<SEC-DOCUMENT>0001292814-24-001911.txt : 20240508
<SEC-HEADER>0001292814-24-001911.hdr.sgml : 20240508
<ACCEPTANCE-DATETIME>20240508060702
ACCESSION NUMBER:		0001292814-24-001911
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20240331
FILED AS OF DATE:		20240508
DATE AS OF CHANGE:		20240508

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMBEV S.A.
		CENTRAL INDEX KEY:			0001565025
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			D5
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36165
		FILM NUMBER:		24924081

	BUSINESS ADDRESS:	
		STREET 1:		RUA DR. RENATO PAES DE BARROS, 1017
		STREET 2:		3 ANDAR PARTE
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			04530-000
		BUSINESS PHONE:		55(11)2122-1414

	MAIL ADDRESS:	
		STREET 1:		RUA DR. RENATO PAES DE BARROS, 1017
		STREET 2:		3 ANDAR PARTE
		CITY:			SAO PAULO
		STATE:			D5
		ZIP:			04530-000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	InBev Corporate Holdings Inc.
		DATE OF NAME CHANGE:	20121219
</SEC-HEADER>
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<TYPE>6-K
<SEQUENCE>1
<FILENAME>abevpr1q24_6k.htm
<DESCRIPTION>6-K
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Report of Foreign Private Issuer<BR>
Pursuant to Rule 13a-16 or 15d-16 of the</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Securities Exchange Act of 1934</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>For the month of May, 2024</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Commission File Number 1565025</B></P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AMBEV S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AMBEV S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Translation of Registrant's name into English)</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Rua Dr. Renato Paes de Barros, 1017 - 3rd
Floor<BR>
04530-000 S&atilde;o Paulo, SP<BR>
Federative Republic of Brazil</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center">Indicate by check mark whether the
registrant files or will file annual reports under cover Form 20-F or Form 40-F.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 12pt; text-align: center"><BR>
Form 20-F ___X___ Form 40-F _______</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 12pt"><FONT STYLE="font-size: 13.5pt">&nbsp;</FONT><FONT STYLE="font-size: 12pt">Indicate
by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.&nbsp;</FONT><FONT STYLE="font-size: 13.5pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Yes _______ No ___X____</P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 12pt/115% Avantt; margin: 12pt 0 6pt; text-align: center; color: #595959"><B>AMBEV REPORTS 2024 FIRST QUARTER RESULTS</B><SUP>[1]</SUP></P>

<P STYLE="font: 10pt/115% Avantt; margin: 0; text-align: justify"><I>&#8220;Our continued commercial momentum delivered a strong start
to the year with double-digit Normalized EBITDA growth (with margin expansion).&#8221; &#8211; Jean Jereissati, CEO</I></P>

<P STYLE="font: 10pt/115% Avantt; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/115% Avantt; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif">
  <tr style="vertical-align: bottom">
    <td style="width: 24%">&nbsp;</td>
    <td style="width: 24%">&nbsp;</td>
    <td style="width: 4%">&nbsp;</td>
    <td style="width: 24%">&nbsp;</td>
    <td style="width: 24%">&nbsp;</td></tr>
  <tr>
    <td colspan="2" style="padding-top: 9pt; color: #595959; font: bold 15pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: justify"><P STYLE="font: 15pt/115% Avantt; margin: 12pt 0 0; text-align: justify; color: #595959"><B>Total Volume (organic)</B></P></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td colspan="2" style="font: bold 15pt Arial, Helvetica, Sans-Serif; padding-top: 9pt; color: #595959; vertical-align: middle; text-align: justify"><P STYLE="font: 15pt/115% Avantt; margin: 12pt 0 0; text-align: justify; color: #595959"><B>Net Revenue (organic)</B></P>
</td></tr>
  <tr>
    <td style="padding-top: 9pt; color: blue; font: bold 19pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: justify"><P STYLE="font: 19pt/115% Avantt; margin: 0; text-align: justify; color: #1555E5"><B><SUP>+0.1% vs LY</SUP></B></P></td>
    <td style="font: bold 19pt Arial, Helvetica, Sans-Serif; padding-top: 9pt; color: blue; vertical-align: middle; text-align: right">
    </td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="font: bold 19pt Arial, Helvetica, Sans-Serif; padding-top: 9pt; color: blue; vertical-align: middle; text-align: justify"><P STYLE="font: 19pt/115% Avantt; margin: 0; text-align: justify; color: #1555E5"><B><SUP>+4.5% vs LY</SUP></B></P></td>
    <td style="font: bold 19pt Arial, Helvetica, Sans-Serif; padding-top: 9pt; color: blue; vertical-align: middle; text-align: right"></td></tr>
  <tr>
    <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; vertical-align: top; text-align: left; padding-bottom: 6pt">
                                                                                <P STYLE="font: 10pt/115% Avantt; margin: 3pt 0 2pt; text-align: justify"><FONT STYLE="line-height: 115%">Consolidated volume was virtually
flat (+0.1%), as positive performances in Brazil (+6.5% in NAB and +3.6% in Beer) and Central America and the Caribbean (&ldquo;CAC&rdquo;)
(+5.6%) were offset by Latin America South (&ldquo;LAS&rdquo;) (</FONT>-12.7%) <FONT STYLE="line-height: 115%">and Canada (</FONT>-7.7%)<FONT STYLE="line-height: 115%">,
where volumes continued to be mostly impacted by declining industries.</FONT></P></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; vertical-align: top; text-align: left; padding-bottom: 6pt">
                                                                                <p style="text-align: justify; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 115%"></FONT></P>

<P STYLE="font: 10pt/115% Avantt; margin: 3pt 0 2pt; text-align: justify"><FONT STYLE="line-height: 115%">Top line performance was driven
by net revenue per hectoliter (&ldquo;NR/hl&rdquo;) growth of 4.3%. Net revenue grew in most of our reported business units: Brazil NAB
+</FONT>14.0%<FONT STYLE="line-height: 115%">, CAC +</FONT>8.3%<FONT STYLE="line-height: 115%">, Brazil Beer +</FONT>4.5% <FONT STYLE="line-height: 115%">and
LAS<FONT STYLE="font-size: 10pt"><SUP>[2]</SUP></FONT> +</FONT>3.5%<FONT STYLE="line-height: 115%">, while in Canada it decreased by </FONT>5.7%
impacted by volume decline.</P>

