Faqs

Ambev is the largest brewer in Latin America in terms of sales volumes and one of the largest beer producers
in the world, according to our estimates.

Ambev produces, distributes and sells beer, carbonated soft drinks, other alcoholic beverages and non-alcoholic and non-carbonated products directly in 10 countries across the Americas, as well as is the owner of two beer brands that are among the 10 most consumed in the world: Skol and Brahma. The Company also holds a 50% interest in Cervecería Bucanero S.A. in Cuba, accounted for under the equity method since January 2026.

The Company is one of the largest independent bottlers of PepsiCo in the world.

The history and evolution of mergers and acquisitions of the Company are described on the IR website – Overview/History.

Currently Ambev has operations in the following countries of the Americas: Argentina, Bolivia, Brazil, Canada, Chile, Guatemala, Panama, Paraguay, Dominican Republic and Uruguay. In Cuba, the Company holds a 50% interest in Cervecería Bucanero S.A., which was deconsolidated in January 2026 and is now accounted for under the equity method.

Ambev and Anheuser-Busch InBev are independent companies, each one with its own management. ABI is one of the controlling shareholders of Ambev, holding approximately 62% of the Company’s capital stock.

The Company maintains a licensing agreement with Anheuser-Busch, Inc., to produce, bottle, sell and distribute Budweiser products in Brazil, Canada and Argentina; through Labatt in Canada, Ambev manufactures, bottles, sells, distributes and markets Budweiser, Bud Light, Busch and Busch Light. Ambev also has arrangements to sell and distribute Budweiser in Guatemala, the Dominican Republic, Panama, Puerto Rico, Costa Rica, Nicaragua, other CAC countries, and in Uruguay, Chile, Bolivia and Paraguay.

The Company and ABI have also been parties to a reciprocal licensing agreement, whereby the Company is authorized to manufacture, package, market, and distribute beer under the Stella Artois and Beck’s brands in Latin America and Canada, exclusively, and ABI is allowed to produce, package, market, and distribute beer under the Brahma brands in Europe, Asia, Africa, and the United States, also exclusively. Thus, since 2005, the Company produces Stella Artois in Brazil and ABI produces Brahma in the United States, United Kingdom, Spain, Sweden, Finland and Greece, among others.

The Company also has supply agreements with Grupo Modelo, S. de R.L. de C.V. (“Cervecería Modelo” – formerly Grupo Modelo, S.A.B. de C.V.), an ABI subsidiary, to produce, import and resell Corona products (Corona Extra, Corona Light, Coronita, Corona Cero, Modelo Especial, Pacifico and Negra Modelo) in Brazil, Argentina, Chile and other Latin American countries, as well as to import and domestically produce certain of these products, including Modelo Especial, in Canada. We also have a licensing agreement with Grupo Modelo to produce, distribute and market Modelo Especial and Corona Extra in Guatemala, to produce, distribute and market Modelo Especial in Dominican Republic, and to import, promote and resell Modelo Especial in Canada.

We also have certain other agreements which allows us to sell and distribute Michelob Ultra, Michelob, and Goose Island in Brazil, Argentina, Chile, Uruguay, Paraguay, Guatemala, Dominican Republic, Panama, Costa Rica, Nicaragua, and certain other countries in CAC, as well as in Canada.

We have a licensing agreement with Spaten-Franziskaner-Bräu GmbH, a subsidiary of ABI, to produce, promote, advertise and sell Spaten in Brazil and Canada. We also have certain arrangements to sell and distribute Spaten products in Uruguay.

We also have licensing agreements with Anheuser-Busch Inc that allow us to produce, promote, advertise and sell Cutwater in Canada, and that allow ABI to produce, promote, advertise and sell NÜTRL in the United States.

An ABI subsidiary, Metal Container Corp. is one of the Company’s can suppliers.

The Company has a long-term agreement with PepsiCo whereby we have been granted the exclusive right to bottle, sell and distribute certain brands of PepsiCo’s portfolio of CSDs in Brazil, including Pepsi, Pepsi Black, Gatorade, H2OH! and Lipton Iced Tea. We are also, through our subsidiaries, PepsiCo’s bottler for Argentina, Canada, Uruguay, Bolivia, Panama and Dominican Republic.

We have a long-term distribution agreement with Red Bull, providing for the exclusive right to sell and
distribute certain brands of Red Bull’s portfolio in specific limited points of sale of the on-trade channel in Brazil. We
also have agreements with Red Bull to distribute their portfolio in a few limited channels in Argentina and the
Dominican Republic.

It is the name the Company uses to refer to our non-alcohol beverages (NAB) business, other than non-alcoholic beer.

LAS (Latin America South) is the region that includes Argentina, Bolivia, Chile, Paraguay, Uruguay.

CAC (Central America and the Caribbean) currently includes Dominican Republic, Guatemala and Panama. The Cuban operation was part of CAC through December 2025 and, as of January 2026, is no longer consolidated, being accounted for under the equity method.

Find below the breakdown of Ambev’s 2025 Volume, Net Revenue, Normalized EBITDA, Normalized Operating Profit and Net Profit per operation:

Find below a list of our main production facilities per country in December 31, 2025:

As of December 31, 2025, Ambev and its subsidiaries had a total of 39,606 employees, of which approximately 24 thousand were in Brazil, 4 thousand in CAC, 3 thousand in Canada and 8 thousand in the operations in Latin America South.

