Brazil's Ambev posts weaker Q4 results, still tops forecasts (updated)
12/02/2026 12:02
Recasts with further data, context, analyst quotes SAO PAULO, Feb 12 (Reuters) - Brazilian brewer Ambev ABEV3.SA on Thursday reported lower fourth-quarter results compared to a year earlier, but beat expectations in key performance indicators amid what it called "a dynamic environment." CONTEXT Ambev is one of Brazil's largest firms. It is a subsidiary of Anheuser-Busch InBev ABI.BR, the world's largest brewer by volume, which reported results earlier in the day. BY THE NUMBERS Ambev posted a net profit of 4.53 billion reais ($873.98 million) in the fourth‑quarter, down 9.9% from a year earlier but above the 4.17 billion expected by analysts polled by LSEG. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) came in at 8.85 billion, shrinking 8% from a year earlier, but also beating estimates of 8.47 billion reais. The brewer reported net revenue of 24.81 billion reais, an 8.2% drop from a year earlier and topping analysts' forecast of 24.59 billion reais. Total volumes, which declined 3.6% in the period, were mainly impacted by cyclical factors that affected consumption, Ambev said in an earnings report. QUOTES "Adverse weather conditions and a more challenging consumer environment reduced consumption occasions, especially in channels linked to socializing, putting pressure on industry volumes," Ambev said in the report. The brewer sees "opportunities to expand consumption" in Latin America and is overall optimistic about the FIFA World Cup this year, it added. MARKET REACTION Analysts at Santander said the results were hit by higher-than-expected price pressures. They warned that cost inflation and demand trends continue to be key variables for Ambev's 2026 performance. ($1 = 5.1832 reais) (Reporting by Isabel Teles; Editing by Aida Pelaez-Fernandez) ((isabel.teles@thomsonreuters.com; +55 11 91033 3602))