What is the market's earnings forecast for Ambev next quarter?

What guidance did Ambev's management provide for the next earnings period?

What is Ambev's latest dividend and current dividend yield?

What factors drove the changes in Ambev's revenue and profit?

What is Ambev's gross profit margin?

What is the revenue and EPS growth rate for Ambev year over year?

What were the key takeaways from Ambev's earnings call?

What does Ambev do and what are its main business segments?

- **Premium Growth Drives Resilience**: Brazil Beer premium/super-premium volumes up high teens, non-alcoholic +30%, offsetting core segment weakness.
- **Digital Flywheel Accelerates**: Zé Delivery GMV +13%, BEES GMV +70%, embedding Ambev in young adult consumers.
- **Margin Expansion Continues**: Consolidated EBITDA margin +50bps to 33.4%, Brazil Beer margin +110bps despite volume headwinds.
- **Shareholder Returns Record**: BRL 20 billion returned in 2025, including BRL 1.2 billion Q1 IOC tranche.
- **2026 Outlook**: Holiday calendar supports socialization; cost control to offset 4.5-7.5% COGS growth.

**【CEO Summary Section】**
- **Resilient Performance in Challenging Year**: Despite 2025's tough environment (weather, economic headwinds), Ambev maintained momentum, finishing with a stronger Q4. Brazil Beer volumes grew in December, driven by improved weather and market share gains.
- **Premiumization Strategy Succeeds**: Premium and super-premium beer volumes grew high teens, with Ambev capturing 100% of the industry's growth in these segments. Non-alcoholic beer grew ~30%, solidifying leadership.
- **Digital Ecosystem Growth**: Zé Delivery GMV reached BRL 4.7 billion (+13% YoY), with 67 million orders and 27 million active users. BEES marketplace GMV grew 70% YoY, improving gross margin by 3.5ppts.
- **Strategic Pillars Execution**: Expanded EBITDA margin by 50bps (33.4%), with Brazil Beer margin up 110bps. Returned BRL 20 billion to shareholders via dividends, interest on capital, and buybacks.

**【CFO Financial Commentary】**
- **Margin Expansion**: Consolidated EBITDA margin +50bps to 33.4%, driven by 7.5% net revenue per hectoliter growth, cost efficiency (Brazil Beer COGS +6.1% vs. guidance 5.5-8.5%), and disciplined SG&A.
- **Cash Flow Strength**: Operating cash flow BRL 24.5 billion, returning 90% to shareholders. 2026 guidance: Brazil Beer COGS +4.5-7.5% due to aluminum and mix pressures.
- **Profitability Metrics**: Stated net income BRL 16 billion (+8.2% YoY), normalized EPS +2%. Effective tax rate 17.7% (20% excluding one-offs).

**【Q&A Highlights】**
- **Brazil Beer Outlook**: 2026 holiday calendar supports socialization; core segment recovery aided by digital tools. Pricing strategy balances accessibility and margin protection.
- **NAB Segment**: 2025 volume decline due to revenue management focus on profitability. 2026 expects gradual recovery as consumption environment improves.
- **Cost Management**: 2025 cost control (COGS +6.1% vs. 8.5% guidance) will continue; 2026 COGS growth driven by commodities but offset by efficiency gains.
- **GLP-1 Impact**: No material impact on beer category; monitoring trends while innovating portfolio (e.g., functional beers).
- **Capital Allocation**: Prioritize organic growth, selective M&A, and shareholder returns. 2026 dividend policy remains flexible, with Q1 IOC tranche paid.


Ambev S.A. (ABEV) Q4 2025 Earnings Call Transcript

- **Revenue Resilience**: 7% net revenue per hectoliter growth and 3% EBITDA expansion despite industry volume decline.
- **Cost Management Excellence**: Cash COGS growth below net revenue, enabling 8% EPS growth and BRL 2.5 billion buyback.
- **Premium Growth**: 9% volume rise in premium/super-premium beers, 50% market share in Brazil.
- **Digital Momentum**: BEES Marketplace GMV doubles to BRL 8 billion annually; Zé Delivery GMV +7%.
- **Strategic Buyback**: Reinforces confidence in long-term value creation alongside BRL 6 billion annual dividends.

