Q3 2025 Ambev SA Earnings Call Transcript
Key Points
- Ambev SA (ABEV) reported a 7% growth in net revenue per hectoliter, contributing to a 3% increase in EBITDA and a 50 basis points margin expansion.
- The company approved a BRL2.5 billion share buyback program, demonstrating confidence in long-term value creation and commitment to returning cash to shareholders.
- Ambev SA (ABEV)'s premium and super premium brands grew in volumes by more than 9%, with the premium segment reaching nearly 50% market share in Brazil.
- The digital ecosystem, including Ze Delivery and marketplace initiatives, showed strong performance with GMV growth of 100% and 7% respectively.
- Cost initiatives and disciplined cost management led to an expansion of gross margin, with cash COGS per hectoliter growing below net revenue per hectoliter.
- Industry volumes remained softer than expected, particularly in Brazil, impacting overall performance.
- The beer industry in Brazil faced challenges due to colder weather and constrained consumer purchasing power, affecting consumption occasions.
- Ambev SA (ABEV) experienced a mid-single-digit decline in beer volumes in Argentina, underperforming the industry due to unfavorable price dynamics.
- The CSD industry in Brazil saw a deceleration, with Ambev SA (ABEV)'s volumes impacted by inventory phasing and revenue management decisions.
- Higher financial expenses were reported, driven by FX hedging carry costs in Brazil and the cost of sourcing US dollars in Bolivia.
Good afternoon, and thank you for waiting. We would like to welcome everyone to Ambev's 2025 third quarter results conference call. Today with us, we have Mr. Carlos Lisboa, Ambev's CEO; and Mr. Guilherme Fleury de, CFO and Investor Relations Officer.
As a reminder, this conference presentation is available for download on our website, ir.ambev.com.br as well as through the webcast link. We would like to inform that this event is being recorded. (Operator Instructions)
Before proceeding, let me mention that forward-looking statements are being made under the Safe Harbor of the Securities Litigation Reform Act of 1996. Forward-looking statements are based on the beliefs and assumptions of Ambev's management and on information currently available to the company. They involve risks, uncertainties and assumptions because they relate to future events and therefore, depend on circumstances that may or may not occur in the future.
Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of Ambev
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