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Expressive result reinforces the company’s strategic comeback in the Brazilian market, highlights the growth of premium lines, and evidences a new competitive phase in the national beer sector
Ambev returned to the market spotlight by registering an expressive performance in the first quarter, consolidating a record volume of beer in Brazil. The result marks an important turnaround after a period of instability against direct competition, especially with Heineken. With a 1.2% growth year-on-year, the company reached 23.429 million hectoliters sold, the highest volume ever recorded for a first quarter.
The information was disclosed by “Valor Econômico”, based on the company’s financial results, showing that Ambev not only regained strength but also repositioned its market strategy. At the same time, the competitor showed a low single-digit retraction, between 1% and 3% in the same period, reinforcing the change in the competitive landscape.
Furthermore, Ambev’s advance was strongly driven by premium brands, which have been gaining space in national consumption. This movement indicates a change in Brazilian consumer behavior, who now value quality and experience more, even in traditionally popular categories such as beer.
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Revenue growth and cost pressure show strategic balance
While sales volume showed growth, net operating revenue per hectoliter (ROL/hl) also advanced significantly, registering an 8.3% increase in the quarter. When excluding the marketplace, growth remained robust at 8%, demonstrating consistency in value generation per product.
However, this positive scenario came with challenges. The cost of goods sold per hectoliter (CPV/hl), excluding depreciation, amortization, and marketplace, rose by 14.6%. This increase primarily reflects the impacts of exchange rates and rising commodity prices, factors that have been pressuring various industries in Brazil.
Despite this, Ambev managed to maintain control over its operating expenses. Selling, general, and administrative expenses (SG&A), also excluding depreciation and amortization, grew by only 3.4%. This performance is directly related to efficiency gains, especially in the distribution area, driven by higher sales volume.
Therefore, even in the face of external pressures, the company demonstrated a balance between growth and cost control, which reinforces its adaptability in a challenging economic environment.
Consolidated performance reveals financial strength and fierce competition with rivals
Analyzing the total performance of operations in Brazil, the consolidated volume reached 32.013 million hectoliters, registering a slight decrease of 0.2%. This retraction was mainly influenced by the non-alcoholic beverages division, which showed a 3.9% drop, totaling 8.583 million hectoliters.
Even so, the company highlighted a gradual improvement in this segment since the second half of 2025. Furthermore, the sugar-free portfolio showed mid-teens growth (around 15%), reinforcing the expansion potential and brand strength in this niche.
In the overall consolidated results, Ambev recorded a net profit of R$ 3.885 billion, an increase of 2.1% year-on-year. Net revenue reached R$ 22.464 billion, with organic growth of 8.1%, figures that confirm the company’s recovery in the market.
Meanwhile, competitor Heineken faced a more challenging scenario in Brazil. The company recorded a volume drop of between 1% and 3%, impacted by weakening sales and seasonal factors, such as a shorter carnival.
Even so, Heineken managed to increase its net revenue by a mid-single digit, between 4% and 6%, supported by a high single-digit price increase, between 7% and 9%. This shows that, although volume fell, the pricing strategy still ensured financial growth.
Premium brands drive record and indicate consumption trend
The main highlight of Ambev’s results was, without a doubt, the performance of premium brands. This segment was primarily responsible for the record of 23.429 million hectoliters in the first quarter, demonstrating a clear trend towards valuing higher quality products.
This movement is not isolated. On the contrary, it accompanies a global transformation in the beverage market, where consumers are willing to pay more for differentiated experiences. Thus, Ambev’s strategy to strengthen its premium portfolio proves to be aligned with new market demands.
Furthermore, this positioning helps the company improve its margins, as premium products generally have higher profitability. Therefore, the growth of this segment not only boosts volume but also contributes directly to financial results.
Have you also noticed this change in consumption, preferring more premium beverages even if you pay a little more?
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