AMBEV S.A.

The company is the largest brewer in Latin America by sales volume and one of the largest beer producers globally. It produces, distributes, and sells beer, carbonated soft drinks (CSDs), other alcoholic beverages, and non-alcoholic and non-carbonated products directly in 11 countries across the Americas. The company operates through four business segments: 1. **Brazil:** This segment includes beer sales and non-alcoholic beverage (NAB) sales divisions. In 2025, Brazil contributed R$49,030.8 million (55.6%) to total net sales and 123,008.9 thousand hectoliters (70.0%) to total sales volume. Beer sales in Brazil accounted for R$40,230.6 million (45.6%) of total net sales and 89,394.5 thousand hectoliters (50.8%) of total sales volume in 2025. 2. **Central America and the Caribbean (CAC):** This segment covers operations in the Dominican Republic, Cuba, Guatemala, and Panama. In 2025, CAC generated R$10,963.9 million (12.4%) in net sales and 12,037.2 thousand hectoliters (6.8%) in sales volume. 3. **Latin America South (LAS):** This segment includes Argentina, Bolivia, Paraguay, Uruguay, and Chile. In 2025, LAS reported R$17,988.3 million (20.4%) in net sales and 32,162.3 thousand hectoliters (18.3%) in sales volume. 4. **Canada:** This segment comprises Labatt's operations in Canada. In 2025, Canada contributed R$10,259.5 million (11.6%) to net sales and 8,622.2 thousand hectoliters (4.9%) to sales volume. Total consolidated net sales for the year ended December 31, 2025, were R$88,242.5 million, with total sales volumes of 175,830.6 thousand hectoliters.