Ambev S.A. Q3 2026 Earnings Recap

Ambev shares fell 7.0% after earnings, despite growth in revenue and EBITDA. The likely concern is slowing Brazil beer volume growth: it decelerated from 5% in Q2 to 0.5% in Q3, while management described the consumer environment as challenging.

Key Takeaways

• Q3 total volumes grew 0.8%, net revenue 7.6%, and normalized EBITDA 8.9%; normalized EPS rose 15.4%.
• Brazil beer volumes grew 0.5% in Q3, down from 5% in Q2. Across the two quarters, volume growth was 2.7%; Ambev said sellout grew approximately 3.5% over the same period.
• Management cited sequential improvement in Brazil beer market share, with gains in on- and off-trade, particularly in premium and zero-alcohol; mainstream share was broadly stable.
• LAS, CAC, and Canada delivered EBITDA growth ahead of net revenue with margin expansion. Canada also expanded market share despite a soft industry.
• Premium volumes grew at a high-teens rate in Brazil beer; balanced choices more than doubled, and no-alcohol beer grew in the 40s in Q3.