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Equibles

6-K

Ambev S.A. (ABEV)

6-K 2025-08-01 For: 2025-06-30
View Original
Added on April 12, 2026

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of Augut, 2025

Commission File Number 1565025

AMBEV S.A.

(Exact name of registrant as specified in its charter)

AMBEV S.A.

(Translation of Registrant's name into English)

Rua Dr. Renato Paes de Barros, 1017 - 3rdFloor04530-000 São Paulo, SPFederative Republic of Brazil

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ___X___ Form 40-F _______

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No ___X____

Ambev S.A.

Interim consolidatedfinancial statements atJune 30, 2025and report on review

Report on review interim

consolidated financial statements

To the Board of Directors and Shareholders

Ambev S.A.

Introduction

We have reviewed the accompanying interim consolidated balance sheet of Ambev S.A. and its subsidiaries ("Company") as at June 30, 2025, the related interim consolidated income statement and statement of comprehensive income for the quarter and six-month periods then ended and the related interim consolidated statements of changes in equity and cash flows for the six-month period then ended, and notes, comprising a summary of material accounting policies and other explanatory information.

Management is responsible for the preparation and fair presentation of these interim consolidated financial statements in accordance with the accounting standard International Accounting Standard (IAS) 34 - Interim Financial Reporting, of the International Accounting Standards Board (IASB). Our responsibility is to express a conclusion on these interim consolidated financial statements based on our review.

Scope of review

We conducted our review in accordance with International Standards on Reviews of Interim Financial Information (ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of people responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim consolidated financial statements referred to above are not prepared, in all material respects, in accordance with IAS 34.

São Paulo, August 1, 2025

PricewaterhouseCoopers<br><br><br><br><br>Auditores Independentes Ltda.<br><br><br><br><br>CRC 2SP000160/O-5 Sergio Eduardo Zamora<br><br><br><br>Contador CRC 1SP168728/O-4
www.pwc.com.br PricewaterhouseCoopers Auditores Independentes<br> Ltda.<br><br> Avenida Brigadeiro Faria Lima, 3732, Edifício B32, 16^o^,<br><br> São Paulo, SP, Brasil, 04538-132<br><br> <br>T: +55 (11) 4004-8000
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Contents

INTERIM CONSOLIDATED BALANCE SHEET 2
INTERIM CONSOLIDATED INCOME STATEMENT 4
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 5
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 6
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS 8
1.   CORPORATE INFORMATION 9
2.   BASIS OF PREPARATION AND PRESENTATION OF THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS 10
3.   SUMMARY OF MATERIAL ACCOUNTING POLICIES 12
4.   USE OF ESTIMATES AND JUDGMENTS 13
5.   CASH AND CASH EQUIVALENTS AND INVESTMENT SECURITIES 13
6.   INVENTORIES 14
7.   RECOVERABLE TAXES 14
8.   ASSETS AND LIABILITIES HELD FOR SALE 15
9.   INCOME TAX AND SOCIAL CONTRIBUTION 16
10.   PROPERTY, PLANT AND EQUIPMENT 18
11.   GOODWILL 21
12.   TRADE PAYABLES 21
13.   INTEREST-BEARING LOANS AND BORROWING 22
14.   PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS 22
15.   CHANGES IN EQUITY 26
16.   SEGMENT REPORTING 30
17.   NET SALES 34
18.   OTHER OPERATING INCOME/(EXPENSES) 34
19.   EXCEPTIONAL ITEMS 34
20.   FINANCIAL RESULTS 35
21.   SHARE-BASED PAYMENTS 35
22.   FINANCIAL INSTRUMENTS AND RISKS 37
23.   COLLATERAL AND CONTRACTUAL COMMITMENTS TO SUPPLIERS, ADVANCES FROM CUSTOMERS AND OTHERS 45
24.   RELATED PARTIES 46
25.   EVENTS AFTER THE REPORTING PERIOD 48 
| **AMBEV S.A.** |

| --- |

INTERIM CONSOLIDATED BALANCE SHEET

All amounts in thousands of Brazilian Reais

Assets Note 06/30/2025 12/31/2024
Cash and cash equivalents 5.1 16,404,025 28,595,666
Investment securities 5.2 1,120,553 1,242,001
Trade receivables 5,086,848 6,269,863
Derivative financial instruments 22 261,499 1,218,561
Inventories 6 11,351,630 11,689,767
Recoverable taxes 7 3,736,529 3,582,275
Other assets 2,139,181 1,557,651
Assets held for sale 8 691,691 -
Current assets 40,791,956 54,155,784
Investment securities 5.2 103,503 184,454
Derivative financial instruments 22 4,849 26
Recoverable taxes 7 10,065,448 10,503,977
Deferred tax assets 9.1 8,882,165 8,691,670
Other assets 1,405,482 1,462,588
Employee benefits 27,896 70,483
Long term assets 20,489,343 20,913,198
Investments in associates and joint ventures 359,104 395,393
Property, plant and equipment 10 27,478,831 30,170,194
Intangible assets 11,357,982 12,530,712
Goodwill 11 41,680,327 44,342,668
Non-current assets 101,365,587 108,352,165
Total assets 142,157,543 162,507,949

The accompanying notes are an integral part of these interim consolidated financial statements.

| **AMBEV S.A.** |

| --- |

INTERIM CONSOLIDATED BALANCE SHEET (CONTINUED)

All amounts in thousands of Brazilian Reais

Equity and liabilities Note 06/30/2025 12/31/2024
Trade payables 12 19,883,312 25,223,522
Derivative financial instruments 22 920,976 204,721
Interest-bearing loans and borrowing 13 1,100,578 1,276,391
Payroll and social security payables 2,136,546 2,779,753
Dividends and interest on capital payables 3,812,983 8,487,242
Income tax and social contribution payable 1,659,396 1,941,540
Taxes and contributions payable 3,543,821 5,648,399
Other liabilities, including put options granted on subsidiaries 3,142,958 3,386,235
Provisions 14 536,413 440,911
Liabilities associated with assets held for sale 8 135,256 -
Current liabilities 36,872,239 49,388,714
Trade payables 12 320,323 327,706
Derivative financial instruments 22 9,767 6,720
Interest-bearing loans and borrowing 13 2,057,186 2,176,337
Deferred tax liabilities 9.1 4,219,505 5,007,711
Income tax and social contribution payable 1,199,028 1,372,387
Taxes and contributions payable 631,251 597,449
Other liabilities, including put options granted on subsidiaries 1,142,533 1,142,775
Provisions 14 478,646 670,904
Employee benefits 2,016,108 2,236,732
Non-current liabilities 12,074,347 13,538,721
Total liabilities 48,946,586 62,927,435
Equity 15
Issued capital 58,275,696 58,226,036
Reserves 106,808,173 108,973,429
Carrying value adjustments (76,937,052) (68,557,326)
Retained earnings/(losses) 4,324,819 -
Equity attributable to Ambev’s shareholders 92,471,636 98,642,139
Non-controlling interest 739,321 938,375
Total equity 93,210,957 99,580,514
Total equity and liabilities 142,157,543 162,507,949

The accompanying notes are an integral part of these interim consolidated financial statements.

| **AMBEV S.A.** |

| --- |

INTERIM CONSOLIDATED INCOME STATEMENT

For the Six and three-month periods ended June 30

All amounts in thousands of Brazilian Reais unless otherwise stated

six-month period ended: Three-month period ended:
2025 2024 2025 2024
Net sales 42,587,572 40,320,512 20,090,194 20,044,215
Cost of sales (20,991,855) (20,118,974) (10,046,123) (10,059,980)
Gross profit 21,595,717 20,201,538 10,044,071 9,984,235
Distribution expenses (5,457,042) (5,441,488) (2,580,347) (2,750,478)
Commercial expenses (4,242,833) (4,095,671) (2,172,906) (2,211,147)
Administrative expenses (2,915,194) (2,783,398) (1,426,347) (1,451,030)
Other operating income/(expenses) 1,201,053 1,112,613 585,855 519,584
Exceptional items (72,575) (29,296) (51,208) (11,727)
Income from operations 10,109,126 8,964,298 4,399,118 4,079,437
Finance income 1,344,113 1,130,481 660,565 530,731
Finance expenses (2,132,867) (1,917,545) (1,078,665) (905,076)
Other net financial results (1,041,613) (235,103) (555,885) (241,878)
Net financial results (1,830,367) (1,022,167) (973,985) (616,223)
Share of results of associates and joint ventures (2,738) (35,022) (5,457) (31,452)
Income before income tax 8,276,021 7,907,109 3,419,676 3,431,762
Income tax expenses (1,680,806) (1,651,039) (629,110) (979,874)
Net income 6,595,215 6,256,070 2,790,566 2,451,888
Attributable to:
Equity holders of Ambev 6,411,668 6,096,585 2,717,722 2,396,309
Non-controlling interest 183,547 159,485 72,844 55,579
Basic earnings per share – common – R 0.4100 0.3873 0.1742 0.1523
Diluted earnings per share – common – R 0.4081 0.3852 0.1734 0.1516

All values are in US Dollars.

The accompanying notes are an integral part of these interim consolidated financial statements.

| **AMBEV S.A.** |

| --- |

INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the Six and three-month periods ended June 30

All amounts in thousands of Brazilian Reais

six-month period ended: Three-month period ended:
2025 2024 2025 2024
Net income 6,595,215 6,256,070 2,790,566 2,451,888
Items that may be subsequently reclassified to profit or loss:
Exchange differences on the translation of foreign operations (gains/(losses))
Investment hedges – put options granted on subsidiaries 74,422 (96,686) (1,433) (59,015)
Gains/losses on translation of other foreign operations (7,231,111) 5,307,415 (2,287,174) 4,316,352
Gains/losses on translation of foreign operations (7,156,689) 5,210,729 (2,288,607) 4,257,337
Cash flow hedge – gains/(losses)
Recognized in equity (Hedge reserve) (822,134) 286,203 (385,466) 803,318
Reclassified from equity (hedge reserve) to profit or loss (522,155) (38,360) (71,331) (123,309)
Total cash flow hedge (1,344,289) 247,843 (456,797) 680,009
Items that will not be reclassified to profit or loss:
Re-measurements of post-employment benefits (1,036) 861 (1,124) (554)
Other comprehensive (loss)/income (8,502,014) 5,459,433 (2,746,528) 4,936,792
Total comprehensive (loss)/income (1,906,799) 11,715,503 44,038 7,388,680
Attributable to:
Equity holders of Ambev (1,965,687) 11,454,382 12,312 7,251,727
Non-controlling interest 58,888 261,121 31,726 136,953

The consolidated statement of comprehensive income is presented net of income tax. The income tax effects of these items are disclosed in note 9.1 –Income tax and social contribution.

The accompanying notes are an integral part of these interim consolidated financial statements.

| **AMBEV S.A.** |

| --- |

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six-month periods ended June 30

All amounts in thousands of Brazilian Reais

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, 2024 Note 58,177,929 55,479,564 43,189,840 - (77,878,043) 78,969,290 1,174,512 80,143,802
Net Income - - - 6,096,585 - 6,096,585 159,485 6,256,070
Comprehensive income:
Gains/(losses) on cumulative translation adjustment [CTA] 15.4 - - - - 5,112,045 5,112,045 98,684 5,210,729
Cash flow hedges 15.4 - - - - 244,864 244,864 2,979 247,843
Actuarial gains/(losses) 15.4 - - - - 888 888 (27) 861
Total comprehensive income - - - 6,096,585 5,357,797 11,454,382 261,121 11,715,503
Capital increase 15.1 48,107 - - - - 48,107 - 48,107
Effects of the application of IAS 29 (hyperinflation) - - - 4,463,983 - 4,463,983 9,227 4,473,210
Gains/(losses) of controlling interest 15.2 e 15.4 - 1,958 - - 512,385 514,343 (518,738) (4,395)
Taxes on deemed dividends - - - - (7,089) (7,089) - (7,089)
Dividends - - - - - - (154,147) (154,147)
Share buybacks, results from treasury shares, and share-based payments 15.2 - (201,060) - - - (201,060) 601 (200,459)
Statute-barred /(additional) dividends - - - 20,820 - 20,820 - 20,820
At June 30, 2024 58,226,036 55,280,462 43,189,840 10,581,388 (72,014,950) 95,262,776 772,576 96,035,352

The accompanying notes are an integral part of these interim consolidated financial statements.

| **AMBEV S.A.** |

| --- |

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)

For the six-month periods ended June 30

All amounts in thousands of Brazilian Reais

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 - - - 6,411,668 - 6,411,668 183,547 6,595,215
Comprehensive income:
Gains/(losses) on cumulative translation adjustment [CTA] 15.4 - - - - (7,030,017) (7,030,017) (126,672) (7,156,689)
Cash flow hedges 15.4 - - - - (1,346,338) (1,346,338) 2,049 (1,344,289)
Actuarial gains/(losses) 15.4 - - - - (1,000) (1,000) (36) (1,036)
Total comprehensive income - - - 6,411,668 (8,377,355) (1,965,687) 58,888 (1,906,799)
Capital increases/(reduction) in associates and subsidiaries 15.1 49,660 - - - - 49,660 (28,033) 21,627
Effects of the application of IAS 29 (hyperinflation) - - - 1,376,923 - 1,376,923 (4,298) 1,372,625
Gains/(losses) of controlling interest 15.4 - - - - 1,825 1,825 (1,848) (23)
Taxes on deemed dividends 15.4 - - - - (4,196) (4,196) - (4,196)
Dividends 15.3.2 - - (496,600) (3,501,638) - (3,998,238) (224,559) (4,222,797)
Share buybacks, results from treasury shares, and share-based payments 15.2 - (1,668,656) - - - (1,668,656) 796 (1,667,860)
Statute-barred /(additional) dividends - - - 37,866 - 37,866 - 37,866
At June 30, 2025 58,275,696 53,667,754 53,140,419 4,324,819 (76,937,052) 92,471,636 739,321 93,210,957

