Ambev's Strong Start to 2026: A Quarter of Resilience and Growth
Ambev, a leading beverage company in the Americas, has kicked off 2026 on a high note, delivering a solid start to the year despite the challenging operating environment. In its recently concluded first quarter earnings call, the company's CEO, Carlos Lisboa, highlighted Ambev's ability to emerge stronger from tough moments.
According to Mr. Lisboa, Ambev entered this year in a better position than it started last year, thanks to the company's focus on avoiding disruptions, keeping momentum, and building a stronger organization. The CEO emphasized that the team had elevated market intelligence capabilities and focused on what they could control, guided by their growth strategy.
The quarter saw total volumes remain broadly flat against the toughest comparison base of the year, while beer sales returned to growth, up low single digit. Net revenue grew high single digit, supported by net revenue per hectolitre growth. Despite continued cost pressure, Ambev delivered double-digit EBITDA growth with a 60-basis-point margin expansion, and net income grew by a low single digit.
Mr. Lisboa noted that the quarter also reflected solid operational cash flow generation and continued discipline in returning cash to shareholders. He highlighted the importance of the first quarter, stating that it materialized the strengthening built over the past year, coupled with improved beer industry performance across most of Ambev's footprint.
The CEO emphasized that the quarter delivered a balanced shape of P&L from top to bottom, serving as a solid first step towards trading the kind of year Ambev wants to have. He expressed confidence in the company's strategy, which is evolving across different pillars.
Under Pillar one, Ambev aims to lead, develop, and grow the beer industry by bridging the gap between category potential and actual consumption. The company is strengthening its core segment, where many of its most loved brands reside, while building the premium, balanced choices, no-alcohol, and flavored beer segments.
Under Pillar two, Ambev is building a true digital ecosystem and becoming an even more outside-in organization. On the direct-to-consumer front, the company is strengthening how it understands and addresses consumer needs, serving them better with the right products for the right occasions. On the B2B front, data, insights, and digital tools are helping Ambev support customers better, recommending the right portfolio and activation strategy for each point of sale.
Mr. Lisboa's words underscored Ambev's commitment to resilience, growth, and strategic evolution in a dynamic operating environment. As the company continues on its journey, investors and stakeholders can expect Ambev to stay focused on delivering value through strong execution and innovative strategies."
