Ambev S.A. filed a Form 6-K with the U.S. Securities and Exchange Commission on October 29, 2026, reporting its third-quarter 2026 financial results and announcing a board-approved share repurchase program of up to 190,000,000 shares.

Key Highlights

  • Organic volume growth: Consolidated volumes increased 0.8% versus the prior year in 3Q26, driven by Brazil NAB (+3.6%), CAC (+2.3%), and Brazil Beer (+0.5%).
  • Net revenue growth: Organic net revenue grew 7.6%, with net revenue per hectoliter up 6.8%; all five business units posted net revenue growth.
  • Normalized EBITDA: Organic Normalized EBITDA grew 8.9%, with margin expanding 40 basis points to 33.7%.
  • Normalized Net Profit: Normalized Net Profit reached R$ 4,393.6 million, a 14.3% increase from R$ 3,843.1 million in 3Q25; Normalized EPS was R$ 0.28, up 15.4%.
  • Operating cash flow: Cash flow from operating activities was R$ 7,677.9 million, up 11.0% from R$ 6,919.0 million in 3Q25.
  • Share buyback program: The Board of Directors approved repurchase of up to 190,000,000 shares, corresponding to approximately R$ 2.9 billion based on the closing share price of October 28, 2026, to be executed within the next 18 months.
  • BEES Marketplace GMV: BEES Marketplace Gross Merchandise Value grew approximately 57% in the quarter, supported mainly by continued expansion of third-party partnerships.

Ambev's Third-Quarter 2026 Performance Across All Business Units

According to the filing, Ambev reported organic net revenue growth of 7.6% in the third quarter of 2026, driven by a 6.8% increase in net revenue per hectoliter and positive volume performance. The company disclosed that net revenue grew across all business units: LAS (+21.4%), CAC (+8.1%), Brazil NAB (+6.3%), Brazil Beer (+4.8%), and Canada (+1.2%). Volume gains in Brazil NAB, CAC, and Brazil Beer more than offset declines in Canada (-1.0%) and LAS (-1.4%).

The filing reported that Normalized EBITDA grew organically by 8.9%, with all business units contributing to the increase, and that Normalized EBITDA margin reached 33.7%, reflecting a 40-basis-point expansion supported by what the company described as "disciplined resource allocation." Cash COGS per hectoliter excluding marketplace increased by 6.5% in the quarter, while gross margin expanded 60 basis points. Cash SG&A increased by 7.6%, impacted mainly by incremental sales and marketing investments and higher distribution expenses, according to the filing. The company disclosed that its FY26 guidance for Brazil Beer Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, remains unchanged, expected to increase between 4.5% and 7.5%.

On the digital side, the filing stated that Zé Delivery GMV grew approximately 16% in the quarter, supported by a 12% increase in monthly buyers, and that Zé Marketplace GMV already represents nearly 20% of total platform GMV. For the nine-month period ended September 30, 2026, the company disclosed total volumes grew 0.7%, net revenue increased 7.3%, and Normalized EBITDA grew 9.3%, with 60 basis points of margin expansion. The filing is presented in nominal Brazilian Reais and prepared according to IFRS. Ambev's shares are listed on the NYSE under the ticker NYSE:ABEV.

What Was Disclosed

Ambev's 6-K for October 2026 disclosed third-quarter 2026 operating and financial results, including volume, net revenue, Normalized EBITDA, Normalized Net Profit, and cash flow figures, along with a board-approved share repurchase program of up to 190,000,000 shares to be completed within 18 months.