The accompanying notes are an integral part of these interim consolidated financial statements.

| **AMBEV S.A.** |

| --- |

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

For the Six and three-month periods ended June 30

All amounts in thousands of Brazilian Reais

six-month period ended: Three-month period ended:
Note 2025 2024 2025 2024
Net income 6,595,215 6,256,070 2,790,566 2,451,888
Adjustments:
Depreciation, amortization and impairment 3,415,654 3,352,178 1,702,403 1,719,851
Impairment losses on receivables and inventory 139,084 177,303 59,730 82,323
Additions to/(reversals of) provisions and employee benefits 199,577 131,043 80,482 75,270
Net financial results 20 1,830,367 1,022,167 973,985 616,223
Losses/(gains) on sales of property, plant and equipment and intangible assets 18 (62,078) (41,889) (29,488) (21,206)
Share-based payment expenses 206,107 184,482 107,141 83,192
Income tax expenses 9.2 1,680,806 1,651,039 629,110 979,874
Share of results of associates and joint ventures 2,738 35,022 5,457 31,452
Hedge operations 22 (697,456) (29,469) (111,485) (136,461)
Cash flow from operating activities before changes in working capital 13,310,014 12,737,946 6,207,901 5,882,406
(Increase)/decrease in trade and other receivables 921,343 (283,988) 208,739 (370,764)
(Increase)/decrease in inventories (555,186) (1,349,392) 457,223 (357,858)
Increase/(decrease) in trade and other payables (6,976,274) (4,373,318) (2,931,174) (1,308,550)
Cash generated from operations 6,699,897 6,731,248 3,942,689 3,845,234
Interest paid (379,302) (270,724) (141,796) (126,933)
Interest received 649,457 752,671 282,825 361,854
Dividends received 7,012 11,379 2,459 4,715
Income tax paid (2,723,052) (3,148,249) (1,036,137) (726,744)
Cash flow from operating activities 4,254,012 4,076,325 3,050,040 3,358,126
Proceeds from sales of property, plant and equipment and intangible assets 66,714 90,963 34,604 54,746
Acquisitions of property, plant and equipment and intangible assets (1,916,354) (2,043,986) (1,088,203) (1,028,091)
Sale/(acquisition) of subsidiaries, net of cash acquired (40,213) 3,559 57 3,837
Investments in short-term debt securities and net proceeds/(acquisitions) of debt securities 142,411 (909,224) 91,166 (109,548)
Net proceeds/(acquisitions) of other assets 1,734 - 1,115 -
Cash flow from/(used in) investing activities (1,745,708) (2,858,688) (961,261) (1,079,056)
Capital increases(reduction)/ in associates and subsidiaries 21,627 17,486 (2,066) -
Capital increases/(reduction) in non-controlling interest - (1,297) - (1,297)
Proceeds from/(buybacks of) treasury shares (1,831,123) (367,327) (774,602) (291,104)
Acquisitions of non-controlling interest (23) (1,716,959) - (2,930)
Proceeds from borrowing 50,682 433,243 42,919 20,352
Repayments of borrowing (91,413) (507,841) (42,243) (444,535)
Cash net of finance costs other than interest (1,650,121) (1,093,764) (810,909) (547,677)
Payments of lease liabilities (594,254) (667,318) (292,287) (346,083)
Dividends and interest on capital paid (8,691,998) (97,556) (2,080,560) (85,957)
Cash flow from/(used in) financing activities (12,786,623) (4,001,333) (3,959,748) (1,699,231)
Net increase/(decrease) in cash and cash equivalents (10,278,319) (2,783,696) (1,870,969) 579,839
Cash and cash equivalents at the beginning of the period 28,595,666 16,059,003 19,118,354 12,844,524
Effects of exchange rate fluctuations on cash and cash equivalents (1,913,322) 879,127 (843,360) 730,071
Cash and cash equivalents at the end of the period 16,404,025 14,154,434 16,404,025 14,154,434

The accompanying notes are an integral part of these interim consolidated financial statements.

| **AMBEV S.A.** |

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1. CORPORATE INFORMATION

1.1 Description of business

Ambev S.A. (referred to as the “Company” or “Ambev”) together with its subsidiaries (the “Group” or “Consolidated”), headquartered in São Paulo, São Paulo State, Brazil, has as its corporate purpose the production and sale of beer, draft beer, soft drinks, other non-alcoholic beverages, malt and food in general, either directly or through participation in other companies, as well as the advertising of both its own and of third party products, the sale of promotional and advertising materials, and the direct or indirect exploitation of bars, restaurants, snack bars and similar establishments, among others.

The Group’s main own brands are Brahma®, Skol®, Antarctica®, Original®, Quilmes®, Andes Origen®, Patricia®, Paceña®, Huari®, Pilsen®, Presidente®, Balboa®, Guaraná Antarctica® and Beats® among others. The main licensed brands by Anheuser-Busch InBev N.V. (“AB InBev”) to the Group are Budweiser®, Corona®, Spaten®, Stella Artois®, Beck’s®, Modelo®, Bud Light®, Busch® and Michelob Ultra® among others. In addition, the Company is one of the largest independent bottlers of PepsiCo in the world. The Group produces, sells and distributes in Brazil and in other countries in Latin America, products such as Pepsi®, H2OH! ®, Lipton IceTea® and the sports drink Gatorade® under a license from PepsiCo. The Group also has a licensing agreement with Red Bull® and other companies to distribute of its portifolio some sales channels and specific regions in Brazil and other markets.

The Company’s shares and American Depositary Receipts (“ADRs”) are listed on the Brasil, Bolsa, Balcão S.A. (“B3”) exchange under the ticker “ABEV3” as well as on the New York Stock Exchange (“NYSE”) under the ticker “ABEV”, respectively. The Company’s direct controlling shareholders are Interbrew International GmbH (“ITW International”), and AmBrew S.à.r.l (“Ambrew”), both of which are subsidiaries of AB InBev.

1.2 Key operating countries

The Company operates its business across four reportable segments based on the geographical zones shown below:

| **AMBEV S.A.** |

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1.3 Major corporate events in the three-month period ended June 30, 2025

1.3.1 Distribution of dividends

In a meeting held on May 07, 2025, the Board of Directors approved the distribution of dividends in the amount of R$ 0.1280 per share of the Company, based on the balances available in the extraordinary balance sheet dated as of March 31, 2025, of which the amount corresponding to the profit recorded in the period from January 1st to March 31, 2025 will be allocated to the minimum mandatory dividends for the 2025 fiscal year and the remainder will be allocated to the special profit reserve constituted in previous fiscal years, without income tax withholding, pursuant to applicable law. The aforementioned payment was made on July 07, 2025.

1.3.2 Share buybacks program

On October 30, 2024, the Board of Directors approved a share buybacks program for the repurchase of shares issued by the Company up to a limit of 155,159,038 common shares with the primary purpose of cancelation, and the shares not canceled may be held in treasury, transferred and/or used to cover any share delivery requirements contemplated in the Company’s share-based compensation plans. The buyback program has been completed on June 25, 2025, with the acquisition of all shares covered by the program, at a total cost of R$1,930,815,421. The transactions was executed through the brokerage firm SantanderCorretora de Câmbio e Valores Mobiliários S.A. and UBS Brasil CCTVM S.A..

1.3.3 Assets held for sale - SLU

On December 26, 2024, the Company's subsidiary, Cervecería Nacional Dominicana, S.A. ("CND"), and Koscab Holdings Limited ("Koscab") entered into an agreement ("Share Purchase Agreement") through which CND committed to transfer all the shares it holds in the holding company SLU Beverages LTD. ("SLU") to Koscab. The completion of the first two tranches of the operation became highly probable in June 2025. As a result, the assets and liabilities associated with SLU's operations were reclassified as assets held for sale and liabilities associated with assets held for sale in the consolidated interim financial statements for the period ended June 30, 2025, as disclosed in Note 8 - Assets and held for sale.

2. BASIS OF PREPARATION AND PRESENTATION OF THE INTERIM CONSOLIDATEDFINANCIAL STATEMENTS

The interim consolidated financial statements at June 30, 2025 have been prepared using the going concern basis of accounting and are being presented in accordance with IAS 34 – Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB®”).

The information does not meet all disclosure requirements for the presentation of full annual consolidated financial statements and are disclosed with relevant information and changes in the period, without the level of detail in certain accompanying notes previously disclosed, avoiding repetition which, in Management's view, provides sufficient understanding of the Company's equity position and performance during the interim period. Therefore, the consolidated interim financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2024, prepared in accordance with International Financial Reporting Standards (“IFRS®”) issued by the IASB®.

| **AMBEV S.A.** |

| --- |

The following notes are not disclosed in the interim consolidated financial statements:

Name of accompanying note in annual financial statements Accompanying note
(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) Impairment of non-financial assets 16
(e) Intangibles 17
(f) Trade receivables 20
(g) Employee benefits 24

In addition, the material accounting policies presented in the respective accompanying notes are not disclosed in these interim consolidated financial statements. The following notes are not in the same level of detail presented in the annual consolidated financial statements, for the year ended December 31, 2024:

Name of accompanying note in annual financial statements Accompanying 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
(e) Goodwill 15
(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

In preparing the interim consolidated financial statements, management uses judgments, estimates and assumptions that affect the application of accounting practices and the reported amounts of assets, liabilities, income and expenses. The relevant estimates and judgments are disclosed in note 4 - Use of estimates and judgments.

The interim consolidated financial statements relating to the period ended June 30, 2025 were approved by the Executive Board of Officers on July 30, 2025.

2.1 Functional and presentation currency

The functional and presentation currency of the Company interim consolidated financial statements is the Brazilian Real, which is the currency of its main economic operating environment. For presentation purposes, the interim consolidated financial statements are presented in thousands of Brazilian Reais (“R$”), unless otherwise indicated, and the balances are rounded to the nearest thousand.

| **AMBEV S.A.** |

| --- |

2.1.1 Exchange rates

The most significant exchange rates used for the preparation of the Company’s interim consolidated financial statements are as follow:

Closing rate Average rate
six-month period ended:
Currency Name Country 06/30/2025 12/31/2024 06/30/2025 06/30/2024
ARS Argentinian Peso Argentina 0.0046 0.0060 0.0052 0.0058
BBD Barbadian Dollar Barbados 2.6901 3.0525 2.8744 2.4767
BOB Bolivian Peso Bolivia 0.7841 0.8897 0.8378 0.7218
CAD Canadian Dollar Canada 3.9906 4.3037 4.1210 3.7058
CLP Chilean Peso Chile 0.0058 0.0062 0.0060 0.0054
GTQ Quetzal Guatemala 0.7059 0.8051 0.7580 0.6455
USD US Dollar Panamá and Cuba 5.4571 6.1923 5.8310 5.0241
PYG Guarani Paraguay 0.0007 0.0008 0.0007 0.0007
DOP Dominican Peso Dominican Republic 0.0908 0.1010 0.0954 0.0853
UYU Uruguayan Peso Uruguay 0.1380 0.1405 0.1366 0.1297
3. SUMMARY OF MATERIAL ACCOUNTING POLICIES

The accounting practices adopted by the Company are consistent for all the years and periods presented. There were no changes to the accounting policies or calculation methods used for the interim consolidated financial statements at June 30, 2025 compared to those used for the consolidated financial statements for the years ended December 31, 2024.

3.1 Recently issued IFRS

The following new and amended standards that came into effect in 2025 were not applicable to or did not have any material impact on these consolidated financial statements:

Standard Highlights
IAS21 - The Effects of Changes in Foreign Exchange Rates The implemented modifications foresee the application of a consistent approach when assessing whether one currency can be converted into another, along with new guidance regarding measurement and disclosure in contexts where the currency is not considered convertible.

The following are the main changes in accounting standards that, based on Management's assessment, may have an impact on the Company's disclosures in subsequent periods:

Standard Issue Date Highlights Effective  date
IFRS 18 - Presentation and Disclosure in Financial Statements April 2024 The standard aims to address investor demands for more relevant and comparable information disclosed in the financial statements of entities. IFRS 18 introduces changes to the income statement with three new categories of revenues and expenses - operating, investing, and financing - two mandatory subtotals, and changes in the grouping of balances. Additionally, it requires disclosures in the notes regarding performance measures defined by management, changes in the statement of cash flows, and new presentation requirements for expenses by nature or function. The Company is currently in the process of evaluating the impacts of adopting this standard on consolidated financial statements. Periods beginning on January 1, 2027

Beyond the above, the Company does not anticipate that any other standards or amendments to IFRS® standards or IFRIC® interpretations that have not yet come into force could have a material impact on the Group's financial statements. The Company has not opted for the early adoption of any standards.

| **AMBEV S.A.** |

| --- |

4. USE OF ESTIMATES AND JUDGMENTS

The preparation of interim consolidated financial statements in compliance with IFRS requires Management to make use of judgments, estimates and assumptions that affect both the application of accounting practices and the reported amounts of assets and liabilities, income and expenses. The estimates and significant judgment are based on past experience and on other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments regarding the carrying amounts of assets and liabilities that cannot readily be determined based on other sources. The actual results achieved may differ from these estimates.

Such estimates and assumptions are reviewed on a regular basis. Changes in accounting estimates may affect the results for the period during which they are realized, or for future periods.

The accounting policy which reflects significant estimates and judgments used in the preparation of these interim consolidated financial statements for the six-month period ended June 30, 2025 has not changed from those valid on December 31, 2024.

