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 March, 2024 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 ...

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, 2023 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 ...

Group 1: AT&T (T) - AT&T is viewed as a viable investment for those believing in its future growth despite current stagnation [2] - The company reported higher-than-expected revenues and added more postpaid customers than anticipated, although it missed earnings by a few cents [2] - AT&T offers a dividend yield of 6.5%, providing passive income for investors [2] Group 2: Ambev (ABEV) - Ambev's stock is currently trading at approximately $2.50, with analysts projecting a target price of $3.43 and potential for price appreciation [3][4] - The company offers a dividend yield just above 5%, making it attractive for income-focused investors [3] - Ambev has shown rapid revenue growth over the past three years and is financially secure, ranking higher than 79% of its competitors in the brewery sector [4] Group 3: Kinder Morgan (KMI) - Kinder Morgan operates critical pipeline transportation infrastructure in the energy sector and has a current dividend yield of 6.8% [5] - The company anticipates paying $1.15 per share in dividends this year and expects to maintain yields above 6% in 2024 [5] - Despite a decline in earnings and distributable cash flow by 10% and 4% respectively in the fourth quarter, investors are betting on potential instability in energy markets to drive prices higher [6]

Group 1: Planet Labs (PL) - Planet Labs focuses on Earth observability, providing detailed satellite imagery to various clients, including government and commercial sectors [2][3] - The company has a significant cash reserve of over $300 million and is experiencing rising revenues, indicating potential for future growth despite not yet being consistently profitable [3] Group 2: Ambev (ABEV) - Ambev is Brazil's largest beer brewing company, with a strong market presence in Brazil and other Latin American countries, benefiting from growth opportunities in emerging markets [4][5] - The company operates under Anheuser-Busch InBev but has maintained a strong position, avoiding political controversies and holding a net cash position, providing flexibility in a volatile economy [5] Group 3: Traeger (COOK) - Traeger designs and distributes wood pellet barbecue grills, capitalizing on the growing trend of home grilling, particularly among younger consumers [6][7] - After overexpansion and subsequent operating losses, Traeger is expected to return to profitability, with inventory levels normalizing and shares significantly down from their 2021 peak [7]

Core Viewpoint - The article discusses how certain companies with strong balance sheets are well-positioned to thrive despite rising interest rates, contrasting them with more speculative and debt-laden firms that face existential risks due to these economic conditions [1]. Group 1: Companies with Strong Balance Sheets - Alphabet (GOOGL) has $120 billion in cash and short-term investments against $12 billion in long-term debt, potentially benefiting from higher interest rates through treasury bonds yielding 4%, which could generate about $5 billion annually [2]. - Franco-Nevada Corp. (FNV) has no debt and has seen its stock rise over 600% since 2007, although it faces challenges due to a mine shutdown in Panama. The price of precious metals is increasing, suggesting potential for FNV shares to trend higher [4][5]. - Corteva (CTVA) has virtually no net debt and is trading at around 17 times forward earnings, making it an attractive investment opportunity despite a 25% decline in stock price over the past year [6]. - Ambev (ABEV) operates without debt and offers a greater than 5% dividend yield, trading at 15 times forward earnings, positioning it as a steady stock in a defensive industry [7][8]. - Old Dominion Freight Line (ODFL) has only $60 million in long-term debt and focuses on less-than-truckload services, resulting in a stock price increase of over 900% in the past decade [9]. - EPAM Systems (EPAM) has no debt and a large cash balance, allowing it to adapt to geopolitical changes and continue growth in affordable IT solutions [10][11]. Group 2: Market Dynamics - Tradeweb Markets (TW) has benefited from the shift to online bond trading, experiencing a 28% growth in average daily volume for 2023, including a 43% rise in December trading volumes, making it a resilient stock amid interest rate fluctuations [12][13].

Ambev S.A. (NYSE:ABEV) Q3 2023 Earnings Conference Call October 31, 2023 11:30 AM ET Company Participants Jean Jereissati – Chief Executive Officer Lucas Lira – Chief Financial, Investor Relations and Shared Services Officer Conference Call Participants Isabella Simonato – Bank of America Robert Ottenstein – Evercore Thiago Duarte – BTG Pactual Ben Theurer – Barclays Felipe Ucros – Scotiabank Alan Alanis – Santander Operator Good morning, good afternoon, and thank you for waiting. We would like to welcome e ...

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** |