Good afternoon, everyone, and thank you for joining our first quarter earnings call. As we start the year, here's the message I would like you to take away today: In tough moments, great companies and cultures find a way to get stronger, and that is what this quarter begins to show.

We enter this year in a better position than we started last year, despite the dynamic operating environment. From day one, we framed our mission around three priorities: avoid disruptions, keep momentum, and build a stronger company.

Last year was demanding, and that made the third objective the hardest to deliver. As a team, we embraced the challenge, elevated our market intelligence capabilities, and focused on what we could control, guided by our growth strategy.

Within that context, Ambev delivered a solid start to the year. Total volumes were broadly flat against the toughest comparison base of the year, while beer returned to growth, up low single digit.

Net revenue grew high single digit, supported by net revenue per hectoliter growth. Even with continued cost pressure, we delivered double-digit EBITDA growth with margin expansion of 60 basis points, while net income grew by a low single digit.

The quarter also reflected solid operational cash flow generation and continued discipline in returning cash to shareholders. That is why the first quarter matters.

First, it materializes the strengthening we built over the past year, boosted by continued improvement of the beer industry across most of our footprint, coupled with our commercial momentum. Second, it delivered a balanced shape of P&L from top to bottom, being a solid first step portraying the kind of year we want to have.

What gives us confidence is not only the quarter itself, but how it reflects the way our strategy is evolving across the company. Under Pillar 1, as the category captain, our mission is to lead, develop, and grow the beer industry, bridging the gap between the category's potential and actual consumption.

Across our footprint, the mission is to continuously strengthen the core segment where many of our most loved brands sit, and which remains the foundation from which the category can expand, while continuing to build the segments shaping the future of beer: premium, balanced choices, no-alcohol, and flavored beer. In doing so, we are developing a more complete portfolio and broadening the reach of the category over time.

Under Pillar 2, we are building a true digital ecosystem and becoming an even more outside-in organization. On the direct-to-consumer front, we are strengthening how we understand and address consumer needs so we can serve them better with the right products for the right occasions.

On the B2B front, data, insights, and digital tools are helping us support customers better, recommending the right portfolio and activation strategy for each point of sale, and ultimately driving stronger sell-out. By doing so, we allocate resources more efficiently, improve returns, and make Pillar 1 stronger.

Under Pillar 3, we continue to build the muscle that makes the other two pillars scalable. The discipline we have built on revenue management, costs, expenses, cash generation, and resource allocation is what allows us to free up resources to reinvest behind our brands and strategic priorities, while protecting profitability and improving return on invested capital over time.

Our ambition is for these three pillars to evolve simultaneously and work as a flywheel, reinforcing one another and perpetuating our profitable growth journey. As we continue to implement our strategy across our footprint, the breadth of our results stand out.

We delivered flat or positive net revenue growth in all of our business units. EBITDA grew across all of them, with margin expansion in four out of five.

Within that, let me turn to the main highlights across our markets. In Brazil Beer, the quarter had the toughest comparison base for the industry year-on-year.

In this context, it still declined by mid-single digit in the period, although improving sequentially versus the fourth quarter of last year. The distinction matters because the softness is explained much more by cyclical factors affecting occasions than about structural drivers.

Fundamentals remain solid, and the weather continued to be the main drag, concentrated in the south and southeast, but with lower intensity than in previous quarters. As we said during our last call, what changed was not whether consumers wanted beer, but how often the right occasions happened.

Within that context, Ambev outperformed commercially. Our volumes grew 1.2% in the quarter, building on the progress achieved in the second half of last year, and we entered this year from a stronger commercial position, supported by continued market share progression.

Brand equity also kept improving, reinforcing the link between stronger brands, better portfolio execution, and share gains across all beer segments, according to our estimates. We continue to win where the category is expanding the most.

Premium grew more than 20%, led by Stella Artois, Corona, and Original. Balanced choices grew over 70%, with Stella Pure Gold and Michelob Ultra more than doubling.

No-alcohol beer grew low teens, with Corona Cero growing over 70% and Skol 0.0 gaining traction in the regions where it has been introduced, closing the quarter reaching double digits of the no-alcohol segment mix. At the same time, our core plus value portfolio, although more exposed to weather and macro consumption dynamics, performed ahead of total industry, declining by low single digit.

