Ambev Income Statement

Financials in millions BRL. Fiscal year is January - December.

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	88,242	89,453	79,737	79,709	72,854
Revenue Growth (YoY)	-1.35%	12.19%	0.03%	9.41%	24.80%
Cost of Revenue	42,864	43,615	39,292	40,422	35,660
Gross Profit	45,378	45,838	40,445	39,287	37,195
Selling, General & Admin	25,248	26,505	23,551	24,077	21,961
Other Operating Expenses	-2,351	-2,336	-1,943	-2,425	-2,058
Operating Expenses	22,897	24,169	21,608	21,652	19,903
Operating Income	22,481	21,669	18,837	17,635	17,291
Interest Expense	-2,071	-2,066	-2,432	-2,328	-1,432
Interest & Investment Income	1,403	1,624	1,121	2,205	1,144
Earnings From Equity Investments	105.79	3.92	-185.41	-29.11	-115.7
Currency Exchange Gain (Loss)	-1,933	38.86	-1,154	-751.07	-453.88
Other Non Operating Income (Expenses)	-645.59	-1,131	-937.68	-3,588	-2,981
EBT Excluding Unusual Items	19,341	20,138	15,249	13,143	13,453
Merger & Restructuring Charges	-215	-99.28	-109.37	-101.74	-165.4
Gain (Loss) on Sale of Investments	-	-	-	-	-76.69
Gain (Loss) on Sale of Assets	85.18	121.29	86.36	88.76	142.81
Legal Settlements	-541.83	-219.78	-363.86	-456.63	-290
Other Unusual Items	752.04	-453.18	173.82	1,562	694.98
Pretax Income	19,422	19,487	15,036	14,236	13,759
Income Tax Expense	3,433	4,640	75.48	-655.62	636.58
Earnings From Continuing Operations	15,988	14,847	14,960	14,891	13,123
Minority Interest in Earnings	-485.03	-409.71	-458.52	-433.35	-451.61
Net Income	15,503	14,437	14,502	14,458	12,671
Net Income to Common	15,503	14,437	14,502	14,458	12,671
Net Income Growth	7.38%	-0.45%	0.30%	14.10%	11.35%
Shares Outstanding (Basic)	15,618	15,735	15,745	15,742	15,737
Shares Outstanding (Diluted)	15,684	15,815	15,839	15,849	15,857
Shares Change (YoY)	-0.83%	-0.15%	-0.06%	-0.06%	-0.06%
EPS (Basic)	0.99	0.92	0.92	0.92	0.81
EPS (Diluted)	0.99	0.91	0.92	0.91	0.80
EPS Growth	8.28%	-0.30%	0.36%	14.17%	11.42%
Free Cash Flow	19,860	21,350	18,707	14,109	15,224
Free Cash Flow Per Share	1.27	1.35	1.18	0.89	0.96
Dividend Per Share	1.458	0.668	0.730	0.762	0.604
Dividend Growth	118.41%	-8.57%	-4.21%	26.29%	23.08%
Gross Margin	51.42%	51.24%	50.72%	49.29%	51.05%
Operating Margin	25.48%	24.22%	23.62%	22.12%	23.73%
Profit Margin	17.57%	16.14%	18.19%	18.14%	17.39%
Free Cash Flow Margin	22.51%	23.87%	23.46%	17.70%	20.90%
EBITDA	27,219	26,716	23,456	22,344	21,364
EBITDA Margin	30.84%	29.87%	29.42%	28.03%	29.32%
D&A For EBITDA	4,737	5,047	4,619	4,710	4,073
EBIT	22,481	21,669	18,837	17,635	17,291
EBIT Margin	25.48%	24.22%	23.62%	22.12%	23.73%
Effective Tax Rate	17.68%	23.81%	0.50%	-	4.63%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.