Earnings release
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Page | 1 ambev.com.br Press Release – July 30, 2026 AMBEV REPORTS 2026 SECOND QUARTER RESULTS1 “The consistent execution of our growth strategy translated into another quarter of beer volume growth, with solid top and bottom-line performance.” – Carlos Lisboa, CEO Total Volume (organic) Net Revenue (organic) +1.4% vs LY +6.1% vs LY Consolidated volumes increased 1.4% in 2Q26. Volume performance was driven by growth in Central America and the Caribbean (“CAC”) (+5.4%) and Brazil Beer (+5.0%), more than offsetting declines in Brazil NAB (-4.4%), Latin America South (“LAS”) (-2.9%) and Canada (-1.8%). Top line increased by 6.1%, driven by net revenue per hectoliter (“NR/hl”) growth of 4.6% and volume performance. Net revenue grew in all our business units: Brazil Beer (+ 8.9%), CAC (+ 7.1%), LAS2 (+4.4%), Canada (+2.1%) and Brazil NAB (+1.4%). Normalized EBITDA (organic) Normalized Profit +8.9% vs LY R$ 3,492.7 million Normalized EBITDA grew by 8.9%, with all our business units delivering Normalized EBITDA growth. Normalized EBITDA margin increased by 80 bps, to 31.6%, supported by disciplined revenue and cost management. Normalized Profit increased by 23.3% compared to R$ 2,832.7 million in 2Q25, mainly driven by EBITDA growth and lower net financial expenses , partially offset by higher income tax expenses. Normalized earnings per share (“EPS”) was R$ 0.22, increasing by 24.2%. Cash flow from operating activities Capital Allocation R$ 4,711.4 million R$ 1.1 billion Interest on Capital Cash flow from operating activities increased 54.5% compared to R$ 3,050.0 million in 2Q25, mainly driven by EBITDA growth and improved working capital dynamics. On July 29th, 2026, the Board of Directors approved the payment date (October 6th, 2026) of the third and last tranche (R$ 1.9 billion, before withholding tax) related to the Interest on Capital (“IOC”) declared in December 2025, as well as a new IOC distribution of approximately R$ 1.1 billion, before withholding tax, to be paid by December 2026. 1 The following operating and financial information, unless otherwise indicated, is presented in nominal Reais and prepared acc ording to the International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) and to the accounting practices issued by the Brazilian Accounting Standards Committee ("CPC”) and approved by the Brazilian Securities and Exchange Commission (“CVM”). T he information herein should be read together with our financial information for the six-month period ended June 30, 2026, filed with the CVM and submitted to the U.S. Securities and Exchange Commission (“SEC”). 2 The impacts resulting from applying Hyperinflation Accounting for our Argentinean subsidiaries, in accordance with IAS 29, ar e detailed in the section Financial Reporting in Hyperinflationary Economies - Argentina. For FY26, the definition of organic rev enue growth has been amended to cap the price growth in Argentina to a maximum of 2% per month (26.8% year -over-year). Corresponding adjustments are made to all income statement related items in the organic growth calculations through scope changes when the cap is triggered. Further details on the cap methodology are available on page 15.
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Page | 2 ambev.com.br Press Release – July 30, 2026 MANAGEMENT COMMENTS The first half of 2026 reflects our solid momentum: Total volumes grew 0.7%, led by stronger beer portfolio volumes. Net revenue grew 7.2%, while Normalized EBITDA increased 9.6% , with margin expansion of 70 bps, with every business unit delivering both Normalized EBITDA growth and margin expansion. In 2Q26, consolidated volumes grew 1.4% , with beer volumes up by mid -single digit and estimated market share gains in several of our markets , driven by a more complete portfolio of brands . Disciplined revenue management and resource allocation supported 6.1% net revenue growth, 8.9% Normalized EBITDA growth and 80 bps of margin expansion, even as we stepped up investments behind our brands in the period , primarily reflecting the FIFA World Cup activation. • Lead and grow the category We continued to invest behind our brands and brand building capabilities. This quarter, t he FIFA World Cup highlighted these capabilities, as we activated our portfolio of brands across multiple countries, channels and consumer occasions. These investments helped further connect our brands with consumers during the tournament. Our broader and complementary portfolio continues to address a wider range of consumer needs and occasions, with s olid momentum across the fastest -growing beer category segments. In the quarter, our premium volumes grew by high-teens, balanced choices by mid-sixties and no-alcohol beer by low-twenties. Michelob Ultra is a good example of how we scale a relevant consumer proposition across different markets, connecting the brand with consumers seeking a more active and balanced lifestyle . The brand more than tripled in Brazil and Argentina during the quarter and is now present in nearly all our markets. At the same time, our mainstream 3 portfolio continued to improve sequentially in 2Q26, with volumes slightly down year -over- year. Our portfolio innovation strategy continue d to evolve to address emerging consumer needs. One recent example is Spaten Pro, announced in July 2026: A Munich Dunkel-style no-alcohol beer with 10 grams of protein, that illustrates how beer's versatility allows it to fit different lifestyles, needs and occasions. Consolidated NR/hl excluding marketplace grew by 5.2% in 2Q26, reflecting disciplined revenue management and the strength of our portfolio. • Digitize and monetize our ecosystem 3 Mainstream segment comprises core plus, core and value segments. As our portfolio broadens and beer continues to serve a wider range of consumer needs and occasions, execution becomes inherently more complex. Our digital ecosystem, led by BEES, enables us to manage that complexity with greater precision, strengthening our core business, while accelerating new growth avenues. More than a technical backbone, BEES creates efficiencies and improves how we operate every day. It allows us to read demand faster and more accurately, help ing customers increase sales. This quarter, for example, BEES accelerated the rollout of the Stella Pure Gold 600ml innovation across our customer base in Brazil . BEES Marketplace GMV grew 58% in the quarter, supported by continued third -party partnerships expansion.
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Page | 3 ambev.com.br Press Release – July 30, 2026 Regarding direct-to-consumer (DTC), Zé Delivery continued to strengthen its role as a strategic platform for our brands and consumers. Consumer engagement benefited from our FIFA World Cup activations, with orders more than doubling , on average, during Brazilian National Team match days, highlighting Zé Delivery's ability to execute during high-impact consumption occasions. Zé Delivery continues to keep us close to consumers , helping us understand evolving preferences , while serving as a powerful engine for portfolio development. In 2Q26, Balanced Choices represented approximately 7% of total volume s in the platform , while premium brands accounted for around 35%, well ahead of their respective shares in our overall portfolio, reflecting the ongoing premiumization and balanced choices trends, and reinforcing Zé Delivery as a window into such future consumer trends. Leveraging our trial capabilities, we introduced Michelob Ultra to more than 250 thousand consumers , reinforcing Zé Delivery's ability to scale new propositions and consumption occasions. During the quarter, the business further strengthened its position as a leading convenience platform in Brazil, growing Monthly Average Users (MAU) by 6% and GMV by 16%. • Optimize our business Our disciplined resource allocation continued to provide flexibility to invest behind strategic priorities that drive long-term growth, while consistently returning excess cash to shareholders. Cash COGS/hl excluding marketplace increased by 2.2% in the quarter, reflecting productivity and cost efficiency initiatives across our operations. Cash SG&A increased by 10.7%, primarily reflecting higher Sales & Marketing expenses related to our decision to step up investments behind our brands during the FIFA World Cup, as well as higher distribution expenses . Normalized EBITDA increased by 8.9%, with 80 bps of margin expansion, to 31.6%, supported by Normalized EBITDA growth across all business units. Normalized EPS increased by 24.2% in the quarter, to R$ 0.22, mainly driven by Normalized EBITDA growth and improved financial results, which together more than offset higher income tax expenses in the period. Our solid cash flow generation in the first half of 2026 supported continued shareholder returns. Year-to-date, through the date of this release, we have returned approximately R$5.9 billion in cash to shareholders, before withholding tax , mainly through the execution of around 95% of our share buyback program announced in October 2025 and the 2025 IOC partial payments. Lastly, on July 29th, 2026, the Board of Directors approved the payment date (October 6th, 2026) of the last tranche (R$ 1.9 billion, before withholding tax) related to the IOC declared in December 2025, as well as a new IOC distribution of approximately R$ 1.1 billion (before withholding tax), to be paid by December 2026. While we remain mindful that the global geopolitical environment continues to be dynamic, we remain focused on disciplined execution and resource allocation and maintain our full -year guidance unchanged, expecting an increase of between 4.5% and 7.5% in our Brazil Beer Cash COGS/hl excluding the sale of non - Ambev products on the marketplace. Financial highlights - Ambev consolidated R$ million 2Q25 2Q26 % As Reported % Organic HY25 HY26 % As Reported % Organic Volume ('000 hl) 39,569.3 39,727.9 0.4% 1.4% 84,887.0 84,695.9 -0.2% 0.7% Net revenue 20,090.2 20,148.9 0.3% 6.1% 42,587.6 42,613.4 0.1% 7.2% Gross profit 10,044.1 10,448.5 4.0% 10.5% 21,595.7 22,031.4 2.0% 9.4% % Gross margin 50.0% 51.9% 190 bps 200 bps 50.7% 51.7% 100 bps 100 bps Normalized EBITDA 6,152.7 6,376.7 3.6% 8.9% 13,597.4 13,931.6 2.5% 9.6% % Normalized EBITDA margin 30.6% 31.6% 100 bps 80 bps 31.9% 32.7% 80 bps 70 bps Profit 2,790.6 3,474.7 24.5% 6,595.2 7,360.2 11.6% Normalized profit 2,832.7 3,492.7 23.3% 6,652.9 7,325.1 10.1% EPS (R$/shares) 0.17 0.22 25.4% 0.41 0.46 11.8% Normalized EPS (R$/shares) 0.18 0.22 24.2% 0.41 0.46 10.3%
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Page | 4 Press Release – July 30, 2026 ambev.com.br KEY MARKETS PERFORMANCES Brazil Beer: Market share gain s and an improved indust ry drove volume s growth and double-digit bottom- line increase • Operating performance4: o 2Q26: Volumes grew 5.0%, estimated to have outperformed the industry, primarily supported by our high-end portfolio and incremental demand created by the FIFA World Cup, despite adverse weather conditions. NR/hl excluding marketplace increased by 4.4%, driven by revenue management and portfolio mix. Cash COGS/hl excluding marketplace rose 4.5%, driven primarily by FX and commodities headwinds, as well as portfolio mix. Cash SG&A grew by 10.8% , mainly reflecting increased Sales & Marketing expenses driven by FIFA World Cup activations , as well as higher distribution expenses , primarily driven by increased volumes. Normalized EBITDA increased by 12.8%, with gross and Normalized EBITDA margins both expanding by 110 bps. o HY26: Net revenue grew 9.3% (volumes +2.9% and NR/hl +6.2%), and Normalized EBITDA grew by 9.9%, with gross margin contraction of 40 bps, and Normalized EBITDA margin expansion of 20 bps. • Commercial highlights: We estimate to have gained broad-based market share in the period, across mainstream, premium, balanced choices and beyond beer. Total portfolio brand equity has strengthened once again. The performance of our premium portfolio delivered mid -twenties volum e growth, strengthening our leadership position in the segment. Balanced Choices portfolio doubled volumes in the period, with Stella Pure Gold doubling volumes, Michelob Ultra growing more than three times, and no -alcohol beer growing in the thirties. Mainstream volumes were broadly stable. As for our digital initiatives, BEES Marketplace GMV grew 87% in the period, driven by the continued 3P expansion. Brazil Beer R$ million 2Q25 Scope Currency Translation Organic Growth 2Q26 % As Reported % Organic Volume ('000 hl) 20,042.3 - 992.6 21,034.9 5.0% 5.0% Net revenue 8,989.6 - - 801.5 9,791.1 8.9% 8.9% Net revenue/hl (R$) 448.5 - - 16.9 465.5 3.8% 3.8% COGS (4,413.5) - - (281.4) (4,694.9) 6.4% 6.4% COGS/hl (R$) (220.2) - - (3.0) (223.2) 1.4% 1.4% COGS excl. deprec. & amort. (3,954.1) - - (307.7) (4,261.8) 7.8% 7.8% COGS/hl excl. deprec. & amort. (R$) (197.3) - - (5.3) (202.6) 2.7% 2.7% Gross profit 4,576.1 - - 520.0 5,096.1 11.4% 11.4% % Gross margin 50.9% 52.0% 110 bps 110 bps SG&A excl. deprec. & amort. (2,626.7) - - (284.6) (2,911.2) 10.8% 10.8% SG&A deprec. & amort. (464.1) - - (5.8) (469.9) 1.2% 1.2% SG&A total (3,090.8) - - (290.4) (3,381.2) 9.4% 9.4% Other operating income/(expenses) 459.8 40.7 - 156.7 657.2 42.9% 35.1% Normalized Operating Profit 1,945.1 40.7 - 386.4 2,372.2 22.0% 20.0% % Normalized Operating margin 21.6% 24.2% 260 bps 220 bps Normalized EBITDA 2,868.7 40.7 - 365.9 3,275.2 14.2% 12.8% % Normalized EBITDA margin 31.9% 33.5% 160 bps 110 bps Brazil Beer R$ million HY25 Scope Currency Translation Organic Growth HY26 % As Reported % Organic Volume ('000 hl) 43,201.0 - 1,263.7 44,464.7 2.9% 2.9% Net revenue 18,990.4 - - 1,760.7 20,751.1 9.3% 9.3% Net revenue/hl (R$) 439.6 - - 27.1 466.7 6.2% 6.2% COGS (9,120.8) - - (926.1) (10,046.9) 10.2% 10.2% COGS/hl (R$) (211.1) - - (14.8) (226.0) 7.0% 7.0% COGS excl. deprec. & amort. (8,195.9) - - (969.2) (9,165.1) 11.8% 11.8% COGS/hl excl. deprec. & amort. (R$) (189.7) - - (16.4) (206.1) 8.6% 8.6% Gross profit 9,869.6 - - 834.6 10,704.2 8.5% 8.5% % Gross margin 52.0% 51.6% -40 bps -40 bps SG&A excl. deprec. & amort. (5,214.5) - - (371.9) (5,586.4) 7.1% 7.1% SG&A deprec. & amort. (928.9) - - (33.1) (961.9) 3.6% 3.6% SG&A total (6,143.3) - - (405.0) (6,548.3) 6.6% 6.6% Other operating income/(expenses) 920.6 (11.5) - 219.7 1,128.9 22.6% 25.7% Normalized Operating Profit 4,646.9 (11.5) - 649.3 5,284.7 13.7% 14.2% % Normalized Operating margin 24.5% 25.5% 100 bps 110 bps Normalized EBITDA 6,500.7 (11.5) - 639.3 7,128.5 9.7% 9.9% % Normalized EBITDA margin 34.2% 34.4% 20 bps 20 bps 4 In 2Q26, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non -Ambev marketplace products, were R$ 45 2.3 (4.4% organic growth) and R$ (192.6) (4.5% organic growth), respectively. In HY26, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev marketplace products, were R$ 45 2.9 (6.3% organic growth) and R$ (19 5.9) (9.7% organic growth), respectively. The scope change in Brazil Beer refers to tax credits and related effects.