</td></tr>
  <tr>
    <td style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: middle; text-align: justify">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td colspan="2" style="font: bold 15pt Arial, Helvetica, Sans-Serif; padding-top: 9pt; color: #595959; vertical-align: middle; text-align: justify"><P STYLE="font: 15pt/115% Avantt; margin: 12pt 0 0; text-align: justify; color: #595959"><B>Normalized EBITDA (organic)</B></P>
</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td colspan="2" style="font: bold 15pt Arial, Helvetica, Sans-Serif; padding-top: 9pt; color: #595959; vertical-align: middle; text-align: justify"><P STYLE="font: 15pt/115% Avantt; margin: 12pt 0 0; text-align: justify; color: #595959"><B>Normalized Profit</B></P>
</td></tr>
  <tr>
    <td style="font: bold 19pt Arial, Helvetica, Sans-Serif; padding-top: 9pt; color: blue; vertical-align: middle; text-align: justify"><P STYLE="font: 19pt/115% Avantt; margin: 3pt 0 2pt; text-align: justify; color: #1555E5"><B><SUP>+12.4% vs LY</SUP></B></P>
</td>
    <td style="font: bold 19pt Arial, Helvetica, Sans-Serif; padding-top: 9pt; color: blue; vertical-align: middle; text-align: right"></td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td colspan="2" style="font: bold 19pt Arial, Helvetica, Sans-Serif; padding-top: 9pt; color: blue; vertical-align: middle; text-align: justify"><P STYLE="font: 19pt/115% Avantt; margin: 3pt 0 2pt; text-align: justify; color: #1555E5"><B><SUP>R$ 3,817.2 million</SUP></B></P>
</td></tr>
  <tr>
    <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; vertical-align: top; text-align: left; padding-bottom: 6pt">
                                                                                <P STYLE="font: 10pt/115% Avantt; margin: 3pt 0 2pt; text-align: justify"><FONT STYLE="line-height: 115%">Normalized EBITDA growth was
driven by CAC (+</FONT>20.4%)<FONT STYLE="line-height: 115%">, Brazil NAB (+</FONT>17.7%)<FONT STYLE="line-height: 115%">, Brazil Beer
</FONT>(+13.6%) <FONT STYLE="line-height: 115%">and LAS (+</FONT>8.3%)<FONT STYLE="line-height: 115%">, and partially offset by Canada
</FONT>(-0.7%). Gross margin expanded 100 bps, while <FONT STYLE="line-height: 115%">Normalized EBITDA margin expanded 240 bps.</FONT></P>

</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; vertical-align: top; text-align: left; padding-bottom: 6pt">
                                                                                <P STYLE="font: 10pt Avantt; margin: 3pt 0 2pt; text-align: justify"><FONT STYLE="line-height: 115%">Normalized Profit declined </FONT>0.6%
<FONT STYLE="line-height: 115%">compared to R$&nbsp;</FONT>3,839.8 <FONT STYLE="line-height: 115%">million in 1Q23, primarily due to lower
IOC and VAT government grants tax deductibility in Brazil and currency devaluation impact from Argentina more than offsetting improved
net financial results and Normalized EBITDA growth.</FONT></P>

</td>

</tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td colspan="2" style="font: bold 15pt Arial, Helvetica, Sans-Serif; padding-top: 9pt; color: #595959; vertical-align: middle; text-align: justify"><P STYLE="font: 15pt/115% Avantt; margin: 12pt 0 0; color: #595959"><B>Cash flow from operating activities</B></P>
</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td colspan="2" style="font: bold 15pt Arial, Helvetica, Sans-Serif; padding-top: 9pt; color: #595959; vertical-align: middle; text-align: justify"><P STYLE="font: 15pt/115% Avantt; margin: 12pt 0 0; color: #595959"><B>Sustainability</B></P>
</td></tr>
  <tr>
    <td colspan="2" style="font: bold 19pt Arial, Helvetica, Sans-Serif; padding-top: 9pt; color: blue; vertical-align: middle; text-align: justify"><P STYLE="font: 19pt/115% Avantt; margin: 3pt 0 4pt; text-align: justify; color: #1555E5"><B><SUP>R$ 718.2 million</SUP></B></P>
</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td></tr>
  <tr>
    <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; vertical-align: top; text-align: left; padding-bottom: 6pt">
                                                                                <P STYLE="font: 10pt/115% Avantt; margin: 3pt 0 4pt; text-align: justify"><FONT STYLE="line-height: 115%">Cash flow from operating activities
was up by almost 1.3 billion compared to R$ </FONT>(576.3) <FONT STYLE="line-height: 115%">million in 1Q23 mostly due to better working
capital performance driven by payables.</FONT></P>

</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 6pt; vertical-align: top; text-align: left; padding-bottom: 6pt">
                                                                                <P STYLE="font: 10pt/115% Avantt; margin: 3pt 0 2pt; text-align: justify">Our water brand Ama reached its target of impacting 1 million
people with sustainable and safe access to drinking water two years before the schedule with a total investment of R$ 10 million since
2017.</P>

</td></tr></table>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 7pt Avantt; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; color: #4B3A2E; letter-spacing: 1.05pt">[1]</FONT>
The following operating and financial information, unless otherwise indicated, is presented in nominal Reais and prepared according to
the International Financial Reporting Standards (&#8220;IFRS&#8221;) issued by the International Accounting Standards Board (&#8220;IASB&#8221;)
and to the accounting practices issued by the Brazilian Accounting Standards Committee (&quot;CPC&#8221;) and approved by the Brazilian
Securities and Exchange Commission (&#8220;CVM&#8221;). The information herein should be read together with our financial information
for the three-month period ended March 31, 2024, filed with the CVM and submitted to the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;).</P>

<P STYLE="font: 7pt Avantt; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; color: #4B3A2E; letter-spacing: 1.05pt">[2]
</FONT>The impacts resulting from applying Hyperinflation Accounting for our Argentinean subsidiaries, in accordance with IAS 29, are
detailed in the section Financial Reporting in Hyperinflationary Economies - Argentina (page 14). For FY24, the definition of organic
revenue growth has been amended to cap the price growth in Argentina to a maximum of 2% per month (26.8% year-over-year). Corresponding
adjustments were made to all income statement related items in the organic growth calculations through scope changes. Further details
on the cap methodology are available at page 14.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 16pt Avantt; margin: 6pt 0; color: #1555E5; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>MANAGEMENT
COMMENTS</B></FONT></P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify; color: #595959"><B>Kicking off the year with bottom line growth
and margin expansion, led by Brazil and CAC</B></P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify">We delivered double-digit Normalized EBITDA growth in 1Q24 (with
Argentina organic results capped) thanks to a combination of top line growth, FX and commodity tailwinds and disciplined cost and expenses
management. In addition, this was another quarter of operational leverage, with both organic gross and Normalized EBITDA margins expanding.
This was the ninth consecutive quarter of double-digit bottom line growth and the sixth consecutive quarter of gross and Normalized EBITDA
margins expansion.</P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify">Commercial momentum in Brazil led the way once again. The consistent
execution of our consumer-centric strategy resulted in record volumes for a first quarter in both Beer and NAB. In Beer, we outperformed
a structurally healthier industry (which grew low-single digit), while our average prices to consumer were slightly above inflation. Premium/super
premium brands and core plus brands grew volumes double-digits, whereas core brands grew slightly above the industry. In NAB, our no-sugar
(diet-light-zero) brands grew by over 20% for the ninth consecutive quarter, led by Guaran&aacute; Antarctica Zero and Pepsi Black.</P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify">As for international operations, CAC&#8217;s performance continued
to be driven by the Dominican Republic commercial strategy, while declining industries in Argentina and Canada posed greater challenges.</P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify">Finally, Normalized Profit declined slightly due to currency devaluation
in Argentina and increased income tax expenses in Brazil more than offsetting Normalized EBITDA growth and better net finance results.
And in terms of cash flow performance, cash flow from operating activities increased almost R$ 1.3 billion versus 1Q23.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Financial highlights &#8211; Ambev consolidated</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 12%; border-top: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: white 1pt solid; border-right: white 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q24</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">44,921.2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;44,988.3</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">20,531.7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">20,276.3</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-1.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">10,400.1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">10,217.3</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-1.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>50.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>50.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>-30 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>100 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,444.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,534.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>12.4%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>31.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>32.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>80 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>240 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dotted">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dotted">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dotted; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dotted">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dotted">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,819.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,804.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-0.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,839.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,817.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-0.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>EPS (R$/shares)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>0.24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>0.24</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-0.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized EPS (R$/shares)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>0.23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>0.23</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-0.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/110% Avantt; margin: 6pt 0; text-align: justify; color: #595959"><B>Ambev as a platform</B></P>

