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Dec 31, 2025
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Ambev Q4 2025 Earnings Report
Ambev reported lower volumes but net revenue growth and stable normalized EBITDA margin in Q4 2025.
Key Takeaways
Ambev generated 24807600000 in net revenue in Q4 2025, with normalized EBITDA of 8849900000 and normalized EBITDA margin of 35.7%. Total volumes declined 3.6% to 48522900 thousand hectoliters, while normalized profit reached 4619100000 and normalized EPS was 0.28.
Net revenue increased 4.8% to 24807600000 despite a 3.6% decline in volumes.
Normalized EBITDA reached 8849900000 with a margin of 35.7%.
Normalized profit declined 8.0% to 4619100000.
Brazil and LAS volumes declined, while CAC delivered slight volume growth.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For 2026, Ambev expects continued category growth opportunities, with Brazil Beer Cash COGS per hectoliter projected to increase between 4.5% and 7.5%, assuming current FX and commodity prices.
Positive Outlook
- Confidence in beer category growth.
- Strong brand portfolio and innovation pipeline.
- FIFA World Cup expected to support consumer engagement.
- Disciplined revenue management initiatives.
- Premiumization supporting net revenue per hectoliter growth.
Challenges Ahead
- Dynamic operating environment.
- Projected increase in Brazil Beer Cash COGS per hectoliter.
- FX volatility exposure.
- Commodity cost pressures.
- Volume declines in key markets during Q4.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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