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Page | 5 Press Release – July 30, 2026 ambev.com.br Brazil NAB: Despite volumes still underperforming the industry, top-line grew low-single digit and bottom - line increased by mid-teens, with margins expansion, driven by disciplined revenue and cost management • Operating performance5: o 2Q26: Volumes decreased by 4.4%, still estimated to have underperformed the industry, as we cycled a strong performance in 2Q25. The decline also reflected our decision to phase out volumes from a lower -return channel. Net revenue grew by 1.4%, with NR/hl up 6.1%, primarily reflecting our revenue management strategy and favorable brand mix . Cash COGS/hl decreased by 3.1%, mainly supported by more positive dynamics in sugar and PET. Cash SG&A increased 4.0% , mainly driven by increased sales and marketing expenses, following consistent investments in our megabrands and our long-standing partnership supporting the Brazilian Football Confederation (CBF), which celebrates 25 years . Normalized EBITDA increased by 13.8%, with gross margin and Normalized EBITDA margin expanding by 540 bps and 320 bps, respectively. o HY26: Net revenue grew by 1.6% (volumes -4.1% and NR/hl +6.0%), and Normalized EBITDA was up 15.2%, with gross margin and Normalized EBITDA margin expanding 490 bps and 370 bps, respectively. • Commercial highlights: Our commercial foundations continued to sequentially improve, with market share approaching historical levels by quarter-end, according to our estimates, driven by commercial initiatives, as price relativity pressures eased. Our main brands continued to operate with brand equity ahead of market share, and our non-sugar portfolio continued to grow, supported by the Pepsi family and Guaraná. Brazil NAB R$ million 2Q25 Scope Currency Translation Organic Growth 2Q26 % As Reported % Organic Volume ('000 hl) 7,962.4 - (347.1) 7,615.3 -4.4% -4.4% Net revenue 2,031.2 - - 29.3 2,060.5 1.4% 1.4% Net revenue/hl (R$) 255.1 - - 15.5 270.6 6.1% 6.1% COGS (1,182.9) - - 94.9 (1,088.0) -8.0% -8.0% COGS/hl (R$) (148.6) - - 5.7 (142.9) -3.8% -3.8% COGS excl. deprec. & amort. (1,151.9) - - 84.9 (1,067.0) -7.4% -7.4% COGS/hl excl. deprec. & amort. (R$) (144.7) - - 4.6 (140.1) -3.1% -3.1% Gross profit 848.3 - - 124.2 972.5 14.6% 14.6% % Gross margin 41.8% 47.2% 540 bps 540 bps SG&A excl. deprec. & amort. (475.6) - - (18.9) (494.5) 4.0% 4.0% SG&A deprec. & amort. (67.4) - - 4.7 (62.8) -6.9% -6.9% SG&A total (543.0) - - (14.3) (557.3) 2.6% 2.6% Other operating income/(expenses) 130.5 2.8 - (21.6) 111.7 -14.4% -16.9% Normalized Operating Profit 435.8 2.8 - 88.3 526.9 20.9% 20.4% % Normalized Operating margin 21.5% 25.6% 410 bps 400 bps Normalized EBITDA 534.2 2.8 - 73.7 610.7 14.3% 13.8% % Normalized EBITDA margin 26.3% 29.6% 330 bps 320 bps Brazil NAB R$ million HY25 Scope Currency Translation Organic Growth HY26 % As Reported % Organic Volume ('000 hl) 16,896.9 - (698.0) 16,198.9 -4.1% -4.1% Net revenue 4,285.8 - - 69.3 4,355.1 1.6% 1.6% Net revenue/hl (R$) 253.6 - - 15.2 268.9 6.0% 6.0% COGS (2,467.2) - - 173.1 (2,294.2) -7.0% -7.0% COGS/hl (R$) (146.0) - - 4.4 (141.6) -3.0% -3.0% COGS excl. deprec. & amort. (2,405.0) - - 162.2 (2,242.8) -6.7% -6.7% COGS/hl excl. deprec. & amort. (R$) (142.3) - - 3.9 (138.5) -2.7% -2.7% Gross profit 1,818.5 - - 242.4 2,060.9 13.3% 13.3% % Gross margin 42.4% 47.3% 490 bps 490 bps SG&A excl. deprec. & amort. (969.5) - - (23.8) (993.3) 2.5% 2.5% SG&A deprec. & amort. (143.4) - - 16.7 (126.7) -11.6% -11.6% SG&A total (1,112.9) - - (7.1) (1,120.0) 0.6% 0.6% Other operating income/(expenses) 255.0 (6.5) - (31.8) 216.8 -15.0% -13.1% Normalized Operating Profit 960.6 (6.5) - 203.5 1,157.7 20.5% 21.4% % Normalized Operating margin 22.4% 26.6% 420 bps 440 bps Normalized EBITDA 1,166.2 (6.5) - 176.0 1,335.7 14.5% 15.2% % Normalized EBITDA margin 27.2% 30.7% 350 bps 370 bps 5 The scope change in Brazil NAB refers to tax credits and related effects.
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Page | 6 Press Release – July 30, 2026 ambev.com.br BRAZIL 6 Brazil R$ million 2Q25 Scope Currency Translation Organic Growth 2Q26 % As Reported % Organic Volume ('000 hl) 28,004.7 - 645.5 28,650.2 2.3% 2.3% Net revenue 11,020.8 - - 830.8 11,851.6 7.5% 7.5% Net revenue/hl (R$) 393.5 - - 20.1 413.7 5.1% 5.1% COGS (5,596.4) - - (186.6) (5,782.9) 3.3% 3.3% COGS/hl (R$) (199.8) - - (2.0) (201.8) 1.0% 1.0% COGS excl. deprec. & amort. (5,106.0) - - (222.9) (5,328.9) 4.4% 4.4% COGS/hl excl. deprec. & amort. (R$) (182.3) - - (3.7) (186.0) 2.0% 2.0% Gross profit 5,424.4 - - 644.2 6,068.6 11.9% 11.9% % Gross margin 49.2% 51.2% 200 bps 200 bps SG&A excl. deprec. & amort. (3,102.2) - - (303.5) (3,405.8) 9.8% 9.8% SG&A deprec. & amort. (531.6) - - (1.1) (532.7) 0.2% 0.2% SG&A total (3,633.8) - - (304.7) (3,938.5) 8.4% 8.4% Other operating income/(expenses) 590.3 43.5 - 135.1 768.9 30.3% 23.5% Normalized Operating Profit 2,380.9 43.5 - 474.7 2,899.1 21.8% 20.1% % Normalized Operating margin 21.6% 24.5% 290 bps 250 bps Normalized EBITDA 3,402.9 43.5 - 439.5 3,885.9 14.2% 13.0% % Normalized EBITDA margin 30.9% 32.8% 190 bps 160 bps Brazil R$ million HY25 Scope Currency Translation Organic Growth HY26 % As Reported % Organic Volume ('000 hl) 60,098.0 - 565.7 60,663.6 0.9% 0.9% Net revenue 23,276.1 - - 1,830.1 25,106.2 7.9% 7.9% Net revenue/hl (R$) 387.3 - - 26.6 413.9 6.9% 6.9% COGS (11,588.0) - - (753.1) (12,341.1) 6.5% 6.5% COGS/hl (R$) (192.8) - - (10.6) (203.4) 5.5% 5.5% COGS excl. deprec. & amort. (10,600.8) - - (807.0) (11,407.9) 7.6% 7.6% COGS/hl excl. deprec. & amort. (R$) (176.4) - - (11.7) (188.1) 6.6% 6.6% Gross profit 11,688.1 - - 1,077.0 12,765.1 9.2% 9.2% % Gross margin 50.2% 50.8% 60 bps 60 bps SG&A excl. deprec. & amort. (6,184.0) - - (395.7) (6,579.7) 6.4% 6.4% SG&A deprec. & amort. (1,072.2) - - (16.4) (1,088.6) 1.5% 1.5% SG&A total (7,256.2) - - (412.1) (7,668.3) 5.7% 5.7% Other operating income/(expenses) 1,175.6 (17.9) - 188.0 1,345.6 14.5% 17.1% Normalized Operating Profit 5,607.5 (17.9) - 852.9 6,442.4 14.9% 15.4% % Normalized Operating margin 24.1% 25.7% 160 bps 160 bps Normalized EBITDA 7,666.9 (17.9) - 815.3 8,464.2 10.4% 10.7% % Normalized EBITDA margin 32.9% 33.7% 80 bps 90 bps 6 In 2Q26, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non -Ambev marketplace products, were R$ 4 04.0 (5.6% organic growth) and R$ (178.7) (3.2% organic growth), respectively. In HY26, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev marketplace products, were R$ 403.7 (6.9% organic growth) and R$ (180.6) (7.2% organic growth), respectively. The scope change in Brazil refers to tax credits and related effects.
