Brazil Beer Price Check Apr-26: Heineken Leads the Price Drop Amid an Overall Declining Market

Research evidence excerpt

Brazil Beer Price Check Apr-26: Heineken Leads the Price Drop Amid an Overall Declining Market

J P M O R G A N Latin America Equity Research

14 May 2026

Brazil Beer Price Check

Apr-26: Heineken Leads the Price Drop Amid an

Overall Declining Market

Our monthly Brazil Beer Price Check examines data from both the on-premise LatAm Food & Beverages and

channel (BEES) and the off-premise channel (Zé Delivery and Infoprice), with over Agribusiness

1 million data-driven prices collected. Detailed pricing breakdowns are available Lucas Ferreira AC

in the enclosed charts and tables; the full database is available upon request. Of (55-11) 4950-3629

note, we maintain our Neutral rating on Ambev (model update post 1Q26 here). lucas.x.ferreira@jpmorgan.com

Banco J.P. Morgan S.A.

In the off-premise channel, all 3 companies showed downward pricing: Ambev Larissa Perez

(55-11) 4950-6400

experienced a price decrease of 0.5% m/m, still resulting in annual growth of larissa.perez@jpmchase.com

5.0% y/y. Heineken prices decreased 3.0% m/m, with the y/y change being Banco J.P. Morgan S.A.

300bps below Ambev. Petropolis saw a price slip of 0.8% m/m, but still had the Froylan Mendez

highest yearly price increase of 6.6%. This is the first broad price reduction (52-55) 5540-9482

we’ve seen in a while, which could indicate higher competition (post a quarter froylan.mendez@jpmchase.com

when Ambev gained share). Nonetheless, we prefer to be more conservative and J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Morgan Grupo Financiero

wait for new data points to confirm whether the price cuts will persist.

• Off-Premise: Overall prices decreased 0.8% in April. Heineken recorded

the steepest drop, down 3.0% m/m, potentially reflecting increased