Ambev reports second-quarter growth as analysts rate Ambev stock Reduce

Published on 10/02/2026 at 05:32 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Normalized EPS rose 24.20 percent in the second quarter of 2026. Ambev stock faces a Reduce consensus from six analysts and a USD 3.08 target.

Ambev, BRABEVACNOR1, Illustration mit AI erstellt.

Ambev (BRABEVACNOR1) delivered 24.20 percent growth in normalized earnings per share to BRL 0.22 in the second quarter of 2026, while analysts kept a Reduce consensus on Ambev stock. The results were published in the company's second-quarter reporting cycle on September 18, 2026, according to ScanX News, while MarketBeat reports the current analyst view and a USD 3.08 average target.

Profit growth outpaced revenue

Ambev's net revenue rose 6.00 percent organically in the second quarter of 2026, while normalized EBITDA increased 8.90 percent to BRL 6.40 billion, according to ScanX News. The difference between revenue and normalized EBITDA growth points to operating leverage, with the company expanding its normalized EBITDA margin by 80 basis points.

The earnings-per-share increase was stronger still. Normalized EPS climbed 24.20 percent to BRL 0.22, giving investors a quantified comparison between earnings growth and the 6.00 percent rise in net revenue.

Beer volumes support the mix

Beer volumes in Brazil increased 5.00 percent in the second quarter of 2026, while premium volumes grew nearly 20.00 percent, ScanX News reported. The premium contribution matters because it supports mix improvement even as Ambev invests in brands and distribution.

The company also reported operating cash flow of BRL 7.90 billion for the first half of 2026, up more than 80.00 percent year over year, according to ScanX News. That cash generation supported shareholder distributions and gives the results a second financial support beyond reported earnings.

Analysts keep a cautious view

MarketBeat reports that six analysts assign Ambev a Reduce consensus, with five Hold ratings and one Sell rating. The average 12-month price target is USD 3.08, while the latest quarterly earnings per share figure of USD 0.04 matched the consensus estimate and revenue of USD 3.89 billion came below the USD 4.05 billion forecast.

The contrast is clear: operating profitability improved in the second quarter, but the revenue comparison against expectations remains a constraint for the analyst view. That makes normalized EBITDA growth and cash conversion important measures for the next reporting period.

Ambev listing and business profile

Ambev S.A. is listed on B3 under ticker ABEV3 and operates in the Consumer Defensive sector and alcoholic beverages industry. Its business spans beer, soft drinks and other beverages across the Americas, with Brazil, Central America and the Caribbean, Latin America South, and Canada as its main geographic divisions.