Ambev S A : Press-release de resultados 1Q24

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AMBEV REPORTS 2024 FIRST QUARTER RESULTS1

"Our continued commercial momentum delivered a strong start to the year with double-digit Normalized EBITDA growth (with margin expansion)." - Jean Jereissati, CEO

Total Volume (organic)

+0.1% vs LY

Consolidated volume was virtually flat (+0.1%), as positive performances in Brazil (+6.5% in NAB and +3.6% in Beer) and Central America and the Caribbean ("CAC") (+5.6%) were offset by Latin America South ("LAS") (-12.7%) and Canada (-7.7%), where volumes continued to be mostly impacted by declining industries.

Net Revenue (organic)

+4.5% vs LY

Top line performance was driven by net revenue per hectoliter ("NR/hl") growth of 4.3%. Net revenue grew in most of our reported business units: Brazil NAB +14.0%, CAC +8.3%, Brazil Beer +4.5% and LAS2 +3.5%, while in Canada it decreased by 5.7% impacted by volume decline.

Normalized EBITDA (organic)

+12.4% vs LY

Normalized EBITDA growth was driven by CAC (+20.4%), Brazil NAB (+17.7%), Brazil Beer (+13.6%) and LAS (+8.3%), and partially offset by Canada (-0.7%). Gross margin expanded 100 bps, while Normalized EBITDA margin expanded 240 bps.

Normalized Profit

R$ 3,817.2 million

Normalized Profit declined 0.6% compared to R$ 3,839.8 million in 1Q23, primarily due to lower IOC and VAT government grants tax deductibility in Brazil and currency devaluation impact from Argentina more than offsetting improved net financial results and Normalized EBITDA growth.

Cash flow from operating activities

R$ 718.2 million

Cash flow from operating activities was up by almost 1.3 billion compared to R$ (576.3) million in 1Q23 mostly due to better working capital performance driven by payables.

Sustainability

Our water brand Ama reached its target of impacting 1 million people with sustainable and safe access to drinking water two years before the schedule with a total investment of R$ 10 million since 2017.

1. The following operating and financial information, unless otherwise indicated, is presented in nominal Reais and prepared according to the International
   Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and to the accounting practices issued by the Brazilian Accounting Standards Committee ("CPC") and approved by the Brazilian Securities and Exchange Commission ("CVM"). The information herein should be read together with our financial information for the three-month period ended March 31, 2024, filed with the CVM and submitted to the U.S. Securities and
   Exchange Commission ("SEC").
2. The impacts resulting from applying Hyperinflation Accounting for our Argentinean subsidiaries, in accordance with IAS 29, are detailed in the section Financial Reporting in Hyperinflationary Economies - Argentina (page 14). For FY24, the definition of organic revenue growth has been amended to cap the price growth in Argentina to a maximum of 2% per month (26.8% year-over-year). Corresponding adjustments were made to all income statement related items in the organic growth calculations through scope changes. Further details on the cap methodology are available at page 14.

ambev.com.br	Press Release - May 8, 2024

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MANAGEMENT COMMENTS

Kicking off the year with bottom line growth and margin expansion, led by Brazil and CAC

We delivered double-digit Normalized EBITDA growth in 1Q24 (with Argentina organic results capped) thanks to a combination of top line growth, FX and commodity tailwinds and disciplined cost and expenses management. In addition, this was another quarter of operational leverage, with both organic gross and Normalized EBITDA margins expanding. This was the ninth consecutive quarter of double-digit bottom line growth and the sixth consecutive quarter of gross and Normalized EBITDA margins expansion.

Commercial momentum in Brazil led the way once again. The consistent execution of our consumer-centric strategy resulted in record volumes for a first quarter in both Beer and NAB. In Beer, we outperformed a structurally healthier industry (which grew low-single digit), while our average prices to consumer were slightly above inflation. Premium/super premium brands and core plus brands grew volumes double-digits, whereas core brands grew slightly above the industry. In NAB, our no-sugar(diet-light-zero) brands grew by over 20% for the ninth consecutive quarter, led by Guaraná Antarctica Zero and Pepsi Black.

As for international operations, CAC's performance continued to be driven by the Dominican Republic commercial strategy, while declining industries in Argentina and Canada posed greater challenges.

