Brazil Beer Price Check Jun-26: Closing 2Q26 with Prices Back on Track

研报英文原文证据摘录

Brazil Beer Price Check Jun-26: Closing 2Q26 with Prices Back on Track

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

02 July 2026

Brazil Beer Price Check

Jun-26: Closing 2Q26 with Prices Back on Track

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. (55-11) 4950-3629

lucas.x.ferreira@jpmorgan.com

Banco J.P. Morgan S.A.

In the off-premise channel, after two months of price falls, all 3 companies showed

a monthly pricing rebound: Ambev experienced a price increase of 1.1% m/m, Larissa Perez

(55-11) 4950-6400

Heineken prices increased 2.2% m/m, while Petropolis saw a price uptick of 2.7% larissa.perez@jpmchase.com

m/m, all benefiting from easy comps. As 2Q26 closes, our tracker indicates that Banco J.P. Morgan S.A.

Ambev increased prices by 4.8% y/y in Q2, which is in-line with the +5.0% we Froylan Mendez

forecast for Brazil Beer Rev/HL in our model. Meanwhile, Heineken had prices (52-55) 5540-9482

up 1.8% y/y and Petropolis up 6.1% y/y in the quarter. All in, we maintain our froylan.mendez@jpmchase.com

Neutral rating on Ambev (model update post 1Q26 here). J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Morgan Grupo Financiero

• Off-Premise (InfoPrice): Overall prices increased 1.4% in June. Petropolis

led the way, up 2.7% m/m, potentially reflecting easier comps after 2

consecutive months of price drops. The upward move was broadly in-line with

the market, as Heineken and Ambev posted price increases of 2.2% and 1.1%,

respectively.