Even so, it continued to improve sequentially, with a more balanced performance across brands and regions, and gained market share versus last year. Beyond Beer also continued to gain momentum, growing in the 20s, with our portfolio addressing unmet consumer needs on more occasions, led by Beats, Brutal Fruit, and our newest portfolio member, Flying Fish.

All together, this is bringing to life the most complete portfolio we have ever had, one that allows us not only to sell more, but to sell more to more consumers on more occasions and create more value for longer. This portfolio supported a solid net revenue per hectoliter performance, up 8.3% in the quarter.

As we began to implement our revenue management agenda, our digital platform allowed us to manage prices, discounts, and mix with more precision and better returns. On the customer side, BEES Marketplace also continued to gain relevance, with around 75% of our customer base already buying through the platform, driving GMV to double, supported by continued expansion of 3P.

On the consumer side, Zé Delivery remained a key activation stage for our brands and one of the major convenience platforms in Brazil, representing mid-single digit of our beer volumes in the country. In the quarter, GMV grew a high single digit, with 16 million orders delivered to 5 million monthly active users, of which around 80% are millennials and Gen Z.

In essence, Zé gives us a direct window into the future, and that is visible in our portfolio. Premium represents around mid-30s of volumes on the platform versus nearly mid-20s in Brazil Beer, while balanced choices are around 50% above Brazil Beer average.

More broadly, Zé is becoming both a growth engine and a catalyst of transformation for the organization, helping us accelerate a digital, data, analytics, and AI-driven culture, and improving how we understand consumers, develop our portfolio, and operate the business going forward. Everything that was said translated into a solid P&L.

Top line grew 9.6%, and EBITDA grew 7.6%, despite cost headwinds from FX and commodities. In Brazil NAB, 2025 was marked by two distinct phases.

In the first half, strong commercial execution and favorable pricing position supported solid volume performance and market share gains. In the second half, however, despite our consistent revenue management, market share performance came under pressure as that pricing relativity became less favorable.

In the first quarter of this year, we cycled a tough comparison base, and although both relativity and market share improved sequentially, volumes were still down 3.9% versus last year, underperforming the industry. Regarding our portfolio, Guaraná brand equity reached all-time high at the end of 2025, significantly ahead of its market share, while our non-sugar portfolio grew in the mid-teens, led by Guaraná Zero, Pepsi Black, and H2OH!.

In the quarter, our disciplined execution showed up in the P&L, with top-line growth of 1.8% and EBITDA up 16.4%, with 400 basis points of margin expansion. In Argentina, the macro environment has become more stable, with lower inflation and less FX volatility than what we faced a year ago.

That improvement, however, has not yet translated into a meaningful recovery in consumption. The beer industry remained soft in the first quarter, and the demand continued to reflect a cautious consumer environment.

While the industry appears to have found a more stable level since Q4, we continue to believe in a gradual recovery. Within that context, our performance in Argentina continued to strengthen.

Despite volumes declining by low single digit, sell-out market share increased versus last year, supported by megabrands equity and consistent execution. Above core grew high single digit, led by Stella Artois and Michelob Ultra.

We remain focused on protecting our commercial position with a disciplined revenue management agenda, while continuing to invest behind our brands to reignite the category growth. As we build momentum toward the FIFA World Cup, Quilmes and Michelob Ultra will be key consumer connection platforms in the country.

In the Dominican Republic, we had a solid start to the year. The consumption environment continued to improve, supported by a more constructive macro environment and healthier category dynamics.

Beer continued to gain share of alcoholic beverage, helped by better price relativity. In that context, total volumes grew high single digit, supported by disciplined commercial execution.

Market share remained stable, and Presidente's brand health continued to strengthen, reaching all-time high levels. In Canada, the beer industry remained soft in the quarter, declining mid-single digit, affected by a weak consumer backdrop and unfavorable weather conditions.

Within that context, we maintained stable share in beer and continued to gain share in Beyond Beer, supported by momentum of our megabrands. In beer, Busch and Michelob Ultra were the top two fastest-growing brands in the industry, while Mike's, NÜTRL, and Cutwater led our market share gains in Beyond Beer.

All in all, despite volumes declining 2%, EBITDA grew 6.7%, with 160 basis points of margin expansion. With that, I will now turn it over to Fleury for financial highlights.

Thank you, Lisboa. Hello, and good afternoon, everyone.