**【CEO Opening Remarks】**
- **Revenue Growth**: Net revenue grew 4% year-to-date (YTD), driven by a 7% increase in net revenue per hectoliter. EBITDA expanded by 7% YTD with a 120 basis point margin improvement.
- **Cost Efficiency**: Cash COGS per hectoliter growth outpaced net revenue, supporting an 8% normalized EPS rise. A BRL 2.5 billion share buyback program was announced to return cash to shareholders.
- **Strategic Pillars**: 
  1. **Category Leadership**: Premium and super-premium beers grew 9% in volume, with non-alcohol and flavored beers leading innovation. 
  2. **Digital Ecosystem**: BEES Marketplace GMV doubled to BRL 8 billion annually, while Zé Delivery GMV rose 7% despite industry softness. 
  3. **Cost Optimization**: Disciplined cost management offset FX and commodity pressures, keeping costs flat quarter-over-quarter.
- **Market Performance**: Brazil beer volumes declined due to colder weather (70% impact) and disposable income constraints, but premium brands gained 50% market share. Argentina and Canada outperformed industry trends.

**【CFO Financial Commentary】**
- **Net Income**: Normalized net income reached BRL 3.8 billion (+7% YoY), driven by a lower tax rate (6.7% vs. 23.6% YoY). One-off tax benefits totaled BRL 630 million.
- **Financial Expenses**: Higher FX hedging costs and U.S. dollar sourcing in Bolivia added BRL 400 million to net financial expenses.
- **Cash Flow**: Operating cash flow was BRL 6.9 billion, down BRL 1.2 billion YoY due to slower monetization of tax credits.
- **Share Buyback**: A new BRL 2.5 billion program began post-June, complementing BRL 6 billion in annual dividends.

**【Q&A Highlights】**
- **COGS Performance**: Cost savings from SKU rationalization, vertical operations, and production efficiency offset lower volumes. Guidance for Brazil beer COGS per hectoliter (5.5%-7%) remains unchanged.
- **Industry Volume Decline**: 70% attributed to weather, 30% to disposable income. Consumer engagement metrics (equity, participation) remain stable.
- **Premium Beer Share**: 50% market share in premium/super-premium segments, highest since 2015, driven by Original, Stella, and Corona.
- **SG&A Efficiency**: 0.4% YTD reduction from fixed cost absorption and variable compensation adjustments. Sales/marketing spend maintained as a percentage of revenue.
- **Argentina/LAS**: Bolivia offset Argentina's economic challenges, with BEES revenue management improving margins despite slower demand recovery.

Ambev S.A. (ABEV) Q3 2025 Earnings Call Transcript

- **Q2 Growth**: EBITDA up 160 basis points YoY, driven by Premium/Super Premium (low teens) and Balanced Choice (mid-20s) brands. Brazil Beer volumes down 9% due to adverse weather.
- **Digital Success**: Bees Marketplace GMV BRL 7.4 billion annually, Zé Delivery GMV +7%, and 10% SKU reduction saving BRL 500 million.
- **Financial Resilience**: Net income BRL 2.8 billion (+15%), cash flow from operations +4%, and tax rate decline to 18.4%.
- **Key Risks**: Adverse weather in Brazil, inflation pressure, and currency volatility in Argentina.
- **Confidence in Recovery**: Q3 weather improvement and consumer price elasticity easing support second-half growth.

**【CEO Summary Section】**
- **Q2 Performance**: Organic EBITDA grew by high single digits with 110 basis points margin expansion. Year-to-date, EBITDA rose 160 basis points, EPS increased 6.5%, and cash flow from operations grew 4% despite working capital dynamics.
- **Strategy Pillars**: 
  1. **Category Leadership**: Premium/Super Premium brands grew low teens, Balanced Choice (e.g., Stella Artois Pure Gold) expanded mid-20s, and Core segment faced softness due to weather and revenue management.
  2. **Digital Ecosystem**: Bees Marketplace GMV reached BRL 7.4 billion annually, Zé Delivery GMV rose 7%, and digital engagement with customers improved NPS to near 70.
  3. **Cost Optimization**: Saved BRL 500 million through SKU rationalization (10% reduction) and operational efficiency, achieving 2.2x operational leverage.
- **Market Highlights**: Brazil Beer volumes declined 9% due to 65 colder days, but Premium brands grew mid-teens. Argentina saw sequential improvement, and Canada's non-alcoholic beer grew mid-20s.

**【CFO Financial Commentary】**
- **Net Income**: BRL 2.8 billion (15% YoY growth), driven by EBITDA expansion and tax rate decline to 18.4% (vs. 28.6% in Q2 2024).
- **Cash Flow**: Operating cash flow BRL 3 billion (4% YoY growth), investing cash flow BRL 1 billion negative, and financing cash flow BRL 4 billion negative due to dividends and share buybacks.
- **Cost Management**: Brazil Beer COGS controlled via SKU rationalization, offsetting 55% of non-hedged costs. Argentina's 12% peso devaluation impacted results.

