  14.1% 2.7%
% Gross margin 56.9%       57.8% 90 bps 90 bps
SG&A excl. deprec. & amort. (1,498.1) 0.6  (165.6) 19.4  (1,643.7) 9.7% -1.3%
SG&A deprec. & amort. (133.7) -    (16.4) (12.8) (162.9) 21.8% 9.6%
SG&A total (1,631.8) 0.6  (182.0) 6.6  (1,806.6) 10.7% -0.4%
 Other operating income/(expenses)  8.4  -    1.2  2.4  12.0  42.4% 28.0%
Normalized Operating Profit 931.7  (2.2) 112.9  77.7  1,120.1  20.2% 8.4%
% Normalized Operating margin 20.8% % 0.0% 0.0% 22.2% 140 bps 150 bps
Normalized EBITDA 1,189.3  (2.2) 142.6  85.5  1,415.1  19.0% 7.2%
% Normalized EBITDA margin 26.5%       28.1% 160 bps 160 bps

 

 

 

[8] In 2Q25, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$ 1,219.7 (2.0% organic growth) and R$ (481.9) (3.0% organic growth), respectively. In HY25, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$ 1,219.8 (2.3% organic growth) and R$ (481.3) (0.2% organic growth), respectively. The scope change in Canada refers to the discontinuation of distribution rights.

  

ambev.com.br

Press Release – July 31, 2025

Page |11 
 
 

 

AMBEV CONSOLIDATED

Ambev[9]                
R$ million 2Q24 Scope Currency Translation IAS 29
3M Impact		 Organic Growth 2Q25 % As Reported

%

Organic

Volume ('000 hl) 41,454.0  (1.4) -      (1,883.3) 39,569.3  -4.5% -4.5%
Net revenue 20,044.2  168.6  (551.0) (260.5) 688.9  20,090.2  0.2% 3.4%
Net revenue/hl (R$) 483.5  4.1  (13.9) (6.4) 40.4  507.7  5.0% 8.4%
COGS (10,060.0) (240.0) 483.6  113.1  (342.8) (10,046.1) -0.1% 3.4%
COGS/hl (R$) (242.7) (5.8) 12.2  2.6  (20.2) (253.9) 4.6% 8.3%
COGS excl. deprec. & amort. (9,111.9) (203.1) 435.5  94.2  (361.0) (9,146.3) 0.4% 4.0%
COGS/hl excl. deprec. & amort. (R$) (219.8) (4.9) 11.0  2.1  (19.6) (231.1) 5.2% 8.9%
Gross profit 9,984.2  (71.5) (67.4) (147.4) 346.1  10,044.1  0.6% 3.5%
% Gross margin 49.8%         50.0% 20 bps 0 bps
SG&A excl. deprec. & amort. (5,640.9) (15.5) 213.1  52.7  13.5  (5,377.0) -4.7% -0.2%
SG&A deprec. & amort. (771.8) (16.5) 23.2  5.6  (43.0) (802.6) 4.0% 5.6%
SG&A total (6,412.7) (32.0) 236.3  58.3  (29.5) (6,179.6) -3.6% 0.5%
Other operating income/(expenses) 519.6  (30.6) (4.1) 4.2  96.7  585.9  12.8% 20.2%
Normalized Operating Profit 4,091.2  (134.1) 164.8  (84.8) 413.3  4,450.3  8.8% 10.2%
% Normalized Operating margin 20.4% 0.0% 0.0% 0.0% 0.0% 22.2% 180 bps 130 bps
Exceptional items above EBITDA (11.7) (5.3) (1.4) - (32.7) (51.2) nm nm
Net finance results (616.2)         (974.0) 58.1%  
Share of results of joint ventures (31.5)         (5.5) -82.6%  
Income tax expense (979.9)         (629.1) -35.8%  
Profit 2,451.9          2,790.6  13.8%  
Attributable to Ambev holders 2,396.3          2,717.7  13.4%  
Attributable to non-controlling interests 55.6          72.8  31.1%  
                 
Normalized profit 2,459.1          2,832.7  15.2%  
Attributable to Ambev holders 2,403.4          2,759.7  14.8%  
                 
Normalized EBITDA 5,811.0  (80.6) 93.5  (109.3) 438.1  6,152.7  5.9% 7.6%
% Normalized EBITDA margin 29.0%         30.6% 160 bps 110 bps

 

 

 

  

ambev.com.br

Press Release – July 31, 2025

Page |12 
 
 

 

Ambev                
R$ million HY24 Scope Currency Translation IAS 29
3M Impact		 Organic Growth HY25 % As Reported

%

Organic

Volume ('000 hl) 86,442.3  (2.4) -      (1,552.8) 84,887.0  -1.8% -1.8%
Net revenue 40,320.5  360.6  122.3  (260.5) 2,044.7  42,587.6  5.6% 5.1%
Net revenue/hl (R$) 466.4  4.2  1.4  (3.0) 32.6  501.7  7.6% 7.0%
COGS (20,119.0) (509.7) 211.7  113.1  (687.9) (20,991.9) 4.3% 3.4%
COGS/hl (R$) (232.7) (5.9) 2.5  1.2  (12.4) (247.3) 6.3% 5.3%
COGS excl. deprec. & amort. (18,261.1) (505.6) 188.9  94.2  (680.6) (19,164.3) 4.9% 3.7%
COGS/hl excl. deprec. & amort. (R$) (211.3) (5.9) 2.2  1.0  (11.9) (225.8) 6.9% 5.6%
Gross profit 20,201.5  (149.1) 333.9  (147.4) 1,356.8  21,595.7  6.9% 6.7%
% Gross margin 50.1% 0.0%       50.7% 60 bps 80 bps
SG&A excl. deprec. & amort. (10,826.2) (151.1) 58.9  52.7  (161.3) (11,027.0) 1.9% 1.5%
SG&A deprec. & amort. (1,494.3) (17.9) 6.0  5.6  (87.6) (1,588.1) 6.3% 5.9%
SG&A total (12,320.6) (168.9) 64.9  58.3  (248.9) (12,615.1) 2.4% 2.0%
Other operating income/(expenses) 1,112.6  22.9  (2.4) 4.2  63.6  1,201.1  7.9% 6.1%
Normalized Operating Profit 8,993.6  (295.1) 396.5  (84.8) 1,171.5  10,181.7  13.2% 13.1%
% Normalized Operating margin 22.3% 0.0% 0.0% 0.0% 0.0% 23.9% 160 bps 170 bps
Exceptional items above EBITDA (29.3) (7.1) (2.3) - (33.9) (72.6) 147.7% 115.9%
Net finance results (1,022.2)         (1,830.4) 79.1%  
Share of results of joint ventures (35.0)         (2.7) -92.2%  
Income tax expense (1,651.0)         (1,680.8) 1.8%  
Profit 6,256.1          6,595.2  5.4%  
Attributable to Ambev holders 6,096.6          6,411.7  5.2%  
Attributable to non-controlling interests 159.5          183.5  15.1%  
                 
