LatAm Beverages: Quarterly Sip: stable beer prices in early 2Q26; premium accelerates in June

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LatAm Beverages: Quarterly Sip: stable beer prices in early 2Q26; premium accelerates in June

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LatAm Beverages

Quarterly Sip: stable beer prices in early

2Q26; premium accelerates in June

Industry Overview

A quarterly overview of price trends, costs & production 01 July 2026

Our Quarterly Sip report comprises key data for the Brazilian beer industry, including Equity

pricing, cost trends and production. We believe the channel checks of beer prices are the Latin America

highlight of the report, as we daily gather more than 1,500 price samples for each of the Beverages

19 brands we track across the on-trade (bars, restaurants) and the off trade (mom &

pops, supermarkets, wholesalers,). We acknowledge that we might face selection bias in Table of Contents

the process, but we understand the compiled data gives a good sense of key trends.

Beer prices in Brazil 2

Prices flattish in Apri/May; premium accelerates in June… On-trade 3

Beer prices in Brazil were flattish in April/May relative to Mar/2026 across the on-trade Off-trade 5

(bars and restaurants) and off-trade (retail) channels. Beer inflation has been tracking Beer cost index 7

headline inflation (IPCA). Pricing accelerated in June, with average beer prices up ~2% Industrial production 8

MoM across both channels. The increase was primarily driven by Heineken and Amstel

brands, while Ambev implemented selective price increases, most notably for Corona.

Isabella Simonato >>

Petropolis raised prices of Itaipava by ~2% during the quarter. Average beer prices were Research Analyst

up ~12%YoY in June, reflecting the momentum ahead of the World Cup. Merrill+55 11Lynch2188 (Brazil)4243

isabella.simonato@bofa.com

…driven by Corona/Heineken; relative positioning stable Julia Zaniolo >>