Ambev S.A 6-K, filed Oct 29, 2026

Ambev S.A. (ABEV)

6-K 2026-10-29 For: 2026-09-30

Added on October 29, 2026

About this 6-K

Ambev S.A filed this 6-K on October 29, 2026.

Ambev reported nine-month 2026 net sales of 64,207,969 thousand Brazilian Reais and net income of 11,726,558 thousand Brazilian Reais; it completed its share buyback in August 2026 for R$ 3,333 million, and the Board approved cancellation of 279,000,000 common shares. AI summary

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INTERIM CONSOLIDATED BALANCE SHEET	1
INTERIM CONSOLIDATED INCOME STATEMENT	4
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	5
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	6
1. CORPORATE INFORMATION	9
2. BASIS OF PREPARATION AND PRESENTATION OF THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS	11
3. SUMMARY OF MATERIAL ACCOUNTING POLICIES	12
4. USE OF ESTIMATES AND JUDGMENTS	14
5. CASH AND CASH EQUIVALENTS AND INVESTMENT SECURITIES	14
6. INVENTORIES	15
7. RECOVERABLE TAXES	16
8. INCOME TAX AND SOCIAL CONTRIBUTION	16
9. PROPERTY, PLANT AND EQUIPMENT	19
10. TRADE PAYABLES	22
11. INTEREST-BEARING LOANS AND BORROWING	22
12. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS	23
13. CHANGES IN EQUITY	28
14. SEGMENT REPORTING	32
15. NET SALES	36
16. OTHER OPERATING INCOME/(EXPENSES)	36
17. EXCEPTIONAL ITEMS	36
18. FINANCIAL RESULTS	37
19. SHARE-BASED PAYMENTS	37
20. FINANCIAL INSTRUMENTS AND RISKS	39
21. COLLATERAL, CONTRACTUAL COMMITMENTS TO SUPPLIERS, ADVANCES FROM CUSTOMERS AND OTHERS	48
22. RELATED PARTIES	49
23. EVENTS AFTER THE REPORTING PERIOD	50

Assets	Note	09/30/2026	12/31/2025

Cash and cash equivalents	5.1	19,188,249	18,638,228
Investment securities	5.2	2,725,865	1,681,692
Trade receivables		6,253,951	6,351,608
Derivative financial instruments	20	689,633	769,212
Inventories	6	9,982,779	10,520,090
Recoverable taxes	7	1,680,689	3,623,379
Other assets		2,384,168	1,911,942
		42,905,334	43,496,151

Assets held for sale	1.3.4	247,666	379,445
Current assets		43,153,000	43,875,596

Investment securities	5.2	90,930	123,256
Derivative financial instruments	20	1,910	8,904
Recoverable taxes	7	10,987,380	10,149,140
Deferred tax assets	8.1	8,542,226	8,404,412
Other assets		1,811,563	1,784,707
Employee benefits		23,896	29,936
Long term assets		21,457,905	20,500,355

Investments in associates and joint ventures		1,166,876	485,792
Property, plant and equipment	9	25,299,791	27,644,317
Intangible assets		10,426,615	11,042,703
Goodwill		40,070,512	41,538,388

Non-current assets		98,421,699	101,211,555

Total assets		141,574,699	145,087,151

Equity and liabilities	Note	09/30/2026	12/31/2025

Trade payables	10	21,176,116	23,742,835
Derivative financial instruments	20	894,255	925,127
Interest-bearing loans and borrowing	11	997,097	1,167,325
Payroll and social security payables		2,504,973	2,200,729
Dividends and interest on capital payables		4,119,652	4,927,786
Income tax and social contribution payable		1,076,218	1,437,314
Taxes and contributions payable		4,457,359	6,003,145
Other liabilities, including obligations related to the acquisition of non-controlling interest		4,836,592	4,623,681
Provisions	12.1	662,412	571,365
Current liabilities		40,724,674	45,599,307