We entered the year maintaining the same financial discipline that has guided us over the past quarters to drive long-term value creation through our capital allocation framework. We delivered normalized EBITDA growth of 10.1%, translating into an increase of 0.3% in normalized net income.

From an operating cash flow perspective, we delivered the strongest first quarter performance in the past 10 years, which not only allows us to continue investing behind our brands, but also reinforces our commitment to return excess cash to shareholders over time, materialized through the execution of our ongoing share buyback program and our IOC announcements. Let me walk you through the quarter in more details.

On the operational side, normalized EBITDA reached 7.6 billion reais, with 60 basis points of margin expansion, supported by top-line performance and continued financial discipline. Consolidated cash COGS per hectoliter, excluding Marketplace, increased 9% in the period, with Brazil Beer up 14.6%, reflecting the expected pressure from FX and commodities headwinds, which should gradually ease starting in the second quarter, as previously anticipated.

That said, we continue advancing on cost initiatives towards capturing efficiencies. Consolidated cash SG&A grew 4.8% in the quarter, with efficiencies coming mainly from distribution expenses, driven by operational leverage in Brazil Beer.

We continue to invest consistently behind our brands in the period, and consolidated sales and marketing grew 5.1%. Most importantly, I want to remember that our sales and marketing expenses tend to follow our mega platforms events calendar, which this year includes the FIFA World Cup in quarter two.

Looking at our financial performance, net financial expenses totaled 1 billion reais in the quarter, about 200 million reais higher than last year, mainly driven by higher carry costs on derivative instruments. As a result, normalized net income reached 3.8 billion reais, with a normalized EPS of 24 cents of reais, growing 0.5% versus last year.

Now, turning to cash flow generation. Cash flow from operating activities totaled 3.2 billion reais in the quarter, an increase of 2 billion reais year-on-year.

This was mainly driven by improved working capital dynamics, particularly through better package and raw materials inventory management, as well as improvement in payables, mostly coming from a reduction in barley payments in the period and lower bonus payments following last year's performance. Cash flow used in investing activities totaled 2.4 billion reais, 1.6 billion reais higher than Q1 '25, mainly coming from a 2 billion reais impact of the deconsolidation of assets previously reported as restricted cash in CAC, as per applicable accounting standards.

For more details, please refer to Note 5.1 to our financial statements. Cash flow used in financing activities totaled 1.2 billion reais against 8.8 billion reais year-on-year, reflecting the execution of our previous share buyback program and the timing of our 2024 dividends payout, which in 2025, together, consumed 7.7 billion reais of our Q1 cash position.

Under our priority to return excess cash to shareholders, we continue executing our ongoing share buyback program announced in October last year. Yesterday, the Board of Directors approved the payment of 1.2 billion reais related to the second tranche of the IOC declared in December of 2025 and a new IOC declaration of 700 million reais to be paid by December 2026.

In summary, we started the year with momentum. We will stay focused on what we can control while continue to invest in long-term value creation.

At the same time, we remain mindful that the global geopolitical environment continues to be dynamic. Therefore, we are closely monitoring developments across all of our markets, and we maintain our Brazil Beer cash COGS per hectoliter, excluding Marketplace, guidance unchanged, from 4.5% to 7.5% increase in 2026, and continue to pursue our ambition of expanding consolidated margin over time.

With that, let me hand it back to Lisboa.

Thank you, Fleury. As I close, I would like to leave you with three messages.

First, our conviction in the category remains unchanged. Beer is one of the largest, most loved, and most profitable consumer categories in the world, and its potential is far from being fully captured across our footprint.

We continue to see room to broaden the category's reach, remain relevant to consumers as their needs evolve over time, and participate in more consumption moments. Second, we have a growth formula anchored in the three pillars of our strategy, presenting encouraging results.

In our view, that is the way not only to build momentum, but to make it last by turning one, two, and three into a true flywheel. Third, while the environment remains dynamic, 2026 is also shaping up to be the year of socialization.

It started with Carnival, and the months ahead bring a strong occasion-driven calendar, including the FIFA World Cup. These are the moments when our brands connect more deeply with consumers and when, as people come together, beer becomes part of what makes those moments very special.

Our ambition remains the same: always strive for our better version. This quarter was an important step in that journey, and it gives us confidence in what comes next.

Before I finish, I want to thank our teams across Ambev. Your ownership, resilience, and discipline in executing our strategy are what made this quarter possible.

Thank you very much for joining us today. With that, let me hand it over to the operator.

