Ambev Cash Flow Statement

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

Millions BRL. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	16,037	14,437	14,502	14,458	12,671	11,379
Depreciation & Amortization	6,137	6,367	5,844	5,555	5,097	4,920
Other Amortization	759.08	759.08	573.47	401.11	299.73	247.33
Loss (Gain) From Sale of Assets	-1,003	-121.29	-86.36	-88.76	-142.81	-78.76
Asset Writedown & Restructuring Costs	162.78	-	-	-	-	-
Loss (Gain) From Sale of Investments	-	-	-	-95.47	-334.3	-457.4
Loss (Gain) on Equity Investments	6.03	-3.92	185.41	29.11	115.7	43.28
Stock-Based Compensation	419.78	400.91	331.62	313.87	387.61	208.71
Provision & Write-off of Bad Debts	334.03	379.11	358.4	351.81	200.77	296.14
Other Operating Activities	3,379	4,045	3,299	2,401	1,607	1,399
Change in Accounts Receivable	1,270	220.44	-1,374	-322.51	341.43	-848.79
Change in Inventory	-467.96	-1,703	1,301	-3,088	-3,499	-1,303
Change in Accounts Payable	-1,921	1,317	-223.1	726.62	6,157	3,050
Operating Cash Flow	25,113	26,099	24,711	20,642	22,901	18,856
Operating Cash Flow Growth	-3.91%	5.62%	19.71%	-9.86%	21.45%	2.58%
Capital Expenditures	-4,479	-4,749	-6,004	-6,533	-7,677	-4,693
Sale of Property, Plant & Equipment	158.24	170.6	154.14	133.94	301.74	108.02
Cash Acquisitions	-	-	-46.53	-2.96	-133.79	-431.51
Divestitures	208.5	10.27	-	-	0.54	-
Investment in Securities	-280.34	-888.65	130.1	1,383	-241.27	-1,783
Other Investing Activities	6.53	-6.6	0.4	15	15.01	-
Investing Cash Flow	-4,386	-5,463	-5,766	-5,004	-7,735	-6,800
Long-Term Debt Issued	-	489.12	49.78	274.86	315.23	3,768
Long-Term Debt Repaid	-	-1,935	-1,408	-1,085	-3,117	-2,541
Net Debt Issued (Repaid)	-1,323	-1,446	-1,358	-810.1	-2,802	1,226
Issuance of Common Stock	-	17.49	14.54	23.76	9.09	-
Repurchase of Common Stock	-1,935	-467.62	-118.99	-54.08	-44.17	-7.4
Common Dividends Paid	-14,643	-4,056	-11,922	-12,242	-11,115	-6,850
Other Financing Activities	-3,397	-4,399	-2,731	-3,255	-2,090	-2,971
Financing Cash Flow	-21,298	-10,352	-16,115	-16,338	-16,042	-8,602
Foreign Exchange Rate Adjustments	-904.88	2,253	-1,623	-1,045	382.6	1,735
Net Cash Flow	-1,477	12,537	1,207	-1,745	-493.15	5,190
Free Cash Flow	20,633	21,350	18,707	14,109	15,224	14,163
Free Cash Flow Growth	0.01%	14.13%	32.59%	-7.32%	7.49%	6.40%
Free Cash Flow Margin	22.81%	23.87%	23.46%	17.70%	20.90%	24.26%
Free Cash Flow Per Share	1.31	1.35	1.18	0.89	0.96	0.89
Cash Interest Paid	944.57	742.06	666.12	826.34	498.24	768.79
Cash Income Tax Paid	4,140	3,618	1,627	919	1,305	1,642
Levered Free Cash Flow	16,634	19,344	13,432	8,447	11,736	15,291
Unlevered Free Cash Flow	17,902	20,635	14,952	9,903	12,631	16,408
Change in Working Capital	-1,119	-164.93	-296.22	-2,684	2,999	897.57

Updated Oct 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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