Analyst Consensus ?
ConsensusHold15 ratings
Bullish213.3%
Neutral746.7%
Bearish640.0%
Ambev S.A. · ABEV · FY2025 Q1 · Calendar Q2 2025
Ambev Q1 2025: Volume and margins improved, costs remain in focus
The quarter supports a cautiously constructive operating read: management described volume growth and margin expansion despite FX and commodity headwinds. The durability of Skol’s recovery, pricing discipline and cost control remain important tests.
Reported Before market openNYSEConsumer Defensive
$41.88B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.04
Consensus $0.04
EPS surprise
+4.5%
Reported versus consensus
Reported revenue
$3.92B
Consensus $21.54B
Revenue surprise
-81.8%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+1.2%
Event window
SPY move
+0.7%
Same window
Abnormal move
+0.5%
Stock minus SPY
Volume
1.0×
Versus trailing sessions
Subsequent drift
-1.6%
Up to 20 sessions
ABEVSPY benchmark
Ask FN2 about ABEV FY2025 Q1
Transcript, numbers and history already loaded
Why did ABEV rise 1.2% after beating EPS estimates in FY2025 Q1?What changed in ABEV's guidance and outlook in FY2025 Q1?Give me the bull and bear case for ABEV after FY2025 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior call’s emphasis on addressing Skol’s 2024 underperformance, management highlighted Q1 volume growth around Carnival and strong brand performance, alongside margin expansion from pricing and cost productivity. Digital platforms and product launches remained part of the growth narrative.
Guidance delta
Management maintained its guidance. The supplied analysis describes a decreasing CapEx outlook and continued emphasis on margin expansion through pricing discipline and cost productivity.
Key takeaways
- Management’s analysis cited volume growth of 0.7% and a 6% increase in net revenue per hectoliter.
- Management described 150 basis points of gross-margin expansion and double-digit EBITDA growth, despite FX and commodity headwinds.
- Zé Delivery and marketplace activity were presented as growth and consumer-insight channels; Beats Red Mix was a highlighted launch.
- Cash flow supported an interim dividend and continued buy-backs, according to the supplied transcript analysis.
Management priorities
- Protect margin through pricing discipline and cost productivity.
- Accelerate B2B and direct-to-consumer digital platforms.
- Continue product launches and use brand sponsorships to build visibility.
- Maintain disciplined capital allocation, including dividends, buy-backs and selective CapEx.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$2.66Previous close
$2.1Low
$2.78Average
$3.5High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Nov 2, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Equal Weight | Equal Weight | Maintain | Oct 30, 2026 |
| B of A Securities | Underperform | Neutral | Downgrade | Oct 7, 2026 |
| Scotiabank | Sector Perform | Sector Outperform | Downgrade | Jul 15, 2026 |
| UBS | Sell | Sell | Maintain | May 14, 2026 |
| Bernstein | Market Perform | Outperform | Downgrade | Nov 26, 2025 |
| HSBC | Hold | Buy | Downgrade | Aug 1, 2025 |
| Morgan Stanley | Underweight | Equal Weight | Downgrade | Apr 7, 2025 |
| Citigroup | Neutral | Buy | Downgrade | Jan 22, 2025 |
| JP Morgan | Overweight | Neutral | Upgrade | Jul 13, 2022 |
| Itau BBA | Market Perform | Outperform | Downgrade | May 20, 2021 |
| Bradesco | Underperform | Neutral | Downgrade | Jan 13, 2021 |
| Bradesco Corretora | Underperform | Neutral | Downgrade | Jan 12, 2021 |
| Bank of America | Underperform | Neutral | Downgrade | Oct 25, 2018 |
| Credit Suisse | Outperform | Neutral | Upgrade | Sep 12, 2017 |
| Deutsche Bank | Hold | Hold | Maintain | Aug 21, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $2.66. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $2.85 | $2.92 | +7.1% | Aug 11, 2026 |
| UBS | Analyst unavailable | $2.9 | $3.19 | +9.0% | May 14, 2026 |
| Barclays | Analyst unavailable | $3.5 | $3.37 | +31.6% | May 6, 2026 |
| UBS | Analyst unavailable | $2.65 | $3.13 | -0.4% | Apr 16, 2026 |
| Barclays | Analyst unavailable | $3 | $3.11 | +12.8% | Feb 17, 2026 |
| Bernstein | Analyst unavailable | $2.88 | $2.5 | +8.3% | Nov 26, 2025 |
| Bernstein | Nadine Sarwat | $2.57 | $1.85 | -3.4% | Jan 8, 2025 |
| Goldman Sachs | Thiago Bortoluci | $2.1 | $2.14 | -21.1% | Jul 11, 2024 |
Track every rating change on ABEV the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationAmbev S.A., operating through its various subsidiaries, is a prominent player in the beverage and food industry across the Americas. The company is engaged in the manufacturing, marketing, and distribution of a diverse portfolio of products, including various types of beer (both packaged and on tap), carbonated soft drinks, other non-alcoholic beverages, malt, and food items. Its extensive operations are structured into four primary geographical divisions: Brazil; Central America and the Caribbean; Latin America South; and Canada. Ambev's vast selection of beer labels features widely recognized names such as Skol, Brahma, Antarctica, Brahva, Brahva Gold, Extra, Bud Light, Beck, Leffe, Hoegaarden, Bucanero, Cristal, Mayabe, Cacique, Presidente, Brahma Light, Presidente Light, Presidente Golden Light, Bohemia, The One, Corona, Modelo Especial, Stella Artois, Budweiser, Quilmes Clásica, Paceña, Taquiña, Huari…
Historical context
All ABEV earningsConsumer Defensive peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| CHD Church & Dwight Co., Inc. | FY2026 Q3 · Calendar Q4 2026 | +2.2% | +1.2% | Church & Dwight raises sales outlook after strong Q3 organic growth |
| CL Colgate-Palmolive Company | FY2026 Q3 · Calendar Q4 2026 | +4.8% | +2.3% | Colgate-Palmolive: Broad Growth and Margin Expansion in Q3 |
| MDLZ Mondelez International, Inc. | FY2026 Q3 · Calendar Q4 2026 | +10.2% | +3.9% | Mondelez cites volume growth, innovation and productivity as key levers |
Latest beats and misses
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- EXCFY2026 Q3 · October 30, 2026+10.4% EPS+0.5% move
Missed on EPS
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
- VALEFY2026 Q3 · October 29, 2026-24.6% EPS+1.9% move
- DLR-PLFY2026 Q3 · October 29, 2026-8.4% EPS— move
- DLR-PKFY2026 Q3 · October 29, 2026-8.4% EPS— move
Get the ABEV recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-05-08T19:25:25.168843+00:00
- Polygon adjusted daily market bars · 2026-11-02T09:30:46.865414+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-02T09:30:46.862650+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-02. For educational purposes only; not investment advice.