Hello, Lisboa, Fleury. Thanks for taking my question.

My question is about net revenue per hectoliter in Brazil Beer. For us, at least it was the main highlight of the quarter, especially given how your volumes also performed.

If you could qualify the 8% year-on-year increase, what drove that in terms of the contribution from mix, any contribution from price increases in case they took place in the first quarter would also be very helpful. Also seasonally, Q1 usually has a weaker pricing than Q4, right, because of state taxes in Brazil, if there was anything different in this ICMS dynamic this year that may also in part explain the pricing performance in Brazil Beer.

That would be my question. Thank you very much.

Hey, Henrique. Nice to talk to you, and thanks for the question.

Look, I think it's always important to, as you said, explain what are the components driving the net revenue per hectoliter performance. First and foremost, in terms of hierarchy, the first component is exactly all the effort put behind our revenue management agenda in '25 and the carryover we brought into the first quarter of '26.

Keep in mind that from '24 to '25, we didn't have pretty much a carryover, right? In other terms, it is a easier comp.

The second component in the hierarchy comes from our revenue management agenda into '26, right? The third component comes from the mix, since our above core segment continued to grow in a very solid pace, right?

All together drove a pretty healthy net revenue per hectoliter around high single digit, as you mentioned, right, keeping our strategy unchanged, right? We want to keep rate broadly in line with inflation over time and capture positive mix and evolve in a solid basis moving forward.

Just to complement here, Henrique, Fleury. On the tax side, there was nothing that was important to highlight during the quarter, same as last year.

That's very helpful. Thank you very much.

Thank you, too.

Thank you very much. Good afternoon, Lisboa, Fleury.

My question is really now jumping to volumes in Brazil Beer. In the presentation, you shared that the industry was down by mid-single digits in Q1.

At the same time, I think, Lisboa, you continue to suggest that you think this was due to cyclical factors, such as the weather, right? Last quarter marked, I think, the fourth quarter in a row of falling industry volumes at a relatively steep pace.

In theory, starting now in Q2, we are cycling through that, I think, easy comparison base. My question to you, Lisboa, and I think you've mentioned in different occasions in recent past, how confident you are about the potential of the category.

Obviously, this year, you have positive calendar effects such as the World Cup. My question to you is really how confident you are, now that we are cycling through this easy comparison base, how confident you are that volumes can grow in the balance of 2026 in the next three quarters?

Thank you.

Hey, Thiago. Nice to talk to you, and thanks for the question.

Just a clarification first. Actually, the industry is cycling through the toughest comparison base, not the easiest comparison base, right, since Q1 '25 was pretty much the only quarter when the industry pretty much landed in a positive territory.

From that onwards was, man, a solid negative performance in all quarters, from two to quarter four, right? When the industry landed around mid to low single digit in this quarter versus last year, in our point of view, is a continuation of a recovery, because the category is, again, landing in the toughest comparison moment, right?

About the drivers, I think it's always good to understand what happened last year. We always emphasize that the issue was not whether consumers wanted beer, but how often the right occasions happen, right, given the fact that what mostly impacted the industry were cyclical drivers, which is pretty much the same that happened in this quarter in '26, right, being the most relevant impact coming from the weather.

However, in a lower intensity vis-à-vis what we saw from quarter two to quarter four from last year, right? I think it's important for you to keep in mind, Thiago, that the correlation between industry performance and the weather is very visible for us, and this is something that we have been dedicating a lot of time and effort here to improve the capacity we have to read what is happening around us, right, regarding the context, or in other words, cyclical drivers impacted the industry performance, and also structural drivers.

When we look at, right, everything that impacted last year the industry that still impacted this year the industry, and we look forward, we do expect that, first and foremost, the calendar will bring a pretty interesting, right, ground for the industry to continue recovering moving forward, right? A combination of long holidays, a combination of FIFA World Cup coming exactly in the moment when the industry declined the most, high single digits against '24.

After that, have in mind that the major impact came from the weather. We don't expect, despite the fact that we don't control this piece, right, we don't expect the weather to impact the industry the same way it happened because, right, the issue came from the distance, the gap between a very warm weather in '23 and '24 against a cold and long winter time in '25.

That gap was the main reason why, right, we saw such a big decline, which is very unusual for the beer industry to face in a region like Brazil, right? The other piece of the equation, which is still in place, by the way, right, is the household income pressure, which is something that we continue to pay attention.

