Ambev SA (ABEV) Q4 2025 Earnings Call Highlights: Record Shareholder Returns and Strategic …

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Fri, February 13, 2026 at 8:02 AM GMT+9 4 min read

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ABEV

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**Consolidated Normalized EBITDA Margin:** Expanded by 50 basis points to 33.4%.

**Net Revenue per Hectoliter Growth:** Increased by 7.5%.

**Cash COGS per Hectoliter (Brazil Beer):** Increased by 6.1%.

**Net Financial Expenses:** Almost 4 billion BRL, mainly due to FX variation losses.

**Effective Tax Rate:** 17.7% for the year.

**Stated Net Income:** Almost 16 billion BRL.

**Stated EPS Growth:** Increased by 8.2% year on year.

**Normalized EPS Growth:** Increased by 2% in the year.

**Cash Flow from Operating Activities:** Totaled 24.5 billion BRL.

**Cash Flow Consumed in Investing Activities:** Approximately 5 billion BRL.

**Cash Flow Consumed in Financing Activities:** 26.8 billion BRL.

**Shareholder Returns:** 21.7 billion BRL returned on a cash basis.

**GMV Growth (B2B Marketplace):** 70% growth.

**GMV (Consumer Delivery):** 4.7 billion BRL, up 13% versus last year.

**Shareholder Returns in 2025:** Approximately 20 billion BRL, including dividends, interest on capital, and share buyback program.

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Release Date: February 12, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

Ambev SA (NYSE:ABEV) achieved a consolidated normalized EBITDA margin expansion of 50 basis points, reaching 33.4%, driven by net revenue per hectoliter growth and operational efficiencies.

The company reported a significant increase in shareholder returns, distributing approximately 20 billion reais in 2025, the highest in its history.

Ambev SA (NYSE:ABEV) experienced growth in premium and super-premium beer volumes, closing the year as leaders in these segments.

The company's digital ecosystem, including B2B and consumer platforms, showed strong performance, with B2B marketplace GMV growing 70% and consumer delivery GMV up 13%.

Ambev SA (NYSE:ABEV) maintained a disciplined approach to resource allocation, resulting in improved profitability and margin expansion across multiple business units.

Negative Points

Volumes were pressured by the environment, with unfavorable weather conditions impacting beer consumption, particularly in Brazil.

The core beer segment faced softness due to its higher reliance on out-of-home socialization, which was affected by weather-related disruptions.

In Argentina, the consumption recovery took longer than expected, weighing on results despite an improving macroeconomic environment.

The company faced cost pressures from commodities, particularly aluminum, which are expected to continue into 2026.

Ambev SA (NYSE:ABEV) experienced a decrease in cash flow from operating activities, totaling 24.5 billion reais, 1.6 billion reais lower than the previous year, due to softer volumes impacting working capital.

 






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Q & A Highlights

Q: Can you unpack the factors behind the growth in December beer volumes in Brazil? Was it all weather-related, or were there other favorable shifts? Also, any trends for January? A: The growth in December was primarily due to improved weather conditions, which were unfavorable earlier in the year due to the La Nina phenomenon. This weather improvement, combined with market share gains, led to a low single-digit growth in sellout data. For January, the weather impact was neutral year-over-year, which is positive for us. - Carlos Lisboa, CEO

Q: How are you thinking about margins for 2026, especially considering the hedging for Brazil beer and potential efficiencies? A: We aim to continue margin expansion in 2026, focusing on cost management and efficiencies. We anticipate Brazil beer cash COGS per hectoliter to increase between 4.5% and 7.5%, driven by commodity prices and portfolio mix. We will continue to work hard on initiatives to manage these pressures. - Guilherme De Figueiredo Ferraz Parolari, CFO

Q: What is your approach to capital allocation and dividends for 2026? A: We will continue to have quarterly discussions about cash position and shareholder returns, focusing on organic growth, selective M&A, and sustainable shareholder returns. While I can’t provide specific guidance, we aim to maintain a consistent approach. - Guilherme De Figueiredo Ferraz Parolari, CFO

Q: How do you view the role of core brands versus premium brands in your portfolio? A: Core brands remain crucial due to their accessibility and regional relevance. While premium brands have shown fast growth, core brands are essential for maintaining category accessibility and addressing regional preferences. We continue to innovate within core brands to keep them relevant. - Carlos Lisboa, CEO

Q: Have GLP-1 drugs impacted your portfolio, and how do you plan to address potential future impacts? A: We haven’t observed any significant impact from GLP-1 drugs. We continuously monitor emerging trends and adapt our portfolio to meet consumer needs, including developing zero-alcohol and functional beers. - Carlos Lisboa, CEO

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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