Ambev Profit Jumps 36% in Q3 as Pricing Lifts Margins

Overview

• Net income reached R$ 4.863 billion, up 36.4% year over year, with adjusted net income rising 7.4% to R$ 3.843 billion.
• Net revenue totaled R$ 20.847 billion, up 1.2% on an organic basis but down 5.7% reported, supported by a 7.4% increase in revenue per hectoliter.
• Adjusted EBITDA was essentially flat at R$ 7.0 billion, while the adjusted EBITDA margin expanded 1.9 percentage points to 33.9% and organic adjusted EBITDA grew 2.9%.
• Operating cash flow fell 14.7% from a year earlier, largely due to higher income tax payments on a cash basis compared with R$ 8.1 billion in Q3 last year.
• The board approved a share repurchase program of up to 208 million shares, roughly 5% of the float, as executives pointed to disciplined cost control and strategic execution.