However, the category usually shows its resilience in moments like that. Beer is seen as an affordable entertainment for consumers in Brazil.

That give us the chance to, despite the pressure, continue to see and drive industry momentum moving forward. I hope to have answered your question.

Lisboa, Fleury here. If I just add, I think we all heard Lisboa mentioning a few moments ago about the momentum of our portfolio this year compared to what we had before.

The compounding effect about the momentum of our portfolio is also very relevant when you think about volume for this quarter and when you were to put together a view for the year.

That's clear. Thank you, both.

Thank you.

Yes. Hi, guys.

Thank you very much for the time. I wanted to explore, Fleury and Lisboa, this topic you just mentioned about the momentum of the brands.

If you can go down into the category levels and in also brand specifics, especially the key brands in premium and core, how they've been performing, what has been sort of the surprise in your view in terms of resilience, right, in these tough environments in both premium and in core, and especially in core, how things look like in your view going forward through the rest of the year, which seems where maybe the market is a bit more competitive or maybe where you guys had a bit more trouble. Basically, how to think about this momentum going forward, especially regarding the core segment, which was maybe on the weak side this quarter.

Thank you.

Thank you, Lucas. Look, I think the first point to highlight here is the mission we set for ourselves to really not only lead, but also develop and make the category grow over time, right?

In other words, we want to be truly a captain of the category here in Brazil, right? With that in mind, the way we should land this mission is by protecting, elevating the brands that compose, in our point of view, the core of this category here, our domestic, right, large core brands.

We have been doing that, and we discuss about it, right, last year, also putting the efforts behind a portfolio playing this game, right? We want to have more than one core brand playing this role, because we know that Brazil is a very large country, and our competitive dynamics, they change depending on the region, right?

In other words, it's important for us to have more than one brand, and this is a large piece of the category, and we have a very high share level there, right? By having this strong core segment, you can really play the game to expand the category, right, develop the category to attract more consumers, to jump into more occasions, right?

We are doing so in a pretty solid way. I think the first point to highlight is the premium segment.

Again, a portfolio game. There, we find brands like Stella Artois, Original, right, Corona placing very solid and consistent, right, volume performance along quarter-over-quarter, right, and taking us to regain the leading position and today having the brands growing the most in the Brazilian market within the segment.

On the other side of the story, a new toy for us, right, the one we call balance portfolio, right, the piece of the portfolio composed by no-alcohol beers, right, which, by the way, continue to deliver very solid results, and the new brands like Stella Pure Gold and Michelob Ultra, which have been growing in exponential way here. All together, this portfolio jumped from 1.5% of our mix, right, to this quarter delivering almost 4% of our mix.

It's a very solid pace of growth, right? We are complementing this game with new members, like Flying Fish, right?

We are bringing to life the versatility that the category brings to us, right? By doing so, we are creating new experience for our consumers to learn everything that beer can be here.

This is what really excited us. It's nice to be part of a global enterprise, it's almost like having a crystal ball in your hands, right?

We know what beer can be. We know that we can make this love category even stronger in Brazil.

This is exactly the mission that we set for ourselves since day one. I can guarantee you all Ambev partners, they are in love with this idea, right, to drive this category even further.

Thank you, Lisboa.

Thank you.

Good morning or good afternoon, Lisboa, Fleury. Thanks for taking my question.

I just wanted to follow up a little bit on the COGS outlook. If you could help us understand and frame maybe the cadence throughout the year.

Obviously, we saw the pressure as in first half as in expected. Just given the current environment with higher aluminum prices, etc., how should we think about the cost flow-through for you guys based on the hedges for the rest of the year?

Thank you.

Oh, thank you, Ben. When we do, and as we have done last year, let me go back a little bit for '25, which will probably is for you to understand how we are working in '26.

When we start the year, we have extensive analysis, and we have our hedges, which give us a very good predictability on the forecast going forward. Last year, you remember that was a very tough year for us, because when we gave the guidance to the market, we didn't have a view about how the industry would perform throughout the year.

Last year, I'd start by saying that we had to reignite the muscle of the organization of looking into very details of costs, production, distribution, on and so forth, and that as working all together different areas, which allowed us to land the year, despite the volume decrease, at the lowest part of our cash COGS guidance for the year. When we're starting '26, what we have said to the market is our range between 4.5% for Brazil Beer cash COGS per hectoliter, excluding Marketplace, from 4.5% to 7.5%.