**【Q&A Highlights】**
- **Brazil Volume Decline**: 9% drop explained by 65 colder days (60% impact in June) and inflation. Management expects recovery in Q3 with July weather improvement.
- **Cost Initiatives**: 10% SKU reduction in Brazil, 90% GMV growth in Bees Marketplace, and 600bp margin improvement in Brazil's digital business.
- **Pricing Strategy**: Net revenue per hectoliter aligned with inflation, with mix effect from Premium growth offsetting Core sensitivity.
- **Skol Revamp**: Distribution recovery, POC support improvements, and share stabilization post-Carnival.


Ambev S.A. (ABEV) Q2 2025 Earnings Call Transcript

- **Resilient Q1 Growth**: Brazil beer volumes +0.7% YoY, NAB +3.2% YoY, driven by premiumization and digital initiatives.
- **Margin Expansion**: 150bps gross margin expansion, 180bps EBITDA margin expansion despite tax headwinds.
- **Digital Success**: Zé Delivery GMV +60% YoY, enabling new product launches and consumer insights.
- **Challenges Ahead**: 5.5-8.5% FX/commodity pressure expected, but cost control and portfolio strength to support margin goals.
- **Shareholder Returns**: BRL4 billion in dividends announced, with 65% of buyback program completed.

**【CEO Summary Section】**
- Q1 2025 revenue grew 0.7% YoY, driven by Brazil beer volumes and non-alcoholic beverages (NAB) expansion. Net revenue per hectoliter increased 6%, supporting a 150bps gross margin expansion.
- EBITDA rose 10% YoY with 180bps margin expansion, despite a tough tax comparison. Digital initiatives (e.g., Zé Delivery) boosted GMV by 60% and enabled new product launches like Beats Red Mix.
- Key markets: Brazil beer volumes +0.7% YoY, NAB +3.2% YoY; Argentina volumes improved sequentially, but industry down low-single digits. Canada gained market share with Michelob ULTRA.
- 2025 outlook: FX and commodity pressures expected, but margin expansion remains a priority through cost control and portfolio optimization.

**【CFO Financial Commentary】**
- Normalized net income flat YoY at BRL3.8 billion due to higher taxes and FX losses. Operating cash flow +68% YoY to BRL1.2 billion, driven by EBITDA growth and lower taxes.
- Capital allocation: BRL4 billion in dividends (including BRL2 billion interim dividend) and 65% of share buyback program completed. CapEx down 18% YoY to BRL828 million.
- FX hedging costs rose due to BRL appreciation and interest rate differentials, impacting net financial results by BRL856 million.

**【Q&A Key Highlights】**
- **Brazil Beer Pricing**: Q1 price timing mismatch vs. 2024, but portfolio strength (30% above-core brands) and digital tools (e.g., granular promotion management) position for margin expansion.
- **Skol Recovery**: Core segment down low-single digits, but Brahma/Antarctica +mid-single digits. Skol decline due to portfolio strategy, with corrective actions underway.
- **Argentina Outlook**: Sequential improvement in volumes, brand health, and market share despite industry challenges. Long-term focus on category leadership.
- **Cost Guidance**: 5.5-8.5% FX/commodity pressure expected, but productivity and portfolio mix will mitigate impact.
- **Shareholder Returns**: Committed to returning 100% of free cash flow via dividends and buybacks, with flexibility to adjust based on cash position.

Ambev S.A. (ABEV) Q1 2025 Earnings Call Transcript

- **Revenue Growth**: Brazil beer volumes +0.6% YoY, mega brands +7.6%, driven by market share gains.
- **Digital Success**: BEES MAUs +14%, Zé Delivery orders +10%, enabling 90M consumers to access cold beer at home.
- **Profit Expansion**: EBITDA margin +200bps, free cash flow +37% to R$18B.
- **Skol Priority**: 2025 focus on reviving Skol, with 50% of consumers drinking it and new marketing initiatives.
- **Cost Challenge**: 2025 Brazil beer COGS +5.5%-8.5% YoY, offset by revenue management and cost control.