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Page | 7 Press Release – July 30, 2026 ambev.com.br Central America and the Caribbean (CAC): Broad-based volume growth drove high-single digit top-line and mid-single digit bottom-line increase • Operating performance7: o 2Q26: Total volumes increased by 5.4%, with volumes growing in all markets within the region, even amid adverse weather conditions in the Dominican Republic in April. Top-line increased by 7.1%, with NR/ hl excluding marketplace increasing 2.9%, mostly due to our revenue management strategy. Cash COGS/hl excluding marketplace increased by 3.5% and Cash SG&A increased by 12.3%, mainly reflecting increased distribution and sales and marketing expenses. Normalized EBITDA increased by 4.9%, with gross margin expanding 190 bps and Normalized EBITDA margin contracting 90 bps. o HY26: Net revenue increased by 8.5% (volumes +6.5% and NR/hl +1.8%), and Normalized EBITDA grew by 9.0%, with gross and Normalized EBITDA margin expansion of 270 bps and 20 bps, respectively. • Commercial highlights: In the Dominican Republic the consumer environment continues to be supportive, given a more favorable macro backdrop. Our portfolio continued to gain brand equity , supported by consistent sales & marketing investments. In Panama, beer volumes increased by high - single digit, led by an improving industry, that benefited from the FIFA World Cup . Our beer portfolio strengthened brand equity in the period, mainly driven by the Balboa family and Corona. CAC R$ million 2Q25 Scope Currency Translation Organic Growth 2Q26 % As Reported % Organic Volume ('000 hl) 2,924.1 (401.9) 137.2 2,659.4 -9.1% 5.4% Net revenue 2,784.6 (389.3) (246.8) 169.0 2,317.5 -16.8% 7.1% Net revenue/hl (R$) 952.3 (2.6) (92.8) 14.6 871.4 -8.5% 1.5% COGS (1,244.6) 206.7 94.8 (24.7) (967.8) -22.2% 2.4% COGS/hl (R$) (425.6) 14.1 35.7 11.9 (363.9) -14.5% -2.9% COGS excl. deprec. & amort. (1,109.3) 196.4 85.3 (55.7) (883.2) -20.4% 6.1% COGS/hl excl. deprec. & amort. (R$) (379.4) 17.4 32.1 (2.3) (332.1) -12.5% 0.6% Gross profit 1,539.9 (182.6) (152.0) 144.3 1,349.7 -12.4% 10.6% % Gross margin 55.3% 58.2% 290 bps 190 bps SG&A excl. deprec. & amort. (469.3) 69.4 45.6 (49.1) (403.4) -14.0% 12.3% SG&A deprec. & amort. (70.0) 11.3 5.6 4.9 (48.2) -31.1% -8.4% SG&A total (539.3) 80.7 51.2 (44.2) (451.6) -16.3% 9.6% Other operating income/(expenses) (11.5) 3.7 2.2 (11.6) (17.2) 50.1% 149.4% Normalized Operating Profit 989.2 (98.2) (98.7) 88.5 880.9 -11.0% 9.9% % Normalized Operating margin 35.5% 38.0% 250 bps 100 bps Normalized EBITDA 1,194.5 (119.8) (113.8) 52.6 1,013.6 -15.1% 4.9% % Normalized EBITDA margin 42.9% 43.7% 80 bps -90 bps CAC HY25 Scope Currency Translation Organic Growth HY26 % As Reported % Organic R$ million Volume ('000 hl) 5,675.1 (776.4) 320.7 5,219.4 -8.0% 6.5% Net revenue 5,441.5 (765.8) (509.7) 396.8 4,562.7 -16.1% 8.5% Net revenue/hl (R$) 958.8 (4.4) (97.7) 17.4 874.2 -8.8% 1.8% COGS (2,502.2) 400.3 199.8 (43.0) (1,945.1) -22.3% 2.0% COGS/hl (R$) (440.9) 11.8 38.3 18.1 (372.7) -15.5% -4.2% COGS excl. deprec. & amort. (2,216.2) 378.3 176.2 (88.0) (1,749.6) -21.1% 4.8% COGS/hl excl. deprec. & amort. (R$) (390.5) 15.3 33.8 6.2 (335.2) -14.2% -1.6% Gross profit 2,939.3 (365.5) (310.0) 353.8 2,617.7 -10.9% 13.7% % Gross margin 54.0% 57.4% 340 bps 270 bps SG&A excl. deprec. & amort. (930.5) 126.7 96.0 (111.2) (819.1) -12.0% 13.8% SG&A deprec. & amort. (134.7) 22.0 11.6 4.4 (96.8) -28.2% -3.9% SG&A total (1,065.2) 148.7 107.6 (106.8) (915.8) -14.0% 11.7% Other operating income/(expenses) (2.9) 3.3 1.6 (14.9) (12.9) nm nm Normalized Operating Profit 1,871.2 (213.5) (200.8) 232.1 1,689.0 -9.7% 14.0% % Normalized Operating margin 34.4% 37.0% 260 bps 180 bps Normalized EBITDA 2,292.0 (257.5) (235.9) 182.7 1,981.2 -13.6% 9.0% % Normalized EBITDA margin 42.1% 43.4% 130 bps 20 bps 7 In 2Q26, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non -Ambev marketplace products, were R$ 836.0 (2.9% organic growth) and R$ (301.1) (3.5% organic growth), respectively. In HY26, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev marketplace products, were R$ 836.7 (3.0% organic growth) and R$ (303.0) (0.7% organic growth), respectively. The scope chang e in CAC refers to the deconsolidation of subsidiaries.
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Page | 8 Press Release – July 30, 2026 ambev.com.br Latin America South (LAS ): Mid-single digit top-line and low -single digit bottom -line growth, supported by Argentina performance, despite temporary social unrest disruption in Bolivia • Operating performance8: o 2Q26: Volumes were down 2.9% , mostly impacted by temporary social unrest and road blockades in Bolivia, that disrupted mobility and logistics, especially in May and June, as well as by a soft non-alcoholic industry in Argentina. Top-line increased by 4.4%, with NR/hl excluding marketplace growing 8.2%, led by our consistent revenue management initiatives. Cash COGS/hl continued to reflect overall inflation impact in the region, partially offset by a disciplined approach towards cost management. In the period, Cash SG&A also reflected higher distribution and higher Sales & Marketing expenses, the latter reflecting brand activations during the FIFA World Cup . Normalized EBITDA increased by 2.6%, with gross margin expanding by 340 bps, while Normalized EBITDA margin contracted by 30 bps. o HY26: Net revenue was up 8.1% (volumes -1.5% and NR/hl +9.7%), and Normalized EBITDA rose by 9.6%, with gross margin expansion of 170 bps, and Normalized EBITDA margin expansion of 30 bps. • Commercial highlights: In Argentina, we estimate to have gained market share, outperforming an improving beer industry that also benefited from the FIFA World Cup. Our beer volumes grew by low-single digit, on top of growth in the same quarter last year, driven by the strength of our portfolio, that gained brand equity in the period once again. Our premium brands grew by high -single digit, led by Stella Artois and Corona . In Bolivia, total volumes declined by double-digit, due to the temporary disruption. Our beer portfolio gained brand equity, while we also estimate to have gained beer market share in the period, sustaining our commercial momentum. LAS IAS 29 3M Impact R$ million 2Q25 Scope Currency Translation Organic Growth 2Q26 % As Reported % Organic Volume ('000 hl) 6,194.1 - (179.0) 6,015.0 -2.9% -2.9% Net revenue 3,295.2 101.3 (254.9) (61.6) 146.2 3,226.2 -2.1% 4.4% Net revenue/hl (R$) 532.0 16.8 (42.4) (10.2) 40.1 536.3 0.8% 7.5% COGS (1,943.7) (134.6) 185.1 41.8 29.1 (1,822.3) -6.2% -1.5% COGS/hl (R$) (313.8) (22.4) 30.8 6.9 (4.5) (303.0) -3.5% 1.4% COGS excl. deprec. & amort. (1,747.9) (121.5) 162.3 39.2 33.6 (1,634.3) -6.5% -1.9% COGS/hl excl. deprec. & amort. (R$) (282.2) (20.2) 27.0 6.5 (2.8) (271.7) -3.7% 1.0% Gross profit 1,351.4 (33.3) (69.8) (19.9) 175.4 1,403.8 3.9% 13.0% % Gross margin 41.0% 43.5% 250 bps 340 bps SG&A excl. deprec. & amort. (935.8) (39.9) 121.9 21.7 (161.7) (993.8) 6.2% 17.3% SG&A deprec. & amort. (111.1) 17.2 10.1 1.1 (6.3) (89.0) -19.9% 5.7% SG&A total (1,046.8) (22.8) 132.0 22.8 (168.0) (1,082.7) 3.4% 16.1% Other operating income/(expenses) 4.6 0.8 1.2 (0.5) (2.4) 3.7 -19.1% -51.7% Normalized Operating Profit 309.2 (55.2) 63.4 2.4 5.0 324.8 5.1% 1.6% % Normalized Operating margin 9.4% 10.1% 70 bps -30 bps Normalized EBITDA 616.1 (59.3) 30.5 (1.3) 15.7 601.8 -2.3% 2.6% % Normalized EBITDA margin 18.7% 18.7% 0 bps -30 bps LAS HY25 Scope Currency Translation Organic Growth HY26 % As Reported % Organic R$ million IAS 29 3M Impact Volume ('000 hl) 14,991.4 - (224.9) 14,766.5 -1.5% -1.5% Net revenue 8,831.3 122.1 (1,340.4) (61.6) 710.9 8,262.3 -6.4% 8.1% Net revenue/hl (R$) 589.1 8.1 (90.8) (4.1) 57.1 559.5 -5.0% 9.7% COGS (4,777.6) (161.6) 761.3 41.8 (222.9) (4,359.0) -8.8% 4.7% COGS/hl (R$) (318.7) (10.8) 51.6 2.7 (19.9) (295.2) -7.4% 6.3% COGS excl. deprec. & amort. (4,355.4) (146.0) 692.0 39.2 (202.8) (3,973.1) -8.8% 4.7% COGS/hl excl. deprec. & amort. (R$) (290.5) (9.7) 46.9 2.5 (18.2) (269.1) -7.4% 6.3% Gross profit 4,053.6 (39.5) (579.1) (19.9) 488.1 3,903.3 -3.7% 12.0% % Gross margin 45.9% 47.2% 130 bps 170 bps SG&A excl. deprec. & amort. (2,268.8) (48.0) 419.8 21.7 (302.2) (2,177.4) -4.0% 13.3% SG&A deprec. & amort. (218.3) 22.6 30.7 1.1 (16.5) (180.3) -17.4% 7.6% SG&A total (2,487.1) (25.4) 450.6 22.8 (318.7) (2,357.7) -5.2% 12.8% Other operating income/(expenses) 16.4 1.0 (2.5) (0.5) 6.6 21.0 28.3% 40.3% Normalized Operating Profit 1,583.0 (63.8) (131.1) 2.4 176.0 1,566.6 -1.0% 11.1% % Normalized Operating margin 17.9% 19.0% 110 bps 50 bps Normalized EBITDA 2,223.4 (70.8) (231.1) (1.3) 212.6 2,132.8 -4.1% 9.6% % Normalized EBITDA margin 25.2% 25.8% 60 bps 30 bps 8 In 2Q26, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non -Ambev marketplace products, were R$ 529.6 (8.2% organic growth) and R$ (265.7) (1.8% organic growth), respectively. In HY26, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev marketplace products, were R$ 554.2 (10.3% organic growth) and R$ (264.3) (7.3% organic growth), respectively. The scope change in LAS refers to the organic growth cap methodology in Argentina results, when triggered, and the effects of applying the Hyperinflation Accounting within the quarter. Reported numbers are presented applying Hyperinflation Accounting for our Argentinean operations, as detailed on page 15.
