| SEGMENT REPORTING |
| (a) | Reportable segments - Years ended on December 31,: |
| Schedule of segment reporting |
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Brazil |
CAC |
Latin America – South |
Canada |
Consolidated |
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2025 |
2024 |
2023 |
2025 |
2024 |
2023 |
2025 |
2024 |
2023 |
2025 |
2024 |
2023 |
2025 |
2024 |
2023 |
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| Net sales |
49,030.8 |
48,605.4 |
46,361.7 |
10,963.9 |
11,023.7 |
10,044.8 |
17,988.3 |
19,829.7 |
13,797.2 |
10,259.5 |
9,993.9 |
9,533.2 |
88,242.5 |
89,452.7 |
79,736.9 |
| Cost of sales |
(24,254.9) |
(23,809.3) |
(23,516.1) |
(5,022.3) |
(5,076.2) |
(5,035.1) |
(9,263.6) |
(10,460.4) |
(6,657.3) |
(4,323.3) |
(4,269.2) |
(4,083.1) |
(42,864.1) |
(43,615.1) |
(39,291.6) |
| Gross profit |
24,775.9 |
24,796.1 |
22,845.6 |
5,941.6 |
5,947.5 |
5,009.7 |
8,724.7 |
9,369.3 |
7,139.9 |
5,936.2 |
5,724.7 |
5,450.1 |
45,378.4 |
45,837.6 |
40,445.3 |
| Distribution expenses |
(6,131.8) |
(6,423.9) |
(6,428.6) |
(893.0) |
(927.6) |
(853.1) |
(2,148.0) |
(2,388.9) |
(1,614.3) |
(1,756.1) |
(1,816.7) |
(1,854.6) |
(10,928.9) |
(11,557.1) |
(10,750.6) |
| Sales and marketing expenses |
(4,761.0) |
(4,876.3) |
(4,477.0) |
(772.5) |
(792.1) |
(665.1) |
(1,645.4) |
(1,932.6) |
(1,190.0) |
(1,169.2) |
(1,033.2) |
(1,080.4) |
(8,348.1) |
(8,634.2) |
(7,412.5) |
| Administrative expenses |
(3,769.0) |
(3,860.2) |
(3,563.2) |
(404.6) |
(490.2) |
(413.0) |
(979.5) |
(1,094.4) |
(659.5) |
(709.8) |
(756.3) |
(638.0) |
(5,862.9) |
(6,201.1) |
(5,273.7) |
| Other operating income/(expenses) |
2,370.8 |
2,415.8 |
1,892.5 |
(22.2) |
(13.5) |
26.3 |
94.4 |
45.8 |
95.0 |
(7.1) |
9.2 |
15.1 |
2,435.9 |
2,457.3 |
2,028.9 |
| Exceptional items |
(36.0) |
(16.2) |
(137.8) |
824.7 |
(9.8) |
(17.9) |
(120.2) |
(51.6) |
(47.6) |
(25.2) |
(23.2) |
(3.1) |
643.3 |
(100.8) |
(206.4) |
| Income from operations |
12,448.9 |
12,035.3 |
10,131.5 |
4,674.0 |
3,714.3 |
3,086.9 |
3,926.0 |
3,947.6 |
3,723.5 |
2,268.8 |
2,104.5 |
1,889.1 |
23,317.7 |
21,801.7 |
18,831.0 |
| Net financial results |
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(4,001.8) |
(2,318.3) |
(3,609.8) |
| Share of results of associates and joint ventures |
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105.8 |
3.9 |
(185.3) |
| Income before income tax |
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19,421.7 |
19,487.3 |
15,035.9 |
| Income tax expenses |
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(3,433.3) |
(4,640.4) |
(75.5) |
| Net income |
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15,988.4 |
14,846.9 |
14,960.4 |
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| Acquisitions of property, plant and equipment |
3,045.3 |
2,838.0 |
3,365.5 |
603.7 |
558.8 |
593.4 |
651.3 |
982.8 |
782.2 |
290.2 |
369.5 |
1,263.0 |
4,590.5 |
4,749.1 |
6,004.1 |
(continued)
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Brazil |
CAC |
Latin America - South |
Canada |
Consolidated |
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2025 |
2024 |
2023 |
2025 |
2024 |
2023 |
2025 |
2024 |
2023 |
2025 |
2024 |
2023 |
2025 |
2024 |
2023 |
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| Segment assets |
58,540.0 |
57,776.0 |
56,974.2 |
14,331.9 |
16,742.1 |
13,692.3 |
23,344.5 |
28,247.8 |
16,085.1 |
16,783.6 |
18,394.3 |
15,856.9 |
113,000.0 |
121,160.2 |
102,608.5 |
| Inter-segment eliminations |
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(3,067.6) |
(4,607.7) |
(2,162.1) |
| Non-segmented assets (i) |
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35,154.8 |
45,955.8 |
32,197.9 |
| Total assets |
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145,087.2 |
162,508.3 |
132,644.3 |
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| Segment liabilities |
32,120.9 |
34,429.6 |
28,841.3 |
5,297.5 |
6,814.2 |
4,981.5 |
7,078.6 |
9,146.1 |
5,095.4 |
4,260.6 |
4,976.6 |
5,131.0 |
48,757.6 |
55,366.5 |
44,049.2 |
| Inter-segment eliminations |
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(3,067.5) |
(4,607.7) |
(2,161.8) |
| Non-segmented liabilities (i) |
