By Brazil Stock Guide – Ambev (B3: ABEV3; NYSE: ABEV) reported adjusted net income of R$ 4.619 billion in the fourth quarter of 2025, down 8.0% year-on-year, as softer volumes weighed on results despite solid pricing execution. For the full year, adjusted profit rose 1.6% to R$ 15.115 billion, while adjusted EBITDA margin expanded for the third consecutive year to 33.4%.
Total volumes declined 3.6% in 4Q25 and 3.3% in 2025, reflecting adverse weather and fewer consumption occasions. Still, net revenue grew organically 4.8% in the quarter and 4.0% in the year, supported by an 8.7% increase in revenue per hectoliter in 4Q and 7.5% in 2025, driven by premiumization and disciplined revenue management.
Adjusted EBITDA rose 1.3% organically in the quarter and 5.6% for the year, even as fourth-quarter margins were pressured by hedge timing effects tied to foreign-exchange exposure. On a reported basis, quarterly EBITDA totaled R$ 8.85 billion, with adjusted EBITDA margin at 35.7%.
In Brazil Beer, volumes fell 2.6% in the quarter, but premium and non-alcoholic segments continued to outperform, with premium brands up 17% in 2025 and non-alcoholic beer rising around 30% for the year. Digital platforms remained a structural growth lever, with BEES Marketplace GMV up 70% in 2025 and Zé Delivery’s GMV rising 13% to R$ 4.7 billion.
Operating cash flow reached R$ 24.5 billion in 2025, down 6.3% year-on-year due to working capital effects from lower volumes. The company announced approximately R$ 20 billion in shareholder returns through dividends, interest on capital and buybacks.
For 2026, management expects Brazil Beer cash cost per hectoliter (excluding depreciation and amortization) to rise between 4.5% and 7.5%, assuming current foreign-exchange and commodity prices, with an average BRL/USD hedge rate of 5.50.
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