Normalized profit 6,276.3          6,652.9  6.0%  
Attributable to Ambev holders 6,116.7          6,469.2  5.8%  
                 
Normalized EBITDA 12,345.8  (273.1) 367.7  (109.3) 1,266.4  13,597.4  10.1% 10.3%
% Normalized EBITDA margin 30.6%         31.9% 130 bps 160 bps

 

 

[9] In 2Q25, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$495.1 (8.5% organic growth) and R$ (220.5) (9.5% organic growth), respectively. In HY25, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$ 490.3 (7.1% organic growth) and R$ (216.1) (5.9% organic growth), respectively. The scope changes refer to (i) tax credits and related effects in Brazil; (ii) adjustments relating to the application of the cap methodology for organic growth calculation in Argentina, as detailed on page 15; and (iii) the discontinuation of distribution rights in Canada.

  

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Press Release – July 31, 2025

Page |13 
 
 

OTHER OPERATING INCOME/EXPENSES

Other operating income/(expenses) 2Q24 2Q25 HY24 HY25
R$ million
         
Government grants and gains on subsidies loans 436.1  416.6  821.7  873.2 
(Additions to)/reversals of provisions  (5.8) (7.8) (11.9) (74.8)
Gain/(loss) on disposal of fixed assets, intangible assets and operations in associates 21.2  29.5  41.9  62.1 
Net other operating income/(expenses) 68.1  147.5  260.9  340.6 
         
Other operating income/(expenses)  519.6  585.9  1,112.6  1,201.1 

EXCEPTIONAL ITEMS

Exceptional items corresponded to restructuring expenses primarily linked to centralization and restructuring projects in Brazil, LAS, CAC and Canada.

Exceptional Items 2Q24 2Q25 HY24 HY25
R$ million
         
Restructuring (11.4) (51.0) (29.0) (72.4)
IAS 29/CPC 42 (hyperinflation) application effect (0.3) (0.2) (0.3) (0.2)
         
Exceptional Items  (11.7) (51.2) (29.3) (72.6)

 

  

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Press Release – July 31, 2025

Page |14 
 
 

NET FINANCE RESULTS

Net finance results in 2Q25 totaled R$ (974.0) million, a decrease of R$ 357.8 million compared to 2Q24, broken down as follows:

·Interest income totaled R$ 497.5 million, mainly explained by: (i) interest income of R$ 206.1 million from cash balance investments in Brazil and Argentina, with average reference interest rate of 14% in Brazil and 26% in Argentina, and (ii) interest rate update on Brazilian tax credits of R$ 187.9 million.
·Interest expense totaled R$ (504.9) million, mainly impacted by: (i) fair value adjustments of payables pursuant to by IFRS 13 (CPC 46) of R$ (273.3) million, (ii) lease liabilities interest accruals of R$ (63.7) million in accordance with IFRS 16 (CPC 06 R2), (iii) interest on tax incentives of R$ (41.1) million, and (iv) CND put option interest accruals of R$ (34.2) million.
·Losses on derivative instruments of R$ (276.3) million, mainly explained by (i) hedging carry costs related to our FX exposure of US$ 1.8 billion in Brazil, with approximately 8.3% carry cost, and (ii) hedging carry costs related to commodities. We did not incur hedging costs related to FX exposure in Argentina this quarter; however, we still maintain an FX exposure of US$ 301.1 million in the country.
·Losses on non-derivative instruments of R$ (527.5) million, primarily reflecting foreign exchange losses related to USD purchases in Bolivia, as well as a non-cash impact from the appreciation of the Brazilian Real, which affected the translation of hard currency balances on the balance sheet.
·Taxes on financial transactions of R$ (50.8) million.
·Other financial expenses of R$ (83.5) million, mainly explained by accruals on legal contingencies, letter of credit expenses, pension plan expenses and bank fees.
·Non-cash financial income of R$ (28.4) million resulting from the adoption of Hyperinflation Accounting in Argentina.
Net finance results 2Q24 2Q25 HY24 HY25
R$ million
         
Interest income 515.4  497.5  1,101.0  1,061.6 
Interest expenses (498.1) (504.9) (1,047.7) (1,011.1)
Gains/(losses) on derivative instruments (148.0) (276.3) (343.1) (554.7)
Gains/(losses) on non-derivative instruments (57.0) (527.5) (90.9) (1,015.4)
Taxes on financial transactions (45.6) (50.8) (100.9) (119.8)
Other net financial income/(expenses) (198.0) (83.5) (396.3) (164.8)
Hyperinflation Argentina (184.9) (28.4) (144.2) (26.2)
  -    -       
Net finance results  (616.2) (974.0) (1,022.2) (1,830.4)
  

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Press Release – July 31, 2025

Page |15 
 
 

DEBT BREAKDOWN

 

Debt breakdown December 31, 2024 June 30, 2025
R$ million Current Non-current Total Current Non-current Total
             
Local Currency 932.3  1,567.1  2,499.4  786.8  1,565.1  2,351.9 
Foreign Currency 344.1  609.3  953.3  313.8  492.1  805.9 
Consolidated Debt 1,276.4  2,176.3  3,452.7  1,100.6  2,057.2  3,157.8 
             
Cash and Cash Equivalents less Bank Overdrafts     28,595.7      16,404.0 
Current Investment Securities     1,242.0      1,120.6 
             
 Net debt/(cash)      (26,384.9)     (14,366.8)

PROVISION FOR INCOME TAX & SOCIAL CONTRIBUTION

The table below demonstrates the income tax and social contribution provision.

