Ambev S.A. (ABEV): Business Model Canvas [Dec-2025 Updated]

You're seeing Ambev S.A. navigating a tricky 2025, where rising input costs and soft core volume could be a real headwind. But honestly, the company isn't just brewing beer anymore; they've become a digital distribution powerhouse. The real story is how they're using platforms like BEES and Zé Delivery to push a premium-heavy mix-with premium volume growing over 9% in Q3 2025-and drive Net Revenue per Hectoliter, which is the key metric you should be watching. This pivot from a traditional brewer to a tech-enabled beverage giant is what's keeping their Total Trailing Twelve-Month Revenue strong at approximately $16.07 Billion USD, so let's dig into the full canvas to see where the risks and opportunities truly lie.

Ambev S.A. (ABEV) - Canvas Business Model: Key Partnerships

You need to view Ambev's Key Partnerships as a strategic web, not just a list of suppliers; they are crucial for brand access, digital distribution, and cost stability. The most important partnership is with Anheuser-Busch InBev, which grants access to high-margin global brands, but the fastest-growing part is the BEES Marketplace, which is expanding its non-beverage partners to capture more of the retailer's wallet.

Anheuser-Busch InBev (AB InBev) for global brand licenses

The relationship with Anheuser-Busch InBev is Ambev's cornerstone partnership. It's not just a parent-subsidiary link; it's a critical licensing arrangement that allows Ambev to produce, import, distribute, and sell high-value global brands like Corona, Stella Artois, and Budweiser across its territories in the Americas. This partnership is a major driver of Ambev's premiumization strategy, which is paying off. For instance, AB InBev's megabrands, which Ambev licenses, saw revenue growth of 7.7% outside of their home markets in the second quarter of 2025.

The licensing agreements are structured with royalties fixed according to the brand's positioning and the specific territory. To be fair, this arrangement is a double-edged sword: it provides a competitive moat, but it also creates exposure to regulatory changes. Specifically, the new Brazilian tax law (Law No. 14,596/23) that became effective in January 2024 is expected to bring new transfer pricing rules for intangibles and royalties, which may impact the royalty percentages Ambev pays. You defintely need to watch for the final regulatory guidance here.

Here's the quick math on the brand power:

• Value Proposition: Access to a portfolio of over 500 iconic global and local brands.
• Growth Driver: Premium/super-premium brands in Brazil grew over 20% in Q1 2025.

Nestlé and L'Oréal for non-beverage products on the BEES Marketplace

The BEES Marketplace (Business-to-Business E-commerce Solution) is Ambev's digital route-to-market platform, and it is rapidly evolving into a broader retail marketplace by bringing in third-party partners. This move helps Ambev capture a larger share of the small retailer's total spend-not just for beer and soft drinks. While the specific partnership details with Nestlé and L'Oréal for non-beverage products are not publicly itemized in the latest financial reports, their inclusion is consistent with the platform's strategy to onboard major consumer packaged goods (CPG) players to sell alongside Ambev's core products.

This digital partnership model is a huge growth engine. The Gross Merchandise Value (GMV) from sales of third-party products on the BEES Marketplace grew by a staggering 63% in the second quarter of 2025, reaching $785 million (USD) globally for AB InBev. For Ambev specifically, the marketplace GMV jumped by 60% in Q1 2025. In the Latin America South (LAS) segment, over 75% of B2B customers in Argentina are purchasing through BEES, and over 90% of the country's net revenue is now captured through the platform.

This is a clear action: use the platform to diversify revenue streams and cement retailer loyalty.

Raw material suppliers (e.g., aluminum, barley) for cost-hedging and supply chain stability

Ambev's raw material partnerships are focused on stability and cost mitigation, especially for key inputs like aluminum for cans and barley for malt. The company maintains a disciplined, non-speculative hedging strategy, looking 12 months forward to lock in prices and manage volatility. This is crucial because Ambev is guiding for a significant increase in its Cost of Goods Sold (COGS) per hectoliter, projecting a rise between 5.5% and 8.5% for the full year 2025.

The sheer scale of these purchases makes supplier relationships critical. For example, Ambev's Q1 2025 results show that even minor timing issues with raw material partners can impact working capital, as evidenced by payables worsening by BRL 1 billion due to later barley payments in Argentina.

Raw Material Focus	Strategic Partnership Goal	2025 Financial Context
Barley (Malt)	Supply chain stability, quality control, and cost hedging.	COGS per hectoliter expected to increase 5.5% to 8.5% in 2025.
Aluminum (Packaging)	Hedging against commodity price and FX volatility.	Hedging strategy is non-speculative and 12 months forward.
Guaraná	Securing supply from key regions (Amazon, Bahia).	Ambev acquires 90% to 100% of its guaraná from the Amazon region.

Logistics and transport providers for extensive cold-chain distribution across the Americas

Ambev operates one of the most complex and efficient logistics networks in Latin America, but it relies on external partners to supplement its internal fleet and infrastructure, especially for cold-chain distribution. This is essential for perishable products and maintaining the quality of its premium beer portfolio.