Finally, Normalized Profit declined slightly due to currency devaluation in Argentina and increased income tax expenses in Brazil more than offsetting Normalized EBITDA growth and better net finance results. And in terms of cash flow performance, cash flow from operating activities increased almost R$ 1.3 billion versus 1Q23.

Financial highlights - Ambev consolidated

R$ million	1Q23	1Q24	% As Reported	% Organic
Volume ('000 hl)	44,921.2	44,988.3	0.1%	0.1%
Net revenue	20,531.7	20,276.3	-1.2%	4.5%
Gross profit	10,400.1	10,217.3	-1.8%	6.7%
% Gross margin	50.7%	50.4%	-30 bps	100 bps
Normalized EBITDA	6,444.4	6,534.8	1.4%	12.4%
% Normalized EBITDA margin	31.4%	32.2%	80 bps	240 bps
Profit	3,819.2	3,804.2	-0.4%
Normalized profit	3,839.8	3,817.2	-0.6%
EPS (R$/shares)	0.24	0.24	-0.2%
Normalized EPS (R$/shares)	0.23	0.23	-0.2%

Ambev as a platform

We continued to execute on and invest in each of the six pillars of our platform framework:

1. Cash flow from operating activities totaled R$ 718.2 million in 1Q24.

1. Aiming at encouraging a responsible and moderate alcohol consumption environment during Carnival festivities, we distributed over 59,000 liters of water in São Paulo, Rio de Janeiro and Salvador. We also focused on reverse logistics initiatives, increasing waste collection by 32% vs. LY.

1. In Brazil, Zé Delivery expanded coverage vs. 1Q23, with Gross Merchandise Value ("GMV") increasing by 12%.

1. Our beer focus brands - Brahma, Budweiser, Spaten and Corona - reached all-time high brand health indicator.
2. In Brazil, Corona is now available in 269ml, 350ml and 473ml cans, expanding the assortment of consumption occasions in which the brand is present.
3. Internationally, BEES covered by the end of 1Q24 98% of net revenue in Panama, 93% in the Dominican Republic, 83% in Paraguay, 63% in Argentina, 50% in Bolivia and 31% in Canada.

Sustainability

We held the fifth edition of 100+ Labs (former Aceleradora 100+), our acceleration program that aims at promoting sustainable entrepreneurship and identifying solutions that address our main sustainability challenges. This edition awarded APOENA as the winner startup for using babassu coconut to create a fuel additive, reducing carbon emissions and supporting local communities.

We will publish our 2023 Annual Sustainability Report covering our achievements and results for the main topics that are material to our business, our way of doing business, how our people are leading transformation and our agenda with society will be published soon on our website.

ambev.com.br	Press Release - May 8, 2024

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KEY MARKETS PERFORMANCES

Brazil Beer: mid-single digit top line and double-digitbottom-line growth translating into another quarter of margins expansion

• Operating performance: volumes grew by 3.6% backed by a strong start to the year in January and February, including Carnival festivities, led by our premium and super premium brands. Top line was up 4.5%, with NR/hl rising by 0.9%, as the continued disciplined execution of our revenue management strategy was partially offset mostly by increased ICMS (VAT) taxable base in several States. Cash COGS/hl excluding the sale of non-Ambev marketplace products dropped by 3.5% thanks mostly to FX and commodities tailwinds. Normalized EBITDA grew by 13.6%, with margin expanding 260 bps to 33.6%.
• Commercial highlights: we gained market share, according to our estimates. Our premium and super premium beer brands grew in the low teens, gaining market share for the fifth consecutive quarter (according to our estimates), led by Corona, Spaten and Original. Corona and Spaten achieved their all-time-high brand health indicator. Our core plus segment expanded by mid-teens led by Budweiser family, while our core segment remained resilient, with a low-single digit increase year-over-year. As for our digital initiatives, BEES Marketplace continued to develop, growing GMV by 13% year-over-year, whereas Zé Delivery generated over 16 million orders, an 11% increase versus last year.