5. CASH AND CASH EQUIVALENTS AND INVESTMENT SECURITIES

5.1 Cash and equivalents

06/30/2025 12/31/2024
Cash 82,580 222,651
Current bank accounts 8,562,916 11,395,378
Short-term bank deposits ^(i)^ 7,758,529 16,977,637
Net cash and cash equivalents 16,404,025 28,595,666

(i) The balance refers mostly to Bank Deposit Certificates (“CDBs”), which have high liquidity, are readily convertible into known amounts of cash, and are subject to an insignificant risk of changes in value.

The cash and cash equivalents balance include the amount of R$5,469,634 at June 30, 2025 (R$8,038,817 in December 31, 2024), which is not freely remittable to the parent company due to remittance restrictions in Cuba and Argentina, and due to the unavailability of foreign currency in Bolivia, although it is available for use in the local operations of those subsidiaries.

5.2 Investment securities

06/30/2025 12/31/2024
Financial assets at fair value through profit or loss 1,106,252 1,170,496
Investments in debt securities 14,301 71,505
Current assets 1,120,553 1,242,001
Investments in debt securities ^(i)^ 103,503 184,454
Non-current assets 103,503 184,454
Total 1,224,056 1,426,455

(i) The balance refers substantially to financial investments linked to tax incentives that are not immediately convertible into a known amount of cash.

| **AMBEV S.A.** |

| --- |

6. INVENTORIES
06/30/2025 12/31/2024
--- --- ---
Finished goods 4,423,255 3,903,163
Work in progress 642,050 738,987
Raw materials and consumables 5,060,986 5,622,197
Spare parts and others 921,948 996,505
Inventory in transit and prepayments 397,552 569,961
Impairment losses (94,161) (141,046)
11,351,630 11,689,767

The changes in impairment losses on inventory are as follow:

06/30/2025 12/31/2024
Balance at the end of the previous year (141,046) (142,447)
Effects of cumulative translation adjustments (CTA) 7,638 (16,699)
Provisions (98,712) (263,999)
Write-offs/reversal of provisions 134,141 282,099
Reclassified to assets held for sale ^(i)^ 3,818 -
Balance at the end of the period (94,161) (141,046)

(i) Effect related to the reclassification of SLU's asset balances to the line of assets held for sale, as note 8 - Assets and liabilities held for sale.

7. RECOVERABLE TAXES****
06/30/2025 12/31/2024
--- --- ---
Exclusion of ICMS from PIS/COFINS ^(i)^ 271,099 307,746
PIS/COFINS 170,906 134,570
ICMS 510,442 359,875
IPI 134,148 119,599
Income tax and social contributions 2,604,058 2,582,088
Other 45,876 78,397
Current 3,736,529 3,582,275
Exclusion of ICMS from PIS/COFINS ^(i)^ 6,998,751 6,790,088
PIS/COFINS 126,102 148,140
ICMS 348,418 378,226
Income tax and social contributions 2,335,108 2,922,517
Other 257,069 265,006
Non-current 10,065,448 10,503,977
Total 13,801,977 14,086,252

(i) Over the past few years, as previously disclosed, the Company has recognized PIS/COFINS credits arising from the exclusion of ICMS, including in the form of tax substitution, from the calculation bases of these contributions. These tax credits were recorded against the recoverable taxes in the balance sheet, in the PIS/COFINS – ICMS exclusion line, as shown in the table above. The amounts that have not yet been offset substantially refer to tax credits from Regime Especialde Tributação de Bebidas Frias (“REFRI”), for the period from 2009 to 2015, in relation to which the lawsuit is currently in the expert evaluation phase.

| **AMBEV S.A.** |

| --- |

8. ASSETS AND LIABILITIES HELD FOR SALE****

As disclosed in Note 1 - Coporate Information, the Company's subsidiary, CND, and Koscab entered into a Share Purchase Agreement through which CND committed to transfer all shares it holds in SLU to Koscab, in exchange for the minimum estimated amount of US$186 million, equivalent to R$1,017 million, deferred in up to five tranches until 2028.

The SLU is the majority shareholder of Banks Holdings Limited, Saint Vincent Brewery Limited, Antigua Brewery Limited e Dominica Brewery & Beverages Limited, which are part of the reportable segment CAC.

In June 2025, after the completion of the main precedent conditions, the closing of the first two tranches became highly probable and was agreed to occur by July 31, 2025, date in which CND will transfer to Koscab 61.83% of the interest held by in SLU. In compliance with IFRS5 - Non-current Assets Held for Sale and Discontinued Operations, the assets and liabilities associated with SLU's operations were reclassified as held for sale in the period.

8.1 assets and liabilities held for sale

The relevant assets and liabilities are detailed in the tables below:

Assets 06/30/2025
Trade receivables and inventories 160,124
Property, plant and equipment and intangible assets 271,535
Goodwill 124,199
Other assets 135,833
Assets held for sale 691,691
Liabilities 06/30/2025
Trade payables and other liabilities 102,082
Dividends and interest on capital payables 33,174
Liabilities associated with assets held for sale 135,256 
| **AMBEV S.A.** |

| --- |

9. INCOME TAX AND SOCIAL CONTRIBUTION

9.1 Deferred income tax and social contribution

The amounts of deferred income tax and social contribution for each type of temporary difference are as shown below:

06/30/2025 12/31/2024
Assets Liabilities Net Assets Liabilities Net
Investment securities 7,024 - 7,024 7,299 - 7,299
Intangibles - (1,912,959) (1,912,959) - (2,141,921) (2,141,921)
Employee benefits 849,329 - 849,329 971,593 - 971,593
Trade payables 3,414,862 (2,174) 3,412,688 3,880,182 - 3,880,182
Trade receivables 36,482 (6,200) 30,282 35,098 (6,676) 28,422
Derivative financial instruments 51,975 (24,594) 27,381 37,725 (246,083) (208,358)
Interest-bearing loans and borrowings 10,174 - 10,174 8,817 - 8,817
Inventories 409,603 (96,350) 313,253 307,006 (205,882) 101,124
Property, plant and equipment 1,032,419 (2,116,376) (1,083,957) 1,189,580 (2,459,042) (1,269,462)
Withholding tax on undistributed profits and royalties - (2,441,013) (2,441,013) - (2,254,977) (2,254,977)
Investments in associates and joint ventures - (383,678) (383,678) - (383,678) (383,678)
Interest on capital 594,714 - 594,714 - - -
Tax losses carried forward ^(i)^ 4,118,990 - 4,118,990 3,849,724 - 3,849,724
Provisions 1,395,733 (2,445) 1,393,288 1,537,883 (4,542) 1,533,341
Complement of income tax of foreign subsidiaries due in Brazil - (80,582) (80,582) - - -
Impact of IFRS 16 (Leases) 3,085 (68,615) (65,530) - (47,089) (47,089)
Exclusion of ICMS from PIS/COFINS calculation basis - (82,550) (82,550) - (121,590) (121,590)
Other items 216,537 (260,731) (44,194) 289,258 (558,726) (269,468)
Gross deferred tax assets/(liabilities) 12,140,927 (7,478,267) 4,662,660 12,114,165 (8,430,206) 3,683,959
Netting by taxable entity (3,258,762) 3,258,762 - (3,422,495) 3,422,495 -
Net deferred tax assets/(liabilities) 8,882,165 (4,219,505) 4,662,660 8,691,670 (5,007,711) 3,683,959

(i) Historically, tax authorities have offset tax losses ex officio in administrative proceedings in which the Company and some of its subsidiaries are involved, resulting in an accumulated offset of R$268,602. This amount is included in the tax credits recognized under the line of tax losses carried forward. As of June 30, 2025, the amount remained unchanged since there were no new ex officio offsets during the period. The processes in question have a probability of a possible loss.

9.1.1 Realization of deferred taxes

At June 30, 2025, the deferred tax assets and liabilities expected to be utilized/settled, not related to tax losses, are: (i) to be realized until 12 months R$1,497,425; and (ii) to be realized after 12 months R$(953,755).

9.1.2 Net change in deferred taxes

The net change in deferred income tax and social contribution is as follows:

At December 31, 2024 3,683,959
Recognition of actuarial gains/(losses) 94
Investment hedges – put options granted on subsidiaries (38,338)
Cash flow hedge – gains/(losses) 435,332
Gains/(losses) on cumulative translation adjustments [CTA] 555
Recognized in other comprehensive income 397,643
Recognized in the income statement 627,245
Changes recognized directly in the balance sheet (46,187)
Recognized in deferred tax (192,593)
Effects of the application of IAS 29 (hyperinflation) (192,593)
Recognized in the other balance sheet group 146,406
At June 30, 2025 4,662,660 
| **AMBEV S.A.** |

| --- |

9.1.3 Deferred tax assets related to tax losses

Beyond the tax credits related to tax losses effectively recognized as part of the amounts disclosed above, there are other tax credits related to tax losses that were not recorded in the balance sheets due to their low expectations of realization, based on Management’s assessment. At June 30, 2025, the accumulated balance of these credits represented R$856,562 in taxable value (R$866,979 in December 31, 2024) equivalent to a taxable basis of R$3,261,137 in June 30, 2025 (R$3,310,110 in December 31, 2024).

9.2 Income tax and social contribution

The income taxes reported in the income statement are broken down as follows:

six-month period ended: Three-month period ended:
06/30/2025 06/30/2024 06/30/2025 06/30/2024
Income tax expenses – current (2,308,051) (2,112,866) (1,151,428) (1,109,704)
Deferred tax expenses on temporary differences 357,979 926,473 219,863 554,551
Deferred tax on taxes loss carryforward movements in the current period 269,266 (464,646) 302,455 (424,721)
Total deferred tax (expenses)/income 627,245 461,827 522,318 129,830
Total income tax expenses (1,680,806) (1,651,039) (629,110) (979,874)

The reconciliation between the weighted nominal tax rate and the effective tax rate is summarized below:

six-month period ended: Three-month period ended:
06/30/2025 06/30/2024 06/30/2025 06/30/2024
Profit before income tax 8,276,021 7,907,109 3,419,676 3,431,762
Adjustments to the taxable basis
Other non-taxable income (330,312) (253,909) (167,700) (123,286)
Government grants related to taxes on sales (193,898) - (96,892) -
Share of results of associates and joint ventures 2,738 35,022 5,457 31,452
Non-deductible expenses 305,269 34,800 64,652 27,885
Taxation on a universal basis and other adjustments related to foreign subsidiaries 4,993 (66,097) 70,225 (54,094)
8,064,811 7,656,925 3,295,418 3,313,719
Aggregated weighted nominal tax rate 27.58% 29.37% 27.50% 28.38%
Taxes payable – nominal rate (2,224,133) (2,249,129) (906,137) (940,439)
Adjustments to tax expenses
Income tax incentives 108,140 324,271 64,506 75,732
Deductible interest on capital 594,714 511,038 272,071 225,925
Tax savings arising from the amortization of goodwill 1,793 1,793 897 897
Withholding income tax (103,527) (409,912) (59,831) (304,732)
Recognition/(write-off) of deferred charges on tax losses (45,454) (31,425) (17,648) (109,720)
Effects of the application of IAS 29 (hyperinflation) (27,941) 57,516 (19,717) 5,224
Others with reduced taxation 15,602 144,810 36,749 67,240
Income tax and social contribution expense (1,680,806) (1,651,038) (629,110) (979,873)
Effective tax rate 20.31% 20.88% 18.40% 28.55%

The main events that impacted the effective tax rate for the period were:

· Other non-taxable income: it refers mainly to the revenues arising from<br>monetary updates (Selic) on tax credits.
· Government grants related to taxes on sales: these represent regional<br>incentives and economic development policies, primarily related to local production to generate economic and social impact. Before the<br>advent of Federal Law No. 14,789/2023, those grants were not subject to income tax and social contribution**.** In<br>this regarding, since August 2024 companies in the grouphave obtained favorable decisions, in effect since<br>then, exempting them from collecting IRPJ and CSLL on amounts determined as government grants related to tax benefits deemed as ICMS presumed<br>credits.
--- --- 
| **AMBEV S.A.** |

| --- | | · | Non-deductible expenses: primarily refer to the additional costs incurred<br>in acquiring foreign currency in certain jurisdictions where the Group operates, used for payments to some suppliers, as well as for the<br>remittance of earnings to the parent companies. | | --- | --- | | · | Taxation on a universal basis and other adjustments related to foreign<br>subsidiaries: the additional income taxes due in Brazil on the income of foreign-controlled entities, in accordance with Law No. 12,973/14.<br>It also includes local permanent adjustments to foreign companies consolidated within the group, as well as the effects arising from some<br>of these companies having a functional currency that differs from the currency used for tax calculations. | | --- | --- | | · | Income tax incentives: it refers to tax incentives related to income<br>tax granted by the Brazilian Federal Government to promote regional development in certain areas of the North and Northeast of the country<br>and to the PAT (“Programa de Alimentação do Trabalhador”). These incentives are recorded in the results on an<br>accruals basis and allocated to fiscal incentives reserve, as per item (15.3.1) "Tax incentives" within note 15 – Changesin equity. | | --- | --- | | · | Withholding income tax: this balance is related to tax due on dividends<br>to be distributed by subsidiaries located outside of Brazil under local tax legislation. The recorded amounts in 2025 are mainly related<br>to withholding tax calculated on profits earned in 2025 and to exchange differences on deferred income tax related to the undistributed<br>profits of subsidiaries. | | --- | --- | | · | Deductible interest on capital (“IOC”): under Brazilian<br>law, companies have an option to remunerate their shareholders through the payment of IOC, which is deductible for income tax purposes.<br>The amount of IOC is impacted by the taxable result, net income reserves of the Company and by the long-term interest rate (“TJLP”).<br>These remunerations are deductible for income tax purposes. | | --- | --- | | · | Effects of the application of IAS 29 (hyperinflation): the Company’s<br>subsidiary in Argentina operates in a hyperinflationary economy thus subject to the monetary correction of its non-financial assets and<br>liabilities, its equity and its statement of income, which may impact the consolidated effective tax rate, implying variation between<br>periods. | | --- | --- | | 10. | PROPERTY, PLANT AND EQUIPMENT | | --- | --- |