Trade payables	10	229,992	312,959
Derivative financial instruments	20	1,056	274
Interest-bearing loans and borrowing	11	1,717,662	2,219,599
Deferred tax liabilities	8.1	3,793,425	3,912,270
Income tax and social contribution payable		498,468	713,614
Taxes and contributions payable		695,319	659,665
Other liabilities		3,739	4,307
Provisions	12.1	722,981	877,690
Employee benefits		1,745,436	2,012,685
Non-current liabilities		9,408,078	10,713,063

Total liabilities		50,132,752	56,312,370

Equity	13
Issued capital		58,308,102	58,275,079
Reserves		104,939,226	108,003,463
Carrying value adjustments		(83,543,857)	(78,364,503)
Retained earnings/(losses)		11,192,252	-
Equity attributable to Ambev’s shareholders		90,895,723	87,914,039
Non-controlling interest		546,224	860,742
Total equity		91,441,947	88,774,781

Total equity and liabilities		141,574,699	145,087,151

		Nine-month period ended:		Three-month period ended:
	Note	2026	2025	2026	2025

Net sales	15	64,207,969	63,434,834	21,594,570	20,847,262
Cost of sales		(31,170,344)	(31,111,860)	(10,588,297)	(10,120,005)
Gross profit		33,037,625	32,322,974	11,006,273	10,727,257

Distribution expenses		(8,064,311)	(8,016,710)	(2,594,372)	(2,559,668)
Commercial expenses		(6,405,190)	(6,162,739)	(2,067,645)	(1,919,906)
Administrative expenses		(4,238,455)	(4,270,205)	(1,446,408)	(1,355,011)
Other operating income/(expenses)	16	2,048,384	1,768,182	683,196	567,129
Exceptional items	17	(37,346)	772,901	(42,983)	845,476
Income from operations		16,340,707	16,414,403	5,538,061	6,305,277

Finance income⁽ⁱ⁾	18	1,822,919	1,451,356	627,023	389,716
Finance expenses ⁽ⁱ⁾	18	(3,184,600)	(3,142,210)	(992,688)	(1,143,102)
Other net financial results ⁽ⁱ⁾	18	(493,358)	(1,225,506)	53,276	(332,607)
Net financial results		(1,855,039)	(2,916,360)	(312,389)	(1,085,993)

Share of results of associates and joint ventures		33,439	(8,130)	22,768	(5,392)
Income before income tax		14,519,107	13,489,913	5,248,440	5,213,892

Income tax expenses	8.2	(2,792,549)	(2,030,978)	(882,125)	(350,172)
Net income		11,726,558	11,458,935	4,366,315	4,863,720

Attributable to:
Equity holders of Ambev		11,400,571	11,156,796	4,245,393	4,745,128
Non-controlling interest		325,987	302,139	120,922	118,592

Basic earnings per share – common – R$		0.7349	0.7141	0.2754	0.3041
Diluted earnings per share – common – R$		0.7321	0.7109	0.2743	0.3028

	Nine-month period ended:		Three-month period ended:
	2026	2025	2026	2025

Net income	11,726,558	11,458,935	4,366,315	4,863,720

Items that may be subsequently reclassified to profit or loss:
Exchange differences on the translation of foreign operations (gains/(losses))
Investment hedges – obligations related to the acquisition of a non-controlling interest	5,151	122,029	1,262	47,607
Gains/losses on translation of other foreign operations	(5,374,507)	(10,713,752)	(682,116)	(3,482,641)
Gains/losses on translation of foreign operations	(5,369,356)	(10,591,723)	(680,854)	(3,435,034)

Cash flow hedge – gains/(losses)
Recognized in equity (Hedge reserve)	219,267	(924,368)	229,256	(102,234)
Reclassified from equity (hedge reserve) to profit or loss	(132,696)	(587,838)	(89,782)	(65,683)
Total cash flow hedge	86,571	(1,512,206)	139,474	(167,917)

Items that will not be reclassified to profit or loss:
Re-measurements of post-employment benefits	890	(537)	49	499

Other comprehensive (loss)/income	(5,281,895)	(12,104,466)	(541,331)	(3,602,452)

Total comprehensive (loss)/income	6,444,663	(645,531)	3,824,984	1,261,268

Attributable to:
Equity holders of Ambev	6,245,134	(798,971)	3,640,641	1,166,716
Non-controlling interest	199,529	153,440	184,343	94,552

