SÃO PAULO, August 6, 2026, 11:15 BRT — B3 and NYSE open.
- Shares of Ambev on B3 fell 0.6%, but its New York-listed ADR rose 0.3%.
- Cash conversion in the second quarter increased to 73.9%, compared to 49.6% in the same period last year.
- Roughly 71% of reported profit growth was attributed to reduced net finance costs.
Ambev delivered a more robust cash performance last quarter than was reflected in Thursday’s subdued stock reaction. The brewer’s operating cash flow increased by 54.5% to R$4.71 billion.
This represented 73.9% of normalized EBITDA, compared to 49.6% in the previous year. The increase was 24.3 percentage points. In this context, cash conversion refers to operating cash flow as a percentage of normalized EBITDA.
The increase is significant for capital distributions. As of June 30, Ambev reported R$15.4 billion in net cash, representing about 6.2% of its market capitalization on B3.
Yet, profits reported were also notably bolstered below EBITDA. Net finance expenses saw an improvement of R$487.9 million. This figure accounted for roughly 71% of the R$684.1 million rise in reported profit.
The two stocks traded in different directions. The figures below were logged at 10:54 BRT and 9:59 ET.
| Listing | Last price | Day move | Session range | Market value |
|---|---|---|---|---|
| B3 common shares | R$15.74 | -0.63% | R$15.68–R$15.78 | R$249.45 billion |
| NYSE ADR | $3.04 | +0.33% | $3.03–$3.05 | $47.87 billion |
Core results for the quarter were strong. Organic revenue and EBITDA increased faster than volume, and margins expanded. The changes in profit and cash flow mentioned below are reported numbers.
| Metric | Q2 2025 | Q2 2026 | Change |
|---|---|---|---|
| Volume | 39.57 million hl | 39.73 million hl | +1.4% organic |
| Net revenue | R$20.09 billion | R$20.15 billion | +6.1% organic |
| Normalized EBITDA | R$6.15 billion | R$6.38 billion | +8.9% organic |
| Normalized EBITDA margin | 30.6% | 31.6% | +80 basis points organic |
| Normalized profit | R$2.83 billion | R$3.49 billion | +23.3% |
| Operating cash flow | R$3.05 billion | R$4.71 billion | +54.5% |
| Cash conversion | 49.6% | 73.9% | +24.3 percentage points |
| Net finance expense | R$974 million | R$486 million | Down R$488 million |
Chief Executive Carlos Lisboa stated, “The consistent execution of our growth strategy translated into another quarter of beer volume growth, with solid top and bottom-line performance.”
Brazil Beer delivered the strongest operational boost, with volume up 5.0%, EBITDA increasing by 12.8%, and margin widening by 110 basis points.
| Business unit | Volume | Revenue | Normalized EBITDA | EBITDA-margin change |
|---|---|---|---|---|
| Brazil Beer | up 5.0% | up 8.9% | up 12.8% | gain of 110 bps |
| Brazil non-alcoholic beverages | down 4.4% | up 1.4% | up 13.8% | gain of 320 bps |
| Central America and Caribbean | up 5.4% | up 7.1% | up 4.9% | fall of 90 bps |
| Latin America South | down 2.9% | up 4.4% | up 2.6% | decline of 30 bps |
| Canada | down 1.8% | up 2.1% | up 2.9% | gain of 30 bps |
The segment breakdown indicates that pricing and cost control contributed more in areas beyond beer. In Brazil, the non-alcoholic division increased EBITDA even as volume slipped 4.4%. Central America and Latin America South recorded growth, though margins narrowed.
Analysts remain wary in their coverage. Ambev’s investor-relations roster includes more names than the three ratings recently shown on Google Finance, making direct comparison between the groups difficult.
| Analyst coverage set | Buy | Hold/Neutral | Sell | Target indication |
|---|---|---|---|---|
| Ambev investor-relations list, 18 analysts | 4 | 11 | 3 | No average target provided |
| Google Finance recent set, 3 analysts | 0 | 2 | 1 | $3.20 average |
The more limited group’s average target of $3.20 suggests an approximate 5.3% potential increase over the $3.04 ADR value. The estimates span from $2.90 to $3.50, indicating limited consensus on an imminent rerating.
Ambev’s market value sits between those of two major global brewers. The figures below are based on the most recent quote snapshots available for each market.
| Company | Last price | P/E ratio | Displayed dividend yield |
|---|---|---|---|
| Ambev S.A. BVMF:ABEV3 | R$15.74 | 20.73 times | 4.00% |
| Anheuser-Busch InBev SA/NV (EBR:ABI) | €73.52 | 18.27 times | 1.09% |
| Heineken N.V. AMS:HEIA | €78.66 | 23.24 times | 2.42% |
Ambev’s trading value stands around 13% higher than AB InBev’s earnings multiple and about 11% under Heineken’s. It also displays the strongest yield shown in the sector. Earnings outperformance has not always lifted stocks: shares in AB InBev dropped following a quarter that exceeded forecasts.
The balance sheet permits additional distributions. By July 30, Ambev had distributed approximately R$5.9 billion to shareholders, having completed nearly 95% of its buyback program. The company also authorized around R$1.1 billion in new interest on capital.
Uncertainties persist. Brazil Beer expects its cash cost of goods sold per hectoliter to rise by 4.5% to 7.5% this year. Canadian demand remained weak, and Bolivia encountered road blockades. Hyperinflation accounting is still necessary in Argentina.
Ambev is set to release its third-quarter results on October 29, marking the next planned test. Ahead of that, the company will make a R$1.9 billion interest-on-capital payment on October 6, which investors will be monitoring closely. Market watchers will also assess if the cash conversion rate stays above 70%.
