First Read Ambev Off the Call: 2Q CEO/CFO Fireside Chat

研报英文原文证据摘录

First Read Ambev Off the Call: 2Q CEO/CFO Fireside Chat

assortment recommendations that have replaced rep-led selling at the point

of contact.

Learnings from the world cup: Michelob Ultra grew faster than Corona in the

Brazil footprint post-tournament, with Zé Delivery reaching 200,000 first-

time triers in one week; the on-premise channel, received targeted support,

and share gains were broad-based, tied to higher occasion frequency.

Portfolio Complexity: BEES and Zé Delivery absorb commercial complexity

from portfolio expansion, while finance applies AI to reconciliation,

remediation and pre-auditing across roughly 3 million invoices issued

annually. Savings from lower-return initiatives are redirected into category

expansion, innovation, S&M and capex.

Bolivia - FX Positioning: Proactive USD purchases to build a devaluation buffer

weighed on 2025 financial results but partly reversed in 2026 as the currency

devalued, given the resulting hard-currency position - part of a broader cross-

market scenario-planning discipline extending to commodity/supply shocks.

Other Operating Revenue/Expense: The line includes reversals of

commercial-incentive provisions, legal/severance provisions and returnable-

bottle recycling sales. H1 was broadly stable year-over-year, though the

quarterly split shifted - lower as a % of EBITDA in 1Q, higher in 2Q, reflecting

accrual timing; EBITDA still expanded despite absorbing world cup activation

costs and incremental S&M.

Working Capital Tailwind: Ambev’s negative working capital structure turned

2025’s volume decline into a cash headwind, as slower purchasing to consume

existing inventory delayed payables. Top-line growth in 2026 reverses that

dynamic driving stronger cash generation in 1Q and an even larger

contribution in 2Q.