Income tax and social contribution 2Q24 2Q25 HY24 HY25
R$ million
         
Profit before tax 3,431.8   3,419.7 7,907.1   8,276.0
         
Adjustment on taxable basis        
Non-taxable other income (123.3)  (167.7) (253.9)  (330.3)
Government grants (VAT) -     (96.9) -     (193.9)
Share of results of joint ventures 31.5   5.5 35.0   2.7
Expenses not deductible 27.9   64.7 34.8   305.3
 Foreign profit calculation  (54.1)  70.2 (66.1)  5.0
Total 3,313.7   3,295.4 7,656.9   8,064.8
Aggregated weighted nominal tax rate 28.4% 27.5% 29.4% 27.6%
Taxes – nominal rate  (940.4)  (906.1) (2,249.1)  (2,224.1)
         
Adjustment on tax expense        
Income tax incentive 75.7   64.5 324.3   108.1
Tax benefit - interest on shareholders' equity 225.9   272.1 511.0   594.7
Tax benefit - amortization on tax books 0.9   0.9 1.8   1.8
Withholding income tax (304.7)  (59.8) (409.9)  (103.5)
Argentina's hyperinflation effect 5.2   (19.7) 57.5   (27.9)
Recognition/(write-off) of deferred charges on tax losses (109.7)  (17.6) (31.4)  (45.5)
Other tax adjustments 67.2   36.7 144.8   15.6
Income tax and social contribution expense (979.9)  (629.1) (1,651.0)  (1,680.8)
Effective tax rate 28.6% 18.4% 20.9% 20.3%

 

SHAREHOLDING STRUCTURE

The table below summarizes Ambev S.A.’s shareholding structure as of June 30, 2025.

Ambev S.A.'s shareholding structure
  ON % Outs
Interbrew International GmbH 8,441,666  53.56%
Ambrew S.A.R.L. 1,287,700  8.17%
Fundação Zerrenner 1,609,987  10.21%
Market (free float) 4,252,857  26.98%
Treasury shares 169,429  1.07%
  15,761,639  100.00%
     
  

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Press Release – July 31, 2025

Page |16 
 
 

FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES - ARGENTINA

Following the categorization of Argentina as a country with a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance with IFRS.

Consequently, starting from 3Q18, we have been reporting the operations of our Argentinean affiliates applying Hyperinflation Accounting. The IFRS and CPC rules (IAS 29/CPC 42) require the results of our operations in hyperinflationary economies to be reported restating the year-to-date results adjusting for the change in the general purchasing power of the local currency, using official indices, before converting the local amounts at the closing rate of the period (i.e., June 30, 2025 closing rate for 2Q25 and HY25 results).

The HY25 Hyperinflation Accounting adjustment results from the combined effect of (i) the indexation to reflect changes in purchasing power on the HY25 results against a dedicated line in the finance results; and (ii) the difference between the translation of the HY25 results at the closing exchange rate of June 30, 2025, and the translation using the average year to date rate on the reported period, as applicable to non-inflationary economies.

The impacts in 2Q24, HY24, 2Q25 and HY25 on Net Revenue and Normalized EBITDA were as follows:

Impact of Hyperinflation Accounting (IAS 29/CPC42)        
Revenue        
R$ million 2Q24 2Q25 HY24 HY25
Indexation(1) 538.8  179.9  818.4  256.3 
Currency(2) 186.5  (472.1) 180.2  (608.5)
Total Impact 725.3  (292.2) 998.6  (352.2)
Normalized EBITDA        
R$ million 2Q24 2Q25 HY24 HY25
Indexation(1) 136.8  22.9  169.8  (2.0)
Currency(2) 33.7  (2.5) 31.5  (21.4)
Total Impact 170.5  20.4  201.2  (23.4)
         
ARS/BRL average rate     172.0197  190.8138 
ARS/BRL closing rate 164.0330  218.8669  164.0330  218.8669 
(1)Indexation calculated at each period’s closing exchange rate.
(2)Currency impact calculated as the difference between converting the Argentinean Peso (ARS) reported amounts at the closing exchange rate compared to the average exchange rate of each period.

Furthermore, IAS 29 requires adjusting non-monetary assets and liabilities on the balance sheet of our operations in hyperinflationary economies for cumulative inflation. The resulting effect from the adjustment until December 31, 2017 was reported in Equity and, the effect from the adjustment from this date on, in a dedicated account in the finance results, reporting deferred taxes on such adjustments, when applicable.

In 2Q25, the transition to Hyperinflation Accounting in accordance with the IFRS rules resulted in (i) a negative adjustment of R$28.4 million reported in the finance results, (ii) a negative impact on the Profit of R$ 161.8 million, (iii) a negative impact on the Normalized Profit of R$ 162.4 million, and (iv) a negative impact of R$ 0.01 on EPS, as well as on Normalized EPS.

In HY25, the consequences of the transition were (i) a negative adjustment of R$ 26.2 million reported in the finance results, (ii) a negative impact on Profit of R$ 391.0 million, (iii) a negative impact on Normalized Profit of R$ 391.7 million, and (iv) a negative impact of R$ 0.02 on EPS, as well as on Normalized EPS.

The Q2 results are calculated by deducting from the HY results the 3M results as published. Consequently, LAS and consolidated 2Q25, 2Q24, HY25 and HY24 results are impacted by the adjustment of 3M results for the cumulative inflation between reporting periods, as well as by the translation of 3M results at the HY closing exchange rate, of June 30 as follows:

  

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Press Release – July 31, 2025

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LAS - 3M As Reported HY24 Scope Currency Translation Organic Growth HY25

%

Organic

Net revenue 8,010.6  363.8  (983.9) 1,701.3  8,831.3  21.2%
COGS (4,277.8) (510.1) 695.1  (798.0) (4,777.6) 18.7%
COGS excl. deprec. & amort. (3,855.9) (506.0) 627.1  (714.9) (4,355.4) 18.5%
Gross profit 3,732.8  (146.3) (288.8) 903.3  4,053.6  24.2%
SG&A excl. deprec. & amort. (2,144.1) (151.7) 335.4  (361.1) (2,268.8) 16.8%
SG&A deprec. & amort. (207.3) (17.9) 38.5  (37.2) (218.3) 18.0%
SG&A total (2,351.4) (169.6) 373.9  (398.3) (2,487.1) 16.9%
Other operating income/(expenses) (7.6) 16.6  (2.3) 5.4  16.4  -71.2%
Normalized Operating Profit  1,373.8  (299.2) 82.8  510.4  1,583.0  37.1%
Normalized EBITDA 2,003.0  (277.3) (23.7) 630.7  2,223.4  31.5%

 

LAS - 3M Recalculated at YTD Exchange Rates HY24 Scope Currency Translation Organic Growth HY25

%

Organic

Net revenue 8,625.4  103.3  (1,626.1) 1,701.3  8,543.4  -
COGS (4,576.3) (397.0) 1,031.3  (798.0) (4,626.9) -
COGS excl. deprec. & amort. (4,118.8) (411.8) 933.0  (714.9) (4,218.3) -
Gross profit 4,049.0  (293.7) (594.8) 903.3  3,916.4  -
SG&A excl. deprec. & amort. (2,292.0) (99.0) 507.9  (361.1) (2,191.4) -
SG&A deprec. & amort. (220.6) (12.3) 52.5  (37.2) (212.0) -
SG&A total (2,512.6) (111.2) 560.4  (398.3) (2,403.4) -
Other operating income/(expenses) (10.8) 20.8  (4.1) 5.4  15.6  -
Normalized Operating Profit  1,525.6  (384.1) (38.5) 510.4  1,528.6  -
Normalized EBITDA 2,203.7  (386.6) (189.2) 630.7  2,149.2  -

