Ambev Lost Volume but Won the Margins War

2026-02-24 - 12:03

Key Points — Brazil’s beer industry suffered its worst volume drop in over a decade in 2025 — down 4.5 percent — largely driven by unusually cold weather. Ambev’s own volumes fell 3.3 percent, but net revenue grew 4 percent and Ebitda rose 5.6 percent. — The company’s premium brands — Corona, Spaten, Stella Artois,