		Attributable to the equity holders of Ambev
		Issued capital	Capital reserves	Profit reserves	Retained earnings	Carrying value adjustments	Total	Non-controlling interest	Total equity
At January 1, 2025	Note	58,226,036	55,336,410	53,637,019	-	(68,557,326)	98,642,139	938,375	99,580,514

Net Income		-	-	-	11,156,796	-	11,156,796	302,139	11,458,935

Comprehensive income:
Gains/(losses) on cumulative translation adjustment [CTA]	13.4	-	-	-	-	(10,440,425)	(10,440,425)	(151,298)	(10,591,723)
Cash flow hedges	13.4	-	-	-	-	(1,514,838)	(1,514,838)	2,632	(1,512,206)
Actuarial gains/(losses)	13.4	-	-	-	-	(504)	(504)	(33)	(537)
Total comprehensive income		-	-	-	11,156,796	(11,955,767)	(798,971)	153,440	(645,531)
Capital increase	13.1	49,660	-	-	-	-	49,660	(28,007)	21,653
Effects of the application of IAS 29 (hyperinflation)		-	-	-	1,725,302	-	1,725,302	(3,065)	1,722,237
Gains/(losses) of controlling interest	13.4	-	-	-	-	1,828	1,828	(1,774)	54
Taxes on deemed dividends		-	-	-	-	(62,230)	(62,230)	-	(62,230)
Dividends	13.3	-	-	(496,600)	(5,502,126)	-	(5,998,726)	(313,121)	(6,311,847)
Share buybacks, results from treasury shares and share-based payments	13.2	-	(1,569,433)	-	-	-	(1,569,433)	1,112	(1,568,321)
Statute-barred /(additional) dividends		-	-	-	37,866	-	37,866	-	37,866
Others		-	-	-	11,728	(11,728)	-	(45,983)	(45,983)
At September 30, 2025		58,275,696	53,766,977	53,140,419	7,429,566	(80,585,223)	92,027,435	700,977	92,728,412

	Name of note in the 2025 annual financial statements	Note number
(a)	Payroll and related benefits	9
(b)	Additional information on cost of sales and operating expenses by nature	10
(c)	Earnings per share	12
(d)	Goodwill	15
(e)	Impairment of non-financial assets	16
(f)	Intangibles	17
(g)	Trade receivables	20
(h)	Employee benefits	24

	Name of note in the 2025 annual financial statements	Note
(a)	Basis of preparation and presentation of the interim consolidated financial statements	2
(b)	Summary of material accounting policies	3
(c)	Use of estimates and judgments	4
(d)	Income tax and social contribution	13
(f)	Changes in equity	22
(g)	Interest-bearing loans and borrowing	23
(h)	Share-based payments	25
(i)	Provisions, contingent liabilities and contingent asset	27
(j)	Financial instruments and risks	28
(k)	Related parties	30

			Closing rate		Average rate
					Nine-month period ended:
Currency	Name	Country	09/30/2026	12/31/2025	09/30/2026	09/30/2025

ARS	Argentinian Peso	Argentina	0.0034	0.0038	0.0034	0.0048
BOB	Bolivian Peso	Bolivia	0.4310	0.7906	0.6326	0.8206
CAD	Canadian Dollar	Canada	3.6528	4.0187	3.7381	4.0801
CLP	Chilean Peso	Chile	0.0053	0.0061	0.0057	0.0059
GTQ	Quetzal	Guatemala	0.6794	0.7185	0.6768	0.7426
USD	US Dollar	Panamá	5.1809	5.5024	5.1782	5.7111
PYG	Guarani	Paraguay	0.0009	0.0008	0.0008	0.0007
DOP	Dominican Peso	Dominican Republic	0.0862	0.0869	0.0859	0.0932
UYU	Uruguayan Peso	Uruguay	0.1286	0.1409	0.1307	0.1370

	09/30/2026	12/31/2025

Cash	67,741	33,360
Current bank accounts	5,508,190	7,824,261
Short-term bank deposits ⁽ⁱ⁾	13,612,318	10,780,607
Net cash and cash equivalents	19,188,249	18,638,228

