Ambev Sa · BMFBOVESPA:ABEV3
Ambev Sa — Q3 2025 Earnings Presentation
33 slides from Ambev Sa's earnings presentation, Oct 30, 2025
Slide 1: Earnings Call
ambev EARNINGS CALL 3025 D =— Pa
Slide 2: Disclaimer
This presentation was prepared by Ambev S.A. (“Ambev” or “Company”) for the exclusive use in the earnings conference call of the third quarter of 2025 (3Q25). This presentation should not be considered as a complete document and should be analyzed together with the Company’s quarterly information fo
Slide 3: 3Q25 Operating Performance highlights
3Q25 Operating Performance highlights
Slide 4: 3Q25 Delivery
3Q25 Delivery Strong brand health across key markets Net revenue grew with resilient NR/hl up 7% EBITDA growth with margin expansion +8% EPS growth
Slide 5: 2025 Year-to-date perspective
2025 Year-to-date perspective Topline growth with resilient NR/hl EBITDA growth with margin expansion Cash COGS/hl grew below NR/hl +7% EPS growth +Share buyback program of R$2.5 billion
Slide 6: Growth strategy
GROWTH STRATEGY ™ 3] 1) OPTIMIZE LEAD AND OUR GROW THE BUSINESS CATEGORY 2 DIGITIZE AND MONETIZE OUR ECOSYSTEM
Slide 7: Growth strategy
GROWTH STRATEGY ™ 1) LEAD AND GROW THE CATEGORY 3] OPTIMIZE OUR BUSINESS 2) DIGITIZE AND MONETIZE OUR ECOSYSTEM
Slide 8: Growth strategy: lead the beer category
Growth strategy Lead the beer Shape new avenues of category growth Core brands resilient with higher industry sensitivity Balanced choices ahead of total volume Premium & Super Premium volumes up more than 9%
Slide 9: Growth strategy
GROWTH STRATEGY 1) LEAD AND GROW THE CATEGORY 2) DIGITIZE AND MONETIZE OUR ECOSYSTEM 3] OPTIMIZE OUR BUSINESS ambev
Slide 10: Growth strategy: BEES and Zé Delivery
Growth strategy bees Ze delivery • BEES Marketplace strong • Zé Delivery GMV +7% momentum • BRL 8.0 billion annualized • +9% AOV GMV
Slide 11: Digital ecosystem powering insights and growth
Digital ecosystem powering insights and growth More assertive and data-driven decisions Elasticity insights by brand, pack and customer Improved distribution and production efficiency
Slide 12: Growth strategy
GROWTH STRATEGY a 3] 1) OPTIMIZE our LEAD AND BUSINESS | catccory (2) DIGITIZE AND MONETIZE OUR ECOSYSTEM
Slide 13: Growth strategy: cost discipline
Growth strategy Cost discipline continues to be essential Efficiency efforts offset expected cost pressure Resources freed up to invest in our business
Slide 14: Disciplined execution delivering results
Disciplined execution delivering results CANADA¹ 12% EBITDA contribution +2.0% +70 bps CAC¹ 18% EBITDA contribution BRAZIL BEER¹ +8.5% 48% EBITDA contribution +270 bps +0.1% +80 bps BRAZIL NAB¹ LAS¹ 14% EBITDA contribution 8% EBITDA contribution +4.6% +6.1% -100 bps +150 bps EBITDA EBITDA Mg Note: ¹
Slide 15: BU Brazil Beer
BU Brazil Beer CATEGORY INSIGHTS • Industry softness continued • Situational and structural factors • Category equity improved
Slide 16: BU Brazil Beer: situational
BU Brazil Beer situational Fewer occasions, particularly in the on-trade 1• Weather: colder-than-normal winter 2• Consumer purchasing power remained under pressure
Slide 17: BU Brazil Beer: structural
BU Brazil Beer structural Potential trends that can turn into structural drivers 1• Easy-to-drink beers 2• Sweeter beverages 3• Balanced lifestyle
Slide 18: BU Brazil Beer