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Page | 9 Press Release – July 30, 2026 ambev.com.br Canada: Top- and bottom-line growth, with margins expansion, outperforming both beer and beyond beer industries • Operating performance9: o 2Q26: Volumes decreased by 1.8%, outperforming a soft industry, mostly affected by adverse weather and sof ter consumer demand , only partially offset by the FIFA World Cup related occasions. Top-line increased by 2.1%, with NR/hl excluding marketplace growing by 3.9%, reflecting our revenue management initiatives and premiumization. Cash COGS/hl excluding marketplace increased by 0.6% and Cash SG&A increased by 6.2%, mostly reflecting increased sales and marketing expenses, due to the FIFA World Cup activations. Normalized EBITDA increased by 2.9%, with both gross and Normalized EBITDA margin expanding 120 bps and 30 bps, respectively. o HY26: Net revenue was up 1.2% (volumes -1.8% and NR/hl +3.1%), and Normalized EBITDA increased by 4.2%, with gross and Normalized EBITDA margins both expanding by 80 bps. • Commercial highlights: We estimate to have gained both beer and beyond beer market share in the period, with our portfolio as the #1 share gainer in both categories . Our beer performance was led by Michelob Ultra and Busch, which were the top two share gainers in the industry. Beyond Beer growth was led by Cutwater and Mike’s Hard Lemonade which were two of the top four share gainers in the category. Canada R$ million 2Q25 Scope Currency Translation Organic Growth 2Q26 % As Reported % Organic Volume ('000 hl) 2,446.4 - (43.1) 2,403.3 -1.8% -1.8% Net revenue 2,989.7 - (297.9) 62.0 2,753.7 -7.9% 2.1% Net revenue/hl (R$) 1,222.0 - (124.0) 47.7 1,145.8 -6.2% 3.9% COGS (1,261.4) - 122.5 11.5 (1,127.4) -10.6% -0.9% COGS/hl (R$) (515.6) - 51.0 (4.5) (469.1) -9.0% 0.9% COGS excl. deprec. & amort. (1,183.1) - 114.4 14.4 (1,054.3) -10.9% -1.2% COGS/hl excl. deprec. & amort. (R$) (483.6) - 47.6 (2.7) (438.7) -9.3% 0.6% Gross profit 1,728.3 - (175.4) 73.4 1,626.3 -5.9% 4.2% % Gross margin 57.8% 59.1% 130 bps 120 bps SG&A excl. deprec. & amort. (869.7) - 93.2 (54.3) (830.9) -4.5% 6.2% SG&A deprec. & amort. (89.9) - 7.1 21.4 (61.4) -31.7% -23.8% SG&A total (959.7) - 100.4 (32.9) (892.3) -7.0% 3.4% Other operating income/(expenses) 2.5 - (0.7) 5.0 6.7 175.1% nm Normalized Operating Profit 771.1 - (75.8) 45.5 740.8 -3.9% 5.9% % Normalized Operating margin 25.8% 26.9% 110 bps 100 bps Normalized EBITDA 939.2 - (91.0) 27.1 875.3 -6.8% 2.9% % Normalized EBITDA margin 31.4% 31.8% 40 bps 30 bps Canada R$ million HY25 Scope Currency Translation Organic Growth HY26 % As Reported % Organic Volume ('000 hl) 4,122.5 - (76.2) 4,046.3 -1.8% -1.8% Net revenue 5,038.6 - (417.5) 61.1 4,682.2 -7.1% 1.2% Net revenue/hl (R$) 1,222.2 - (103.2) 38.1 1,157.1 -5.3% 3.1% COGS (2,124.0) - 172.7 14.4 (1,936.9) -8.8% -0.7% COGS/hl (R$) (515.2) - 42.7 (6.1) (478.7) -7.1% 1.2% COGS excl. deprec. & amort. (1,991.9) - 161.0 25.8 (1,805.1) -9.4% -1.3% COGS/hl excl. deprec. & amort. (R$) (483.2) - 39.8 (2.7) (446.1) -7.7% 0.6% Gross profit 2,914.7 - (244.8) 75.5 2,745.3 -5.8% 2.6% % Gross margin 57.8% 58.6% 80 bps 80 bps SG&A excl. deprec. & amort. (1,643.7) - 136.9 (28.4) (1,535.2) -6.6% 1.7% SG&A deprec. & amort. (162.9) - 10.9 29.5 (122.5) -24.8% -18.1% SG&A total (1,806.6) - 147.8 1.1 (1,657.7) -8.2% -0.1% Other operating income/(expenses) 12.0 - (1.0) 0.4 11.4 -4.9% 3.6% Normalized Operating Profit 1,120.1 - (98.0) 77.0 1,099.1 -1.9% 6.9% % Normalized Operating margin 22.2% 23.5% 130 bps 130 bps Normalized EBITDA 1,415.1 - (120.7) 59.0 1,353.4 -4.4% 4.2% % Normalized EBITDA margin 28.1% 28.9% 80 bps 80 bps 9 In 2Q26, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non -Ambev marketplace products, were R$ 1, 143.8 (3.9% organic growth) and R$ (4 37.5) (0.6% organic growth), respectively. In HY26, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of no n- Ambev marketplace products, were R$ 1,1 55.1 (3.1% organic growth) and R$ (444.8) (0.7% organic growth), respectively.
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Page | 10 Press Release – July 30, 2026 ambev.com.br AMBEV CONSOLIDATED 10 Ambev R$ million 2Q25 Scope Currency Translation IAS 29 3M Impact Organic Growth 2Q26 % As Reported % Organic Volume ('000 hl) 39,569.3 (401.9) 560.5 39,727.9 0.4% 1.4% Net revenue 20,090.2 (288.0) (799.7) (61.6) 1,208.0 20,148.9 0.3% 6.1% Net revenue/hl (R$) 507.7 (2.1) (20.1) (1.7) 23.4 507.2 -0.1% 4.6% COGS (10,046.1) 72.1 402.5 41.8 (170.7) (9,700.4) -3.4% 1.7% COGS/hl (R$) (253.9) (0.8) 10.1 1.1 (0.8) (244.2) -3.8% 0.3% COGS excl. deprec. & amort. (9,146.3) 74.9 362.1 39.2 (230.5) (8,900.6) -2.7% 2.6% COGS/hl excl. deprec. & amort. (R$) (231.1) (0.5) 9.1 1.1 (2.6) (224.0) -3.1% 1.1% Gross profit 10,044.1 (215.8) (397.2) (19.9) 1,037.4 10,448.5 4.0% 10.5% % Gross margin 50.0% 51.9% 190 bps 200 bps SG&A excl. deprec. & amort. (5,377.0) 29.5 260.8 21.7 (568.7) (5,633.8) 4.8% 10.7% SG&A deprec. & amort. (802.6) 28.5 22.8 1.1 18.9 (731.3) -8.9% -2.4% SG&A total (6,179.6) 57.9 283.6 22.8 (549.8) (6,365.1) 3.0% 9.0% Other operating income/(expenses) 585.9 48.0 2.6 (0.5) 126.2 762.2 30.1% 22.0% Normalized Operating Profit 4,450.3 (109.9) (111.1) 2.4 613.7 4,845.5 8.9% 14.2% % Normalized Operating margin 22.2% 24.0% 180 bps 170 bps Exceptional items above EBITDA (51.2) (7.7) 0.2 4.9 22.5 (31.3) -39.0% -44.0% Net finance results (974.0) (486.1) -50.1% Share of results of joint ventures (5.5) 11.0 nm Income tax expense (629.1) (864.5) 37.4% Profit 2,790.6 3,474.7 24.5% Attributable to Ambev holders 2,717.7 3,386.9 24.6% Attributable to non-controlling interests 72.8 87.8 20.5% Normalized profit 2,832.7 3,492.7 23.3% Attributable to Ambev holders 2,759.7 3,404.5 23.4% Normalized EBITDA 6,152.7 (135.5) (174.3) (1.3) 535.0 6,376.7 3.6% 8.9% % Normalized EBITDA margin 30.6% 31.6% 100 bps 80 bps Ambev R$ million HY25 Scope Currency Translation IAS 29 3M Impact Organic Growth HY26 % As Reported % Organic Volume ('000 hl) 84,887.0 (776.4) 585.3 84,695.9 -0.2% 0.7% Net revenue 42,587.6 (643.7) (2,267.7) (61.6) 2,998.9 42,613.4 0.1% 7.2% Net revenue/hl (R$) 501.7 (3.0) (26.8) (0.8) 32.1 503.1 0.3% 6.4% COGS (20,991.9) 238.8 1,133.8 41.8 (1,004.5) (20,582.0) -2.0% 4.9% COGS/hl (R$) (247.3) 0.6 13.4 0.5 (10.2) (243.0) -1.7% 4.2% COGS excl. deprec. & amort. (19,164.3) 232.4 1,029.2 39.2 (1,072.0) (18,935.6) -1.2% 5.7% COGS/hl excl. deprec. & amort. (R$) (225.8) 0.7 12.2 0.6 (11.2) (223.6) -1.0% 5.0% Gross profit 21,595.7 (404.9) (1,133.9) (19.9) 1,994.4 22,031.4 2.0% 9.4% % Gross margin 50.7% 51.7% 100 bps 100 bps SG&A excl. deprec. & amort. (11,027.0) 78.7 652.7 21.7 (837.5) (11,111.3) 0.8% 7.7% SG&A deprec. & amort. (1,588.1) 44.6 53.2 1.1 1.0 (1,488.2) -6.3% -0.1% SG&A total (12,615.1) 123.3 705.9 22.8 (836.5) (12,599.5) -0.1% 6.7% Other operating income/(expenses) 1,201.1 (13.6) (1.9) (0.5) 180.2 1,365.2 13.7% 16.0% Normalized Operating Profit 10,181.7 (295.3) (429.9) 2.4 1,338.0 10,797.0 6.0% 13.5% % Normalized Operating margin 23.9% 25.3% 140 bps 140 bps Exceptional items above EBITDA (72.6) (7.7) 9.8 4.9 71.2 5.6 -107.8% -98.1% Net finance results (1,830.4) (1,542.7) -15.7% Share of results of joint ventures (2.7) 10.7 nm Income tax expense (1,680.8) (1,910.4) 13.7% Profit 6,595.2 7,360.2 11.6% Attributable to Ambev holders 6,411.7 7,155.2 11.6% Attributable to non-controlling interests 183.5 205.1 11.7% Normalized profit 6,652.9 7,325.1 10.1% Attributable to Ambev holders 6,469.2 7,119.7 10.1% Normalized EBITDA 13,597.4 (346.3) (587.7) (1.3) 1,269.5 13,931.6 2.5% 9.6% % Normalized EBITDA margin 31.9% 32.7% 80 bps 70 bps 10 In 2Q26, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non -Ambev marketplace products, were R$ 4 96.7 (5.2% organic growth) and R$ (215.7) (2.2% organic growth), respectively. In HY26, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev marketplace products, were R$ 492.5 (6.7% organic growth) and R$ (215. 3) (5.8% organic growth), respectively. The scope changes refer to (i) tax credits and related effects in Brazil; (ii) deconsolidation of subsidiaries in CAC; and (iii) the organic growth cap methodology in Argen tina results, when triggered, and the effects of applying the Hyperinflation Accounting within the quarter in LAS.
