Slide 1: Earnings Call 4Q25 & FY25
ambev EARNINGS CALL 4025 & FY25
Slide 2: This presentation was prepared by Ambev S.A.
This presentation was prepared by Ambev S.A. (“Ambev” or “Company”) for the exclusive use in the earnings conference call of the fourth quarter and full year of 2025 (4Q25 and FY25). This presentation should not be considered as a complete document and should be analyzed together with the Company’s
Slide 3: 4Q25 & FY25 Operating Performance highlights
4Q25 & FY25 Operating Performance highlights
Slide 4: Mission
MISSION 1 AVOID DISRUPTIONS 2 KEEP MOMENTUM 3 BUILD A STRONGER COMPANY
Slide 5: Momentum carry-over
Momentum carry-over PORTFOLIO strength Customer & consumer centricity ADVANCED PROFITABILITY
Slide 6: Collective ownership
Collective ownership
Slide 7: Engagement to all-time highs
ENGAGEMENT TO ALL-TIME HIGHS 2019 2020 2021 2022 2023 2024 2025 ¹Engagement Brazil & Latin America South
Slide 8: Beer passion
BEER PASSION 2025 • beer lover engagement Cyclical and • category equity occasion-driven headwinds • category growth
Slide 9: What changed in 2025 was not whether consumers want beer
“ WHAT CHANGED IN 2025 WAS NOT WHETHER CONSUMERS WANT BEER, BUT HOW OFTEN THE RIGHT MOMENTS HAPPENED ”
Slide 10: Growth strategy
GROWTH STRATEGY ™ 3] 1) OPTIMIZE LEAD AND OUR GROW THE BUSINESS CATEGORY 2 DIGITIZE AND MONETIZE OUR ECOSYSTEM
Slide 11: Growth strategy
GROWTH STRATEGY ™ 1) LEAD AND GROW THE CATEGORY 3] OPTIMIZE OUR BUSINESS 2) DIGITIZE AND MONETIZE OUR ECOSYSTEM
Slide 12: Category captain
category captain Category potential Actual consumption
Slide 13: Growth strategy
GROWTH STRATEGY 1) LEAD AND GROW THE CATEGORY 2) DIGITIZE AND MONETIZE OUR ECOSYSTEM 3] OPTIMIZE OUR BUSINESS ambev
Slide 14: Shaping our own future
Shaping our own future • Customers performance Marketplace GMV improvement +70% • sell-out activation Gross Margin tools +3.5pp YoY
Slide 15: Our foot in the future
OUR FOOT IN THE FUTURE LEADING CONVENIENCE LOVED BY PLATFORM YOUNG ADULT CONSUMERS
Slide 16: Growth strategy
GROWTH STRATEGY a 3] 1) OPTIMIZE our LEAD AND BUSINESS | catccory (2) DIGITIZE AND MONETIZE OUR ECOSYSTEM
Slide 17: Ambition accomplished
Ambition accomplished Consolidated Ebitda Margin Expansion R$ 20 Billion in announced shareholder returns
Slide 18: Footprint financial performance
Footprint financial performance CANADA¹ EBITDA Contribution 10% EBITDA +4.7% EBITDA Mg +100 bps CAC¹ 16% BRAZIL BEER¹ +2.7% 48% +110 bps +3.2% +110 bps LAS¹ BRAZIL NAB¹ 18% 9% +12.9% +8.5% -60 bps +90 bps Note: ¹2025 FY EBITDA & percentage contribution
Slide 19: BU Brazil Beer
BU Brazil Beer 2025: Volume -4.5% | NR/hl¹ +4.7% 4Q25: Volume -2.6% | NR/hl¹ +4.4% • More complete Portfolio • 4Q volume improved sequentially • leading where category is expanding the most Premium and super-premium balanced choices non-alcohol Note: ¹Excluding non-Ambev marketplace products
Slide 20: Elevate the core
Elevate the core
Slide 21: BU Brazil NAB