<P STYLE="font: 10pt/110% Avantt; margin: 6pt 0; text-align: justify">We continued to execute on and invest in each of the six pillars
of our platform framework:</P>

<P STYLE="font: 10pt/110% Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt; text-align: center">&nbsp;<IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="font: 10pt/110% Arial, Helvetica, Sans-Serif; margin: 6pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify; color: #595959"><B>Sustainability</B></P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify">We held the fifth edition of 100+ Labs (former Aceleradora 100+),
our acceleration program that aims at promoting sustainable entrepreneurship and identifying solutions that address our main sustainability
challenges. This edition awarded APOENA as the winner startup for using babassu coconut to create a fuel additive, reducing carbon emissions
and supporting local communities.</P>




<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify">We will publish our 2023 Annual Sustainability Report covering our
achievements and results for the main topics that are material to our business, our way of doing business, how our people are leading
transformation and our agenda with society will be published soon on our website.<BR STYLE="clear: both">
</P>


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<P STYLE="font: 14pt/115% Avantt; margin: 6pt 0; color: #1555E5; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>KEY
MARKETS PERFORMANCES</B></FONT></P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify; color: #595959"><B>Brazil Beer: mid-single digit top line and double-digit
bottom-line growth translating into another quarter of margins expansion </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Century Gothic; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt"><B>Operating performance:</B> volumes grew by 3.6% backed by a strong
start to the year in January and February, including Carnival festivities, led by our premium and super premium brands. Top line was up
4.5%, with NR/hl rising by 0.9%, as the continued disciplined execution of our revenue management strategy was partially offset mostly
by increased ICMS (VAT) taxable base in several States. Cash COGS/hl excluding the sale of non-Ambev marketplace products dropped by 3.5%
thanks mostly to FX and commodities tailwinds. Normalized EBITDA grew by 13.6%, with margin expanding 260 bps to 33.6%.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #0E101A; line-height: 115%">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; line-height: 115%"><B>Commercial highlights:</B> we gained market share,
according to our estimates. Our premium and super premium beer brands grew in the low teens, gaining market share for the fifth consecutive
quarter (according to our estimates), led by Corona, Spaten and Original. Corona and Spaten achieved their all-time-high brand health
indicator. Our core plus segment expanded by mid-teens led by Budweiser family, while our core segment remained resilient, with a low-single
digit increase </FONT><FONT STYLE="font-family: Avantt">year-over-year<FONT STYLE="line-height: 115%">. As for our digital initiatives,
BEES Marketplace continued to develop, growing GMV by 13% year-over-year, whereas Z&eacute; Delivery generated over 16 million orders,
an 11% increase versus last year. </FONT></FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 36%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Brazil Beer</B><SUP>[3]</SUP></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q24</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">22,191.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">796.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">22,987.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">9,270.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">417.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">9,687.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">417.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">421.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.9%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,791.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(21.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,812.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(215.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(209.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-3.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-3.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,348.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,352.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(196.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(189.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-3.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-3.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,478.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>396.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,875.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>8.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>8.9%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>48.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>50.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>200 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>200 bps</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,426.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(128.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,554.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">5.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">5.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(372.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(73.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(445.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">19.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">19.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,798.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(201.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3,000.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">7.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">7.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;Other operating income/(expenses)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">348.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">24.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">101.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">475.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">36.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">29.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,028.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>24.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>296.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,350.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>15.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>14.6%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>21.9%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>24.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>240 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>210 bps</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,844.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>24.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>386.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,255.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>14.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>13.6%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>30.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>33.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>290 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>260 bps</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Avantt; margin: 2pt 0 3pt; text-align: justify; color: #0E101A">&nbsp;</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #4B3A2E; font: 7pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: #4B3A2E"><SUP>[3]</SUP></FONT> <FONT STYLE="color: black">In
1Q24, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$&nbsp;410.1
(0.9% organic growth) and R$&nbsp;(179.4) (3.5% organic decline), respectively. The scope change in Brazil Beer refers to tax credits
and related effects.</FONT></P>

