Ambev Sa · BMFBOVESPA:ABEV3

Ambev Sa — Q4 2025 Earnings Presentation

40 slides from Ambev Sa's earnings presentation, Feb 12, 2026

  1. Slide 1: Earnings Call 4Q25 & FY25

    ambev EARNINGS CALL 4025 & FY25

  2. 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

  3. Slide 3: 4Q25 & FY25 Operating Performance highlights

    4Q25 & FY25 Operating Performance highlights

  4. Slide 4: Mission

    MISSION 1 AVOID DISRUPTIONS 2 KEEP MOMENTUM 3 BUILD A STRONGER COMPANY

  5. Slide 5: Momentum carry-over

    Momentum carry-over PORTFOLIO strength Customer & consumer centricity ADVANCED PROFITABILITY

  6. Slide 6: Collective ownership

    Collective ownership

  7. Slide 7: Engagement to all-time highs

    ENGAGEMENT TO ALL-TIME HIGHS 2019 2020 2021 2022 2023 2024 2025 ¹Engagement Brazil & Latin America South

  8. Slide 8: Beer passion

    BEER PASSION 2025 • beer lover engagement Cyclical and • category equity occasion-driven headwinds • category growth

  9. 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 ”

  10. Slide 10: Growth strategy

    GROWTH STRATEGY ™ 3] 1) OPTIMIZE LEAD AND OUR GROW THE BUSINESS CATEGORY 2 DIGITIZE AND MONETIZE OUR ECOSYSTEM

  11. Slide 11: Growth strategy

    GROWTH STRATEGY ™ 1) LEAD AND GROW THE CATEGORY 3] OPTIMIZE OUR BUSINESS 2) DIGITIZE AND MONETIZE OUR ECOSYSTEM

  12. Slide 12: Category captain

    category captain Category potential Actual consumption

  13. Slide 13: Growth strategy

    GROWTH STRATEGY 1) LEAD AND GROW THE CATEGORY 2) DIGITIZE AND MONETIZE OUR ECOSYSTEM 3] OPTIMIZE OUR BUSINESS ambev

  14. 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

  15. Slide 15: Our foot in the future

    OUR FOOT IN THE FUTURE LEADING CONVENIENCE LOVED BY PLATFORM YOUNG ADULT CONSUMERS

  16. Slide 16: Growth strategy

    GROWTH STRATEGY a 3] 1) OPTIMIZE our LEAD AND BUSINESS | catccory (2) DIGITIZE AND MONETIZE OUR ECOSYSTEM

  17. Slide 17: Ambition accomplished

    Ambition accomplished Consolidated Ebitda Margin Expansion R$ 20 Billion in announced shareholder returns

  18. 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

  19. 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

  20. Slide 20: Elevate the core

    Elevate the core

  21. 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

  22. 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

  23. 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

  24. 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

  25. Slide 25: 4Q25 & FY25 Financial Performance

    4Q25 & FY25 Financial Performance

  26. 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

  27. 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

  28. 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

  29. 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

  30. 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

  31. 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

  32. 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

  33. Slide 33: 2026 Outlook

    2026 OUTLOOK Brazil beer Cash COGS/hl* +4.5%-7.5% vs LY * Excluding non-Ambev marketplace products

  34. Slide 34: IR team update

    IR team update Guilherme Patrick yoka conrad

  35. Slide 35: Ability to read and adapt

    ability to read and adapt

  36. Slide 36: Socialization moments

    Socialization moments jan feb mar apr may jun jul

  37. 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

  38. Slide 38: Thank you!!

    Thank you!!

  39. Slide 39: Slide 39

  40. Slide 40: Q&A

    Q&A

Ambev — Q4 2025 Earnings Presentation on 6ix