UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ¨ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ...

Core Insights - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, highlighting its growth potential and diversification opportunities [1] Investment Focus - The company has diversified its investments across various sectors including banking, telecommunications, logistics, and hotels, indicating a strategic approach to portfolio management [1] - The entry into the US market in 2020 reflects a growing interest in international investment opportunities, particularly in sectors like banks, hotels, and shipping [1] Market Trends - The popularity of insurance companies in the Philippines since 2014 suggests a shift in investment preferences among local investors, moving towards more diversified financial products [1] - The trend of using platforms like Seeking Alpha for analysis indicates a growing reliance on data-driven investment strategies among investors in both the ASEAN and US markets [1]

Core Insights - Ambev (NYSE:ABEV) is identified as an undervalued penny stock with significant potential for investment [1] Financial Performance - In Q4 2025, Ambev reported a net income of nearly 16 billion BRL, with earnings per share (EPS) increasing by 8.2% year-over-year [1] - Quarterly revenue reached $4.76 billion, reflecting a modest year-over-year increase of 2.31% [1] - The company's digital ecosystem showed strong performance, with B2B marketplace gross merchandise volume (GMV) growing by 70% and consumer delivery GMV rising by 13% to 4.7 billion BRL [1] Challenges and Pressures - The company faced volume pressures due to adverse weather conditions in Brazil and a slower-than-expected consumption recovery in Argentina, impacting the core beer segment [2] - Operating cash flow decreased by 1.6 billion BRL compared to the previous year due to these challenges [2] - Cost pressures persisted, particularly with a 6.1% increase in Brazilian beer cash cost of goods sold (COGS) per hectoliter [3] - Net financial expenses reached nearly 4 billion BRL, primarily due to foreign exchange variation losses [3] Future Outlook - The CEO indicated that while early 2025 was affected by the La Nina phenomenon, weather conditions began to stabilize by January [3]

Core Viewpoint - The article discusses the author's extensive experience in researching various companies across different sectors, emphasizing a focus on value investing and a particular interest in metals and mining stocks. Group 1: Company Research - The company has over a decade of experience in in-depth research across multiple industries, including commodities like oil, natural gas, gold, and copper [1] - The company has transitioned from writing a blog to creating a value investing-focused YouTube channel, where it has researched hundreds of different companies [1] - The company expresses a preference for covering metals and mining stocks but is also comfortable with sectors such as consumer discretionary/staples, REITs, and utilities [1]

Core Viewpoint - Growth stocks are appealing due to their potential for above-average financial growth, but identifying those that can fulfill their potential is challenging [1] Group 1: Company Overview - Ambev (ABEV) is currently recommended as a growth stock by the Zacks Growth Style Score system, which evaluates a company's real growth prospects beyond traditional metrics [2] - The company has a favorable Growth Score and a top Zacks Rank, indicating strong investment potential [2] Group 2: Earnings Growth - Ambev's historical EPS growth rate is 1.3%, but projected EPS growth for this year is 2.8%, significantly outperforming the industry average of 1.1% [4] Group 3: Asset Utilization - Ambev has an asset utilization ratio (sales-to-total-assets ratio) of 0.62, indicating it generates $0.62 in sales for every dollar in assets, which is higher than the industry average of 0.52 [5] Group 4: Sales Growth - The company's sales are expected to grow by 13.3% this year, contrasting sharply with the industry average of -0.1% [6] Group 5: Earnings Estimate Revisions - The current-year earnings estimates for Ambev have been revised upward by 2.8% over the past month, reflecting a positive trend in earnings estimate revisions [7] Group 6: Investment Potential - Ambev has achieved a Growth Score of B and a Zacks Rank of 2 due to positive earnings estimate revisions, suggesting it is a solid choice for growth investors [9]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Ambev (ABEV) - Ambev currently holds a Momentum Style Score of A, indicating strong momentum characteristics [2] - The company has a Zacks Rank of 2 (Buy), suggesting it is positioned for potential outperformance in the market [3] Performance Metrics - ABEV shares have increased by 5.78% over the past week, outperforming the Zacks Beverages - Alcohol industry, which rose by 1.31% [5] - Over the past month, ABEV's price change is 18.46%, significantly higher than the industry's 4.04% [5] - In the last quarter, ABEV shares rose by 22.71%, and over the past year, they gained 61.26%, while the S&P 500 only increased by 2.88% and 13.25%, respectively [6] Trading Volume - ABEV's average 20-day trading volume is 26,425,038 shares, which serves as a bullish indicator when combined with rising stock prices [7] Earnings Outlook - In the past two months, one earnings estimate for ABEV has increased, raising the consensus estimate from $0.18 to $0.19 [9] - For the next fiscal year, one estimate has also moved upwards, with no downward revisions during the same period [9] Conclusion - Given the strong performance metrics and positive earnings outlook, ABEV is recommended as a solid momentum pick with a Momentum Score of A [10]