We understand that the market is still dynamic, that's what I just said to you guys, but with information that we have today, with also the discipline, with also the cost discussions and projects looking forward to different areas, we are maintaining our cash COGS from 4.5% to 7.5% for the year. We know, and that's something that I also comment, that we know that Q1 is probably the highest on cost, and that should start easing through the second quarter onwards.

Allow me also to mention one thing that make very clear for everyone: When we think about not direct cost, but investments that we do in sales and marketing, we understand, and we made it clear, that Q2 probably will be more skewed when I look into the FIFA World Cup and activations that we have, compared to the prior years. Probably expect Q2 to be more skewed on the sales and marketing on H1.

We are confident that we're working very hard to maintain the guidance throughout the year.

Thank you very much.

Hello, everyone. Thanks for taking my question, and my question also relates to Beer Brazil, especially on the FIFA World Cup impacts here.

Basically, I just wanted to understand your perspective on how much of that consumption related to the World Cup is something that you can already see a few months in advance from the event, potentially starting to flow through your results as early as the first quarter versus something that really only becomes clearer as we get closer to the event itself by the second quarter. How do you think it works, this timeline, for this demand to flow through your P&L?

Related to this timeline, I was wondering whether you're already seeing any early pricing movements from competitors ahead of this demand peak. Would you say that this period ahead of the World Cup could create any opportunity to fine-tune relative pricing across SKUs, or whether if you think it makes sense to adjust pricing ahead of the World Cup as well?

Thank you very much.

Hi, Gustavo. Thank you for the questions.

I will keep the protocol in place. I'm going to answer one question to give you all the chance to interact with us, okay?

Regarding your first question, World Cup contribution, look, historically, the World Cup usually brings a contribution of around 0.3% to 0.4% industry growth year-over-year, annually speaking, right? That contribution usually impacts as well the second to third quarters, right, which is exactly when we're going to see the event taking place, right?

For sure, you have prep games in different regions across our footprint, and those are moments as well when we activate our brands, right, with campaigns, promo, different sorts of activations, right? That create additional consumption moments, right, which is good for the category, right?

Keep in mind that in Brazil, what we missed the most last year were occasions, frequency. Whenever you have the chance to activate frequency, right, it is good for us on a year-over-year basis, right?

I think you saw during the beginning of the session, we already have our portfolio, right, of brands exploiting the moment in different ways. This is beautiful, because we have a complementary portfolio of brands, and they can use the platform to create new bonds with consumers, right, in different ways.

This is wonderful in my point of view, as a marketer, right? This is exactly what you're going to see moving forward and gaining even more traction, right, because, as we speak, our teams are ready to land everything that we developed last year to reach such a unique moment for us in pretty much across our footprint in a very stronger way to keep our momentum forward.

As Fleury mentioned before, we jump into this year with our portfolio delivering solid results, right, across the board, from core to high-end, to Beyond, and flavored beers. Now the World Cup comes in a very interesting moment for us to keep this momentum forward, right?

That's it. I think very excited about the opportunity and ready to make it happen.

Just to add one thing here, Lisboa. I think it important to remember that on this World Cup, different from the prior, our digital platforms are much more evolved.

You're going to see a lot of activations through something that we've been developing for a long period of time. The connection that we make with consumers through Zé Delivery, and the connection that we make with our POCs, points of sales, that we interact directly through BEES, I believe it will be amazing.

You're going to see a lot of activation, and it's our job, as Lisboa said, to help grow the industry.

Said. Thank you very much.

Thank you.

Thank you for joining our call today. As we close, I would like to reinforce a few messages.

First, this quarter marked a solid first step into the kind of year we want to have. Second, our growth formula is based on the three pillars of our strategy, working as a flywheel.

When these pillars advance simultaneously, they show encouraging results, strengthening one another, and supporting our profitable growth journey. Third, we are confident in beer.

It is a loved and versatile category, with clear headroom to grow. '26 is shaping up to be the year of socialization.

When people get together, beer has a unique role in making those moments more special. Our ambition remains the same: always strive for our better version.

This quarter was an important step in that journey, and it gives us confidence in what comes next. Before I finish, I want to thank our teams across Ambev.

Your ownership, resilience, and discipline in executing our strategy are what made this quarter possible. Thank you very much for joining us today.

With that, let me hand it over to the operator.