Financial Performance Highlights - Ambev's net revenue increased by 19% in 3Q23 and 22% in 9M23[7] - Normalized EBITDA grew by 44% in 3Q23, or 31% excluding Argentina, and 40% in 9M23, or 23% excluding Argentina[7] - Gross Margin and EBITDA Margin increased by 210 bps and 560 bps respectively in 3Q23, and 230 bps and 400 bps respectively in 9M23[7] - Cash Flow from Operating Activities increased by R$1.8 billion (nominal) in 3Q23 and R$1.9 billion (nominal) in 9M23[7] Regional Performance - CAC (presumably a region) experienced a volume increase of 13.6%, NR/hl (Net Revenue per hectoliter) increase of 7.6%, EBITDA increase of 62.3%, and EBITDA Margin increase of 940 bps[27] - Canada saw a volume decrease of 13.1%, NR/hl increase of 6.7%, EBITDA increase of 3.5%, and EBITDA Margin increase of 310 bps[37] Brand Performance - Premium and super premium beer volume experienced low teens growth[8] - Value beer volume decreased by 40's%[8] Digital Initiatives - Annualized GMV (Gross Merchandise Value) increased by 30% year-over-year[38] - BEES customer on marketplace increased by 80%[38] - SKU (Stock Keeping Unit) / POC (Proof of Concept) increased by 21% year-over-year[38] - MAU (Monthly Active Users) reached 4.7 million[38] - GMV increased by 8% year-over-year[38] - Awareness increased by 25% year-over-year[38]

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of October, 2023 Commission File Number 1565025 AMBEV S.A. (Exact name of registrant as specified in its charter) AMBEV S.A. (Translation of Registrant's name into English) Rua Dr. Renato Paes de Barros, 1017 - 3rd Floor 04530-000 São Paulo, SP Federative Republic of Brazil (Address of principal executive office) Indicate b ...

Ambev S.A. (NYSE:ABEV) Q2 2023 Results Conference Call August 3, 2023 11:30 AM ET Company Participants Jean Jereissati - Chief Executive Officer Lucas Lira - Chief Financial and Investor Relations Officer Conference Call Participants Lucas Ferreira - JPMorgan Thiago Duarte - BTG Pactual Carlos Laboy - HSBC Isabella Simonato - Bank of America Alan Alanis - Santander Thiago Bortoluci - Goldman Sachs Rodrigo Alcantara - UBS Operator Good morning, good afternoon, and thank you for waiting. We would like to welc ...

Q2 2023 Performance Overview Ambev achieved strong Q2 2023 financial results with double-digit revenue and EBITDA growth, margin expansion, and progress in sustainability initiatives [Financial & Operational Highlights](index=2&type=section&id=Financial%20%26%20Operational%20Highlights) Ambev delivered strong Q2 2023 financial performance with **20.0%** organic net revenue and **34.2%** normalized EBITDA growth, alongside margin expansion Ambev Consolidated Financial Highlights - Q2 2023 (Organic Growth) | Metric | 2Q22 (R$ million) | 2Q23 (R$ million) | Organic Change (%) | | :--- | :--- | :--- | :--- | | Net Revenue | 17,989.0 | 18,898.1 | +20.0% | | Gross Profit | 8,614.7 | 9,262.5 | +24.5% | | Normalized EBITDA | 5,538.1 | 5,275.2 | +34.2% | | Normalized Profit | 3,085.8 | 2,681.0 | -13.1% (Reported)¹ | | Normalized EPS (R$/share) | 0.19 | 0.16 | -13.6% (Reported) | - ¹**Normalized Profit** in 2Q22 was positively impacted by a one-off **tax credit** of **R$1,233.7 million** in Brazil. Excluding this, **Normalized Profit** would have grown by **18.0%** in Q2 2023[7](index=7&type=chunk) - Total organic **volume** decreased by **2.2%**, with declines in Brazil (Beer **-2.5%**, NAB **-2.2%**), CAC (**-2.8%**), and Canada (**-6.2%**), partially offset by growth in LAS (**+0.6%**)[3](index=3&type=chunk) - **Normalized EBITDA** grew across all business