Ambev (ABEV3) released on Thursday, October 29, 2026, its results for the third quarter of 2026 (3Q26), with adjusted net income of R$ 4,393.6 million, an increase of 14.3% compared to the R$ 3,843.1 million reported in 3Q25. In the period, organic net revenue rose 7.6% to R$ 21,594.6 million, and organic adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) advanced 8.9%, reaching R$ 7,270.9 million, with an adjusted EBITDA margin of 33.7%.
Total consolidated organic volume remained practically stable, with a 0.8% increase in 3Q26, totaling 42,385.0 thousand hectoliters. Volume growth came from NAB Brazil, up 3.6%; Central America and the Caribbean (CAC), up 2.3%; and Beer Brazil, up 0.5%, offsetting declines in Canada, down 1.0%, and Latin America South (LAS), down 1.4%. Net revenue grew in all operations, with organic increases of 21.4% in LAS, 8.1% in CAC, 6.3% in NAB Brazil, 4.8% in Beer Brazil and 1.2% in Canada.
Reported consolidated net income in 3Q26 was R$ 4,366.3 million, down 10.2% versus 3Q25, while adjusted earnings per share came in at R$ 0.28, up 15.4%. According to the company, the increase in adjusted net income was driven mainly by the growth in adjusted EBITDA and lower net financial expenses, partially offset by higher income tax expense.
Cash flow from operating activities totaled R$ 7,677.9 million in 3Q26, an 11.0% increase compared to the R$ 6,919.0 million in the same period of 2025, reflecting above all the growth in adjusted EBITDA and the improvement in working capital dynamics. The cash and cash equivalents position at the end of September 2026 was R$ 19,188.2 million, versus total consolidated debt of R$ 2,714.8 million, resulting in a net cash position of R$ 19,199.4 million.
On October 28, 2026, the Board of Directors approved a new share buyback program for shares issued by the company itself, which allows for the acquisition of up to 190,000,000 common shares, to be executed within up to 18 months. Considering the closing price of ABEV3 on October 28, 2026, the maximum volume of the program amounts to approximately R$ 2.9 billion. The main stated objective is the cancellation of the acquired shares, with any remaining shares potentially being held in treasury, sold, or used in share-based payment plans.
