AmBev: Notes from Feedback Call with Management Post 2Q26

Research evidence excerpt

AmBev: Notes from Feedback Call with Management Post 2Q26

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

31 July 2026

AmBev

Notes from Feedback Call with Management Post 2Q26

• Management hosted a call with the sell side post quarter. They remain LatAm Food & Beverages and

constructive about the 2H outlook. More details below Agribusiness

• Weather comps: 2024 was an atypical year (virtually no winter), which Lucas Ferreira AC

management believes likely contributed to the strength in Brazil beer industry (55-11) 4950-3629

lucas.x.ferreira@jpmorgan.com

demand, alongside a more benign consumer credit backdrop at the time. Banco J.P. Morgan S.A.

Looking ahead, management views the toughest comp base as largely behind

them and sees no indication that temperatures could be lower than last year in

2H26; accordingly, they expect weather to be a non-issue and industry ABEV3.SA, ABEV3 BZ

conditions to look more “normalized” in 2H.

Neutral

• Industry demand: Management characterized the current softness as cyclical Price (30 Jul 26): R$15.96

rather than structural and emphasized a deliberate decision to stay focused on

fundamentals/execution rather than being distracted by short-term noise. They ABEV, ABEV US

highlighted household debt and disposable income pressure as ongoing

headwinds, but reiterated beer remains an accessible form of entertainment for Neutral

Brazilian consumers; overall, their messaging points to more normalized Price (30 Jul 26): $3.12

demand drivers through 2H.

• World Cup: Management flagged clear World Cup-related momentum,

particularly around brand awareness and on-premise traffic. In Brazil,

Michelob is reportedly outperforming Stella Pure Gold (which was already

tracking well), and the event has provided a tailwind to the on-premise channel,