The functional and reporting currency of Ambev is the BRL (Brazilian Real).

Ambev’s consolidated and statutory financial statements are prepared in accordance with the International Financial and Reporting Standards (IFRS) and the accounting practices adopted in Brazil released by the committee of accounting practices (“CPC – Comitê de Pronunciamentos Contábeis”) and approved by the CVM. The consolidated financial statements are reported in IFRS since 2008 and the statutory statements since 2010.

Ambev’s total production capacity at year-end 2025 was 233 million hectoliters, including beer and non-alcoholic beverages.

Demographics, growth in disposable income and innovation are the main long-term drivers of the beer and soft drinks industries in Brazil. In the short term, industry performance is influenced primarily by consumer affordability, disposable income and weather conditions, particularly temperature and rainfall

The share of volumes distributed directly through our own distribution centers varies from month to month but currently represents approximately 55% of Ambev’s total volumes in Brazil. The remainder is distributed through third-party resellers.

The share of returnable packaging (versus one-way/disposable packaging) in Ambev’s beer volume in Brazil varies month to month, but currently averages approximately 40% of volume.

Based on our estimates, in 2025 approximately 45% of Brazil Beer industry volumes were sold through on-premise channels, primarily bars and restaurants, while approximately 55% were sold through off-premise channels, mainly supermarkets and other retail outlets.

Approximately 20% of COGS in Brazil consists of fixed costs and depreciation of industrial assets. The remaining 80% consists of variable costs, whose main components are:

• Brazil Beer: approximately 45% cans, 15% malt, 8% adjuncts and 8% labor. The remainder is distributed across several other components.
• Brazil NAB: approximately 25% sugar, 25% PET resin, 20% cans and 10% labor. The remainder is distributed across several other components.
• Approximately 50% of our gross cost base is exposed to the U.S. dollar, mainly because several commodities are priced in that currency.

Our Risk Management Policy governs the hedging program. We seek to maintain average hedge coverage of approximately 12 months for our foreign-exchange exposure and the main commodities affecting COGS. The program provides execution flexibility within a range of approximately 10 to 14 months ahead.

This hedge policy aims to mitigate our exposure to risks related to the prices of commodities and to currency devaluation and to provide us time to adapt our structure in case there is a significant variation on prices in the market. Decisions regarding hedging are made according to our risk management policy, taking into consideration the amount and duration of the exposure, market volatility and economic trends.

Ambev has its shares traded in the B3 S.A. – Brasil, Bolsa, Balcão and in the NYSE – New York Exchange though American Depositary Receipts – ADRs.

The shares, all common, are traded in B3 S.A. with the ticker ABEV3 and in the NYSE with the ticker ABEV.

ADR means American Depositary Receipt and is the share receipt of a company outside of the US, issued and under the custody of a North American bank. It is a trading instrument created to make it possible for securities issuers from other countries to follow the North American terms and regulation for securities registration, and to make it easier for the investors in the US to receive dividends. The price of an ADR is generally close to the stock price in its original market, adjusted by the ratio between the ADR and the original share (Ambev’s ratio is 1 ADR = 1 original share). The individual shares represented by an ADR are called American Depositary Shares (ADS).

Ambev has ADRs Level II listed in the NYSE. The Level II ADR program requires the company to fully register according to the Securities Act and also to release all of the information required by the Securities Exchange Act of 1934.

Bradesco is the depositary bank for Ambev shares in Brazil and The Bank of New York Mellon is the depositary bank for Ambev ADRs in US.

The depositary agent is responsible for the bookkeeping of the shares, the records of shareholders, the update and tracking of payments of outlays and the exercise of rights and receipt of amounts distributed by the Company.

In order to invest in Ambev stocks, the person interested should look for a stockbroker that is able to give him/her support and intermediate the negotiation on the stock market. In order to obtain a list of brokerage firms with contact information, go to the B3 website (http://www.b3.com.br) in the section Product and Services > Membership > Participant Search > Broker Search.

The shares can be held by:

The stockbrokerage in which they have been bought, that will become fully responsible for the payment of dividends/interest on own capital as well as for the information necessary to file the income statement or;

The entry book system of Banco Bradesco, responsible for the remittance of data at no cost to the customer. In this case the shareholders will have the benefit of the automatic credit of dividends to their bank account of choice.

The amount of shares in the market is periodically updated in the IR website – Shareholder Information/Listings.

Yes. In October 2000 and December 2010 there were stock splits of 1 to 5.

Yes. On June 29, 2007, at an Extraordinary Shareholders Meeting, shareholders approved a reverse stock split of our common and preferred shares at a ratio of 100 existing shares to 1 share of the capital stock after the stock grouping, without change to the total capital stock. As of August 2, 2007, the Company’s shares, already grouped, were traded based on a per share price instead of in round lots of 1,000 shares.

Yes. In May, 2005 there was a bonus of 1 common share granted for each 5 common or preferred shares held, in other words, the shareholder received in common shares 20% of the total number of shares held.

In order to access information about the dividends policy and the updated Ambev payout history access the IR website – Shareholders Information/Payout.

In case you want to receive email notifications when Ambev publishes its earnings or sends other communications to the market you can register at our IR website – Subscribe to our Mailing.