Ambev S.A. (ABEV): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en la brillantez estratégica de Ambev S.A., una potencia de bebidas que ha transformado magistralmente el paisaje de bebidas brasileñas y latinoamericanas. Con un lienzo de modelo de negocio dinámico que combina la innovación, la comprensión del mercado y las asociaciones estratégicas, Ambev ha surgido como un titán en la industria de la cerveza, aprovechando Fortalezas clave a través de la producción, marketing y distribución. Desde las icónicas marcas Skol y Brahma hasta un enfoque sofisticado que se dirige a diversos segmentos de consumo, esta exploración revela cómo Ambev ha creado un modelo de negocio resistente y adaptable que continúa dominando el mercado con precisión y creatividad.

Ambev S.A. (ABEV) - Modelo de negocios: asociaciones clave

Alianza estratégica con InBev Global Network

Ambev opera como una subsidiaria de Anheuser-Busch InBEV (AB InBev), con una red de asociación global que abarca más de 50 países. La asociación 2023 generó $ 57.4 mil millones en ingresos netos consolidados para AB InBev.

Tipo de asociación	Detalles clave	Impacto anual
Colaboración de redes globales	Subsidiaria AB InBev	$ 57.4 mil millones de ingresos
Alcance geográfico	Más de 50 países	Múltiples continentes

Asociaciones de distribución con cadenas minoristas

Ambev mantiene acuerdos de distribución estratégica con las principales redes minoristas brasileñas.

• Grupo Pão de Açúcar: más de 2,200 ubicaciones minoristas
• Carrefour Brasil: más de 1.800 tiendas en todo el país
• Atacadão: 276 centros de distribución al por mayor

Proveedores agrícolas para materias primas

Ambev Fuente materiales agrícolas a través de extensas redes de asociación.

Materia prima	Volumen anual	Proveedores principales
Cebada	450,000 toneladas métricas	Río Grande do Sul Farmers
Maíz	350,000 toneladas métricas	Cooperativas agrícolas de Mato Grosso

Proveedores de tecnología para la innovación de elaboración

Ambev invierte en asociaciones tecnológicas para avances de elaboración de cerveza.

• Siemens: sistemas de automatización de elaboración de cerveza
• SAP: Gestión de recursos empresariales
• IBM: análisis de datos e integración de IA

Marcas de bebidas locales e internacionales

Ambev mantiene diversas asociaciones de colaboración de marca.

Tipo de asociación	Ejemplos de marca	Segmento de mercado
Asociaciones locales	Skol, Brahma, Antártida	Mercado de cerveza brasileña
Colaboraciones internacionales	Budweiser, Corona, Stella Artois	Cartera de cerveza global

Ambev S.A. (ABEV) - Modelo de negocio: actividades clave

Producción de cerveza y bebidas

Ambev opera 36 instalaciones de producción en América Latina a partir de 2023. La capacidad de producción anual alcanza 21.4 mil millones de litros de bebidas. Las instalaciones de producción se encuentran en Brasil, Argentina, Bolivia, Chile, Paraguay y Uruguay.

Métrica de producción	2023 datos
Instalaciones de producción totales	36
Capacidad de producción anual	21.4 mil millones de litros
Países con producción	6 países latinoamericanos

Marketing y promoción de la marca

El gasto de marketing en 2023 fue de R $ 5.2 mil millones. Las estrategias de marketing clave se centran en canales digitales y patrocinios deportivos.

• Presupuesto total de marketing: R $ 5.2 mil millones
• Asignación de marketing digital: 42% de gasto de marketing
• La cartera principal de la marca incluye Skol, Brahma, Antártica, Corona

Gestión de distribución y logística

Ambev mantiene 420 centros de distribución en América Latina. La red logística cubre más de 1,4 millones de puntos minoristas.

Métrica logística	2023 datos
Centros de distribución	420
Cobertura minorista	1.4 millones de puntos

Investigación y desarrollo de productos

La inversión de I + D en 2023 fue de R $ 380 millones. Las áreas de enfoque incluyen nuevas innovaciones de bebidas y tecnologías de sostenibilidad.

