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Ambev (ABEV3) investor relations material
Ambev Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved meaningful progress on strategic pillars and consolidated EBITDA margin expansion in FY25, despite a 3.3% decline in total volumes due to cyclical factors and adverse weather.
Strengthened portfolio, improved customer proximity, and advanced profitability, with premium and non-alcoholic segments leading growth.
Employee engagement reached all-time highs in Brazil and Latin America South, reinforcing a resilient culture.
Category fundamentals remain strong, with beer maintaining cultural relevance and headroom for growth in Latin America.
Returned approximately R$20 billion to shareholders through dividends, interest on capital, and share buybacks, representing about 90% of operating cash flow.
Financial highlights
FY25 consolidated normalized EBITDA margin expanded by 50 bps to 33.4%, with Normalized EBITDA up 5.6% year-over-year.
Net revenue per hectoliter grew 7.5% year-over-year, supporting 4.0% net revenue growth.
Stated net income for FY25 reached nearly BRL 16 billion; Normalized Profit was R$15,115.1 million, up 1.6% year-over-year.
Cash flow from operating activities was BRL 24.5 billion, down 6.3% year-over-year.
Cash and cash equivalents at year-end 2025 were BRL 18.6 billion.
Outlook and guidance
2026 expected to benefit from favorable socialization events (Carnival, FIFA World Cup, more holidays), supporting volume recovery and category expansion.
Brazil Beer cash COGS per hectoliter (excl. non-Ambev marketplace) expected to rise 4.5%-7.5% in 2026, mainly due to commodity prices and portfolio mix.
Continued ambition to expand consolidated margins, reinvest in organic growth, and maintain disciplined M&A and shareholder returns.
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