**【CEO Opening Remarks】**
- **Revenue Momentum**: 2024 full-year beer volumes grew 0.6% in Brazil, driven by market share gains. Mega brands (Core + Global) grew 7.6%, while core brands (Brahma, Antarctica) offset Skol's decline.
- **Digital Transformation**: BEES platform reached 1.3M monthly active buyers (+14%), Zé Delivery fulfilled 66M orders (+10%).
- **Financial Performance**: Consolidated EBITDA grew 11.4% organically, with free cash flow to equity at R$18B (+37%).
- **Capital Allocation**: Executed 45% of R$12.5B shareholder returns, including R$2B intermediary dividend approved for April.

**【CFO Financial Highlights】**
- **Profitability**: Gross margin expanded 170bps organically, EBITDA margin up 200bps. Normalized net income declined 2.3% due to Brazil tax headwinds.
- **Cash Flow**: Operating cash flow +5.6%, free cash flow to equity +37%. Ended 2024 with R$29B cash.
- **2025 Outlook**: Brazil beer COGS expected +5.5%-8.5% YoY. Revenue management and cost discipline to offset inflation.

**【Q&A Key Takeaways】**
- **Skol Revival**: Skol is a priority in 2025, with 50% of Brazilian consumers drinking it. New marketing initiatives aim to reconnect with its emotional brand essence.
- **Regional Performance**: North/Northeast outperformed South/Southeast in 2024, driven by price sensitivity and DTC convenience.
- **Inorganic Growth**: CFO emphasizes organic reinvestment first, but open to M&A opportunities that enhance digital ecosystem or consumer value.
- **Digital Profitability**: BEES marketplace GMV +47% YoY, with attractive ROIC despite lower margins.
- **Competition Strategy**: Focus on category expansion (non-alcohol, meal pairings) and brand health, rather than direct price competition.

Actual											0.0119	0.0154	0.0259	0.0781	0.0323	0.0356	0.0409	0.0467	0.0438	0.0364	0.0378	0.0634	0.0458	0.0328	0.0496	0.0584	0.0452	0.0265	0.038	0.0536	0.0423	0.0322	0.0446	0.054
Forecast											0.0269	0.0099	0.0209	0.0456	0.0267	0.0227	0.0269	0.0468	0.0364	0.025	0.0319	0.0455	0.0398	0.0327	0.0427	0.0547	0.042	0.0301	0.0422	0.0491	0.0405	0.0335	0.0395	0.0492	0.0446
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-55.76%	+55.56%	+23.92%	+71.27%	+20.97%	+56.83%	+52.04%	-0.21%	+20.33%	+45.60%	+18.50%	+39.34%	+15.08%	+0.31%	+16.16%	+6.76%	+7.62%	-11.96%	-9.95%	+9.16%	+4.44%	-3.88%	+12.91%	+9.76%	0.00%

Actual	--	--	--	--	--	--	--	--	--	--	2.15B	2.24B	2.70B	3.37B	3.16B	3.10B	3.29B	4.28B	3.67B	3.45B	3.89B	4.36B	4.09B	3.87B	4.03B	4.02B	3.99B	3.54B	3.82B	4.68B	3.96B	3.59B	3.87B	5.21B	--
Forecast	--	--	--	--	--	--	--	--	--	--	2.37B	1.90B	2.45B	3.47B	2.75B	2.88B	3.13B	3.88B	3.75B	3.29B	3.91B	4.64B	4.00B	4.06B	4.18B	4.47B	3.97B	3.54B	3.96B	4.32B	3.83B	3.82B	3.99B	4.63B	4.33B
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-9.48%	+18.03%	+9.99%	-2.81%	+14.94%	+7.62%	+5.35%	+10.46%	-2.02%	+4.75%	-0.60%	-5.94%	+2.23%	-4.70%	-3.70%	-9.95%	+0.50%	-0.15%	-3.51%	+8.35%	+3.39%	-6.02%	-2.87%	+12.51%	0.00%

ABEV

ABEV fundamentals

ABEV Q1 2026 Earnings Preview

Earnings Call

You can ask Aime

ABEV

ABEV fundamentals

ABEV Q1 2026 Earnings Preview

Earnings Call

ABEV Earnings Call Summary for Q1/2026Upcoming Apr 12, 2026

ABEV Earnings Call Summary for Q4/202512:30 PM on Feb 12, 2026

ABEV Earnings Call Summary for Q3/202512:30 PM on Oct 30, 2025

ABEV Earnings Call Summary for Q2/202511:30 AM on Jul 31, 2025

ABEV Earnings Call Summary for Q1/202511:30 AM on May 8, 2025

You can ask Aime