Slides
Page 1
A M B E V E A R N I N G S C A L L 2Q & HY26
Page 2
This presentation was prepared by Ambev S.A. (“Ambev” or “Company”) for the exclusive use in the earnings conference call of the second quarter of 2026 and half-year 2026 (2Q26 and HY26). This presentation should not be considered as a complete document and should be analyzed together with the Company’s quarterly information form (ITR) for the second quarter and the respective press release, both available on the U.S. Securities and Exchange Commission – SEC and the CVM websites. This presentation was prepared for informational purposes only and should not be considered as a solicitation or offer to buy or sell any securities of the Company, or as advice or recommendation of any nature. This presentation is not intended to be comprehensive, or to contain all the information that Ambev’s shareholders might need. No decisions on investment, disposal or any other financial decisions or actions shall be made solely on the basis of the information contained herein. This presentation segregates the impact of organic changes from those arising from changes in scope or currency translation. Scope changes represent the impact of acquisitions and divestitures, the start up or termination of activities or the transfer of activities between segments, curtailment gains and losses and year over year changes in accounting estimates and other assumptions that management does not consider as part of the underlying performance of the business. Organic growth and normalized numbers are presented applying constant year-over-year exchange rates to exclude the impact of the movement of foreign exchange rates. Unless stated, percentage changes in this press release are both organic and normalized in nature. Whenever used in this document, the term “normalized” refers to performance measures EBITDA and Operating Profit before exceptional items and share of results of joint ventures and to performance measures Profit and EPS before exceptional items adjustments. Exceptional items are either income or expenses which do not occur regularly as part of the normal activities of the Company. They are presented separately because they are important for the understanding of the underlying sustainable performance of the Company due to their size or nature. Normalized measures are additional measures used by management and should not replace the measures determined in accordance with IFRS as indicators of the Company’s performance. Comparisons, unless otherwise stated, refer to the second quarter of 2025 and half-year 2025 (2Q25 and HY25). Values in this release may not add up due to rounding.
Page 3
F I F A W O R L D C U P FOOTBALL IS PART OF OUR CUL TURE Beer has a unique role in creating such special moments
Page 4
THE FIFA WORLD CUP: OUR STRA TEGY IN ACTION 01 A semester-long platform 02 Activating a portfolio 03 Multiple channels 04 Millions of points of sale
Page 5
We didn't just take part in the FIFA World Cup we helped the ca tegory to evol ve through it
Page 6
OUR GAME HAS ONL Y REACHED HALFTIME
Page 7
SECOND QUARTER PERFORMANCE +1.4% Total volumes Beer up mid-single digit +6% Net revenue Disciplined revenue management +9% Normalized EBITDA With margin expansion + 24% Normalized EPS1 Increased 1 Earnings per share Note: mid-single digit (3.4 - 6.6%)
Page 8
HALF +0.7% TOTAL VOLUMES O P E R A T I N G C A S H F L O W One of the highest FOR A FIRST HALF FIRST PERFORMANCE NET REVENUE EBITDA NORMALIZED EPS Growing well ahead of the total Beer +7% +10% +10% R$ 8 Bn
Page 9
GROWTH STRA TEGY Digitize and monetize our ecosystem 2 Lead and grow the category 1 Optimize our business 3 WE ARE BUILDING A BUSINESS WITH stronger founda tions
Page 10
O U R T H R E E - P I L L A R S T R A T E G Y GROWTH STRA TEGY Digitize and monetize our ecosystem 2 Lead and grow the category 1 Optimize our business 3 WE ARE BUILDING A BUSINESS WITH stronger founda tions
Page 11
01 LEAD Beer volume growth THE CATEGORY AND GROW 80%
Page 12
MAINSTREAM1 continued to improve 1 Mainstream comprises core plus, core and value segments.
Page 13
MAINSTREAM1 continued to improve 20% PREMIUM nearl y 1 Mainstream comprises core plus, core and value segments.