06/30/2025 12/31/2024
Property, plant and equipment 24,732,378 27,134,539
Right of use assets 2,746,453 3,035,655
27,478,831 30,170,194 
| **AMBEV S.A.** |

| --- |

10.1 Changes in the carrying amount ofproperty, plant, and equipment

Carrying amount
At December 31, 2023 Cumulative translation adjustments (CTA) Effects of the application of IAS 29 (hyperinflation) Acquisitions Depreciation Disposals and write-offs Transfers At December 31, 2024 Acquisition cost Depreciation
Land and buildings 9,236,261 635,379 1,165,836 38,174 (496,322) (35,129) 585,647 11,129,846 17,204,820 (6,074,974)
Plant and equipment 10,788,846 743,990 1,238,477 720,451 (3,903,666) (4,132) 2,971,323 12,555,289 49,135,917 (36,580,628)
Fixtures and accessories 1,091,672 62,277 95,292 75,467 (567,143) (21,854) 192,129 927,840 7,882,785 (6,954,945)
Under construction 2,545,949 145,861 173,090 3,415,248 - - (3,758,584) 2,521,564 2,521,564 -
Total 23,662,728 1,587,507 2,672,695 4,249,340 (4,967,131) (61,115) (9,485) 27,134,539 76,745,086 (49,610,547)
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 Reclassified to assets held for sale**^(i)^** At June 30, 2025 Acquisition cost Depreciation
Land and buildings 11,129,846 (836,337) 238,464 2,392 (241,846) (449) 203,013 (117,781) 10,377,302 16,343,280 (5,965,978)
Plant and equipment 12,555,289 (870,139) 228,290 160,288 (1,906,685) (3,300) 1,123,106 (133,063) 11,153,786 46,766,224 (35,612,438)
Fixtures and accessories 927,840 (56,340) 12,147 4,584 (220,674) (1,351) 195,518 (5,645) 856,079 7,426,707 (6,570,628)
Under construction 2,521,564 (134,758) 37,241 1,502,779 - - (1,572,891) (8,724) 2,345,211 2,345,211 -
Total 27,134,539 (1,897,574) 516,142 1,670,043 (2,369,205) (5,100) (51,254) (265,213) 24,732,378 72,881,422 (48,149,044)

(i) Effect related to the reclassification of SLU's asset balances to the line of assets held for sale, as note 8 - Assets and liabilities held for sale.

| **AMBEV S.A.** |

| --- |

10.2 Changes in the carrying amountof right-of-use assets

Carrying amount
At December 31, 2023 Cumulative translation adjustments (CTA) Effects of the application of IAS 29 (hyperinflation) Additions Depreciation Write-offs Transfers At December 31, 2024 Acquisition cost Depreciation
Buildings 1,172,266 102,809 4,152 449,236 (442,227) (46,420) (4,527) 1,235,289 3,474,376 (2,239,087)
Machinery, equipment and vehicles 1,709,257 42,094 920 796,867 (802,095) (19,431) (1,287) 1,726,325 4,124,273 (2,397,948)
Others 85,905 4,853 26,369 39,941 (75,813) (7,214) - 74,041 288,406 (214,365)
Total 2,967,428 149,756 31,441 1,286,044 (1,320,135) (73,065) (5,814) 3,035,655 7,887,055 (4,851,400)
Carrying amount
--- --- --- --- --- --- --- --- --- --- ---
At December 31, 2024 Cumulative translation adjustments (CTA) Effects of the application of IAS 29 (hyperinflation) Additions Depreciation Write-offs Reclassified to assets held for sale**^(i)^** At June 30, 2025 Acquisition cost Depreciation
Buildings 1,235,289 (55,076) 1,196 218,914 (243,615) (2,403) (383) 1,153,922 3,475,257 (2,321,335)
Machinery, equipment and vehicles 1,726,325 (21,002) (186) 189,666 (368,561) (15,854) - 1,510,388 4,227,042 (2,716,654)
Others 74,041 (5,652) 2,156 42,842 (31,244) - - 82,143 256,994 (174,851)
Total 3,035,655 (81,730) 3,166 451,422 (643,420) (18,257) (383) 2,746,453 7,959,293 (5,212,840)

(i) Effect related to the reclassification of SLU's asset balances to the line of assets held for sale, as note 8 - Assets and liabilities held for sale.

| **AMBEV S.A.** |

| --- | | 11. | GOODWILL | | --- | --- |

06/30/2025 12/31/2024
Balance at the end of the previous year 44,342,668 38,003,640
Effects of cumulative translation adjustments (CTA) (3,090,020) 3,723,544
Effects of the application of IAS 29 (hyperinflation) 537,340 2,628,891
Acquisitions/(write-offs) 14,538 (13,407)
Reclassified to assets held for sale ^(i)^ (124,199) -
Balance at the end of the year 41,680,327 44,342,668

(i) Effect related to the reclassification of SLU's asset balances to the line of assets held for sale, as note 8 - Assets and liabilities held for sale.

Impairment testing

The impairment test is performed annually considering the most accurate estimates calculated by Management. The Company’s Management has not identified any relevant indications of impairment in the six-month period ended June 30, 2025.

12. TRADE PAYABLES
06/30/2025 12/31/2024
Trade payables 18,987,312 24,042,927
Related parties 896,000 1,180,595
Current 19,883,312 25,223,522
Trade payables 80,751 69,368
Related parties 239,572 258,338
Non-current 320,323 327,706
Total 20,203,635 25,551,228

The present value adjustment related to the obligations recorded in trade payables, at June 30, 2025 is R$218,885 million (R$210,694 million at December 31, 2024).

The subsidiaries in Argentina, Chile, and Panama have discount transactions for duplicates with endorsement (trade payables securitization) with vendors in the amount of R$68,910 million at June 30, 2025 (R$76,230 million at December 31, 2024). In general, the above-mentioned discount transactions occur as a result of legal impositions existing in these jurisdictions. These transactions maintain their commercial characteristics since there are no changes to the previously established conditions (amount, terms, and counterpart), and it is the vendor’s choice to anticipate its receivables, and therefore these transactions do not result in any additional obligations for the Company.

| **AMBEV S.A.** |

| --- | | 13. | INTEREST-BEARING LOANS AND BORROWING | | --- | --- |

06/30/2025 12/31/2024
Secured bank loans 21,559 18,481
Other secured loans 152,975 145,150
Lease liabilities 926,044 1,112,760
Current liabilities 1,100,578 1,276,391
Secured bank loans 80,870 96,940
Other secured loans 218,364 227,089
Lease liabilities 1,757,952 1,852,308
Non-current liabilities 2,057,186 2,176,337
Total 3,157,764 3,452,728

Additional information regarding the exposure of the Company to interest rates, foreign currency risk and debt repayment schedule is disclosed in note 22 - Financial instruments and risks.

13.1 Contractual clauses (covenants)

At June 30, 2025, at December 31, 2024, and up to the date of issuance of these consolidated financial statements, no events of default, breaches of covenants, or significant contractual changes occurred that would result in changes to the payment terms of loan and financing agreements.

13.2 Leasing contracts regarding the term and discountrate (Brazil)

The Company estimated the discount rates based on the risk-free interest rates observable in the Brazilian market over the terms of its contracts, adjusted to its reality (i.e. the credit 'spreads'). These spreads are based on surveys conducted with financial institutions. The table below highlights the weighted average of the rates applied, considering the terms of the existing contracts:

Rate %
Lease Term 06/30/2025
2025 - 2029 11.49%
2030 - 2035 11.48%
14. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
--- ---

The Company and its subsidiaries are involved in administrative and judicial proceedings and arbitrations arising from the normal course of business. The assessment of the likelihood of loss, carried out by the Company with the support of its legal advisors, considers the likelihood of the Company position being accepted at the end of the proceedings, considering the applicable legislation, the case law on the subject and the existing evidence. Due to their nature, these proceedings involve inherent uncertainties, including, but not limited to, decisions by courts and tribunals agreements between the parties involved and governmental actions and, as a result, Management cannot, at this stage, estimate the precise timing to conclude such proceedings.

14.1 Provisions

The lawsuits considered probable of loss are fully provisioned, under the terms of IAS 37 - Provisions, Contingent Liabilities and Contingent Assets, and have a tax, civil or labor nature. Cases are considered likelihood of loss when there is established or binding case law unfavorable to the position defended by the Company and its subsidiaries, or, in the case of factual or evidentiary disputes, when the Company and its subsidiaries do not have the necessary and sufficient evidence to prove the claimed right.

| **AMBEV S.A.** |

| --- |

14.1.1 Main lawsuits with a probable likelihood of loss

Taxes on sales: in Brazil, the Company and its subsidiaries are parties to various administrative and judicial proceedings related to ICMS, IPI, PIS and COFINS taxes, considered as probable likelihood of loss. Such proceedings include, among others, tax offsetting, appropriation of tax credits and alleged insufficient payment of the respective taxes.

Labor: the Company and its subsidiaries are parties to labor lawsuits considered likely to result in loss, involving former employees, including those from outsourced service providers. The main issues involve overtime and related effects and respective charges.

Civil: the Company and its subsidiaries are involved in civil proceedings considered as representing a probable likelihood of loss. The most relevant portion of these lawsuits was filed by former distributors, mainly in Brazil, mostly claiming damages resulting from the termination of their contracts with the Company.

Other taxes: refer to provisions for lawsuits concerning taxes unrelated to sales or income taxation. The uncertain tax treatments related to income taxes with a prognosis of probable loss have their value reported directly in the income tax and social contribution payable line, as per IFRIC 23 - Uncertaintyon the Treatment of Income Taxes.

14.1.2 Provisions changes

Tax on sales Labor Civil Other taxes Restructuring Total
Balance at December 31, 2023 282,172 149,937 340,177 202,447 3,270 978,003
CTA effect - 1,285 305 12,416 654 14,660
Constituted provisions 148,661 294,740 144,887 39,769 24,754 652,811
Consumed provisions (33,554) (205,810) (89,949) (19,695) (24,106) (373,114)
Reversed provisions (71,373) (45,042) (23,399) (20,731) - (160,545)
Balance at December 31, 2024 325,906 195,110 372,021 214,206 4,572 1,111,815
CTA effect - (1,397) (2,662) (7,174) (335) (11,568)
Constituted provisions 112,084 108,228 47,138 27,460 14,135 309,045
Consumed provisions (23,290) (72,593) (105,514) (7,820) (14,045) (223,262)
Reversed provisions (21,632) (28,481) (108,691) (12,167) - (170,971)
Balance at June 30, 2025 393,068 200,867 202,292 214,505 4,327 1,015,059

14.1.3 Expected settlement of provisions

06/30/2025 12/31/2024
Current Non-current Total Current Non-current Total
Tax on sales 252,506 140,562 393,068 158,717 167,189 325,906
Labor 62,051 138,816 200,867 55,700 139,410 195,110
Civil 166,740 35,552 202,292 188,357 183,664 372,021
Other taxes 50,789 163,716 214,505 33,565 180,641 214,206
Total provision for disputes and litigation 532,086 478,646 1,010,732 436,339 670,904 1,107,243
Restructuring 4,327 - 4,327 4,572 - 4,572
Total provisions 536,413 478,646 1,015,059 440,911 670,904 1,111,815

The expected settlement of provisions was based on Management’s best estimate, in line with their internal and external legal advisors’ assessments, at the consolidated balance sheet date.

| **AMBEV S.A.** |

| --- |

14.2 Contingencies

The Company and its subsidiaries maintain administrative and judicial disputes with fiscal authorities in Brazil related to certain tax positions adopted when calculating the income tax and social contribution, which, based on Management’s current evaluation, probably are going to be accepted in superior court decisions of last instance, considering the regular compliance with tax laws, case law, and evidence produced, in line with IFRIC 23 - Uncertainty over Income Tax Treatments. The Group is also part on tax proceedings related to other taxes, which involve possible loss risk, according to Management's assessment. To these uncertain tax treatments and possible contingencies there are no constituted provision, due to the prognosis assessment carried out. Such proceedings represent the following estimates.

06/30/2025 12/31/2024
Income tax and social contribution 69,758,784 65,174,567
Value-added and excise duties 28,160,430 28,139,743
PIS and COFINS 1,795,420 2,032,464
Others 2,636,262 2,552,048
102,350,896 97,898,822

Contingencies with a remote risk of loss are not disclosed, as the possibility of any settlement is remote, in accordance with IAS 37 - Provisions, Contingent Liabilities and Contingent Assets.

The Company and its subsidiaries have guarantee-insurance bonds and letters of guarantee for some legal proceedings, presented as guarantees on civil, labor and tax lawsuits.

14.2.1 Main contingencies with a possible risk of loss

The changes in the amount of contingencies reported relate mainly to the increase resulting from monetary restatement. In addition, the main process classified with a possible loss probability, which relevant changed until June 30, 2025, are summarized in the table below, along with their respective estimated values involved in the cases.