	09/30/2026	12/31/2025

Financial assets at fair value through profit or loss	2,725,865	1,667,391
Investments in debt securities ⁽ⁱ⁾	-	14,301
Current assets	2,725,865	1,681,692

Investments in debt securities	90,930	123,256
Non-current assets	90,930	123,256

Total	2,816,795	1,804,948

	09/30/2026	12/31/2025

Finished goods	3,719,584	3,218,469
Work in progress	708,487	619,904
Raw materials and consumables	4,581,644	5,297,699
Spare parts and others	784,287	865,375
Inventory in transit and prepayments	293,055	629,705
Impairment losses	(104,278)	(111,062)
	9,982,779	10,520,090

	09/30/2026	12/31/2025
Balance at the end of the previous year	(111,062)	(141,046)
Effects of cumulative translation adjustments (CTA)	8,392	6,911
Restructuring of subsidiaries ⁽ⁱ⁾	6,432	4,007
Provisions	(123,967)	(195,476)
Write-offs/reversal of provisions	115,927	214,542
Balance at the end of the period	(104,278)	(111,062)

	09/30/2026	12/31/2025
Exclusion of ICMS from PIS/COFINS ⁽ⁱ⁾	186,769	436,593
PIS/COFINS	149,408	143,553
ICMS	463,525	407,345
IPI	106,951	120,665
Income tax and social contributions	718,672	2,480,759
Other	55,364	34,464
Current	1,680,689	3,623,379

Exclusion of ICMS from PIS/COFINS ⁽ⁱ⁾	7,408,012	7,118,090
PIS/COFINS	7,766	28,315
ICMS	281,085	320,380
Income tax and social contributions	3,117,930	2,455,452
Other	172,587	226,903
Non-current	10,987,380	10,149,140

Total	12,668,069	13,772,519

At December 31, 2025	4,492,142
Investment hedges – obligations related to the acquisition of a non-controlling interest	(5,000)
Cash flow hedge – gains/(losses)	(24,181)
Gains/(losses) on cumulative translation adjustments [CTA]	(240,482)
Recognized in other comprehensive income	(269,663)
Recognized in the income statement	814,731
Changes recognized directly in the balance sheet	(288,409)
Recognized in deferred tax	(293,076)
Effects of the application of IAS 29 (hyperinflation)	(293,076)
Recognized in the other balance sheet group	4,667
At September 30, 2026	4,748,801

		Nine-month period ended:		Three-month period ended:
	Note	2026	2025	2026	2025

Net income		11,726,558	11,458,935	4,366,315	4,863,720
Adjustments:
Depreciation, amortization and impairment		4,824,460	5,015,001	1,689,843	1,599,347
Impairment losses on receivables and inventory		165,078	200,657	63,457	61,573
Additions to/(reversals of) provisions and employee benefits		116,701	274,822	61,073	75,245
Net financial results	18	1,855,039	2,916,360	312,389	1,085,993
Losses/(gains) on sales of property, plant and equipment and intangible assets	16	(96,129)	(71,948)	(33,574)	(9,870)
Losses/(gains) on sales of operations in subsidiaries and associates		(81,352)	(884,467)	4,951	(884,467)
Share-based payment expenses	19.3	304,777	306,106	114,222	99,999
Income tax expenses	8.2	2,792,549	2,030,978	882,125	350,172
Share of results of associates and joint ventures		(33,439)	8,130	(22,768)	5,392
Hedge operations	20.3	(247,110)	(794,848)	(130,163)	(97,392)
Cash flow from operating activities before changes in working capital		21,327,132	20,459,726	7,307,870	7,149,712

(Increase)/decrease in trade and other receivables		411,583	784,361	(250,490)	(136,982)
(Increase)/decrease in inventories		(200,895)	(35,871)	262,185	519,315
Increase/(decrease) in trade and other payables		(3,679,719)	(6,665,001)	1,051,941	311,273
Cash generated from operations		17,858,101	14,543,215	8,371,506	7,843,318