• Inversión anual de I + D: R $ 380 millones
• Nuevos lanzamientos de productos en 2023: 12 variantes de bebidas
• Centros de innovación: 3 instalaciones de investigación dedicadas

Sostenibilidad e iniciativas ambientales

Las inversiones de sostenibilidad alcanzaron R $ 450 millones en 2023. La eficiencia del agua y la reducción de carbono son las áreas de enfoque principales.

Métrica de sostenibilidad	2023 datos
Inversión total de sostenibilidad	R $ 450 millones
Reducción del uso del agua	17% en comparación con la línea de base 2020
Objetivo de reducción de emisiones de carbono	25% para 2025

Ambev S.A. (ABEV) - Modelo de negocios: recursos clave

Instalaciones de elaboración extensas

Ambev opera 36 instalaciones de producción en Brasil a partir de 2023. La capacidad de producción total alcanza 21.5 mil millones de litros anuales.

Ubicación	Número de instalaciones	Capacidad anual (mil millones de litros)
Brasil	36	21.5

Cartera de marca

Marcas clave:

• Skol: participación de mercado del 35,5% en Brasil
• Brahma: 25.3% de participación de mercado en Brasil
• Antártida: 15.7% de participación de mercado en Brasil

Tecnología de fabricación

Inversión en tecnología: R $ 1.2 mil millones asignado para actualizaciones tecnológicas en 2023.

Inversión tecnológica	Cantidad
Inversión tecnológica anual	R $ 1.2 mil millones

Personal

Total de empleados: 18,500 a partir de 2023

• Puestos de gestión: 2,300
• Trabajadores de producción: 12,500
• Personal administrativo: 3.700

Infraestructura de la cadena de suministro

La red de distribución cubre 5.200 municipios en todo Brasil.

Métrico de distribución	Valor
Municipios cubiertos	5,200
Almacenes	42
Vehículos logísticos	2,100

Ambev S.A. (ABEV) - Modelo de negocio: propuestas de valor

Amplia gama de bebidas alcohólicas y no alcohólicas

Ambev S.A. ofrece una cartera integral de productos con 269 millones de hectolitros de volumen total de bebidas en 2022. La línea de productos incluye:

• Marcas de cerveza: Skol (44.6% de participación de mercado), Brahma, Antártida
• Marcas no alcohólicas: Guaraná Antártica, Pepsi
• Marcas de cerveza premium: Stella Artois, Corona

Categoría de bebida	Cuota de mercado	Volumen anual (millones de hectolitros)
Cerveza	68.4%	184
Bebidas no alcohólicas	31.6%	85

Ofertas de productos de alta calidad

Las métricas de calidad demuestran el compromiso de Ambev con la excelencia en el producto:

• Inversión de I + D: 1.2% de los ingresos anuales
• Instalaciones de control de calidad: 12 centros dedicados
• Certificación ISO 9001 en el 100% de las instalaciones de producción

Estrategias de precios competitivos

Enfoque de precios centrado en la penetración y el valor del mercado:

Segmento de precios	Posición de mercado
Segmento económico	Skol (marca asequible líder)
Segmento premium	Stella Artois, Corona

Reconocimiento de marca local y regional

Métricas de fuerza de la marca:

• Marcas totales: 35 marcas activas
• Cobertura del mercado: 14 países
• Cuota de mercado de Brasil: 80% en segmento de cerveza

Innovación de productos consistente

Inversiones y métricas de innovación:

• Presupuesto anual de innovación: $ 127 millones
• Nuevos lanzamientos de productos: 18 en 2022
• Tasa de éxito de la innovación: 72% de aceptación del mercado

Categoría de innovación	Número de productos
Nuevas variantes de cerveza	12
Innovaciones no alcohólicas	6

Ambev S.A. (ABEV) - Modelo de negocios: relaciones con los clientes

Compromiso digital a través de las redes sociales

A partir de 2024, Ambev mantiene una presencia activa en las redes sociales en múltiples plataformas con las siguientes métricas:

Plataforma	Seguidores/compromiso
Instagram	5.2 millones de seguidores
Facebook	4.7 millones de seguidores
Gorjeo	1.3 millones de seguidores

Programas de fidelización y campañas promocionales

Características del programa de lealtad de Ambev:

• Más de 2.5 millones de miembros activos en el programa de lealtad del Brahma Club
• Plataforma de recompensas digitales con 750,000 usuarios activos mensuales
• Tasa promedio de retención de clientes del 68% a través de iniciativas de fidelización

Mecanismos de comentarios de los clientes

Canal de retroalimentación	Volumen de respuesta anual
Servicio al cliente en línea	425,000 interacciones
Comentarios de la aplicación móvil	185,000 presentaciones
Respuestas de correo electrónico directas	95,000 comunicaciones

Patrocinio de eventos culturales y deportivos

Inversión de patrocinio en 2024:

• Presupuesto total de patrocinio: R $ 127 millones
• Patrocinio de eventos deportivos: 65% del presupuesto total
• Patrocinio de eventos culturales: 35% del presupuesto total

Enfoques de marketing personalizados

Métricas de personalización para 2024:

Estrategia de comercialización	Alcance/impacto
Campañas digitales dirigidas	3.8 millones de interacciones únicas para el cliente
Marketing por correo electrónico personalizado	2,1 millones de destinatarios segmentados
Recomendaciones de productos personalizadas	1,5 millones de ofertas personalizadas

Ambev S.A. (ABEV) - Modelo de negocios: canales

Tiendas minoristas y supermercados

A partir de 2024, Ambev distribuye a través de 1.2 millones de puntos de venta en Brasil y América Latina. La penetración del mercado minorista alcanza aproximadamente el 85% de las tiendas de comestibles y conveniencia.

Tipo de canal	Cobertura del mercado	Volumen de ventas anual
Supermercados	62% de las ventas de bebidas totales	1.800 millones de litros
Tiendas de conveniencia	22% de las ventas de bebidas totales	650 millones de litros

Bares y restaurantes

Ambev sirve aproximadamente 500,000 establecimientos locales en América Latina.

• Asociación directa con 380,000 bares
• Cobertura de ventas semanal del 95% de las ubicaciones locales
• Ventas mensuales promedio por establecimiento: 3,200 litros

Plataformas de comercio electrónico

Las ventas digitales representan el 7.5% de los ingresos totales en 2024, con plataformas como Rappi e ITOOod Driving Growth.

Plataforma de comercio electrónico	Cuota de mercado	Tasa de crecimiento anual
Rappi	42% de las ventas de cerveza digital	18.3%
ruidoso	35% de las ventas de cerveza digital	15.7%

Representantes de ventas directas

Ambev mantiene una fuerza de ventas de 6.500 representantes directos en América Latina.

• Ventas promedio por representante: R $ 1.2 millones anualmente
• Cobertura del 95% de las regiones del mercado objetivo
• Compromiso semanal del cliente: 120-150 establecimientos

Canales de marketing digital

La inversión en marketing digital alcanza R $ 320 millones en 2024.

Canal digital	Métricas de compromiso	Alcance anual
Instagram	3.8 millones de seguidores	120 millones de impresiones
YouTube	2.5 millones de suscriptores	85 millones de visitas

Ambev S.A. (ABEV) - Modelo de negocio: segmentos de clientes

Jóvenes profesionales urbanos

Tamaño del mercado: 12.4 millones de personas de 25 a 40 años en Brasil

Demográfico	Porcentaje	Consumo anual
Profesionales urbanos	42%	78 litros per cápita
Soporte de ingresos	R $ 4,000-R $ 10,000	Consumidores de cerveza primarios

Consumidores brasileños de clase media

Segmento de mercado total: 95.2 millones de personas

• Ingresos promedio mensuales de los hogares: R $ 2,500-R $ 5,000
• Frecuencia de consumo de cerveza: 3-4 veces por semana
• Categorías de productos preferidos: Brahma, Skol, Antártida

ENTRADOS DE ALTA Y ENTRETENIMIENTO

Tipo de evento	Participantes anuales	Participación de la marca
Partidos de fútbol	22.5 millones	68% de reconocimiento de marca
Festivales de música	3.6 millones	55% de consumo de productos

Grupos de edad diversos (18-45)

Desglose del segmento: 62.3 millones de consumidores potenciales

• 18-25 años: 22% del mercado total
• 26-35 años: 35% del mercado total
• 36-45 años: 28% del mercado total