Uncertainty over the treatment of income taxes<br><br> <br>In accordance with IFRIC 23 (note 9.1 - Income tax and social contribution) Estimates<br><br> <br>(in million of Brazilian Reais)
# Description of the main processes 06/30/2025 12/31/2024
1 Disallowance of tax paid abroad<br><br> <br>Since 2014, the Company has been receiving tax assessments, relating to<br> calendar years from 2007 onwards, which disallow the use of foreign tax credits relating to income tax paid abroad by its controlled companies.<br> The Company is challenging these assessments in the administrative and judicial courts. In November 2019, a final favorable decision was<br> issued by the Administrative Council of Tax Appeals (“CARF”) canceling the assessment regarding one of the cases, covering<br> the calendar year 2010. For cases involving calendar years 2015 and 2016, the Company received unfavorable decisions, in the administrative<br> level, in three out of four cases. The Company filed a lawsuit to discuss the matter and awaits a decision by the first-instance judicial<br> court. In July 2024, the Lower Administrative Court rendered a favorable decision to the Company in one case related to the 2012 calendar<br> year (approximately R$1.4 billion). The Company awaits the notification of the decision in order to assess, together with its external<br> advisors, any potential impacts on the likelihood of loss of this portion of the contingency. In January 2025, the Company received new assessments related to the 2019 calendar year and submitted administrative defenses, which are pending judgment. The other cases<br> are still awaiting final decisions at both administrative and judicial courts.<br><br> <br>In connection with the disallowance of tax paid abroad, the RFB filed additional<br> tax assessments to charge isolated fines due to the lack of monthly prepayments of income tax as a result of allegedly undue deductions<br> of taxes paid abroad. The Company has received tax assessments charging such fines for the calendar years 2015 to 2019. For the tax assessments<br> related to the periods of 2016, 2018 and 2019, Ambev received unfavorable decisions from the first-level administrative court and filed<br> appeals in connection therewith, which are pending judgment by the Lower Administrative Court. In August 2024, for the tax assessments<br> related to the periods of 2015 and 2017, Ambev received an unfavorable decision by the Lower Administrative Court for the case related<br> to the calendar year of 2015, against which it filed an appeal to the Upper Administrative Court, and a favorable decision for the case<br> related to the calendar year of 2017, which is not final and appealed by the tax authorities.<br><br> <br>The updated assessed value of this uncertain tax treatment, in accordance<br> with IFRIC 23 - Uncertainty over Income Tax Treatments, is approximately R$18.2 billion as of June 30, 2025 (R$15.9 billion<br> as of December 31, 2024), and, due to the assessment of the likelihood of loss, no provision was made in the period. This uncertain tax<br> treatment, according to IFRIC, regarding income tax credits paid abroad, continued to be applied by the Company and impacted subsequent<br> calendar years to those assessed (2018, 2020-2024). If new questions arise in the future, on the same basis and with the same grounds<br> as the tax assessments mentioned, the Company estimates that the outcome of these potential new discussions would be consistent with the<br> periods already assessed. 18,232 15,932 
| **AMBEV S.A.** |

| --- | | | Indirect taxes | Estimates<br><br> <br>(in million of Brazilian Reais) | | | --- | --- | --- | --- | | # | Description of the main process | 06/30/2025 | 12/31/2024 | | 1 | ICMS-ST Trigger<br><br> <br>Over the years, Ambev has received tax assessments to charge supposed ICMS<br> differences considered due when the price of the products sold by Ambev is above the fixed price table basis established by the relevant<br> states, cases in which the state tax authorities contend that the calculation basis should be based on a value-added percentage over the<br> actual prices and not the fixed table price. Ambev is currently challenging those charges before the courts. The cases are being challenged<br> at both the administrative and judicial levels. In February 2025, the Supreme Court rendered its judgment on Topic 816, establishing a limit of 20% for late payment fines. This decision is applicable to certain cases under consideration and represents a reclassification of potential loss from possible to remote, amounting to 0.8 billion reais. A Company estimates that the total updated amount of possible<br> risk involved in the processes related to this matter, as of June 30, 2025, is approximately R$11.3 billion (R$12 billion on December<br> 31st, 2024). | 11,334 | 11,966 |

14.2.2 Tax Proceeding Initiated by the Group

The Company is also a party on other tax proceedings in which it is the plaintiff and discusses the possibility of recovering or avoiding the payment of taxes that, in the Administration's view, lack constitutional and/or legal support for their enforcement. As disclosed on the accounting policy, the Company does not recognize contingent assets in its financial statements. If the inflow of economic benefits becomes probable, based on a forecast assessment conducted by external legal advisors in conjunction with the internal assessment of the Administration, the Company discloses the contingent asset. When the inflow of economic benefits becomes virtually certain, such as when a final judgment is rendered in the case and the gain can be reliably estimated, the asset is no longer contingent, and the Company recognizes it in the financial statements in period in which the estimate has changes.

The contingent assets with relevant changed until June 30, 2025, are summarized in the table below.

Contingent assets
# Description of the main processes
1 Cerbuco Brewing Inc. arbitration<br><br> <br>Cerbuco Brewing Inc. (“Cerbuco”), a Canadian subsidiary of Ambev,<br> owns a 50% equity ownership in Cerveceria Bucanero S.A. (“Bucanero”), a joint venture in Cuba. In 2021, Cerbuco initiated<br> an arbitration proceeding at the International Chamber of Commerce (“ICC”), relating to a potential breach of certain obligations<br> in connection with the joint venture. On 24 October 2024, the ICC released an arbitration award partially favorable to Cerbuco. The decision<br> is final and the second phase of the arbitration for quantification of damages is ongoing. In May 2025, Cerbuco was notified of an annulment<br> action filed by Coralsa (its partner in the joint venture) in Paris, against the arbitral award. The proceedings are ongoing, and no decision<br> has been rendered in the case to date. The outcome of both proceedings which may trigger other actions, including reevaluating IFRS 10<br> - Consolidated Financial Statements application. 
| **AMBEV S.A.** |

| --- | | 15. | CHANGES IN EQUITY | | --- | --- |

15.1 Issued capital

At June 30, 2025, the authorized issued capital, fully subscribed and paid in amounting to R$58,275,696 (R$58,226,036 in June 30, 2024) was composed of 15,761,639 common shares (15,757,657 in June 30, 2024), book entry, nominative, without nominal value, distributed as follows:

06/30/2025 06/30/2024
Shareholder Thousands of common shares % Thousands of common shares %
Interbrew International GmbH 8,441,666 53.56% 8,441,665 53.57%
Ambrew S.A.R.L. 1,287,700 8.17% 1,287,671 8.17%
Fundação Zerrenner 1,609,987 10.21% 1,609,987 10.22%
Market (free float) 4,252,857 26.98% 4,386,859 27.84%
Treasury shares 169,429 1.07% 31,475 0.20%
15,761,639 100.00% 15,757,657 100.00%
06/30/2025 06/30/2024
--- --- --- --- ---
Thousands of common shares Thousands of Real Thousands of common shares Thousands of Real
Opening balance 15,757,657 58,226,036 15,753,833 58,177,929
Capital increase ^(i)^ 3,982 49,660 3,824 48,107
Balance at the end of the period 15,761,639 58,275,696 15,757,657 58,226,036

(i) Capital increase related to the issue of shares, under Company’s share-based payment programs.

15.2 Capital reserves

Capital Reserves
Treasury shares Share Premium Other capital reserves Share-based Payments Total
Balance at January 1, 2024 (1,011,949) 53,662,811 700,898 2,127,804 55,479,564
Gains/(losses) of controlling interest - - - 1,958 1,958
Share buybacks, results from treasury shares, and share-based payments (328,202) - - 127,142 (201,060)
Balance at June 30, 2024 (1,340,151) 53,662,811 700,898 2,256,904 55,280,462
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
Share buybacks, results from treasury shares, and share-based payments (1,740,750) - - 72,094 (1,668,656)
Balance at June 30, 2025 (3,073,493) 53,662,811 700,898 2,377,538 53,667,754 
| **AMBEV S.A.** |

| --- |

15.2.1 Share buyback and treasury shares results

Treasury shares represent the Company’s own issued shares which have been reacquired by the Company, and the results of treasury shares relate to gains and losses on share-based payment transactions and others. The changes in treasury shares are as follow:

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, 2024 4,384 (63,095) (948,854) (1,011,949)
Changes during the year 27,091 (325,274) (2,928) (328,202)
Balance at June 30, 2024 31,475 (388,369) (951,782) (1,340,151)
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)
Changes during the year 139,622 (1,746,830) 6,080 (1,740,750)
Balance at June 30, 2025 169,429 (2,112,456) (961,037) (3,073,493)

15.2.2 Share-based payment

Different share-based payment programs allow the Group’s senior Management to acquire shares in the Company (note 21 – Share-based payments). The share-based payment reserve recorded a charge of R$206,107 on June 30, 2025 (R$187,704 at June 30, 2024).

15.3 Net income reserves

Profit reserves
Investment reserve Legal reserve Fiscal incentives Total
Balance at January 1, 2024 25,786,098 4,456 17,399,286 43,189,840
Balance at June 30, 2024 25,786,098 4,456 17,399,286 43,189,840
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
Dividends (496,600) - - (496,600)
Balance at June 30, 2025 35,628,552 4,456 17,507,411 53,140,419

There was no change in profit reserves in the second quarter of 2024 and of 2025.

15.3.1 Tax incentives

The tax incentives recognized by the Company in its net equity, in the profit reserves account, relate to industrial development programs that aim at the fostering of employment generation, increasing of regional decentralization, in addition to complementing and diversifying the industrial bases of some regions and states in Brazil. In these states, the grace periods and terms are set out in normative acts issued by the respective states, and when there are conditions for obtaining these grants, they are under the Company’s control. The tax treatment of states incentives complies with the provisions of current federal, state and municipal legislation, in particular Complementary Federal Law No. 160/2017 and by Convênio CONFAZ No. 190/2017. With the revocation of Article 30 of Federal Law No. 12,973/14 by Federal Law No. 14,789/23, the State tax incentives under the nature of presumed ICMS credits ceased to be allocated to the tax incentive reserve, starting from 2024. The other federal and state tax incentives continue to be recognized as reserve.

| **AMBEV S.A.** |

| --- |

15.3.2 Interest on capital/dividends

Event Approval Type Date of payment Year Type of share Amount per share Total amount
Board of Directors’ Meeting 02/25/2025 Dividends 04/04/2025 2025 ON 0.1276 1,997,499
Board of Directors’ Meeting 7/5/2025 Dividends 07/07/2025 2025 ON 0.1280 2,000,739
3,998,238

Distribution dividends–February/2025 resolution: on meeting held on February 25, 2025, the Board of Directors approved the distribution of dividends at a rate of R$0.1276 per share of the Company, based on the available balances in the balance sheet of January 31, 2025, which were treated as part of the mandatory minimum dividends for the 2025 fiscal year and the remainder was allocated to the Investments Reserve constituted in previous fiscal years. The payment of dividends was made on April 04, 2025.

Distribution dividends–May/2025 resolution: on meeting held on May 07, 2025, the Board of Directors approved the distribution of dividends at a rate of R$0.1280 per share of the Company, based on the available balances in the balance sheet of March 31, 2025, which were treated as part of the mandatory minimum dividends for the 2025 The payment of dividends was made on July 07, 2025.

| **AMBEV S.A.** |

| --- |

15.4 Carrying value adjustments

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, 2024 (2,458,382) 697,825 (678,235) (81,172) (64,503) 156,091 (75,449,667) (77,878,043)
Comprehensive income:
Gains/(losses) on cumulative translation adjustments [CTA] 5,112,045 - - - - - - 5,112,045
Cash flow hedges - 244,864 - - - - - 244,864
Actuarial gains/(losses) - - 888 - - - - 888
Total comprehensive income 5,112,045 244,864 888 - - - - 5,357,797
Gains/(losses) of controlling interest 385,670 (578) (1,174) 128,467 - - - 512,385
Taxes on deemed dividends - - - - (7,089) - - (7,089)
Balance at June 30, 2024 3,039,333 942,111 (678,521) 47,295 (71,592) 156,091 (75,449,667) (72,014,950)
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)
Comprehensive income:
Gains/(losses) on cumulative translation adjustment [CTA] (7,030,017) - - - - - - (7,030,017)
Cash flow hedges - (1,346,338) - - - - - (1,346,338)
Actuarial gains/(losses) - - (1,000) - - - - (1,000)
Total comprehensive income (7,030,017) (1,346,338) (1,000) - - - - (8,377,355)
Gains/(losses) of controlling interest - - - 1,825 - - - 1,825
Taxes on deemed dividends - - - - (4,196) - - (4,196)
Balance at June 30, 2025 (908,066) (97,456) (603,521) 75,832 (98,442) 156,091 (75,461,490) (76,937,052) 
| **AMBEV S.A.** |

| --- | | 16. | SEGMENT REPORTING | | --- | --- | | (a) | Reportable segments six-month period ended on June 30,: | | --- | --- | | | Brazil | | CAC | | Latin America – South | | Canada | | Consolidated | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | | Net sales | 23,276,147 | 22,927,426 | 5,441,498 | 4,894,691 | 8,831,284 | 8,010,571 | 5,038,643 | 4,487,824 | 42,587,572 | 40,320,512 | | Cost of sales | (11,588,020) | (11,604,180) | (2,502,219) | (2,304,286) | (4,777,639) | (4,277,792) | (2,123,977) | (1,932,716) | (20,991,855) | (20,118,974) | | Gross profit | 11,688,127 | 11,323,246 | 2,939,279 | 2,590,405 | 4,053,645 | 3,732,779 | 2,914,666 | 2,555,108 | 21,595,717 | 20,201,538 | | Distribution expenses | (3,031,349) | (3,129,226) | (444,846) | (426,021) | (1,128,412) | (1,052,159) | (852,435) | (834,082) | (5,457,042) | (5,441,488) | | Sales and marketing expenses | (2,404,919) | (2,407,814) | (382,630) | (357,809) | (873,188) | (864,844) | (582,096) | (465,204) | (4,242,833) | (4,095,671) | | Administrative expenses | (1,819,957) | (1,802,274) | (237,761) | (214,251) | (485,450) | (434,355) | (372,026) | (332,518) | (2,915,194) | (2,783,398) | | Other operating income/(expenses) | 1,175,584 | 1,105,611 | (2,900) | 6,171 | 16,382 | (7,589) | 11,987 | 8,420 | 1,201,053 | 1,112,613 | | Exceptional items | (17,299) | (6,837) | (4,824) | (4,160) | (34,397) | (4,791) | (16,055) | (13,508) | (72,575) | (29,296) | | Income from operations | 5,590,187 | 5,082,706 | 1,866,318 | 1,594,335 | 1,548,580 | 1,369,041 | 1,104,041 | 918,216 | 10,109,126 | 8,964,298 | | Net financial results | | | | | | | | | (1,830,367) | (1,022,167) | | Share of results of associates and joint ventures | | | | | | | | | (2,738) | (35,022) | | Income before income tax | | | | | | | | | 8,276,021 | 7,907,109 | | Income tax expenses | | | | | | | | | (1,680,806) | (1,651,039) | | Net income | | | | | | | | | 6,595,215 | 6,256,070 | | Acquisitions of property, plant and equipment | 1,402,121 | 1,289,070 | 188,337 | 247,124 | 233,738 | 404,022 | 92,158 | 103,770 | 1,916,354 | 2,043,986 |

| **AMBEV S.A.** |

| --- |

(continued)

Brazil CAC Latin America – South Canada Consolidated
06/30/2025 12/31/2024 06/30/2025 12/31/2024 06/30/2025 12/31/2024 06/30/2025 12/31/2024 06/30/2025 12/31/2024
Segment assets 57,398,142 57,775,680 15,093,285 16,742,086 23,273,536 28,247,805 17,555,959 18,394,281 113,320,922 121,159,852
Inter-segment eliminations (3,351,641) (4,607,706)
Non-segmented assets ^(i)^ 32,188,262 45,955,803
Total assets 142,157,543 162,507,949
Segment liabilities 25,407,205 34,429,339 5,695,605 6,814,181 5,233,053 9,146,093 4,554,521 4,976,576 40,890,384 55,366,189
Inter-segment eliminations (3,351,632) (4,607,698)
Non-segmented liabilities ^(i)^ 104,618,791 111,749,458
Total liabilities 142,157,543 162,507,949

(i) The balance of non-segmented assets relate refers mainly to cash and cash equivalents, taxes and investments. The balance of non-segmented liabilities refers mainly to equity, taxes and derivatives.