Page 14
MAINSTREAM1 continued to improve 20% PREMIUM +60% BALANCED NO-ALCOHOL ~20% nearl y 1 Mainstream comprises core plus, core and value segments.
Page 15
FLA VORED beer & rtds MAINSTREAM1 continued to improve 20% PREMIUM +60% BALANCED NO-ALCOHOL ~20% momentum nearl y 1 Mainstream comprises core plus, core and value segments.
Page 16
>50% 3x VOL. GROWTH VERSUS LAST YEAR Bra & arg VOL. GROWTH TOTAL AMBEV VS LAST YEAR
Page 17
Digitize and monetize our ecosystem 2 Lead and grow the category 1 Optimize our business 3
Page 18
02 DIGITIZE OUR ECOSYSTEM AND MONETIZE COMPLEXITY WITH PRECISION
Page 19
Read demand faster and accurately Sell-out through better recommendations Allocate resources to the highest-return opportunities Strengthens our performance & help our partners grow
Page 20
~60% YoY A M B E V M A R K E T P L A C E 2Q26 and HY26 GMV1 HY26 GROSS MARGIN +6.7PP Y oY HY26 BRAZIL GMV1 2X Y oY 1 Gross Merchandise Value
Page 21
Digitize and monetize our ecosystem 2 Lead and grow the category 1 Optimize our business 3
Page 22
long-term growth CONSISTENTL Y RETURNING 03 OPTIMIZE OUR BUSINESS
Page 23
O N E E N G I N E Digitize and monetize our ecosystem 2 Lead and grow the category 1 Optimize our business 3 STRA TEGIC PILLARS REINFORCING EACH OTHER
Page 24
2Q26 & hY26 beer volume PERFORMANCE
Page 25
BUs PERFORMANCE HY26 BRAZIL BEER BRAZIL NAB LAS CAC CANADA NET REVENUE EBITDA EBITDA MARGIN +9.3% +9.9% + 20 bps +1.6% +15.2% + 370 bps +8. 1% +9.6% + 30 bps +8.5% +9.0% + 20 bps +1.2% +4.2% +80 bps
Page 26
BEER 2Q26 BU BRAZIL FIFA World Cup created incremental demand, nevertheless it was offset by adverse weather Industry The beer industry was slightly positive in the quarter according to our estimates Sequential improvement in category equity and participation
Page 27
BU BRAZIL Brand equity improvement Market share expanded year over year for the fourth consecutive quarter, according to our estimates Estimated market share increase across mainstream1, premium, balanced choices and beyond beer Premium market share leadership reaching an all-time high 1Mainstream comprises core plus, core and value segments. BEER 2Q26
Page 28
AUTHENTICITY AND SIMPLICITY QUIET LUXURY OUTDOORS AND NA TURAL LIVING ACTIVE AND BALANCED LIFESTYLE THE NEW PREMIUM ARCHITECTURE
Page 29
Expanding the ca tegory
Page 30
BALANCED CHOICES Doubled Vol NO-ALCOHOL grew in the thirties
Page 31
MAINSTREAM1 broadl y st able 1 Mainstream comprises core plus, core and value segments.
