Ambev S.A. (ABEV3) Earnings Call Transcripts

Ambev S.A.'s Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, Ambev S.A. reported a net revenue growth of 9.6% year-over-year, reaching BRL 19.5 billion, and an EBITDA increase of 7.6%, resulting in a normalized EBITDA of BRL 7.6 billion. Despite facing cost pressures, the company achieved margin expansion of 60 basis points. Management maintained its guidance for Brazil beer cash COGS per hectoliter at a 4.5% to 7.5% increase for the year, indicating confidence in managing costs amidst a dynamic operating environment. The positive outlook is bolstered by upcoming events like the FIFA World Cup, which is expected to enhance consumption occasions.

Reported metrics

Guidance from management

Management maintained its guidance for Brazil beer cash COGS per hectoliter at a 4.5% to 7.5% increase for the year, indicating confidence in managing costs amidst a dynamic operating environment.

What management said

And it's [indiscernible] if I just add, I think we all heard this [indiscernible] mention a few moments ago about the momentum of our portfolio. this year compared to what we had before. So the compounding effect about the momentum of our portfolio is also very relevant when you think about volume for this quarter and when you were to put together a view for the year.

And just to add one thing, [indiscernible], I think it's important to remember that on this World Cup, different from the prior. Our digital platforms are much more evolved. So we're going to see a lot of activations through something that we've been developing for a long period of time. So the connection that we make consumers to the delivery and the connection that we make our [indiscernible] of sales that we inter...

What analysts pressed on

Analysts expressed concerns regarding the sustainability of volume growth in Brazil, particularly given the cyclical nature of consumption and weather impacts. There were also questions about pricing strategies leading up to the FIFA World Cup and the potential for competitive pricing adjustments.

Main topics on the call

• Revenue Growth — Ambev's net revenue grew by 9.6% year-over-year, supported by a strong net revenue per hectoliter performance, which was up 8.3%. CEO Carlos Lisboa noted, "Top line grew 9.6% and EBITDA grew 7.6% despite cost headwinds f...
• Volume Performance — Total volumes were broadly flat, with beer volumes returning to growth, up low single digits. Lisboa stated, "Our volumes grew 1.2% in the quarter," indicating a recovery despite a tough comparison base.
• Cost Management — Ambev faced cost pressures, with cash COGS per hectoliter increasing by 9%. CFO Guilherme Fleury mentioned, "We are maintaining our cash COGS from 4.5% to 7.5% for the year," reflecting ongoing cost management efforts.
• Digital Transformation — The company is enhancing its digital ecosystem, with 75% of its customer base purchasing through its platform. This digital push is expected to drive stronger sellout and improve operational efficiencies.

Read the full Ambev S.A. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 29 Ambev S.A. earnings call transcripts on record, spanning February 27, 2020 to July 30, 2026. Based on this history, Ambev S.A. reports quarterly. The most recent call on file is dated July 30, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

ABEV3

Exchange

BOVESPA

Country

BR

Sector

Consumer Staples

Industry

Beverages

Calls on record

29

First call

February 27, 2020

Most recent

July 30, 2026

Reporting cadence

quarterly