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99,397.1 |
111,749.5 |
90,756.9 |
| Total liabilities |
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145,087.2 |
162,508.3 |
132,644.3 |
| (i) | | The balance of non-segmented assets refers mainly to cash and cash equivalents, taxes and
investments. The balance of non-segmented liabilities refers mainly to equity values, taxes and derivatives. |
Non-current assets attributed to Brazil (the Company’s country of domicile)
and to Canada amounted to R$44,994.1 and R$14,794.0, respectively, on December 31, 2025 (R$44,725.3 and R$16,131.2, respectively, in December
31, 2024 and R$45,052.8 and R$13,859.4, respectively, as at December 31, 2023). Net revenue attributable to the Company's operations in
Argentina totaled R$7,890.1 in December 31, 2025 (R$11,506.3 in December 31, 2024 and R$6,301.4 in December 31, 2023), and the segmented
non-current assets related to the same country totaled R$9,916.7 for the year ended on December 31, 2025 (R$12,576.8 in December 31, 2024
and R$5,894.8 in December 31, 2023).
| (b) | Additional information by Business unit - years ended on December 31,: |
| Schedule of additional information |
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Brazil |
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Beer |
NAB |
Total |
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2025 |
2024 |
2023 |
2025 |
2024 |
2023 |
2025 |
2024 |
2023 |
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| Net sales |
40,230.7 |
40,220.2 |
38,985.9 |
8,800.1 |
8,385.2 |
7,375.8 |
49,030.8 |
48,605.4 |
46,361.7 |
| Cost of sales |
(19,380.5) |
(19,282.4) |
(19,377.7) |
(4,874.4) |
(4,526.9) |
(4,138.4) |
(24,254.9) |
(23,809.3) |
(23,516.1) |
| Gross profit |
20,850.2 |
20,937.8 |
19,608.2 |
3,925.7 |
3,858.3 |
3,237.4 |
24,775.9 |
24,796.1 |
22,845.6 |
| Distribution expenses |
(4,845.1) |
(5,132.2) |
(5,171.9) |
(1,286.7) |
(1,291.7) |
(1,256.7) |
(6,131.8) |
(6,423.9) |
(6,428.6) |
| Sales and marketing expenses |
(4,280.8) |
(4,353.8) |
(3,969.4) |
(480.2) |
(522.5) |
(507.6) |
(4,761.0) |
(4,876.3) |
(4,477.0) |
| Administrative expenses |
(3,301.5) |
(3,363.6) |
(3,106.0) |
(467.5) |
(496.6) |
(457.2) |
(3,769.0) |
(3,860.2) |
(3,563.2) |
| Other operating income/(expenses) |
1,891.2 |
1,878.3 |
1,474.1 |
479.6 |
537.5 |
418.4 |
2,370.8 |
2,415.8 |
1,892.5 |
| Exceptional items |
(36.0) |
(16.2) |
(137.8) |
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- |
- |
(36.0) |
(16.2) |
(137.8) |
| Income from operations |
10,278.0 |
9,950.3 |
8,697.2 |
2,170.9 |
2,085.0 |
1,434.3 |
12,448.9 |
12,035.3 |
10,131.5 |
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Accounting policies
Reportable segments are consistently presented on the internal reporting
regularly reviewed by the Company’s chief operating decision maker, the Chief Executive Officer, for the purpose of evaluating the
performance of each segment and allocating resources to those segments. The information is prepared based on available financial data
that is directly attributable to the segment or the information that can be allocated on a reasonable basis.
Therefore, the segment reporting is presented by geographical zones, since
the risks and rates of return are predominantly affected by the fact that the company operates in different regions.
Performance information by business unit (Beer and Non-alcoholic beverages
(“NAB”)), is also presented to the Company’s chief operating decision maker and is disclosed as additional information,
even though it does not qualify as a segment.
The Company conducts its operations across four business segments, as mentioned
in note 1 – Corporate Information. The chief operating decision maker uses income from operations as the main measure of
segment profitability.
In accordance with IFRS 8 - Segment Information, the Company does
not disclose its revenues from external customers for each product or each group of similar products, since the necessary information
is not available in a comparable form and the cost of preparing it would be excessive.
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