Ambev has an adjusted profit of R$4.4 billion in the 3rd quarter and exceeds analyst estimates
The balance sheet shows an increase of more than 14% in adjusted profit and 8.9% in organic Ebitda, while reported profit fell 10.2% in the annual comparison.
BY THE X-TRADER NEWS NEWSROOM · REPORTING FROM MONEY TIMES · 2 MIN
Ambev (ABEV3) presented adjusted net profit of around R$4.4 billion in the third quarter of 2026, an increase of more than 14% compared to a year before, according to Money Times. The number exceeded analysts' estimates of R$3.9 billion, compiled by LSEG and also cited by InfoMoney based on IBES. The balance was released in the early hours of Thursday (29).
Based on the reported profit, however, the picture is different. According to InfoMoney, net profit for the period totaled R$4.37 billion, a drop of 10.2% compared to R$4.86 billion in the third quarter of 2025. Money Times attributes the decline to the absence of non-recurring tax effects recorded in 2025 and the impacts of divestment in Barbados.
In the operation, adjusted EBITDA reached R$7.27 billion, with organic expansion of 8.9% and a margin 0.4 percentage points higher, according to Money Times. Consolidated organic net revenue rose 7.6%, and net revenue per hectoliter (NOR/hl) increased 6.8%.
According to InfoMoney, the increase in adjusted profit came from the growth in EBITDA and lower net financial expenses. The higher income tax expense appears as a partial counterpoint, that is, it reduced part of the gain. What draws the most attention is the divergent trajectory of the two metrics: one rises, the other falls.
What is at stake is the quality of the result. When adjusted profit grows while reported profit declines, the market needs to separate recurring performance from one-off items, such as tax effects and the operation in Barbados.
What changes for the investor
For those who follow ABEV3, the balance sheet has two readings. The adjustment shows revenue, margin and Ebitda advancing and a profit above what analysts predicted. The reported decline is linked, according to Money Times, to non-recurring tax effects from 2025 and disinvestment in Barbados. It is worth monitoring how these two factors evolve in future releases, as they help to understand whether the distance between the two measures tends to decrease. This article does not provide a purchase or sale recommendation or price projections.
Automatically translated from Portuguese.