Non-current assets attributed to Brazil (country of domicile of the Company) and to Canada amounted to R$44,501,839 and R$14,782,864, respectively at June 30, 2025 (R$44,725,285 and R$16,131,204, respectively, at December 31, 2024). The net revenue attributable to the Company's operations in Argentina amounted to R$4,394,929 in the six-month period ended June 30, 2025 (R$4,700,052 as of June 30, 2024), and the segmented non-current assets related to the same country totaled R$10,756,346 for the same period ended June 30, 2025 (R$12,576,758 as of December 31, 2024).

| **AMBEV S.A.** |

| --- | | (b) | Reportable segments – three-month period ended on June 30,: | | --- | --- | | | Brazil | | CAC | | Latin America – South | | Canada | | Consolidated | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | | Net sales | 11,020,777 | 11,215,508 | 2,784,574 | 2,579,989 | 3,295,172 | 3,608,650 | 2,989,671 | 2,640,068 | 20,090,194 | 20,044,215 | | Cost of sales | (5,596,371) | (5,654,302) | (1,244,640) | (1,216,596) | (1,943,746) | (2,086,939) | (1,261,366) | (1,102,143) | (10,046,123) | (10,059,980) | | Gross profit | 5,424,406 | 5,561,206 | 1,539,934 | 1,363,393 | 1,351,426 | 1,521,711 | 1,728,305 | 1,537,925 | 10,044,071 | 9,984,235 | | Distribution expenses | (1,452,275) | (1,513,462) | (221,114) | (225,692) | (456,678) | (559,285) | (450,280) | (452,039) | (2,580,347) | (2,750,478) | | Sales and marketing expenses | (1,273,405) | (1,301,291) | (193,938) | (188,869) | (375,472) | (464,506) | (330,091) | (256,481) | (2,172,906) | (2,211,147) | | Administrative expenses | (908,143) | (980,634) | (124,208) | (119,737) | (214,674) | (203,709) | (179,322) | (146,950) | (1,426,347) | (1,451,030) | | Other operating income/(expenses) | 590,325 | 517,106 | (11,478) | 802 | 4,557 | 929 | 2,451 | 747 | 585,855 | 519,584 | | Exceptional items | (7,598) | (2,028) | (2,311) | (3,339) | (25,244) | (3,155) | (16,055) | (3,205) | (51,208) | (11,727) | | Income from operations | 2,373,310 | 2,280,897 | 986,885 | 826,558 | 283,915 | 291,985 | 755,008 | 679,997 | 4,399,118 | 4,079,437 | | Net financial results | | | | | | | | | (973,985) | (616,223) | | Share of results of associates and joint ventures | | | | | | | | | (5,457) | (31,452) | | Income before income tax | | | | | | | | | 3,419,676 | 3,431,762 | | Income tax expenses | | | | | | | | | (629,110) | (979,874) | | Net income | | | | | | | | | 2,790,566 | 2,451,888 |

The net revenue attributable to the Company's operations in Argentine amount to R$1,377,488 billion in the three-month period ended June 30, 2025 (R$2,142,509 billion in the three-month period ended June 30, 2024).

| **AMBEV S.A.** |

| --- | | (c) | Additional information – by business unit – six and three-month periods ended on June<br>30,: | | --- | --- | | | Six-month period ended June 30: | | | | | | Three-month period ended June 30: | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Brazil | | | | | | Brazil | | | | | | | | Beer | | NAB | | Total | | Beer | | NAB | | Total | | | | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | | Net sales | 18,990,371 | 18,998,921 | 4,285,776 | 3,928,505 | 23,276,147 | 22,927,426 | 8,989,614 | 9,311,412 | 2,031,163 | 1,904,096 | 11,020,777 | 11,215,508 | | Cost of sales | (9,120,785) | (9,427,629) | (2,467,235) | (2,176,551) | (11,588,020) | (11,604,180) | (4,413,494) | (4,615,153) | (1,182,877) | (1,039,149) | (5,596,371) | (5,654,302) | | Gross profit | 9,869,586 | 9,571,292 | 1,818,541 | 1,751,954 | 11,688,127 | 11,323,246 | 4,576,120 | 4,696,259 | 848,286 | 864,947 | 5,424,406 | 5,561,206 | | Distribution expenses | (2,360,410) | (2,531,669) | (670,939) | (597,557) | (3,031,349) | (3,129,226) | (1,138,921) | (1,235,661) | (313,354) | (277,801) | (1,452,275) | (1,513,462) | | Sales and marketing expenses | (2,188,943) | (2,171,366) | (215,976) | (236,448) | (2,404,919) | (2,407,814) | (1,157,287) | (1,176,806) | (116,118) | (124,485) | (1,273,405) | (1,301,291) | | Administrative expenses | (1,593,956) | (1,566,929) | (226,001) | (235,345) | (1,819,957) | (1,802,274) | (794,596) | (857,406) | (113,547) | (123,228) | (908,143) | (980,634) | | Other operating income/(expenses) | 920,614 | 897,452 | 254,970 | 208,159 | 1,175,584 | 1,105,611 | 459,781 | 422,397 | 130,544 | 94,709 | 590,325 | 517,106 | | Exceptional items | (17,299) | (6,837) | - | - | (17,299) | (6,837) | (7,598) | (2,028) | - | - | (7,598) | (2,028) | | Income from operations | 4,629,592 | 4,191,943 | 960,595 | 890,763 | 5,590,187 | 5,082,706 | 1,937,499 | 1,846,755 | 435,811 | 434,142 | 2,373,310 | 2,280,897 | | Net financial results | | | | | (972,154) | (696,131) | | | | | (469,695) | (244,958) | | Share of results of associates and joint ventures | | | | | (2,771) | (33,901) | | | | | (5,457) | (30,500) | | Income before income tax | | | | | 4,615,262 | 4,352,674 | | | | | 1,898,158 | 2,005,439 | | Income tax expenses | | | | | (290,019) | (315,576) | | | | | (93,000) | (397,039) | | Net income | | | | | 4,325,243 | 4,037,098 | | | | | 1,805,158 | 1,608,400 |

| **AMBEV S.A.** |

| --- | | 17. | NET SALES | | --- | --- |

In compliance with Brazilian Federal Law No 6,404/76, Company discloses the reconciliation between gross and net sales presented in the consolidated income statement. The revenue figures for each operational segment are disclosed in note 16 – Segment reporting.

six-month period ended: Three-month period ended:
06/30/2025 06/30/2024 06/30/2025 06/30/2024
Gross sales 63,301,087 60,305,095 29,647,661 29,950,562
Excise duty (13,187,360) (12,446,232) (6,247,115) (6,213,590)
Discounts (7,526,155) (7,538,351) (3,310,352) (3,692,757)
Total 42,587,572 40,320,512 20,090,194 20,044,215

At June 30, 2025 the Company recognized R$735,523 in tax incentives (R$674,223 at June 30, 2024). These are government grants in the nature of effective tax collection, which were recognized in the operating net revenue.

Additionally, in the three-month period ended June 30, 2025, are recognized R$351,479 (R$368,083 in the three-month period ended June 30, 2024) under the same nature and accounting classification.

18. OTHER OPERATING INCOME/(EXPENSES)
six-month period ended: Three-month period ended:
06/30/2025 06/30/2024 06/30/2025 06/30/2024
Government grants and gains on subsidies loans 873,196 821,678 416,571 436,065
(Additions to)/reversals of provisions (74,772) (11,901) (7,751) (5,809)
Gains/(losses) on disposals of property, plant and equipment, intangible assets and the operations of associates 62,078 41,889 29,488 21,206
Other operating income/(expenses), net 340,551 260,947 147,547 68,122
Total 1,201,053 1,112,613 585,855 519,584
19. EXCEPTIONAL ITEMS
six-month period ended: Three-month period ended:
06/30/2025 06/30/2024 06/30/2025 06/30/2024
Restructuring ^(i)^ (72,405) (28,970) (51,038) (11,401)
Effects of the application of IAS 29 (hyperinflation) (170) (326) (170) (326)
Total (72,575) (29,296) (51,208) (11,727)

(i) The restructuring expenses primarily relate to organizational alignments as a result of operational improvements, sizing and digitalization efforts of the Group.

| **AMBEV S.A.** |

| --- | | 20. | FINANCIAL RESULTS | | --- | --- |

six-month period ended: Three-month period ended:
06/30/2025 06/30/2024 06/30/2025 06/30/2024
Finance income
Income from cash and cash equivalents 591,566 729,736 249,477 345,352
Income from debt securities 80,568 37,810 45,649 28,286
Income from other receivables ^(i)^ 389,506 333,415 202,327 141,723
Other finance income 282,473 29,520 163,112 15,370
Total finance income 1,344,113 1,130,481 660,565 530,731
Finance expenses
Interest on accounts payable present value adjustment (545,470) (614,493) (273,316) (282,353)
Interest on bank debts and tax incentives (87,602) (93,227) (43,320) (46,267)
Interest on provisions for disputes and litigation (87,911) (94,046) (35,604) (49,668)
Interest on leases (121,559) (78,738) (63,685) (40,646)
Interest on pension plans (55,226) (53,514) (27,405) (27,004)
Other interest expenses ^(ii)^ (256,445) (261,212) (124,567) (128,864)
Losses on hedging instruments ^(iii)^ (554,679) (343,139) (276,288) (147,957)
Taxes on financial transactions (119,809) (100,876) (50,829) (45,584)
Bank guarantee expenses and surety bond premiums (170,407) (116,621) (101,231) (59,280)
Other finance expenses ^(iv)^ (133,759) (161,679) (82,420) (77,453)
Total finance expenses (2,132,867) (1,917,545) (1,078,665) (905,076)
Effects of the application of IAS 29 (hyperinflation) (26,227) (144,205) (28,420) (184,921)
Exchange differences, net (1,015,386) (90,898) (527,465) (56,957)
Other net financial results (1,041,613) (235,103) (555,885) (241,878)
Net financial results (1,830,367) (1,022,167) (973,985) (616,223)

(i) Refers mainly to the monetary updates to taxes to be recovered.

(ii) Includes, among others, interest related to the financing of tax payments, under the 2017 Special Tax Regularization Program (“PERT”).

(iii) Refers to the forward element, which can be separated and excluded from the designation of a financial instrument as a hedge instrument, according to IFRS 9- Financial Instruments.

(iv) In some jurisdictions where the Group operates, there are additional costs for acquiring foreign currency, used for payments to some suppliers, as well as for the remittance of earnings to the parent companies.

Interest expenses are presented net of the effects of derivative financial instruments hedging the Company’s interest rate risk (see also note 22- Financial instruments and risks).

21. SHARE-BASED PAYMENTS

Currently, the Company has two plans for share-based payment programs: (i) the Stock Option Plan, approved at the Extraordinary General Meeting of July 30, 2013 (the “Stock Option Plan”); and (ii) the Share-based Plan approved at the Extraordinary General Meeting of April 29, 2016, as amended at the Extraordinary General Meeting of April 24, 2020 (“Share-Based Plan”). Each plan may periodically issue different stock options, restricted stock units (RSUs) and performance stock units (PSUs) programs. These programs allow the Group employees and senior Management members nominated by the Board of Directors and People Committee to acquire, through the exercise of stock options, or receive shares in the Company.

| **AMBEV S.A.** |

| --- |

21.1 Share-Based Plan

During the six-month period, the Company granted 15,146 thousand restricted and performance shares under the Share-Based Plan (6,787 thousand in June 30, 2024), representing a fair value of approximately R$185,063 in June 30, 2025 (R$85,384 in June 30, 2024).