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<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify; color: #595959"><B>Brazil NAB: double-digit top line and bottom-line
growth, with margins expansion </B></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 12pt; color: #0E101A"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 17.85pt; text-align: right"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt"><B>Operating performance:</B> the </FONT><FONT STYLE="font-family: Avantt; ">consistent
execution of our commercial strategy coupled with healthy brands drove positive volume performance (+6.5%) once again. Top line grew
by 14.0%, with NR/hl increasing by 7.0%, mostly due to revenue management initiatives and a positive brand and package mix (led by premium
brands and single servings) more than offsetting increased ICMS (VAT) taxable base. Cash COGS/hl was up 8.1% driven by the combination
of sugar headwinds, overall inflation, and brand/package mix, while Cash SG&amp;A rose by 6.8%
given increased investments behind our brands during Carnival season.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 12pt; color: #0E101A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt"><B>Commercial highlights:</B> volume growth continued to be driven by
health &amp; wellness and energy brands, led mainly by no-sugar (diet/light/zero) carbonated soft drinks, Gatorade and Red Bull. Within
no-sugar brands, Guaran&aacute; Antarctica Zero grew volumes by over 60%, more than doubling the number of buyers, while Pepsi Black increased
volumes by more than 30% and already represents 25% of total Pepsi-Cola family. We continued focused on lowering the sugar content in
our non-alcoholic portfolio, delivering a reduction of over 7% versus 1Q23.</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 38%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Brazil NAB</B><SUP>[4]</SUP></FONT></TD>
    <TD STYLE="width: 8%; border-top: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q24</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">8,125.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">528.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">8,653.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,776.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">247.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,024.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">14.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">14.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">218.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">15.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">233.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">7.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">7.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,000.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(136.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,137.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">13.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">13.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(123.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(8.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(131.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(940.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(142.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,083.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">15.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">15.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(115.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(9.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(125.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">8.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">8.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>775.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>111.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>887.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>14.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>14.3%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>43.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>43.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>10 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>10 bps</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(446.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(30.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(476.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(64.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(67.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(511.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(32.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(543.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;Other operating income/(expenses)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">97.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">11.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">113.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">16.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">11.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>362.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>89.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>456.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>26.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>24.8%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>20.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>22.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>220 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>190 bps</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>487.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>86.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>578.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>18.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>17.7%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>27.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>28.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>120 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>90 bps</I></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #4B3A2E; font: 7pt Avantt; margin: 0"><FONT STYLE="color: #4B3A2E"><SUP>[4]</SUP></FONT> <FONT STYLE="color: black">The
scope change in Brazil NAB refers to tax credits and related effects.</FONT></P>
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<P STYLE="font: 14pt/115% Avantt; margin: 6pt 0; color: #1555E5; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>BRAZIL</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 36%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Brazil</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1555E5"><SUP>[5]</SUP></FONT></B></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>1Q23</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Scope</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>1Q24</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>% As Reported</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>% Organic</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">30,316.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1,324.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">31,641.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">4.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">4.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">11,046.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">665.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">11,711.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">6.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">6.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">364.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">5.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">370.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(5,792.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(157.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(5,949.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">2.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">2.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(191.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">3.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(188.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-1.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-1.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(5,289.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(146.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(5,435.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">2.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">2.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(174.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">2.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(171.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-1.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">-1.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>5,254.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>507.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>5,762.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>9.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>9.7%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>47.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>49.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>160 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>160 bps</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(2,872.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(158.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(3,031.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">5.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">5.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(436.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(75.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(512.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">17.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">17.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(3,309.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(234.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(3,543.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">7.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">7.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">&nbsp;Other operating income/(expenses)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">446.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">29.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">112.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">588.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">31.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">25.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>2,391.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>29.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>386.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>2,806.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>17.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>16.1%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>21.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>24.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>240 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>210 bps</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>3,331.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>29.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>472.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>3,833.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>15.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>14.2%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>30.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>32.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>250 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>230 bps</I></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #4B3A2E; font: 7pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: #4B3A2E"><SUP>[5]</SUP></FONT> <FONT STYLE="color: black">In
1Q24, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$&nbsp;361.9
(1.7% organic growth) and R$&nbsp;(164.6) (1.5% organic decline), respectively. The scope change in Brazil refers to tax credits and related
effects.</FONT></P>
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<P STYLE="font: 10pt Avantt; margin: 6pt 0; text-align: justify; color: #595959"><B>Central America and the Caribbean (CAC): double-digit
bottom line growth with margin expansion, led by the Dominican Republic</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: #0E101A; line-height: 115%">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; color: #0E101A; line-height: 115%"><B>Operating performance: </B>volume
growth (+5.6%) continued to be driven by the Dominican Republic commercial performance. Net revenue was up </FONT><FONT STYLE="font-family: Avantt">8.3%<FONT STYLE="color: #0E101A; line-height: 115%">,
with NR/hl growing by 2.6%, in line with the </FONT></FONT><FONT STYLE="font-family: Avantt; line-height: 115%">region's weighted inflation
index<FONT STYLE="color: #0E101A">, </FONT>thanks to <FONT STYLE="color: #0E101A">revenue management initiatives and positive package
mix (led by single servings). We continued to benefit from a decelerating Cash COGS/hl given commodities tailwinds and brand mix and Cash
SG&amp;A efficiencies.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 12pt; color: #0E101A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt"><B>Commercial highlights:</B> in the Dominican Republic, premium brands
grew by mid-single digit led by the Corona family, while Presidente family continued to be a highlight within the core segment, rising
volumes in the high teens and increasing brand health. In Panama, despite total volumes decline, Balboa family continued to gain momentum,
growing volumes in the high-teens and improving market share, according to our estimates.</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 38%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>CAC<SUP>[6]</SUP></B></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q24</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,738.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">152.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;2,891.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">5.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">5.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,305.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(182.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">191.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;2,314.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">8.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">841.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(63.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">21.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;800.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-4.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,124.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">77.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(40.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(1,087.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-3.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(410.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">26.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">7.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(376.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-8.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-1.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,023.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">66.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(9.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(966.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-5.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.9%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(373.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">22.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">16.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;(334.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-10.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-4.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,181.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(105.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>151.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;1,227.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>12.8%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>51.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>53.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>170 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>210 bps</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(443.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">32.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(414.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-6.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(58.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">5.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(49.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-15.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-9.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(502.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">36.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(463.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-7.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-0.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;Other operating income/(expenses)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">11.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(0.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(5.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">5.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-52.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-48.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>690.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(69.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>147.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>768.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>11.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>21.4%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>30.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>33.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>320 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>360 bps</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>850.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(84.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>173.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>939.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>20.4%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>36.9%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>40.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>370 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>410 bps</I></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #4B3A2E; font: 7pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: #4B3A2E"><SUP>[6]</SUP></FONT> <FONT STYLE="color: black">In
1Q24, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$&nbsp;756.9
(0.9% organic growth) and R$&nbsp;(296.5) (8.0% organic decline), respectively. </FONT></P>
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<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify; color: #595959"><B>Latin America South (LAS): consistent NR/hl performance
driving bottom line growth amid a tough macroeconomic scenario in Argentina once again</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #0E101A; line-height: 115%">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; color: #0E101A; line-height: 115%"><B>Operating performance: </B>volumes
were down 12.7%</FONT> <FONT STYLE="font-family: Avantt; line-height: 115%">as positive performances in Chile and Paraguay were more than
offset by the impacts of rising inflationary pressures on overall consumer demand in <FONT STYLE="color: #0E101A">Argentina (where volumes
declined by approximately 19%). Net revenue grew by </FONT></FONT><FONT STYLE="font-family: Avantt">3.5%<FONT STYLE="color: #0E101A; line-height: 115%">,
with NR/hl increasing by </FONT>18.5% <FONT STYLE="color: #0E101A; line-height: 115%">primarily due to revenue management initiatives,
whereas Cash COGS/hl and Cash SG&amp;A were mostly impacted by inflation.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0E101A; font: 10pt/115% Century Gothic; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt"><B>Commercial highlights:</B> in Argentina, our core plus and premium
brands improved health indicators, led by Corona. In Paraguay, volumes were up low-single digit, with our premium brands continuing to
gain weight, led by Bud 66 (mainly with 710ml returnable glass bottles) and Corona. In Chile, volumes grew by mid-single digit and we
gained market share (according to our estimates). Our core plus and premium brands outperformed total volumes in the country, led by Stella
Artois, Budweiser and Corona. In Bolivia, Pace&ntilde;a grew volumes and gained weight once again.</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>LAS</B></FONT><B><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #1555E5"><SUP>[7]</SUP></FONT></B></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q24</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">9,969.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,264.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">8,705.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-12.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-12.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">5,131.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">7,346.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(8,255.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">179.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,401.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-14.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">514.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(948.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">95.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">505.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-1.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">18.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,332.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3,933.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,112.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(37.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,190.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-6.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(234.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">472.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(38.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(251.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">7.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">16.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,129.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3,486.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,638.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,972.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-7.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-0.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(213.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">417.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(30.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(226.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">14.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,799.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,412.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(4,143.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>142.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,211.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-21.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>5.1%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>54.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>50.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>-430 pb</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>90 pb</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,148.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,830.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,984.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(38.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,032.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-10.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(97.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(156.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">178.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(16.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(91.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-6.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">16.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,246.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,986.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,163.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(54.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,123.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-9.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;Other operating income/(expenses)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">16.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(74.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">42.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">7.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(8.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-151.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">42.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,569.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,351.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(1,936.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>94.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,078.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-31.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6.0%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>30.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>24.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>-610 pb</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>70 pb</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,869.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,954.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(2,590.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>155.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,388.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-25.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>8.3%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>36.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>31.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>-490 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>170 bps</I></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #4B3A2E; font: 7pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: #4B3A2E"><SUP>[7]</SUP></FONT> <FONT STYLE="color: black">In
1Q24, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$&nbsp;497.6
(18.5% organic growth) and R$&nbsp;(219.8) (14.1% organic growth), respectively. The scope change in LAS refers to the organic growth
cap methodology in Argentina results, as detailed on page 14. Reported numbers are presented applying Hyperinflation Accounting for our
Argentinean operations, as detailed on page 14.</FONT></P>
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    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify; color: #595959"><B>Canada: top and bottom-line performances impacted
by volumes decline in the context of a challenging industry</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 12pt; color: #0E101A"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 17.85pt; text-align: right"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt"><B>Operating performance:</B> volume was down 7.7% primarily
as a result of declining beer and beyond beer industries and lapping 1Q23 strong comparable. Net revenue dropped by 5.7% impacted by
volumes performance, while NR/hl increased by 2.2% driven by revenue management initiatives and a positive brand mix. Normalized EBITDA
declined by 0.7% given lower volumes&#8217; impact on both net revenue and Cash COGS, partially offset by Cash SG&amp;A efficiencies.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 6pt; margin-bottom: 12pt; color: #0E101A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt"><B>Commercial highlights:</B> as a result of the disciplined execution
of our premiumization strategy, core plus and premium beer brands grew volumes and gained market share once again in the quarter, according
to our estimates, led by Corona and Michelob Ultra, which also improved brand health. As for our digital initiatives, BEES expanded, being
now present in five provinces.</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 38%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Canada</B><SUP>[8]</SUP></FONT></TD>
    <TD STYLE="width: 8%; border-top: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 7%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q24</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,896.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(146.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,750.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-7.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-7.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,047.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(82.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(117.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,847.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-9.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-5.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,079.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(47.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">23.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,055.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-2.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(882.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">37.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">14.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(830.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-5.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-1.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(465.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">21.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(30.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(474.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(825.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">34.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">15.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(775.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-6.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-1.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(435.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">19.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(27.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(442.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,164.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(45.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(102.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,017.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-12.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-8.8%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>56.9%</I></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>55.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>-190 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>-190 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(836.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">31.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">97.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(707.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-15.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-11.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(69.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(69.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(905.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">34.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">94.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(776.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-14.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-10.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;Other operating income/(expenses)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(0.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">7.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">14.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">19.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>266.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(11.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(6.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>248.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-6.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-2.5%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>13.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>13.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>40 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>40 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>392.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(16.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(2.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>373.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-5.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>-0.7%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>19.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>20.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>100 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>100 bps</I></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #4B3A2E; font: 7pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: #4B3A2E"><SUP>[8]</SUP></FONT> <FONT STYLE="color: black">In
1Q24, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$&nbsp;1,054.2
(2.0% organic growth) and R$&nbsp;(441.8) (6.1% organic growth), respectively. </FONT></P>
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<P STYLE="font: 14pt Avantt; margin: 0; color: #1555E5"><FONT STYLE="letter-spacing: 1pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt/115% Avantt; margin: 6pt 0; color: #1555E5; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>AMBEV
CONSOLIDATED</B></FONT></P>

