Ambev reported third quarter 2026 results highlighted by organic margin expansion and robust growth in premium segments, despite a slight revenue miss relative to analyst projections. Normalized EPS rose 15.4% year-over-year to R$ 0.28, primarily driven by disciplined cost management and an 8.9% organic increase in Normalized EBITDA. While consolidated volumes grew a modest 0.8%, the company's digital ecosystem showed strong momentum, with BEES Marketplace GMV increasing 57% and premium beer brands delivering mid-teens volume growth, helping to offset persistent macro volatility in Argentina.
Key Highlights
- Normalized EBITDA reached R$ 7.27 billion, reflecting 8.9% organic growth with a margin expansion of 40 basis points to 33.7%.
- Premium beer brands delivered mid-teens volume growth and no-alcohol beer grew by low thirties, demonstrating a successful portfolio shift toward higher-margin products.
- Cash flow from operating activities increased 11.0% to R$ 7.68 billion, supported by improved working capital dynamics and a new 190 million share buyback program.