The total number of shares granted to employees under the Share-Based Plan, and which will be delivered in the future based on the fulfilment of certain conditions, is set out below:

Restricted and performance stock units

Thousand restricted shares 06/30/2025 06/30/2024
Restricted and performance stocks outstanding at January 120,417 118,996
New restricted and performance stocks during the period 15,146 6,787
Restricted and performance stocks vested during the period (10,692) (3,923)
Restricted and performance stocks forfeited during the period (4,184) (2,490)
Restricted and performance stocks outstanding at the end of the period 120,687 119,370

21.2 Options Plan

Stock options have not neither been granted nor exercised during the periods ended on June 30, 2025, and June 30, 2024. The total number of outstanding stock options is as follows:

Thousand options 06/30/2025 06/30/2024
Options outstanding at January 1 72,466 87,961
Options forfeited during the period (937) (1,082)
Options outstanding at the end of the period 71,529 86,879

In June 30, 2025the exercise prices of the outstanding options range from R$16.34 (R$15.95 at June 30, 2024) to R$22.40 (R$32.91 at June 30, 2024), and the remaining exercise period for these options is up to 53.00 months. Of the 71,529 thousand outstanding options (86,879 thousand at June 30, 2024), 71,529 thousand options were vested in June 30, 2025 (68,977 thousand in June 30, 2024).

The weighted average exercise price of the options is as follows:

In R$ per share 06/30/2025 06/30/2024
Options outstanding on January 1 18.26 18.86
Options forfeited during the period 18.23 18.13
Options outstanding at the end of the period 19.44 18.87
Options exercisable at the end of the period 19.44 19.08

The Company carries out periodic share buybacks when necessary to meet the need for shares to be delivered under the above Plans.

21.3 Expenses related to share-based payments

The share-based payments transactions described above generated an expense of R$208,730 on June 30, 2025 (R$187,706 on June 30, 2024), which was recorded under administrative expenses.

| **AMBEV S.A.** |

| --- | | 22. | FINANCIAL INSTRUMENTS AND RISKS | | --- | --- |

22.1 Categories of financial instruments

The financial instruments held by the Company and its subsidiaries are managed through operational strategies and internal controls to assure liquidity, profitability, and transaction security. Transactions involving financial instruments are regularly reviewed to assess the effectiveness of the risk exposure that Management intends to cover (including foreign exchange, and interest rate risk, among others).

The table below shows the consolidated financial instruments recognized in the financial statements, segregated by category:

Financial instrument items 06/30/2025 12/31/2024
Assets
Amortized cost
Cash and cash equivalents (note 5.1) 16,404,025 28,595,666
Trade receivables excluding prepaid expenses 7,436,570 8,140,218
Investment securities (note 5.2) 117,804 255,959
Subtotal 23,958,399 36,991,843
Fair value through profit or loss
Investment securities (note 5.2) 1,106,252 1,170,496
Derivatives hedges (note 22.2) 266,348 1,218,587
Subtotal 1,372,600 2,389,083
Total assets 25,330,999 39,380,926
Liabilities
Amortized cost
Trade payables (note 12) 20,203,635 25,551,228
Interest-bearing loans and borrowing (note 13) 3,157,764 3,452,728
Other liabilities 2,887,905 3,044,314
Subtotal 26,249,304 32,048,270
Fair value through profit or loss
Put options granted on subsidiaries^(i)^ 1,137,851 1,184,177
Derivatives hedges (note 22.2) 930,743 211,441
Other liabilities 259,735 300,519
Subtotal 2,328,329 1,696,137
Total liabilities 28,577,633 33,744,407

(i) Put options granted on subsidiaries: the Company constituted a liability related to the acquisition of a non-controlling interest in the operations in the Dominican Republic. This financial instrument denominated Dominican Pesos for Tranche B. The instrument is recorded by an entity whose functional currency is the Brazilian Real. The Company assigned this financial instrument as a hedging instrument for a portion of its net assets located in subsidiaries whose functional currency is either the US Dollar or the Dominican Peso, in such a manner that the hedge result can be recorded in other comprehensive income of the group, in line with the results from the hedged items.

At June 30, 2025 and December 31, 2024, the Company did not have any financial assets classified as at fair value through other comprehensive income.

| **AMBEV S.A.** |

| --- |

22.2 Derivative financial instruments

Transactions protected by derivative financial instruments in accordance with the FinancialRisk Management Policy

Six-month period ended: 06/30/2025 Three-month period ended: 06/30/2025
Fair Value Gains/(losses) Gain / (Losses)
Hedge position Risk Notional Assets Liabilities Financial results Operational result Equity Financial results Operational result Equity
Forward element Spot element Hedge accounting effect Forward element Spot element Hedge accounting effect
Cost 20,074,392 265,797 (924,959) (552,579) 693,739 (1,072,517) (298,285) 110,647 (476,066)
Commodities 5,173,572 186,873 (173,765) (45,394) (42,468) 68,071 (4,505) (72,120) 38,223
US Dollars 14,900,820 78,924 (751,194) (507,185) 736,207 (1,140,588) (293,780) 182,767 (514,289)
Imports of fixed assets 130,548 382 (3,793) (566) 2,537 (7,231) 29 432 (4,568)
US Dollars 130,548 382 (3,793) (566) 2,537 (7,231) 29 432 (4,568)
Expenses 68,770 169 (1,991) (359) 1,180 (3,891) (113) 406 (2,474)
US Dollars 68,770 169 (1,991) (359) 1,180 (3,891) (113) 406 (2,474)
Balance at end of the period 20,273,710 266,348 (930,743) (553,504) 697,456 (1,083,639) (298,369) 111,485 (483,108) 
| **AMBEV S.A.** |

| --- | | | | 12/31/2024 | | | Six-month period ended: 06/30/2024 | | | Three-month period ended: 06/30/2024 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | Fair Value | | Gains/(losses) | | | Gain / (Losses) | | | | Hedge position | Risk | Notional | Assets | Liabilities | Financial results | Operational result | Equity | Financial results | Operational result | Equity | | | | | | | Forward element | Spot element | Hedge accounting effect | Forward element | Spot element | Hedge accounting effect | | Cost | | 16,309,171 | 1,202,356 | (211,364) | (331,264) | 24,479 | 201,640 | (131,087) | 133,520 | 1,026,279 | | | Commodities | 5,026,998 | 127,867 | (204,113) | (165,779) | (50,129) | (35,883) | (91,686) | 23,539 | 120,012 | | | US Dollars | 11,282,173 | 1,074,489 | (6,891) | (167,393) | 73,837 | 237,640 | (40,178) | 109,739 | 906,625 | | | Euros | - | - | - | (156) | 254 | 141 | (62) | 134 | 63 | | | Mexican Pesos | - | - | (360) | 2,064 | 517 | (258) | 839 | 108 | (421) | | Imports of fixed assets | | 207,906 | 10,121 | (71) | (3,337) | 3,994 | 10,039 | (3,853) | 2,349 | 4,881 | | | US Dollars | 207,906 | 10,121 | (71) | (3,337) | 3,994 | 10,039 | (3,853) | 2,349 | 4,881 | | Expenses | | 57,532 | 3,451 | - | (1,080) | 996 | 2,575 | 746 | 592 | 1,558 | | | US Dollars | 57,532 | 3,451 | - | (1,080) | 996 | 2,575 | 746 | 592 | 1,558 | | Financial assets | | - | 2,659 | - | 2,215 | - | - | 2,215 | - | - | | | US Dollars | - | 2,659 | - | 2,215 | - | - | 2,215 | - | - | | Balance at end of the period | | 16,574,609 | 1,218,587 | (211,441) | (333,466) | 29,469 | 214,254 | (131,979) | 136,461 | 1,032,718 |

As disclosed in its accounting policy, the forward element, which can be separated and excluded from the designation of the financial instrument as a hedging instrument, is recognized in the financial result, in accordance with IFRS 9 - Financial Instruments.

| **AMBEV S.A.** |

| --- |

22.2.1 Instrument maturity

At June 30, 2025, the Notional and Fair Value amounts per instrument and maturity were as follow:

Notional Value
Hedge position Risk 2025 2026 Total
Cost 11,239,182 8,835,210 20,074,392
Commodities 3,129,023 2,044,549 5,173,572
US Dollars 8,110,159 6,790,661 14,900,820
Imports of fixed assets 77,601 52,947 130,548
US Dollars 77,601 52,947 130,548
Expenses 24,872 43,898 68,770
US Dollars 24,872 43,898 68,770
11,341,655 8,932,055 20,273,710
Fair Value
--- --- --- --- ---
Hedge position Risk 2025 2026 Total
Costs (502,916) (156,246) (659,162)
Commodities (14,241) 27,349 13,108
US Dollars (488,675) (183,595) (672,270)
Imports of fixed assets (2,338) (1,073) (3,411)
US Dollars (2,338) (1,073) (3,411)
Expenses (799) (1,023) (1,822)
US Dollars (799) (1,023) (1,822)
(506,053) (158,342) (664,395)

22.2.2 Margins pledged as guarantees

In order to comply with the guarantee’s requirements regarding derivative exchanges and/or counterparties to certain operations with derivative financial instruments, at June 30, 2025, the Group held R$215,150 financial investments with high liquidity or in cash, classified as cash and cash equivalents and investment securities (R$165,736 at December 31, 2024).

| **AMBEV S.A.** |

| --- |

22.3 Classification of financial instruments

06/30/2025 12/31/2024
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
Financial assets
Investment securities 1,106,252 - - 1,106,252 1,170,496 - - 1,170,496
Derivatives assets at fair value through profit and loss - - - - 2,659 - - 2,659
Derivatives – operational hedges 95,839 170,509 - 266,348 21,274 1,194,654 - 1,215,928
1,202,091 170,509 - 1,372,600 1,194,429 1,194,654 - 2,389,083
Financial liabilities
Put options granted on subsidiaries - - 1,137,851 1,137,851 - - 1,184,177 1,184,177
Other liabilities - - 259,735 259,735 - - 300,519 300,519
Derivatives – operational hedges 70,661 860,082 - 930,743 52,232 159,209 - 211,441
70,661 860,082 1,397,586 2,328,329 52,232 159,209 1,484,696 1,696,137

There were no transfers of assets and liabilities among fair value hierarchy Levels 1, 2, and 3 during the periods presented.

22.3.1 Financial instruments level 3

PUT CND

In line with the Shareholders' Agreement of Tenedora CND S.A. ("Tenedora”) – holding company headquartered in the Dominican Republic which owns almost the entire share capital of CNDominicana – executed between the Company and E. León Jimenes, S.A. (“ELJ”), ELJ is the owner of 2.89% of the shares of Tenedora, and has a put option for such remaining interest, corresponding to Tranche B as provided in the Agreement. This put option may be exercised by ELJ starting from 2026 (or prior to that date in the event of a change of control of Tenedora or the sale of all or substantially all of its assets). The Company, on the other hand, has a call option over the Tranche B shares exercisable starting from 2029.

At June 30, 2025, the Tranche B shares held by ELJ, were valued at R$1,137,851 (R$1,184,177 at December 31, 2024). The fair value of Tranche B was calculated based on the EBITDA multiple defined in the contract, less net debt, brought to its present value, calculated using standard valuation techniques (the present value of the principal amount and future interest, discounted by the local currency’s WACC rate at the calculation date). The criteria used are based on market information from reliable sources and categorized within “Level 3”.

Contingent consideration on acquisitions of G&W and Banded Peak

On January 2020, the Company’s subsidiary in Canada, Labatt Brewing Company Limited, acquired G&W Distilling Inc., a company with a portfolio of ready-to-drink alcoholic beverages. In the same month, Labatt also purchased the shares of Banded Peak Brewing Ltd., a Canadian craft brewery.

A portion of the purchase prices of both transactions included contingent considerations based on the future performances of G&W and Banded Peak after the acquisition**.** During the first quarter of 2025, Labatt settled the total outstanding amount of the contingent consideration owed to Banded Peak; in addition, the balance reduction was also due to the change in the fair value of the contingent consideration owed to G&W. Thus, in June 30, 2025, the fair value of the G&W contingent consideration was R$259,735 (R$300,519 in December 31, 2024, considering the Banded Peak contingent consideration as well). Management expects that the G&W contingent consideration will be settled during the fiscal year 2025 as well.

| **AMBEV S.A.** |

| --- |

22.3.2 Reconciliation of changes in the liabilities categorized at Level 3

Financial liabilities at December 31, 2024 1,484,696
Settlement of contingent consideration (25,571)
Total gains and losses during the period (61,539)
Losses/(gains) recognized in net income 66,434
Losses/(gains) recognized in equity (127,973)
Financial liabilities at June 30, 2025 1,397,586

22.4 Risk management

The Company is exposed to foreign currency, interest rate, commodity price, liquidity, and credit risk in the ordinary course of its business. The Company analyzes each of these risks both individually and on a consolidated basis, to define strategies to manage the economic impact on risks in line with its Financial Risk Management Policy.

22.4.1 Market risk

22.4.1.1 Interest rate risk**:** represents of the possibility that the Company may incur losses due to fluctuations in interest rates, which may increase the financial expenses on its financial liabilities, and/or decrease the financial income from its financial assets, as well as negatively impacting the fair value of financial assets measured at fair value. To mitigate this risk the Company applies a dynamic interest rate hedging approach, whereby the target mix between fixed and floating rate debt is reviewed periodically. The purpose of the Company’s policy is to achieve an optimal balance between the cost of funding and the volatility of financial results, considering market conditions. The Company’s overall business strategy is reviewed periodically.

