Slides
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AMBEV EARNINGS CALL 3Q & 9M26
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This presentation was prepared by Ambev S . A . (“Ambev” or “Company”) for the exclusive use in the earnings conference call of the third quarter of 2026 and nine months of 2026 ( 3 Q 26 and 9 M 26 ) . 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 third 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 third quarter of 2025 and nine months of 2025 ( 3 Q 25 and 9 M 25 ) . Values in this release may not add up due to rounding .
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THIRD QUARTER PERFORMANCE +0.8% 3Q26 vs. 3Q25 Total volumes + 7.6% Net Revenue Disciplined revenue management +8.9% Normalized EBITDA +40 bps margin expansion +15.4% Normalized EPS 1 Normalized EPS¹ growth 1 Earnings per share → Shape of performance mirrored the first half
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NINE MONTHS PERFORMANCE 9M26 +0.7% Total volumes Beer >2x total + 7.3% Net revenue Ahead of inflation +9.3% Normalized EBITDA Normalized EBITDA growth +12.3% Normalized EPS 1 Normalized EPS¹ growth 1 Earnings per share → Marketing investment up double digit – 3Q26 and 9M26 Note: double - digit (10.0 - 19.9%)
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Digitize and monetize our ecosystem 2 Lead and grow the category 1 Optimize our business 3 GROWTH FORMULA Heal thy volume growth Net revenue ahead of infla tion Disciplined conversion to the bottom line Stronger , broader set of brands
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A UNIQUE FOOTPRINT 1 Mostl y emerging markets where people love beer 2 Leadership in markets with different economic cycles 3 ~Half of business SITS outside OF Brazil: diversified risk LAS 15%OF EBITDA 9M26 BR NAB 9% OF EBITDA 9M26 BR BEER 50% OF EBITDA 9M26 CANADA 10% OF EBITDA 9M26 CAC 15%OF EBITDA 9M26 Contribution % of EBITDA 9M26
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BUs PERFORMANCE 9M26 BRAZIL BEER + 7.8% +6.9% -30 bps BRAZIL NAB + 3. 1% +11.0% + 200 bps LAS +11.8% +19.4% +180 bps CAC +8.3% +9.8% + 70 bps CANADA +1.2% + 3.8% + 70 bps NET REVENUE EBITDA EBITDA MARGIN VOLUME + 2. 1% -1.7% -1.5% +5.0% -1.5% Note: bps (basis points)
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NAB 3Q26 & 9M26 BU BRAZIL Note: mid - single digit (3.4 - 6.6%); double - digit (10.0 - 19.9%). 3Q26 volumes +mid - single digit Sell - out share improved sequentially Back to last year’s level 9M26 EBITDA margin ~+200 bps Zero - sugar portfolio +double digit Guaraná with Fibers national distribution
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. LEAD AND GROW THE CA TEGORY 1 Lead & Grow the Category
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BU BRAZIL BEER 2Q26 + 3Q26 INDUSTRY: Q2.26 + Q3.26 TOGETHER 2Q26 Nielsen industry: Slightly negative 3Q26 Nielsen industry: +4% APR MAY JUN JUL AUG SEP MAR Nielsen Calendar ~ Jun 20 th ~ Mar 20 th ~ Sep 20 th ~ Industry 2Q26 + 3Q26: +1.3% 2026 Calendar FIFA WORLD CUP Jun 11 – Jul 19
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volumes: 2Q26 + 3Q26 TOGETHER 2Q26 + 3Q26 + 2.7% + 3.5% Sell - in Sell - out (Nielsen) BU BRAZIL BEER Commercial MOMENTUM 2Q26 +5.0% Sell - in Sell - out (Nielsen) 3Q26 +0.5% Sell - in Sell - out (Nielsen) +1.8% +5.4%
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Leading where growth is Expanding leadership in Premium and Zero Alcohol Sequential improvement Share up sequentially in the quarter (Nielsen) All channels Gains vs. last year in on - and off - trade BU BRAZIL BEER 3Q26 & 9M26 Commercial MOMENTUM
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FLA VORED beer & rtds MAINSTREAM1 +high teens PREMIUM >2x BALANCED choices NO-ALCOHOL +forties +MID-twenties BU BRAZIL BEER OUR MOST COMPLETE PORTFOLIO Brands’ Equity a t a 5-year high (9M26) 3Q26 performance 1 Mainstream comprises core plus, core and value segments. Note: high - teens (16.7 - 19.9%); mid - twenties (23.4 – 26.6%); forties (40.0 - 49.9%).
