When you run out of money, you run out of options, and creditors, banks, and the courts get to make decisions that may not be what you hoped would happen. In most cases, when a company gets liquidated or files bankruptcy, its shareholders are in line behind secured creditors. That means they usually get nothing from any asset sales. "When an entity seeks protection under the US Bankruptcy Code, existing shareholders face the prospect of a complete loss of their investment," according to LegalClarity.org ...

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].

Core Viewpoint - The collaboration between Xinhua News and Kuaizi Jiao aims to explore the concept of time through the lens of wine cellars and cultural relic restoration, emphasizing the preservation of time [1] Group 1 - The wine cellar is described as a place where time feels slowed down, highlighting its unique atmosphere [1] - Cultural relic restoration is framed as a method to combat the erosion of time, suggesting a deep connection between preservation and the passage of time [1] - The initiative titled "Seeing · The Path of Compatibility" seeks to unveil the "time code" of Kuaizi Jiao, indicating a focus on the brand's heritage and history [1]

Core Insights - Anheuser-Busch InBev reported fourth-quarter underlying earnings per share of $0.95, exceeding analyst estimates of $0.88, with shares rising over 4% intra-day [1] - Total volumes declined 1.5%, outperforming the expected 2.7% decrease, while organic revenue increased by 2.5%, surpassing forecasts of 1.5% growth [1] Performance by Region - North America saw a revenue decline of 1%, better than the anticipated 2.3% drop, with volumes falling 3.5% versus expectations for a 5.5% decline; Michelob Ultra maintained its position as the leading volume share gainer in the U.S. beer market [3] - Middle Americas revenue increased by 5.9%, exceeding forecasts of 4% growth, driven by mid-single-digit expansion in Mexico and market share gains [4] - South America revenue rose by 5%, ahead of expectations of 3.2%, with Brazil benefiting from sequential volume improvements as weather conditions normalized in December [4] - In China, volumes declined by 3.9% in the fourth quarter, an improvement from the 11.4% drop in the third quarter, with market share trends improving to flat year over year [5] Future Guidance - For 2026, AB InBev guided to EBITDA growth of 4% to 8%, consistent with medium-term targets and above the 2% to 6% growth outlook from peers Carlsberg and Heineken [2]

Core Insights - Wall Street analysts expect Molson Coors Brewing (TAP) to report quarterly earnings of $1.17 per share, reflecting a year-over-year decline of 10% and revenues of $2.73 billion, down 0.4% from the previous year [1] Earnings Estimates - Changes in earnings estimates are crucial for predicting investor reactions, with empirical studies showing a strong relationship between earnings estimate revisions and short-term stock performance [2] Key Metrics Forecast - Analysts project 'Net Sales- EMEA&APAC' to be $599.54 million, indicating a year-over-year increase of 5.4% [3] - The consensus for 'Net Sales- Americas' is $2.13 billion, reflecting a decrease of 2.1% from the prior-year quarter [4] - 'Brand Volume - Consolidated' is expected to reach 17.67 million, down from 18.87 million year-over-year [4] - 'Brand Volumes - Americas' is forecasted at 13.03 million, compared to 14.22 million in the same quarter last year [5] - 'Brand Volumes - EMEA&APAC' is estimated to be 4.58 million, slightly down from 4.66 million reported in the same quarter last year [5] Income Projections - The average prediction for 'Income (loss) before income taxes- EMEA&APAC' is $24.99 million, up from $23.50 million in the same quarter last year [6] - 'Income (loss) before income taxes- Americas' is expected to be $301.01 million, down from $361.80 million reported in the same quarter last year [6] Stock Performance - Molson Coors shares have increased by 5.5% over the past month, contrasting with a -0.3% change in the Zacks S&P 500 composite [6] - The company holds a Zacks Rank 4 (Sell), indicating expectations of underperformance relative to the overall market in the near future [6]

The world’s second-largest brewer says it plans to combat a sluggish beer market by using technology to make its operations more efficient — and, in turn, slash thousands of jobs.Heineken, which announced its latest financial results Wednesday, said that it expects to cut between 5,000 and 6,000 jobs over the next two years — amounting to up to 7% of the Dutch brewer’s global workforce. Most Read on IEN Company officials indicated that some of the cuts would stem from previously announced cost-cutting effo ...

Core Viewpoint - Heineken Holding N.V. has announced the initiation of the second tranche of its €750 million share buyback program, amounting to €375 million, which is part of a two-year plan [1]. Group 1: Share Buyback Program Details - The second tranche of the share buyback program is expected to be completed by 29 January 2027, or earlier if the allocated amount is fully utilized [3]. - All shares repurchased under the program will be canceled to reduce the issued share capital of Heineken Holding N.V. [3]. - The program may be suspended, modified, or discontinued at any time [3]. Group 2: Execution and Compliance - The program will be executed within the limitations of the authority granted in the General Meeting of Shareholders held on 17 April 2025 [4]. - Compliance with the Market Abuse Regulation 596/2014 and Commission Delegated Regulation (EU) 2016/1052 will be maintained during the share buyback [5]. - Heineken Holding N.V. will provide regular updates on the progress of the program through press releases and its website [5]. Group 3: Company Overview - Heineken Holding N.V. primarily engages in managing its interest in Heineken N.V. and providing services to that company [8]. - Heineken is recognized as a leading developer and marketer of premium and non-alcoholic beer and cider brands, with a portfolio exceeding 340 brands [9]. - The company operates in over 70 countries, emphasizing sustainability and innovation in its business practices [9].

The world's largest brewer said it is confident of continued earnings growth after beer sales volumes fell 1.5%, less than expected. ...

