Ambev (ABEV3) reported 9.6% growth in adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, excluding non-recurring items) in the first half of 2026 (1H26), compared with the same period in 2025. Over the same interval, adjusted net income increased 10.1%.
In the second quarter of 2026 (2Q26), Ambev’s adjusted EBITDA grew 8.9%, with an 80-basis-point expansion in the EBITDA margin, according to the company. Also in 2Q26, adjusted net income rose 23.3%, reaching R$ 3.5 bn, while adjusted earnings per share (EPS) climbed 24.2%, to R$ 0.22.
Ambev’s net revenue rose 6% in 2Q26, with a 1.4% increase in total volumes, and the company reported that the beer segment delivered mid-single-digit volume growth in the quarter. In the accumulated result for 1H26, total volumes advanced 0.7%, while net revenue, EBITDA and adjusted EPS grew 7%, 10% and 10%, respectively.
In Brazil, the Cerveja Brasil business unit posted, in 1H26, a 9.3% increase in net revenue, 9.9% in EBITDA and a 20-basis-point gain in the EBITDA margin. The NAB Brasil unit recorded growth of 1.6% in net revenue, 15.2% in EBITDA and a 370-basis-point increase in the EBITDA margin, while the LAS, CAC and Canada operations also reported expansion in revenue, EBITDA and margins, within the percentages indicated in the presentation.
Ambev’s operating cash generation totaled R$ 7.9 bn in 1H26. During the period, investing activities consumed R$ 3.3 bn and financing activities R$ 5.7 bn, including the share buyback program and payments of Interest on Equity (JCP). As of the disclosure date, the company reported having returned R$ 5.9 bn to shareholders, on a cash basis and before taxes, considering JCP for 2025 and 2026 and the buyback program.