<P STYLE="font: 14pt Avantt; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 36%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Ambev</B><SUP>[9]</SUP></FONT></TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: white 1pt solid; border-right: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: white 1pt solid; border-right: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: white 1pt solid; border-right: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-right: white 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q24</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">44,921.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: white">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">67.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">44,988.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">20,531.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">7,346.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(8,521.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">919.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">20,276.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-1.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">457.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">163.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(189.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">19.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">450.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-1.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(10,131.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(3,933.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">4,226.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(220.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(10,059.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-0.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(225.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(87.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">94.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(4.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(223.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-0.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(9,267.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(3,486.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">3,738.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(134.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(9,149.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-1.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">1.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(206.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(77.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">83.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(2.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(203.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-1.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>10,400.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>3,412.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>(4,294.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>698.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>10,217.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>-1.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>6.7%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>50.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>50.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>-30 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>100 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(5,301.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,830.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,048.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(102.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(5,185.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-2.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">1.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(662.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(156.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">185.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(89.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(722.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">9.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">13.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(5,963.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(1,986.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">2,234.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(192.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(5,907.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-0.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">3.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;Other operating income/(expenses)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">481.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(45.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">41.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">115.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">593.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">23.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">24.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>4,917.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1,380.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>(2,017.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>622.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>4,902.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>-0.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>12.7%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">% Normalized Operating margin</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>24.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>0.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>24.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>20 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>180 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">Exceptional items above EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(27.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(5.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">9.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(17.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-37.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-34.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">Net finance results</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(997.9)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(405.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-59.3%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">Share of results of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(14.2)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(3.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-74.8%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(58.4)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">(671.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">nm</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #154BE5 1pt dashed">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #154BE5 1pt dashed; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #154BE5 1pt dashed; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #154BE5 1pt dashed; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #154BE5 1pt dashed; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #154BE5 1pt dashed; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #154BE5 1pt dashed; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #154BE5 1pt dashed; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>3,819.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>3,804.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>-0.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Attributable to Ambev holders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>3,699.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>3,700.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>0.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">Attributable to non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">119.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">103.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-13.2%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Normalized profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>3,839.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>3,817.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>-0.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Attributable to Ambev holders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>3,719.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>3,713.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>-0.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>6,444.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1,983.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>(2,691.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>798.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>6,534.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>12.4%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>31.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>32.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>80 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><I>240 bps</I></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #4B3A2E; font: 7pt Avantt; margin: 0; text-align: justify"><FONT STYLE="color: #4B3A2E"><SUP>[9]</SUP></FONT> <FONT STYLE="color: black">In
1Q24, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$&nbsp;440.5
(4.1% organic growth) and R$&nbsp;(194.5) (0.8% organic growth), respectively. The scope changes refer to (i) tax credits and related
effects in Brazil; and (ii) the organic growth cap methodology in Argentina results, as detailed on page 14.</FONT></P>
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<P STYLE="font: 14pt/115% Avantt; margin: 0 0 12pt; color: #1555E5; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>OTHER
OPERATING INCOME/EXPENSES</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 74%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Other operating income/(expenses)</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 13%; border-top: white 1pt solid; border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>1Q23</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 13%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>1Q24</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Government grants/NPV of long term fiscal incentives</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">369.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">385.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(Additions to)/reversals of provisions&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(8.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">(6.1)</FONT></TD></TR>
  <TR>
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Gain/(loss) on disposal of fixed assets, intangible assets and operations in associates</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">28.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">20.7&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Net other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">91.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">192.8&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Other operating income/(expenses)&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>481.1&nbsp;</B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>593.0&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/115% Avantt; margin: 12pt 0; color: #1555E5; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>EXCEPTIONAL
ITEMS</B></FONT></P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify">Exceptional items corresponded to restructuring expenses primarily
linked to centralization and restructuring projects in Brazil, LAS, CAC and Canada.</P>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 74%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Exceptional Items</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 13%; border-top: white 1pt solid; border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q23</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 13%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q24</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Restructuring</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(27.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(17.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Exceptional Items&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(27.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(17.6)</B></FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 14pt/115% Avantt; margin: 12pt 0; color: #1555E5; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>NET
FINANCE RESULTS</B></FONT></P>

