ABEV - Ambev Non-GAAP EPS of R$0.24 revenue of R$20.53B

2023-05-04 09:12:13 ET

• Ambev press release ( NYSE: ABEV ): Q1 Non-GAAP EPS of R$0.24.
• Revenue of R$20.53B (+11.3% Y/Y).
• EBITDA grew by 39.9%, gross margin expanded 290 bps and EBITDA margin expanded 310 bps.
• Total volume slightly declined as growth in Brazil (NAB +7.3% and Beer +0.8%), and in Canada (+5.0%) were more than offset by Latin America South (-7.8%), impacted by a challenging macroeconomic environment, and Central America and the Caribbean -5.0% despite sequential recovery in the Dominican Republic.
• Normalized EBITDA growth was driven by LAS (+97.0%), Brazil NAB (+47.1%), Brazil Beer (+24.4%) and Canada (+3.5%), and partially offset by CAC (-2.1%). Performance was led by top line growth, with Normalized EBITDA margin expansion of 310 bps despite commodities prices impacting COGS.
• Cash flow from operating activities declined compared to R$ 519.8 million in 1Q22.

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