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Page | 11 Press Release – July 30, 2026 ambev.com.br OTHER OPERATING INCOME/EXPENSES Other operating income/(expenses) 2Q25 2Q26 HY25 HY26 R$ million Government grants and subsidized loan gains 416.6 453.1 873.2 972.0 (Additions to)/reversals of provisions (7.8) 11.8 (74.8) 5.0 Gains/(losses) on disposals of property, plant and equipment, intangible assets and investments in associates 29.5 34.1 62.1 62.6 Other operating income/(expenses), net 147.5 263.1 340.6 325.6 Total 585.9 762.2 1,201.1 1,365.2 EXCEPTIONAL ITEMS Exceptional items above EBITDA correspond primarily to restructuring expenses related to organizational improvements, resizing initiatives, and digitalization efforts within the Group, as well as to the effect related to the deconsolidation of balance sheet items, including subsidiaries restructuring. Exceptional Items 2Q25 2Q26 HY25 HY26 R$ million Restructuring (51.2) (31.3) (72.6) (80.7) Subsidiary restructuring - - - 86.3 Total (51.2) (31.3) (72.6) 5.6
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Page | 12 Press Release – July 30, 2026 ambev.com.br NET FINANCE RESULTS Net finance results in 2Q26 totaled R$ (486.1) million, an improvement of R$ 487.9 million compared to 2Q25, broken down as follows: • Interest income totaled R$ 629.3 million, mainly explained by: (i) interest income of R$ 325.5 million from cash balance investments in Brazil and Argentina, and (ii) interest rate on Brazilian tax credits of R$ 170.9 million. • Interest expense totaled R$ (539.6) million, mainly impacted by: (i) fair value adjustments of payables pursuant to IFRS 13 (CPC 46) of R$ (336.1) million, (ii) lease liabilities interest accruals of R$ (68.7) million in accordance with IFRS 16 (CPC 06 R2) , (iii) interest on tax incentives of R$ (39.2) million, and (iv) CND put option interest accruals of R$ (35.3) million. • Losses on derivative instruments of R$ (167.2) million, mainly explained by (i) hedging carry costs related to our FX exposure of US$ 1.9 billion in Brazil, with approximately 9.6% carry cost, and (ii) hedging carry costs related to commodities. We did not incur hedging costs related to FX exposure in Argentina this quarter; however, we still maintain an FX exposure of US$ 241.5 million in the country. • Losses on non -derivative instruments of R$ (141.2) million, primarily reflecting foreign exchange losses related to USD purchases in Bolivia , partially offset by a non-cash positive effect related to the conversion of hard-currency balances held by the Company. • Taxes on financial transactions of R$ (51.1) million. • Other financial expenses of R$ (233.9) million, mainly explained by accruals on legal contingencies, letter of credit expenses, pension plan expenses and bank fees. • Non-cash financial income of R$ 17.5 million resulting from the adoption of hyperinflation accounting in Argentina. Net finance results 2Q25 2Q26 HY25 HY26 R$ million Interest income 497.5 629.3 1,061.6 1,195.9 Interest expenses (504.9) (539.6) (1,011.1) (1,074.2) Gains/(losses) on derivative instruments (276.3) (167.2) (554.7) (704.8) Gains/(losses) on non-derivative instruments (527.5) (141.2) (1,015.4) (447.3) Taxes on financial transactions (50.8) (51.1) (119.8) (105.8) Other net financial income/(expenses) (83.5) (233.9) (164.8) (434.7) Hyperinflation Argentina (28.4) 17.5 (26.2) 28.3 - - Net finance results (974.0) (486.1) (1,830.4) (1,542.7)
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Page | 13 Press Release – July 30, 2026 ambev.com.br DEBT BREAKDOWN Debt breakdown December 31, 2025 June 30, 2026 R$ million Current Non-current Total Current Non-current Total Local currency 885.5 1,548.3 2,433.9 807.0 1,305.6 2,112.6 Foreign currency 281.8 671.3 953.0 266.6 569.7 836.3 Consolidated debt 1,167.3 2,219.6 3,386.9 1,073.6 1,875.4 2,949.0 Cash and cash equivalents less bank overdrafts 18,638.2 16,610.8 Current investment securities 1,681.7 1,735.6 Net debt/(cash) (16,933.0) (15,397.4) PROVISION FOR INCOME TAX & SOCIAL CONTRIBUTION The table below demonstrates the income tax and social contribution provision. Income tax and social contribution11 2Q25 2Q26 HY25 HY26 R$ million Profit before income tax 3,419.7 4,339.2 8,276.0 9,270.7 Adjustment to the taxable basis Other non-taxable income (167.7) (180.5) (330.3) (326.5) Government grants related to taxes on sales (96.9) (106.7) (193.9) (211.7) Share of results of associates and joint ventures 5.5 (11.0) 2.7 (10.7) Non-deductible expenses 64.7 220.2 305.3 307.6 Taxation on a universal basis and other adjustments related to foreign subsidiaries 70.2 215.8 5.0 388.1 Total 3,295.4 4,477.0 8,064.8 9,417.4 Aggregated weighted nominal tax rate 27.5% 30.0% 27.6% 29.9% Taxes payable – nominal rate (906.1) (1,341.0) (2,224.1) (2,813.6) Adjustment to tax expenses Income tax incentives 64.5 80.1 108.1 200.8 Deductible interest on capital 272.1 358.8 594.7 766.5 Tax savings arising from the amortization of goodwill 0.9 0.9 1.8 1.8 Withholding income tax (59.8) (21.2) (103.5) (131.0) Argentina's hyperinflation effect (19.7) 39.0 (27.9) 44.8 Recognition/(write-off) of deferred charges on tax losses (17.6) (38.1) (45.5) (35.0) Other tax adjustments 36.7 56.9 15.6 55.2 Income tax and social contribution expense (629.1) (864.5) (1,680.8) (1,910.4) Effective tax rate 18.4% 19.9% 20.3% 20.6% SHAREHOLDING STRUCTURE The table below summarizes Ambev S.A.’s shareholding structure as of June 30, 2026. Ambev S.A.'s shareholding structure ON (‘000 shares) % Outs Interbrew International GmbH 8,441,666 53.56% Ambrew S.A.R.L. 1,287,715 8.17% Fundação Zerrenner 1,609,987 10.21% Market (free float) 4,113,427 26.08% Treasury shares 310,870 1.97% 15,763,665 100.00% 11 Other non-taxable income and Other tax adjustments lines are impacted by the effect of exceptional items below EBITDA.
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Page | 14 Press Release – July 30, 2026 ambev.com.br FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES - ARGENTINA Following the categorization of Argentina as a country with a three -year cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance with IFRS. Consequently, starting from 3Q18, we have been reporting the operations of our Argentinean affiliates applying hyperinflation accounting. The IFRS and CPC standards (IAS 29/CPC 42) require the results of our operations in hyperinflationary economies to be reported restating the year -to-date results adjusting for the change in the general purchasing power of the local currency, using official indices, before converting the local amounts at the closing rate of the period (i.e., June 30, 2026 closing rate for 2Q26 and HY26 results). The HY26 hyperinflation accounting adjustment results from the combined effect of (i) the indexation to reflect changes in purchasing power on the HY26 results against a dedicated line in the finance results; and (ii) the difference between the translation of the HY26 results at the closing exchange rate of June 30, 2026, and the translation using the average year to date rate on the reported period, as applicable to non -inflationary economies. The impacts in 2Q25, HY25, 2Q26 and HY26 on Net Revenue and Normalized EBITDA were as follows: Impact of Hyperinflation Accounting (IAS 29/CPC42) Revenue R$ million 2Q25 2Q26 HY25 HY26 Indexation(1) 179.9 173.2 256.3 241.8 Currency(2) (472.1) (189.8) (608.5) (174.8) Total Impact (292.2) (16.6) (352.2) 67.1 Normalized EBITDA R$ million 2Q25 2Q26 HY25 HY26 Indexation(1) 22.9 (30.8) (2.0) (56.5) Currency(2) (2.5) (6.5) (21.4) (4.4) Total Impact 20.4 (37.3) (23.4) (60.9) ARS/BRL average rate 190.8138 272.7728 ARS/BRL closing rate 218.8669 286.3902 218.8669 286.3902 (1) Indexation calculated at each period’s closing exchange rate. (2) Currency impact calculated as the difference between converting the Argentinean Peso (ARS) reported amounts at the closing ex change rate compared to the average exchange rate of each period. Furthermore, IAS 29 requires adjusting non -monetary assets and liabilities on the balance sheet of our operations in hyperinflationary economies for cumulative inflation. The resulting effect from the adjustment until December 31, 2017 was reported in Equity and, the effect from the adjustment from this date on, in a dedicated account in the finance results, reporting deferred taxes on such adjustments, when applicable. In 2Q26, the transition to hyperinflation accounting in accordance with the IFRS rules resulted in (i) a positive adjustment of R$17.5 million reported in the finance results, (ii) a negative impact on the Profit of R$ 123.4 million, (iii) a negative impact on the Normalized Profit of R$ 123.7 million, and (iv) a negative impact of R$ 0.01 on EPS, as well as on Normalized EPS. In HY26, the consequences of the transition were (i) a positive adjustment of R$28.3 million reported in the finance results, (ii) a negative impact on the Profit of R$ 302.9 million, (iii) a negative impact on the Normalized Profit of R$ 303.1 million, and (iv) a negative impact of R$ 0.02 on EPS, as well as on Normalized EPS. The Q2 results are calculated by deducting from the HY results the 3M results as published. Consequently, LAS and consolidated 2Q2 6, 2Q25, HY26 and HY25 results are impacted by the adjustment of 3M results for the cumulative inflation between reporting periods, as well as by the translation of 3M results at the HY closing exchange rate, of June 30 as follows:
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Page | 15 Press Release – July 30, 2026 ambev.com.br LAS - 3M As Reported HY25 Scope Currency Translation Organic Growth HY26 % Organic Net revenue 8,831.3 122.1 (1,340.4) 710.9 8,262.3 8.1% COGS (4,777.6) (161.6) 761.3 (222.9) (4,359.0) 4.7% COGS excl. deprec. & amort. (4,355.4) (146.0) 692.0 (202.8) (3,973.1) 4.7% Gross profit 4,053.6 (39.5) (579.1) 488.1 3,903.3 12.0% SG&A excl. deprec. & amort. (2,268.8) (48.0) 419.8 (302.2) (2,177.4) 13.3% SG&A deprec. & amort. (218.3) 22.6 30.7 (16.5) (180.3) 7.6% SG&A total (2,487.1) (25.4) 450.6 (318.7) (2,357.7) 12.8% Other operating income/(expenses) 16.4 1.0 (2.5) 6.6 21.0 40.3% Normalized Operating Profit 1,583.0 (63.8) (131.1) 176.0 1,566.6 11.1% Normalized EBITDA 2,223.4 (70.8) (231.1) 212.6 2,132.8 9.6% LAS - 3M Recalculated at YTD Exchange Rates HY25 Scope Currency Translation Organic Growth HY26 % Organic Net revenue 8,546.6 60.5 (1,066.3) 710.9 8,190.0 COGS (4,628.6) (119.8) 610.3 (222.9) (4,319.2) COGS excl. deprec. & amort. (4,219.8) (106.8) 553.6 (202.8) (3,936.6) Gross profit 3,917.9 (59.4) (456.0) 488.1 3,870.8 SG&A excl. deprec. & amort. (2,192.3) (26.3) 342.1 (302.2) (2,156.9) SG&A deprec. & amort. (212.0) 23.7 24.9 (16.5) (178.8) SG&A total (2,404.3) (2.6) 367.0 (318.7) (2,335.7) Other operating income/(expenses) 15.6 0.5 (1.5) 6.6 20.8 Normalized Operating Profit 1,529.2 (61.4) (90.4) 176.0 1,555.9 Normalized EBITDA 2,150.0 (72.0) (172.0) 212.6 2,117.3 LAS - 3M Recalculation Impact in 2Q HY25 Scope Currency Translation Organic Growth HY26 % Organic Net revenue (284.7) (61.6) 274.1 - (72.2) COGS 149.0 41.8 (151.0) - 39.8 COGS excl. deprec. & amort. 135.6 39.2 (138.4) - 36.5 Gross profit (135.7) (19.9) 123.1 - (32.4) SG&A excl. deprec. & amort. 76.5 21.7 (77.7) - 20.5 SG&A deprec. & amort. 6.2 1.1 (5.8) - 1.5 SG&A total 82.7 22.8 (83.5) - 22.0 Other operating income/(expenses) (0.8) (0.5) 1.0 - (0.3) Normalized Operating Profit (53.8) 2.4 40.6 - (10.7) Normalized EBITDA (73.4) (1.3) 59.1 - (15.6) For FY26, the definition of organic revenue growth has been amended to cap the price growth in Argentina to a maximum of 2% per month (26.8% year -over-year, and three -year cumulative of 100%). For COGS and distribution expenses, the same price rate cap applies, calculated on a “per hectoliter” basis when applicable. For other income statement lines disclosed, organic growth is calculated pro rata to the capped net revenue growth. Such calculation method applies to amounts in local currency that are then converted from ARS (capped) to BRL using the applicable closing rate, and corresponding adjustments are made through scope changes when triggered.