<P STYLE="font: 10pt/115% Avantt; margin: 12pt 0; text-align: justify; background-color: white">Net finance results in 1Q24 totaled R$&nbsp;(405.9)
million, an improvement of R$ 591.9 million compared to 1Q23, broken down as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4B3A2E; font: 10pt/115% Century Gothic; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; color: black">Interest income totaled R$ 585.6 million, mainly explained
by: (i) interest income of R$ 314.5 million from cash balance investments in Brazil and Argentina, and </FONT><FONT STYLE="font-family: Avantt">(ii)
<FONT STYLE="color: black">interest rate update on Brazilian tax credits of R$ 178.7 million.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Interest expense totaled R$ (549.5) million, mainly impacted by: (i)
fair value adjustments of payables pursuant to by IFRS 13 (CPC 46) of R$ (332.1) million, (ii) CND put option interest accruals of R$
(30.5) million, (iii) interest on tax incentives of R$ (40.3) million, and (iv) lease liabilities interest accruals of R$ (38.1) million
in accordance with IFRS16 (CPC 06 R2).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Losses on derivative instruments of R$ (195.2) million, mainly explained
by (i) hedging carry costs related to our FX exposure of US$ 1.8 billion in Brazil, with approximately 3.9% carry cost (ii) hedging carry
costs related to commodities. We did not incur hedging costs related to FX exposure in Argentina this quarter; however, we still maintain
an FX exposure of US$ 366.1 million in the country.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Losses on non-derivative instruments of R$ (33.6) million, driven by
losses on third-party payables and intercompany balance sheet consolidation.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Taxes on financial transactions of R$ (55.3) million. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Other financial expenses of R$ (198.6) million, mainly explained by
accruals on legal contingencies, letter of credit expenses, pension plan expenses and bank fees.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Non-cash financial income of R$ 40.7 million resulting from the adoption
of Hyperinflation Accounting in Argentina.</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 74%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Net finance results</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 13%; border-top: white 1pt solid; border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q23</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 13%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q24</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Interest income</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;344.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;585.6 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Interest expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;(616.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;(549.5)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Gains/(losses) on derivative instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(639.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Gains/(losses) on non-derivative instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;(260.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;(33.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Taxes on financial transactions</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;(58.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;(55.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Other net financial income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;(56.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;(198.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Hyperinflation Argentina</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;289.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;40.7 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; white-space: nowrap; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Net finance results&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>&nbsp;(997.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>&nbsp;(405.9)</B></FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 14pt/115% Avantt; margin: 6pt 0; text-align: justify; color: #1555E5; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>DEBT
BREAKDOWN</B></FONT></P>

<P STYLE="font: 10pt Avantt; margin: 0; color: #595959"><FONT STYLE="letter-spacing: 1pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Debt breakdown</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>December 31, 2023</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>March 31, 2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><I>R$ million</I></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Current</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Non-current</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Current</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Non-current</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Local Currency</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1,043.4&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1,571.8&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">2,615.2&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">989.7&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1,583.1&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">2,572.7&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Foreign Currency</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">254.7&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">631.2&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">885.9&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">657.2&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">587.6&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1,244.7&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>Consolidated Debt</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>1,298.1&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>2,203.0&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>3,501.1&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>1,646.8&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>2,170.6&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>3,817.4&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Cash and Cash Equivalents less Bank Overdrafts</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">16,059.0&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">12,844.5&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">Current Investment Securities</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">277.2&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black">1,077.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>&nbsp;Net debt/(cash)&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>(12,835.1)</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: black"><B>(10,104.3)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/115% Avantt; margin: 12pt 0; color: #1555E5; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>PROVISION
FOR INCOME TAX &amp; SOCIAL CONTRIBUTION</B></FONT></P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0">The table below demonstrates the income tax and social contribution provision.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 1%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Income tax and social contribution</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 1%; border-top: white 1pt solid; border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q23</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 1%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q24</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Profit before tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,877.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,475.3&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Adjustment on taxable basis</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Non-taxable other income</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(150.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(130.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Government grants (VAT)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(682.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Share of results of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">14.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Expenses not deductible</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">16.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.9&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed"><FONT STYLE="font-family: Avantt; font-size: 7pt">&nbsp;Worldwide taxation&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">146.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(12.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,221.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,343.2&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B><I>Aggregated weighted nominal tax rate</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B><I>30.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B><I>30.1%</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Taxes &#8211; nominal rate&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(976.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(1,308.7)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Adjustment on tax expense</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Income tax incentive</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">28.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">248.5&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Tax benefit - interest on shareholders' equity</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">856.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">285.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Tax benefit - amortization on tax books</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.9&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Withholding income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(57.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(105.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Argentina's hyperinflation effect</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(120.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">52.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Recognition/(write-off) of deferred charges on tax losses</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(9.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">78.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Other tax adjustments</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">217.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">77.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Income tax and social contribution expense</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(58.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(671.2)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Effective tax rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>15.0%</B></FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 14pt/115% Avantt; margin: 12pt 0; color: #1555E5; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>SHAREHOLDING
STRUCTURE</B></FONT></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify">The table below summarizes Ambev S.A.&#8217;s shareholding structure
as of March 31, 2024.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: #1555E5 1.5pt solid; border-left: white 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Ambev S.A.'s shareholding structure</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>ON</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>% Outs</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Anheuser-Busch InBev</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">9,729,336,918&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">61.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">FAHZ</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,609,987,301&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">10.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed"><FONT STYLE="font-family: Avantt; font-size: 7pt">Market</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,408,319,734&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">28.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Outstanding&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>15,747,643,953&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>100.0%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed"><FONT STYLE="font-family: Avantt; font-size: 7pt">Treasury</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">10,013,383&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>15,757,657,336&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Free float B3</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,998,074,468&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">19.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Free float NYSE</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,410,245,266&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">9.0%</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 14pt/115% Avantt; margin: 12pt 0; text-align: justify; color: #1555E5; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>FINANCIAL
REPORTING IN HYPERINFLATIONARY ECONOMIES - ARGENTINA</B></FONT></P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify">Following the categorization of Argentina as a country with a three-year
cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance with IFRS.</P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify">Consequently, starting from 3Q18, we have been reporting the operations
of our Argentinean affiliates applying Hyperinflation Accounting. The IFRS and CPC rules (IAS 29/CPC 42) require the results of our operations
in hyperinflationary economies to be reported restating the year-to-date results adjusting for the change in the general purchasing power
of the local currency, using official indices, before converting the local amounts at the closing rate of the period (i.e., March 31,
2024 closing rate for 1Q24 results).</P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify">The 1Q24 Hyperinflation Accounting adjustment results from the combined
effect of (i) the indexation to reflect changes in purchasing power on the 1Q24 results against a dedicated line in the finance results;
and (ii) the difference between the translation of the 1Q24 results at the closing exchange rate of March 31, 2024, and the translation
using the average year to date rate on the reported period, as applicable to non-inflationary economies.</P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0 12pt; text-align: justify"><FONT STYLE="line-height: 115%">The impacts in </FONT>1Q23
and 1Q24 <FONT STYLE="line-height: 115%">on Net Revenue and Normalized EBITDA were as follows:</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 1%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Impact of Hyperinflation Accounting (IAS 29/CPC42)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; border-top: white 1pt solid; border-left: white 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Avantt; font-size: 8pt"><B>Revenue</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q24</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Avantt; font-size: 7pt">Indexation(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>193.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>279.5&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Avantt; font-size: 7pt">Currency(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(422.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(6.3)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Total Impact</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(229.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>273.2&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-left: white 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-left: white 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q24</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Avantt; font-size: 7pt">Indexation(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>22.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>33.0&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Avantt; font-size: 7pt">Currency(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(183.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(2.2)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Total Impact</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(161.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>30.8&nbsp;</B></FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt/115% Century Gothic; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Avantt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Indexation calculated at each period&#8217;s closing exchange rate.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt/115% Century Gothic; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Avantt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt">Currency impact calculated as the difference between converting the
Argentinean Peso (ARS) reported amounts at the closing exchange rate compared to the average exchange rate of each period.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Avantt; margin: 12pt 0pt 0pt; text-align: justify">Furthermore, IAS 29 requires adjusting non-monetary assets and
liabilities on the balance sheet of our operations in hyperinflationary economies for cumulative inflation. The resulting effect from
the adjustment until December 31, 2017 was reported in Equity and, the effect from the adjustment from this date on, in a dedicated account
in the finance results, reporting deferred taxes on such adjustments, when applicable.</P>

