Ambev S.A. (ABEV): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans l'éclat stratégique d'Ambev S.A., une puissance de boisson qui a magistralement transformé le paysage brésilien et latino-américain. Avec une toile de modèle commercial dynamique qui mélange l'innovation, la compréhension du marché et les partenariats stratégiques, Ambev est devenu un titan dans l'industrie du brassage, tirant parti de forces clés à travers la production, le marketing et la distribution. Des marques emblématiques de Skol et Brahma à une approche sophistiquée qui cible divers segments de consommateurs, cette exploration révèle comment Ambev a conçu un modèle commercial résilient et adaptable qui continue de dominer le marché avec précision et créativité.

Ambev S.A. (ABEV) - Modèle commercial: partenariats clés

Alliance stratégique avec InBev Global Network

Ambev opère comme une filiale d'Anheuser-Busch InBev (AB InBev), avec un réseau de partenariat mondial couvrant plus de 50 pays. Le partenariat 2023 a généré 57,4 milliards de dollars de revenus nets consolidés pour AB InBev.

Type de partenariat	Détails clés	Impact annuel
Collaboration mondiale du réseau	AB InBev filiale	57,4 milliards de dollars de revenus
Portée géographique	50+ pays	CONTINISTES multiples

Partenariats de distribution avec les chaînes de vente au détail

Ambev maintient des accords de distribution stratégiques avec les principaux réseaux de vente au détail brésiliens.

• Grupo Pão de Açúcar: 2 200+ emplacements de vente au détail
• Carrefour Brésil: plus de 1 800 magasins à l'échelle nationale
• Atacadão: 276 centres de distribution de gros

Fournisseurs agricoles pour les matières premières

AMBEV s'approvisionne dans les matériaux agricoles grâce à de vastes réseaux de partenariat.

Matière première	Volume annuel	Fournisseurs principaux
Orge	450 000 tonnes métriques	Rio Grande do Sul Farmers
Maïs	350 000 tonnes métriques	Coopératives agricoles de Mato Grosso

Fournisseurs de technologie pour brasser l'innovation

Ambev investit dans des partenariats technologiques pour la brassage des progrès.

• Siemens: Brewing Automation Systems
• SAP: Gestion des ressources d'entreprise
• IBM: Analyse des données et intégration de l'IA

Marques de boissons locales et internationales

Ambev maintient divers partenariats de collaboration de marque.

Type de partenariat	Exemples de marque	Segment de marché
Partenariats locaux	Skol, Brahma, Antarctique	Marché de la bière brésilienne
Collaborations internationales	Budweiser, Corona, Stella Artois	Portfolio mondial de la bière

Ambev S.A. (ABEV) - Modèle d'entreprise: activités clés

Production de bière et de boissons

Ambev exploite 36 installations de production en Amérique latine en 2023. La capacité de production annuelle atteint 21,4 milliards de litres de boissons. Les installations de production sont situées au Brésil, en Argentine, en Bolivie, au Chili, au Paraguay et en Uruguay.

Métrique de production	2023 données
Installations de production totale	36
Capacité de production annuelle	21,4 milliards de litres
Pays avec production	6 pays d'Amérique latine

Marketing et promotion de marque

Les dépenses de marketing en 2023 étaient de 5,2 milliards de rands. Les principales stratégies de marketing se concentrent sur les canaux numériques et les sponsors sportifs.

• Budget marketing total: 5,2 milliards de dollars
• Attribution du marketing numérique: 42% des dépenses marketing
• Le portefeuille de marques majeur comprend Skol, Brahma, Antarctique, Corona

Gestion de la distribution et de la logistique

Ambev maintient 420 centres de distribution à travers l'Amérique latine. Le réseau logistique couvre plus de 1,4 million de points de vente au détail.

Métrique logistique	2023 données
Centres de distribution	420
Couverture de détail	1,4 million de points

Recherche et développement de produits

L'investissement en R&D en 2023 était de 380 millions de R $. Les domaines d'intérêt comprennent de nouvelles innovations de boissons et des technologies de durabilité.