A concrete example of a logistics partnership is the R$90 million investment Ambev made with Savixx in August 2025 to develop a new malt hub at the Port of Rio. This partnership is expected to move 200 thousand tons of malt per year and strategically diversifies the malt supply chain, bringing shipments from malting plants in Rio Grande do Sul, Paraná, and partners in Uruguay and Argentina.

While Ambev's cold-chain is largely internal, it leverages the broader Latin America Cold Chain Logistics Market, which is valued at an estimated $5.87 billion in 2025, to ensure reach and quality. Key external players in the region, such as Maersk, DP World, and specialized companies like Frialsa Frigoríficos SA, are constantly expanding their cold-chain capabilities, which Ambev can tap into for specialized or long-haul routes.

The next step is for Logistics to finalize the integration plan for the new Port of Rio hub by the end of the year.

Ambev S.A. (ABEV) - Canvas Business Model: Key Activities

Large-scale, efficient brewing and bottling operations

The core of Ambev S.A.'s (ABEV) Key Activities remains its massive, highly optimized production network. This involves managing a complex logistical and manufacturing chain that includes brewing, bottling, and distribution across Brazil and the Americas. The focus is on disciplined efficiency to counter rising input costs.

In 2025, the company demonstrated this commitment through major capital investments and operational streamlining. Ambev is investing R$870 million in a new glass bottle factory in Carambeí, Paraná, with operations starting in the latter half of the year to strengthen logistics and supply for premium labels. Also, the Anápolis brewery is undergoing an expansion with an investment of €27 million to increase premium beer production capacity, capable of filling up to 60,000 bottles per hour. This scale is critical for maintaining market leadership.

• Reduce Stock Keeping Units (SKUs) by 10% in 2025 to boost brewery productivity.
• Invest R$870 million in the new Carambeí glass bottle factory.
• Expand Anápolis brewery with €27 million investment for premium production.

Digital platform management: scaling the BEES B2B marketplace and Zé Delivery DTC app

Ambev's digital ecosystem is a crucial Key Activity, shifting the company from a traditional distributor to a technology-enabled platform manager. The goal is to deepen relationships with business customers (BEES) and consumers (Zé Delivery), which expands the addressable market and creates new revenue streams.

The BEES B2B platform's total Gross Merchandise Value (GMV) reached $13.3 billion in Q3 2025, an 11% increase year-over-year. The BEES Marketplace, which sells third-party goods, is growing even faster, surging 66% to $935 million in Q3 2025. This is defintely a high-growth activity.

The Direct-to-Consumer (DTC) Zé Delivery app continues to be a key driver for the top line. In Q2 2025, Zé Delivery's GMV grew by 7% year-over-year, driven primarily by an 11% increase in Average Order Value (AOV), showing consumers are buying more premium products per order. The app's monthly active users grew by 11% in the last quarter (Q3 2025).

Brand innovation and portfolio management

A core activity is constantly refreshing and managing the brand portfolio to meet evolving consumer preferences, particularly the shift toward premium and non-alcoholic options. This strategy allows Ambev to capture higher margins and offset volume declines in core segments.

The company's premium and super premium brands delivered low teens growth in Q2 2025, successfully expanding in seven of Ambev's top 10 markets. The non-alcoholic (No-Low) beer portfolio is a major growth engine, with volume increasing in the low-twenties in Q2 2025, and a massive 40% growth in non-alcoholic beer sales in Q1 2025. This focus on premiumization is a necessary hedge against industry volume softness.

Revenue management and pricing strategy to offset 5.5%-8.5% projected COGS increase in 2025

The most critical near-term Key Activity is disciplined revenue management (RM) and pricing. The company faces significant headwinds in its Cost of Goods Sold (COGS) for the Brazilian beer business, projected to grow between 5.5% and 8.5% for the full year 2025. This increase is due to the depreciation of the Brazilian Real (BRL) and rising commodity costs, especially aluminum.

The RM strategy is focused on price increases aligned with inflation and optimizing the brand mix toward higher-margin products. This disciplined approach has been effective, leading to a Normalized EBITDA margin expansion of 110 basis points in Q2 2025.

Here's the quick math: disciplined pricing is crucial when input costs rise.

Metric (2025 Fiscal Year Data)	Value/Growth Rate	Impact on Key Activities
Projected Cash COGS/hl Increase (Brazil Beer)	5.5% - 8.5%	Triggers aggressive revenue management and pricing strategy.
Normalized EBITDA Margin Expansion (Q2 2025)	110 basis points	Shows success of disciplined pricing strategy offsetting COGS pressure.
BEES Marketplace GMV Growth (Q3 2025)	66%	Validates digital platform scaling and monetization of the B2B ecosystem.
Zé Delivery Average Order Value (AOV) Increase (Q2 2025)	11%	Indicates successful premiumization and portfolio mix shift in the DTC channel.
No-Low Beer Volume Growth (Q2 2025)	Low-twenties	Confirms brand innovation is capturing new consumer trends and driving incremental volume.
Investment in New Carambeí Glass Factory	R$870 million	Supports long-term efficiency and supply chain control for premium brands.

