In the third quarter, the brewer grew less than the market; Michelob Ultra and Stella Pure Gold drove sales, and profit beat forecasts
Ambev sold just 0.5% more beer in Brazil in the third quarter of 2026, according to results released on Thursday, October 29. The figure trailed the market, which grew about 4% between July and September, helped by the World Cup, according to Nielsen data cited by Guia da Cerveja. From April to September, however, the owner of Brahma and Skol grew 2.7%, versus 1.3% for the industry.
Growth came from the pricier brands. Premium beers rose 19% in volume, while mainstream brands fell by a single-digit percentage; the report does not give the exact figure. Among the highlights, Michelob Ultra grew 478% in Brazil, Stella Pure Gold rose 195%, the portfolio the company calls wellness climbed 157% and non-alcoholic beers grew 43%. Ambev does not disclose volumes in liters for each label.
With the shift toward pricier labels, revenue per hectoliter in the country went from R$ 448.90 to R$ 467.80. Net revenue for the group, which operates in ten countries in the Americas, was R$ 21.6 billion, up 7.6% organically.
Reported net income was R$ 4.37 billion, 10.2% lower than a year earlier, when results included one-off tax effects, but above the R$ 3.9 billion analysts had forecast in the IBES consensus. Adjusted net income reached R$ 4.39 billion, up 14.3%, and adjusted EBITDA reached R$ 7.27 billion, up 8.9% organically. In the Brazil beer business, EBITDA grew 1% and the margin fell 1.3 percentage points: sales, marketing and distribution expenses rose 9.2%, and the cost per liter produced rose 5.4%.
The board approved a new buyback program of up to 190 million shares over 18 months. Even with profit above forecasts, the shares were down 2.76% in late morning trading on Thursday, at R$ 14.80, according to Suno.
Bebidário's catalog includes labels mentioned in the report, such as Michelob Ultra and Stella Artois Pure Gold, as well as Brahma Chopp and Budweiser Zero.
Sources: Guia da Cerveja (October 29, 2026), Suno Notícias (October 29, 2026).
