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Ambev: How Zé Delivery Is Powering a Data-Driven Transformation in Brazil Beer!

Ambev, one of the largest beverage companies in Latin America, reported a solid first quarter for 2026 amid a challenging operating environment characterized by cyclical factors including adverse weather and macroeconomic pressures. The company’s overall volumes remained broadly flat year-on-year, with beer volumes showing a modest low single-digit growth, signaling a partial recovery against a tough comparison base. Net revenue increased by high single digits, driven largely by an 8.3% rise in net revenue per hectoliter supported by revenue management initiatives and a favorable mix towards premium and above-core segments. Despite cost pressures mainly stemming from foreign exchange and commodities, Ambev achieved double-digit growth in EBITDA alongside a 60 basis point margin expansion. Net income grew low single digits, reflecting stable profitability. Geographically, Brazil Beer volumes declined mid-single digits but improved sequentially, largely due to weather-driven cyclical influences rather than structural demand shifts.