 

LAS - 3M Recalculation Impact in 2Q HY24 Scope Currency Translation Organic Growth HY25

%

Organic

Net revenue 614.8  (260.5) (642.2) -    (287.9) -
COGS (298.5) 113.1  336.1  -    150.7  -
COGS excl. deprec. & amort. (263.0) 94.2  305.9  -    137.2  -
Gross profit 316.2  (147.4) (306.1) -    (137.2) -
SG&A excl. deprec. & amort. (147.9) 52.7  172.6  -    77.4  -
SG&A deprec. & amort. (13.3) 5.6  14.0  -    6.3  -
SG&A total (161.2) 58.3  186.6  -    83.6  -
Other operating income/(expenses) (3.2) 4.2  (1.8) -    (0.8) -
Normalized Operating Profit  151.8  (84.8) (121.3) -    (54.4) -
Normalized EBITDA 200.7  (109.3) (165.5) -    (74.2) -

For FY25, the definition of organic revenue growth has been amended to cap the price growth in Argentina to a maximum of 2% per month (26.8% year-over-year, and three-year cumulative of 100%). For COGS and distribution expenses, the same price rate cap was applied, calculated on a “per hectoliter” basis when applicable.  For other income statement lines disclosed, organic growth was calculated pro rata to the capped net revenue growth. Such calculation method applied to amounts in local currency that were then converted from ARS (capped) to BRL using the applicable closing rate, and corresponding adjustments were made through scope changes.

  

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Press Release – July 31, 2025

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RECONCILIATION BETWEEN NORMALIZED EBITDA & PROFIT

Both Normalized EBITDA and Normalized Operating Profit are measures used by Ambev’s management to measure the Company’s performance.

Normalized EBITDA is calculated excluding from Profit the following effects: (i) Non-controlling interest; (ii) Income Tax expense; (iii) Share of results of associates; (iv) Net finance results; (v) Exceptional items; and (vi) Depreciation & Amortization.

EBITDA is calculated excluding from Normalized EBITDA the following effects: (i) Exceptional items and (ii) Share of results of associates.

Normalized EBITDA and Normalized Operating Profit are not accounting measures under accounting practices in Brazil, IFRS or the United States of America (US GAAP) and should not be considered as an alternative to Profit as a measure of operational performance or an alternative to Cash Flow as a measure of liquidity. Normalized EBITDA and Normalized Operating Profit do not have a standard calculation method and Ambev’s definition of Normalized EBITDA and Normalized Operating Profit may not be comparable to that of other companies.

Reconciliation - Profit to EBITDA 2Q24 2Q25 HY24 HY25
R$ million
         
Profit - Ambev holders 2,396.3  2,717.7  6,096.6  6,411.7 
Non-controlling interest 55.6  72.8  159.5  183.5 
Income tax expense 979.9  629.1  1,651.0  1,680.8 
Profit before taxes 3,431.8  3,419.7  7,907.1  8,276.0 
Share of results of joint ventures 31.5  5.5  35.0  2.7 
Net finance results 616.2  974.0  1,022.2  1,830.4 
Exceptional items 11.7  51.2  29.3  72.6 
Normalized Operating Profit  4,091.2  4,450.3  8,993.6  10,181.7 
Depreciation & amortization - total 1,719.9  1,702.4  3,352.2  3,415.7 
Normalized EBITDA 5,811.0  6,152.7  12,345.8  13,597.4 
Exceptional items (11.7) (51.2) (29.3) (72.6)
Share of results of joint ventures  (31.5) (5.5) (35.0) (2.7)
EBITDA 5,767.8  6,096.1  12,281.5  13,522.0 
  

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Press Release – July 31, 2025

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RECONCILIATION OF NET FINANCE RESULTS BETWEEN INTERIM CONSOLIDATED FINANCIAL STATEMENTS AND PRESS RELEASE

Net finance results presented on page 12 are a summarized view used by Ambev’s management to measure and analyze the Company’s financial performance.

 

The reconciliation between such summarized view and Interim Consolidated Financial Statements is presented below:

 

Reconciliation - Net finance results 2Q24 2Q25 HY24 HY25
R$ million
Income from cash and cash equivalents 345.4  249.5  729.7  591.6 
Income from debt securities 28.3  45.6  37.8  80.6 
Income from other receivables 141.7  202.3  333.4  389.5 
Interest income 515.4  497.5  1,101.0  1,061.6 
Interest on accounts payable present value adjustment (282.4) (273.3) (614.5) (545.5)
Interest on bank debts and tax incentives (46.3) (43.3) (93.2) (87.6)
Interest on leases (40.6) (63.7) (78.7) (121.6)
Other interest expenses (128.9) (124.6) (261.2) (256.4)
Interest expenses (498.1) (504.9) (1,047.7) (1,011.1)
Losses on hedging instruments (148.0) (276.3) (343.1) (554.7)
Gains/(losses) on derivative instruments (148.0) (276.3) (343.1) (554.7)
Exchange differences, net (57.0) (527.5) (90.9) (1,015.4)
Gains/(losses) on non-derivative instruments (57.0) (527.5) (90.9) (1,015.4)
Taxes on financial transactions (45.6) (50.8) (100.9) (119.8)
Taxes on financial transactions (45.6) (50.8) (100.9) (119.8)
Other finance income 15.4  163.1  29.5  282.5 
Interest on provisions for disputes and litigation (49.7) (35.6) (94.0) (87.9)
Interest on pension plans (27.0) (27.4) (53.5) (55.2)
Bank guarantee expenses and surety bond premiums (59.3) (101.2) (116.6) (170.4)
Other finance expenses (77.5) (82.4) (161.7) (133.8)
Other net financial income/(expenses) (198.0) (83.5) (396.3) (164.8)
Effects of the application of IAS 29 (hyperinflation) (184.9) (28.4) (144.2) (26.2)
Hyperinflation Argentina (184.9) (28.4) (144.2) (26.2)
Net finance results  (616.2) (974.0) (1,022.2) (1,830.4)
  

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Press Release – July 31, 2025

Page |20 
 
 

2Q 2025 EARNINGS CONFERENCE CALL

Speakers: Carlos Lisboa
  Chief Executive Officer
   
  Guilherme Fleury
  Chief Financial and Investor Relations Officer
   
Language: English and Portuguese (simultaneous translation)
   
Date: July 31, 2025 (Thursday)
   
Time: 12:30 (Brasília)
  11:30 (New York)

 

  

The conference call will be transmitted live via webcast available at:

English: Webcast - English

Portuguese: Webcast - Portuguese 

Sell side analysts covering the company as indicated in our website can participate and apply for Q&A by clicking here.

