Ambev (NYSE: ABEV) Q1 2026 profit hits R$3.9B as cash stays strong

Rhea-AI Filing Summary

Ambev S.A. reports interim Q1 2026 results under IAS 34, showing broadly stable performance. Net sales were R$22.46 billion, almost unchanged from R$22.50 billion a year earlier, while net income edged up to R$3.89 billion from R$3.80 billion. Basic earnings per share reached R$0.2414, slightly above R$0.2358.

Operating profit rose to R$5.99 billion, supported by firm gross margins and disciplined distribution, commercial and administrative spending. Brazil remained the main contributor, with net sales of R$13.25 billion. Despite negative currency translation effects reducing equity, total equity increased to R$90.8 billion, and the group held a net cash position, with cash and cash equivalents of R$17.99 billion exceeding interest‑bearing debt.

Insights

Equity research analyst

Q1 2026 shows steady profit, strong cash, but FX hits equity.

Ambev delivered Q1 2026 net sales of R$22.46 billion, essentially flat year on year, while net income increased to R$3.89 billion. Operating profit reached R$5.99 billion, indicating continued cost discipline across distribution, commercial and administrative lines.

Net financial results were a negative R$1.06 billion, worse than the prior year, reflecting higher finance expenses and other financial results. However, cash generation was solid: operating cash flow was R$3.16 billion, and the company reported net cash of R$16.53 billion, with cash and investments exceeding interest‑bearing loans.

Equity rose to R$90.82 billion despite sizeable other comprehensive losses from foreign currency translation of R$2.31 billion. Segment data show Brazil as the main earnings engine, with net sales of R$13.25 billion and Q1 net income of R$2.35 billion. Subsequent filings may detail how share buybacks and FX volatility continue to influence capital structure and reported equity.

Key Figures

Net sales: R$22,464,480 thousand Net income: R$3,885,567 thousand Basic EPS: R$0.2414 per share +5 more

8 metrics

Net sales R$22,464,480 thousand Three months ended March 31, 2026

Net income R$3,885,567 thousand Three months ended March 31, 2026

Basic EPS R$0.2414 per share Q1 2026 basic earnings per common share

Operating cash flow R$3,160,880 thousand Net cash from operating activities, Q1 2026

Net cash position R$16,534,856 thousand Cash and equivalents minus interest‑bearing loans at March 31, 2026

Total equity R$90,823,659 thousand Equity including non‑controlling interest at March 31, 2026

Brazil segment net sales R$13,254,608 thousand Brazil region net sales, Q1 2026

Share buybacks 27,482,300 shares; R$413 million Common shares repurchased under program as of March 31, 2026

Key Terms

IAS 34, IFRS 18, hyperinflation, cash flow hedge, +2 more

6 terms

IAS 34 financial

"in accordance with the accounting standard International Accounting Standard (IAS) 34 - Interim Financial Reporting"

IAS 34 is an international accounting standard that requires companies to prepare interim financial reports—shorter updates like quarterly or half‑year statements—showing condensed but reliable information on profit, assets and cash flow between annual reports. It matters to investors because these regular snapshots make it easier to spot trends, risks or improvements sooner than waiting for a full-year report, much like checking a progress report between school terms to track performance and momentum.

IFRS 18 financial

"In April 2024, the IASB issued IFRS 18 Presentation and Disclosures in Financial Statements"

hyperinflation financial

"Effects of the application of IAS 29 (hyperinflation)"

A sustained episode when consumer prices soar so quickly that money loses its purchasing power rapidly, often overnight or month-to-month. Investors care because savings, bond returns and company earnings get distorted — like watching cash melt away — so asset values, interest rates and business forecasts can swing wildly and require different strategies to protect capital and preserve real returns.

cash flow hedge financial

"Cash flow hedge – gains/(losses)"

A cash flow hedge is an accounting label for a contract or arrangement used to offset expected future swings in a company’s cash payments or receipts — for example from variable-rate interest, foreign currency sales, or forecasted purchases. It matters to investors because it aims to smooth future cash and earnings volatility: gains or losses on the hedge are held out of current profit and reported separately until the underlying transaction affects results, much like buying insurance to steady future bills.

IFRIC 23 financial

"in line with IFRIC 23 - Uncertainty over Income Tax Treatments"

Net Investment Hedge financial

"Effect of foreign exchange variation on the Net Investment Hedge (NIH) instrument"

Form 6-K: How Foreign Companies Report to the SEC →

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 April, 2026

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 - 3rd Floor
04530-000 São Paulo, SP
Federative 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 consolidated financial statements at March 31, 2026

and report on review

 

Report on review of 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 March 31, 2026 and the related interim consolidated income statement and statements of comprehensive income, changes in equity and cash flows for the quarter 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, May 4, 2026

PricewaterhouseCoopers		Sérgio Eduardo Zamora
Auditores Independentes Ltda. CRC 2SP000160/O-5		Contador CRC 1SP168728/O-4

www.pwc.com.br PricewaterhouseCoopers Auditores Independentes Ltda. Avenida Brigadeiro Faria Lima, 3732, Edifício B32, 16o, São Paulo, SP, Brasil, 04538-132 T: +55 (11) 4004-8000

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	15
8.   INCOME TAX AND SOCIAL CONTRIBUTION	15
9.   PROPERTY, PLANT AND EQUIPMENT	18
10.   TRADE PAYABLES	21
11.   INTEREST-BEARING LOANS AND BORROWING	21
12.   PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS	22
13.   CHANGES IN EQUITY	26
14.   SEGMENT REPORTING	30
15.   NET SALES	33
16.   OTHER OPERATING INCOME/(EXPENSES)	33
17.   EXCEPTIONAL ITEMS	33
18.   FINANCIAL RESULTS	33
19.   SHARE-BASED PAYMENTS	34
20.   FINANCIAL INSTRUMENTS AND RISKS	36
21.   COLLATERAL, CONTRACTUAL COMMITMENTS TO SUPPLIERS, ADVANCES FROM CUSTOMERS AND OTHERS	45
22.   RELATED PARTIES	46
23.   EVENTS AFTER THE REPORTING PERIOD	47

AMBEV S.A.

INTERIM CONSOLIDATED BALANCE SHEET

All amounts in thousands of Brazilian Reais

Assets	Note	03/31/2026	12/31/2025
Cash and cash equivalents	5.1	17,991,875	18,638,228
Investment securities	5.2	1,648,713	1,681,692
Trade receivables		5,931,172	6,351,608
Derivative financial instruments	20	1,120,829	769,212
Inventories	6	10,398,848	10,520,090
Recoverable taxes	7	2,897,106	3,623,379
Other assets		2,472,443	1,911,942
		42,460,986	43,496,151
Assets held for sale	1.2	372,354	379,445
Current assets		42,833,340	43,875,596
Investment securities	5.2	113,602	123,256
Derivative financial instruments	20	2,318	8,904
Recoverable taxes	7	10,283,365	10,149,140
Deferred tax assets	8.1	8,373,836	8,404,412
Other assets		1,813,453	1,784,707
Employee benefits		27,572	29,936
Long term assets		20,614,146	20,500,355
Investments in associates and joint ventures		1,055,693	485,792
Property, plant and equipment	9	26,387,778	27,644,317
Intangible assets		11,013,806	11,042,703
Goodwill		40,856,150	41,538,388
Non-current assets		99,927,573	101,211,555
Total assets		142,760,913	145,087,151

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	03/31/2026	12/31/2025
Trade payables	10	22,206,702	23,742,835
Derivative financial instruments	20	1,047,248	925,127
Interest-bearing loans and borrowing	11	1,104,305	1,167,325
Payroll and social security payables		1,819,390	2,200,729
Dividends and interest on capital payables		4,564,374	4,927,786
Income tax and social contribution payable		1,590,387	1,437,314
Taxes and contributions payable		4,194,106	6,003,145
Other liabilities		4,540,080	4,623,681
Provisions	12.1	597,661	571,365
Current liabilities		41,664,253	45,599,307
Trade payables	10	205,981	312,959
Derivative financial instruments	20	3,685	274
Interest-bearing loans and borrowing	11	2,001,427	2,219,599
Deferred tax liabilities	8.1	4,067,316	3,912,270
Income tax and social contribution payable		651,920	713,614
Taxes and contributions payable		673,605	659,665
Other liabilities, including put options granted on subsidiaries		4,118	4,307
Provisions	12.1	815,889	877,690
Employee benefits		1,849,060	2,012,685
Non-current liabilities		10,273,001	10,713,063
Total liabilities		51,937,254	56,312,370
Equity	13
Issued capital		58,308,205	58,275,079
Reserves		107,648,029	108,003,463
Carrying value adjustments		(80,142,234)	(78,364,503)
Retained earnings/(losses)		4,311,793	-
Equity attributable to Ambev’s shareholders		90,125,793	87,914,039
Non-controlling interest		697,866	860,742
Total equity		90,823,659	88,774,781
Total equity and liabilities		142,760,913	145,087,151

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

AMBEV S.A.

INTERIM CONSOLIDATED INCOME STATEMENT

For the three-month periods ended March 31

All amounts in thousands of Brazilian Reais unless otherwise stated

	Note	2026	2025
Net sales	15	22,464,480	22,497,378
Cost of sales		(10,881,613)	(10,945,732)
Gross profit		11,582,867	11,551,646
Distribution expenses		(2,772,074)	(2,876,695)
Commercial expenses		(2,002,155)	(2,069,927)
Administrative expenses		(1,460,182)	(1,488,847)
Other operating income/(expenses)	16	603,022	615,198
Exceptional items	17	36,888	(21,367)
Income from operations		5,988,366	5,710,008
Finance income (i)	18	566,591	564,187
Finance expenses (i)	18	(1,280,223)	(1,002,863)
Other net financial results (i)	18	(342,901)	(417,706)
Net financial results		(1,056,533)	(856,382)
Share of results of associates and joint ventures		(352)	2,719
Income before income tax		4,931,481	4,856,345
Income tax expenses	8.2	(1,045,914)	(1,051,696)
Net income		3,885,567	3,804,649
Attributable to:
Equity holders of Ambev		3,768,263	3,693,946
Non-controlling interest		117,304	110,703
Basic earnings per share – common – R$		0.2414	0.2358
Diluted earnings per share – common – R$		0.2404	0.2347

(i) As from the fourth quarter of 2025, the financial income and financial expense line items, which had previously been presented separately, were combined into the line item “Other net financial results”. The same treatment has been applied on a comparative basis.

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

AMBEV S.A.

INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the three-month periods ended March 31

All amounts in thousands of Brazilian Reais

	2026	2025
Net income	3,885,567	3,804,649
Items that may be subsequently reclassified to profit or loss:
Exchange differences on the translation of foreign operations (gains/(losses))
Investment hedges – obligations related to the acquisition of a non-controlling interest	13,347	75,855
Gains/losses on translation of other foreign operations	(2,321,625)	(4,943,937)
Gains/losses on translation of foreign operations	(2,308,278)	(4,868,082)
Cash flow hedge – gains/(losses)
Recognized in equity (Hedge reserve)	350,205	(436,668)
Reclassified from equity (hedge reserve) to profit or loss	65,044	(450,824)
Total cash flow hedge	415,249	(887,492)
Items that will not be reclassified to profit or loss:
Re-measurements of post-employment benefits	817	88
Other comprehensive (loss)/income	(1,892,212)	(5,755,486)
Total comprehensive (loss)/income	1,993,355	(1,950,837)
Attributable to:
Equity holders of Ambev	1,990,532	(1,977,999)
Non-controlling interest	2,823	27,162

The consolidated statement of comprehensive income is presented net of income tax. The income tax effects of these items are disclosed in note 8.1 –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 three-month periods ended March 31

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		-	-	-	3,693,946	-	3,693,946		110,703	3,804,649
Comprehensive income:
Gains/(losses) on cumulative translation adjustment [CTA]	13.4	-	-	-	-	(4,782,873)	(4,782,873)		(85,209)	(4,868,082)
Cash flow hedges	13.4	-	-	-	-	(889,159)	(889,159)		1,667	(887,492)
Actuarial gains/(losses)	13.4	-	-	-	-	87	87		1	88
Total comprehensive income		-	-	-	3,693,946	(5,671,945)	(1,977,999)		27,162	(1,950,837)
Capital increase	13.1	49,051	-	-	-	-	49,051		-	49,051
Effects of the application of IAS 29 (hyperinflation)		-	-	-	767,494	-	767,494		(3,315)	764,179
Gains/(losses) of controlling interest	13.4	-	-	-	-	1,824	1,824		(1,959)	(135)
Taxes on deemed dividends		-	-	-	-	107	107		-	107
Dividends	13.3	-	-	(496,600)	(1,505,285)	-	(2,001,885)		(12,964)	(2,014,849)
Share buybacks, results from treasury shares, and share-based payments	13.2	-	(990,189)	-	-	-	(990,189)		321	(989,868)
Statute-barred /(additional) dividends		-	-	-	37,732	-	37,732		-	37,732
At March 31, 2025		58,275,087	54,346,221	53,140,419	2,993,887	(74,227,340)	94,528,274		947,620	95,475,894

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 three-month periods ended March 31

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, 2026	Note	58,275,079	53,781,385	54,222,078	-	(78,364,503)	87,914,039		860,742	88,774,781
Net Income		-	-	-	3,768,263	-	3,768,263		117,304	3,885,567
Comprehensive income:
Gains/(losses) on cumulative translation adjustment [CTA]	13.4	-	-	-	-	(2,191,857)	(2,191,857)		(116,421)	(2,308,278)
Cash flow hedges	13.4	-	-	-	-	413,309	413,309		1,940	415,249
Actuarial gains/(losses)	13.4	-	-	-	-	817	817		-	817
Total comprehensive income		-	-	-	3,768,263	(1,777,731)	1,990,532		2,823	1,993,355
Capital increases/(reduction) in associates and subsidiaries	13.1	33,126	-	-	-	-	33,126		-	33,126
Effects of the application of IAS 29 (hyperinflation)		-	-	-	868,848	-	868,848		1,162	870,010
Gains/(losses) of controlling interest		-	-	-	(333,014)	-	(333,014)		(167,174)	(500,188)
Share buybacks, results from treasury shares, and share-based payments	13.2	-	(355,434)	-	-	-	(355,434)		313	(355,121)
Statute-barred /(additional) dividends		-	-	-	7,696	-	7,696		-	7,696
At March 31, 2026		58,308,205	53,425,951	54,222,078	4,311,793	(80,142,234)	90,125,793		697,866	90,823,659

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

AMBEV S.A.

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

For the three-month periods ended March 31

All amounts in thousands of Brazilian Reais

	Note	2026	2025
Net income		3,885,567	3,804,649
Adjustments:
Depreciation, amortization and impairment		1,603,492	1,713,251
Impairment losses on receivables and inventory		49,267	79,354
Additions to/(reversals of) provisions and employee benefits		51,624	119,095
Net financial results	18	1,056,533	856,382
Losses/(gains) on sales of property, plant and equipment and intangible assets	16	(28,451)	(32,590)
Losses/(gains) on sales of operations in subsidiaries		(86,303)	-
Share-based payment expenses		93,123	98,966
Income tax expenses	8.2	1,045,914	1,051,696
Share of results of associates and joint ventures		352	(2,719)
Hedge operations	20.2	60,325	(585,971)
Cash flow from operating activities before changes in working capital		7,731,443	7,102,113
(Increase)/decrease in trade and other receivables		(27,054)	712,604
(Increase)/decrease in inventories		(242,706)	(1,012,409)
Increase/(decrease) in trade and other payables		(3,314,921)	(4,045,100)
Cash generated from operations		4,146,762	2,757,208
Interest paid		(201,521)	(237,506)
Interest received		433,721	366,632
Dividends received		81,115	4,553
Income tax paid		(1,299,197)	(1,686,915)
Cash flow from operating activities		3,160,880	1,203,972
Proceeds from sales of property, plant and equipment and intangible assets		33,675	32,110
Acquisitions of property, plant and equipment and intangible assets		(466,855)	(828,151)
Sale/(acquisition) and others related to subsidiaries, net of cash		(2,017,094)	(40,270)
Investments in short-term debt securities and net proceeds/(acquisitions) of debt securities		32,978	51,245
Net proceeds/(acquisitions) of other assets		-	619
Cash flow from/(used in) investing activities		(2,417,296)	(784,447)
Capital increases/(reduction) in associates and subsidiaries		14,865	23,693
Proceeds from/(buybacks of) treasury shares		(413,461)	(1,056,521)
Acquisitions of non-controlling interest		-	(23)
Proceeds from borrowing		15,233	7,763
Repayments of borrowing		(63,517)	(49,170)
Cash net of finance costs other than interest		(487,523)	(839,212)
Payments of lease liabilities		(268,589)	(301,967)
Dividends and interest on capital paid		(1,524)	(6,611,438)
Cash flow from/(used in) financing activities		(1,204,516)	(8,826,875)
Net increase/(decrease) in cash and cash equivalents		(460,932)	(8,407,350)
Cash and cash equivalents at the beginning of the period		18,638,228	28,595,666
Effects of exchange rate fluctuations on cash and cash equivalents		(185,421)	(1,069,962)
Cash and cash equivalents at the end of the period		17,991,875	19,118,354

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

AMBEV S.A.

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.

1.3 Major corporate events in the three-month period ended March 31, 2026

1.3.1 Resolution on the payment date of the first installment of interest on capital (IOC)

At a meeting held on February 11, 2026, the Board of Directors approved the payment date of the first installment of interest on capital (“IOC”), the distribution of which had been approved at the Board of Directors’ meeting held on December 9, 2025. The payment was made on April 6, 2026, in the gross amount of R$0.075 per share, corresponding to a net amount of R$0.063 per share of the Company, after the deduction of income tax, in accordance with applicable legislation. The record dates established at the time of the distribution approval remain unchanged.

1.3.2 Share Buyback Program

In October 2025, the Board of Directors approved a new share buyback program for up to 208,000,000 (two hundred and eight million) common shares issued by the Company. The main purpose of the program is the cancellation of such shares, and any remaining shares may be held in treasury, sold and/or used in connection with the Company’s share-based compensation plans.

The program is currently ongoing and, as of March 31, 2026, the Company had already acquired 27,482,300 common shares, at an aggregate cost of R$413 million. The transactions are being carried out through Santander Corretora de Câmbio e Valores Mobiliários S.A.

2. BASIS OF PREPARATION AND PRESENTATION OF THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS

The interim consolidated financial statements at March 31, 2026, 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 notes previously disclosed, avoiding repetition. In Management's view the interim consolidated financial statements provide sufficient understanding of the Company's equity position and performance during the interim period. Therefore, it should be read in conjunction with the consolidated financial statements for the year ended December 31, 2025, prepared in accordance with International Financial Reporting Standards (“IFRS®”) issued by the IASB®.

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

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

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, 2025:

AMBEV S.A.

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

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 March 31, 2026, were approved by the Executive Board of Officers on May 04, 2026.

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.

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
Currency	Name	Country	03/31/2026	12/31/2025		03/31/2026	03/31/2025
ARS	Argentinian Peso	Argentina	0.0038	0.0038		0.0037	0.0056
BBD	Barbadian Dollar	Barbados	2.5729	2.7125		2.6129	2.9376
BOB	Bolivian Peso	Bolivia	0.7499	0.7906		0.7616	0.8562
CAD	Canadian Dollar	Canada	3.7456	4.0187		3.8891	4.1302
CLP	Chilean Peso	Chile	0.0056	0.0061		0.0060	0.0061
GTQ	Quetzal	Guatemala	0.6791	0.7185		0.6928	0.7742
USD	US Dollar	Panamá	5.2194	5.5024		5.3005	5.9592
PYG	Guarani	Paraguay	0.0008	0.0008		0.0008	0.0008
DOP	Dominican Peso	Dominican Republic	0.0853	0.0869		0.0853	0.0962
UYU	Uruguayan Peso	Uruguay	0.1289	0.1409		0.1373	0.1379

AMBEV S.A.

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 March 31, 2026, compared to those used for the consolidated financial statements for the years ended December 31, 2025.

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	Effective date	Highlights
IFRS 9 and IFRS 7 – Classify and Measurement of Financial Instruments	January 1, 2026	The changes clarify the criteria for the classification and measurement of financial assets and liabilities, with an emphasis on the assessment of the contractual cash flows characteristics and the entity's business model. In addition, they enhance disclosure requirements, aiming to increase transparency regarding significant judgments, financial risks, and the impacts arising from the classification and measurement of financial instruments.

The following is the main change in accounting standard that, based on Management's assessment, will have an impact on the Company's disclosures in subsequent periods.

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.

3.1.1 IFRS 18 - Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued IFRS 18 Presentation and Disclosures in Financial Statements, which replaces IAS 1 and introduces new requirements aimed at improving the comparability of financial performance reporting and enhancing the transparency of the information provided to users. IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027, with early adoption permitted. The standard is required to be applied retrospectively.

