Oct 29, 2026 earnings call — Brazil beer recovery and digital growth
Net revenue grew 7.6% and normalized EBITDA increased 8.9% in Q3.
Revenue $4.0B (est $4.2B) · EPS $0.05 (est $0.05)
Key quotes
"Nielsen indicates that our sellout grew approximately 3.5% over the same two-quarter period, higher than reported sell-in."
"Over 80% of our customer base has already bought through Marketplace, and GMV grew above 80% in both the quarter and year-to-date, supported by the continued expansion of 3P."
"Better sourcing, increased vertical integration, and continuous improvement across our operations generated approximately 450 million reais of non-commodity savings year-to-date, helping offset a meaningful part of those pressures."
Analyst Q&A 7
Brazil beer pricing and affordability
Q (Henrique Brustolin · Bradesco): He asked how much room there is to raise Brazil beer prices given affordability and the company's pricing power and market share gains.
A: They said their approach is unchanged: manage revenue per hectoliter to broadly track inflation while protecting affordability and profitability. Year to date net revenue per hectoliter grew 5.8% in Brazil and Q3 exclusion of Marketplace rose 4.8% versus CPI about 5.4%. They also said price relativity stayed above last year while the portfolio gained share.
"Managed revenue per hectoliter broadly in line with inflation over time, protecting both, as you said." — Carlos Lisboa (CEO)
Mix vs price effects and carryover
Q (Thiago Duarte · BTG): He asked how to separate mix and channel effects from pure pricing, and how comfortable management is with pricing carrying into next year.
A: They said results reflect two components: consistent pricing execution and portfolio evolution, especially innovations that differentiate the offer. Brand power is at a five-year high and equity is converting to share across segments, channels and regions, so they feel confident about momentum into 2027 despite a volatile context.
"We are gaining share, Thiago, not depending only on one segment, one channel, one region." — Carlos Lisboa (CEO)
Potential new alcohol excise tax impact
Q (Lucas Ferreira · JPMorgan): He asked if management can help the market estimate a tax-neutral level for a proposed Sin Tax and how to do the math once the government number is released.
A: They said they will communicate details as soon as they have more visibility. They reminded that Brazil beer already faces a tax burden above 50% of the final price and that the company supports simplifying the tax system while preserving tax neutrality. They said shared services are focused on the topic and they will come back when they have more details.
"Brazil beer already faces one of the highest tax burden, more than 50% of the final price to consumers going to tax." — Carlos Lisboa (CEO)
Profit drivers in Latin America South (LAS)
Q (Ben Theurer · Barclays): He asked what drove LAS margin expansion despite volume declines — commercial actions, market conditions, or raw material effects.
A: They said LAS had sequential beer volume recovery in parts and delivered strong top- and bottom-line growth led by revenue management. Net revenue grew 21.4% (23.6% excluding Marketplace) and Normalized EBITDA and gross margin expanded significantly, helped by market specifics like a profitable recovery in Bolivia and portfolio and digital initiatives in Argentina.
"Net revenue grew 21.4% with net revenue practically excluding Marketplace up 23.6%, which is ahead of inflation and led by a consistent revenue management strategy that we have in place this year, right?" — Carlos Lisboa (CEO)
Value of direct-to-consumer platform Zé
Q (Felipe Ucros · Scotiabank): He asked how Zé’s direct consumer data is used for insight and innovation, and how it differs from third-party approaches.
A: They said Zé connects roughly 20 million consumers annually and is used to test and scale new portfolio solutions across channels. Zé shows higher premium weight (premium 60% higher than industry average), lets them learn faster and cheaper, and provides direct consumer signals to guide innovation and assortment decisions.
"But specifically about Zé Brazil, as you mentioned, currently, we connect roughly with 20 million consumers annually." — Carlos Lisboa (CEO)
Retail inventory and sell-in vs sell-out
Q (Gustavo Troyano · Itaú): He asked whether retailers reduced inventory because sell-out outpaced sell-in and what inventory levels look like versus history or share strategy.
A: They said comparing 2026 to 2023–2024 is misleading because those years had exceptional disposable income and weather. Nielsen shows Q2–Q3 sell-in 2.7% and sell-out 3.5%, and they explained the difference as market share gains. They believe current inventory is the right level to enter Brazil's high season.
"That difference is explained by market share gains." — Carlos Lisboa (CEO)
Impact of online betting ban on consumption
Q (Guilherme Palhares · Santander): He asked how the recent ban on online betting affects disposable income, consumption, and competition for marketing spend.
A: They said they are following the debate and that stakeholders express concern online betting may reduce consumption when it increases debt. They noted ABRAS reported signs of improved household consumption after betting restrictions and emphasized they will keep focusing on what they can control and continue executing their strategy and customer support.
"If there is one shared concern, is that online betting may be impacting consumption, particularly when it leads to increased debt." — Carlos Lisboa (CEO)