Ambev S.A. (ABEV) - Canvas Business Model: Key Resources

The core of Ambev S.A.'s competitive advantage rests on four distinct, mutually reinforcing key resources: an unmatched portfolio of iconic brands, a proprietary distribution backbone, a rapidly monetizing digital ecosystem, and a massive, strategically verticalized physical production footprint. These assets allow the company to maintain market leadership and drive profitable growth even amid volatile market conditions.

Dominant, iconic brand portfolio: Skol, Brahma, Antarctica, plus global premium brands

Ambev's brand portfolio is its primary intellectual property and a significant barrier to entry for competitors. The company manages over 100 labels, including the Brazilian megabrands like Skol, Brahma, and Antarctica, which are household names. Plus, the strategic licensing agreements with Anheuser-Busch InBev (AB InBev) grant exclusive rights to premium global brands like Stella Artois, Corona, and Budweiser in key markets like Latin America and Canada.

This brand strength is not just about volume; it drives premiumization. In the third quarter of 2025 (3Q25), the premium and super-premium segments continued to grow at high single digits, outperforming the core segment's decline.

Extensive, proprietary distribution network across Latin America and Canada

The company's distribution network is a massive physical asset, enabling unparalleled market penetration. This network is a blend of company-owned and third-party operations, which provides both control and reach. In Brazil, the network includes a significant number of direct distribution centers and third-party distributors.

Here's the quick math: the direct distribution channel alone accounts for between 70% and 75% of Brazil's total sales volumes, giving Ambev direct control over pricing, cold chain quality, and customer relationships.

Digital platforms: BEES and Zé Delivery, with BEES GMV growing 100% to an annualized BRL 8 billion

The digital ecosystem, centered on the B2B platform BEES and the direct-to-consumer (DTC) platform Zé Delivery, is transforming the company's route-to-market into a key technological resource. These platforms generate critical data-driven insights that improve revenue management and customer engagement. This digital push is defintely a core growth engine.

The scale and growth of these platforms in 2025 are impressive:

Platform	Key Metric (3Q25 Data)	Value/Growth	Context
BEES Marketplace	Consolidated GMV Growth (YoY)	100%	Driven by expansion of third-party partnerships.
BEES Marketplace	Annualized GMV	BRL 8.0 billion	GMV in Brazil expanded by more than 120%.
Zé Delivery	GMV Growth (YoY)	7%	Supported by a 9% rise in Average Order Value (AOV).
Zé Delivery	Geographic Reach (2023)	Over 700 cities	Reaching almost 70% of Brazil's population.

Significant production capacity, including 36 facilities in Brazil

The company operates a substantial physical asset base, which includes breweries, malting facilities, and verticalized operations like can and glass plants. This vertical integration helps control costs and ensures a reliable supply chain. For example, the Uberlândia complex alone is one of the largest industrial plants in Latin America, capable of producing about 7 billion liters of beverages per year.

Recent capital expenditure highlights Ambev's commitment to modernizing this resource:

• Investment of BRL 870 million in a new glass bottle factory in Carambeí, Paraná, to strengthen logistics and increase production efficiency.
• Investment of €27 million to expand the premium beer production line at the Anápolis brewery.
• Total production capacity was approximately 270.1 million hectoliters (beer and non-alcoholic beverages) as of year-end 2018.

Strong financial position with an announced BRL 2.5 billion share buyback program in 2025

Financial strength is a critical resource, providing the capital for strategic investments, market expansion, and shareholder returns. Ambev's financial discipline is evident in its ability to generate strong cash flow and return capital to shareholders.

The board approved a new share buyback program in October 2025 to repurchase up to 208 million shares, valued at approximately BRL 2.5 billion. This action reinforces confidence in the business's consistent cash generation, which totaled BRL 6.9 billion from operating activities in Q3 2025. Normalized Earnings Per Share (EPS) grew above 7% year-to-date 2025, demonstrating effective capital management.

Ambev S.A. (ABEV) - Canvas Business Model: Value Propositions

As a seasoned analyst, I see Ambev S.A.'s value proposition as a powerful dual-play strategy: a highly segmented product portfolio for consumers, plus a sophisticated digital ecosystem for retailers. This approach is defintely working, driving both premiumization and distribution efficiency across the board.

For Consumers: Wide portfolio from affordable core to premium/super premium

You are getting a clear choice, from the most accessible brands to the top-tier luxury options. This segmentation shields Ambev S.A. from economic volatility, allowing them to capture consumer spending at every price point.

The consumer trend is clearly moving upscale, and Ambev S.A. is capitalizing on it. In the third quarter of 2025, their premium and super premium brands saw volume growth of more than 9%. This focus has been so successful that the premium segment now holds nearly 50% market share in Brazil.

Here's the quick math: While the overall Brazil Beer volume saw a decline of 7.7% in Q3 2025 due to industry softness, the strong pricing power and premium mix pushed the net revenue per hectoliter (NR/hl) up by 5.7%. Also, their Balanced Choices portfolio, which includes non-alcoholic beers, grew by an impressive 36% in Q3 2025, with non-alcohol beers growing above 20%. That's smart diversification.