Interest paid		(453,105)	(607,173)	(97,168)	(227,871)
Interest received		1,248,338	986,178	455,740	336,721
Dividends received		139,263	21,992	27,117	14,980
Income tax paid		(3,242,332)	(3,745,856)	(1,079,250)	(1,048,162)
Cash flow from operating activities		15,550,265	11,198,356	7,677,945	6,918,986

Proceeds from sales of property, plant and equipment and intangible assets		116,696	105,129	38,588	38,415
Acquisitions of property, plant and equipment and intangible assets		(2,479,756)	(2,960,298)	(1,133,024)	(1,043,944)
Sale/(acquisition) and others related to subsidiaries and associates, net of cash		(1,894,881)	201,611	57,250	241,824
Investments in short-term debt securities and net proceeds/(acquisitions) of debt securities		(1,092,965)	(268,856)	(1,045,836)	(411,267)
Net proceeds/(acquisitions) of other assets		(1,086)	6,713	(718)	4,979
Cash flow from/(used in) investing activities		(5,351,992)	(2,915,701)	(2,083,740)	(1,169,993)

Capital increases(reduction)/ in associates and subsidiaries		35,604	(3,704)	64,427	27
Proceeds from/(buybacks of) treasury shares		(3,333,022)	(1,831,123)	(680,408)	-
Acquisitions of non-controlling interest		-	(23)	-	-
Proceeds from borrowing		40,587	9,514	14,912	(41,168)
Repayments of borrowing		(133,646)	(131,248)	(30,329)	(39,835)

	09/30/2026	12/31/2025
Property, plant and equipment	22,916,912	24,617,947
Right of use assets	2,382,879	3,026,370
	25,299,791	27,644,317

										Carrying amount
	At December 31, 2024	Cumulative translation adjustments (CTA)	Effects of the application of IAS 29 (hyperinflation)	Acquisitions	Depreciation	Disposals and write-offs	Transfers	Subsidiary Restructuring ⁽ⁱ⁾	At December 31, 2025	Acquisition cost	Depreciation	Total
Land and buildings	11,129,846	(1,089,380)	411,668	12,150	(463,596)	(45,497)	754,751	(118,667)	10,591,275	16,710,784	(6,119,509)	10,591,275
Plant and equipment	12,555,289	(1,085,314)	358,182	375,785	(3,756,473)	(23,935)	2,997,705	(134,001)	11,287,238	47,729,517	(36,442,279)	11,287,238
Fixtures and accessories	927,840	(60,495)	12,817	113,453	(476,269)	(8,377)	385,549	(5,448)	889,070	7,896,162	(7,007,092)	889,070
Under construction	2,521,564	(181,846)	63,867	3,613,877	-	-	(4,175,390)	8,292	1,850,364	1,850,364	-	1,850,364
Total	27,134,539	(2,417,035)	846,534	4,115,265	(4,696,338)	(77,809)	(37,385)	(249,824)	24,617,947	74,186,827	(49,568,880)	24,617,947

	09/30/2026	12/31/2025

Secured bank loans	17,580	18,831
Other secured loans	120,024	135,510
Lease liabilities	859,493	1,012,984
Current liabilities	997,097	1,167,325

Secured bank loans	63,291	80,870
Other secured loans	152,770	176,067
Lease liabilities	1,501,601	1,962,662
Non-current liabilities	1,717,662	2,219,599

Total	2,714,759	3,386,924

		Rate %
Lease Term	09/30/2026	12/31/2025
2026 - 2030	12.56%	12.23%
2031 - 2040	13.31%	12.94%

	Tax on sales	Labor	Civil	Other taxes	Restructuring ⁽ⁱ⁾	Total
Balance at December 31, 2024	325,906	195,110	372,021	214,206	4,572	1,111,815
CTA effect	-	(1,955)	(7,372)	(7,435)	(301)	(17,063)
Constituted provisions	423,011	285,111	273,018	275,282	23,348	1,279,770
Consumed provisions	(129,832)	(211,490)	(165,833)	(42,501)	(22,511)	(572,167)