Brazil Beer3
			Currency	Organic			% As
R$ million	1Q23	Scope	Translation	Growth	1Q24		Reported	% Organic
Volume ('000 hl)	22,191.3	-		796.0	22,987.3		3.6%	3.6%
Net revenue	9,270.2	-	-	417.4	9,687.5		4.5%	4.5%
Net revenue/hl (R$)	417.7		-	3.7	421.4		0.9%	0.9%
COGS	(4,791.5)		-	(21.0)	(4,812.5)		0.4%	0.4%
COGS/hl (R$)	(215.9)		-	6.6	(209.4)		-3.0%	-3.0%
COGS excl. deprec. & amort.	(4,348.4)		-	(4.2)	(4,352.6)		0.1%	0.1%
COGS/hl excl. deprec. & amort. (R$)	(196.0)		-	6.6	(189.3)		-3.4%	-3.4%
Gross profit	4,478.7	-	-	396.4	4,875.0		8.9%	8.9%
% Gross margin	48.3%				50.3%		200 bps	200 bps
SG&A excl. deprec. & amort.	(2,426.4)	-	-	(128.3)	(2,554.6)		5.3%	5.3%
SG&A deprec. & amort.	(372.2)	-	-	(73.3)	(445.5)		19.7%	19.7%
SG&A total	(2,798.6)	-	-	(201.5)	(3,000.1)		7.2%	7.2%
Other operating income/(expenses)	348.8	24.8	-	101.5	475.1		36.2%	29.1%
Normalized Operating Profit	2,028.9	24.8	-	296.4	2,350.0		15.8%	14.6%
		240 bps	210 bps
% Normalized Operating margin	21.9%	0.0%	0.0%	0.0%	24.3%
3,255.3		14.5%	13.6%
Normalized EBITDA	2,844.2	24.8	-	386.4
% Normalized EBITDA margin	30.7%				33.6%		290 bps	260 bps

3 In 1Q24, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$ 410.1 (0.9% organic growth) and R$ (179.4) (3.5% organic decline), respectively. The scope change in Brazil Beer refers to tax credits and related effects.

ambev.com.br	Press Release - May 8, 2024

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Brazil NAB: double-digit top line and bottom-line growth, with margins expansion

• Operating performance: the consistent execution of our commercial strategy coupled with healthy brands drove positive volume performance (+6.5%) once again. Top line grew by 14.0%, with NR/hl increasing by 7.0%, mostly due to revenue management initiatives and a positive brand and package mix (led by premium brands and single servings) more than offsetting increased ICMS (VAT) taxable base. Cash COGS/hl was up 8.1% driven by the combination of sugar headwinds, overall inflation, and brand/package mix, while Cash SG&A rose by 6.8% given increased investments behind our brands during Carnival season.
• Commercial highlights: volume growth continued to be driven by health & wellness and energy brands, led mainly by no-sugar (diet/light/zero) carbonated soft drinks, Gatorade and Red Bull. Within no-sugar brands, Guaraná Antarctica Zero grew volumes by over 60%, more than doubling the number of buyers, while Pepsi Black increased volumes by more than 30% and already represents 25% of total Pepsi-Cola family. We continued focused on lowering the sugar content in our non-alcoholic portfolio, delivering a reduction of over 7% versus 1Q23.

Brazil NAB4
			Currency	Organic		% As
R$ million	1Q23	Scope	Translation	Growth	1Q24	Reported	% Organic
Volume ('000 hl)	8,125.1	-		528.6	8,653.7	6.5%	6.5%
Net revenue	1,776.6	-	-	247.8	2,024.4	14.0%	14.0%
Net revenue/hl (R$)	218.7	-	-	15.3	233.9	7.0%	7.0%
COGS	(1,000.8)	-	-	(136.6)	(1,137.4)	13.7%	13.7%
COGS/hl (R$)	(123.2)	-	-	(8.3)	(131.4)	6.7%	6.7%
COGS excl. deprec. & amort.	(940.5)	-	-	(142.5)	(1,083.1)	15.2%	15.2%
COGS/hl excl. deprec. & amort. (R$)	(115.8)	-	-	(9.4)	(125.2)	8.1%	8.1%
Gross profit	775.8	-	-	111.2	887.0	14.3%	14.3%
% Gross margin	43.7%				43.8%	10 bps	10 bps
SG&A excl. deprec. & amort.	(446.5)	-	-	(30.3)	(476.8)	6.8%	6.8%
SG&A deprec. & amort.	(64.6)	-	-	(2.5)	(67.0)	3.8%	3.8%
SG&A total	(511.1)	-	-	(32.7)	(543.8)	6.4%	6.4%
Other operating income/(expenses)	97.8	4.4	-	11.3	113.5	16.0%	11.5%
Normalized Operating Profit	362.5	4.4	-	89.8	456.6	26.0%	24.8%
% Normalized Operating margin	20.4%	0.0%	0.0%	0.0%	22.6%	220 bps	190 bps
Normalized EBITDA	487.3	4.4	-	86.3	578.0	18.6%	17.7%
% Normalized EBITDA margin	27.4%				28.6%	120 bps	90 bps