Page 32
•One million points of sale •Beer distribution grew +6% •With returnable bottles up +4% •And premium +20% BU BRAZIL bees BEER 2Q26
Page 33
• GMV1 grew 16% versus last year • Orders more than doubled on Brazilian National team match • Premium already represents 35% of beer volumes • Balanced Choices reached approximately 7%, 2x Brazil Beer mix weight BU BRAZIL Zé delivery 1 Gross Merchandise Value BEER 2Q26
Page 34
BU BRAZIL EBITDA margin +110 bps Net revenue growth of 9% EBITDA growth of 13% Higher investments due to FIFA World Cup activations BEER 2Q26
Page 35
NAB 2Q26 BU BRAZIL Volume −4.4% •30% channel phase out impact Market share progressing Double-digit EBITDA growth (in 2Q26 & HY26) Price relativity pressure eased EBITDA Margin more than +300 bps (in 2Q26 & HY26) Note: double-digit (10,0 - 19,9%)
Page 36
BOLIVIA BU LAS 2Q26 Double-digit vol decline Situation normalized by quarter end Note: double-digit (10.0 - 19.9%)
Page 37
Beer vol. +low-single digit •Outperforming the industry •Lapping a 2Q26 with growth Premium increased by high single- digit Balanced reached mid-single digit mix Mainstream broadly stable ARGENTINA Note: low-single digit (0.2 - 3.3%), mid-single digit (3.4 - 6.6%), high-single digit (6.7 - 9.9%) BU LAS 2Q26
Page 38
Premium grew more than +40% in HY26 Beer gaining share of alcoholic beverages1 Beer volumes grew mid-single digit in 2Q26 and high-single digit in HY26 DOMINICAN REPUBLIC Mainstream grew low-single digit in HY26 Note: low-single digit (0.2 - 3.3%), mid-single digit (3.4 - 6.6%), high-single digit (6.7 - 9.9%) BU CAC 2Q26 & HY26 1 Considering YTD up to May/26 data in the Dominican Republican, in comparison with the same period on the prior year.
Page 39
Soft industry - unfavorable weather FIFA World Cup driving more occasions Gained market share in Beer and Beyond Beer Low-single-digit top-line growth (2Q26 & HY26) Low-to-mid-single-digit EBITDA growth (2Q26 & HY26) EBITDA Margin expansion Note: low-single digit (0.2 - 3.3%), mid-single digit (3.4 - 6.6%) BU Canada 2Q26
Page 40
FINANCIAL HIGHLIGHTS CFO REMARKS 2Q26 & HY26
Page 41
Ambev hY26 +9.6% Normalized EBITDA +10. 1% Normalized Net Income Solid cash flow Supporting investment in organic growth and cash returns to shareholders FINANCIAL HIGHLIGHTS
Page 42
2q26 AMBEV highlights Expansion of both Gross & EBITDA Margin while investing behind our brands DISCIPLINED RESOURCE ALLOCA TION +8.9% Normalized EBITDA +80 bps Margin expansion
Page 43
Continued cost discipline Allowing investments BR BEER FULL-YEAR CASH COGS/HL1 GUIDANCE2 UNCHANGED + 2.2% 2Q26 Ambev Cash COGS¹ per hectoliter HY26 BR Beer Cash Cogs/ hl¹ ex marketplace +10.7% 2Q26 Ambev Cash SG&A Higher Sales & Marketing behind FIFA World Cup activations in 2Q26 +9.7% ¹ Excl. non-Ambev marketplace products 2 Between +4.5% e +7.5%
Page 44
Below Ebitda FINANCIALS R$486mi Net financial expenses in 2Q26 Down ~50%YoY 19.9% Effective Tax Rate in 2Q26 vs. 18.4% in 2Q25 + 23.3% Normalized Net Income in 2Q26 Reached R$ 3.5 bn + 24.2% Normalized EPS in 2Q26 R$ 0.22 per share 01 02 03 04
Page 45
CASH FLOW GENERA TION hY26 +R$ 7.9 bn Operating Activities −R$ 3.3 BN Investing Activities −R$ 5.7 bn Financing Activities
Page 46
RETURNING CASH TO SHAREHOLDERS 95% Of 208M buyback R$4.2bn 2025 IOC payments To be concluded by October 2026 R$1.8bn 2026 IOC declared To be paid by December 2026 R$5.9 bn Returned to Shareholders YTD Cash basis, before taxes 01 02 03 04
Page 47
01 THE CA TEGORY
Page 48
02 Our role
Page 49
03 GROWTH STRA TEGY IN MOTION Digitize and monetize our ecosystem 2 Lead and grow the category 1 Optimize our business 3
Page 50
dream big for a future with more Cheers
Page 51
THANK YOU
Page 52
Q&A