• Investissement annuel de R&D: 380 millions de dollars
• Les nouveaux produits lancent en 2023: 12 variantes de boissons
• Centres d'innovation: 3 installations de recherche dédiées

Initiatives de durabilité et d'environnement

Les investissements en durabilité ont atteint 450 millions de rands en 2023. L'efficacité de l'eau et la réduction du carbone sont les principaux domaines d'intervention.

Métrique de la durabilité	2023 données
Investissement total de durabilité	450 millions de R
Réduction de l'utilisation de l'eau	17% par rapport à la ligne de base de 2020
Cible de réduction des émissions de carbone	25% d'ici 2025

Ambev S.A. (ABEV) - Modèle d'entreprise: Ressources clés

Installations de brassage approfondies

Ambev exploite 36 installations de production à travers le Brésil en 2023. La capacité de production totale atteint 21,5 milliards de litres par an.

Emplacement	Nombre d'installations	Capacité annuelle (milliards de litres)
Brésil	36	21.5

Portefeuille de marque

Marques clés:

• Skol: 35,5% de part de marché au Brésil
• Brahma: 25,3% de part de marché au Brésil
• Antarctique: 15,7% de part de marché au Brésil

Technologie de fabrication

Investissement dans la technologie: 1,2 milliard de RS alloué aux mises à niveau technologiques en 2023.

Investissement technologique	Montant
Investissement technologique annuel	1,2 milliard de R

Effectifs

Total des employés: 18 500 en 2023

• Positions de gestion: 2 300
• Travailleurs de production: 12 500
• Personnel administratif: 3 700

Infrastructure de la chaîne d'approvisionnement

Le réseau de distribution couvre 5 200 municipalités à travers le Brésil.

Métrique de distribution	Valeur
Municipalités couvertes	5,200
Entrepôts	42
Véhicules logistiques	2,100

Ambev S.A. (ABEV) - Modèle d'entreprise: propositions de valeur

Large gamme de boissons alcoolisées et non alcoolisées

Ambev S.A. propose un portefeuille complet de produits avec 269 millions d'hectoliters de volume total de boissons en 2022. La gamme de produits comprend:

• Marques de bière: Skol (44,6% de part de marché), Brahma, Antarctique
• Marques non alcoolisées: Guaraná Antarctique, Pepsi
• Marques de bière premium: Stella Artois, Corona

Catégorie de boissons	Part de marché	Volume annuel (millions d'hectoliters)
Bière	68.4%	184
Boissons non alcoolisées	31.6%	85

Offres de produits de haute qualité

Les mesures de qualité démontrent l'engagement d'Ambev envers l'excellence des produits:

• Investissement en R&D: 1,2% des revenus annuels
• Installations de contrôle de la qualité: 12 centres dédiés
• Certification ISO 9001 dans 100% des installations de production

Stratégies de tarification compétitives

Approche de prix axée sur la pénétration et la valeur du marché:

Segment des prix	Position sur le marché
Segment économique	Skol (marque abordable principale)
Segment premium	Stella Artois, Corona

Solide reconnaissance de marque locale et régionale

Métriques de force de la marque:

• Total des marques: 35 marques actives
• Couverture du marché: 14 pays
• Part de marché du Brésil: 80% dans le segment de la bière

Innovation de produit cohérente

Investissements et mesures d'innovation:

• Budget d'innovation annuel: 127 millions de dollars
• Lancements de nouveaux produits: 18 en 2022
• Taux de réussite de l'innovation: 72% d'acceptation du marché

Catégorie d'innovation	Nombre de produits
Nouvelles variantes de bière	12
Innovations non alcoolisées	6

Ambev S.A. (ABEV) - Modèle d'entreprise: relations clients

Engagement numérique via les médias sociaux

En 2024, Ambev maintient une présence active sur les réseaux sociaux sur plusieurs plateformes avec les mesures suivantes:

Plate-forme	Abonnés / engagement
Instagram	5,2 millions de followers
Facebook	4,7 millions de followers
Gazouillement	1,3 million de followers

Programmes de fidélité et campagnes promotionnelles

Caractéristiques du programme de fidélité d'Ambev:

• Plus de 2,5 millions de membres actifs dans le programme de fidélité du Brahma Club
• Plateforme de récompenses numériques avec 750 000 utilisateurs actifs mensuels
• Taux moyen de rétention de la clientèle de 68% grâce à des initiatives de fidélité

Mécanismes de rétroaction des clients

Canal de rétroaction	Volume de réponse annuel
Service client en ligne	425 000 interactions
Commentaires de l'application mobile	185 000 soumissions
Réponses par e-mail direct	95 000 communications

Parrainage d'événements culturels et sportifs

Investissement de parrainage en 2024:

• Budget total de parrainage: 127 millions de R $
• Sportif sportif: 65% du budget total
• Parrainage des événements culturels: 35% du budget total

Approches marketing personnalisées

Mesures de personnalisation pour 2024:

Stratégie marketing	Traverser / impact
Campagnes numériques ciblées	3,8 millions d'interactions clients uniques
Marketing par e-mail personnalisé	2,1 millions de destinataires segmentés
Recommandations de produits personnalisés	1,5 million d'offres personnalisées

Ambev S.A. (ABEV) - Modèle d'entreprise: canaux

Magasins de détail et supermarchés

En 2024, Ambev distribue à travers 1,2 million de points de vente à travers le Brésil et l'Amérique latine. La pénétration du marché au détail atteint environ 85% des épiceries et des dépanneurs.

Type de canal	Couverture du marché	Volume des ventes annuelles
Supermarchés	62% du total des ventes de boissons	1,8 milliard de litres
Dépanneurs	22% du total des ventes de boissons	650 millions de litres

Bars et restaurants

Ambev dessert environ 500 000 établissements sur site en Amérique latine.

• Partenariat direct avec 380 000 bars
• Couverture des ventes hebdomadaire de 95% des emplacements sur site
• Ventes mensuelles moyennes par établissement: 3 200 litres

Plates-formes de commerce électronique

Les ventes numériques représentent 7,5% des revenus totaux en 2024, avec des plateformes comme Rappi et Ifood stimulant la croissance.

Plate-forme de commerce électronique	Part de marché	Taux de croissance annuel
Rappi	42% des ventes de bière numérique	18.3%
ifood	35% des ventes de bière numérique	15.7%

Représentants des ventes directes

Ambev maintient une force de vente de 6 500 représentants directs en Amérique latine.

• Ventes moyennes par représentant: 1,2 million de R $ par an
• Couverture de 95% des régions du marché cible
• Engagement hebdomadaire du client: 120-150 établissements

Canaux de marketing numérique

L'investissement en marketing numérique atteint 320 millions de rands en 2024.

Canal numérique	Métriques d'engagement	Portée annuelle
Instagram	3,8 millions d'adeptes	120 millions d'impressions
Youtube	2,5 millions d'abonnés	85 millions de vues

Ambev S.A. (ABEV) - Modèle d'entreprise: segments de clientèle

Jeunes professionnels urbains

Taille du marché: 12,4 millions de personnes âgées de 25 à 40 ans au Brésil

Démographique	Pourcentage	Consommation annuelle
Professionnels urbains	42%	78 litres par habitant
Tranche de revenu	4 000 R $ R 10 000 $	Consommateurs de bière primaire

Consommateurs brésiliens de la classe moyenne

Segment du marché total: 95,2 millions d'individus

• Revenu mensuel moyen des ménages: 2 500 R $ R 5 000 $
• Fréquence de consommation de bière: 3-4 fois par semaine
• Catégories de produits préférés: Brahma, Skol, Antarctique

Passionnés de sports et de divertissement

Type d'événement	Participants annuels	Engagement de la marque
Matchs de football	22,5 millions	68% de reconnaissance de marque
Festivals de musique	3,6 millions	55% de consommation de produits

Divers groupes d'âge (18-45)

Répartition des segments: 62,3 millions de consommateurs potentiels

• 18-25 ans: 22% du marché total
• 26-35 ans: 35% du marché total
• 36-45 ans: 28% du marché total