4 The scope change in Brazil NAB refers to tax credits and related effects.

ambev.com.br	Press Release - May 8, 2024

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BRAZIL

Brazil5
			Currency	Organic		% As
R$ million	1Q23	Scope	Translation	Growth	1Q24	Reported	% Organic
Volume ('000 hl)	30,316.4	-		1,324.6		31,641.0	4.4%	4.4%
Net revenue	11,046.7	-	-	665.2		11,711.9	6.0%	6.0%
Net revenue/hl (R$)	364.4	-	-	5.8		370.1	1.6%	1.6%
COGS	(5,792.3)	-	-	(157.6)		(5,949.9)	2.7%	2.7%
COGS/hl (R$)	(191.1)	-	-	3.0		(188.0)	-1.6%	-1.6%
COGS excl. deprec. & amort.	(5,289.0)	-	-	(146.7)		(5,435.7)	2.8%	2.8%
COGS/hl excl. deprec. & amort. (R$)	(174.5)	-	-	2.7		(171.8)	-1.5%	-1.5%
Gross profit	5,254.4	-	-	507.6		5,762.0	9.7%	9.7%
% Gross margin	47.6%					49.2%	160 bps	160 bps
SG&A excl. deprec. & amort.	(2,872.9)	-	-	(158.5)		(3,031.4)	5.5%	5.5%
SG&A deprec. & amort.	(436.8)	-	-	(75.7)		(512.5)	17.3%	17.3%
SG&A total	(3,309.7)	-	-	(234.3)		(3,543.9)	7.1%	7.1%
Other operating income/(expenses)	446.6	29.1	-	112.8		588.5	31.8%	25.3%
Normalized Operating Profit	2,391.4	29.1	-	386.1			17.4%	16.1%
	2,806.6
% Normalized Operating margin	21.6%	0.0%	0.0%	0.0%		24.0%	240 bps	210 bps
Normalized EBITDA	3,331.5	29.1	-	472.7		3,833.3	15.1%	14.2%
% Normalized EBITDA margin	30.2%					32.7%	250 bps	230 bps

5 In 1Q24, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$ 361.9 (1.7% organic growth) and R$ (164.6) (1.5% organic decline), respectively. The scope change in Brazil refers to tax credits and related effects.

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Central America and the Caribbean (CAC): double-digit bottom line growth with margin expansion, led by the Dominican Republic

• Operating performance: volume growth (+5.6%) continued to be driven by the Dominican Republic commercial performance. Net revenue was up 8.3%, with NR/hl growing by 2.6%, in line with the region's weighted inflation index, thanks to revenue management initiatives and positive package mix (led by single servings). We continued to benefit from a decelerating Cash COGS/hl given commodities tailwinds and brand mix and Cash SG&A efficiencies.
• Commercial highlights: in the Dominican Republic, premium brands grew by mid-single digit led by the Corona family, while Presidente family continued to be a highlight within the core segment, rising volumes in the high teens and increasing brand health. In Panama, despite total volumes decline, Balboa family continued to gain momentum, growing volumes in the high-teens and improving market share, according to our estimates.

