Brazil: Ambevs Q3 net revenue increases by 7%
Ambev SA on October 30 reported a 7% growth in net revenue per hectoliter, contributing to a 3% increase in EBITDA and a 50 basis points margin expansion in the third quarter of this year.
The company approved a BRL2.5 billion share buyback program, demonstrating confidence in long-term value creation and commitment to returning cash to shareholders.
Ambev's premium and super premium brands grew in volumes by more than 9%, with the premium segment reaching nearly 50% market share in Brazil.
The digital ecosystem, including Ze Delivery and marketplace initiatives, showed strong performance with GMV growth of 100% and 7% respectively.
Cost initiatives and disciplined cost management led to an expansion of gross margin, with cash COGS per hectoliter growing below net revenue per hectoliter.
Industry volumes remained softer than expected, particularly in Brazil, impacting overall performance.
The beer industry in Brazil faced challenges due to colder weather and constrained consumer purchasing power, affecting consumption occasions.
Ambev SA experienced a mid-single-digit decline in beer volumes in Argentina, underperforming the industry due to unfavorable price dynamics.
The CSD industry in Brazil saw a deceleration, with Ambev SA (NYSE:ABEV)'s volumes impacted by inventory phasing and revenue management decisions.
Higher financial expenses were reported, driven by FX hedging carry costs in Brazil and the cost of sourcing US dollars in Bolivia.
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