AMBEV S.A. Business Summary

Ambev S.A. (ABEV) operates a vertically integrated business model focused on the production, distribution, and sale of alcoholic and non-alcoholic beverages across 18 countries in the Americas. Revenue is primarily generated through high-volume product sales of an extensive brand portfolio, including global labels like Corona and Budweiser, regional leaders such as Skol, Brahma, and Antarctica, and its exclusive bottling and distribution rights for PepsiCo products in Brazil. The company’s operations are structured into four primary segments: Brazil (Beer and Non-Alcoholic), Central America and the Caribbean (CAC), Latin America South (LAS), and Canada. As the largest brewer in Latin America, Ambev maintains a dominant market position with over 60% of the Brazilian beer market share, competing directly with global powerhouses like Heineken N.V. and Molson Coors, as well as regional rivals such as Grupo Petrópolis and The Coca-Cola Company. Its competitive advantage is sustained through unmatched distribution scale and a strategic focus on premiumization and digital B2B/B2C platforms. Ambev was formed in 1999 through the landmark merger of Brahma and Antarctica, architected by 3G Capital founders Jorge Paulo Lemann, Marcel Telles, and Carlos Alberto Sicupira. The current leadership team is headed by CEO Carlos Eduardo Klutzenschell Lisboa, a veteran executive who assumed the role in January 2025 after serving as AB InBev’s Middle Americas Zone President, and CFO Guilherme Fleury de Figueiredo Ferraz Parolari, who transitioned from AB InBev’s M&A leadership in April 2025. The company is a key subsidiary of Anheuser-Busch InBev, which holds a 61.8% controlling interest, and is overseen by a board of directors chaired by AB InBev CEO Michel Doukeris. Following the March 2026 resignation of IT Vice President Eduardo Eiji Horai, the company continues to leverage a deep executive bench from the AB InBev ecosystem, supported by major institutional investors including Fundação Antonio e Helena Zerrenner, BlackRock, and Vanguard.