CAC6

			Currency	Organic			% As
R$ million	1Q23	Scope	Translation	Growth	1Q24		Reported	% Organic
Volume ('000 hl)	2,738.9	-		152.9		2,891.9		5.6%	5.6%
		2,314.7		0.4%	8.3%
Net revenue	2,305.6	-	(182.7)	191.8
	800.4		-4.9%	2.6%
Net revenue/hl (R$)	841.8	-	(63.2)	21.8
			-3.2%	3.6%
COGS	(1,124.0)	-	77.1	(40.8)		)1,087.7(
COGS/hl (R$)	(410.4)	-	26.7	7.6		)376.1(		-8.3%	-1.8%
COGS excl. deprec. & amort.	(1,023.0)	-	66.3	(9.5)		)966.3(		-5.5%	0.9%
COGS/hl excl. deprec. & amort. (R$)	(373.5)	-	22.9	16.5		)334.2(		-10.5%	-4.4%
Gross profit	1,181.6	-	(105.6)	151.0		1,227.0		3.8%	12.8%
	53.0%		170 bps	210 bps
% Gross margin	51.3%
				(414.2)		-6.6%	0.7%
SG&A excl. deprec. & amort.	(443.3)	-	32.3	(3.2)
	(49.5)		-15.6%	-9.0%
SG&A deprec. & amort.	(58.7)	-	3.9	5.3
	(463.8)		-7.6%	-0.4%
SG&A total	(502.0)	-	36.2	2.1
Other operating income/(expenses)	11.2	-	(0.4)	(5.4)		5.4		-52.1%	-48.5%
Normalized Operating Profit	690.8	-	(69.9)	147.7				11.3%	21.4%
	768.6
% Normalized Operating margin	30.0%	0.0%	0.0%	0.0%		33.2%		320 bps	360 bps
Normalized EBITDA	850.5	-	(84.6)	173.6		939.5		10.5%	20.4%
% Normalized EBITDA margin	36.9%					40.6%		370 bps	410 bps

6 In 1Q24, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$ 756.9 (0.9% organic growth) and R$ (296.5) (8.0% organic decline), respectively.

ambev.com.br	Press Release - May 8, 2024

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Latin America South (LAS): consistent NR/hl performance driving bottom line growth amid a tough macroeconomic scenario in Argentina once again

• Operating performance: volumes were down 12.7% as positive performances in Chile and Paraguay were more than offset by the impacts of rising inflationary pressures on overall consumer demand in Argentina (where volumes declined by approximately 19%). Net revenue grew by 3.5%, with NR/hl increasing by 18.5% primarily due to revenue management initiatives, whereas Cash COGS/hl and Cash SG&A were mostly impacted by inflation.
• Commercial highlights: in Argentina, our core plus and premium brands improved health indicators, led by Corona. In Paraguay, volumes were up low-single digit, with our premium brands continuing to gain weight, led by Bud 66 (mainly with 710ml returnable glass bottles) and Corona. In Chile, volumes grew by mid-single digit and we gained market share (according to our estimates). Our core plus and premium brands outperformed total volumes in the country, led by Stella Artois, Budweiser and Corona. In Bolivia, Paceña grew volumes and gained weight once again.

LAS7
			Currency	Organic		% As	% Organic
R$ million	1Q23	Scope	Translation	Growth	1Q24	Reported
Volume ('000 hl)	9,969.4	-		(1,264.0)		8,705.4	-12.7%	-12.7%
Net revenue	5,131.9	7,346.0	(8,255.8)	179.9		4,401.9	-14.2%	3.5%
Net revenue/hl (R$)	514.8	-	(948.4)	95.4		505.7	-1.8%	18.5%
COGS	(2,332.9)	(3,933.4)	4,112.8	(37.4)		(2,190.9)	-6.1%	1.6%
COGS/hl (R$)	(234.0)	-	472.4	(38.3)		(251.7)	7.5%	16.4%
COGS excl. deprec. & amort.	(2,129.9)	(3,486.8)	3,638.1	6.4		(1,972.2)	-7.4%	-0.3%
COGS/hl excl. deprec. & amort. (R$)	(213.6)	-	417.9	(30.3)		(226.5)	6.0%	14.2%
Gross profit	2,799.1	3,412.6	(4,143.0)	142.5		2,211.1	-21.0%	5.1%
% Gross margin	54.5%					50.2%	-430 pb	90 pb
SG&A excl. deprec. & amort.	(1,148.7)	(1,830.4)	1,984.9	(38.3)		(1,032.4)	-10.1%	3.3%
SG&A deprec. & amort.	(97.7)	(156.4)	178.9	(16.3)		(91.4)	-6.4%	16.7%
SG&A total	(1,246.4)	(1,986.7)	2,163.8	(54.5)		(1,123.9)	-9.8%	4.4%
Other operating income/(expenses)	16.5	(74.5)	42.5	7.0		(8.5)	-151.5%	42.3%
Normalized Operating Profit	1,569.2	1,351.3	(1,936.8)	94.9			-31.3%	6.0%
	1,078.7
% Normalized Operating margin	30.6%	0.0%	0.0%	0.0%		24.5%	-610 pb	70 pb
Normalized EBITDA	1,869.9	1,954.3	(2,590.4)	155.0		1,388.8	-25.7%	8.3%
% Normalized EBITDA margin	36.4%					31.5%	-490 bps	170 bps