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. Digitize & monetize our ecosystem 2 Digitize & Monetize our Ecosystem
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STRENGTHENING THE CORE BUSINESS +1 million points of sale Better sell - out activation & product recommendations SKUs per POS +High Single Digit YTD +Double Digit in 3Q26 vs. 3Q25 Sugestão Ju mais clean Note: high - single digit (6.7 - 9.9%); double - digit (10.0 - 19.9%) BRAZIL
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1 Gross Merchandise Value BEES BRAZIL MARKETPLACE: NEW GROWTH ENGINES >80% YoY 3Q26 and 9M26 GMV 1 >80% of base CUSTOMERS WHO HAVE BOUGHT VIA MARKETPLACE Continued larger tot al addressable market 3RD - PARTY EXPANSION
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Zé delivery 1 Gross Merchandise Value Note: mid - thirties (33.4 – 36.6%); mid - teens (13.4 - 16.6%). 3Q26 BU BRAZIL BEER ~27 million consumers annually Premium ~mid - thirties of Zé volume Balanced Choices over - index ~50% Zé GMV 1 +mid - teens Marketplace ~20% of Zé GMV 1
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. Optimize Our business 3 Optimize our Business
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03. ORGANIZATIONAL PRODUCTIVITY ~+4% YTD Hectoliter per FTE 1 YoY (+20% vs. 5 years ago) 02. ~R$450M 03 Effective RESOURCE ALLOCA TION 01. ~+50% MARKETING INVESTMENT ~2x TOP-LINE GROWTH EFFICIENCIES CHANNELED INTO INVESTMENT 1 Full Time Employee
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ONE ENGINE A COMPANY WITHOUT BORDERS CANADA CAC LAS 2 13 Ca tegory growth Sharper execution Disciplined resource alloca tion Scaling wha t works across our footprint
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3Q26 & 9M26 HIGHLIGHTS FINANCIAL CFO REMARKS
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+11.6% Normalized Net Income Ambev 9M26 Financial Highlights Margin expansion Gross margin & Normalized EBITDA margin expansion +9.3% Normalized EBITDA Normalized Net Income growing ahead of EBITDA
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+8.9% Normalized EBITDA R$7.3 bn 3q26 AMBEV highlights Cash COGS/hl 1 +6.5% DISCIPLINED RESOURCE ALLOCA TION +40 bps Normalized EBITDA margin expansion +60 bps gross margin expansion Cash SG&A +7.6% : S&M 2 investments, distribution and bonus accruals 1 Excl. non - Ambev marketplace products 2 Sales and Marketing
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BELOW-EBITDA – NET FINANCIAL EXPENSES YTD Meaningful improvement in financial expenses Active management of financial FX exposures R$312M Net financial expenses in 3Q26 Down 71% YoY
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Income T axes, NET INCOME & EPS¹ 16.8% Effective Tax Rate in 3Q26 vs. 6.7% in 3Q25 R$4.4bn Normalized Net Income in 3Q26 +14.3% YoY +15.4% Normalized EPS 1 in 3Q26 R$0.28 per share NORMALIZED NET PROFIT GROWTH AHEAD OF NORMALIZED EBITDA GROWTH, both in 9M26 AND 3Q26 1 Earnings per share
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CASH FLOW GENERA TION 9M26 +R$ 15.6 BN Operating Activities −R$ 5.4 BN Investing Activities −R$ 8.7 BN Financing Activities
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SHAREHOLDER Return agenda ~R$3.3bn 208M - share Buyback Program ✓ Completed in Aug - 26 R$1.9bn 2025 IOC final tranche (gross of taxes) ✓ Paid in October 6 th , 2026 ~R$8bn Shareholders return agenda YTD Cash basis, gross of taxes 1 Interest on Capital
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OUTLOOK FY26 GUIDANCE UNCHANGED +4.5% - + 7.5% Brazil Beer Cash COGS/hl 1 OUR AMBITION Consolidated margin expansion over time, through efficient resource allocation INVESTING BEHIND OUR GROWTH ENGINES 01 Brand building 02 Brewery upgrades & expansions 03 Innovation pipeline 04 Commercial assets ¹ Excl. non - Ambev marketplace products
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ONE QUARTER REMAINS Finish 2026 strong Enter 2027 strong
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OUR CONFIDENCE IN 1 Our category Beer: loved category with development potential 2 Our strategy Three pillars working as a flywheel 3 Our momentum Consistent results through 9M26
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CONFIDENCE SHARED BY OUR BOARD SHARE BUYBACK UP TO 190 MILLION SHARES ~R$3 BN Approved by the Board of Directors on October 28 Consistent with our capital allocation framework
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dream big for a future with more Cheers
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THANK Y OU
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Q&A