 

 

For additional information, please contact the Investor Relations team:

Guilherme Yokaichiya Leandro Ferreira De Souza
   
guilherme.yokaichiya@ambev.com.br leandro.ferreira.souza@ambev.com.br

 

ri.ambev.com.br

  

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Press Release – July 31, 2025

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NOTES

This press release segregates the impact of organic changes from those arising from changes in scope or currency translation. Scope changes represent the impact of acquisitions and divestitures, the start up or termination of activities or the transfer of activities between segments, curtailment gains and losses and year-over-year changes in accounting estimates and other assumptions that management does not consider as part of the underlying performance of the business. Organic growth and normalized numbers are presented applying constant year-over-year exchange rates to exclude the impact of the movement of foreign exchange rates.

Unless stated, percentage changes in this press release are both organic and normalized in nature. Whenever used in this document, the term “normalized” refers to performance measures EBITDA and Operating Profit before exceptional items and share of results of joint ventures and to performance measures Profit and EPS before exceptional items adjustments. Exceptional items are either income or expenses which do not occur regularly as part of the normal activities of the Company. They are presented separately because they are important for the understanding of the underlying sustainable performance of the Company due to their size or nature. Normalized measures are additional measures used by management and should not replace the measures determined in accordance with IFRS as indicators of the Company’s performance. Comparisons, unless otherwise stated, refer to the second quarter of 2024 (2Q24). Values in this release may not add up due to rounding.

Statements contained in this press release may contain information that is forward-looking and reflects management’s current view and estimates of future economic circumstances, industry conditions, Company performance, and finance results. Any statements, expectations, capabilities, plans and assumptions contained in this press release that do not describe historical facts, such as statements regarding the declaration or payment of dividends, the direction of future operations, the implementation of principal operating and financing strategies and capital expenditure plans, the factors or trends affecting financial condition, liquidity or results of operations, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. There is no guarantee that these results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

  

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Press Release – July 31, 2025

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Ambev - Segment financial information Brazil CAC LAS Canada Ambev
Organic results Beer NAB Total       Consolidated
  2Q24 2Q25 % 2Q24 2Q25 % 2Q24 2Q25 % 2Q24 2Q25 % 2Q24 2Q25 % 2Q24 2Q25 % 2Q24 2Q25 %
Volume ('000 hl) 22,003.7  20,042.3  -8.9% 7,947.7  7,962.4  0.2% 29,951.3  28,004.7  -6.5% 3,057.6  2,924.1  -4.4% 6,017.4  6,194.1  2.9% 2,427.7  2,446.4  0.8% 41,454.0  39,569.3  -4.5%
R$ million                                          
Net revenue 9,311.4  8,989.6  -3.5% 1,904.1  2,031.2  6.7% 11,215.5  11,020.8  -1.7% 2,580.0  2,784.6  -1.3% 3,608.7  3,295.2  23.3% 2,640.1  2,989.7  2.9% 20,044.2  20,090.2  3.4%
% of total 46.5% 44.7%   9.5% 10.1%   56.0% 54.9%   12.9% 13.9%   18.0% 16.4%   13.2% 14.9%   100.0% 100.0%  
COGS (4,615.2) (4,413.5) -4.4% (1,039.1) (1,182.9) 13.8% (5,654.3) (5,596.4) -1.0% (1,216.6) (1,244.6) -6.0% (2,086.9) (1,943.7) 20.6% (1,102.1) (1,261.4) 3.9% (10,060.0) (10,046.1) 3.4%
% of total 45.9% 43.9%   10.3% 11.8%   56.2% 55.7%   12.1% 12.4%   20.7% 19.3%   11.0% 12.6%   100.0% 100.0%  
Gross profit 4,696.3  4,576.1  -2.6% 864.9  848.3  -1.9% 5,561.2  5,424.4  -2.5% 1,363.4  1,539.9  2.9% 1,521.7  1,351.4  27.0% 1,537.9  1,728.3  2.1% 9,984.2  10,044.1  3.5%
% of total 47.0% 45.6%   8.7% 8.4%   55.7% 54.0%   13.7% 15.3%   15.2% 13.5%   15.4% 17.2%   100.0% 100.0%  
SG&A (3,269.9) (3,090.8) -5.5% (525.5) (543.0) 3.3% (3,795.4) (3,633.8) -4.3% (534.3) (539.3) -8.4% (1,227.5) (1,046.8) 17.7% (855.5) (959.7) 2.2% (6,412.7) (6,179.6) 0.5%
% of total 51.0% 50.0%   8.2% 8.8%   59.2% 58.8%   8.3% 8.7%   19.1% 16.9%   13.3% 15.5%   100.0% 100.0%  
Other operating income/(expenses) 422.4  459.8  15.4% 94.7  130.5  44.9% 517.1  590.3  20.9% 0.8  (11.5) nm 0.9  4.6  nm 0.7  2.5  nm 519.6  585.9  20.2%
% of total 81.3% 78.5%   18.2% 22.3%   99.5% 100.8%   0.2% -2.0%   0.2% 0.8%   0.1% 0.4%   100.0% 100.0%  
Normalized Operating Profit 1,848.8  1,945.1  6.5% 434.1  435.8  1.3% 2,282.9  2,380.9  5.5% 829.9  989.2  8.9% 295.1  309.2  67.6% 683.2  771.1  2.3% 4,091.2  4,450.3  10.2%
% of total 45.2% 43.7%   10.6% 9.8%   55.8% 53.5%   20.3% 22.2%   7.2% 6.9%   16.7% 17.3%   100.0% 100.0%  
Normalized EBITDA 2,817.0  2,868.7  2.7% 533.6  534.2  0.9% 3,350.6  3,402.9  2.4% 1,030.1  1,194.5  5.9% 614.2  616.1  42.8% 816.1  939.2  4.4% 5,811.0  6,152.7  7.6%
% of total 48.5% 46.6%   9.2% 8.7%   57.7% 55.3%   17.7% 19.4%   10.6% 10.0%   14.0% 15.3%   100.0% 100.0%  
                                           