For Consumers: Convenience and speed via Zé Delivery

The direct-to-consumer (DTC) platform, Zé Delivery, is a critical value-add, offering convenience and speed that traditional retail cannot match. It's not just delivery; it's a data engine for consumer behavior.

In the first quarter of 2025, Zé Delivery fulfilled nearly 17 million orders, representing a 5% increase year-over-year. This growth continued into Q3 2025, where the platform's Gross Merchandise Value (GMV) increased by 7%, primarily supported by a 9% rise in the average order value. This shows consumers aren't just using it more often; they are buying more expensive items or larger quantities per order.

For Retailers: One-stop-shop ordering and financial services through the BEES marketplace

For retailers-your small- and medium-sized business partners-the BEES platform is a game-changer. It transforms the traditional sales model into a digital, one-stop-shop ecosystem that provides two core values: inventory efficiency and financial inclusion.

The marketplace is growing fast: its GMV grew by a substantial 100% in Q3 2025, reaching an annualized value of BRL 8 billion. The platform also extends beyond Ambev S.A.'s own products, with the number of customers purchasing non-Ambev products increasing by low teens in Q1 2025.

Crucially, BEES provides much-needed financial services. It grants short-term credits to over 500,000 users, using machine learning to assess creditworthiness and cut the loan wait time from an average of two weeks down to just a few hours.

BEES Marketplace Key Metrics (2025)	Q3 2025 Performance	Q1 2025 Performance
Gross Merchandise Value (GMV) Growth	100% (Year-over-Year)	-
Annualized GMV	BRL 8 billion	-
Monthly Active Buyers Growth	-	High-single digits (Year-over-Year)
Customers Purchasing Non-Ambev Products Growth	-	Low teens (Year-over-Year)

Product quality assurance with 100% of production facilities ISO 9001 certified

Product quality is a non-negotiable foundation of the brand value. Ambev S.A. maintains stringent quality controls, essential for a global beverage company.

The company's global management system, VPO (Voyage Planning Optimization), is developed and maintained by considering internationally accepted standards, including global food safety standards such as ISO 9001 and GFSI (Global Food Safety Initiative). This commitment to world-class operational standards is what assures retailers and consumers of consistent quality, batch after batch.

Commitment to sustainability, targeting 100% renewable electricity by 2025

In 2025, sustainability is not just a PR move; it's a core operational value proposition that resonates with consumers, investors, and regulators. Ambev S.A. is driving hard toward its 2025 sustainability goals.

The company is committed to sourcing 100% of its purchased electricity from renewable sources by the end of 2025. This is a massive undertaking, and it's well underway:

• Contracted Renewable Electricity: Over 80% of their electricity has been contracted as renewable.
• Operational Renewable Electricity: They are close to 40% operational on their renewable electricity goal.
• Emissions Reduction: They also aim for a 35% reduction in absolute GHG emissions in their direct operations (Scopes 1 and 2) by 2025 from a 2017 base year.

This commitment reduces long-term operational risk and provides a clear brand value for the growing segment of environmentally conscious consumers.

Ambev S.A. (ABEV) - Canvas Business Model: Customer Relationships

Ambev S.A. has successfully shifted its customer relationship strategy to a hybrid model, blending high-tech, automated digital platforms with a highly trained, human sales force. This dual approach allows for efficient, low-cost self-service for routine transactions while preserving high-touch, consultative relationships for strategic on-trade partners and large retailers.

The core of this strategy is data-driven, using the digital ecosystem to generate insights that inform both automated recommendations and the sales team's advisory role. This keeps the relationship authoritative, but focused on helping the customer grow their business, defintely a smart move.

Automated, transactional self-service via the BEES B2B e-commerce platform

The BEES (Business-to-Business Easy Ordering System) platform is Ambev's primary relationship channel with its retail customers (Points of Sale or PoS). It is an automated, self-service tool that empowers small and medium-sized retailers to manage their inventory and ordering 24/7, reducing reliance on traditional sales visits for basic transactions.

This digital relationship is scaling aggressively in 2025. In the third quarter of 2025, the consolidated marketplace Gross Merchandise Value (GMV)-the total value of goods sold-grew by a massive 100% year-over-year. Specifically in Brazil, the GMV expanded by over 120%. This growth demonstrates that B2B customers are rapidly adopting the self-service model, deepening their relationship with Ambev through the platform.

Here's the quick math: The Marketplace GMV reached an annualized BRL8 billion in Q3 2025, a clear indicator of the scale of this transactional relationship. Furthermore, customer engagement is strong, as the average number of Stock Keeping Units (SKUs) purchased per point of sale increased by 60% year-over-year in Q3 2025, meaning retailers are using BEES to buy more than just Ambev's core products.

The platform embeds Ambev into the retailer's operations by offering:

• Automated order placement and scheduling.
• Real-time pricing and exclusive promotions.
• Access to third-party products (marketplace).
• Financial services, such as short-term credit.

Direct-to-Consumer (DTC) engagement and convenience through Zé Delivery

Zé Delivery is Ambev's flagship Direct-to-Consumer (DTC) platform in Brazil, offering convenience by delivering cold beverages quickly. This relationship is purely transactional and convenience-based, bypassing traditional retail channels to capture the end-consumer's purchase data and loyalty.