Reversed provisions	(93,989)	(49,884)	(174,778)	(34,649)	-	(353,300)
Balance at December 31, 2025	525,096	216,892	297,056	404,903	5,108	1,449,055
CTA effect	-	(848)	(2,117)	(2,268)	(369)	(5,602)
Constituted provisions	62,839	203,070	49,075	55,825	2,067	372,876
Consumed provisions	(62,673)	(122,065)	(27,950)	(8,646)	(6,243)	(227,577)
Reversed provisions	(108,446)	(67,998)	(22,168)	(4,747)	-	(203,359)
Balance at September 30, 2026	416,816	229,051	293,896	445,067	563	1,385,393

	09/30/2026		09/30/2025
Shareholder	Thousands of common shares	%	Thousands of common shares	%
Interbrew International GmbH	8,441,666	54.53%	8,441,666	53.57%
Ambrew S.A.R.L.	1,287,686	8.32%	1,287,740	8.17%
Fundação Zerrenner	1,609,987	10.40%	1,609,987	10.21%
Market (free float)	4,077,148	26.32%	4,253,041	26.98%
Treasury shares	68,178	0.44%	169,205	1.07%
	15,484,665	100.00%	15,761,639	100.00%

	Capital Reserves
	Treasury shares	Share Premium	Other capital reserves	Share-based Payments	Total
Balance at January 1, 2025	(1,332,743)	53,662,811	700,898	2,305,444	55,336,410
Gains/(losses) of controlling interest	-	-	-	-	-
Share buybacks, results from treasury shares, and share-based payments	(1,737,943)	-	-	168,510	(1,569,433)
Balance at September 30, 2025	(3,070,686)	53,662,811	700,898	2,473,954	53,766,977

	Acquisition/(realization of shares)		Results from treasury shares	Total treasury shares
	Thousands of shares	Thousands of Brazilian Reais	Thousands of shares	Thousands of Brazilian Reais
Balance at January 1, 2025	29,807	(365,626)	(967,117)	(1,332,743)
Share Buyback	146,902	(1,831,123)	-	(1,831,123)
Share-Based Payment	(7,504)	87,081	-	87,081
Results from shares	-	-	6,099	6,099
Balance at September 30, 2025	169,205	(2,109,668)	(961,018)	(3,070,686)

	Profit reserves
	Investment reserve	Legal reserve	Fiscal incentives	Total
Balance at January 1, 2025	36,125,152	4,456	17,507,411	53,637,019
Declared dividends	(496,600)	-	-	(496,600)
Balance at September 30, 2025	35,628,552	4,456	17,507,411	53,140,419

Event	Approval	Type	Date of payment	Year	Type of share	Amount per share	Total amount
Board of Directors’ Meeting	05/04/2026	Interest on capital	until 12/31/2026	2026	ON	0.0449	694,639
Board of Directors’ Meeting	07/29/2026	Interest on capital	until 12/31/2026	2026	ON	0.0713	1,099,198
							1,793,837

	Carrying value adjustments
	Translation reserves	Cash flow hedge	Actuarial gains/ (losses)	Gains/(losses) of non-controlling interest’s share	Other movements	Business combination	Accounting adjustments for transactions between shareholders	Total
Balance at January 1, 2025	6,121,951	1,248,882	(602,521)	74,007	(94,246)	156,091	(75,461,490)	(68,557,326)
Gains/(losses) on cumulative translation adjustments [CTA]	(10,440,425)	-	-	-	-	-	-	(10,440,425)
Cash flow hedges	-	(1,514,838)	-	-	-	-	-	(1,514,838)
Actuarial gains/(losses)	-	-	(504)	-	-	-	-	(504)
Total comprehensive income	(10,440,425)	(1,514,838)	(504)	-	-	-	-	(11,955,767)
Gains/(losses) of controlling interest	-	-	-	1,828	-	-	-	1,828
Taxes on deemed dividends	-	-	-	-	(62,230)	-	-	(62,230)
Reversal of effects of the revaluation of property, plant and equipment based on the predecessor basis of accounting	-	-	(11,728)	-	-	-	-	(11,728)
Balance at September 30, 2025	(4,318,474)	(265,956)	(614,753)	75,835	(156,476)	156,091	(75,461,490)	(80,585,223)

