Ambev Sa · BMFBOVESPA:ABEV3

Ambev Sa — Q1 2021 Earnings Presentation

6 slides from Ambev Sa's earnings presentation, May 6, 2021

1. Slide 1: Q1 2021 regional commercial performance highlights

   · In Brazil Beer, we delivered a solid start to the year, where according to our estimates we once again outperformed the industry by growing in all segments. The commercial momentum in the quarter was driven by consistent implementation of our commercial strategy and operational excellence, our agi

2. Slide 2: Net revenue per hectoliter and COGS per hectoliter (R$)

   Net revenue per hectoliter (R$) COGS per hectoliter (R$)

3. Slide 3: Net revenue per hectoliter chart data

   299.1 1018 306.1 1019 323.0 1020 382.3 1021

4. Slide 4: Normalized EBITDA (R$ million) and margin

   Normalized EBITDA (R$ million) Normalized EBITDA Margin (%)

5. Slide 5: Normalized EBITDA values by first quarter

   4,786.9 5,120.7 1018 1019 4,232.5 1020 5,327.2 1021

6. Slide 6: Normalized EBITDA margin chart

   60% 50% 44.1% 40.5% 40% 33.6% 32.0% 30% 20% 10% 0% + 1018 1019 1020 1021

Ambev — Q1 2021 Earnings Presentation on 6ix