The platform continues its strong growth trajectory in 2025. In the third quarter of 2025, Zé Delivery's Gross Merchandise Value (GMV) grew by 7%, while its Monthly Active Users (MAUs) expanded by 11%. This is a critical metric because it shows the user base is growing faster than the GMV, indicating a healthy expansion of the customer funnel.

The platform's reach is substantial, covering over 700 cities across Brazil and reaching almost 70% of the country's population. The Average Order Value (AOV) also grew by 9% in Q3 2025, showing that existing customers are spending more per transaction. This DTC model is all about fast service and cold product ready to consume.

Loyalty programs, like Brahma Club, with over 2.5 million active members

Ambev maintains a dedicated loyalty relationship to foster brand affinity and repeat purchases, primarily through programs like Brahma Club. This is a mass-market, rewards-based relationship designed to drive volume and gather consumer data.

The Brahma Club program has an established scale of over 2.5 million active members, focusing on exclusive benefits and experiences to keep customers within the Brahma brand ecosystem. This type of relationship is crucial for defending market share, especially in a competitive environment where brand switching is easy.

The loyalty program is a classic retention tool, but it's now deeply integrated with the digital channels. For example, points earned from purchases can be redeemed for merchandise, creating a continuous loop between consumption and reward. What this estimate hides is the true redemption rate, which is the real cost of the program.

Dedicated sales force for large-format retailers and on-trade (bars/restaurants)

While digital platforms handle the bulk of transactional volume, a dedicated human sales force maintains the consultative relationship with key accounts, such as large-format retailers and on-trade establishments (bars and restaurants). This is a partnership-based relationship, offering deep personal assistance.

The role of the sales force has evolved significantly, moving from being mere 'order takers' to 'Business Developers.' They use the data and insights generated by the BEES platform to recommend solutions that help the retailer grow their business, rather than just pushing product. The total Ambev employee count is approximately 42,167 as of October 2025, representing the human capital that supports this hybrid model, with the sales team being a key component.

This hybrid approach is essential because on-trade accounts often require complex, personalized support for things like equipment installation, promotional planning, and credit access, which simple automation cannot handle. This table summarizes the relationship types:

Customer Segment	Relationship Type	Primary Channel/Platform	2025 Key Metric (Q3)
Small/Medium Retailers (B2B)	Automated/Transactional Self-Service	BEES B2B E-commerce Platform	Marketplace GMV grew 100%
End Consumers (B2C)	Direct-to-Consumer (DTC) Convenience	Zé Delivery App	Monthly Active Users grew 11%
Mass Market Consumers	Loyalty & Retention	Brahma Club	Over 2.5 million active members
Large Retailers & On-Trade	Personal Assistance & Consultative	Dedicated Sales Force (Business Developers)	Sales force leverages BEES data for advisory role

Ambev S.A. (ABEV) - Canvas Business Model: Channels

Direct distribution network (DDN) to retailers, bars, and restaurants

You need a physical backbone to move billions of liters of product, and Ambev's Direct Distribution Network (DDN) remains the foundational channel, even as digital adoption surges. This system ensures product availability across a highly fragmented retail landscape in Brazil, which includes approximately one million points of sale.

The DDN operates through a dual model in Brazil: an owned direct distribution system and a network of exclusive third-party distributors. The owned system involves more than 106 distribution centers across the regions, managing logistics and employing dedicated sales teams. This structure allows Ambev to maintain tight control over product quality, cold chain management, and in-store execution, which is defintely a core competitive advantage.

The DDN's primary function is to serve the traditional on-trade and off-trade channels-bars, restaurants, bakeries, and small grocery stores-ensuring a consistent presence where consumers buy single-serve, cold products. This channel's efficiency is now being supercharged by BEES, but the physical delivery assets are still the key to the last mile.

BEES Marketplace, a B2B platform for retailer ordering and logistics

The BEES Marketplace (Business-to-Business Easy Ordering System) is the digital transformation of the traditional DDN, shifting retailer ordering from in-person sales visits to a mobile platform. This move deepens the relationship with over 6 million customers globally, making Ambev an embedded business partner, not just a supplier.

For Ambev, this B2B platform is a massive growth engine. In the first quarter of 2025, the platform reached 1.4 million monthly active buyers in the Ambev footprint. The platform's Gross Merchandise Value (GMV) is soaring, with the marketplace portion of BEES growing by 90% in Q2 2025, and a staggering 100% GMV increase specifically in Brazil.

BEES is more than just an ordering app; it's a monetizable ecosystem that includes third-party products, credit solutions, and logistics services. The platform is driving incremental sales by increasing the number of products sold per point of sale. Here's the quick math on scale:

Metric (Ambev/AB InBev)	Q1 2025 Value	Q2 2025 Value
Ambev Monthly Active Buyers	1.4 million	N/A (Latest available is Q1)
Global BEES GMV (Q1)	$11.6 billion	$11.7 billion
Ambev Brazil BEES Marketplace GMV Growth (YoY)	N/A	100%

Zé Delivery, the primary DTC mobile app for end-consumer delivery

Zé Delivery is Ambev's primary Direct-to-Consumer (DTC) mobile app, a critical channel for capturing high-margin, immediate consumption occasions. The app's value proposition is simple: cold drinks delivered fast, which bypasses traditional retail friction. This channel is the fastest growing for Ambev.

