Cost RisksThe main risk for Ambev is identified in 2026 due to potential increases in costs driven by higher aluminum prices and potential currency depreciation.
Dividend ExpectationsAmbev will distribute R$10.5bn, which is below both the analysts' estimates and the consensus payout expectations.
DividendsToday's announcement could be disappointing to investors, but an additional payment in the short-term is not ruled out, as the company changes the distribution policy periodicity.