While IFRS 18 does not affect the recognition or measurement of assets, liabilities, income or expenses, it’s expected to have a significant impact on the presentation of the primary financial statements and the related disclosures. IFRS 18 introduces new requirements to:

· present specified categories in the statement of profit or loss, including the introduction of new operating, investing and financing categories, as well as defined subtotals;

· require disclosures of management-defined performance measures (MPMs) in the notes to the financial statements; and

· strengthen the principles of aggregation and disaggregation across primary financial statements and the notes.

The company anticipates that the adoption of the standard will primarily affect the presentation of the statement of profit or loss and the statement of cash flows, the disclosure of management performance measures, and the structure of the related notes.

The company does not intend to early adopt IFRS 18 and is currently in the process of assessing and preparing for the impacts arising from its application to the consolidated financial statements. The Company has assessed that the main change in presentation will be the reclassification of foreign exchange gains and losses and gains and losses on certain hedging instruments from “financial income and expenses,” as presented under IAS 1, to “operating profit,” as required under IFRS 18, when the underlying exposure measured or hedged is related to operating activities.

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 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 three-month period ended March 31, 2026.

The accounting policy which reflects significant estimates and judgments used in the preparation of these interim consolidated financial statements for the three-month period ended March 31, 2026, has not changed from those valid on December 31, 2025.

5. CASH AND CASH EQUIVALENTS AND INVESTMENT SECURITIES

5.1 Cash and equivalents

	03/31/2026	12/31/2025
Cash	78,385	33,360
Current bank accounts	5,734,701	7,824,261
Short-term bank deposits (i)	12,178,789	10,780,607
Net cash and cash equivalents	17,991,875	18,638,228

(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.

Effective January 2026, the Company ceased to consolidate its subsidiary in Cuba and started to account for as an associate using the equity method, in line with the application of the consolidation criteria under applicable accounting standards. As a result, the cash and cash equivalents balances of this investee are no longer included in the consolidated financial statements from that date. This effect is reflected in the line “Sale/(acquisition) and others related to subsidiaries, net of cash” in the Statements of Cash Flows.

The cash and cash equivalents balance include the amount of R$2,292,715 at March 31, 2026 (R$4,070,595 in December 31, 2025), in the consolidated financial statements, which is not freely remittable to the Parent Company. As of March 31, 2026, such restriction arises from the unavailability of foreign currency in Bolivia, although the funds remain available for use in the local operations of the respective subsidiary. As of December 31, 2025, the restricted balance also included amounts related to the operation in Cuba, totaling R$2,017,094.

AMBEV S.A.

5.2 Investment securities

	03/31/2026	12/31/2025
Financial assets at fair value through profit or loss	1,648,713	1,667,391
Investments in debt securities (i)	-	14,301
Current assets	1,648,713	1,681,692
Investments in debt securities	113,602	123,256
Non-current assets	113,602	123,256
Total	1,762,315	1,804,948

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

6. INVENTORIES

	03/31/2026	12/31/2025
Finished goods	3,406,707	3,218,469
Work in progress	732,092	619,904
Raw materials and consumables	5,129,661	5,297,699
Spare parts and others	900,491	865,375
Inventory in transit and prepayments	326,738	629,705
Impairment losses	(96,841)	(111,062)
	10,398,848	10,520,090

The changes in impairment losses on inventory are as follow:

	03/31/2026	12/31/2025
Balance at the end of the previous year	(111,062)	(141,046)
Effects of cumulative translation adjustments (CTA)	3,694	6,911
Restructuring of subsidiaries (i)	6,432	4,007
Provisions	(38,654)	(195,476)
Write-offs/reversal of provisions	42,749	214,542
Balance at the end of the period	(96,841)	(111,062)

(i) Effect related to the deconsolidation of balance sheet amounts, including the sale of a subsidiary.

AMBEV S.A.

7. RECOVERABLE TAXES

	03/31/2026	12/31/2025
Exclusion of ICMS from PIS/COFINS (i)	255,650	436,593
PIS/COFINS	221,571	143,553
ICMS	453,737	407,345
IPI	110,928	120,665
Income tax and social contributions	1,808,647	2,480,759
Other	46,573	34,464
Current	2,897,106	3,623,379
Exclusion of ICMS from PIS/COFINS (i)	7,247,182	7,118,090
PIS/COFINS	684	28,315
ICMS	300,477	320,380
Income tax and social contributions	2,553,558	2,455,452
Other	181,464	226,903
Non-current	10,283,365	10,149,140
Total	13,180,471	13,772,519

(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 Especial de Tributação de Bebidas Frias (“REFRI”), for the period from 2009 to 2015, in relation to which the lawsuit is currently in the final expert evaluation phase.

8. INCOME TAX AND SOCIAL CONTRIBUTION

8.1 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:

	03/31/2026				12/31/2025
	Assets	Liabilities	Net		Assets	Liabilities	Net
Investment securities	7,732	-	7,732		6,842	-	6,842
Intangibles	3,016	(1,871,543)	(1,868,527)		-	(1,836,483)	(1,836,483)
Employee benefits	665,144	-	665,144		786,297	-	786,297
Trade payables	3,065,461	(2,459)	3,063,002		3,462,227	(2,135)	3,460,092
Trade receivables	15,203	(7,406)	7,797		8,513	(11,018)	(2,505)
Derivative financial instruments	57,100	(263,998)	(206,898)		64,997	(171,696)	(106,699)
Interest-bearing loans and borrowings	6,304	-	6,304		7,649	-	7,649
Inventories	383,845	(156,727)	227,118		390,446	(120,188)	270,258
Property, plant and equipment	1,096,415	(2,040,546)	(944,131)		1,092,185	(1,951,498)	(859,313)
Withholding tax on undistributed profits and royalties	-	(1,833,174)	(1,833,174)		-	(2,136,201)	(2,136,201)
Investments in associates and joint ventures	-	(383,678)	(383,678)		-	(383,678)	(383,678)
Interest on capital	407,713	-	407,713		-	-	-
Tax losses carried forward (i)	3,814,847	-	3,814,847		3,715,493	-	3,715,493
Provisions	1,379,032	(7,301)	1,371,731		1,606,370	(553)	1,605,817
Complement of income tax of foreign subsidiaries due in Brazil	-	(50,050)	(50,050)		-	-	-
Impact of IFRS 16 (Leases)	4,472	(77,031)	(72,559)		2,861	(78,249)	(75,388)
Exclusion of ICMS from PIS/COFINS calculation basis	-	(8,093)	(8,093)		-	(82,550)	(82,550)
Other items	316,650	(214,408)	102,242		286,065	(163,554)	122,511
Gross deferred tax assets/(liabilities)	11,222,934	(6,916,414)	4,306,520		11,429,945	(6,937,803)	4,492,142
Netting by taxable entity	(2,849,098)	2,849,098	-		(3,025,533)	3,025,533	-
Net deferred tax assets/(liabilities)	8,373,836	(4,067,316)	4,306,520		8,404,412	(3,912,270)	4,492,142

(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$314,817. This amount is included in the tax credits recognized under the line of tax losses carried forward. As of March 31, 2026, the amount remained unchanged since there were no new ex-officio offsets during the period. The contingencies in question have a probability of a possible loss.

AMBEV S.A.

8.1.1 Realization of deferred taxes

At March 31, 2026, 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$943,421; and (ii) to be realized after 12 months R$(451,748).

8.1.2 Net change in deferred taxes

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

At December 31, 2025	4,492,142
Investment hedges – obligations related to the acquisition of a non-controlling interest	(6,876)
Cash flow hedge – gains/(losses)	(121,806)
Gains/(losses) on cumulative translation adjustments [CTA]	(323,240)
Recognized in other comprehensive income	(451,922)
Recognized in the income statement	315,891
Changes recognized directly in the balance sheet	(49,591)
Recognized in deferred tax	(119,839)
Effects of the application of IAS 29 (hyperinflation)	(119,839)
Recognized in the other balance sheet group	70,248
At March 31, 2026	4,306,520

8.1.3 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 March 31, 2026, the accumulated balance of these credits represented R$857,934 in taxable value (R$991,549 in December 31, 2025) equivalent to a taxable basis of R$3,253,014 in March 31, 2026 (R$3,788,686 in December 31, 2025).

Additionally, tax credits related to tax losses recorded in the Brazilian ECF (Tax Accounting Bookkeeping), for the purpose of calculating Taxation on a worldwide basis, ceased to be recognized, resulting in a principal amount of R$5,289,511 as of March 31, 2026 (R$5,289,511 as of December 31, 2025).

8.2 Income tax and social contribution

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

	03/31/2026	03/31/2025
Income tax expenses – current	(1,361,805)	(1,156,623)
Deferred tax expenses on temporary differences	216,537	138,116
Deferred tax on taxes loss carryforward movements in the current period	99,354	(33,189)
Total deferred tax (expenses)/income	315,891	104,927
Total income tax expenses	(1,045,914)	(1,051,696)

AMBEV S.A.

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

	03/31/2026	03/31/2025
Profit before income tax	4,931,481	4,856,345
Adjustments to the taxable basis
Other non-taxable income	(146,029)	(162,612)
Government grants related to taxes on sales	(104,968)	(97,006)
Share of results of associates and joint ventures	352	(2,719)
Non-deductible expenses	87,359	240,617
Taxation on a universal basis and other adjustments related to foreign subsidiaries	172,232	(65,232)
	4,940,427	4,769,393
Aggregated weighted nominal tax rate	29.81%	27.63%
Taxes payable – nominal rate	(1,472,605)	(1,317,996)
Adjustments to tax expenses
Income tax incentives	120,696	43,634
Deductible interest on capital	407,713	322,643
Tax savings arising from the amortization of goodwill	896	896
Withholding income tax	(109,780)	(43,696)
Recognition/(write-off) of deferred charges on tax losses	3,136	(27,806)
Effects of the application of IAS 29 (hyperinflation)	5,740	(8,224)
Other tax adjustments	(1,710)	(21,147)
Income tax and social contribution expense	(1,045,914)	(1,051,696)
Effective tax rate	21.21%	21.66%

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 monetary updates (Selic) on tax credits.

· Government grants related to taxes on sales: these represent regional incentives and economic development policies, primarily related to local production to generate economic and social impact. Before the advent of Federal Law No. 14,789/2023, those grants were not subject to income tax and social contribution. In this regarding, since August 2024 companies in the group have obtained favorable decisions, in effect since then, exempting them from collecting IRPJ and CSLL on amounts determined as government grants related to tax benefits deemed as ICMS presumed credits.

· Non-deductible expenses: primarily refer to the additional costs incurred in acquiring foreign currency in certain jurisdictions where the Group operates, used mainly for the remittance of earnings to the parent companies.

· Taxation on a universal basis and other adjustments related to foreign subsidiaries: the additional income taxes due in Brazil on the income of foreign-controlled entities, in accordance with Law No. 12,973/2014. It also includes local permanent adjustments to foreign companies consolidated within the group, as well as the effects arising from some 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 tax granted by the Brazilian Federal Government to promote regional development in certain areas of the North and Northeast of the country and to the PAT (“Programa de Alimentação do Trabalhador”). These incentives are recorded in the results on an accruals basis and allocated to fiscal incentives reserve, as per item (13.3.1) "Tax incentives" within note 13 – Changes in equity.

· Withholding income tax: this balance is related to tax due on dividends to be distributed by subsidiaries located outside of Brazil under local tax legislation. The recorded amounts in 2026 are mainly related to withholding tax calculated on profits earned in 2026 and to exchange differences on deferred income tax related to the undistributed profits of subsidiaries.

AMBEV S.A.

· Deductible interest on capital (“IOC”): under Brazilian law, companies have an option to remunerate their shareholders through the payment of IOC, which is deductible for income tax purposes. The amount of IOC is impacted by the taxable result, net income reserves of the Company and by the long-term interest rate (“TJLP”). These remunerations are deductible for income tax purposes.

· Effects of the application of IAS 29 (hyperinflation): the Company’s subsidiary in Argentina operates in a hyperinflationary economy thus subject to the monetary correction of its non-financial assets and liabilities, its equity and its statement of income, which may impact the consolidated effective tax rate, implying variation between periods.

9. PROPERTY, PLANT AND EQUIPMENT

	03/31/2026	12/31/2025
Property, plant and equipment	23,618,915	24,617,947
Right of use assets	2,768,863	3,026,370
	26,387,778	27,644,317

AMBEV S.A.

9.1 Changes in the carrying amount of property, plant, and equipment

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

											Carrying amount
	At December 31, 2025	Cumulative translation adjustments (CTA)	Effects of the application of IAS 29 (hyperinflation)	Acquisitions	Depreciation	Disposals and write-offs	Transfers	Subsidiary Restructuring (i)	At March 31, 2026		Acquisition cost	Depreciation
Land and buildings	10,591,275	(148,945)	170,051	48	(122,270)	-	175,461	(60,571)	10,605,049		16,738,059	(6,133,010)
Plant and equipment	11,287,238	(172,579)	149,797	38,924	(856,754)	(5,156)	580,652	(42,242)	10,979,880		47,828,547	(36,848,667)
Fixtures and accessories	889,070	(19,778)	6,890	27,737	(113,004)	(190)	151,802	(5,167)	937,360		7,829,502	(6,892,142)
Under construction	1,850,364	(25,970)	10,818	251,657	-	-	(975,871)	(14,372)	1,096,626		1,096,626	-
Total	24,617,947	(367,272)	337,556	318,366	(1,092,028)	(5,346)	(67,956)	(122,352)	23,618,915		73,492,734	(49,873,819)

(i) Effect related to the deconsolidation of balance sheet amounts, including the sale of a subsidiary.

AMBEV S.A.

9.2 Changes in the carrying amount of right-of-use assets

											Carrying amount
	At December 31, 2024	Cumulative translation adjustments (CTA)	Effects of the application of IAS 29 (hyperinflation)	Additions	Depreciation	Write-offs	Transfers	Subsidiary Restructuring (i)	At December 31, 2025		Acquisition cost	Depreciation
Buildings	1,235,289	(55,594)	7,484	697,595	(463,235)	(1,135)	(35,656)	(649)	1,384,099		3,764,191	(2,380,092)
Machinery, equipment and vehicles	1,726,325	(20,933)	608	781,748	(740,263)	(212,813)	22,944	-	1,557,616		4,487,363	(2,929,747)
Others	74,041	(7,666)	2,779	73,990	(60,318)	(447)	2,276	-	84,655		277,870	(193,215)
Total	3,035,655	(84,193)	10,871	1,553,333	(1,263,816)	(214,395)	(10,436)	(649)	3,026,370		8,529,424	(5,503,054)

										Carrying amount
	At December 31, 2025	Cumulative translation adjustments (CTA)	Effects of the application of IAS 29 (hyperinflation)	Additions	Depreciation	Write-offs	Subsidiary Restructuring (i)	At March 31, 2026		Acquisition cost	Depreciation
Buildings	1,384,099	(24,637)	1,325	77,445	(110,960)	(6,010)	-	1,321,262		3,736,001	(2,414,739)
Machinery, equipment and vehicles	1,557,616	(9,075)	(106)	145,354	(193,127)	(116,930)	(2,294)	1,381,438		4,486,838	(3,105,400)
Others	84,655	(1,548)	636	4,032	(15,131)	(6,090)	(391)	66,163		270,024	(203,861)
Total	3,026,370	(35,260)	1,855	226,831	(319,218)	(129,030)	(2,685)	2,768,863		8,492,863	(5,724,000)

(i) Effect related to the deconsolidation of balance sheet amounts, including the sale of a subsidiary.

AMBEV S.A.

10. TRADE PAYABLES

	03/31/2026	12/31/2025
Trade payables	20,988,246	22,596,092
Related parties	1,218,456	1,146,743
Current	22,206,702	23,742,835
Trade payables	56,099	67,682
Related parties	149,882	245,277
Non-current	205,981	312,959
Total	22,412,683	24,055,794

The present value adjustment related to the obligations recorded in trade payables, at March 31, 2026, is R$271,242 million (R$243,031 million at December 31, 2025).

The subsidiaries in Argentina, Chile, and Panama have discount transactions of endorsed trade bills (trade payables securitization) with vendors in the amount of R$72,148 million at March 31, 2026 (R$20,247 million at December 31, 2025). In general, such discount transactions occur due to legal requirements existing in these jurisdictions. These transactions retain their commercial characteristics, as there are no changes to the previously agreed conditions (amount, terms, or counterparty), and it is the vendor’s discretion to anticipate its receivables. Therefore, these transactions do not result in any additional obligations for the Company.

11. INTEREST-BEARING LOANS AND BORROWING

	03/31/2026	12/31/2025
Secured bank loans	17,580	18,831
Other secured loans	126,618	135,510
Lease liabilities	960,107	1,012,984
Current liabilities	1,104,305	1,167,325
Secured bank loans	63,291	80,870
Other secured loans	170,937	176,067
Lease liabilities	1,767,199	1,962,662
Non-current liabilities	2,001,427	2,219,599
Total	3,105,732	3,386,924

Additional information regarding the exposure of the Company to interest rates, foreign currency risk and debt repayment schedule is disclosed in Note 20 - Financial instruments and risks.

11.1 Contractual clauses (covenants)

At March 31, 2026, at December 31, 2025, 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.

11.2 Leasing contracts regarding the term and discount rate (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 specific circumstances (i.e. the credit 'spreads'). These spreads are based on surveys conducted with financial institutions. The table below presents the weighted average rates applied, considering the terms of the existing contracts:

AMBEV S.A.

	Rate %
Lease Term	03/31/2026
2026 - 2030	12.36%
2031 - 2040	13.09%

12. 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.

12.1 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.

12.1.1 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 likelihood of probable loss have their value reported directly in the income tax and social contribution payable line, as per IFRIC 23 - Uncertainty on the Treatment of Income Taxes.

AMBEV S.A.

12.1.2 Provisions changes

	Tax on sales	Labor	Civil	Other taxes	Restructuring (i)	Total
Balance at December 31, 2024	325,906	195,110	372,021	214,206	4,572	1,111,815
CTA effect	-	(1,955)	(7,372)	(7,435)	(301)	(17,063)
Constituted provisions	423,011	285,111	273,018	275,282	23,348	1,279,770
Consumed provisions	(129,832)	(211,490)	(165,833)	(42,501)	(22,511)	(572,167)
Reversed provisions	(93,989)	(49,884)	(174,778)	(34,649)	-	(353,300)
Balance at December 31, 2025	525,096	216,892	297,056	404,903	5,108	1,449,055
CTA effect	-	(637)	(108)	(1,807)	(228)	(2,780)
Constituted provisions	24,707	61,924	10,999	7,088	-	104,718
Consumed provisions	(2,449)	(41,612)	(7,778)	(410)	(3,232)	(55,481)
Reversed provisions	(12,423)	(19,610)	(2,970)	(46,959)	-	(81,962)
Balance at March 31, 2026	534,931	216,957	297,199	362,815	1,648	1,413,550

(i) Restructuring provisions mainly relate to organizational improvements, right-sizing and the Group’s digitalization efforts.

12.1.3 Expected settlement of provisions

	03/31/2026				12/31/2025
	Current	Non-current	Total		Current	Non-current	Total
Tax on sales	134,641	400,290	534,931		124,282	400,814	525,096
Labor	114,493	102,464	216,957		99,389	117,503	216,892
Civil	81,477	215,722	297,199		81,425	215,631	297,056
Other taxes	265,402	97,413	362,815		261,161	143,742	404,903
Total provision for disputes and litigation	596,013	815,889	1,411,902		566,257	877,690	1,443,947
Restructuring (i)	1,648	-	1,648		5,108	-	5,108
Total provisions	597,661	815,889	1,413,550		571,365	877,690	1,449,055

(i) Restructuring provisions mainly relate to organizational improvements, right-sizing and the Group’s digitalization efforts.

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.

12.2 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 likelihood of loss assessment carried out. Such proceedings represent the following estimates.

	03/31/2026	12/31/2025
Income tax and social contribution	72,677,911	72,201,276
Value-added and excise duties	29,329,195	28,810,054
PIS and COFINS	1,916,684	1,876,543
Others	3,663,343	3,046,204
	107,587,133	105,934,077

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.

AMBEV S.A.

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.

12.2.1 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 between December 31, 2025, and March 31, 2026, are summarized in the table below, along with their respective estimated values involved in the cases.

	Uncertainty over the treatment of income taxes In accordance with IFRIC 23 (note 8.1 - Income tax and social contribution)	Estimates (in million of Brazilian Reais)
#	Description of the main processes	03/31/2026	12/31/2025
1	Disallowance of tax paid abroad Since 2014, the Company has been receiving tax assessments, relating to calendar years from 2007 onwards, which disallow the use of foreign tax credits relating to income tax paid abroad by its controlled companies. The Company is challenging these assessments at both the administrative and judicial courts. In November 2019, a final favorable decision was issued by the Administrative Council of Tax Appeals (“CARF”) canceling the assessment regarding one of the cases, covering the calendar year 2010. For cases involving calendar years 2015 and 2016, the Company received unfavorable decisions in the administrative 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 court. In July 2024, the Lower Administrative Court rendered a favorable decision to the Company in one case related to the 2012 calendar year, which became final in March 2026, resulting in the cancellation of the entire tax assessment. In 2024, the Lower Administrative Court also rendered an unfavorable decision related to evidentiary formalities in a separate case discussing the same matter for the 2012 calendar year, and the Company has filed an appeal with the judicial court. In January 2025, the Company received new tax assessments related to the 2019 calendar year for which it filed the administrative defenses. In September 2025, the Company received unfavorable decisions and appealed to the Lower Administrative Court. In February 2026, the Company received new tax assessments challenging the offset of foreign tax credits for the 2018 calendar year and filed a defense with the first-level administrative court, which are pending judgment. With respect to the cases involving the remaining calendar years, the Company is awaiting decisions at both the administrative and judicial levels. In connection with the disallowance of tax paid abroad, the Brazilian Federal Tax Authorities filed additional tax assessments to charge isolated fines due to the lack of monthly prepayments of corporate income tax as a result of allegedly undue deductions of taxes paid abroad. The Company has received tax assessments charging such fines for calendar years 2015 to 2020. For the tax assessments related to calendar years 2015, 2017, 2018 and 2019, the Company received: (i) an unfavorable decision related to the 2015 calendar year, which became final at the administrative level in August 2025 and has been appealed to the judicial court; (ii) a favorable decision related to the 2017 calendar year issued in August 2024, for which the tax authorities have filed an appeal to the Upper Administrative Court; and (iii) in January 2026, unfavorable decisions from the Lower Administrative Court for the cases related to the 2018 tax period (by a tie-vote) and the 2019 tax period (by unanimous vote), which are pending notification. The tax assessments related to calendar years 2016 and 2020 await trial at the Lower Administrative Court and the First-Level Administrative Court, respectively. The updated assessed value of this uncertain tax treatment, in accordance with IFRIC 23 - Uncertainty over Income Tax Treatments, is approximately R$18.9 billion as of March 31, 2026 (R$19.1 billion as of December 31, 2025), and, due to the assessment of the likelihood of loss, no provision was made in the period. This uncertain tax treatment, according to IFRIC, regarding income tax credits paid abroad, continued to be applied by the Company and impacted subsequent calendar years to those assessed (2020 to 2025). If new questions arise in the future, on the same basis and with the same grounds as the tax assessments mentioned, the Company estimates that the outcome of these potential new discussions would be consistent with the periods already assessed.	18,907	19,091

AMBEV S.A.

	Indirect taxes	Estimates (in million of Brazilian Reais)
#	Description of the main process	03/31/2026	12/31/2025
1	Social contributions – Other Credits In 2022, Ambev received a tax assessment and administrative decisions challenging the offsetting regarding certain PIS/COFINS’ credits. The tax authorities primarily argue that (i) certain credits claimed by Ambev are unrelated to the production proceedings and (ii) Ambev has not adequately demonstrated its right to utilize such credits. The assessment was challenged at the administrative level and after a partially favorable judgment, Ambev filed an appeal with CARF, which resulted in the proceeding being remanded for tax expert examination in September 2024. In March 2026, the Lower Administrative Court (CARF) issued a partially favorable decision in the taxpayer’s appeal. While certain relevant matters were decided in favor of the company, the main issues were ruled against the taxpayer by a tie-vote. This decision is not final, as the written decision is still pending formal issuance and may be subject to review by the Upper Administrative Court. The Company estimates that the updated amount classified as a possible loss related to these proceedings is approximately R$628.5 million as of March 31, 2026 (R$615.1 million as of December 31, 2025).	629	615

12.2.2 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 changes until March 31, 2026, are summarized in the table below.

	Contingent assets
#	Description of the main processes
1	Federal taxation on VAT Incentives After the enactment of Law No. 14,789, effective as of Jan 1st, 2024, the VAT incentives deemed as “government grants for investment”, began being taxed for IRPJ/CSLL and PIS/COFINS purposes. With that respect, Ambev and some of its subsidiaries in Brazil have filled their own legal procedures to challenge the legal aspects of the newly enacted Law. During 2024 and 2025, some of the companies obtained favorable judicial decisions related to VAT Incentives deemed as ICMS presumed credits which relief them, from the calculation periods starting after each decision was issued, from taxing IRPJ/CSLL and PIS/COFINS, having those decisions amounted to, until March 31, 2026, the accumulated amounts of R$207 million and R$626 million, respectively.

AMBEV S.A.

13. CHANGES IN EQUITY

13.1 Issued capital

At March 31, 2026, the authorized and issued capital, fully subscribed and paid in, amounting to R$58,308,205 (R$58,275,087 in March 31, 2025) was composed of 15,763,665 common shares (15,761,639 in March 31, 2025), book entry, registered, and with no par value, distributed as follows:

	03/31/2026			03/31/2025
Shareholder	Thousands of common shares	%		Thousands of common shares	%
Interbrew International GmbH	8,441,666	53.56%		8,441,666	53.56%
Ambrew S.A.R.L.	1,287,686	8.17%		1,287,700	8.17%
Fundação Zerrenner	1,609,987	10.21%		1,609,987	10.21%
Market (free float)	4,257,355	27.00%		4,307,812	27.33%
Treasury shares	166,971	1.06%		114,474	0.73%
	15,763,665	100.00%		15,761,639	100.00%
	03/31/2026			03/31/2025
	Thousands of common shares	Thousands of Real		Thousands of common shares	Thousands of Real
Opening balance	15,761,639	58,275,079		15,757,657	58,226,036
Capital increase (i)	2,026	33,126		3,982	49,051
Balance at the end of the period	15,763,665	58,308,205		15,761,639	58,275,087

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

13.2 Capital reserves

	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	(982,359)	-	-	(7,830)	(990,189)
Balance at March 31, 2025	(2,315,102)	53,662,811	700,898	2,297,614	54,346,221

	Capital Reserves
	Treasury shares	Share Premium	Other capital reserves	Share-based Payments	Total
Balance at January 1, 2026	(2,947,613)	53,662,811	700,898	2,365,289	53,781,385
Share buybacks, results from treasury shares, share-based payments and others	(326,271)	-	-	(29,163)	(355,434)
Balance at March 31, 2026	(3,273,884)	53,662,811	700,898	2,336,126	53,425,951

AMBEV S.A.

13.2.1 Share buyback and treasury shares results

Treasury shares represent the Company’s own issued shares that have been repurchased by the Company. The results of treasury shares refer to gains and losses arising from share-based payment transactions and others related items. 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, 2025	29,807		(365,626)		(967,117)		(1,332,743)
Share Buyback	90,748		(1,056,522)		-		(1,056,522)
Share-Based Payment	(6,081)		69,953		-		69,953
Results from shares	-		-		4,210		4,210
Balance at March 31, 2025	114,474		(1,352,195)		(962,907)		(2,315,102)

	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, 2026	145,113		(1,836,585)		(1,111,028)		(2,947,613)
Share Buyback	27,482		(413,461)		-		(413,461)
Share-Based Payment	(5,624)		71,490		-		71,490
Results from shares	-		-		15,700		15,700
Balance at March 31, 2026	166,971		(2,178,556)		(1,095,328)		(3,273,884)

13.2.2 Share-based payment

Different share-based payment programs allow the Group’s senior management to acquire shares in the Company (Note 19 – Share-based payments). The share-based payment reserve recorded an expense of R$93,123 on March 31, 2026 (R$98,966 at March 31, 2025).

13.3 Net income reserves

	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
Fiscal incentives reserve	(496,600)	-	-	(496,600)
Balance at March 31, 2025	35,628,552	4,456	17,507,411	53,140,419

	Profit reserves
	Investment reserve	Legal reserve	Fiscal incentives	Total
Balance at January 1, 2026	36,337,370	4,456	17,880,252	54,222,078
Balance at March 31, 2026	36,337,370	4,456	17,880,252	54,222,078

There was no change in profit reserves in the first quarter of 2026.

13.3.1 Tax incentives

The tax incentives recognized by the Company in its net equity, under profit reserves, 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 incentive 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, particularly Complementary Federal Law No. 160/2017 and CONFAZ Agreement No. 190/2017. Following the revocation of Article 30 of Federal Law No. 12,973/14 by Federal Law No. 14,789/23, the state tax incentives in the form of presumed ICMS credits have 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.

13.4 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, 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 adjustments [CTA]	(4,782,873)	-	-	-	-	-	-	(4,782,873)
Cash flow hedges	-	(889,159)	-	-	-	-	-	(889,159)
Actuarial gains/(losses)	-	-	87	-	-	-	-	87
Total comprehensive income	(4,782,873)	(889,159)	87	-	-	-	-	(5,671,945)
Gains/(losses) of controlling interest	-	-	-	1,824	-	-	-	1,824
Taxes on deemed dividends	-	-	-	-	107	-	-	107
Balance at March 31, 2025	1,339,078	359,723	(602,434)	75,831	(94,139)	156,091	(75,461,490)	(74,227,340)

	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, 2026	(2,713,332)	350,639	(614,411)	85,732	(155,909)	156,091	(75,473,313)	(78,364,503)
Comprehensive income:
Gains/(losses) on cumulative translation adjustment [CTA]	(2,191,857)	-	-	-	-	-	-	(2,191,857)
Cash flow hedges	-	413,309	-	-	-	-	-	413,309
Actuarial gains/(losses)	-	-	817	-	-	-	-	817
Total comprehensive income	(2,191,857)	413,309	817	-	-	-	-	(1,777,731)
Balance at March 31, 2026	(4,905,189)	763,948	(613,594)	85,732	(155,909)	156,091	(75,473,313)	(80,142,234)

AMBEV S.A.

14. SEGMENT REPORTING

(a) Reportable segments three-month period ended on March 31,:

	Brazil		CAC		Latin America – South		Canada		Consolidated
	2026	2025	2026	2025	2026	2025	2026	2025	2026	2025
Net sales	13,254,608	12,255,370	2,245,246	2,656,924	5,036,104	5,536,112	1,928,522	2,048,972	22,464,480	22,497,378
Cost of sales	(6,558,156)	(5,991,649)	(977,276)	(1,257,579)	(2,536,669)	(2,833,893)	(809,512)	(862,611)	(10,881,613)	(10,945,732)
Gross profit	6,696,452	6,263,721	1,267,970	1,399,345	2,499,435	2,702,219	1,119,010	1,186,361	11,582,867	11,551,646
Distribution expenses	(1,583,113)	(1,579,074)	(196,463)	(223,732)	(637,415)	(671,734)	(355,083)	(402,155)	(2,772,074)	(2,876,695)
Sales and marketing expenses	(1,172,391)	(1,131,514)	(171,118)	(188,692)	(409,762)	(497,716)	(248,884)	(252,005)	(2,002,155)	(2,069,927)
Administrative expenses	(974,343)	(911,814)	(96,626)	(113,553)	(227,806)	(270,776)	(161,407)	(192,704)	(1,460,182)	(1,488,847)
Other operating income/(expenses)	576,687	585,259	4,337	8,578	17,339	11,825	4,659	9,536	603,022	615,198
Exceptional items	(5,836)	(9,701)	83,185	(2,513)	(40,461)	(9,153)	-	-	36,888	(21,367)
Income from operations	3,537,456	3,216,877	891,285	879,433	1,201,330	1,264,665	358,295	349,033	5,988,366	5,710,008
Net financial results									(1,056,533)	(856,382)
Share of results of associates and joint ventures									(352)	2,719
Income before income tax									4,931,481	4,856,345
Income tax expenses									(1,045,914)	(1,051,696)
Net income									3,885,567	3,804,649
Acquisitions of property, plant and equipment	292,261	610,665	67,371	82,458	73,695	92,693	33,528	42,335	466,855	828,151

AMBEV S.A.

(continued)

	Brazil		CAC		Latin America – South		Canada		Consolidated
	03/31/2026	12/31/2025	03/31/2026	12/31/2025	03/31/2026	12/31/2025	03/31/2026	12/31/2025	03/31/2026	12/31/2025
Segment assets	58,841,823	58,539,954	12,715,394	14,331,925	23,233,062	23,344,458	15,901,912	16,783,598	110,692,191	112,999,935
Inter-segment eliminations									(2,691,877)	(3,067,549)
Non-segmented assets (i)									34,760,599	35,154,763
Total assets									142,760,913	145,087,149
Segment liabilities	31,403,284	32,120,900	2,985,402	5,297,547	5,838,075	7,078,599	3,784,938	4,260,622	44,011,699	48,757,668
Inter-segment eliminations									(2,691,876)	(3,067,548)
Non-segmented liabilities (i)									101,441,090	99,397,029
Total liabilities									142,760,913	145,087,149

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

Non-current assets attributed to Brazil (the Company’s country of domicile) and to Canada amounted to R$44,403,723 and R$13,727,222, respectively, at March 31, 2026 (R$44,994,052 and R$14,793,973, respectively, at December 31, 2025. Net revenue attributable to the Company's operations in Argentina totaled R$2,331,492 for the three-month period ended March 31, 2026 (R$3,017,441 as of March 31, 2025), and the segmented non-current assets related to the same country totaled R$10,758,214 for the same period ended March 31, 2026 (R$9,916,672 as of December 31, 2025).

AMBEV S.A.

(b) Additional information – by business unit – three-month periods ended on March 31,:

	Brazil
	Beer		NAB		Total
	2026	2025	2026	2025	2026	2025
Net sales	10,960,002	10,000,757	2,294,606	2,254,613	13,254,608	12,255,370
Cost of sales	(5,351,986)	(4,707,291)	(1,206,170)	(1,284,358)	(6,558,156)	(5,991,649)
Gross profit	5,608,016	5,293,466	1,088,436	970,255	6,696,452	6,263,721
Distribution expenses	(1,248,669)	(1,221,489)	(334,444)	(357,585)	(1,583,113)	(1,579,074)
Sales and marketing expenses	(1,064,906)	(1,031,656)	(107,485)	(99,858)	(1,172,391)	(1,131,514)
Administrative expenses	(853,546)	(799,360)	(120,797)	(112,454)	(974,343)	(911,814)
Other operating income/(expenses)	471,666	460,833	105,021	124,426	576,687	585,259
Exceptional items	(5,836)	(9,701)	-	-	(5,836)	(9,701)
Income from operations	2,906,725	2,692,093	630,731	524,784	3,537,456	3,216,877
Net financial results					(781,165)	(502,459)
Share of results of associates and joint ventures					(352)	2,686
Income before income tax					2,755,939	2,717,104
Income tax expenses					(407,971)	(197,019)
Net income					2,347,968	2,520,085

AMBEV S.A.

15. NET SALES

In accordance with Brazilian Federal Law No 6,404/76, the Company discloses the reconciliation between gross and net sales presented in the consolidated statement of profit or loss. The revenue figures by operational segment are disclosed in Note 14 – Segment reporting.

	03/31/2026	03/31/2025
Gross sales	33,633,409	33,653,426
Excise duty	(7,125,037)	(6,940,245)
Discounts	(4,043,892)	(4,215,803)
Total	22,464,480	22,497,378

At March 31, 2026, the Company recognized R$450,491 in tax incentives (R$384,044 at March 31, 2025). These amounts represent government grants in the nature of effective tax collection, which were recognized in the operating net revenue.

16. OTHER OPERATING INCOME/(EXPENSES)

	03/31/2026	03/31/2025
Government grants and subsidized loan gains	518,864	456,625
(Additions to)/reversals of provisions	(6,813)	(67,021)
Gains/(losses) on disposals of property, plant and equipment, intangible assets and investments in of associates	28,451	32,590
Other operating income/(expenses), net	62,520	193,004
Total	603,022	615,198

17. EXCEPTIONAL ITEMS

	03/31/2026	03/31/2025
Restructuring (i)	(49,415)	(21,367)
Subsidiary Restructuring (ii)	86,303	-
Total	36,888	(21,367)

(i) The restructuring expenses primarily relate to organizational realignments resulting from the Group’s operational improvements, resizing initiatives and digitalization efforts.

(ii) Effect related to the deconsolidation of balance sheet amounts.

18. FINANCIAL RESULTS

	03/31/2026	03/31/2025
Finance income
Income from cash and cash equivalents	342,490	342,089
Income from debt securities	65,510	34,919
Income from other receivables (i)	158,591	187,179
Total finance income	566,591	564,187
Finance expenses
Interest on accounts payable present value adjustment	(311,309)	(272,154)
Interest on bank debts and tax incentives	(46,023)	(44,282)
Interest on provisions for disputes and litigation	(50,307)	(52,307)
Interest on leases	(72,226)	(57,874)
Interest on pension plans	(30,726)	(27,821)
Other interest expenses (ii)	(105,079)	(131,878)
Losses on hedging instruments (iii)	(537,635)	(278,391)

AMBEV S.A.

Taxes on financial transactions	(54,775)	(68,980)
Bank guarantee expenses and surety bond premiums	(72,143)	(69,176)
Total finance expenses	(1,280,223)	(1,002,863)
Effects of the application of IAS 29 (hyperinflation)	10,822	2,193
Exchange differences, net (iv)	(306,090)	(487,921)
Other financial income/(expenses) (v)	(47,633)	68,022
Other financial results, net	(342,901)	(417,706)
Net financial results	(1,056,533)	(856,382)

(i) Refers mainly to monetary adjustments on 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 may be separated and excluded from the designation of a financial instrument as a hedging instrument, in accordance with IFRS 9- Financial Instruments.

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

(v) As from the fourth quarter of 2025, the financial income and financial expense lines, which had previously been presented separately, began to be consolidated into the line item “Other financial results, net”. The same presentation has been applied on a comparative basis.

Interest expenses are presented net of the effects of derivative financial instruments used to hedge the Company’s interest rate risk (see also Note 20- Financial instruments and risks).

19. SHARE-BASED PAYMENTS

Currently, the Company has two share-based payment programs: (i) the Stock Option Plan, approved at the Extraordinary General Meeting held on 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 held on April 24, 2020 (“Share-Based Plan”). Each plan may periodically issue different programs stock options, restricted stock units (RSUs) and performance stock units (PSUs). These programs allow employees and members of senior management members, as nominated by the Board of Directors and the People Committee, to acquire shares of the Company through the exercise of stock options or to receive shares directly.

19.1 Share-Based Plan

During the three-month period, the Company granted 8,869 thousand restricted and performance shares under the Share-Based Plan (14,007 thousand in March 31, 2025), representing a fair value of approximately R$131,916 in March 31, 2026 (R$169,458 in March 31, 2025).

The total number of shares granted to employees under the Share-Based Plan, which will be delivered in the future upon the fulfilment of certain conditions, is presented below:

AMBEV S.A.

Restricted and performance stock units

Thousand restricted shares	03/31/2026		03/31/2025
Restricted and performance stocks outstanding at January	100,828		120,417
New restricted and performance stocks during the period	8,869		14,007
Restricted and performance stocks vested during the period	(8,562)		(8,970)
Restricted and performance stocks forfeited during the period	(3,410)		(1,049)
Restricted and performance stocks outstanding at the end of the period	97,725		124,405

19.2 Options Plan

Stock options have neither been granted nor exercised during the periods ended March 31, 2026, and March 31, 2025. The total number of outstanding stock options is as follows:

Thousand options	03/31/2026		03/31/2025
Options outstanding at January 1	60,191		72,466
Options forfeited during the period	(1,967)		(45)
Options outstanding at the end of the period	58,224		72,421

In March 31, 2026 the exercise prices of the outstanding options ranged from R$16.34 (R$16.34 at March 31, 2025) to R$22.40 (R$22.40 at March 31, 2025), and the remaining exercise period for these options is up to 44 months. Of the 58,224 thousand outstanding options (72,421 thousand at March 31, 2025), 58,224 thousand options were vested as of March 31, 2026 (72,421 thousand at March 31, 2025).

AMBEV S.A.

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

In R$ per share	03/31/2026		03/31/2025
Options outstanding on January 1	18.91		18.26
Options forfeited during the period	18.41		22.30
Options outstanding at the end of the period	18.25		18.26
Options exercisable at the end of the period	18.25		18.26

The Company carries out periodic share buybacks when necessary to meet demand for shares to be delivered under the plans mentioned above.

19.3 Expenses related to share-based payments

The share-based payments transactions described above generated an expense of R$95,974 on March 31, 2026 (R$101,368 on March 31, 2025), which was recorded under administrative expenses.

20. FINANCIAL INSTRUMENTS AND RISKS

20.1 Categories of financial instruments

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

The table below presents the consolidated financial instruments recognized in the financial statements, classified by category:

Financial instrument items	Note	03/31/2026	12/31/2025
Assets
Amortized cost
Cash and cash equivalents	5.1	17,991,875	18,638,228
Trade receivables excluding prepaid expenses		8,853,490	8,987,257
Investment securities	5.2	113,602	137,557
Subtotal		26,958,967	27,763,042
Fair value through profit or loss
Investment securities	5.2	1,648,713	1,667,391
Derivatives hedges	20.2	1,123,147	778,116
Subtotal		2,771,860	2,445,507
Total assets		29,730,827	30,208,549
Liabilities
Amortized cost
Trade payables	10	22,412,683	24,055,794
Interest-bearing loans and borrowing	11	3,105,732	3,386,924
Other liabilities		3,376,639	3,473,785
Subtotal		28,895,054	30,916,503
Fair value through profit or loss
Put options granted on subsidiaries (i)		1,167,559	1,154,203
Derivatives hedges	20.2	1,050,933	925,401
Subtotal		2,218,492	2,079,604
Total liabilities		31,113,546	32,996,107

(i) Obligations related to the acquisition of a non-controlling interest: the Company recognized a liability related to the acquisition of the remaining non-controlling interest in the operations in the Dominican Republic. This financial instrument is denominated Dominican Pesos and refers to Tranche B. The instrument is recorded by an entity whose functional currency is the Brazilian Real. The Company designated this financial instrument as a hedging instrument for a portion of its net assets located in subsidiaries whose functional currency is the Dominican Peso, so that the hedge result is recognized in the Group’s other comprehensive income, consistent with the results of the hedged items. 

At March 31, 2026, and December 31, 2025, the Company did not have any financial assets measured at fair value through other comprehensive income.

AMBEV S.A.

20.2 Derivative financial instruments

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

								Three-month period ended: 03/31/2026
					Fair Value			Gains/(losses)
Hedge position		Risk	Notional		Assets	Liabilities		Financial results	Operational result	Equity
								Forward element	Spot element	Hedge accounting effect
Cost			17,608,368		1,112,432	(1,035,218)		(555,632)	(54,728)	458,271
		Commodities	5,063,323		1,015,269	(29,153)		(225,826)	109,782	950,116
		US Dollars	12,545,045		97,163	(1,006,065)		(329,806)	(164,510)	(491,845)
Imports of fixed assets			126,472		865	(10,125)		(2,608)	(2,995)	5,469
		US Dollars	126,472		865	(10,125)		(2,608)	(2,995)	5,469
Expenses			74,955		484	(5,590)		(1,732)	(2,602)	8,562
		US Dollars	74,955		484	(5,590)		(1,732)	(2,602)	8,562
Financial assets			(844,320)		9,366	-		13,154	-	-
		US Dollars	(844,320)		9,366	-		13,154	-	-
Balance at end of the period			16,965,475		1,123,147	(1,050,933)		(546,818)	(60,325)	472,302

AMBEV S.A.

			12/31/2025					Three-month period ended: 03/31/2025
					Fair Value			Gains/(losses)
Hedge position		Risk	Notional		Assets	Liabilities		Financial results	Operational result	Equity
								Forward element	Spot element	Hedge accounting effect
Cost			19,317,767		749,013	(889,212)		(254,294)	583,092	(596,451)
		Commodities	5,280,603		620,734	(108,720)		(40,889)	29,652	29,848
		US Dollars	14,037,164		128,279	(780,492)		(213,405)	553,440	(626,299)
		Euros	-		-	-		-	-	-
		Mexican Pesos	-		-	-		-	-	-
Imports of fixed assets			117,977		143	(11,449)		(595)	2,105	(2,663)
		US Dollars	117,977		143	(11,449)		(595)	2,105	(2,663)
Expenses			92,349		427	(8,098)		(246)	774	(1,417)
		US Dollars	92,349		427	(8,098)		(246)	774	(1,417)
Financial assets			-		28,533	(16,642)		-	-	-
		US Dollars	-		28,533	(16,642)		-	-	-
Balance at end of the period			19,528,093		778,116	(925,401)		(255,135)	585,971	(600,531)

As disclosed in the Company’s accounting policies, the forward element, which may be separated and excluded from hedge designation, is recognized in the financial result in accordance with IFRS 9 - Financial Instruments.

AMBEV S.A.

20.2.1 Instrument maturity

At March 31, 2026, the Notional and Fair Value amounts, by instrument and maturity, were as follow:

		Notional Value
Hedge position	Risk	2026	2027	Total
Cost		14,084,054	3,524,314	17,608,368
	Commodities	3,720,873	1,342,450	5,063,323
	US Dollars	10,363,181	2,181,864	12,545,045
Imports of fixed assets		98,544	27,928	126,472
	US Dollars	98,544	27,928	126,472
Expenses		51,187	23,768	74,955
	US Dollars	51,187	23,768	74,955
Financial assets		(844,320)	-	(844,320)
	US Dollars	(844,320)	-	(844,320)
		13,389,465	3,576,010	16,965,475

		Fair Value
Hedge position	Risk	2026	2027	Total
Costs		57,920	19,294	77,214
	Commodities	956,434	29,682	986,116
	US Dollars	(898,514)	(10,388)	(908,902)
Imports of fixed assets		(10,121)	861	(9,260)
	US Dollars	(10,121)	861	(9,260)
Expenses		(5,442)	336	(5,106)
	US Dollars	(5,442)	336	(5,106)
Financial assets		9,366	-	9,366
	US Dollars	9,366	-	9,366
		51,723	20,491	72,214

20.2.2 Margins pledged as guarantees

To comply with margin requirements established by derivative exchanges and/or counterparties to certain derivative financial instrument transactions, at March 31, 2026, the Group held R$50,238 financial investments with high liquidity or in cash, classified as cash and cash equivalents and investment securities (R$164,400 at December 31, 2025).

AMBEV S.A.

20.3 Classification of financial instruments

	03/31/2026					12/31/2025
	Level 1	Level 2	Level 3	Total		Level 1	Level 2	Level 3	Total
Financial assets
Investment securities	1,648,713	-	-	1,648,713		1,667,391	-	-	1,667,391
Financial asset at fair value through profit and loss	9,366	-	-	9,366		-	-	-	-
Derivatives assets at fair value through profit and loss	201,251	912,530	-	1,113,781		7,850	20,683	-	28,533
Derivatives – operational hedges	-	-	-	-		164,266	585,317	-	749,583
	1,859,330	912,530	-	2,771,860		1,839,507	606,000	-	2,445,507
Financial liabilities
Put options granted on subsidiaries	-	-	1,167,559	1,167,559		-	-	1,154,203	1,154,203
Derivatives liabilities at fair value through profit and loss	-	-	-	-		-	16,642	-	16,642
Derivatives – operational hedges	29,056	1,021,877	-	1,050,933		97,982	810,777	-	908,759
	29,056	1,021,877	1,167,559	2,218,492		97,982	827,419	1,154,203	2,079,604

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

20.3.1 Financial instruments level 3

PUT CND

In accordance 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 CND – 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 as from 2026. The Company, in turn, holds call option over the Tranche B shares, exercisable starting from 2029.

At March 31, 2026, the Tranche B shares held by ELJ were valued at R$1,167,559 (R$1,154,203 at December 31, 2025). The fair value of Tranche B was calculated based on the EBITDA multiple defined in the agreement, less net debt, and discounted to present value using standard valuation techniques, based on the present value of the principal and future interest, discounted using the local currency WACC as of the measurement date. The valuation inputs are based on market information from reliable sources and are classified within Level 3 of the fair value hierarchy.

20.3.2 Reconciliation of changes in the liabilities categorized at Level 3

Financial liabilities at December 31, 2025	1,154,203
Total gains and losses during the period	13,356
Losses/(gains) recognized in net income	33,580
Losses/(gains) recognized in equity (i)	(20,224)
Financial liabilities at March 31, 2026	1,167,559

(i) Effect of foreign exchange variation on the Net Investment Hedge (NIH) instrument.

20.4 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 individually and on a consolidated basis to define strategies to manage their economic impact in accordance with its Financial Risk Management Policy.

AMBEV S.A.

The objective of this policy is intended to provide guidelines for the management of the financial risks inherent to the capital markets in which Ambev operates. The policy includes four main aspects related to financial risk management: (i) transactional risks related to the business; (ii) credit risks of counterparties financial statement translation risk; (iii) capital structure; financing and liquidity credit risks of financial counterparties and (iv) financial statement translation risk capital structure; financing and liquidity.

20.4.1 Market risk

20.4.1.1 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 instruments 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 of March 31, 2026, the Company and its subsidiaries did not hold hedge positions to the exposure described below:

	03/31/2026			12/31/2025
	Risk			Risk
	Interest rate	Amount in Brazilian Real		Interest rate	Amount in Brazilian Real
Brazilian Reais	11.8%	1,985,990		11.1%	2,172,861
Other	14.6%	576,014		15.1%	628,508
US Dollars	7.8%	506		2.4%	9,750
Canadian Dollars	5.4%	289,287		5.5%	314,790
Pre-fixed interest rate		2,851,797			3,125,909
Brazilian Reais	7.3%	253,935		7.6%	261,015
Post - fixed interest rate		253,935			261,015

AMBEV S.A.

Sensitivity analysis

The Company mitigates most of the risks arising from non-derivative financial assets and liabilities through the use of 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 that could impact the Company’s future results and/or cash flow.

The sensitivity analysis of exchange rate fluctuations and commodity price variations is presented below:

					03/31/2026
Transaction	Risk	Fair Value	Probable scenario	Adverse scenario	Remote scenario
Commodities hedges	Increases in commodities price	986,116	1,034,297	2,251,947	3,517,777
Input purchases		(986,116)	(1,034,684)	(2,273,248)	(3,560,380)
Foreign exchange hedges	Foreign currency increases	(908,902)	(785,759)	2,227,359	5,363,621
Input purchases		908,902	784,550	(2,625,160)	(6,159,222)
Cost effects		-	(1,596)	(419,102)	(838,204)
Foreign exchange hedges	Foreign currency increases	(9,260)	(8,903)	22,358	53,976
Capex purchases		9,260	8,903	(34,408)	(78,076)
Fixed asset effects		-	-	(12,050)	(24,100)
Foreign exchange hedges	Foreign currency increases	(5,106)	(4,841)	13,633	32,371
Expenses		5,106	4,841	(18,421)	(41,949)
Results of expense effects		-	-	(4,788)	(9,578)
Foreign exchange hedges	Foreign currency increases	9,366	(538)	(201,714)	(412,794)
Cash		(9,366)	538	201,714	412,794
Financial assets effects		-	-	-	-
		-	(1,596)	(435,940)	(871,882)

20.4.1.2 Commodity risk: A significant portion of the Company’s inputs is comprised of commodities, which have historically experienced 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 exchange rates. The Company therefore uses both fixed-price purchase contracts and derivative financial instruments to minimize its exposure to volatility in the prices of commodities such as aluminum, sugar, wheat, corn and paraxylene. These derivative financial instruments have been designated as cash flow hedges.

20.4.2 Credit risk

The carrying amounts of cash and cash equivalents, investment securities, trade receivables (excluding prepaid expenses), recoverable taxes and derivative financial instruments are presented net of impairment provisions, and represent the Company’s maximum exposure to credit risk at March 31, 2026. At March 31, 2026, there was no concentration of credit risk on any counterparty in excess of the limits established by the Company’s Credit Risk Policy. 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 implemented to monitor this 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 cash and investment allocation procedures that take into account credit limits and credit analysis of financial institutions, thereby avoiding credit concentration, i.e. the credit risk is monitored and minimized by restricting negotiations to a select group of highly rated counterparties.

20.4.3 Liquidity risk

Historically, the Company’s primary sources of cash flow have been cash flow from operating activities, debt issuances, bank borrowing and equity securities. Ambev’s material cash requirements have included the following: payments of dividends and interest on capital; capital expenditures; investments in companies; increases in the ownership interests in 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 financial investments, together with derivatives financial instruments and access to credit facilities, are sufficient to finance its capital expenditure, financial liabilities and dividend payments in the future.

							03/31/2026
	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)	34,225,595	36,116,828	34,123,871	87,630	25,283	11,602	1,868,442
Secured bank loans	80,871	100,726	25,182	25,181	25,181	25,182	-
Other secured loans	297,555	383,603	136,954	123,790	62,358	6,504	53,997
Lease liabilities	2,727,306	3,377,863	1,180,437	945,247	421,682	429,007	401,490
	37,331,327	39,979,020	35,466,444	1,181,848	534,504	472,295	2,323,929

							12/31/2025
	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)	38,793,549	40,657,985	37,499,850	85,522	40,675	1,169,439	1,862,499
Secured bank loans	99,701	126,861	27,943	25,182	23,373	50,363	-
Other secured loans	311,577	405,106	146,216	131,495	65,261	8,253	53,881
Lease liabilities	2,975,646	3,837,785	1,229,439	946,023	688,200	441,695	532,428
	42,180,473	45,027,737	38,903,448	1,188,222	817,509	1,669,750	2,448,808

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

20.4.4 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. In addition to 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 ratios and capital classifications that are applied in the financial statements.

AMBEV S.A.

The company monitors its net debt to ensure the continuity of its operations over the long term.

		03/31/2026	12/31/2025
Debt details
Interest-bearing loans and borrowing current and non-current		3,105,732	3,386,924
(-) Current investment securities		(1,648,713)	(1,681,692)
(-) Cash and cash equivalents		(17,991,875)	(18,638,228)
Net debt/(cash)		(16,534,856)	(16,932,996)

20.4.5 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 the respective Group entities. The main derivative financial instruments used to manage foreign currency risk are futures contracts, swaps, options, non-deliverable forwards and deliverable forwards.

20.5 Risk management in relation to climate change and the sustainability strategy

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

There have been no changes in the key risks considered by management compared to those disclosed in the financial statements for the year ended December 31, 2025.

21. COLLATERAL, CONTRACTUAL COMMITMENTS TO SUPPLIERS, ADVANCES FROM CUSTOMERS AND OTHERS

	03/31/2026	12/31/2025
Collateral given for the Company’s own liabilities	814,611	775,755
Other commitments	874,642	491,142
	1,689,253	1,266,897
Commitments to suppliers - Property, plant and equipment and Intangibles	472,194	251,074
Commitments to suppliers - Inventory	27,459,867	25,020,120
	27,932,061	25,271,194

At March 31, 2026, the Company had R$814,611 (R$775,755 at December 31, 2025) of cash guarantees.

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 and providing greater assurance to suppliers making long-term investments. The future contractual commitments are presented below:

	03/31/2026	12/31/2025
Less than 1 year	11,347,968	12,895,064
Between 1 and 2 years	7,311,095	2,151,696
More than 2 years	9,272,998	10,224,434
	27,932,061	25,271,194

Cash deposits used as guarantees are classified within other assets. The amount of fixed assets pledged as collateral is not material.

AMBEV S.A.

22. RELATED PARTIES

The Company adopts corporate governance practices as recommended and/or required by the applicable laws and regulations. Under the Company’s bylaws, the Board of Directors is responsible for approving any transactions or agreements entered into 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 matters related to related party transactions, among others.

Members of management are prohibited from taking part in any transaction in which a conflict of interest with the Company may exist, even if only in theory. This restriction also applies to any decision made by other members of management regarding the matter. Whenever such conflict exists, the members involved 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’s meeting.

22.1 Transactions with key management personnel

Key management personnel comprise the members of Executive Board and the Board of Directors. In addition to short-term benefits (mainly salaries), key management personnel are eligible to participate in the Company’s share-based payment plans, as described in note 19 – Share-based payments.

The total remuneration of key management personnel is presented below:

	03/31/2026	03/31/2025
Short-term benefits (i)	12,633	13,526
Share-based payments (ii)	28,976	30,230
Social security (iii)	2,773	1,516
Total key Management remuneration	44,382	45,272

(i) Mainly comprise fixed and variable compensation (including performance bonuses) paid to management.

(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 above mentioned remuneration, the Company has no other transaction with key management personnel, nor does it have outstanding balances receivable from or payable to them in the Company’s balance sheet.

22.2 Transactions with the Company's shareholders:

22.2.1 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 March 31, 2026, and December 31, 2025, the actuarial obligations related to the benefits provided directly by Fundação Zerrenner were fully covered by plan assets held for this purpose, which significantly exceeded the corresponding liabilities at those dates.

AMBEV S.A.

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

During the three-month period ended March 31, 2026, expenses incurred and recognized by Fundação Zerrenner with third parties to provide these benefits amounted to R$101,947 (R$96,161 at March 31, 2025), of which R$91,040 and R$10,907 related to active employees and retirees, respectively (R$86,485 and R$9,676 at March 31, 2025).

22.2.2 Licensing agreement with AB InBev

The Company maintains licensing agreement with AB InBev and certain of its subsidiaries, including as Group Modelo and Spaten-Franziskaner-Bräu GmbH, to produce, bottle, import, promote, sell and distribute their key brands in the territories were the Group operates. The Company also grants AB InBev and certain of its subsidiaries licenses granting similar rights over its key brands, such as Brahma®, in AB Inbev’s territories.

During the three-month period ended March 31, 2026, the Group recognized R$12,181 (R$12,545 at March 31, 2025) and R$350,154 (R$324,489 at March 31, 2025) as royalty income and expenses, respectively, in its consolidated results.

22.3 Transactions with related parties

The Group’s consolidated results include R$219,664 from sales of products, services rendered and other income in the three-month period ended March 31, 2026 (R$231,730 in March 31, 2025). Regarding product purchases and other expenses, the Group recognized, in the same three-month period ended March 31, 2026, the amount to R$(753,698) (R$(775,210) in March 31, 2025). Additionally, an amount to R$3,437 was recognized by the Group as part of the net financial result from Transactions with related parties for the three-month period ended March 31, 2026 (R$(4,310) on March 31, 2025). The Group's main related party transactions were conducted with the following companies: AB InBev Procurement GmbH, 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 others.

23. EVENTS AFTER THE REPORTING PERIOD

23.1 Payment of the Second Installment of Interest on Capital (IOC)

At a meeting held on May 4, 2026, the Board of Directors approved the payment date of the second installment of interest on capital (“IOC”), the distribution of which had been approved at the Board of Directors’ meeting held on December 9, 2025. The payment will be made on July 6, 2026, in the gross amount of R$0.0755 per share, corresponding to a net amount of R$0.0642 per share of the Company, after the deduction of income tax, in accordance with applicable legislation. The record dates considered at the time of the distribution approval remain unchanged.

AMBEV S.A.

23.2 Distribution of Interest on Capital (IOC)

At a meeting held on May 4, 2026, the Board of Directors approved the distribution of IOC in the gross amount of R$0.0449 per share of the Company, corresponding to a net amount of R$0.0370 per share, after the deduction of income tax in accordance with applicable legislation. The IOC will not be allocated to the minimum mandatory dividend for the fiscal year and will be calculated based on the available balances in the extraordinary balance sheet dated as of March 31, 2026. The payment will be made by December 31, 2026, on a date to be determined by the Company’s Management. The IOC distribution will be subject to taxation in accordance with current legislation. The Company’s shares and ADRs will be traded ex-IOC as from June 23, 2026 (including).

23.3 Disallowance of Foreign Tax Credits

In April 2026, the Company received new tax assessments related to the 2020 and 2023 calendar years, relating to the disallowance of foreign income tax credits claimed in connection with income taxes paid abroad by its controlled subsidiaries, in the approximate amount of R$4.3 billion. The Company disagrees with such assessments and will submit the respective defenses before the first-level administrative court within the applicable legal term. These assessments are similar to the disallowances already contested by the Company, as disclosed in Note 13.2.1 – Main proceedings with possible risk of loss – “Disallowance of foreign tax credit claims,” and the Company estimates, supported by the opinion of its external legal advisors, that the outcome of these new discussions will be consistent with that of the periods previously assessed.

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: April 29, 2026

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

FAQ

How did Ambev (ABEV) perform financially in Q1 2026?

Ambev generated net sales of R$22.46 billion and net income of R$3.89 billion in Q1 2026. Operating profit was R$5.99 billion, with broadly stable revenue and slightly higher earnings compared with the same period in 2025.

What were Ambev (ABEV) Q1 2026 earnings per share?

In Q1 2026, Ambev reported basic EPS of R$0.2414 and diluted EPS of R$0.2404 on its common shares. Both figures increased modestly from R$0.2358 and R$0.2347, respectively, in the first quarter of 2025.

How strong was Ambev (ABEV) cash flow and debt position in Q1 2026?

Ambev’s operating cash flow reached R$3.16 billion in Q1 2026. Cash and cash equivalents totaled R$17.99 billion, while interest‑bearing loans were R$3.11 billion, leaving the company in a net cash position of R$16.53 billion at quarter‑end.

How did foreign exchange movements affect Ambev (ABEV) in Q1 2026?

Foreign exchange movements produced a large translation loss of R$2.31 billion in other comprehensive income, reflecting weaker currencies in key markets. This reduced translation reserves but did not affect Q1 2026 net income of R$3.89 billion reported in profit or loss.

What were Ambev (ABEV) Q1 2026 segment results, especially in Brazil?

In Q1 2026, the Brazil segment delivered net sales of R$13.25 billion and net income of R$2.35 billion. Other regions (CAC, Latin America South, and Canada) contributed the balance, with consolidated income from operations of R$5.99 billion.

Did Ambev (ABEV) repurchase shares during Q1 2026?

Yes. Under its share buyback program, Ambev had acquired 27.48 million common shares by March 31, 2026, at an aggregate cost of about R$413 million. Treasury shares totaled 166.97 million at quarter‑end, supporting compensation plans and potential cancellations.