EarningsQ2 2026 Earnings Report
MX:ABEVN Q2 2026 EPS Results
Actual EPS$0.76
Consensus EPS$0.65
Beat/MissBeat by +$0.11
One Year Ago EPS$0.57
MX:ABEVN Q2 2026 Revenue Results
Actual Revenue$70.49B
Expected Revenue$71.65B
Beat/MissMissed by -$1.16B
YoY Revenue Growth+12.49%
Earnings Announcement Details
QuarterQ2 2026
Date07/30/2026
TimeBefore Open
Conference CallThursday, July 30, 2026
MX:ABEVN Upcoming Earnings
Ambev SA's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:ABEVN Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed strong operational and financial momentum: volume growth (notably in Beer), double-digit EPS/net income expansion, robust operating cash flow, marketplace acceleration and market-share gains across key markets. These positives were tempered by several notable headwinds — Brazil NAB weakness (partly strategic), adverse weather effects that suppressed industry volumes, localized disruptions in Bolivia, higher Brazil COGS in H1, and elevated household financial pressure. On balance, the company's execution, margin expansion and cash generation substantially outweigh the challenges, which management positions as manageable or partially transitory.Company Guidance
Quarterly Volume and Beer Growth
Total volumes grew 1.4% year-over-year in Q2, with Beer volumes up mid-single digits; first half total volumes grew 0.7% with Beer volumes growing ahead of the total.
Net Revenue and EBITDA Expansion
Consolidated net revenue grew 6% in Q2; normalized EBITDA grew 8.9% (BRL 6.4 billion) with 80 basis points of margin expansion; first half normalized EBITDA rose ~9.6% and net revenue grew ~7%.
Strong EPS and Net Income Performance
Normalized EPS increased 24% in Q2 (normalized and stated EPS of BRL 0.22); normalized net income grew ~23.3% and stated net income grew ~24.5% versus prior year.
Robust Operating Cash Flow and Shareholder Returns
Operating cash flow in the first half reached ~BRL 7.9–8.0 billion (over 80% improvement vs. prior year); resumed capital returns with ~95% of a BRL 3.2 billion buyback executed and BRL 5.9 billion returned to shareholders year-to-date including IOC payments/declarations.
Brazil Market Outperformance
Brazil beer volumes grew ~5% in the quarter, net revenue in Brazil up 9%, EBITDA up 13% and +110 basis points margin expansion; market share expanded for fourth consecutive quarter and premium reached ~25% of beer volumes (premium grew mid-20s).
Portfolio and Premium Momentum
Premium and new segments showing strong growth: Premium nearly +20% across footprint (mid-20s in Brazil); Balanced Choices volumes doubled in Brazil; No Alcohol grew ~30% and Michelob Ultra more than tripled in Brazil and Argentina and grew >50% across the footprint.
Digital Ecosystem & Marketplace Scale
Bees Marketplace GMV grew ~60% in Q2 and H1; Brazil Marketplace GMV doubled in H1 driven by 3P, contributing to better assortment, recommendations and higher sell-out; first-half marketplace gross margin expanded 6.7 percentage points to 22%.
Distribution and Channel Execution
Beer distribution grew >6% with returnable bottles up >4% and premium distribution >20%; Ze platform GMV grew 16% in Brazil and orders more than doubled on national team match days, with premium representing 35% of beer volumes on the platform.
Cost Discipline and Productivity
Consolidated cash COGS per hectoliter (ex-Marketplace) increased only 2.2% in Q2, reflecting ongoing productivity and operational efficiencies; company reiterated full-year Brazil cash COGS guidance of 4.5%–7.5%.
MX:ABEVN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed