Ambev S A : Earnings Release Presentation 1Q22

1Q22 Earnings Call

May 5th, 2022

This presentation was prepared by Ambev S.A. ("Ambev" or "Company") for the exclusive use in the earnings conference call of the first quarter of 2022 (1Q22). This presentation should not be considered as a complete document and should be analyzed together with the Company's quarterly information form (ITR) for the first quarter and the respective press release, both available on the U.S. Securities and Exchange Commission - SEC and the CVM website. This presentation was prepared for informational purposes only and should not be considered as a solicitation or offer to buy or sell any securities of the Company, or as advice or recommendation of any nature. This presentation is not intended to be comprehensive, or to contain all the information that Ambev's shareholders might need. No decisions on investment, disposal or any other financial decisions or actions shall be made solely on the basis of the information contained herein.

This presentation segregates the impact of organic changes from those arising from changes in scope or currency translation. Scope changes represent the impact of acquisitions and divestitures, the start up or termination of activities or the transfer of activities between segments, curtailment gains and losses and year over year changes in accounting estimates and other assumptions that management does not consider as part of the underlying performance of the business. Organic growth and normalized numbers are presented applying constant year-over-year exchange rates to exclude the impact of the movement of foreign exchange rates.

Unless stated, percentage changes in this press release are both organic and normalized in nature. Whenever used in this document, the term "normalized" refers to performance measures EBITDA and Operating Profit before exceptional items and share of results of joint ventures and to performance measures Profit and EPS before exceptional items adjustments. Exceptional items are either income or expenses which do not occur regularly as part of the normal activities of the Company. They are presented separately because they are important for the understanding of the underlying sustainable performance of the Company due to their size or nature. Normalized measures are additional measures used by management and should not replace the measures determined in accordance with IFRS as indicators of the Company's performance. Comparisons, unless otherwise stated, refer to the first quarter of 2021 (1Q21). Values in this release may not add up due to rounding.

Culture, strategy and business modelOpportunities for value creation

Q1 Performance Metrics

Volume

(org % vs LY)

Net revenue/HL

(org % vs LY)

Normalized EBITDA

(org % vs LY)

11.6%

23.8%

1Q19 1Q20

-7.7%

1Q16 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22

1Q16 1Q17

14.5% 14.5%

-18.1%

1Q18

1Q19

1Q20

1Q21

1Q22

1Q16

1Q17 1Q18

1Q21 1Q22

We started the year better positioned and managed to deliver a better overall performance

Brazil Beer	Brazil NAB	LAS	CAC	Canada
Volume	+2.1%	+16.9%	+2.9%	-4.7%	-8.4%
(vs LY)
NR/HL	+11.3%	+16.5%	+36.8%	+9.7%	+4.0%
(vs LY)
EBITDA	+1.0%	+12.3%	+41.9%	+4.7%	-23.2%
(vs LY)