% of net revenue                                          
Net revenue 100.0% 100.0%   100.0% 100.0%   100.0% 100.0%   100.0% 100.0%   100.0% 100.0%   100.0% 100.0%   100.0% 100.0%  
COGS -49.6% -49.1%   -54.6% -58.2%   -50.4% -50.8%   -47.2% -44.7%   -57.8% -59.0%   -41.7% -42.2%   -50.2% -50.0%  
Gross profit 50.4% 50.9%   45.4% 41.8%   49.6% 49.2%   52.8% 55.3%   42.2% 41.0%   58.3% 57.8%   49.8% 50.0%  
SG&A -35.1% -34.4%   -27.6% -26.7%   -33.8% -33.0%   -20.7% -19.4%   -34.0% -31.8%   -32.4% -32.1%   -32.0% -30.8%  
Other operating income/(expenses) 4.5% 5.1%   5.0% 6.4%   4.6% 5.4%   0.0% -0.4%   0.0% 0.1%   0.0% 0.1%   2.6% 2.9%  
Normalized Operating Profit 19.9% 21.6%   22.8% 21.5%   20.4% 21.6%   32.2% 35.5%   8.2% 9.4%   25.9% 25.8%   20.4% 22.2%  
Normalized EBITDA 30.3% 31.9%   28.0% 26.3%   29.9% 30.9%   39.9% 42.9%   17.0% 18.7%   30.9% 31.4%   29.0% 30.6%  
                                           
Per hectoliter - (R$/hl)                                          
Net revenue 423.2  448.5  6.0% 239.6  255.1  6.5% 374.5  393.5  5.1% 843.8  952.3  3.2% 599.7  532.0  19.8% 1,087.5  1,222.0  2.0% 483.5  507.7  8.4%
COGS (209.7) (220.2) 5.0% (130.7) (148.6) 13.6% (188.8) (199.8) 5.9% (397.9) (425.6) -1.7% (346.8) (313.8) 17.2% (454.0) (515.6) 3.1% (242.7) (253.9) 8.3%
Gross profit 213.4  228.3  7.0% 108.8  106.5  -2.1% 185.7  193.7  4.3% 445.9  526.6  7.6% 252.9  218.2  23.4% 633.5  706.5  1.3% 240.9  253.8  8.4%
SG&A (148.6) (154.2) 3.8% (66.1) (68.2) 3.1% (126.7) (129.8) 2.4% (174.7) (184.4) -4.2% (204.0) (169.0) 14.4% (352.4) (392.3) 1.3% (154.7) (156.2) 5.2%
Other operating income/(expenses) 19.2  22.9  26.7% 11.9  16.4  44.7% 17.3  21.1  29.3% 0.3  (3.9) nm 0.2  0.7  nm 0.3  1.0  nm 12.5  14.8  26.0%
Normalized Operating Profit 84.0  97.0  17.0% 54.6  54.7  1.1% 76.2  85.0  12.9% 271.4  338.3  13.9% 49.0  49.9  62.9% 281.4  315.2  1.5% 98.7  112.5  15.5%
Normalized EBITDA 128.0  143.1  12.7% 67.1  67.1  0.7% 111.9  121.5  9.5% 336.9  408.5  10.8% 102.1  99.5  38.8% 336.2  383.9  3.5% 140.2  155.5  12.7%

 

  

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Ambev - Segment financial information Brazil CAC LAS Canada Ambev
Organic results Beer NAB Total       Consolidated
  HY24 HY25 % HY24 HY25 % HY24 HY25 % HY24 HY25 % HY24 HY25 % HY24 HY25 % HY24 HY25 %
Volume ('000 hl) 44,991.0  43,201.0  -4.0% 16,601.3  16,896.9  1.8% 61,592.3  60,098.0  -2.4% 5,949.4  5,675.1  -4.6% 14,722.8  14,991.4  1.8% 4,177.7  4,122.5  -1.3% 86,442.3  84,887.0  -1.8%
R$ million                                          
Net revenue 18,998.9  18,990.4  0.0% 3,928.5  4,285.8  9.1% 22,927.4  23,276.1  1.5% 4,894.7  5,441.5  -1.1% 8,010.6  8,831.3  21.2% 4,487.8  5,038.6  1.0% 40,320.5  42,587.6  5.1%
% of total 47.1% 44.6%   9.7% 10.1%   56.9% 54.7%   12.1% 12.8%   19.9% 20.7%   11.1% 11.8%   100.0% 100.0%  
COGS (9,427.6) (9,120.8) -3.3% (2,176.6) (2,467.2) 13.4% (11,604.2) (11,588.0) -0.1% (2,304.3) (2,502.2) -3.1% (4,277.8) (4,777.6) 18.7% (1,932.7) (2,124.0) -1.2% (20,119.0) (20,991.9) 3.4%
% of total 46.9% 43.4%   10.8% 11.8%   57.7% 55.2%   11.5% 11.9%   21.3% 22.8%   9.6% 10.1%   100.0% 100.0%  
Gross profit 9,571.3  9,869.6  3.1% 1,752.0  1,818.5  3.8% 11,323.2  11,688.1  3.2% 2,590.4  2,939.3  0.8% 3,732.8  4,053.6  24.2% 2,555.1  2,914.7  2.7% 20,201.5  21,595.7  6.7%
% of total 47.4% 45.7%   8.7% 8.4%   56.1% 54.1%   12.8% 13.6%   18.5% 18.8%   12.6% 13.5%   100.0% 100.0%  
SG&A (6,270.0) (6,143.3) -2.0% (1,069.4) (1,112.9) 4.1% (7,339.3) (7,256.2) -1.1% (998.1) (1,065.2) -6.0% (2,351.4) (2,487.1) 16.9% (1,631.8) (1,806.6) -0.4% (12,320.6) (12,615.1) 2.0%
% of total 50.9% 48.7%   8.7% 8.8%   59.6% 57.5%   8.1% 8.4%   19.1% 19.7%   13.2% 14.3%   100.0% 100.0%  
Other operating income/(expenses) 897.5  920.6  2.1% 208.2  255.0  23.2% 1,105.6  1,175.6  6.1% 6.2  (2.9) -125.5% (7.6) 16.4  -71.2% 8.4  12.0  28.0% 1,112.6  1,201.1  6.1%
% of total 80.7% 76.7%   18.7% 21.2%   99.4% 97.9%   0.6% -0.2%   -0.7% 1.4%   0.8% 1.0%   100.0% 100.0%  
Normalized Operating Profit 4,198.8  4,646.9  10.7% 890.8  960.6  7.8% 5,089.5  5,607.5  10.2% 1,598.5  1,871.1  4.5% 1,373.8  1,583.0  37.1% 931.7  1,120.1  8.4% 8,993.6  10,181.7  13.1%
% of total 46.7% 45.6%   9.9% 9.4%   56.6% 55.1%   17.8% 18.4%   15.3% 15.5%   10.4% 11.0%   100.0% 100.0%  
Normalized EBITDA 6,072.3  6,500.7  7.0% 1,111.6  1,166.2  4.9% 7,183.9  7,666.9  6.7% 1,969.6  2,291.9  3.7% 2,003.0  2,223.4  31.5% 1,189.3  1,415.1  7.2% 12,345.8  13,597.4  10.3%
% of total 49.2% 47.8%   9.0% 8.6%   58.2% 56.4%   16.0% 16.9%   16.2% 16.4%   9.6% 10.4%   100.0% 100.0%  
                                           