The platform's reach is significant, operating in over 700 cities and reaching nearly 70% of the total population of Brazil as of late 2024. This scale allows for deep consumer data collection and targeted marketing.

Growth remains strong in 2025, with Zé Delivery fulfilling almost 17 million orders in Q1 2025, representing a 5% increase year-over-year. The platform's Gross Merchandise Value (GMV) grew by 15% in Q1 2025 and continued with a 7% GMV increase in Q2 2025, supported by an 11% rise in Average Order Value (AOV).

Traditional retail (supermarkets, convenience stores) and wholesalers

While the digital channels grab headlines, traditional retail-supermarkets, hypermarkets, convenience stores, and wholesalers-still account for a substantial volume of sales. These channels rely on the efficiency of Ambev's core DDN and third-party distributor network for bulk delivery and shelf stocking.

The key to this channel is the sheer volume and the ability to manage a diverse portfolio, from high-volume core brands to premium offerings like Stella Artois and Corona. The traditional channel faces pressure from a soft industry environment, especially in on-trade consumption (bars and restaurants), which has suffered from reduced consumer spending in 2025.

Ambev's strategy here is to use the data and insights gained from BEES to optimize pricing and promotions within these traditional retail partners. They are leveraging their digital platforms to strengthen the core business by providing better service to the one million points of sale.

• Maintain shelf presence across all one million points of sale.
• Use 146 exclusive third-party distributors for market penetration.
• Prioritize premium and super-premium brands, which are gaining market share.

Ambev S.A. (ABEV) - Canvas Business Model: Customer Segments

You're looking for a clear map of who Ambev S.A. is actually selling to in late 2025, and the answer is a carefully segmented, multi-tiered consumer base that stretches from the mass market to the premium and health-conscious niches. The company's strategy is not just about volume anymore; it's about maximizing revenue per hectoliter (NR/hl) by trading consumers up, even when overall volume dips.

Here's the quick math: Ambev's total revenue for the twelve months ending September 30, 2025, was approximately $15.880 billion, and that number is built on distinct customer groups, each targeted with a specific portfolio and distribution channel. The core of the business still lies in its dominant position in Brazil, where it holds over 60% of the beer market share.

Mass-market consumers (Core brands like Skol, Brahma) in Brazil and Latin America

This segment represents the volume backbone of Ambev S.A., consisting of everyday consumers across Brazil and the Latin America South (LAS) region who prioritize value and established local brands. Core brands like Skol, Brahma, and Antarctica are strategically priced to maintain market dominance, especially in Brazil, which accounts for the bulk of the company's EBITDA.

While this segment saw some volume volatility-Brazil beer volumes declined 7.7% in Q3 2025 due to industry softness-the core strength remains the sheer scale and ubiquity of these brands. The goal here is high-frequency purchasing and maintaining the widest possible distribution footprint. Skol, for instance, is a top-selling brand in 17 Brazilian states, showing its deep penetration.

Affluent consumers seeking high-end products (Premium brands like Corona, Stella Artois)

This is the high-margin growth engine, targeting middle-to-upper-class consumers willing to pay a premium for imported or super-premium domestic offerings. Ambev S.A.'s intense focus on premiumization has been a cornerstone of its 2025 success, boosting overall profitability.

As of Q1 2025, premium brands like Corona, Stella Artois, and Budweiser accounted for 22% of total beer volumes, a significant jump from 18% in 2024. This shift is defintely working. Premium beer sales grew by a strong 11.2% globally in Q1 2025, with brands like Corona and Stella Artois seeing low-to-mid-twenties expansion in Brazil. The strategy here is clear: drive margin expansion through higher-priced products.

Small and medium-sized traditional retailers and bars across Latin America

This segment is less about the end consumer and more about the critical business-to-business (B2B) customer-the local retailer, the bar owner, and the small market. These are the gatekeepers for product availability, and Ambev S.A. is digitizing its relationship with them to cut costs and improve service.

The company's digital ecosystem is the key channel here. The BEES Marketplace, a B2B platform for small retailers, achieved a massive 60% growth in Gross Merchandise Value (GMV) in Q1 2025. This platform streamlines ordering, logistics, and inventory for over 1.3 million monthly active buyers. Also, the direct-to-consumer (DTC) platform, Zé Delivery, is crucial for capturing last-mile sales, boosting online sales by 15% in 2025.

Health-conscious consumers (Balanced Choice and non-alcoholic beer portfolio)

The consumer trend toward moderation and health is a clear opportunity, and Ambev S.A. is aggressively segmenting for it with its Balanced Choice and non-alcoholic beer (NAB) portfolio. This group seeks low-sugar, no-alcohol, or lower-calorie alternatives.

