Ambev (ABEV3) Q2 2026 earnings summary

Executive summary

• Consolidated volumes grew 1.4% in 2Q26, led by strong beer growth in Brazil (+5.0%) and Central America & Caribbean (+5.4%), offsetting declines in Brazil NAB, LAS, and Canada.

• Net revenue rose 6.1% year-over-year, with all business units contributing and net revenue per hectoliter up 4.6%.

• Normalized EBITDA increased 8.9% year-over-year, with margin up 80 bps to 31.6%, driven by disciplined revenue and cost management.

• Normalized profit rose 23.3% to R$3,492.7 million, and normalized EPS increased 24.2% to R$0.22.

• Cash flow from operating activities surged 54.5% to R$4,711.4 million, supported by EBITDA growth and improved working capital.

Financial highlights

• Net revenue: R$20,148.9 million (+6.1% organic growth year-over-year) in 2Q26.

• Normalized EBITDA: R$6,376.7 million (+8.9% year-over-year), margin 31.6% (+80 bps).

• Normalized profit: R$3,492.7 million (+23.3% year-over-year).

• Gross margin: 51.9% in 2Q26, up 190 bps year-over-year.

• Net financial expenses in 2Q26 were R$486 million, down ~50% year-over-year.

Outlook and guidance

• Full-year guidance for Brazil Beer Cash COGS/hl (excluding marketplace) remains at a 4.5%–7.5% increase.

• Management remains focused on disciplined execution and resource allocation amid a dynamic global geopolitical environment.

• No guidance on industry volumes, but external drivers like population growth and income expected to support future growth.