After a year marked by the "bitter taste" of declining beer sales volume, Ambev believes that the World Cup and the holiday calendar should boost consumption in Brazil in 2026.

"Carnival is underway in Brazil and several other Latin American markets. Afterwards, we will begin preparing for the World Cup , which will have a favorable time zone. In Brazil, the calendar is full of holidays, with several long weekends," said Carlos Lisboa, CEO of Ambev, this Thursday, February 12th, during the fourth-quarter results conference call.

According to Lisboa, adverse weather conditions and a more challenging consumer environment reduced opportunities for socialization last year, putting pressure on industry and Ambev volumes.

In the fourth quarter, total volumes fell 3.6% compared to the previous year. In Brazil, the drop was 3.7%, with sales of beer , the company's main product, declining by 2.6%. Non-alcoholic beverages saw a 6.6% decrease. By 2025, total volumes are projected to fall 3.3%, with a 4.1% decline in Brazil.

“It was the first time we’ve seen such a strong impact on our sector,” Lisboa stated. “To use a simple analogy, 2025 was a difficult season to play in, with unstable pitches, cold weather, and a constantly changing game.”

The CEO emphasized that what happened last year was a cyclical issue, hampered by specific factors. According to him, there was no sudden change in the fundamentals of beer, refuting analyses that consumption fell because young people are drinking less .

Lisboa said that more engaged consumers have become even closer to the category, strengthening its value throughout the year. What has changed is "how often the right moment [to consume] has appeared."

"Beer continues to be appreciated, culturally relevant, and deeply linked to socialization in all markets where it has a high market share. And we continue to see significant growth ahead," he stated.

Proof of this, according to him, was the performance of the delivery app Zé Delivery , which ended 2025 with the best result in its history, with GMV 13% higher than in 2024, reaching R$ 4.7 billion.

"Strategically speaking, Zé Delivery brings us closer to younger consumers, with almost 80% of them belonging to Gen Z or millennials ," said the executive.

Lisbon's tone contrasts with that presented by Heineken , which demonstrates caution regarding the Brazilian market, to the point that analysts question whether the Dutch brewery is considering reducing its investments .

At Ambev, in the recovery planned for 2026, popular brands will play an important role. Although Ambev led the category last year, with premium and super-premium labels growing by a high single digit, Lisboa stated that popular brands, classified as core , are essential to reach the majority of the Brazilian population, where price is a decisive factor.

"The core sector is the strongest part of the industry, and it's important to consider that the majority of the population in Brazil still depends on a minimum wage. The core sector plays an important role because it promotes accessibility," he stated.

Ambev closed the fourth quarter with a net profit of R$ 4.5 billion, a decrease of 9.9%. Net revenue fell 8.2% to R$ 24.8 billion, while adjusted EBITDA decreased 8% to R$ 8.8 billion.

For the year to date, profit rose 7.7% to R$16 billion. Net revenue fell 1.4% to R$88.2 billion, and adjusted EBITDA grew 1.6% to R$29.5 billion.

At around 4:09 PM, Ambev's shares were up 4.44%, at R$ 16.47. In 12 months, the shares have accumulated a 20.6% increase, bringing the market value to R$ 259.6 billion.