EarningsQ3 2026 Earnings Report
MX:ABEVN Q3 2026 EPS Results
Actual EPS$0.98
Consensus EPS$0.92
Beat/MissBeat by +$0.06
One Year Ago EPS$0.85
MX:ABEVN Q3 2026 Revenue Results
Actual Revenue$405.69B
Expected Revenue$79.00B
Beat/MissBeat by +$326.69B
YoY Revenue Growth+464.41%
Earnings Announcement Details
QuarterQ3 2026
Date10/29/2026
TimeBefore Open
Conference CallThursday, October 29, 2026
MX:ABEVN Upcoming Earnings
Ambev SA's next earnings date is estimated for March 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:ABEVN Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Ambev reported consistent volume, revenue, EBITDA, margin, earnings, cash-flow, market-share, and brand-equity gains, while continuing to invest in growth and return capital to shareholders. The main challenges were soft consumer conditions in some markets, Argentina and LAS volume declines, commodity and operating-cost pressures, a higher reported tax rate, and regulatory and macroeconomic uncertainty. Management nevertheless expressed confidence in its strategy, portfolio momentum, and ability to carry profitable growth into the fourth quarter and 2027.Company Guidance
Consistent Third-Quarter Growth
Total volumes grew 0.8%, net revenue grew 7.6%, normalized EBITDA increased 8.9% to BRL 7.3 billion, normalized EBITDA margin expanded by 40 basis points, and normalized EPS grew 15.4% year over year.
Strong Year-to-Date Performance
For the first nine months, total volumes grew 0.7%, beer volumes grew at more than twice that pace, net revenue increased 7.3% ahead of inflation, normalized EBITDA grew 9.3%, and normalized EPS increased 12.3%.
Growth Delivered Alongside Increased Investment
Market investment grew double digits organically in both the third quarter and year to date, while 2026 marketing investment grew almost double the rate of top-line growth.
Broad-Based International EBITDA Growth
LAS, CAC, and Canada delivered EBITDA growth ahead of net revenue with margin expansion. LAS delivered healthy volume growth with margin expansion on a sequential basis, while Canada expanded EBITDA and market share despite a soft industry.
Brazil NAB Commercial Recovery
Brazil NAB volumes grew by a mid-single digit rate despite the continued phase-out of a lower-return channel. Sellout market share improved sequentially to last year's level, price relativity remained at historical levels, and year-to-date net revenue and EBITDA were ahead of last year with approximately 200 basis points of margin expansion.
Growth in Zero-Sugar and Innovative Products
Ambev's zero-sugar portfolio grew double digits in both the quarter and year to date. Guaraná with fibers scaled to national distribution.
Brazil Beer Category and Market Share Recovery
Nielsen indicated Brazil beer industry volume growth of 1.3% across the second and third quarters combined. Ambev's Brazil beer volumes grew 5% in Q2 and 0.5% in Q3, or 2.7% across the two quarters, while sellout grew approximately 3.5%. The company gained share in both on- and off-trade channels, with particularly strong progress in premium and zero-alcohol beer.
Strengthening Brand Equity and Premium Portfolio
Brand equity reached a five-year record on a year-to-date basis. Premium volumes grew at a high-teens rate, balanced choices more than doubled, and no-alcohol beer grew in the 40s during the quarter.
Brazil Beer Year-to-Date Share Gains
Brazil Beer volumes grew 3% year to date, primarily supported by continued market share gains. Sell-out share increased by more than 1 percentage point, with both sell-in and sell-out outperforming the industry and ending in positive territory.
Improved Commercial Execution Through BEES
BEES is embedded across more than 1 million points of sale. On-premise market share reached its highest level in five years according to company estimates, while SKUs per point of sale grew at a high-single-digit rate year to date and at a double-digit rate in Q3.
BEES Marketplace Expansion
More than 80% of the customer base has purchased through BEES Marketplace. Marketplace GMV grew above 80% in both the quarter and year to date, supported by continued expansion of the third-party assortment.
Zé Delivery Consumer and Marketplace Growth
Zé Delivery connects with roughly 27 million consumers annually in the prepared remarks and roughly 20 million consumers annually in the Q&A. Zé GMV grew at a mid-teens rate in the quarter, and Zé Marketplace represented close to 20% of GMV.
Digital Consumer Insights Supporting Innovation
Management uses Zé to test and learn new portfolio solutions, then scale successful products to other channels. The company cited the pink lemonade launch as an example of using direct consumer interaction to conduct testing faster, with lower investment, and across a larger consumer base.
Revenue Management and Productivity Gains
Incremental gross revenue generated per BRL invested in on-trade promotions improved by around 50% versus 2025. Hectoliters sold per FTE increased approximately 4% year to date versus last year and more than 20% versus five years ago.
Non-Commodity Cost Savings
Better sourcing, increased vertical integration, and continuous operational improvement generated approximately BRL 450 million of non-commodity savings year to date, offsetting a meaningful part of Brazil Beer commodity pressures.
Normalized Profitability and Margin Expansion
Year-to-date normalized EBITDA growth of 9.3% came with gross-margin and normalized-EBITDA-margin expansion, while normalized net income grew 11.6%. In the quarter, gross margin expanded 60 basis points and normalized net income increased 14.3%.
Significant Reduction in Net Financial Expenses
Third-quarter net financial expenses totaled BRL 312 million, a 71% reduction versus the third quarter of 2025, primarily due to lower costs associated with sourcing U.S. dollars in Bolivia, favorable translation effects, and higher interest income.
Strong Operating Cash Flow
Cash flow from operating activities increased 39% year to date, a BRL 4.4 billion improvement, reaching BRL 15.6 billion. The increase was mainly driven by higher EBITDA and improved working-capital dynamics.
Shareholder Returns and New Buyback Authorization
Ambev completed its 2025 share buyback program with approximately BRL 3.3 billion in cash disbursement and paid the third and final 2025 IOC tranche of BRL 1.9 billion gross of taxes. The company said its shareholder-return agenda totaled nearly BRL 8 billion on a cash basis gross of taxes through the report date. The board also approved another buyback program for up to 190 million shares, approximately BRL 3 billion.
Continued Long-Term Investment Program
Management said it will continue investing in brand building, brewery upgrades and expansions, the innovation pipeline, commercial assets, automation, technology, digital tools, and artificial intelligence.
LAS Profitability Improvement
In LAS, net revenue grew 21.4%, or 23.6% excluding Marketplace, normalized EBITDA increased 41.5%, gross margin expanded 300 basis points in the quarter and 480 basis points year to date, and Bolivia beer volumes grew at a high-single-digit rate.
Confidence in Brazil Pricing and Portfolio Momentum
Brazil net revenue per hectoliter grew 5.8% year to date, while third-quarter net revenue per hectoliter excluding Marketplace increased 4.8% year over year against approximately 5.4% CPI. Price relativity remained above last year's level while the portfolio continued gaining share.
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