The numbers show this is a high-growth area: non-alcoholic beer volumes surged by 40% in Q1 2025. Specific brand performance highlights the demand:

• Non-alcoholic beer revenue grew 34% in Q1 2025.
• Michelob Ultra grew over 60% in H1 2025.
• Stella Pure Gold more than doubled its volumes in H1 2025.
• Non-alcoholic and low-alcohol brands represented around 2.5% of total volumes in H1 2025, up from 1.4% last year.

The non-sugar carbonated drinks (NAB) segment, including brands like Guaraná Antarctica Zero, also saw volumes rise by 3.2% in Q1 2025.

Customer Segment	Primary Brands/Products	2025 Key Performance Indicator (KPI)	Strategic Focus
Mass-Market Consumers	Skol, Brahma, Antarctica, Presidente	Brazil Beer Market Share: Over 60% (early 2025)	Volume maintenance, brand ubiquity, value pricing.
Affluent Consumers	Corona, Stella Artois, Budweiser, Beck's	Premium Brands Volume Share: 22% of total beer volumes (Q1 2025)	Premiumization, NR/hl growth, margin expansion.
Traditional Retailers & Bars (B2B)	All products, facilitated by digital platforms	BEES Marketplace GMV Growth: 60% (Q1 2025)	Digital distribution, operational efficiency, B2B loyalty.
Health-Conscious Consumers	Corona Cero, Brahma 0.0, Michelob Ultra, Guaraná Antarctica Zero	Non-Alcoholic Beer Volume Growth: Surged 40% (Q1 2025)	Portfolio diversification, capturing moderation trend, high-growth niche.

Ambev S.A. (ABEV) - Canvas Business Model: Cost Structure

The cost structure for Ambev S.A. is fundamentally a high-volume, cost-leadership model, but with a critical layer of volatility management due to its heavy reliance on foreign-denominated raw materials. The company's focus is on disciplined cost and expense management to protect its consolidated EBITDA margins, even amid softer volumes in key markets like Brazil.

Here's the quick math: Despite volume challenges, the cost initiatives have led to margin expansion, with the Normalized EBITDA margin growing by 120 basis points in the first nine months of 2025 (YTD25).

The core of the cost base is split across production (COGS), logistics, and a substantial investment in sales and marketing to drive premiumization and digital reach. The company's scale allows for significant vertical integration and efficiency gains, which are essential to offset currency and commodity headwinds.

Cost Component (YTD September 30, 2025)	Amount (BRL million)	Key Insight
Net Revenue	63,434.8	The base against which all costs are measured.
Cost of Goods Sold (COGS)	(31,111.9)	Represents approximately 49.0% of Net Revenue.
Distribution Expenses	(8,016.7)	A significant portion of SG&A, reflecting the vast geographic footprint.
Sales and Marketing Expenses	(6,162.7)	The investment engine for brand equity and premium portfolio growth.
Administrative Expenses	(4,270.2)	General overhead, managed tightly for efficiency.
Total SG&A Expenses (Excluding Other Op. Inc/Exp)	(18,449.6)	Sum of Distribution, Sales & Marketing, and Administrative expenses.

Cost of Goods Sold (COGS), heavily impacted by raw materials (FX and commodities are 45% of cash COGS).

The Cost of Goods Sold (COGS) is the single largest cost component, totaling BRL 31,111.9 million for the first nine months of 2025. The primary risk here is currency and commodity exposure, as foreign exchange (FX) and commodities, such as aluminum and barley, account for approximately 45% of the company's cash COGS. This exposure is largely managed through hedging programs, which lock in prices before the start of the year, providing a degree of cost certainty.

The real battleground is the remaining 55% of cash COGS, where management has direct control. Cost efficiency initiatives, including SKU optimization (reducing the number of product variations) and verticalized production, were key to managing cost escalation. For example, the Cash COGS per hectoliter (hl), excluding the marketplace, increased by 7.4% in 3Q25, partially offset by these cost efficiency efforts.

Logistics and distribution expenses due to extensive geographic reach.

Logistics and distribution expenses are a critical and substantial part of the operating costs, totaling BRL 8,016.7 million for YTD25. This is a direct consequence of Ambev S.A.'s extensive geographic reach across Latin America and Canada, requiring a massive network of breweries, warehouses, and distribution centers. The sheer scale of the operation means distribution costs are a significant lever for operational leverage (the ability to grow profit faster than revenue).

The company has demonstrated strong expense management in this area. Cash SG&A, which includes distribution costs, declined by 6.5% in 2Q25, primarily led by lower distribution and administrative expenses, even amid volume declines. This cost discipline is a defintely necessary countermeasure to the soft industry volumes experienced in 2025.

Sales, General, and Administrative (SG&A) costs, including marketing and digital investments.

Total Sales, General, and Administrative (SG&A) expenses amounted to BRL 18,449.6 million for the nine months ended September 30, 2025. This cost category is strategic, representing the investment in brand equity, market share, and future growth channels. Sales and marketing expenses alone accounted for BRL 6,162.7 million YTD25.