<P STYLE="font: 10pt/115% Avantt; margin: 12pt 0pt 0pt; text-align: justify"><FONT STYLE="line-height: 115%">In 1Q24, the transition to Hyperinflation
Accounting in accordance with the IFRS rules resulted in (i) a positive R$ </FONT>40.7 <FONT STYLE="line-height: 115%">million adjustment
reported in the finance results, (ii) a negative impact on the Profit of R$ 414.7 million, (iii) a negative impact on the Normalized Profit
of R$ </FONT>414.7 <FONT STYLE="line-height: 115%">million, and (iv) a negative impact of R$ 0.02 on EPS, as well as on Normalized EPS.</FONT></P>

<P STYLE="font: 10pt/115% Avantt; margin: 12pt 0; text-align: justify"><FONT STYLE="line-height: 115%">For FY24, the definition of organic
revenue growth has been amended to cap the price growth in Argentina to a maximum of 2% per month (26.8% year-over-year, and three-year
cumulative of 100%). </FONT>For COGS and distribution expenses, the same price rate cap was applied, calculated on a &#8220;per hectoliter&#8221;
basis when applicable.&nbsp; For other income statement lines disclosed, organic growth <FONT STYLE="line-height: 115%">was calculated
<I>pro rata</I> to the capped net revenue growth. Such calculation method applied to amounts in local currency that were then converted
from ARS (capped) to BRL using the applicable closing rate, and corresponding adjustments were made through scope changes.</FONT></P>


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<P STYLE="font: 14pt/115% Avantt; margin: 12pt 0; text-align: justify; color: #1555E5; border-bottom: Black 0.5pt solid"><B>RECONCILIATION
BETWEEN NORMALIZED EBITDA &amp; PROFIT</B></P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify">Both Normalized EBITDA and Normalized Operating Profit are measures
used by Ambev&#8217;s management to measure the Company&#8217;s performance.</P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify">Normalized EBITDA is calculated excluding from Profit the following
effects: (i) Non-controlling interest; (ii) Income Tax expense; (iii) Share of results of associates; (iv) Net finance results; (v) Exceptional
items; and (vi) Depreciation &amp; Amortization.</P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify">EBITDA is calculated excluding from Normalized EBITDA the following
effects: (i) Exceptional items and (ii) Share of results of associates.</P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0 12pt; text-align: justify">Normalized EBITDA and Normalized Operating Profit are not accounting
measures under accounting practices in Brazil, IFRS or the United States of America (US GAAP) and should not be considered as an alternative
to Profit as a measure of operational performance or an alternative to Cash Flow as a measure of liquidity. Normalized EBITDA and Normalized
Operating Profit do not have a standard calculation method and Ambev&#8217;s definition of Normalized EBITDA and Normalized Operating
Profit may not be comparable to that of other companies.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 76%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Reconciliation - Profit to EBITDA</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 12%; border-top: white 1pt solid; border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q23</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 12%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q24</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Profit - Ambev holders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,699.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,700.3&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Non-controlling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">119.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">103.9&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed"><FONT STYLE="font-family: Avantt; font-size: 7pt">Income tax expense</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">58.4&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">671.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Profit before taxes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,877.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,475.3&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Share of results of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">14.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Net finance results</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">997.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">405.9&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed"><FONT STYLE="font-family: Avantt; font-size: 7pt">Exceptional items</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">27.9&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">17.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,917.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,902.4&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed"><FONT STYLE="font-family: Avantt; font-size: 7pt">Depreciation &amp; amortization - total</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,526.8&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,632.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,444.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,534.8&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Exceptional items</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(27.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(17.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Share of results of joint ventures&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(14.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,402.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,513.6&nbsp;</B></FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 14pt/115% Avantt; margin: 0 0 12pt; color: #1555E5; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>1Q
2024 EARNINGS CONFERENCE CALL</B></FONT></P>

<P STYLE="font: 10pt/115% Avantt; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Avantt; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><P STYLE="font: 10pt/115% Avantt; margin: 0">Speakers:&#9;</P></TD>
  <TD STYLE="width: 50%"><P STYLE="font: 10pt/115% Avantt; margin: 0">Jean Jereissati Neto</P>

<P STYLE="font: 10pt/115% Avantt; text-align: left; margin-top: 0; margin-right: 0; margin-bottom: 12pt"><B><I>Chief Executive Officer</I></B></P>

<P STYLE="font: 10pt/115% Avantt; text-align: left; margin-top: 0; margin-right: 0; margin-bottom: 0">Lucas Machado Lira</P>

<P STYLE="font: 10pt/115% Avantt; text-align: left; margin-top: 0; margin-right: 0; margin-bottom: 12pt"><B><I>Chief Financial and Investor Relations Officer</I></B></P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt/115% Avantt; margin: 0 0 12pt">Language:&#9;</P></TD>
  <TD><P STYLE="font: 10pt/115% Avantt; margin: 0 0 12pt">English and Portuguese (simultaneous translation)</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 10pt/115% Avantt; margin: 0 0 12pt">Date:&#9;</P></TD>
  <TD><P STYLE="font: 10pt/115% Avantt; margin: 0 0 12pt">May 8, 2024 (Wednesday)</P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>

<P STYLE="font: 10pt/115% Avantt; margin: 0">Time:&#9;</P></TD>
  <TD><P STYLE="font: 10pt/115% Avantt; margin: 0">12:30 (Bras&iacute;lia)</P>

<P STYLE="font: 10pt/115% Avantt; text-align: left; margin-top: 0; margin-right: 0; margin-bottom: 12pt">11:30 (New York)</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt/115% Avantt; margin: 0"></P>

<P STYLE="font: 10pt/115% Avantt; margin: 0">&nbsp;</P>

<P STYLE="color: #4B3A2E; font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="color: windowtext">The
conference call will be transmitted live </FONT><FONT STYLE="color: black">via webcast available at</FONT><FONT STYLE="color: windowtext">:
</FONT></P>

<P STYLE="font: 10pt Avantt; margin-right: 0; margin-left: 0">English: Webcast - English</P>

<P STYLE="font: 10pt Avantt; margin-right: 0; margin-left: 0">Portuguese: Webcast - Portuguese</P>

<P STYLE="font: 10pt Avantt; text-align: justify; margin-right: 0; margin-left: 0">&nbsp;</P>

<P STYLE="font: 10pt Avantt; text-align: justify; margin-right: 0; margin-left: 0">Sell side analysts covering the company as indicated
in our website can participate and apply for Q&amp;A by clicking here.</P>

<P STYLE="color: #4B3A2E; font: 10pt/115% Avantt; margin: 0 0 4pt 0.15in; text-align: justify; text-indent: -0.15in">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/115% Avantt; margin: 0 0 12pt; text-align: center"><B>For additional information, please contact the Investor Relations
team:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Guilherme Yokaichiya</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Mariana Sabadin</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt"><B>Leandro Ferreira De Souza </B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-bottom: 12pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Avantt; font-size: 9pt; line-height: 115%"><B>guilherme.yokaichiya@ambev.com.br</B></FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Avantt; font-size: 9pt; line-height: 115%"><B><U>mariana.sabadin@ambev.com.br</U></B></FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Avantt; font-size: 9pt; line-height: 115%"><B>leandro.ferreira.souza@ambev.com.br</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/115% Avantt; margin: 0 0 12pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/115% Avantt; margin-top: 0; margin-bottom: 12pt; text-align: center"><B>ri.ambev.com.br</B></P>