The table below demonstrates the exposure of the Company and its subsidiaries to debts and respective weighted interest rates. As June 30, 2025, the Company and its subsidiaries did not hold hedge positions to the exposure described below:

06/30/2025 12/31/2024
Risk Risk
Interest rate Amount in Brazilian Real Interest rate Amount in Brazilian Real
Brazilian Reais 10.7% 2,083,382 10.2% 2,245,099
Other 13.8% 411,953 13.0% 510,194
US Dollars 3.6% 15,094 8.0% 3,786
Canadian Dollars 5.7% 378,812 5.8% 439,367
Pre-fixed interest rate 2,889,241 3,198,446
Brazilian Reais 7.6% 268,523 7.8% 254,282
Post - fixed interest rate 268,523 254,282 
| **AMBEV S.A.** |

| --- |

Sensitivity analysis

The Company mitigates the bulk of the risks arising from non-derivative financial assets and liabilities using derivative financial instruments. In this context, the Company has identified the main risk factors that could lead to losses on these derivative financial instruments and has developed a sensitivity analysis based on three scenarios which could impact the Company’s future results and/or cash flow.

The sensitivity analysis of exchange differences and commodity price variations is as follows:

06/30/2025
Transaction Risk Fair Value Probable scenario Adverse scenario Remote scenario
Commodities hedges Increases in commodities price 13,108 53,680 1,306,501 2,599,894
Input purchases (13,108) (66,523) (1,340,018) (2,666,928)
Foreign exchange hedges Foreign currency increases (672,270) (520,369) 3,052,935 6,778,140
Input purchases 672,270 502,308 (3,532,283) (7,736,835)
Cost effects - (30,904) (512,865) (1,025,729)
Foreign exchange hedges Foreign currency increases (3,411) (2,997) 29,226 61,863
Capex purchases 3,411 2,877 (40,959) (85,329)
Fixed asset effects - (120) (11,733) (23,466)
Foreign exchange hedges Foreign currency increases (1,822) (1,556) 15,371 32,563
Expenses 1,822 615 (38,017) (77,857)
Results of expense effects - (941) (22,646) (45,294)
- (31,965) (547,244) (1,094,489)

22.4.1.3 Commodity risk: A significant portion of the Company’s inputs are made up of commodities, which have historically seen substantial price fluctuations. The Company's Policy establishes that entering into hedges is an appropriate way to protect the Company against unforeseen fluctuations in prices and foreign currency**.** The Company therefore uses both fixed price purchasing contracts and derivative financial instruments to minimize its exposure to volatility in the commodity prices of aluminum, sugar, wheat, corn and paraxylene. These derivative financial instruments have been designated as cash flow hedges.

22.4.2 Credit risk

The carrying amounts of cash and cash equivalents, investment securities, trade receivables excluding prepaid expenses, recoverable taxes and derivative financial instruments are disclosed net of provisions for impairment, and represent the maximum exposure to credit risk at June 30, 2025. At June 30, 2025, there was no concentration of credit risk on any counterparty in excess of the limits established by the Company’s Credit Risk Policy. The counterparty risk is reassessed on a quarterly basis.

Customers

A substantial portion of the Company’s sales is made to distributors, supermarkets, and retailers, through a broad distribution network. Credit risk is mitigated by the large number of customers and by the control procedures used to monitor risk. Historically, the Company has not incurred significant losses on receivables from customers.

| **AMBEV S.A.** |

| --- |

Investments

In order to minimize the credit risk on its investments, the Company has adopted procedures for the allocation of cash and investments, taking into consideration the credit limits and credit analysis of financial institutions, avoiding credit concentration, i.e. the credit risk is monitored and minimized by restricting negotiations to a select group of highly rated counterparties.

22.4.3 Liquidity risk

Historically, the Company’s primary sources of cash flow have been cash flow from operating activities, the issuance of debt, bank borrowing, and equity securities. Ambev’s material cash requirements have included the following: payments of dividends and interest on capital; capital expenditure; investments in companies; increases in the ownership of Ambev’s subsidiaries or in companies in which it holds equity investments; share buyback programs; and debt servicing.

The Company believes that its cash flow from operating activities, cash and cash equivalents and short-term investments, together with derivatives and access to loan facilities are sufficient to finance its capital expenditure, financial liabilities, and dividend payments in the future.

06/30/2025
Carrying amount Contractual cash flow Less than 1 year 1-2 years 2-3 years 3-5 years More than 5 years
Trade and other payables ^(i)^ 31,908,553 33,714,494 30,561,762 105,948 28,604 1,155,469 1,862,711
Secured bank loans 102,429 131,397 30,671 25,182 25,181 50,363 -
Other secured loans 371,339 481,625 166,659 157,495 97,692 5,939 53,840
Lease liabilities 2,683,996 3,192,545 1,105,879 960,272 560,222 362,463 203,709
35,066,317 37,520,061 31,864,971 1,248,897 711,699 1,574,234 2,120,260
12/31/2024
--- --- --- --- --- --- --- ---
Carrying amount Contractual cash flows Less than 1 year 1-2 years 2-3 years 3-5 years More than 5 years
Trade and other payables ^(i)^ 41,771,683 43,322,074 40,229,728 101,188 (30,267) 1,200,759 1,820,666
Secured bank loans 115,421 154,869 28,961 25,181 25,182 50,364 25,181
Other secured loans 372,239 502,104 160,474 147,555 125,823 14,404 53,848
Lease liabilities 2,965,068 3,470,163 1,319,846 1,003,668 569,066 347,996 229,587
45,224,411 47,449,210 41,739,009 1,277,592 689,804 1,613,523 2,129,282

(i) Mainly includes amounts related to suppliers, taxes, fees and contributions payables, dividends and interest on equity payable, salaries and charges, put options related to the Company’s participation in subsidiaries and other liabilities, except for transactions with related parties.

22.4.4 Capital management

The Company continuously evaluates and optimizes its capital structure in order to maximize shareholder value while maintaining the desired financial flexibility to execute its strategic projects. Besides the statutory minimum equity funding requirements applicable to the Company’s subsidiaries in different countries, the Company is not subject to any externally imposed capital requirements. When analyzing its capital structure, the Company uses the same debt ratings and capital classifications that are applied to the financial statements.

| **AMBEV S.A.** |

| --- |

The company monitors its net debt in order to guarantee the continuity of its business in the long term.

06/30/2025 12/31/2024
Debt details
Interest-bearing loans and borrowing current and non-current 3,157,764 3,452,728
(-) Current investment securities (1,120,553) (1,242,001)
(-) Cash and cash equivalents (16,404,025) (28,595,666)
Net debt/(cash) (14,366,814) (26,384,939)

22.4.5 Foreign currency risk

The Company is exposed to foreign currency risk on its borrowing, investments, purchases, dividends and/or interest expenses/income where these are denominated in a currency other than the functional currency of Group entity. The main derivative financial instruments used to manage foreign currency risk are futures contracts, swaps, options, non-deliverable forwards and full deliverable forwards.

22.5 Offsetting financial assets and liabilities

For financial assets and liabilities that are subject to settlement agreements on a net basis or similar agreements, each agreement between the Company and the counterparty allows this type of settlement when both parties opt for this. In the absence of such a decision, the assets and liabilities will be settled at their gross amounts, but each party will have the option to settle on a net basis, in the case of default by the counterparty.

22.6 Risk management in relation to climate change andthe sustainability strategy

Considering the nature of the Company’s operations, they are inherently exposed to certain risks related to climate change, and relevant sustainability aspects.

There have been no changes in the key risks considered by management compared to those presented in the financial statements for the year ended December 31, 2024.

23. COLLATERAL AND CONTRACTUAL COMMITMENTS TO SUPPLIERS, ADVANCES FROMCUSTOMERS AND OTHERS
06/30/2025 12/31/2024
Collateral given for the Company’s own liabilities 798,138 566,504
Other commitments 974,858 1,275,788
1,772,996 1,842,292
Commitments to suppliers - Property, plant and equipment and Intangibles 905,940 691,745
Commitments to suppliers - Inventory 30,494,446 46,942,988
31,400,386 47,634,733

At June 30, 2025, the Company had R$798,138 (R$540,126 at December 31, 2024) of cash guarantees.

| **AMBEV S.A.** |

| --- |

Most of the commitments balance relates to obligations to packaging suppliers. These commitments are primarily aimed at ensuring a secure long-term supply of the Company’s strategic inputs, as well as offering greater assurance to suppliers making long-term investments. The future contractual commitments are presented below:

06/30/2025 12/31/2024
Less than 1 year 13,190,096 21,354,771
Between 1 and 2 years 6,661,568 12,333,160
More than 2 years 11,548,722 13,946,802
31,400,386 47,634,733

The deposits in cash used as guarantees are presented within other assets. The amount of fixed assets pledged as collateral is not material.

24. RELATED PARTIES

The Company adopts corporate governance practices as recommended and/or required by the applicable laws. Under the Company’s bylaws, the Board of Directors is responsible for approving any transactions or agreements between the Company and/or any of its subsidiaries (except wholly owned subsidiaries), its directors and/or shareholders (including direct or indirect partners of the Company’s shareholders). The Company's Governance Committee is responsible for advising the Board of Directors on related parties transactions matters, among others.

Management is prohibited from interfering in any transaction in which a conflict of interest with the Company’s interests exists, even if only in theory. This prohibition also applies to the decisions taken by other members of Management on the matter. When such conflict exists, members must inform Management of the conflict and ensure that their non-participation in the deliberation is recorded in the minutes of the Board of Directors or Executive Board meeting.

24.1 Transactions with key Management members

Key Management includes the Executive Board of Officers and the Board of Directors. In addition to short-term benefits (primarily salaries), key Management members are entitled to participate in share-based payment programs, as described in note 21 – Share-based payments.

The total expenses related to the Company’s Management members are as follow:

six-month period ended: Three-month period ended:
06/30/2025 06/30/2024 06/30/2025 06/30/2024
Short-term benefits^(i)^ 25,340 25,939 11,814 14,797
Share-based payments ^(ii)^ 64,100 47,988 33,870 24,981
Social security ^(iii)^ 3,030 8,822 1,514 7,170
Total key Management remuneration 92,470 82,749 47,198 46,948

(i) These mainly correspond to management salaries and variable compensation (including performance bonuses).

(ii) Reflects expenses related to share options, deferred shares, restricted stocks and performance shares granted to Management.

(iii) Represents to the social security charges ("INSS”) levied on the Management’s remuneration.

Except for the abovementioned remuneration, the Company has no other type of transaction with Management members, nor does it have outstanding balances receivable from or payable to them in its balance sheet.

| **AMBEV S.A.** |

| --- |

24.2 Transactions with the Company's shareholders:

24.2.1 Medical, dental and other benefits

Fundação Zerrenner is one of Ambev’s shareholders, holding 10.2% of its share capital. Fundação Zerrenner is also an independent legal entity whose main goal is to provide Ambev’s employees, both active and retired, with healthcare and dental assistance, support for technical and higher education courses, and facilities for assisting elderly people, either directly or through financial assistance agreements with other entities. At June 30, 2025, and December 31, 2024, the actuarial obligations related to the benefits provided directly by Fundação Zerrenner were fully funded by plan assets held for this purpose, which significantly exceeded the respective liabilities at these dates.

Ambev recognizes the assets (prepaid expenses) of this plan to the extent of the economic benefits that are available to the Company, arising from reimbursements or reductions in future contributions.

In the six-month period ended June 30, 2025, the expenses incurred and recorded by Fundação Zerrenner with third parties to provide these benefits amounted to R$185,184 (R$172,593 at June 30, 2024), of which R$164,799 and R$20,385 were related to active employees and retirees, respectively (R$156,441 and R$16,152 at June 30, 2024, respectively).

24.2.2 Licensing agreement with AB InBev

The Company has a licensing agreement with AB InBev and some of its subsidiaries, such as Group Modelo and Spaten-Franziskaner-Bräu GmbH to produce, bottle, import, promote, sell and distribute its main products in the territories in which the Group operates. Similarly, the Company also grants a license to AB InBev and some of its subsidiaries of the same rights related to their main products, such as Brahma**®,** in AB Inbev’s territories**.**

In the six-month period ended June 30, 2025, the Group recorded R$31,593 (R$20,344 at June 30, 2024) and R$657,876 (R$458,348 at June 30, 2024) and as royalties income and expenses, respectively in its Consolidated results.

24.3 Transactions with related parties

The Group’s consolidated results includes R$466,979 from sales of products, provision of services and other income in the six-month period ended June 30, 2025 (R$415,928 in June 30, 2024). Regarding product purchases and other expenses, the Group recorded, in the same six-month period ended June 30, 2025, the amount to R$(1,456,769) (R$1,340,312 in June 30, 2024). Finally, the amount to R$(9,720) was also recorded by the Group as Net financial results in Transactions with related parties in the six-month period ended June 30, 2025 (R$990 on June 30, 2024). The Group's main transactions were recorded with the following companies Anheuser-Busch InBev N.V., Anheuser-Busch Packaging Group Inc., Anheuser-Busch Inbev USA LLC, Bavaria S.A., Cervecería Modelo de Mexico S. de R.L. de C.V., among other.

| **AMBEV S.A.** |

| --- | | 25. | EVENTS AFTER THE REPORTING PERIOD | | --- | --- |

25.1 Distribution of dividends

In a meeting held on July 30, 2025, the Board of Directors approved the distribution of dividends in the amount of R$0.1283 per share of the Company, based on the balances available in the extraordinary balance sheet dated as of June 30, 2025, of which the amount corresponding to the profit recorded in the period from January 1st to June 30, 2025 will be allocated to the minimum mandatory dividends for the 2025 fiscal year, without income tax withholding, pursuant to applicable law. The aforementioned payment shall be made on October 06, 2025, considering the shareholding position of August 07, 2025, with respect to B3S.A. - Brasil, Bolsa, Balcão, and August 11, 2025 with respect to the New York Stock Exchange - NYSE, without any monetary adjustment. Shares and ADRs shall be traded ex-dividends as from and including August 08, 2025.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 1, 2025

AMBEV S.A.
By: /s/ Guilherme Fleury de Figueiredo Ferraz Parolari
Guilherme Fleury de Figueiredo Ferraz Parolari<br><br> <br>Chief Financial and Investor Relations Officer

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