7 In 1Q24, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$ 497.6 (18.5% organic growth) and R$ (219.8) (14.1% organic growth), respectively. The scope change in LAS refers to the organic growth cap methodology in Argentina results, as detailed on page 14. Reported numbers are presented applying Hyperinflation Accounting for our Argentinean operations, as detailed on page 14.

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Canada: top and bottom-line performances impacted by volumes decline in the context of a challenging industry

• Operating performance: volume was down 7.7% primarily as a result of declining beer and beyond beer industries and lapping 1Q23 strong comparable. Net revenue dropped by 5.7% impacted by volumes performance, while NR/hl increased by 2.2% driven by revenue management initiatives and a positive brand mix. Normalized EBITDA declined by 0.7% given lower volumes' impact on both net revenue and Cash COGS, partially offset by Cash SG&A efficiencies.
• Commercial highlights: as a result of the disciplined execution of our premiumization strategy, core plus and premium beer brands grew volumes and gained market share once again in the quarter, according to our estimates, led by Corona and Michelob Ultra, which also improved brand health. As for our digital initiatives, BEES expanded, being now present in five provinces.

Canada8
			Currency	Organic		% As
R$ million	1Q23	Scope	Translation	Growth	1Q24	Reported	% Organic
Volume ('000 hl)	1,896.5	-		(146.5)		1,750.0	-7.7%	-7.7%
Net revenue	2,047.5	-	(82.4)	(117.3)		1,847.8	-9.8%	-5.7%
Net revenue/hl (R$)	1,079.6	-	(47.1)	23.3		1,055.9	-2.2%	2.2%
COGS	(882.6)	-	37.0	14.9		(830.6)	-5.9%	-1.7%
COGS/hl (R$)	(465.4)	-	21.2	(30.4)		(474.6)	2.0%	6.5%
COGS excl. deprec. & amort.	(825.3)	-	34.6	15.7		(775.0)	-6.1%	-1.9%
COGS/hl excl. deprec. & amort. (R$)	(435.2)	-	19.7	(27.5)		(442.9)	1.8%	6.3%
Gross profit	1,164.9	-	(45.4)	(102.4)		1,017.2	-12.7%	-8.8%
% Gross margin	56.9%					55.0%	-190 bps	-190 bps
SG&A excl. deprec. & amort.	(836.3)	-	31.5	97.5		(707.3)	-15.4%	-11.7%
SG&A deprec. & amort.	(69.1)	-	3.1	(3.1)		(69.1)	0.0%	4.4%
SG&A total	(905.4)	-	34.6	94.5		(776.3)	-14.3%	-10.4%
Other operating income/(expenses)	6.7	-	(0.3)	1.3		7.7	14.0%	19.0%
Normalized Operating Profit	266.2	-	(11.1)	(6.6)			-6.6%	-2.5%
	248.5
% Normalized Operating margin	13.0%	0.0%	0.0%	0.0%		13.4%	40 bps	40 bps
Normalized EBITDA	392.6	-	(16.6)	(2.8)		373.2	-5.0%	-0.7%
% Normalized EBITDA margin	19.2%					20.2%	100 bps	100 bps

8 In 1Q24, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$ 1,054.2 (2.0% organic growth) and R$ (441.8) (6.1% organic growth), respectively.