• Digital Ecosystem Growth: A key investment area is the digital ecosystem, particularly the B2B marketplace, which saw its gross merchandise value (GMV) grow by 90% in 2Q25, with a 100% increase in Brazil.
• Cost Control: Despite the strategic investments, Cash SG&A per hectoliter decreased by 3.9% in 3Q25, reflecting disciplined expense management.
• Premiumization Focus: Marketing spend is heavily skewed toward premium and super-premium brands, which achieved low teens growth in 2Q25, driving favorable brand mix and higher revenue per hectoliter.

Capital Expenditures (CapEx) for maintaining and expanding brewing facilities.

Capital Expenditures (CapEx) represent the investment necessary to maintain and expand the company's vast production and logistics infrastructure. This is crucial for supporting both its core beer business and the growth of its non-alcoholic beverage (NAB) and premium segments.

While the full-year 2025 official CapEx guidance is not explicitly detailed in the public Q3 reports, the cash flow statement provides a clear picture of the investment pace. Cash flow used in investing activities, which is primarily CapEx, was BRL 1.2 billion negative in 3Q25 alone. This consistent investment is a core part of the capital allocation strategy, ensuring the long-term operational health of the brewing facilities and distribution network.

The goal isn't just maintenance; it's capacity expansion to support the shift towards higher-margin products and to continue the vertical integration that helps control the variable portion of COGS.

Ambev S.A. (ABEV) - Canvas Business Model: Revenue Streams

Ambev S.A.'s revenue streams are primarily driven by the high-volume sale of beer and non-alcoholic beverages, but a significant and growing portion now comes from disciplined pricing strategies and their expanding digital commerce ecosystem. The company's Trailing Twelve-Month (TTM) Revenue as of late 2025 stands at approximately $16.07 Billion USD, showing the scale of their core operations and the early monetization of new digital channels.

Core product sales: Beer and non-alcoholic beverages (NABs) volume sales

The vast majority of Ambev's revenue still comes from the direct sale of its extensive portfolio of alcoholic (beer) and non-alcoholic beverages (NABs). While overall volume has faced headwinds-like the 5.9% year-over-year volume drop across all segments in Q3 2025, partly due to a colder winter in Brazil-the revenue stream remains resilient. This is a classic consumer staples model: high-frequency, high-volume transactions across a massive geographic footprint.

The volume performance is segmented, showing where the growth engine is working:

• Premium and Super Premium brands grew volumes by more than 9% in Q3 2025, a critical driver of value.
• Q1 2025 total volumes declined by 2.2%, with beer volumes down 2.5%, highlighting market softness.
• The non-alcoholic beer portfolio saw a 34% increase in revenue in Q1 2025, showing strong diversification.

Net Revenue per Hectoliter growth driven by price increases and premium brand mix

A key financial lever for Ambev is the growth in Net Revenue per Hectoliter (Net Rev/hl), which reflects the combined impact of price increases and the shift toward higher-margin premium brands (premiumization). This metric is defintely a core focus for management because it allows revenue to grow even when total volumes are flat or slightly declining.

Here's the quick math on the recent price and mix impact:

Metric	Time Period	Growth Rate	Key Driver
Net Revenue per Hectoliter Growth	Q3 2025	7%	Disciplined revenue management and premium mix.
Net Revenue per Hectoliter Growth	Q2 2025	4.9%	Revenue management initiatives and premiumization.
Net Revenue per Hectoliter Growth	Q1 2025	3.7%	Disciplined revenue management and ongoing premiumization.

Digital platform revenue: commissions/fees from the BEES Marketplace

The company is aggressively monetizing its route-to-market through its digital ecosystem, primarily the BEES B2B platform (Business-to-Business Easy Ordering System). This revenue stream is a mix of direct sales of Ambev products and commissions/fees earned from third-party product sales through the BEES Marketplace.

The growth in Gross Merchandise Value (GMV)-the total value of goods sold through the platform-is a direct indicator of this new revenue stream's potential. The Marketplace GMV from third-party sales is a pure commission-based revenue stream that diversifies the business beyond just selling its own beverages.

• The annualized GMV for the BEES Marketplace reached BRL 8 billion as of Q3 2025.
• GMV from sales of third-party products grew by 63% in Q2 2025, reaching $785 million USD for the quarter.
• The direct-to-consumer (DTC) platform, which includes Zé Delivery in Brazil, also contributed $275 million USD in Q1 2025 revenue.

Total Trailing Twelve-Month (TTM) Revenue of approximately $16.07 Billion USD (as of 2025)

The consolidated TTM revenue provides the overall picture of the company's earning power. As of late 2025, the TTM revenue is approximately $16.07 Billion USD. This figure is a critical benchmark for evaluating the effectiveness of both the core sales engine and the new digital monetization efforts.

Dividends paid to shareholders, totaling BRL 6 billion for the year (announced 2025)

While not an operating revenue stream, the commitment to returning cash to shareholders is a key financial decision supported by the company's revenue generation. Ambev announced a total dividends payment of BRL 6 billion for the year 2025, demonstrating strong cash flow and a shareholder-friendly policy. This is a direct outcome of the healthy revenue and profit conversion from the underlying business model.

Finance: draft a detailed breakdown of the BEES commission structure by the end of the month.