Equity Snap: Ambev (ABEV3 BZ): 2Q 26 first take – Revenue miss; profitability in-line

Research evidence excerpt

Equity Snap: Ambev (ABEV3 BZ): 2Q 26 first take – Revenue miss; profitability in-line

30 July 2026

Equity Snap: Ambev (ABEV3 BZ) Equities Beverages

2Q 26 first take – Revenue miss; profitability in-line Brazil

◆ Revenue miss on lower volume, operating profit in-line on Carlos Laboy

cost management Global Beverage Head, LatAm Food Analyst HSBC Securities (USA) Inc.

carlos.a.laboy@us.hsbc.com

◆ Net income and EPS beat driven by lower financial expenses +1 212 525 6972

Sorabh Daga*

Analyst, Global Beverages, LatAm Food

Ambev (ABEV3 BZ, BRL15.90, Buy, TP BRL20.00) HSBC Securities and Capital Markets (India) Private

(Priced as of 29 Jul 2026) Limited

sorabh.k.daga@hsbc.co.in

2Q 26 results - first take: Ambev reported 2Q volume growth of 1.4% missing the +91 80 4550 2627

Street expectation of 3.2% volume growth. Net revenue for the quarter grew 0.3% to Santiago Bringas*

BRL20.1bn, in line with our expectations but missed Street expectations of 3.5% y-o- HSBC Mexico, S.A., Institucion de Banca Multiple, Grupo

Financiero HSBC

y growth to BRL20.8bn. Organic revenue growth for the quarter was +6.1% but was santiago.bringas@hsbc.com.mx

offset with the negative impact of currency translation. Normalized EBITDA grew by +52 55 8551 2419

8.9% to BRL6.4bn (largely in-line), supported by cost management across business

segments. EBITDA margin expanded by c80 bps to 31.6%. Net income for quarter * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

grew 23% to BRL3.4bn, ahead of the Street expectations at BRL3.1bn, driven by

EBITDA growth and lower financial expenses, partially offset by higher tax.

Normalized EPS for the quarter was BRL0.22 (+24% y-o-y vs BRL0.19 CONSe).

By business segment: