Ambev (ABEV) projects 4.5%-7.5% higher Brazil beer Cash COGS in 2026

Rhea-AI Filing Summary

Ambev S.A. reports that, according to its latest earnings release, it expects Cash COGS per hectoliter for its beer business in Brazil to increase between 4.5%-7.5% for the full year of 2026. This projection excludes the sale of non-Ambev products on the marketplace and assumes current commodity prices and exchange rates.

The expected increase is mainly linked to commodity-related costs, especially aluminum, and to portfolio mix. Ambev stresses this is a management projection, not a performance promise, is subject to risks and uncertainties, and the 2026 information is preliminary and not yet reviewed by external auditors.

Insights

Equity research analyst

Ambev guides for higher Brazil beer cash COGS in 2026.

Ambev indicates that Cash COGS per hectoliter in its Brazil beer business is projected to rise by 4.5%-7.5% in 2026. The company links this primarily to commodity-related costs, particularly aluminum, and to portfolio mix effects.

This projection highlights ongoing input cost pressure, which can affect margins if not offset through pricing or efficiencies. Management frames the figures as preliminary and subject to risks and uncertainties, and notes that the 2026 information has not yet been reviewed by external auditors.

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 February, 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.

CNPJ [National Register of Legal Entities] No. 07.526.557/0001-00
NIRE [Corporate Registration Identification Number] 35.300.368.941

MATERIAL FACT NOTICE

Ambev S.A. (“Company”) informs that, as per its today’s earnings release, the Company expects Cash COGS per hectoliter, for its beer business in Brazil to increase between 4.5%-7.5% for the full year of 2026 (excluding the sale of non-Ambev products on the marketplace and assuming current commodities prices and exchange rates), primarily driven by commodity-related costs, especially aluminum, as well as portfolio mix.

This material fact notice refers to a projection that shall not constitute a promise of performance, reflecting only the perception of the Company’s management, and is subject to risks and uncertainties. Projections consider several factors such as general economic, market and industry conditions that are beyond the Company’s management control. Any changes in assumptions or factors could cause actual results to differ from the projections made. In addition, the Company emphasizes that the information for the year 2026 contemplated in this notice is preliminary and has not yet been subject to review by the external auditors.

Additional information can be found in our annual financial information relating to the fiscal year ended December 31, 2025 and related earnings release, both available at the Securities and Exchange Commission’s website.

São Paulo, February 11, 2026.

Ambev S.A.

Guilherme Fleury de Figueiredo Ferraz Parolari

Chief Financial and Investor Relations Officer

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: February 11, 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

What cost guidance did Ambev (ABEV) provide for its Brazil beer business in 2026?

Ambev projects Cash COGS per hectoliter for its Brazil beer business will increase by 4.5%-7.5% in 2026. This guidance reflects current views on commodity costs, especially aluminum, and portfolio mix, and is presented as a management projection subject to risks and uncertainties.

Which factors are driving Ambev’s expected COGS increase in 2026?

Ambev attributes the projected 2026 Cash COGS per hectoliter increase mainly to commodity-related costs, especially aluminum, and to changes in portfolio mix. These elements affect production costs for the Brazil beer business and underpin the 4.5%-7.5% increase range disclosed.

Does Ambev’s 2026 COGS projection include marketplace sales of non-Ambev products?

No. The Cash COGS per hectoliter projection for 2026 specifically excludes the sale of non-Ambev products on the marketplace. The guidance focuses on Ambev’s own beer business in Brazil, under current commodity prices and exchange rates.

How does Ambev describe the reliability of its 2026 cost projections?

Ambev states the 2026 Cash COGS projection is a management perception, not a performance promise. It is subject to risks and uncertainties, depends on economic and industry conditions, and the related 2026 information is preliminary and not yet reviewed by external auditors.

Where can investors find more details related to Ambev’s 2026 projection?

Additional details are available in Ambev’s annual financial information for the fiscal year ended December 31, 2025 and in the related earnings release, both accessible on the Securities and Exchange Commission’s website, which provide broader financial and operational context.