	Brazil		CAC		Latin America – South		Canada		Consolidated
	2026	2025	2026	2025	2026	2025	2026	2025	2026	2025

Net sales	37,458,940	35,036,473	7,128,390	8,180,388	12,299,787	12,323,230	7,320,852	7,894,743	64,207,969	63,434,834
Cost of sales	(18,565,354)	(17,488,790)	(3,017,403)	(3,711,118)	(6,546,349)	(6,586,284)	(3,041,238)	(3,325,668)	(31,170,344)	(31,111,860)
Gross profit	18,893,586	17,547,683	4,110,987	4,469,270	5,753,438	5,736,946	4,279,614	4,569,075	33,037,625	32,322,974
Distribution expenses	(4,595,928)	(4,484,098)	(580,748)	(652,491)	(1,642,863)	(1,548,919)	(1,244,772)	(1,331,202)	(8,064,311)	(8,016,710)
Sales and marketing expenses	(3,840,925)	(3,514,447)	(512,752)	(571,257)	(1,191,152)	(1,219,905)	(860,361)	(857,130)	(6,405,190)	(6,162,739)
Administrative expenses	(2,912,126)	(2,713,495)	(268,367)	(331,789)	(616,247)	(680,110)	(441,715)	(544,811)	(4,238,455)	(4,270,205)
Other operating income/(expenses)	2,010,843	1,741,445	(11,415)	2,871	34,788	32,197	14,168	(8,331)	2,048,384	1,768,182
Exceptional items⁽ⁱ⁾	(18,941)	(21,100)	66,829	878,202	(82,658)	(68,305)	(2,576)	(15,896)	(37,346)	772,901
Income from operations	9,536,509	8,555,988	2,804,534	3,794,806	2,255,306	2,251,904	1,744,358	1,811,705	16,340,707	16,414,403
Net financial results									(1,855,039)	(2,916,360)
Share of results of associates and joint ventures									33,439	(8,130)
Income before income tax									14,519,107	13,489,913
Income tax expenses									(2,792,549)	(2,030,978)
Net income									11,726,558	11,458,935

Acquisitions of property, plant and equipment	1,548,349	2,117,829	374,543	310,522	383,890	380,126	172,974	151,821	2,479,756	2,960,298

	nine-month period ended September 30:						three-month period ended September 30:
	Brazil						Brazil
	Beer		NAB		Total		Beer		NAB		Total
	2026	2025	2026	2025	2026	2025	2026	2025	2026	2025	2026	2025

Net sales	30,889,997	28,667,586	6,568,943	6,368,887	37,458,940	35,036,473	10,138,906	9,677,215	2,213,831	2,083,111	12,352,737	11,760,326
Cost of sales	(15,038,684)	(13,870,464)	(3,526,670)	(3,618,326)	(18,565,354)	(17,488,790)	(4,991,756)	(4,749,679)	(1,232,493)	(1,151,091)	(6,224,249)	(5,900,770)
Gross profit	15,851,313	14,797,122	3,042,273	2,750,561	18,893,586	17,547,683	5,147,150	4,927,536	981,338	932,020	6,128,488	5,859,556
Distribution expenses	(3,640,105)	(3,516,969)	(955,823)	(967,129)	(4,595,928)	(4,484,098)	(1,172,329)	(1,156,559)	(305,761)	(296,190)	(1,478,090)	(1,452,749)
Sales and marketing expenses	(3,470,457)	(3,162,525)	(370,468)	(351,922)	(3,840,925)	(3,514,447)	(1,098,530)	(973,582)	(124,443)	(135,946)	(1,222,973)	(1,109,528)
Administrative expenses	(2,574,093)	(2,375,850)	(338,033)	(337,645)	(2,912,126)	(2,713,495)	(865,504)	(781,894)	(114,087)	(111,644)	(979,591)	(893,538)
Other operating income/(expenses)	1,685,394	1,387,714	325,449	353,731	2,010,843	1,741,445	556,526	467,100	108,694	98,761	665,220	565,861
Exceptional items	(18,941)	(21,100)	-	-	(18,941)	(21,100)	(7,960)	(3,801)	-	-	(7,960)	(3,801)
Income from operations	7,833,111	7,108,392	1,703,398	1,447,596	9,536,509	8,555,988	2,559,353	2,478,800	545,741	487,001	3,105,094	2,965,801
Net financial results					(1,495,879)	(1,511,736)					(414,172)	(539,582)
Share of results of associates and joint ventures					(719)	(8,057)					2,224	(5,286)
Income before income tax					8,039,911	7,036,195					2,693,146	2,420,933
Income tax expenses					(873,181)	23,080					(143,798)	313,099
Net income					7,166,730	7,059,275					2,549,348	2,734,032