Core Viewpoint - Ambev (ABEV) has been upgraded to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in a company's earnings picture, specifically tracking the Zacks Consensus Estimate for EPS from sell-side analysts [1][2]. - Changes in future earnings potential, as indicated by earnings estimate revisions, are strongly correlated with near-term stock price movements [4]. - Institutional investors utilize earnings estimates to determine the fair value of a company's shares, leading to stock price movements based on their investment actions [4]. Ambev's Earnings Outlook - The Zacks Consensus Estimate for Ambev indicates earnings of $0.19 per share for the fiscal year ending December 2026, unchanged from the previous year [8]. - Over the past three months, analysts have raised their earnings estimates for Ambev by 2.8% [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 (Strong Buy) stocks historically generating an average annual return of +25% since 1988 [7]. - The upgrade of Ambev to a Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10].

Core Viewpoint - The comparison between Ambev (ABEV) and Brown-Forman B (BF.B) indicates that ABEV presents a better value opportunity for investors at this time due to its stronger earnings outlook and favorable valuation metrics [1][7]. Valuation Metrics - ABEV has a forward P/E ratio of 16.65, while BF.B has a forward P/E of 17.47, suggesting ABEV is more attractively priced [5]. - The PEG ratio for ABEV is 2.27, compared to BF.B's PEG ratio of 7.80, indicating ABEV's earnings growth is more reasonably priced [5]. - ABEV's P/B ratio stands at 3.05, while BF.B has a P/B of 3.35, further supporting ABEV's valuation advantage [6]. Analyst Outlook - ABEV currently holds a Zacks Rank of 2 (Buy), reflecting a more favorable earnings estimate revision trend compared to BF.B, which has a Zacks Rank of 3 (Hold) [3]. - The solid earnings outlook for ABEV positions it as the superior value option in the beverage-alcohol sector [7]. Value Grades - ABEV has been assigned a Value grade of B, while BF.B has a Value grade of D, highlighting ABEV's stronger valuation profile [6].

Company Overview - Ambev S.A. (NYSE:ABEV) is a major Brazilian-based brewery and beverage company, producing and distributing a diverse portfolio of beer, carbonated soft drinks, and other non-alcoholic beverages across the Americas. It operates in 18 countries and is a subsidiary of Anheuser-Busch InBev, with strong market leadership in Brazil [4]. Financial Performance - For the fourth quarter, Ambev reported revenues of R$24.81 billion, exceeding consensus estimates by R$210 million, despite an 8.2% year-over-year decline attributed to a 3.6% decrease in consolidated volumes due to cyclical consumption factors [1][2]. - The company's fourth-quarter profit fell by 9.9% year-over-year to R$4.53 billion, resulting in earnings per share of R$0.28, down from R$0.31 in the same period last year [2]. - Cash flow from operating activities decreased by 4.8% to R$13.91 billion, while full-year cash flow dropped 6.3% to R$24.45 billion [3]. Shareholder Commitment - Ambev has affirmed its commitment to shareholder value by announcing a R$20 billion return through share buybacks and dividends [3]. Future Outlook - Management remains optimistic about the beer category, citing the strength of their portfolio and successful innovations as key factors for potential growth opportunities by expanding the consumer base and increasing consumption occasions [4].