BU Brazil NAB 2025: Volume -3.1% | NR/hl¹ +8.3% 4Q25: Volume -6.6% | NR/hl¹ +9.2% • EBITDA growth with margin expansion • Guaraná Antarctica equity strengthened • Year with two different halves Note: ¹Excluding non-Ambev marketplace products
Slide 22: BU LAS
BU LAS 2025: Volume -0.9% | NR/hl¹ +16.7% 4Q25: Volume -4.9% | NR/hl¹ +19.9% ARGENTINA • Macro continued to improve • slow consumption recovery • Solid business fundamentals Note: ¹Excluding non-Ambev marketplace products
Slide 23: BU CAC
BU CAC 2025: Volume -1.8% | NR/hl¹ +2.0% 4Q25: Volume +0.4% | NR/hl¹ -1.3% Dominican Republic • Consumption environment improved sequentially • Growing Beer share of alcoholic beverages • Presidente equity at all-time highs Note: ¹Excluding non-Ambev marketplace products
Slide 24: BU Canada
Bu canada 2025: Volume -1.3% | NR/hl¹ +2.2% 4Q25: Volume -0.7% | NR/hl¹ +2.3% • Outperformed beer and beyond beer industries • Megabrands momentum • EBITDA margin expansion Note: ¹Excluding non-Ambev marketplace products
Slide 25: 4Q25 & FY25 Financial Performance
4Q25 & FY25 Financial Performance
Slide 26: Disciplined value creation
Disciplined value creation Normalized ebitda growth with margin expansion Eps growth and resilient cash generation higher capital return to shareholders
Slide 27: Margin expansion drivers
Margin expansion drivers Consolidated Normalized EBITDA margin +50 bps 1 NR/hl +7.5% supported by our brands 2 Financial discipline 3 Efficient resource allocation
Slide 28: Stated net income
STATED Net income • Foreign currency FX variation losses • BRL appreciation • Expenses to source USD in Bolivia 0.3 1.3 -1.7 1.2 16.0 FY 2025 (BRL billion) 14.8 net income Depreciation and Net finance Income Tax NET INCOME ebitda FY 2024 amortization results expense FY 2025
Slide 29: Stated net income
STATED Net income • Effective Tax Rate 17.7% 0.3 1.3 -1.7 1.2 16.0 FY 2025 (BRL billion) 14.8 net income Depreciation and Net finance Income Tax NET INCOME ebitda FY 2024 amortization results expense FY 2025
Slide 30: Stated net income
STATED Net income +8.2% 0.3 1.3 -1.7 1.2 16.0 FY 2025 (BRL billion) 14.8 net income Depreciation and Net finance Income Tax NET INCOME ebitda FY 2024 amortization results expense FY 2025
Slide 31: Cashflow
cashflow -5.0 24.5 -26.8 FY 2025 (BRL billion) 28.6 -2.7 18.6 Cash & cash Exchange rates Cash & cash operating investing financing Equivalents dec’24 fluctuations Equivalents dec’25
Slide 32: 2026 Capital Allocation Priorities
2026 Capital Allocation Priorities 1 Reinvest in organic growth 2 Maintain disciplined M&A 3 Return excess cash to shareholders
Slide 33: 2026 Outlook
2026 OUTLOOK Brazil beer Cash COGS/hl* +4.5%-7.5% vs LY * Excluding non-Ambev marketplace products
Slide 34: IR team update
IR team update Guilherme Patrick yoka conrad
Slide 35: Ability to read and adapt
ability to read and adapt
Slide 36: Socialization moments
Socialization moments jan feb mar apr may jun jul
Slide 37: Beer is a loved category advancing on our strategy
1 BEER IS A LOVED CATEGORY 2 ADVANCING ON OUR STRATEGY 3 MOMENTUM CARRY-OVER
Slide 38: Thank you!!
Thank you!!
Slide 39: Slide 39
Slide 40: Q&A
Q&A