Ambev: Key Takeaways from our Fireside Chat with Ambev‘s CEO & CFO

Research evidence excerpt

Ambev: Key Takeaways from our Fireside Chat with Ambev‘s CEO & CFO

3 August 2026

Nadine Sarwat, CFA

+44 20 7676 6849

Americas Alcoholic Beverages nadine.sarwat@bernsteinsg.com

Ambev SA Trevor Stirling

+44 20 7676 7521

Rating trevor.stirling@bernsteinsg.com

Market-Perform Matthew Cheung

Price Target +44 20 7676 6809

matthew.cheung@bernsteinsg.com

ABEV3.BZ 18.00 BRL

Asavari Paluskar, CFA, CA (India)

ABEV 3.55 USD +44 20 7676 7291

asavari.paluskar@bernsteinsg.com

Ambev: Key Takeaways from our Fireside Chat with Ambev's CEO

& CFO

Last week, we hosted Ambev’s CEO and CFO for a virtual fireside chat following the Q2 F26.

Close Date 31 Jul 2026

Below is a summary of our key takeaways.

ABEV3.BZ Close Price (BRL) 15.99

Investment Implications Price Target (BRL) 18.00

Upside/(Downside) 13%

Recent industry softness is seen as cyclical and temporary. Management was clear

52-Week Range 17.04/11.68

that recent industry softness should be viewed in the context of an unusually strong

EM 1,776.28

2024 comparison period, which benefited from El Niño-driven temperature increases. As

FYE Dec

temperatures normalised in 2025 and La Niña effects emerged, the industry experienced

Div Yield 11.5%

a meaningful reset, particularly given the high sensitivity of Brazilian beer consumption to

Market Cap (BRL) (M) 252,061

outdoor occasions and weather patterns. The company believes consumers continue to value

EV (BRL) (M) 237,165

the category, but favourable consumption occasions have occurred less frequently than in

the prior year. Furthermore, Brazilian consumers have experienced economic pressures, Performance YTD 1M 6M 12M

illustrated by the very high debt-to-income ratios for households today. Absolute (%) 15.4 (1.8) 7.7 28.3

EM (%) 15.5 (3.6) 7.3 30.2