% of net revenue                                          
Net revenue 100.0% 100.0%   100.0% 100.0%   100.0% 100.0%   100.0% 100.0%   100.0% 100.0%   100.0% 100.0%   100.0% 100.0%  
COGS -49.6% -48.0%   -55.4% -57.6%   -50.6% -49.8%   -47.1% -46.0%   -53.4% -54.1%   -43.1% -42.2%   -49.9% -49.3%  
Gross profit 50.4% 52.0%   44.6% 42.4%   49.4% 50.2%   52.9% 54.0%   46.6% 45.9%   56.9% 57.8%   50.1% 50.7%  
SG&A -33.0% -32.3%   -27.2% -26.0%   -32.0% -31.2%   -20.4% -19.6%   -29.4% -28.2%   -36.4% -35.9%   -30.6% -29.6%  
Other operating income/(expenses) 4.7% 4.8%   5.3% 5.9%   4.8% 5.1%   0.1% -0.1%   -0.1% 0.2%   0.2% 0.2%   2.8% 2.8%  
Normalized Operating Profit 22.1% 24.5%   22.7% 22.4%   22.2% 24.1%   32.7% 34.4%   17.2% 17.9%   20.8% 22.2%   22.3% 23.9%  
Normalized EBITDA 32.0% 34.2%   28.3% 27.2%   31.3% 32.9%   40.2% 42.1%   25.0% 25.2%   26.5% 28.1%   30.6% 31.9%  
                                           
Per hectoliter - (R$/hl)                                          
Net revenue 422.3  439.6  4.1% 236.6  253.6  7.2% 372.2  387.3  4.0% 822.7  958.8  3.7% 544.1  589.1  19.1% 1,074.2  1,222.2  2.3% 466.4  501.7  7.0%
COGS (209.5) (211.1) 0.8% (131.1) (146.0) 11.4% (188.4) (192.8) 2.3% (387.3) (440.9) 1.6% (290.6) (318.7) 16.5% (462.6) (515.2) 0.1% (232.7) (247.3) 5.3%
Gross profit 212.7  228.5  7.4% 105.5  107.6  2.0% 183.8  194.5  5.8% 435.4  517.9  5.6% 253.5  270.4  22.0% 611.6  707.0  4.0% 233.7  254.4  8.7%
SG&A (139.4) (142.2) 2.0% (64.4) (65.9) 2.3% (119.2) (120.7) 1.3% (167.8) (187.7) -1.4% (159.7) (165.9) 14.8% (390.6) (438.2) 0.9% (142.5) (148.6) 3.9%
Other operating income/(expenses) 19.9  21.3  6.4% 12.5  15.1  21.0% 18.0  19.6  8.8% 1.0  (0.5) -126.7% (0.5) 1.1  -71.7% 2.0  2.9  29.7% 12.9  14.1  8.0%
Normalized Operating Profit 93.3  107.6  15.3% 53.7  56.9  5.9% 82.6  93.3  12.9% 268.7  329.7  9.5% 93.3  105.6  34.7% 223.0  271.7  9.7% 104.0  119.9  15.2%
Normalized EBITDA 135.0  150.5  11.5% 67.0  69.0  3.0% 116.6  127.6  9.4% 331.1  403.9  8.8% 136.0  148.3  29.1% 284.7  343.3  8.6% 142.8  160.2  12.3%
                                           
  

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CONSOLIDATED BALANCE SHEET    
R$ million December 31, 2024 June 30, 2025
     
Assets    
Current assets    
Cash and cash equivalents 28,595.7  16,404.0 
Investment securities 1,242.0  1,120.6 
Trade receivables 6,269.9  5,086.8 
Derivative financial instruments 1,218.6  261.5 
Inventories 11,689.8  11,351.6 
Recoverable taxes 3,582.3  3,736.5 
Other assets 1,557.7  2,139.2 
Assets held for sale -    691.7 
  54,155.8  40,792.0 
     
Non-current assets    
Investment securities  184.5  103.5 
Derivative financial instruments  -  4.8 
Recoverable taxes 10,504.0  10,065.4 
Deferred tax assets 8,691.7  8,882.2 
Other assets  1,462.6  1,405.5 
Employee benefits 70.5  27.9 
Long term assets 20,913.2  20,489.3 
     
Investments in joint ventures 395.4  359.1 
Property, plant and equipment 30,170.2  27,478.8 
Intangible 12,530.7  11,358.0 
Goodwill 44,342.7  41,680.3 
  108,352.2  101,365.6 
     
Total assets 162,507.9 142,157.5
     
Equity and liabilities    
Current liabilities    
Trade payables 25,223.5  19,883.3 
Derivative financial instruments 204.7  921.0 
Interest-bearing loans and borrowings 1,276.4  1,100.6 
Payroll and social security payables 2,779.8  2,136.5 
Dividends and interest on shareholder´s equity payable 8,487.2  3,813.0 
Income tax and social contribution payable 1,941.5  1,659.4 
Taxes and contributions payable 5,648.4  3,543.8 
Put option granted on subsidiaries and other liabilities 3,386.2  3,143.0 
Provisions 440.9  536.4 
Liabilities associated with assets held for sale -    135.3 
  49,388.7  36,872.2 
     
Non-current liabilities    
Trade payables  327.7  320.3 
Derivative financial instruments  6.7  9.8 
Interest-bearing loans and borrowings  2,176.3  2,057.2 
Deferred tax liabilities 5,007.7  4,219.5 
Income tax and social contribution payable  1,372.4  1,199.0 
Taxes and contributions payable  597.4  631.3 
Put option granted on subsidiary and other liabilities 1,142.8  1,142.5 
Provisions  670.9  478.6 
Employee benefits 2,236.7  2,016.1 
  13,538.7  12,074.3 
     
