Ambev (ABEV3) reported adjusted net income of R$ 3,492.7 mn in the second quarter of 2026, up 23.3% compared to R$ 2,832.7 mn in 2Q25. In the same period, reported net income totaled R$ 3,474.7 mn and adjusted earnings per share were R$ 0.22, an increase of 24.2%.
The company’s net revenue reached R$ 20,148.9 mn in 2Q26, an organic increase of 6.1%, with a 4.6% advance in net revenue per hectoliter. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) totaled R$ 6,376.7 mn, an organic increase of 8.9%, with an adjusted EBITDA margin of 31.6%, 80 basis points above 2Q25.
In Brazil, consolidated beverage volume grew 2.3% in the quarter, with net revenue of R$ 11,851.6 mn, an organic increase of 7.5%. The Beer Brazil segment saw a 5.0% increase in volume and an 8.9% increase in net revenue, while the NAB Brazil unit, for soft drinks and other non-alcoholic beverages, posted a 4.4% drop in volumes and a 1.4% increase in net revenue.
In international operations, Central America and the Caribbean posted organic growth of 5.4% in volume and 7.1% in net revenue, Latin America South recorded a 2.9% decline in volumes and an organic increase of 4.4% in net revenue, and Canada reported a 1.8% drop in volumes and an organic increase of 2.1% in net revenue in 2Q26.
Cash flow from operating activities reached R$ 4,711.4 mn in the quarter, an increase of 54.5% versus R$ 3,050.0 mn in 2Q25, driven mainly by EBITDA growth and better working capital dynamics. The company maintained its 2026 guidance for an increase of between 4.5% and 7.5% in COGS per hectoliter for Beer Brazil, excluding depreciation and amortization and excluding the sale of non-Ambev products on the marketplace.