Thousand restricted shares	09/30/2026	09/30/2025

Restricted and performance stocks outstanding at January	100,828	120,417
New restricted and performance stocks during the period	9,659	16,273
Restricted and performance stocks vested during the period	(8,978)	(10,990)
Restricted and performance stocks forfeited during the period	(5,934)	(5,068)
Restricted and performance stocks outstanding at the end of the period	95,575	120,632

Thousand options	09/30/2026	09/30/2025

Options outstanding at January 1	60,191	72,466
Options exercised during the period	(818)	-
Options forfeited during the period	(2,256)	(1,847)
Options outstanding at the end of the period	57,117	70,619

In R$ per share	09/30/2026	09/30/2025

Options outstanding on January 1	18.91	18.26
Options forfeited during the period	18.39	18.16
Options exercised during the period	16.34	-
Options outstanding at the end of the period	18.24	19.92
Options exercisable at the end of the period	18.24	19.92

Financial instrument items	Note	09/30/2026	12/31/2025
Assets
Amortized cost
Cash and cash equivalents	5.1	19,188,249	18,638,228
Trade receivables excluding prepaid expenses		9,395,076	8,987,257
Investment securities	5.2	90,930	137,557
Subtotal		28,674,255	27,763,042
Fair value through profit or loss
Investment securities	5.2	2,725,865	1,667,391
Derivatives hedges	20.2	691,543	778,116
Subtotal		3,417,408	2,445,507
Total assets		32,091,663	30,208,549

Liabilities
Amortized cost
Trade payables	10	21,406,108	24,055,794
Interest-bearing loans and borrowing	11	2,714,759	3,386,924
Other liabilities		3,587,363	3,473,785
Subtotal		27,708,230	30,916,503
Fair value through profit or loss
Obligations related to the acquisition of non-controlling interest ⁽ⁱ⁾		1,252,968	1,154,203
Derivatives hedges	20.2	895,311	925,401
Subtotal		2,148,279	2,079,604
Total liabilities		29,856,509	32,996,107

		Notional Value
Hedge position	Risk	2026	2027	Total

Forecast purchases of raw materials and packaging materials.		8,275,568	10,213,877	18,489,445
	Commodity price component	1,401,312	4,059,307	5,460,619
	Foreign exchange component - U.S. Dollars	6,874,256	6,154,570	13,028,826

Expected imports of fixed assets		27,390	55,894	83,284
	Foreign exchange component - U.S. Dollars	27,390	55,894	83,284

Expected operating expenses		16,938	64,363	81,301
	Foreign exchange component - U.S. Dollars	16,938	64,363	81,301

Financial assets		(2,201,829)	-	(2,201,829)
	Foreign exchange component - U.S. Dollars	(2,201,829)	-	(2,201,829)
		6,118,067	10,334,134	16,452,201

		Fair Value
Hedge position	Risk	2026	2027	Total

Forecast purchases of raw materials and packaging materials.		(159,416)	(52,786)	(212,202)
	Commodity price component	266,910	44,333	311,243
	Foreign exchange component - U.S. Dollars	(426,326)	(97,119)	(523,445)

Expected imports of fixed assets		(4,104)	(2,668)	(6,772)
	Foreign exchange component - U.S. Dollars	(4,104)	(2,668)	(6,772)

Expected operating expenses		(2,996)	(1,679)	(4,675)
	Foreign exchange component - U.S. Dollars	(2,996)	(1,679)	(4,675)

Financial assets		19,881	-	19,881
	Foreign exchange component - U.S. Dollars	19,881	-	19,881
		(146,635)	(57,133)	(203,768)