Total liabilities 62,927.4 48,946.6
     
Equity    
Issued capital 58,226.0  58,275.7 
Reserves 108,973.4  106,808.2 
Comprehensive income (68,557.3) (76,937.1)
Retained earnings -    4,324.8 
Equity attributable to equity holders of Ambev 98,642.1  92,471.6 
Non-controlling interests 938.4  739.3 
Total Equity 99,580.5  93,211.0 
     
Total equity and liabilities 162,507.9 142,157.5
  

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CONSOLIDATED INCOME STATEMENT 2Q24 2Q25 HY24 HY25
R$ million
         
Net revenue 20,044.2  20,090.2  40,320.5  42,587.6 
Cost of goods sold  (10,060.0) (10,046.1) (20,119.0) (20,991.9)
Gross profit 9,984.2  10,044.1  20,201.5  21,595.7 
         
Distribution expenses (2,750.5) (2,580.3) (5,441.5) (5,457.0)
Sales and marketing expenses (2,211.1) (2,172.9) (4,095.7) (4,242.8)
Administrative expenses (1,451.0) (1,426.3) (2,783.4) (2,915.2)
Other operating income/(expenses) 519.6  585.9  1,112.6  1,201.1 
         
Normalized Operating Profit 4,091.2  4,450.3  8,993.6  10,181.7 
         
Exceptional items (11.7) (51.2) (29.3) (72.6)
         
Income from operations 4,079.4  4,399.1  8,964.3  10,109.1 
         
Net finance results (616.2) (974.0) (1,022.2) (1,830.4)
Share of results of joint ventures (31.5) (5.5) (35.0) (2.7)
         
Profit before income tax 3,431.8  3,419.7  7,907.1  8,276.0 
         
Income tax expense (979.9) (629.1) (1,651.0) (1,680.8)
         
Profit 2,451.9  2,790.6  6,256.1  6,595.2 
Equity holders of Ambev 2,396.3  2,717.7  6,096.6  6,411.7 
Non-controlling interest 55.6  72.8  159.5  183.5 
         
Basic earnings per share (R$) 0.15  0.17  0.39  0.41 
Diluted earnings per share (R$) 0.15  0.17  0.39  0.41 
         
Normalized Profit 2,459.1  2,832.7  6,276.3  6,652.9 
         
Normalized basic earnings per share (R$) 0.15  0.18  0.39  0.41 
Normalized diluted earnings per share (R$) 0.15  0.18  0.39  0.41 
         
Nº of basic shares outstanding (million of shares) 15,734.2  15,613.2  15,741.5  15,638.7 
Nº of diluted shares outstanding (million of shares) 15,821.6  15,685.6  15,828.9  15,711.1 
  

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CONSOLIDATED STATEMENT OF CASH FLOWS 2Q24 2Q25 HY24 HY25
R$ million
         
Profit 2,451.9  2,790.6  6,256.1  6,595.2 
Depreciation, amortization and impairment 1,719.9  1,702.4  3,352.2  3,415.7 
Impairment losses on receivables and inventories 82.3  59.7  177.3  139.1 
Additions/(reversals) in provisions and employee benefits 75.3  80.5  131.0  199.6 
Net finance cost 616.2  974.0  1,022.2  1,830.4 
Loss/(gain) on sale of property, plant and equipment and intangible assets (21.2) (29.5) (41.9) (62.1)
Equity-settled share-based payment expense 83.2  107.1  184.5  206.1 
Income tax expense 979.9  629.1  1,651.0  1,680.8 
Share of result of joint ventures 31.5  5.5  35.0  2.7 
Hedge operations (136.5) (111.5) (29.5) (697.5)
Cash flow from operating activities before changes in working capital and provisions 5,882.4  6,207.9  12,737.9  13,310.0 
(Increase)/decrease in trade and other receivables (370.8) 208.7  (284.0) 921.3 
(Increase)/decrease in inventories (357.9) 457.2  (1,349.4) (555.2)
Increase/(decrease) in trade and other payables (1,308.6) (2,931.2) (4,373.3) (6,976.3)
Cash generated from operations 3,845.2  3,942.7  6,731.2  6,699.9 
Interest paid (126.9) (141.8) (270.7) (379.3)
Interest received 361.9  282.8  752.7  649.5 
Dividends received 4.7  2.5  11.4  7.0 
Income tax and social contributions paid (726.7) (1,036.1) (3,148.2) (2,723.1)
Cash flow from operating activities 3,358.1  3,050.0  4,076.3  4,254.0 
         
Proceeds from sale of property, plant, equipment and intangible assets 54.7  34.6  91.0  66.7 
Acquisition of property, plant, equipment and intangible assets (1,028.1) (1,088.2) (2,044.0) (1,916.4)
Acquisition of subsidiaries, net of cash acquired 3.8  0.1  3.6  (40.2)
(Investments)/net proceeds of debt securities (109.5) 91.2  (909.2) 142.4 
Net proceeds/(acquisition) of other assets -  1.1  -  1.7 
Cash flow used in investing activities (1,079.1) (961.3) (2,858.7) (1,745.7)
         
Capital increase/(reduction) in associates and subsidiaries -  (2.1) 17.5  21.6 
Capital increase/(decreases) in non-controling (1.3) -    (1.3) -   
Proceeds/(repurchase) of shares (291.1) (774.6) (367.3) (1,831.1)
Acquisition of non-controlling interests (2.9) -    (1,717.0) -
Proceeds from borrowings 20.4  42.9  433.2  50.7 
Repayment of borrowings (444.5) (42.2) (507.8) (91.4)
Cash net finance costs other than interests (547.7) (810.9) (1,093.8) (1,650.1)
Payment of lease liabilities (346.1) (292.3) (667.3) (594.3)
Dividends and interest on shareholders’ equity paid (86.0) (2,080.6) (97.6) (8,692.0)
Cash flow from financing activities (1,699.2) (3,959.7) (4,001.3) (12,786.6)
         
Net  increase/(decrease) in Cash and cash equivalents 579.8  (1,871.0) (2,783.7) (10,278.3)
Cash and cash equivalents at the beginning of the year 12,844.5  19,118.4  16,059.0  28,595.7 
Effect of exchange rate fluctuations   730.1  (843.4) 879.1  (1,913.3)
Cash and cash equivalents at the end of the year 14,154.4  16,404.0  14,154.4  16,404.0 

 

 

  

ambev.com.br

Press Release – July 31, 2025

 

SIGNATURE



Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: July 31, 2025

     
  AMBEV S.A.
     
  By:  /s/ Guilherme Fleury de Figueiredo Ferraz Parolari
 

Guilherme Fleury de Figueiredo Ferraz Parolari

Chief Financial and Investor Relations Officer