ambev.com.br	Press Release - May 8, 2024

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AMBEV CONSOLIDATED

Ambev9

			Currency	Organic		% As	% Organic
R$ million	1Q23	Scope	Translation	Growth	1Q24	Reported
Volume ('000 hl)	44,921.2	-	-	67.1	44,988.3	0.1%	0.1%
Net revenue	20,531.7	7,346.0	(8,521.0)	919.5	20,276.3	-1.2%	4.5%
Net revenue/hl (R$)	457.1	163.5	(189.4)	19.8	450.7	-1.4%	4.3%
COGS	(10,131.7)	(3,933.4)	4,226.9	(220.8)	(10,059.0)	-0.7%	2.2%
COGS/hl (R$)	(225.5)	(87.6)	94.0	(4.6)	(223.6)	-0.9%	2.0%
COGS excl. deprec. & amort.	(9,267.1)	(3,486.8)	3,738.9	(134.1)	(9,149.2)	-1.3%	1.4%
COGS/hl excl. deprec. & amort. (R$)	(206.3)	(77.6)	83.1	(2.7)	(203.4)	-1.4%	1.3%
Gross profit	10,400.1	3,412.6	(4,294.0)	698.7	10,217.3	-1.8%	6.7%
% Gross margin	50.7%				50.4%	-30 bps	100 bps
SG&A excl. deprec. & amort.	(5,301.3)	(1,830.4)	2,048.7	(102.5)	(5,185.4)	-2.2%	1.9%
SG&A deprec. & amort.	(662.3)	(156.4)	185.9	(89.7)	(722.5)	9.1%	13.5%
SG&A total	(5,963.5)	(1,986.7)	2,234.6	(192.2)	(5,907.9)	-0.9%	3.2%
Other operating income/(expenses)	481.1	(45.4)	41.7	115.6	593.0	23.3%	24.0%
Normalized Operating Profit	4,917.6	1,380.5	(2,017.7)	622.1	4,902.4	-0.3%	12.7%
% Normalized Operating margin	24.0%	0.2%	0.0%	0.0%	24.2%	20 bps	180 bps
Exceptional items above EBITDA	(27.9)	(5.1)	5.7	9.7	(17.6)	-37.0%	-34.9%
Net finance results	(997.9)				(405.9)	-59.3%
Share of results of joint ventures	(14.2)				(3.6)	-74.8%
Income tax expense	(58.4)				(671.2)	nm
Profit	3,819.2
			3,804.2	-0.4%
Attributable to Ambev holders	3,699.6				3,700.3	0.0%
Attributable to non-controlling interests	119.7				103.9	-13.2%
Normalized profit	3,839.8				3,817.2	-0.6%
Attributable to Ambev holders	3,719.8				3,713.3	-0.2%
Normalized EBITDA	6,444.4	1,983.4	(2,691.6)	798.5			12.4%
6,534.8	1.4%
% Normalized EBITDA margin	31.4%				32.2%	80 bps	240 bps

9 In 1Q24, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$ 440.5 (4.1% organic growth) and R$ (194.5) (0.8% organic growth), respectively. The scope changes refer to (i) tax credits and related effects in Brazil; and (ii) the organic growth cap methodology in Argentina results, as detailed on page 14.

ambev.com.br	Press Release - May 8, 2024

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OTHER OPERATING INCOME/EXPENSES

Other operating income/(expenses)

R$ million	1Q23	1Q24
Government grants/NPV of long term fiscal incentives	369.5		385.6
(Additions to)/reversals of provisions	(8.3)		(6.1)
Gain/(loss) on disposal of fixed assets, intangible assets and operations in associates	28.1		20.7
Net other operating income/(expenses)	91.8		192.8
Other operating income/(expenses)	481.1		593.0

EXCEPTIONAL ITEMS

Exceptional items corresponded to restructuring expenses primarily linked to centralization and restructuring projects in Brazil, LAS, CAC and Canada.

Exceptional Items

R$ million	1Q23	1Q24
Restructuring	(27.9)		(17.6)
Exceptional Items	(27.9)		(17.6)

ambev.com.br	Press Release - May 8, 2024