Segmentos de mercado regionales

Región	Población	Cuota de mercado
Sudeste	87.3 millones	48%
Sur	29.5 millones	22%
Nordeste	57.2 millones	18%
Centro-oeste	16.4 millones	8%
Norte	18.6 millones	4%

Ambev S.A. (ABEV) - Modelo de negocio: Estructura de costos

Adquisición de materia prima

En 2023, Ambev gastó aproximadamente R $ 8,7 mil millones en adquisiciones de materia prima. Las materias primas clave incluyen:

• Cebada
• Lúpulo
• Vaso
• Aluminio para latas
• Maíz

Materia prima	Costo anual (R $)	Porcentaje de adquisiciones totales
Cebada	3.200 millones	36.8%
Lúpulo	1.500 millones	17.2%
Vaso	1.800 millones	20.7%
Aluminio	1.400 millones	16.1%
Otros materiales	0.800 millones	9.2%

Gastos de fabricación y producción

Los costos totales de fabricación en 2023 alcanzaron R $ 12.3 mil millones, con el siguiente desglose:

• Costos laborales: R $ 3.6 mil millones
• Mantenimiento del equipo: R $ 2.1 mil millones
• Consumo de energía: R $ 1.7 mil millones
• Gastos generales de la instalación de producción: R $ 4.9 mil millones

Inversiones de marketing y publicidad

Ambev asignó R $ 3.5 mil millones a marketing y publicidad en 2023, distribuido en todo:

Canal de marketing	Inversión (r $)	Porcentaje
Marketing digital	1.200 millones	34.3%
Publicidad televisiva	1.000 millones	28.6%
Patrocinios	0.600 millones	17.1%
Medios impresos y al aire libre	0.400 millones	11.4%
Otros canales	0.300 millones	8.6%

Costos de distribución y logística

Los gastos de distribución en 2023 totalizaron R $ 5.2 mil millones, que incluyen:

• Transporte: R $ 2.8 mil millones
• Almacenamiento: R $ 1.4 mil millones
• Mantenimiento de la flota: R $ 0.6 mil millones
• Gastos de combustible y vehículo: R $ 0.4 mil millones

Gastos de investigación y desarrollo

Las inversiones de I + D para 2023 ascendieron a R $ 0.6 mil millones, centradas en:

• Desarrollo de nuevos productos
• Innovación de envasado
• Mejoras de tecnología de elaboración de cerveza
• Iniciativas de sostenibilidad

Área de enfoque de I + D	Inversión (r $)	Porcentaje
Desarrollo de nuevos productos	0.25 mil millones	41.7%
Innovación de envasado	0.15 mil millones	25%
Tecnología de elaboración de cerveza	0.10 mil millones	16.7%
Iniciativas de sostenibilidad	0.10 mil millones	16.7%

Ambev S.A. (ABEV) - Modelo de negocios: flujos de ingresos

Ventas de cerveza

En 2023, Ambev reportó ingresos por cerveza bid de BRL 36.4 mil millones. Las marcas de cerveza clave incluyen:

• Skol
• Brahma
• Antártida
• Stella Artois
• Corona

Marca de cerveza	Cuota de mercado (%)	Ingresos anuales (BRL millones)
Skol	35.6	12,954
Brahma	28.3	10,302
Corona	7.2	2,620

Ingresos de bebidas no alcohólicas

Los ingresos por bebidas no alcohólicas en 2023 alcanzaron BRL 8.7 mil millones. Las principales marcas incluyen:

• Antártida guaraná
• Pepsi
• H2O
• Gatorade

Ingresos del mercado de exportación

Los ingresos por exportaciones en 2023 totalizaron BRL 2.300 millones, con mercados primarios:

• América Latina
• Estados Unidos
• Europa

Licencias y asociaciones de marca

Los ingresos por licencias en 2023 ascendieron a BRL 456 millones.

Canales de ventas digitales y directos

Los ingresos por ventas digitales en 2023 fueron BRL 1.2 mil millones, lo que representa el 3.4% de los ingresos totales de la compañía.

Canal de ventas	Ingresos (Brl Millions)	Porcentaje de ingresos totales
Minorista tradicional	42,100	89.5%
Ventas digitales	1,200	3.4%
Ventas directas	3,400	7.1%

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.