Financial Data and Key Metrics Changes - In the full year 2025, total volumes decreased by 6% and net revenue declined by 6.1% [6][12] - Normalized EBITDA decreased by 9.8%, with a normalized EBITDA margin contraction of 113 basis points [6] - In Q4 2025, total volumes decreased by 0.7%, with revenue and revenue per hectoliter decreasing by 4.2% and 3.5%, respectively [6] Business Line Data and Key Metrics Changes - In APAC West, volumes decreased by 6.7%, with revenue and revenue per hectoliter decreasing by 8.2% and 1.5%, respectively [7] - In China, volumes decreased by 3.9% in Q4, with revenue per hectoliter decreasing by 7.7%, resulting in an 11.4% revenue decline [7] - In India, strong double-digit revenue growth was delivered, with the Premium and Super Premium portfolio representing over two-thirds of total revenue [10] Market Data and Key Metrics Changes - In APAC East, volumes decreased by 1.3%, while revenue and revenue per hectoliter increased by 1.3% and 2.5%, respectively [10] - In South Korea, volumes decreased by low single digits, but revenue remained flat due to ongoing revenue management initiatives [11] Company Strategy and Development Direction - The company is focusing on enhancing in-home go-to-market strategies, enriching its portfolio, and innovating behind mega brands to rebuild momentum and reignite growth [4] - Strategic priorities for 2026 include increasing commercial investments in China to prioritize top-line growth over profitability [31] Management's Comments on Operating Environment and Future Outlook - Management noted that the performance in China was below potential, but there are signs of stabilization in the industry [4][15] - The company is optimistic about the upcoming World Cup as a potential boost for industry demand [28] Other Important Information - The company maintained a strong balance sheet with a net cash position above $2.8 billion and recommended a dividend of $750 million for 2025 [12] - The company is actively managing inventory levels, which are lower than the previous year, to ensure a healthy route to market [65] Q&A Session Questions and Answers Question: What are the latest demand trends in China? - Management indicated that the industry shows signs of stabilization, but on-trade recovery has not yet been significant [15] Question: Will the shareholder reward policy be reviewed with a new CEO? - Management confirmed that the rigorous review process for dividends will remain intact, and it is too early to discuss changes to the policy [20] Question: What will be done differently in 2026 to turn around the business in China? - The focus will be on reigniting growth and rebuilding volume momentum, with significant emphasis on commercial investments [25][31] Question: How is the company managing inventory levels in China? - The company has proactively adjusted inventory levels, which are now lower than the previous year, ensuring a better position going into the Chinese New Year [65] Question: What is the pricing trend in China for 2026? - The company aims to maintain pricing discipline while investing to lead and grow the category, with a favorable brand mix contributing to revenue [72]

Financial Data and Key Metrics Changes - In full year 2025, total volumes decreased by 6% and net revenue declined by 6.1% [5][6] - Normalized EBITDA decreased by 9.8% with a margin contraction of 113 basis points [5] - In Q4 2025, total volumes decreased by 0.7%, with revenue declining by 4.2% and revenue per hectoliter down by 3.5% [5][6] - Normalized EBITDA for Q4 decreased by 24.7%, with a margin contraction of 425 basis points [5] Business Line Data and Key Metrics Changes - In APAC West, volumes decreased by 6.7%, with revenue and revenue per hectoliter down by 8.2% and 1.5% respectively [6] - In China, Q4 volumes decreased by 3.9% and revenue per hectoliter decreased by 7.7%, leading to an 11.4% revenue decline [7] - In India, strong double-digit revenue growth was achieved, with the Premium and Super Premium portfolio representing over two-thirds of total revenue [10] - In APAC East, volumes decreased by 1.3%, while revenue and revenue per hectoliter increased by 1.3% and 2.5% respectively [10] Market Data and Key Metrics Changes - In South Korea, volumes decreased by low single digits, but revenue remained flat due to ongoing revenue management initiatives [11] - The non-alcoholic beer and flavored beer segments are performing well in South Korea, indicating a shift in consumer preferences [58] Company Strategy and Development Direction - The company aims to enhance its in-home go-to-market strategy, enrich its portfolio, and innovate behind its mega brands to reignite growth [4] - Focus on expanding the in-home and O2O channels, with significant investments in marketing campaigns and innovations [8][9] - The company plans to prioritize top-line growth in China, potentially increasing commercial investments at the expense of short-term profitability [31][32] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that performance in China was below potential, but sees signs of stabilization and initial improvement in Q4 2025 [16][18] - The company is optimistic about the impact of the World Cup on industry demand and plans to leverage this event for brand activation [28] - Management emphasizes the importance of maintaining a strong balance sheet and disciplined financial practices, with a dividend recommendation of $750 million for 2025 [12] Other Important Information - The company continues to invest in its mega brands and has launched several innovative marketing initiatives, including collaborations with popular cultural events [11][12] - The net cash position at the end of 2025 was above $2.8 billion, reflecting a decrease of $39 million from the previous year [12] Q&A Session Summary Question: What is the latest demand trend in China and any updates on Chinese New Year preparations? - Management noted that the industry shows signs of stabilization, but on-trade demand recovery has not been significant yet [16][18] Question: Will the shareholder reward policy be reviewed with the new CEO? - Management confirmed that the rigorous review process for dividends will remain intact, and it is too early to discuss changes to the policy [20] Question: What will be done differently in 2026 to turn around the business in China? - The focus will be on reigniting growth and enhancing execution in key channels, with a strong emphasis on innovations and marketing campaigns [25][26] Question: How will the company manage inventory levels in China? - Management stated that inventory levels are lower than the previous year, and they will continue to manage inventories attentively [65] Question: What is the pricing trend expected in China for 2026? - The company aims to maintain pricing discipline while investing in brand growth, with a favorable brand mix contributing positively to revenue [70][71]