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Page | 16 Press Release – July 30, 2026 ambev.com.br RECONCILIATION BETWEEN NORMALIZED EBITDA & PROFIT Normalized EBITDA, Normalized Operating Profit and Normalized Profit are measures used by Ambev’s management to measure the Company’s performance. Normalized EBITDA is calculated excluding from Profit the following effects: (i) Non -controlling interest; (ii) Income Tax expense; (iii) Share of results of associates; (iv) Net finance results; (v) Exceptional items; and (vi) Depreciation & Amortization. EBITDA is calculated excluding from Normalized EBITDA the following effects: (i) Exceptional items and (ii) Share of results of associates. EBITDA, Normalized EBITDA, Normalized Operating Profit and Normalized Profit are not accounting measures under accounting practices in Brazil, IFRS or the United States of America (US GAAP) and should not be considered as an alternative to Profit as a measure of operational performa nce or an alternative to Cash Flow as a measure of liquidity. Normalized EBITDA, Normalized Operating Profit and Normalized Profit do not have a standard calculation method, and Ambev’s definition of Normalized EBITDA, Normalized Operating Profit and Normalized Profit may not be comparable to that of other companies. Reconciliation - Profit to EBITDA 2Q25 2Q26 HY25 HY26 R$ million Attributable to equity holders of Ambev 2,717.7 3,386.9 6,411.7 7,155.2 Attributable to non-controlling interest 72.8 87.8 183.5 205.1 Profit 2,790.6 3,474.7 6,595.2 7,360.2 Exceptional items above EBITDA 51.2 31.3 72.6 (5.6) Exceptional items below EBITDA 12 (9.1) (13.2) (14.9) (29.5) Normalized Profit 2,832.7 3,492.7 6,652.9 7,325.1 Exceptional items above EBITDA (51.2) (31.3) (72.6) 5.6 Exceptional items below EBITDA 9.1 13.2 14.9 29.5 Income tax expense 629.1 864.5 1,680.8 1,910.4 Profit before taxes 3,419.7 4,339.2 8,276.0 9,270.7 Share of results of associates and joint ventures 5.5 (11.0) 2.7 (10.7) Net finance results 974.0 486.1 1,830.4 1,542.7 Exceptional items above EBITDA 51.2 31.3 72.6 (5.6) Normalized Operating Profit 4,450.3 4,845.5 10,181.7 10,797.0 Depreciation & amortization - total 1,702.4 1,531.1 3,415.7 3,134.6 Normalized EBITDA 6,152.7 6,376.7 13,597.4 13,931.6 Exceptional items above EBITDA (51.2) (31.3) (72.6) 5.6 Share of results of joint ventures (5.5) 11.0 (2.7) 10.7 EBITDA 6,096.1 6,356.4 13,522.0 13,947.9 12 Exceptional items below EBITDA correspond to the exceptional items that impacted income tax expenses.
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Page | 17 Press Release – July 30, 2026 ambev.com.br RECONCILIATION OF NET FINANCE RESULTS BETWEEN INTERIM CONSOLIDATED FINANCIAL STATEMENTS AND PRESS RELEASE Net finance results presented on page 12 are a summarized view used by Ambev’s management to measure and analyze the Company’s financial performance. The reconciliation between such summarized view and Interim Consolidated Financial Statements is presented below: Reconciliation - Net finance results 2Q25 2Q26 HY25 HY26 R$ million Income from cash and cash equivalents 249.5 355.7 591.6 698.2 Income from debt securities 45.6 67.0 80.6 132.5 Income from other receivables 202.3 206.6 389.5 365.2 Interest income 497.5 629.3 1,061.6 1,195.9 Interest on accounts payable present value adjustment (273.3) (336.1) (545.5) (647.4) Interest on bank debts and tax incentives (43.3) (41.1) (87.6) (87.1) Interest on leases (63.7) (68.7) (121.6) (140.9) Other interest expenses (124.6) (93.7) (256.4) (198.8) Interest expenses (504.9) (539.6) (1,011.1) (1,074.2) Losses on hedging instruments (276.3) (167.2) (554.7) (704.8) Gains/(losses) on derivative instruments (276.3) (167.2) (554.7) (704.8) Exchange differences, net (527.5) (141.2) (1,015.4) (447.3) Gains/(losses) on non-derivative instruments (527.5) (141.2) (1,015.4) (447.3) Taxes on financial transactions (50.8) (51.1) (119.8) (105.8) Taxes on financial transactions (50.8) (51.1) (119.8) (105.8) Interest on provisions for disputes and litigation (35.6) (12.6) (87.9) (62.9) Interest on pension plans (27.4) (27.5) (55.2) (58.2) Bank guarantee expenses and surety bond premiums (101.2) (113.8) (170.4) (185.9) Other net financial income/(expenses) 80.7 (80.1) 148.7 (127.7) Other net financial income/(expenses) (83.5) (233.9) (164.8) (434.7) Effects of the application of IAS 29 (hyperinflation) (28.4) 17.5 (26.2) 28.3 Hyperinflation Argentina (28.4) 17.5 (26.2) 28.3 Net finance results (974.0) (486.1) (1,830.4) (1,542.7)
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Page | 18 Press Release – July 30, 2026 ambev.com.br 2Q 2026 EARNINGS CONFERENCE CALL Speakers: Carlos Lisboa Chief Executive Officer Guilherme Fleury Chief Financial and Investor Relations Officer Language: English and Portuguese (simultaneous translation) Date: July 30th, 2026 (Thursday) Time: 12:30 (Brasília) 11:30 (New York) The conference call will be transmitted live via webcast available at: English: Webcast - English Portuguese: Webcast - Portuguese Sell side analysts covering the company as indicated on our website can participate and apply for Q&A by clicking here. For additional information, please contact the Investor Relations team: Patrick Conrad Elisa Moukarzel Sbardelini Leandro Ferreira De Souza patrick.conrad@ambev.com.br elisa.sbardelini@ambev.com.br leandro.ferreira.souza@ambev.com.br ri.ambev.com.br
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Page | 19 Press Release – July 30, 2026 ambev.com.br NOTES This press release segregates the impact of organic changes from those arising from changes in scope or currency translation. Scope changes represent the impact of acquisitions and divestitures, the start -up or termination of activities or the transfer of activities between segments, curtailment gains and losses and year- over-year changes in accounting estimates and other assumptions that management does not consider as part of the underlying performance of t he business. Organic growth and normalized numbers are presented applying constant year -over-year exchange rates to exclude the impact of the movement of foreign exchange rates. Whenever used in this document, terms referring to percentage changes are intended to simplify the reader’s understanding and correspond to the following ranges, regardless of whether the variance is positive or negative: flat (0.0 - 0.1%); low-single digit (0.2 - 3.3%); mid-single digit (3.4 - 6.6%); high-single digit (6.7 - 9.9%); double-digit (10.0 - 19.9%); low -teens (10.1 - 13.3%); mid -teens (13.4 - 16.6%); high -teens (16.7 - 19.9%); twenties (20.0 - 29.9%); low-twenties (20.1 – 23.3%); mid-twenties (23.4 – 26.6%); high-twenties (26.7 – 29.9%). For higher percentages that exceed the prior defined ranges, the same cla ssification logic shall be applied accordingly. Unless stated, percentage changes in this press release are both organic and normalized in nature. Whenever used in this document, the term “normalized” refers to performance measures EBITDA and Operating Profit before exceptional items and share of result s of joint ventures and to performance measures Profit and EPS before exceptional items adjustments. Exceptional items are either income or expenses which do not occur regularly as part of the normal activities of the Company. They are presented separately because they are important for the understanding of the underlying sustainable performance of the Company due to their size or nature. Normalized measures are additional measures used by management and should not replace the measures determined in accordance with IFRS as indicators of the Company’s performance. Comparisons, unless otherwise stated, refer to the second quarter of 2025 (2Q25). Values in this release may not add up due to rounding. Statements contained in this press release may contain information that is forward -looking and reflects management’s current view and estimates of future economic circumstances, industry conditions, Company performance, and finance results. Any statements, expectations, capabilities, plans and assumptions contained in this press release that do not describe historical facts, such as statements regarding the declaration or payment of dividends, the direction of future operations, the implement ation of principal operating and financing strategies and capital expenditure plans, the factors or trends affecting financial condition, liquidity or results of operations, are forward -looking statements within the meaning of the U.S. Private Securities L itigation Reform Act of 1995 and involve a number of risks and uncertainties. There is no guarantee that these results will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry condit ions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.
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Page | 20 ambev.com.br Press Release – July 30, 2026 Ambev - EBITDA to Normalized EBITDA Reconciliation by Segment Brazil CAC LAS Canada Ambev Organic results Beer NAB Total Consolidated 2Q25 2Q26 % 2Q25 2Q26 % 2Q25 2Q26 % 2Q25 2Q26 % 2Q25 2Q26 % 2Q25 2Q26 % 2Q25 2Q26 % EBITDA 2,855.6 3,267.5 13.1% 534.2 610.7 13.8% 3,389.8 3,878.2 13.1% 1,192.2 1,023.9 6.4% 590.9 581.2 3.6% 923.2 873.2 4.4% 6,096.1 6,356.4 9.6% % of total 46.8% 51.4% 8.8% 9.6% 55.6% 61.0% 19.6% 16.1% 9.7% 9.1% 15.1% 13.7% 100.0% 100.0% Exceptional items -7.6 -5.1 -32.3% - - 0.0% -7.6 -5.1 -32.3% -2.3 -3.4 -40.0% -25.2 -20.7 -21.3% -16.1 -2.1 -85.8% -51.2 -31.3 -44.0% % of total 14.8% 16.5% 0.0% 0.0% 14.8% 16.5% 4.5% 10.7% 49.3% 66.1% 31.4% 6.7% 100.0% 100.0% Share of results of joint ventures -5.5 -2.6 -52.5% - - 0.0% -5.5 -2.6 -52.5% - 13.6 0.0% - - 0.0% - - 0.0% -5.5 11.0 nm % of total 100.0% -23.5% 0.0% 0.0% 100.0% -23.5% 0.0% 123.5% 0.0% 0.0% 0.0% 0.0% 100.0% 100.0% Normalized EBITDA 2,868.7 3,275.2 12.8% 534.2 610.7 13.8% 3,402.9 3,885.9 13.0% 1,194.5 1,013.6 4.9% 616.1 601.8 2.6% 939.2 875.3 2.9% 6,152.7 6,376.7 8.9% % of total 46.6% 51.4% 8.7% 9.6% 55.3% 60.9% 19.4% 15.9% 10.0% 9.4% 15.3% 13.7% 100.0% 100.0% Ambev - EBITDA to Normalized EBITDA Reconciliation by Segment Brazil CAC LAS Canada Ambev Organic results Beer NAB Total Consolidated HY25 HY26 % HY25 HY26 % HY25 HY26 % HY25 HY26 % HY25 HY26 % HY25 HY26 % HY25 HY26 % EBITDA 6,480.6 7,114.6 10.1% 1,166.2 1,335.7 15.2% 7,646.8 8,450.3 10.9% 2,287.1 2,074.6 14.2% 2,189.0 2,071.7 7.9% 1,399.1 1,351.3 5.2% 13,522.0 13,947.9 10.3% % of total 47.9% 51.0% 8.6% 9.6% 56.6% 60.6% 16.9% 14.9% 16.2% 14.9% 10.3% 9.7% 100.0% 100.0% Exceptional items -17.3 -11.0 8.6% - - 0.0% -17.3 -11.0 -36.5% -4.8 79.8 nm -34.4 -61.1 117.7% -16.1 -2.1 -85.8% -72.6 5.6 -98.1% % of total 23.8% -194.8% 0.0% 0.0% 23.8% -194.7% 6.6% 1416.0% 47.4% -1084.1% 22.1% -37.2% 100.0% 100.0% Share of results of joint ventures -2.8 -2.9 6.2% - - 0.0% -2.8 -2.9 6.2% - 13.6 0.0% - - 0.0% 0.0 - -100.0% -2.7 10.7 nm % of total 101.2% -27.6% 0.0% 0.0% 101.2% -27.6% 0.0% 127.6% 0.0% 0.0% -1.2% 0.0% 100.0% 100.0% Normalized EBITDA 6,500.7 7,128.5 9.9% 1,166.2 1,335.7 15.2% 7,666.9 8,464.2 10.7% 2,292.0 1,981.2 9.0% 2,223.4 2,132.8 9.6% 1,415.1 1,353.4 4.2% 13,597.4 13,931.6 9.6% % of total 47.8% 51.2% 8.6% 9.6% 56.4% 60.8% 16.9% 14.2% 16.4% 15.3% 10.4% 9.7% 100.0% 100.0%
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Page | 21 ambev.com.br Press Release – July 30, 2026 Ambev - Segment financial information Brazil CAC LAS Canada Ambev Organic results Beer NAB Total Consolidated 2Q25 2Q26 % 2Q25 2Q26 % 2Q25 2Q26 % 2Q25 2Q26 % 2Q25 2Q26 % 2Q25 2Q26 % 2Q25 2Q26 % Volume ('000 hl) 20,042.3 21,034.9 5.0% 7,962.4 7,615.3 -4.4% 28,004.7 28,650.2 2.3% 2,924.1 2,659.4 5.4% 6,194.1 6,015.0 -2.9% 2,446.4 2,403.3 -1.8% 39,569.3 39,727.9 1.4% R$ million Net revenue 8,989.6 9,791.1 8.9% 2,031.2 2,060.5 1.4% 11,020.8 11,851.6 7.5% 2,784.6 2,317.5 7.1% 3,295.2 3,226.2 4.4% 2,989.7 2,753.7 2.1% 20,090.2 20,148.9 6.1% % of total 44.7% 48.6% 10.1% 10.2% 54.9% 58.8% 13.9% 11.5% 16.4% 16.0% 14.9% 13.7% 100.0% 100.0% COGS (4,413.5) (4,694.9) 6.4% (1,182.9) (1,088.0) -8.0% (5,596.4) (5,782.9) 3.3% (1,244.6) (967.8) 2.4% (1,943.7) (1,822.3) -1.5% (1,261.4) (1,127.4) -0.9% (10,046.1) (9,700.4) 1.7% % of total 43.9% 48.4% 11.8% 11.2% 55.7% 59.6% 12.4% 10.0% 19.3% 18.8% 12.6% 11.6% 100.0% 100.0% Gross profit 4,576.1 5,096.1 11.4% 848.3 972.5 14.6% 5,424.4 6,068.6 11.9% 1,539.9 1,349.7 10.6% 1,351.4 1,403.8 13.0% 1,728.3 1,626.3 4.2% 10,044.1 10,448.5 10.5% % of total 45.6% 48.8% 8.4% 9.3% 54.0% 58.1% 15.3% 12.9% 13.5% 13.4% 17.2% 15.6% 100.0% 100.0% SG&A (3,090.8) (3,381.2) 9.4% (543.0) (557.3) 2.6% (3,633.8) (3,938.5) 8.4% (539.3) (451.6) 9.6% (1,046.8) (1,082.7) 16.1% (959.7) (892.3) 3.4% (6,179.6) (6,365.1) 9.0% % of total 50.0% 53.1% 8.8% 8.8% 58.8% 61.9% 8.7% 7.1% 16.9% 17.0% 15.5% 14.0% 100.0% 100.0% Other operating income/(expenses) 459.8 657.2 35.1% 130.5 111.7 -16.9% 590.3 768.9 23.5% (11.5) (17.2) 149.4% 4.6 3.7 -51.7% 2.5 6.7 nm 585.9 762.2 22.0% % of total 78.5% 86.2% 22.3% 14.7% 100.8% 100.9% -2.0% -2.3% 0.8% 0.5% 0.4% 0.9% 100.0% 100.0% Normalized Operating Profit 1,945.1 2,372.2 20.0% 435.8 526.9 20.4% 2,380.9 2,899.1 20.1% 989.2 880.9 9.9% 309.2 324.8 1.6% 771.1 740.8 5.9% 4,450.3 4,845.5 14.2% % of total 43.7% 49.0% 9.8% 10.9% 53.5% 59.8% 22.2% 18.2% 6.9% 6.7% 17.3% 15.3% 100.0% 100.0% Normalized EBITDA 2,868.7 3,275.2 12.8% 534.2 610.7 13.8% 3,402.9 3,885.9 13.0% 1,194.5 1,013.6 4.9% 616.1 601.8 2.6% 939.2 875.3 2.9% 6,152.7 6,376.7 8.9% % of total 46.6% 51.4% 8.7% 9.6% 55.3% 60.9% 19.4% 15.9% 10.0% 9.4% 15.3% 13.7% 100.0% 100.0% % of net revenue Net revenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% COGS -49.1% -48.0% -58.2% -52.8% -50.8% -48.8% -44.7% -41.8% -59.0% -56.5% -42.2% -40.9% -50.0% -48.1% Gross profit 50.9% 52.0% 41.8% 47.2% 49.2% 51.2% 55.3% 58.2% 41.0% 43.5% 57.8% 59.1% 50.0% 51.9% SG&A -34.4% -34.5% -26.7% -27.0% -33.0% -33.2% -19.4% -19.5% -31.8% -33.6% -32.1% -32.4% -30.8% -31.6% Other operating income/(expenses) 5.1% 6.7% 6.4% 5.4% 5.4% 6.5% -0.4% -0.7% 0.1% 0.1% 0.1% 0.2% 2.9% 3.8% Normalized Operating Profit 21.6% 24.2% 21.5% 25.6% 21.6% 24.5% 35.5% 38.0% 9.4% 10.1% 25.8% 26.9% 22.2% 24.0% Normalized EBITDA 31.9% 33.5% 26.3% 29.6% 30.9% 32.8% 42.9% 43.7% 18.7% 18.7% 31.4% 31.8% 30.6% 31.6% Per hectoliter - (R$/hl) Net revenue 448.5 465.5 3.8% 255.1 270.6 6.1% 393.5 413.7 5.1% 952.3 871.4 1.5% 532.0 536.3 7.5% 1,222.0 1,145.8 3.9% 507.7 507.2 4.6% COGS (220.2) (223.2) 1.4% (148.6) (142.9) -3.8% (199.8) (201.8) 1.0% (425.6) (363.9) -2.9% (313.8) (303.0) 1.4% (515.6) (469.1) 0.9% (253.9) (244.2) 0.3% Gross profit 228.3 242.3 6.1% 106.5 127.7 19.9% 193.7 211.8 9.4% 526.6 507.5 4.9% 218.2 233.4 16.3% 706.5 676.7 6.1% 253.8 263.0 9.0% SG&A (154.2) (160.7) 4.2% (68.2) (73.2) 7.3% (129.8) (137.5) 5.9% (184.4) (169.8) 4.0% (169.0) (180.0) 19.5% (392.3) (371.3) 5.3% (156.2) (160.2) 7.5% Other operating income/(expenses) 22.9 31.2 28.7% 16.4 14.7 -13.1% 21.1 26.8 20.7% (3.9) (6.5) 136.5% 0.7 0.6 -50.3% 1.0 2.8 nm 14.8 19.2 20.3% Normalized Operating Profit 97.0 112.8 14.3% 54.7 69.2 25.9% 85.0 101.2 17.4% 338.3 331.2 4.3% 49.9 54.0 4.6% 315.2 308.2 7.8% 112.5 122.0 12.5% Normalized EBITDA 143.1 155.7 7.5% 67.1 80.2 19.0% 121.5 135.6 10.4% 408.5 381.1 -0.5% 99.5 100.1 5.6% 383.9 364.2 4.7% 155.5 160.5 7.4%
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Page | 22 ambev.com.br Press Release – July 30, 2026 Ambev - Segment financial information Brazil CAC LAS Canada Ambev Organic results Beer NAB Total Consolidated HY25 HY26 % HY25 HY26 % HY25 HY26 % HY25 HY26 % HY25 HY26 % HY25 HY26 % HY25 HY26 % Volume ('000 hl) 43,201.0 44,464.7 2.9% 16,896.9 16,198.9 -4.1% 60,098.0 60,663.6 0.9% 5,675.1 5,219.4 6.5% 14,991.4 14,766.5 -1.5% 4,122.5 4,046.3 -1.8% 84,887.0 84,695.9 0.7% R$ million Net revenue 18,990.4 20,751.1 9.3% 4,285.8 4,355.1 1.6% 23,276.1 25,106.2 7.9% 5,441.5 4,562.7 8.5% 8,831.3 8,262.3 8.1% 5,038.6 4,682.2 1.2% 42,587.6 42,613.4 7.2% % of total 44.6% 48.7% 10.1% 10.2% 54.7% 58.9% 12.8% 10.7% 20.7% 19.4% 11.8% 11.0% 100.0% 100.0% COGS (9,120.8) (10,046.9) 10.2% (2,467.2) (2,294.2) -7.0% (11,588.0) (12,341.1) 6.5% (2,502.2) (1,945.1) 2.0% (4,777.6) (4,359.0) 4.7% (2,124.0) (1,936.9) -0.7% (20,991.9) (20,582.0) 4.9% % of total 43.4% 48.8% 11.8% 11.1% 55.2% 60.0% 11.9% 9.5% 22.8% 21.2% 10.1% 9.4% 100.0% 100.0% Gross profit 9,869.6 10,704.2 8.5% 1,818.5 2,060.9 13.3% 11,688.1 12,765.1 9.2% 2,939.3 2,617.7 13.7% 4,053.6 3,903.3 12.0% 2,914.7 2,745.3 2.6% 21,595.7 22,031.4 9.4% % of total 45.7% 48.6% 8.4% 9.4% 54.1% 57.9% 13.6% 11.9% 18.8% 17.7% 13.5% 12.5% 100.0% 100.0% SG&A (6,143.3) (6,548.3) 6.6% (1,112.9) (1,120.0) 0.6% (7,256.2) (7,668.3) 5.7% (1,065.2) (915.8) 11.7% (2,487.1) (2,357.7) 12.8% (1,806.6) (1,657.7) -0.1% (12,615.1) (12,599.5) 6.7% % of total 48.7% 52.0% 8.8% 8.9% 57.5% 60.9% 8.4% 7.3% 19.7% 18.7% 14.3% 13.2% 100.0% 100.0% Other operating income/(expenses) 920.6 1,128.9 25.7% 255.0 216.8 -13.1% 1,175.6 1,345.6 17.1% (2.9) (12.9) nm 16.4 21.0 40.3% 12.0 11.4 3.6% 1,201.1 1,365.2 16.0% % of total 76.6% 82.7% 21.2% 15.9% 97.9% 98.6% -0.2% -0.9% 1.4% 1.5% 1.0% 0.8% 100.0% 100.0% Normalized Operating Profit 4,646.9 5,284.7 14.2% 960.6 1,157.7 21.4% 5,607.5 6,442.4 15.4% 1,871.2 1,689.0 14.0% 1,583.0 1,566.6 11.1% 1,120.1 1,099.1 6.9% 10,181.7 10,797.0 13.5% % of total 45.6% 48.9% 9.4% 10.7% 55.1% 59.7% 18.4% 15.6% 15.5% 14.5% 11.0% 10.2% 100.0% 100.0% Normalized EBITDA 6,500.7 7,128.5 9.9% 1,166.2 1,335.7 15.2% 7,666.9 8,464.2 10.7% 2,292.0 1,981.2 9.0% 2,223.4 2,132.8 9.6% 1,415.1 1,353.4 4.2% 13,597.4 13,931.6 