Financial Data and Key Metrics Changes - The company achieved a consolidated normalized EBITDA margin expansion of 50 basis points, reaching 33.4%, driven by a 7.5% growth in net revenue per hectoliter and improved financial discipline [18][19] - Stated net income reached almost BRL 16 billion, with stated EPS increasing by 8.2% year-on-year, while normalized EPS increased by 2% [20] - Cash flow from operating activities totaled BRL 24.5 billion, which was BRL 1.6 billion lower than the previous year due to softer volumes impacting working capital [21] Business Line Data and Key Metrics Changes - In Brazil Beer, full-year volumes were in line with a soft industry, with market share expanding meaningfully in Q4 as conditions improved [12][13] - Premium and super premium volumes increased by high teens, while non-alcoholic beverages grew around 30%, reflecting strong portfolio brand equity [14] - The BEES Marketplace saw full-year GMV grow by 70%, driven by third-party expansion, while Zé Delivery closed 2025 with BRL 4.7 billion in GMV, up 13% year-on-year [10] Market Data and Key Metrics Changes - The consumption recovery in Argentina is taking longer than expected, but performance improved sequentially throughout the year [16] - In the Dominican Republic, the consumption environment improved sequentially, with beer gaining share of alcoholic beverages [16] - In Canada, the company outperformed both beer and beyond beer industries, supported by strong brand performance [16] Company Strategy and Development Direction - The company is focused on long-term value creation through disciplined execution of its capital allocation framework, emphasizing organic growth and selective M&A opportunities [18][22] - The strategy is built on three pillars: strengthening the core business, leveraging data and technology, and enhancing operational efficiency [9][11] - The company aims to maintain accessibility in pricing while protecting profitability, balancing the need for core brand relevance with premiumization [70] Management's Comments on Operating Environment and Future Outlook - The management noted that 2025 was a challenging year due to adverse weather conditions impacting beer consumption, but they are optimistic about 2026, citing events like the FIFA World Cup and a holiday-rich calendar as growth drivers [24][25] - The management emphasized that beer remains a culturally relevant category in Latin America, with strong fundamentals and room for growth [8][25] - The company is prepared for potential challenges in 2026, including cost pressures from commodities, but remains focused on margin expansion [22][72] Other Important Information - The company announced approximately BRL 20 billion in shareholder returns in 2025, the highest in its history, through dividends, interest on capital, and a share buyback program [12] - The effective tax rate for the year was 17.7%, reflecting one-off effects, with a normalized rate of approximately 20% [20] Q&A Session Summary Question: Insights on Brazil's beer volume growth in December - Management explained that the growth was driven by improved weather conditions and market share gains, with October being the main drag on performance [30][31] Question: Thoughts on sustaining profitability and cost management for 2026 - Management highlighted the need for continued focus on cost initiatives and resource allocation to maintain margin expansion, with guidance for cash COGS per hectoliter expected to increase between 4.5% and 7.5% [39][40] Question: Capital allocation and dividend policy for 2026 - Management indicated that discussions on dividends will continue quarterly, focusing on cash generation and maintaining a balance between growth investments and shareholder returns [47] Question: Strategic vision regarding core brands and portfolio performance - Management reaffirmed the importance of core brands in the portfolio, emphasizing ongoing efforts to keep them relevant while also expanding premium offerings [54][55] Question: Impact of GLP-1 drugs on the portfolio - Management noted no significant impact from GLP-1 drugs but acknowledged the need to monitor emerging trends and consumer preferences [63] Question: Pricing strategy and mix considerations for 2026 - Management discussed the dual focus on maintaining accessibility for core brands while also protecting profitability through strategic pricing and revenue management [70][71]