BU Brazil Beer Volume -7.7% | NR/hl¹ +5.7% • Volume decline 100% explained by industry • Improved brand equity • Gained market share across all relevant segments • Core down low-teens & price relativity improved • Premium & Super Premium highest share levels since 2015² • Balanced choices maintained
Slide 19: BU Brazil NAB
BU Brazil NABVolume -8.6% | NR/hl +10.0% • CSD industry decelerated • Market share stable to slightly down¹ • NR/hl above inflation • No-sugar portfolio up double digits Note: ¹ According to our estimates
Slide 20: BU LAS
BU LAS Volume -0.8% | NR/hl¹ +10.0% ARGENTINA • Challenging consumption environment • Beer volumes down mid-single digits • Brand equity remained stable Note: ¹Excluding non-Ambev marketplace products
Slide 21: BU CAC
BU CAC Volume +1.3% | NR/hl¹ +1.4% Dominican Republic • Operating environment improved sequentially • Beer share of throat increased2 • Healthier price relativity across categories • Presidente strengthened equity and reinforced leadership Note: ¹Excluding non-Ambev marketplace products ²According t
Slide 22: BU Canada
Bu canada Volume -2.0% | NR/hl¹ +2.0% • Beer industry declined mid-single digits • Outperformed the industry in beer and beyond2 • Ontario continued to grow • Michelob Ultra, Busch and Corona among top 5 volume share gainers2 Note: ¹Excluding non-Ambev marketplace products ²According to our estimate
Slide 23: 3Q25 Financial Performance
3Q25 Financial Performance
Slide 24: Investing in our business
Investing in our business Focused on maximizing return on investments Free up resources for our business and brands Disciplined cost management EBITDA margin expansion in most of our BUs
Slide 25: Normalized Net income
NORMALIZED Net income +7% 0.00 0.13 -0.40 0.58 3.84 3q 2025 3.58 (BRL billion) -0.04 Normalized net Normalized Depreciation and Net finance Share of result Income Tax Normalized net income ebitda amortization results of associates expense income q3 2024 q3 2025
Slide 26: Normalized Net income
NORMALIZED Net income • FX carry costs in Brazil • FX cost of sourcing in Bolivia 0.00 0.13 -0.40 0.58 3.84 3q 2025 3.58 (BRL billion) -0.04 Normalized net Normalized Depreciation and Net finance Share of result Income Tax Normalized net income ebitda amortization results of associates expense incom
Slide 27: Normalized Net income
NORMALIZED Net income • ETR: 6.7% compared to 23.6% in 3Q24 0.00 0.13 -0.40 0.58 3.84 3q 2025 3.58 (BRL billion) -0.04 Normalized net Normalized Depreciation and Net finance Share of result Income Tax Normalized net income ebitda amortization results of associates expense income q3 2024 q3 2025
Slide 28: Normalized Net income
NORMALIZED Net income 1. Tax amnesty partial reduction 2. Fiscal incentives 3. Barbados divestment 0.00 0.13 -0.40 0.58 3.84 3q 2025 3.58 (BRL billion) -0.04 Normalized net Normalized Depreciation and Net finance Share of result Income Tax Normalized net income ebitda amortization results of associa
Slide 29: Cash flow
cashflow -1.2 6.9 -3.2 -0.6 18.3 3q 2025 16.4 (BRL billion) Cash & cash Exchange rates Cash & cash operating investing financing Equivalents JUN’25 fluctuations Equivalents sep’25
Slide 30: Committed to returning cash to shareholders
Committed to returning cash to shareholders R$ 6 billion in dividends announced year-to-date Share buyback program of R$2.5 billion approved
Slide 31: Well positioned to close the year
Well positioned to close the year 2026 FIFA World Cup connecting passions
Slide 32: Thank you very much
Thank you very much
Slide 33: Q&A
Q&A