Q2 2026 Ambev SA Earnings Call Transcript
Key Points
- Ambev SA (ABEV) reported strong Q2 2026 results with beer volumes growing mid-single digits and consolidated net revenue up 6%.
- Normalized EBITDA grew 9% with 80 basis points of margin expansion, driven by disciplined cost management and revenue management.
- Premium beer segment continued to be a key growth engine, growing nearly 20% and reaching approximately 25% of beer volumes in Brazil.
- Digital ecosystem (BEES) showed strong progress, with marketplace GMV growing around 60% in both Q2 and the first half of 2026.
- Normalized EPS grew 24% in Q2, and operating cash flow reached one of the highest first-half levels at R$8 billion.
- Brazil NAB (non-alcoholic beverages) volumes declined 4.4% in Q2, with recovery taking longer than expected.
- Adverse weather conditions in Brazil, with below-average temperatures, partially offset the positive demand impact from the FIFA World Cup.
- Bolivia experienced a double-digit volume decline due to temporary social unrest and road blockades disrupting operations.
- The company faces a tough comparison base for bonus accruals in the second half of 2026 due to lower volumes in 2025.
- Elevated household debt levels in Brazil remain a point of concern for consumer spending on the category.
Good afternoon and thank you for waiting. We would like to welcome everyone to OnDev's 2026 second quarter conference call.
Today with us, we have Mr. Carlos Lisboa, OnDev's CEO and Mr. Guilherme Fleuri, CFO and Investor Relations Officer.
As a reminder, this conference presentation is available for download on our website ri.ondev.com.pr as well as through the webcast link.
We would like to inform you that this event is being recorded and all participants will be in listen-only mode during the company's presentation. After Bev's remarks are completed, there will be a Q&A session during which we kindly ask that each participating sell-side analyst ask one in one question.
Before proceeding, let me mention that forward-looking statements are being made under the safe harbor of the Securities Litigation Reform Act 1,996.
Forward-looking statements are based on the beliefs and assumptions of embedded management and on information currently available to the company. They involve risks, uncertainties, and assumptions because they relate to the future events
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
