Ambev SA

ABEV3: BVMF (BRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Ambev Earnings: Decent Profitability Expansion in 2025; Fair Value Estimate Raised

Verushka Shetty

Feb 12, 2026

Ambev’s full-year 2025 results included year-over-year organic net revenue growth of 4.0%, a total volume decline of 3.3%, and net revenue per hectoliter growth of 7.5%. Gross profit and Normalized EBITDA rose 3.4% and 5.6%, respectively. Shares rose nearly 5% at the market open on Feb. 12.

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Ambev SA

Ambev Earnings: Decent Profitability Expansion in 2025; Fair Value Estimate Raised

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