units: LAS (**+109.8%**), Brazil Beer (**+29.7%**), Brazil NAB (**+24.9%**), CAC (**+7.9%**), and Canada (**+4.1%**), driven by top-line performance and lower cost pressures[4](index=4&type=chunk) - **Cash flow from operating activities** increased by **55.1%** year-over-year, driven by reductions in inventory and improvements in receivables[5](index=5&type=chunk) [Management Comments](index=3&type=section&id=Management%20Comments) Management reported a resilient quarter with double-digit top-line and bottom-line growth, margin expansion, and an improved Brazil Beer COGS/hl forecast - The company achieved a **300 bps** expansion in **Normalized EBITDA margin** and a **170 bps** expansion in **gross margin** during the quarter[10](index=10&type=chunk) - In Brazil, premium and super premium beer brands grew volumes in the **mid-thirties**, gaining **market share** in the segment[10](index=10&type=chunk) - The full-year guidance for Brazil Beer Cash COGS/hl (excluding non-Ambev marketplace products) is now expected to increase between **2.5%** and **5.5%**, an improvement due to lower inflation and favorable commodity prices[10](index=10&type=chunk) - The company reiterates its ambition to deliver better organic **Normalized EBITDA growth** in 2023 than the **17.1%** achieved in 2022, while also expanding **gross** and **EBITDA margins**[10](index=10&type=chunk) [Sustainability Initiatives](index=4&type=section&id=Sustainability%20Initiatives) Ambev advanced its sustainability agenda through social inclusion programs, CO2 emission reductions, and an AI-powered tool for smart drinking - Launched "Fundo Bora Cultura Preta" with **R$ 7.0 million** to boost black entrepreneurs in culture and entertainment[12](index=12&type=chunk) - Reduced over **3.7 thousand tons** of **CO2 emissions** by refurbishing or replacing coolers at over **46,000 points of contact (POCs)**[12](index=12&type=chunk) - Introduced "Flow Voice," an **AI solution** that identifies alcohol consumption through voice to support moderation and safety efforts[14](index=14&type=chunk) Key Markets Performance Key markets showed varied Q2 2023 performance, with strong revenue and EBITDA growth in Brazil and LAS, despite volume declines in other regions [Brazil](index=6&type=section&id=Brazil) Brazil's Q2 2023 segment achieved **9.7%** organic net revenue growth and **29.0%** Normalized EBITDA increase, despite a **2.5%** volume decline Brazil Performance - Q2 2023 (Organic) | Metric | 2Q22 (R$ million) | 2Q23 (R$ million) | Organic Change (%) | | :--- | :--- | :--- | :--- | | Volume ('000 hl) | 29,491.1 | 28,767.3 | -2.5% | | Net Revenue | 9,452.3 | 10,366.0 | +9.7% | | Normalized EBITDA | 2,999.6 | 2,679.1 | +29.0% | | Normalized EBITDA Margin | 31.7% | 25.8% | +380 bps | [Brazil Beer](index=6&type=section&id=Brazil%20Beer) Brazil Beer's Q2 2023 organic net revenue grew **10.1%** and Normalized EBITDA surged **29.7%**, despite a **2.5%** volume decline Brazil Beer Performance - Q2 2023 (Organic) | Metric | 2Q22 (R$ million) | 2Q23 (R$ million) | Organic Change (%) | | :--- | :--- | :--- | :--- | | Volume ('000 hl) | 21,944.0 | 21,386.8 | -2.5% | | Net Revenue | 7,912.9 | 8,710.7 | +10.1% | | Normalized EBITDA | 2,574.0 | 2,302.6 | +29.7% | | Normalized EBITDA Margin | 32.5% | 26.4% | +400 bps | [Brazil NAB (Non-Alcoholic Beverages)](index=7&type=section&id=Brazil%20NAB%20%28Non-Alcoholic%20Beverages%29) Brazil NAB reported **7.5%** organic net revenue growth and **24.9%** Normalized EBITDA increase in Q2 2023, despite a **2.2%** volume decline Brazil NAB Performance - Q2 2023 (Organic) | Metric | 2Q22 (R$ million) | 2Q23 (R$ million) | Organic Change (%) | | :--- | :--- | :--- | :--- | | Volume ('000 hl) | 7,547.1 | 7,380.5 | -2.2% | | Net Revenue | 1,539.4 | 1,655.4 | +7.5% | | Normalized EBITDA | 425.6 | 376.5 | +24.9% | | Normalized EBITDA Margin | 27.6% | 22.7% | +310 bps | - The Pepsi cola brand family grew volumes by **mid-single digits**, with Pepsi Black more than doubling its volumes versus Q2 2022[18](index=18&type=chunk) [Central America and the Caribbean (CAC)](index=9&type=section&id=Central%20America%20and%20the%20Caribbean%20%28CAC%29) CAC region showed sequential improvement in Q2 2023, with **7.9%** Normalized EBITDA growth and **4.8%** organic net revenue, despite a **2.8%** volume decline CAC Performance - Q2 2023 (Organic) | Metric | 2Q22 (R$ million) | 2Q23 (R$ million) | Organic Change (%) | | :--- | :--- | :--- | :--- | | Volume ('000 hl) | 3,041.2 | 2,957.6 | -2.8% | | Net Revenue | 2,223.9 | 2,473.5 | +4.8% | | Normalized EBITDA | 799.5 | 920.2 | +7.9% | | Normalized EBITDA Margin | 36.0% | 37.2% | +100 bps | [Latin America South (LAS)](index=10&type=section&id=Latin%20America%20South%20%28LAS%29) LAS delivered exceptional Q2 2023 performance with **82.1%** organic net revenue growth and **109.8%** Normalized EBITDA increase, despite macroeconomic challenges LAS Performance - Q2 2023 (Organic) | Metric | 2Q22 (R$ million) | 2Q23 (R$ million) | Organic Change (%) | | :--- | :--- | :--- | :--- | | Volume ('000 hl) | 6,929.5 | 6,969.8 | +0.6% | | Net Revenue | 3,449.0 | 3,266.0 | +82.1% | | Normalized EBITDA | 904.6 | 837.9 | +109.8% | | Normalized EBITDA Margin | 26.2% | 25.7% | +380 bps | [Canada](index=11&type=section&id=Canada) Canada's Q2 2023 Normalized EBITDA grew **4.1%** with margin expansion, despite a **6.2%** volume decline and flat organic net revenue due to a soft industry Canada Performance - Q2 2023 (Organic) | Metric | 2Q22 (R$ million) | 2Q23 (R$ million) | Organic Change (%) | | :--- | :--- | :--- | :--- | | Volume ('000 hl) | 2,779.9 | 2,607.4 | -6.2% | | Net Revenue | 2,863.8 | 2,792.5 | 0.0% | | Normalized EBITDA | 834.5 | 838.1 | +4.1% | | Normalized EBITDA Margin | 29.1% | 30.0% | +120 bps | Consolidated Financial Results Consolidated Q2 2023 results show strong organic revenue and EBITDA growth and margin expansion, offset by increased finance losses [Consolidated Performance](index=12&type=section&id=Consolidated%20Performance) Ambev's consolidated Q2 2023 organic net revenue grew **20.0%** and Normalized EBITDA increased **34.2%**, with margin expansion, despite negative profit impacts Ambev Consolidated Performance - Q2 2023 (Organic) | Metric | 2Q22 (R$ million) | 2Q23 (R$ million) | Organic Change (%) | | :--- | :--- | :--- | :--- | | Net Revenue | 17,989.0 | 18,898.1 | +20.0% | | Gross Profit | 8,614.7 | 9,262.5 | +24.5% | | Normalized Operating Profit | 4,068.5 | 3,571.3 | +34.3% | | Normalized EBITDA | 5,538.1 | 5,275.2 | +34.2% | | Gross Margin | 47.9% | 49.0% | +170 bps | | Normalized EBITDA Margin | 30.8% | 27.9% | +300 bps | [Other Operating Income/Expenses](index=13&type=section&id=Other%20Operating%20Income%2FExpenses) Other operating income significantly decreased in Q2 2023 to **R$ 396.4 million**, primarily due to the absence of prior-year extemporaneous tax credits Breakdown of Other Operating Income/(Expenses) (R$ million) | Item | 2Q22 | 2Q23 | | :--- | :--- | :--- | | Government grants/NPV of long term fiscal incentives | 321.4 | 386.0 | | Credits/(debits) taxes extemporaneous | 922.1 | - | | Gain/(loss) on disposal of assets | 12.5 | 14.5 | | **Total** | **1,239.4** | **396.4** | [Exceptional Items](index=13&type=section&id=Exceptional%20Items) Exceptional items resulted in a **R$ 123.4 million** loss in Q2 2023, primarily due to increased legal fees related to a court decision - **Exceptional items** include restructuring expenses, COVID-19 related costs, and legal fees[31](index=31&type=chunk) Breakdown of Exceptional Items (R$ million) | Item | 2Q22 | 2Q23 | | :--- | :--- | :--- | | Restructuring | (25.4) | (28.4) | | Legal fees | - | (94.7) | | Other | (5.8) | (0.3) | | **Total** | **(31.2)** | **(123.4)** | [Net Finance Results](index=14&type=section&id=Net%20Finance%20Results) Net finance results for Q2 2023 were a **R$ 1,073.5 million** loss, significantly increasing due to higher losses on derivative and non-derivative instruments Net Finance Results Breakdown (R$ million) | Item | 2Q22 | 2Q23 | | :--- | :--- | :--- | | Interest income | 756.8 | 521.4 | | Interest expenses | (559.7) | (659.6) | | Gains/(losses) on derivative instruments | (846.0) | (462.3) | | Gains/(losses) on non-derivative instruments | (110.3) | (318.5) | | Hyperinflation Argentina | 451.2 | 102.8 | | Other | (187.5) | (257.4) | | **Net finance results** | **(495.5)** | **(1,073.5)** | - Losses on **derivative instruments** were mainly due to hedging carry costs for FX exposure of **US$ 428.3 million** in Argentina (approx. **114%** carry cost) and **US$ 2.0 billion** in Brazil (approx. **6.2%** carry cost)[33](index=33&type=chunk) [Debt and Taxation](index=15&type=section&id=Debt%20and%20Taxation) Ambev maintained a strong **net cash position** of **R$ 8,334.3 million** as of June 30, 2023, with an effective tax rate of **-9.5%** in Q2 2023 [Debt Breakdown](index=15&type=section&id=Debt%20Breakdown) As of June 30, 2023, Ambev's total consolidated debt was **R$ 3,992.3 million**, resulting in a **net cash position** of **R$ 8,334.3 million** Debt Position (R$ million) | Item | Dec 31, 2022 | June 30, 2023 | | :--- | :--- | :--- | | Consolidated Debt | 3,770.7 | 3,992.3 | | Cash and Cash Equivalents | 14,852.1 | 12,013.1 | | Current Investment Securities | 454.5 | 313.5 | | **Net debt/(cash)** | **(11,535.9)** | **(8,334.3)** | [Provision for Income Tax](index=15&type=section&id=Provision%20for%20Income%20Tax) Q2 2023 income tax provision was a **R$ 225.8 million** benefit, leading to a **-9.5%** effective tax rate, influenced by tax benefits Effective Tax Rate Reconciliation | Metric | 2Q22 | 2Q23 | | :--- | :--- | :--- | | Aggregated weighted nominal tax rate | 30.6% | 24.3% | | Income tax and social contribution expense (R$ million) | (474.6) | 225.8 | | **Effective tax rate** | **13.4%** | **-9.5%** | [Consolidated Financial Statements](index=24&type=section&id=Consolidated%20Financial%20Statements) Consolidated financial statements show total assets of **R$ 133,294.4 million** and total equity of **R$ 86,366.0 million** as of June 30, 2023 Key Balance Sheet Figures (R$ million) | Item | Dec 31, 2022 | June 30, 2023 | | :--- | :--- | :--- | | Total Assets | 137,958.1 | 133,294.4 | | Total Liabilities | 54,630.3 | 46,928.4 | | Total Equity | 83,327.8 | 86,366.0 | Key Cash Flow Figures - YTD 2023 (R$ million) | Item | YTD22 | YTD23 | | :--- | :--- | :--- | | Cash flow from operating activities | 2,722.0 | 2,839.4 | | Cash flow used in investing activities | (2,259.5) | (2,299.1) | | Cash flow from financing activities | (2,731.1) | (2,722.9) | Other Information This section details Ambev's shareholding structure, hyperinflation accounting impact in Argentina, and reconciliation of non-IFRS measures [Shareholding Structure](index=16&type=section&id=Shareholding%20Structure) As of June 30, 2023, Ambev S.A.'s shareholding structure was majority-controlled by Anheuser-Busch InBev (**61.8%**), with **28.0%** public float Ambev S.A. Shareholding Structure (as of June 30, 2023) | Shareholder | % Outstanding | | :--- | :--- | | Anheuser-Busch InBev | 61.8% | | FAHZ | 10.2% | | Market | 28.0% | | **Total Outstanding** | **100.0%** | [Financial Reporting in Hyperinflationary Economies (Argentina)](index=17&type=section&id=Financial%20Reporting%20in%20Hyperinflationary%20Economies%20%28Argentina%29) Due to Argentina's hyperinflation, **IAS 29** accounting was applied, resulting in a **R$ 102.8 million** positive finance adjustment but a **R$ 276.3 million** negative profit impact - The application of **IAS 29** is required as Argentina's three-year cumulative inflation rate exceeded **100%**[39](index=39&type=chunk) Impact of Hyperinflation Accounting (IAS 29) in Q2 2023 (R$ million) | Metric | Total Impact | | :--- | :--- | | Revenue | 15.9 | | Normalized EBITDA | 13.0 | - The overall impact on Q2 2023 **profit** was negative **R$ 276.3 million**, and the impact on **EPS** was negative **R$ 0.01**[39](index=39&type=chunk) [Reconciliation of Non-IFRS Measures](index=19&type=section&id=Reconciliation%20of%20Non-IFRS%20Measures) This section reconciles Normalized EBITDA, a non-IFRS measure, to reported profit, providing transparency on management's performance metrics Reconciliation from Profit to Normalized EBITDA - Q2 2023 (R$ million) | Item | Amount | | :--- | :--- | | Profit | 2,597.8 | | (+) Income tax expense | (225.8) | | (+) Net finance results | 1,073.5 | | (+) Share of results of joint ventures | 2.4 | | (+) Exceptional items | 123.4 | | **Normalized Operating Profit** | **3,571.3** | | (+) Depreciation & amortization | 1,703.9 | | **Normalized EBITDA** | **5,275.2** |

Ambev S.A. (NYSE:ABEV) Q1 2023 Earnings Conference Call May 4, 2023 11:30 AM ET Company Participants Jean Jereissati – Chief Executive Officer Lucas Lira – Chief Financial and Investor Relations Officer Conference Call Participants Lucas Ferreira – JPMorgan Camila Azevedo – UBS Thiago Duarte – BTG Pactual Carlos Laboy – HSBC Isabella Simonato – Bank of America Ben Theurer – Barclays Gustavo Troyano – Itaú BBA Operator Good morning, good afternoon and thank you for waiting. We would like to welcome everyone ...

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 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 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 ...

[Filing and Availability of 2022 Annual Report (Form 20-F)](index=2&type=section&id=Filing%20and%20Availability%20of%202022%20Annual%20Report%20%28Form%2020-F%29) Ambev S.A. has filed its 2022 Annual Report on Form 20-F with the SEC, making it publicly available - Ambev S.A. filed its **2022 annual report on Form 20-F** with the SEC on March 17, 2023[3](index=3&type=chunk) - The annual report is accessible on the company's investor relations website and the SEC's EDGAR database[3](index=3&type=chunk) - ADR holders can request a free hard copy of the complete audited financial statements from the Form 20-F[3](index=3&type=chunk)

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of August, 2022 Commission File Number 1565025 AMBEV S.A. (Exact name of registrant as specified in its charter) AMBEV S.A. (Translation of Registrant's name into English) Rua Dr. Renato Paes de Barros, 1017 - 3rd Floor 04530-000 São Paulo, SP Federative Republic of Brazil (Address of principal executive office) Indicate by ...

