Ambev Sa · BMFBOVESPA:ABEV3

Ambev Sa — Q1 2020 Earnings Presentation

6 slides from Ambev Sa's earnings presentation, May 7, 2020

1. Slide 1: Crisis committees and COVID-19 impact on results

   Source: Canback, Euromonitor, Nielsen, Internal Sources We have established crisis committees across our regions to implement the necessary measures to mitigate the impact of the pandemic in our results. Some of the measures undertaken were (i) suspension of most travel expenses, consulting projects

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

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

3. Slide 3: COGS per hectoliter (R$)

   272.2 299.1 306.1 323.0 1017 1018 1019 1020

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

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

5. Slide 5: Normalized EBITDA (R$ million) values

   4,356.2 1017 4786.9 5120.7 1018 1019 4,232.5 1020

6. Slide 6: Ambev reports 2020 first quarter results under IFRS

   AMBEV REPORTS 2020 FIRST QUARTER RESULTS UNDER IFRS

Ambev — Q1 2020 Earnings Presentation on 6ix