Key Highlights

  • EPS of USD 0.0541 beat the consensus estimate of USD 0.049, with normalized EPS up 15.4% to BRL 0.28.
  • Net revenue of USD 4.16 billion sat slightly below the consensus estimate of USD 4.19 billion; organic growth was 7.6%.
  • Normalized EBITDA grew 8.9% to BRL 7.3 billion, and the margin expanded 40 basis points on 0.8% volume growth.
  • The board approved a new buyback of up to 190 million shares, roughly BRL 3 billion.

Ambev S.A. (NYSE:ABEV) reported third quarter 2026 earnings per share of USD 0.0541, above a consensus estimate of USD 0.049, while net revenue of USD 4.16 billion landed slightly below a consensus estimate of USD 4.19 billion. In the company reporting currency, normalized EPS rose 15.4% to BRL 0.28 and normalized net income grew 14.3% to roughly BRL 4.4 billion. Total volumes rose 0.8%, net revenue grew 7.6% on an organic basis, and normalized EBITDA increased 8.9% to BRL 7.3 billion.

Margins, Financial Costs and Cash Flow

Normalized EBITDA margin expanded 40 basis points, and gross margin widened 60 basis points even as consolidated cash cost of goods sold per hectoliter, excluding Marketplace, rose 6.5%. Cash selling, general and administrative expenses grew 7.6% on sales and marketing investment, higher distribution costs and bonus accruals. Net financial expenses fell 71% to BRL 312 million, helped by lower costs of sourcing dollars in Bolivia. The effective tax rate was 16.8% versus 6.7% a year earlier, when one-off items lowered it.

Stated net income of roughly BRL 4.4 billion fell 10.2% because of those prior year one-off items, while stated and normalized EPS both reached BRL 0.28. For nine months, operating cash flow rose 39% to BRL 15.6 billion, normalized EBITDA grew 9.3% and normalized EPS grew 12.3%.

Commercial Trends and Cost Guidance

Chief Executive Officer Carlos Lisboa said Brazil beer volume grew 0.5% in the quarter after 5% in the second quarter, with premium volumes up in the high teens and no alcohol beer growing in the 40s. Brazil NAB volumes rose at a mid single digit rate. Net revenue per hectoliter in Brazil beer rose 4.8% excluding Marketplace, against inflation of about 5.4%. Marketplace gross merchandise value on the BEES platform grew above 80%, and Ze Delivery grew at a mid teens rate.

Guidance for Brazil Beer cash cost of goods sold per hectoliter, excluding non-Ambev Marketplace products, was left at an increase of 4.5% to 7.5%. Management cited aluminum and diesel related costs as pressures, partly offset by BRL 450 million of non-commodity savings year to date.

Signposts for the Fourth Quarter and 2027

The Brazil Beer cash cost range of 4.5% to 7.5% frames the fourth quarter cost line. On the proposed excise tax on alcohol, management said Brazil beer already carries a tax burden above 50% of the final price and that it favors tax neutrality in any reform. Capital returns offer further markers: the 2025 buyback of roughly BRL 3.3 billion was completed, the final interest on capital tranche of BRL 1.9 billion was paid on October 6, and the new program covers up to 190 million shares. Net revenue per hectoliter against inflation, premium and no alcohol growth rates, and the effective tax rate of 16.8% against 19.2% year to date complete the list.