Financial Performance - Ambev reported net sales of R$18,439,152 for Q1 2022, an increase of 10.8% compared to R$16,639,761 in Q1 2021[9]. - Gross profit for the quarter was R$9,024,666, up from R$8,694,431 in the same period last year, reflecting a gross margin improvement[9]. - Net income for Q1 2022 was R$3,528,838, representing a 29.2% increase from R$2,733,311 in Q1 2021[9]. - Total comprehensive income for the period was BRL 7,858,946 thousand, compared to BRL 7,565,774 thousand in 2021, indicating a year-over-year increase of about 3.9%[12]. - EBITDA for the consolidated group was R$5,493,290 for the three-month period ended March 31, 2022, compared to R$5,243,238 in the same period of 2021, reflecting an increase of 4.8%[101]. - The net income for the consolidated group was R$3,528,838 for the three-month period ended March 31, 2022, up from R$2,733,311 in the same period of 2021, indicating a growth of 29.2%[101]. Cash and Liquidity - The company’s cash and cash equivalents decreased to R$12,887,922 as of March 31, 2022, down from R$16,627,698 at the end of 2021[7]. - Cash generated from operations decreased to BRL 2,219,562 thousand in 2022 from BRL 4,178,053 thousand in 2021, a decline of about 47.0%[15]. - The company experienced a decrease in cash and cash equivalents at the end of the year to BRL 12,796,459 thousand from BRL 17,286,068 thousand in 2021, a decline of approximately 26.0%[15]. - The company has adopted bilateral "trigger" clauses for significant derivative transactions to minimize credit risk, requiring settlement when fair value exceeds 10%-15% of notional value[160]. - Ambev's liquidity risk management includes cash flow from operating activities, cash and cash equivalents, and access to loan facilities to finance capital expenditures and dividend payments[164]. Assets and Liabilities - Total assets decreased to R$127,399,920 as of March 31, 2022, compared to R$138,602,483 at the end of 2021[8]. - Total liabilities decreased to R$47,203,479 as of March 31, 2022, down from R$54,584,866 at the end of 2021[8]. - The company’s equity attributable to equity holders was R$78,923,098 as of March 31, 2022, compared to R$82,643,031 at the end of 2021[8]. - The total amount of tax losses carried forward was R$3,488,396 as of March 31, 2022, down from R$4,122,454 in December 31, 2021[54]. - Total financial liabilities as of March 31, 2022, were R$30,442,002, compared to R$35,037,806 at the end of 2021[172][173]. Operational Costs - Ambev's distribution expenses rose to R$2,529,019 in Q1 2022, compared to R$2,129,593 in Q1 2021, indicating increased operational costs[9]. - The company reported a net finance result of R$596,713 in Q1 2022, an improvement from a net finance loss of R$1,064,300 in Q1 2021[9]. - The company reported net finance costs of R$1,623,093, compared to R$1,444,395 in the previous year, indicating an increase of 12.4%[109]. Impact of COVID-19 - The company noted that the COVID-19 pandemic has significantly impacted sales, particularly in countries with lower income levels and less mature beer markets, affecting overall demand and distribution[20]. - In the first quarter, operations in Brazil were impacted by the COVID-19 variant Omicron, leading to a decline in sales, but a gradual increase in volumes was observed later, particularly in March 2022 compared to the same period in 2021[22]. - The company incurred exceptional expenses of R$10,668 thousand due to protective actions for staff and community donations as of March 31, 2022[24]. - Exceptional items related to COVID-19 impacts were R$10,668, down from R$31,051 in the previous year, showing a decrease of 65.6%[108]. Shareholder Equity and Dividends - The company paid dividends totaling BRL 22,006 thousand in 2022, compared to BRL 1,241,110 thousand in 2021, indicating a significant reduction in dividend payouts[15]. - The company is required to distribute a minimum mandatory dividend of at least 40% of its net income, adjusted according to applicable law[90]. - The capital stock increased to R$58,130,517 as of March 31, 2022, from R$57,973,874 a year earlier, marking an increase of approximately 0.3%[76]. Risk Management - The company is exposed to various risks including foreign currency, interest rate, and commodity price risks, and has established a Financial Risk Management Policy to mitigate these risks[136]. - AMBEV S.A. utilized derivative financial instruments to manage risks, resulting in a finance loss of BRL 632,260 thousand for the period ended March 31, 2022[145]. - The company has a significant foreign currency risk exposure, particularly in US Dollars (BRL 17,080,116 thousand) and Commodities (BRL 2,781,277 thousand)[145]. - The interest rate risk for Brazilian Reais was 7.5%, with a risk amount of BRL 2,301,351 thousand as of March 31, 2022[150]. Inventory and Impairment - Inventory increased to R$11,426,297 thousand as of March 31, 2022, compared to R$11,000,346 thousand at the end of 2021[44]. - The company reported a significant increase in impairment losses on receivables and inventory, totaling BRL 72,104 thousand in 2022 compared to BRL 27,251 thousand in 2021, marking a rise of approximately 164.5%[15]. - The company reported a decrease in impairment losses on inventory to R$119,209 thousand as of March 31, 2022, from R$157,774 thousand at the end of 2021[45]. Taxation - The effective tax rate for the period was 1.03%, significantly lower than 6.25% in the previous year, primarily due to government subsidies for sales taxes[114]. - Tax incentives contributed R$507,715 to income for the period ended March 31, 2022, compared to R$441,667 in the same period of 2021, marking an increase of 14.9%[88]. - The company recognized recoverable tax credits totaling R$7.6 billion from 2018 to 2022, with R$4.45 billion related to the period from 2009 to 2015[193].

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 ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 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 ...