Slide 1: 3Q23 Earnings Call
3Q23 Earnings Call October 31 st , 2023
Slide 2: Presentation disclaimer and non-GAAP notes
This presentation was prepared by Ambev S A ..(“ or “ for the exclusive use in the earnings conference call of the third quarter of 2023 3 Q 23 This presentation should not be considered as a complete document and should be analyzed together with the Company’s quarterly information form ( for the th
Slide 3: 2Q23 Recap
2Q23 Recap Continued focus on operational leverage in H2 Short term points of attention: Brazil industry evolution & Argentina operating environment 1 2
Slide 4: Focus on operational leverage in H2
Continued focus on operational leverage in H2 Short term points of attention: Brazil industry evolution & Argentina operating environment
Slide 5: 3Q23 Highlights
3Q23 Highlights 3Q23 (org vs 9M23 (org vs +19% +44% +210 bps +560 bps Cash Flow from Operating Activities +R$1.8b (nominal) +31% ex-ARG Norm. EBITDA Net Revenue Gross Margin EBITDA Margin +22% +40% +230 bps +400 bps +R$1.9b (nominal)
Slide 6: Beer premium and super premium
Beer Premium and super premium volume + low teens vs LY Value volume - 40’s% Premium and super premium market share
Slide 7: Beer
Beer Volume NR/hl EBITDA - 1.1% +6.8% +34.7% EBITDA Mg% +720 bps
Slide 8: NAB
NAB Volume NR/hl EBITDA +2.8% +2.3% +0.9% EBITDA Mg% - 100 bps
Slide 9: CAC
Volume NR/hl EBITDA +13.6% +7.6% +62.3% EBITDA Mg% +940 bps vs LY (org) CAC
Slide 10: LAS
Volume NR/hl EBITDA - 9.4% +91.4% +93.9% EBITDA Mg% +360 bps vs LY (org) LAS
Slide 11: Canada
Volume NR/hl EBITDA EBITDA Mg% vs LY (org) - 13.1% +6.7% +3.5% CANADA +310 bps
Slide 12: BEES platform metrics
Annualized GMV +30% vs LY BEES customer on marketplace +80% SKU / POC +21% vs LY Awareness +25% vs LY MAU 4.7 M GMV +8% vs LY
Slide 13: Historic net revenue and EBITDA organic growth
Historic Net Revenue organic growth 28% 36% 21% 16% 19% 20% 19% 22% 26% 20% 19% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 24% 24% 9% -2% 10% 18% 11% 27% 40% 34% 44% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Historic EBITDA organic growth
Slide 14: Historic EBITDA margin organic growth
Historic EBITDA Margin organic growth -110 bps -260 bps -310 bps -570 bps -220 bps -40 bps -210 bps 160 bps 310 bps 300 bps 560 bps 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23
Slide 15: Normalized Profit
Normalized Profit Normalized Profit 3Q22 1.0 Normalized EBITDA - 0.1 D&A 0.4 Financial Results - 0.5 Income Taxes 0.0 Others Normalized Profit 3Q23 3.2 4.0 +25.1% R$ billions
Slide 16: Cash Flow from Operating Activities
Cash Flow from Operating Activities 3Q22 1.0 Before change in Working Capital 0.5 Change Working Capital Cash Generated from Operations 0.3 Income Tax and Social Cont. 0.0 Others 3Q23 6.1 7.6 7.9 +30% R$ billions
Slide 17: Sustainability Update
SUSTAINABILITY UPDATE
Slide 18: Q&A
Q&A 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: October 31, 2023 AMBEV S.A. By: /s/ Lucas Machado Lira Lucas Machado Lira Chief Financial and