9.6% % of total 47.8% 51.2% 8.6% 9.6% 56.4% 60.8% 16.9% 14.2% 16.4% 15.3% 10.4% 9.7% 100.0% 100.0% % of net revenue Net revenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% COGS -48.0% -48.4% -57.6% -52.7% -49.8% -49.2% -46.0% -42.6% -54.1% -52.8% -42.2% -41.4% -49.3% -48.3% Gross profit 52.0% 51.6% 42.4% 47.3% 50.2% 50.8% 54.0% 57.4% 45.9% 47.2% 57.8% 58.6% 50.7% 51.7% SG&A -32.3% -31.6% -26.0% -25.7% -31.2% -30.5% -19.6% -20.1% -28.2% -28.5% -35.9% -35.4% -29.6% -29.6% Other operating income/(expenses) 4.8% 5.4% 5.9% 5.0% 5.1% 5.4% -0.1% -0.3% 0.2% 0.3% 0.2% 0.2% 2.8% 3.2% Normalized Operating Profit 24.5% 25.5% 22.4% 26.6% 24.1% 25.7% 34.4% 37.0% 17.9% 19.0% 22.2% 23.5% 23.9% 25.3% Normalized EBITDA 34.2% 34.4% 27.2% 30.7% 32.9% 33.7% 42.1% 43.4% 25.2% 25.8% 28.1% 28.9% 31.9% 32.7% Per hectoliter - (R$/hl) Net revenue 439.6 466.7 6.2% 253.6 268.9 6.0% 387.3 413.9 6.9% 958.8 874.2 1.8% 589.1 559.5 9.7% 1,222.2 1,157.1 3.1% 501.7 503.1 6.4% COGS (211.1) (226.0) 7.0% (146.0) (141.6) -3.0% (192.8) (203.4) 5.5% (440.9) (372.7) -4.2% (318.7) (295.2) 6.3% (515.2) (478.7) 1.2% (247.3) (243.0) 4.2% Gross profit 228.5 240.7 5.4% 107.6 127.2 18.2% 194.5 210.4 8.2% 517.9 501.5 6.8% 270.4 264.3 13.7% 707.0 678.5 4.5% 254.4 260.1 8.6% SG&A (142.2) (147.3) 3.6% (65.9) (69.1) 5.0% (120.7) (126.4) 4.7% (187.7) (175.5) 4.8% (165.9) (159.7) 14.5% (438.2) (409.7) 1.8% (148.6) (148.8) 6.0% Other operating income/(expenses) 21.3 25.4 22.1% 15.1 13.4 -9.3% 19.6 22.2 16.0% (0.5) (2.5) nm 1.1 1.4 42.5% 2.9 2.8 5.5% 14.1 16.1 15.2% Normalized Operating Profit 107.6 118.9 10.9% 56.9 71.5 26.7% 93.3 106.2 14.3% 329.7 323.6 7.0% 105.6 106.1 12.8% 271.7 271.6 8.9% 119.9 127.5 12.7% Normalized EBITDA 150.5 160.3 6.8% 69.0 82.5 20.2% 127.6 139.5 9.7% 403.9 379.6 2.3% 148.3 144.4 11.2% 343.3 334.5 6.1% 160.2 164.5 8.8%
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Page | 23 Press Release – July 30, 2026 ambev.com.br CONSOLIDATED BALANCE SHEET R$ million December 31, 2025 June 30, 2026 Assets Current assets Cash and cash equivalents 18,638.2 16,610.8 Investment securities 1,681.7 1,735.6 Trade receivables 6,351.6 5,569.1 Derivative financial instruments 769.2 631.3 Inventories 10,520.1 10,416.1 Recoverable taxes 3,623.4 2,677.6 Other assets 1,911.9 2,457.2 Assets held for sale 379.4 377.0 43,875.6 40,474.6 Non-current assets Investment securities 123.3 78.1 Derivative financial instruments 8.9 5.3 Recoverable taxes 10,149.1 10,143.4 Deferred tax assets 8,404.4 8,399.3 Other assets 1,784.7 1,704.0 Employee benefits 29.9 28.0 Long term assets 20,500.4 20,358.1 Investments in associates and joint ventures 485.8 1,077.6 Property, plant and equipment 27,644.3 25,644.2 Intangible assets 11,042.7 10,567.9 Goodwill 41,538.4 40,086.6 101,211.6 97,734.4 Total assets 145,087.2 138,209.0 Equity and liabilities Current liabilities Trade payables 23,742.8 20,725.2 Derivative financial instruments 925.1 1,131.5 Interest-bearing loans and borrowing 1,167.3 1,073.6 Payroll and social security payables 2,200.7 2,136.1 Dividends and interest on capital payables 4,927.8 4,194.4 Income tax and social contribution payable 1,437.3 1,166.2 Taxes and contributions payable 6,003.1 3,879.6 Other liabilities, including put options granted on subsidiaries 4,623.7 4,653.0 Provisions 571.4 662.2 45,599.3 39,621.9 Non-current liabilities Trade payables 313.0 238.6 Derivative financial instruments 0.3 2.7 Interest-bearing loans and borrowing 2,219.6 1,875.4 Deferred tax liabilities 3,912.3 3,856.6 Income tax and social contribution payable 713.6 570.3 Taxes and contributions payable 659.7 684.9 Other liabilities 4.3 3.9 Provisions 877.7 707.6 Employee benefits 2,012.7 1,754.0 10,713.1 9,693.9 Total liabilities 56,312.4 49,315.8 Equity Issued capital 58,275.1 58,307.4 Reserves 108,003.5 105,397.0 Carrying value adjustments (78,364.5) (82,915.2) Retained earnings/(losses) - 7,524.0 Equity attributable to Ambev’s shareholders 87,914.0 88,313.2 Non-controlling interest 860.7 580.0 Total Equity 88,774.8 88,893.2 Total equity and liabilities 145,087.2 138,209.0
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Page | 24 Press Release – July 30, 2026 ambev.com.br CONSOLIDATED INCOME STATEMENT 2Q25 2Q26 HY25 HY26 R$ million Net revenue 20,090.2 20,148.9 42,587.6 42,613.4 Cost of goods sold (10,046.1) (9,700.4) (20,991.9) (20,582.0) Gross profit 10,044.1 10,448.5 21,595.7 22,031.4 Distribution expenses (2,580.3) (2,697.9) (5,457.0) (5,469.9) Sales and marketing expenses (2,172.9) (2,335.4) (4,242.8) (4,337.5) Administrative expenses (1,426.3) (1,331.9) (2,915.2) (2,792.0) Other operating income/(expenses) 585.9 762.2 1,201.1 1,365.2 Normalized Operating Profit 4,450.3 4,845.5 10,181.7 10,797.0 Exceptional items (51.2) (31.3) (72.6) 5.6 Income from operations 4,399.1 4,814.3 10,109.1 10,802.6 Net finance results (974.0) (486.1) (1,830.4) (1,542.7) Share of results of joint ventures (5.5) 11.0 (2.7) 10.7 Profit before income tax 3,419.7 4,339.2 8,276.0 9,270.7 Income tax expense (629.1) (864.5) (1,680.8) (1,910.4) Profit 2,790.6 3,474.7 6,595.2 7,360.2 Equity holders of Ambev 2,717.7 3,386.9 6,411.7 7,155.2 Non-controlling interest 72.8 87.8 183.5 205.1 Basic earnings per share (R$) 0.17 0.22 0.41 0.46 Diluted earnings per share (R$) 0.17 0.22 0.41 0.46 Normalized Profit 2,832.7 3,492.7 6,652.9 7,325.1 Normalized basic earnings per share (R$) 0.18 0.22 0.41 0.46 Normalized diluted earnings per share (R$) 0.18 0.22 0.41 0.45 Number of basic shares outstanding (millions of shares) 15,613.2 15,513.7 15,638.7 15,610.0 Number of diluted shares outstanding (millions of shares) 15,685.6 15,580.1 15,711.1 15,676.3
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Page | 25 Press Release – July 30, 2026 ambev.com.br CONSOLIDATED STATEMENT OF CASH FLOWS 2Q25 2Q26 HY25 HY26 R$ million Net income 2,790.6 3,474.7 6,595.2 7,360.2 Depreciation, amortization and impairment 1,702.4 1,531.1 3,415.7 3,134.6 Impairment losses on receivables and inventory 59.7 52.4 139.1 101.6 Additions to/(reversals of) provisions and employee benefits 80.5 4.0 199.6 55.6 Net financial results 974.0 486.1 1,830.4 1,542.7 Losses/(gains) on sales of property, plant and equipment and intangible assets (29.5) (34.1) (62.1) (62.6) Losses/(gains) on sales of operations in subsidiaries - - - (86.3) Share-based payment expenses 107.1 97.4 206.1 190.6 Income tax expenses 629.1 864.5 1,680.8 1,910.4 Share of results of associates and joint ventures 5.5 (11.0) 2.7 (10.7) Hedge operations (111.5) (177.3) (697.5) (116.9) Cash flow from operating activities before changes in working capital 6,207.9 6,287.8 13,310.0 14,019.3 (Increase)/decrease in trade and other receivables 208.7 689.1 921.3 662.1 (Increase)/decrease in inventories 457.2 (220.4) (555.2) (463.1) Increase/(decrease) in trade and other payables (2,931.2) (1,416.7) (6,976.3) (4,731.7) Cash generated from operations 3,942.7 5,339.8 6,699.9 9,486.6 Interest paid (141.8) (154.4) (379.3) (355.9) Interest received 282.8 358.9 649.5 792.6 Dividends received 2.5 31.0 7.0 112.1 Income tax paid (1,036.1) (863.9) (2,723.1) (2,163.1) Cash flow from operating activities 3,050.0 4,711.4 4,254.0 7,872.3 Proceeds from sales of property, plant and equipment and intangible assets 34.6 44.4 66.7 78.1 Acquisitions of property, plant and equipment and intangible assets (1,088.2) (879.9) (1,916.4) (1,346.7) Sale/(acquisition) and others related to subsidiaries, net of cash 0.1 65.0 (40.2) (1,952.1) Investments in short-term debt securities and net proceeds/(acquisitions) of debt securities 91.2 (80.1) 142.4 (47.1) Net proceeds/(acquisitions) of other assets 1.1 (0.4) 1.7 (0.4) Cash flow from/(used in) investing activities (961.3) (851.0) (1,745.7) (3,268.3) Capital increases(reduction)/ in associates and subsidiaries (2.1) (43.7) 21.6 (28.8) Proceeds from/(buybacks of) treasury shares (774.6) (2,239.2) (1,831.1) (2,652.6) Acquisitions of non-controlling interest - - (0.0) - Proceeds from borrowing 42.9 10.4 50.7 25.7 Repayments of borrowing (42.2) (39.8) (91.4) (103.3) Cash net of finance costs other than interest (810.9) (686.9) (1,650.1) (1,174.4) Payments of lease liabilities (292.3) (287.0) (594.3) (555.6) Dividends and interest on capital paid (2,080.6) (1,182.9) (8,692.0) (1,184.4) Cash flow from/(used in) financing activities (3,959.7) (4,468.9) (12,786.6) (5,673.5) Net increase/(decrease) in cash and cash equivalents (1,871.0) (608.5) (10,278.3) (1,069.4) Cash and cash equivalents at the beginning of the period 19,118.4 17,991.9 28,595.7 18,638.2 Effects of exchange rate fluctuations on cash and cash equivalents (843.4) (772.6) (1,913.3) (958.1) Cash and cash equivalents at the end of the period 16,404.0 16,610.8 16,404.0 16,610.8