Segments de marché régionaux

Région	Population	Part de marché
Au sud-est	87,3 millions	48%
Sud	29,5 millions	22%
Nord-est	57,2 millions	18%
Central-ouest	16,4 millions	8%
Nord	18,6 millions	4%

Ambev S.A. (ABEV) - Modèle d'entreprise: Structure des coûts

Achat de matières premières

En 2023, Ambev a dépensé environ 8,7 milliards de rands de rands pour l'approvisionnement en matières premières. Les matières premières clés comprennent:

• Orge
• Houblon
• Verre
• Aluminium pour les canettes
• Maïs

Matière première	Coût annuel (R $)	Pourcentage de l'approvisionnement total
Orge	3,2 milliards	36.8%
Houblon	1,5 milliard	17.2%
Verre	1,8 milliard	20.7%
Aluminium	1,4 milliard	16.1%
Autres matériaux	0,8 milliard	9.2%

Frais de fabrication et de production

Les coûts de fabrication totaux en 2023 ont atteint 12,3 milliards de rands, avec la ventilation suivante:

• Coûts de main-d'œuvre: 3,6 milliards de R
• Entretien de l'équipement: 2,1 milliards de R
• Consommation d'énergie: 1,7 milliard de dollars R
• Offres des installations de production: 4,9 milliards de dollars

Investissements marketing et publicitaire

AMBEV a alloué 3,5 milliards de R $ au marketing et à la publicité en 2023, distribué à travers:

Canal de marketing	Investissement (R $)	Pourcentage
Marketing numérique	1,2 milliard	34.3%
Publicité télévisée	1,0 milliard	28.6%
Parrainage	0,6 milliard	17.1%
Médias imprimés et extérieurs	0,4 milliard	11.4%
Autres canaux	0,3 milliard	8.6%

Coûts de distribution et de logistique

Les dépenses de distribution en 2023 ont totalisé 5,2 milliards de R $, notamment:

• Transport: 2,8 milliards de R
• Entreposage: 1,4 milliard de R
• Entretien de la flotte: 0,6 milliard de R
• Frais de carburant et de véhicule: 0,4 milliard de R

Dépenses de recherche et développement

Les investissements en R&D pour 2023 s'élevaient à 0,6 milliard de R, axés sur:

• Développement de nouveaux produits
• Innovation d'emballage
• Brassage des améliorations de la technologie
• Initiatives de durabilité

Zone de focus R&D	Investissement (R $)	Pourcentage
Développement de nouveaux produits	0,25 milliard	41.7%
Innovation d'emballage	0,15 milliard	25%
Technologie de brassage	0,10 milliard	16.7%
Initiatives de durabilité	0,10 milliard	16.7%

Ambev S.A. (ABEV) - Modèle d'entreprise: Strots de revenus

Ventes de bière

En 2023, Ambev a rapporté des revenus de bière nette de 36,4 milliards de BRL. Les marques de bière clés comprennent:

• Skol
• Brahma
• Antarctique
• Stella Artois
• Couronne

Marque de bière	Part de marché (%)	Revenus annuels (MILLIONS BRL)
Skol	35.6	12,954
Brahma	28.3	10,302
Couronne	7.2	2,620

Revenus de boissons non alcoolisées

Les revenus des boissons non alcoolisées en 2023 ont atteint 8,7 milliards de BRL. Les grandes marques comprennent:

• Guaraná Antarctique
• Pepsi
• H2O
• Gatorade

Revenu du marché d'exportation

Les revenus d'exportation en 2023 ont totalisé BRL 2,3 milliards, avec les marchés primaires:

• l'Amérique latine
• États-Unis
• Europe

Licence et partenariats de marque

Les revenus de licence en 2023 s'élevaient à 456 millions de BRL.

Canaux de vente numériques et directs

Les revenus des ventes numériques en 2023 étaient de 1,2 milliard de BRL, ce qui représente 3,4% du total des revenus de l'entreprise.

Canal de vente	Revenus (MILLIONS BRL)	Pourcentage du total des revenus
Commerce de détail traditionnel	42,100	89.5%
Ventes numériques	1,200	3.4%
Ventes directes	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.