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<P STYLE="font: 14pt/115% Avantt; margin: 12pt 0; color: #1555E5; border-bottom: Black 0.5pt solid"><B>NOTES</B></P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify">This press release segregates the impact of organic changes from
those arising from changes in scope or currency translation. Scope changes represent the impact of acquisitions and divestitures, the
start up or termination of activities or the transfer of activities between segments, curtailment gains and losses and year-over-year
changes in accounting estimates and other assumptions that management does not consider as part of the underlying performance of the business.
Organic growth and normalized numbers are presented applying constant year-over-year exchange rates to exclude the impact of the movement
of foreign exchange rates.</P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify">Unless stated, percentage changes in this press release are both
organic and normalized in nature. Whenever used in this document, the term &#8220;normalized&#8221; refers to performance measures EBITDA
and Operating Profit before exceptional items and share of results of joint ventures and to performance measures Profit and EPS before
exceptional items adjustments. Exceptional items are either income or expenses which do not occur regularly as part of the normal activities
of the Company. They are presented separately because they are important for the understanding of the underlying sustainable performance
of the Company due to their size or nature. Normalized measures are additional measures used by management and should not replace the
measures determined in accordance with IFRS as indicators of the Company&#8217;s performance. Comparisons, unless otherwise stated, refer
to the first quarter of 2023 (1Q23). Values in this release may not add up due to rounding.</P>

<P STYLE="font: 10pt/115% Avantt; margin: 6pt 0; text-align: justify">Statements contained in this press release may contain information
that is forward-looking and reflects management&#8217;s current view and estimates of future economic circumstances, industry conditions,
Company performance, and finance results. Any statements, expectations, capabilities, plans and assumptions contained in this press release
that do not describe historical facts, such as statements regarding the declaration or payment of dividends, the direction of future operations,
the implementation of principal operating and financing strategies and capital expenditure plans, the factors or trends affecting financial
condition, liquidity or results of operations, are forward-looking statements within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995 and involve a number of risks and uncertainties. There is no guarantee that these results will occur. The statements
are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors.
Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>Ambev - Segment financial information</B></FONT></TD>
    <TD COLSPAN="9" STYLE="border-top: white 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Brazil</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-left: white 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>CAC</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-left: white 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>LAS</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-left: white 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Canada</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-left: white 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Ambev</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>Organic results</I></B></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Beer</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-left: white 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>NAB</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-left: white 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Total</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-left: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-left: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-left: white 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-left: white 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 23%; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: #1555E5 1.5pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #1555E5 1.5pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 3%; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #1555E5 1.5pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 4%; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #1555E5 1.5pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 3%; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 6%; border-bottom: #1555E5 1.5pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 4%; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #1555E5 1.5pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 3%; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #1555E5 1.5pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 4%; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1Q23</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #1555E5 1.5pt solid; border-right: white 1pt solid; background-color: #F2F2F2; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>1Q24</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #1555E5 1.5pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;22,191.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;22,987.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">3.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;8,125.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;8,653.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;30,316.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;31,641.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;2,738.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;2,891.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;9,969.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;8,705.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-12.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;1,896.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;1,750.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-7.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;44,921.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;44,988.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>R$ million</I></B></FONT></TD>
    <TD STYLE="border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;9,270.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;9,687.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;1,776.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;2,024.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">14.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;11,046.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;11,711.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;2,305.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;2,314.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">8.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;5,131.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;4,401.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">3.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;2,047.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;1,847.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-5.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;20,531.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;20,276.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>45.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>47.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>8.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>10.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>53.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>57.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>11.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>11.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>25.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>21.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>10.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>9.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(4,791.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(4,812.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(1,000.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(1,137.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">13.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(5,792.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(5,949.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(1,124.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(1,087.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">3.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(2,332.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(2,190.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">1.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(882.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(830.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-1.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(10,131.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(10,059.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>47.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>47.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>9.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>11.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>57.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>59.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>11.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>10.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>23.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>21.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>8.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>8.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;4,478.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;4,875.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">8.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;775.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;887.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">14.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;5,254.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;5,762.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">9.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;1,181.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;1,227.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">12.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;2,799.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;2,211.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;1,164.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;1,017.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-8.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;10,400.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;10,217.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>43.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>47.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>7.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>8.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>50.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>56.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>11.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>12.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>26.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>21.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>11.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>10.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(2,798.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(3,000.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">7.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(511.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(543.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(3,309.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(3,543.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">7.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(502.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(463.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-0.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(1,246.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(1,123.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(905.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(776.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-10.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(5,963.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(5,907.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">3.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>46.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>50.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>8.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>9.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>55.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>60.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>8.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>7.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>20.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>19.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>15.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>13.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;348.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;475.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">29.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;97.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;113.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">11.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;446.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;588.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">25.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;11.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;5.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-48.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;16.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(8.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">42.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;6.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;7.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">19.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;481.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;593.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">24.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>72.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>80.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>20.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>19.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>92.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>99.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>2.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>0.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>3.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>-1.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>1.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>1.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">Normalized Operating Profit</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;2,028.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;2,350.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">14.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;362.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;456.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">24.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;2,391.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;2,806.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">16.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;690.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;768.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">21.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;1,569.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;1,078.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;266.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;248.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-2.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;4,917.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;4,902.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">12.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>41.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>47.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>7.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>9.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>48.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>57.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>14.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>15.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>31.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>22.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>5.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>5.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">Normalized EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;2,844.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;3,255.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">13.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;487.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;578.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">17.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;3,331.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;3,833.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">14.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;850.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;939.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">20.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;1,869.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;1,388.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">8.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;392.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;373.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-0.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;6,444.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;6,534.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">12.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>44.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>49.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>7.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>8.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>51.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>58.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>13.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>14.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>29.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>21.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>6.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>5.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>% of net revenue</I></B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-51.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-49.7%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-56.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-56.2%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-52.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-50.8%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-48.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-47.0%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-45.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-49.8%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-43.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-45.0%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-49.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-49.6%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">48.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">50.3%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">43.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">43.8%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">47.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">49.2%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">51.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">53.0%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">54.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">50.2%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">56.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">55.0%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">50.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">50.4%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-30.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-31.0%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-28.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-26.9%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-30.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-30.3%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-21.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-20.0%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-24.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-25.5%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-44.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-42.0%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-29.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-29.1%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">3.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.9%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.6%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.0%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.2%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-0.2%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.4%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.9%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">Normalized Operating Profit</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">21.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">24.3%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">20.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">22.6%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">21.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">24.0%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">30.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">33.2%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">30.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">24.5%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">13.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">13.4%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">24.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">24.2%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">Normalized EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">30.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">33.6%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">27.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">28.6%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">30.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">32.7%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">36.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">40.6%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">36.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">31.5%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">19.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">20.2%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">31.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">32.2%</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 6pt"><B><I>Per hectoliter - (R$/hl)</I></B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;417.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;421.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">0.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;218.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;233.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">7.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;364.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;370.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">1.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;841.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;800.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;514.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;505.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">18.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;1,079.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;1,055.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;457.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;450.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(215.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(209.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-3.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(123.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(131.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(191.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(188.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-1.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(410.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(376.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-1.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(234.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(251.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">16.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(465.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(474.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(225.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(223.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;201.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;212.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;95.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;102.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">7.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;173.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;182.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;431.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;424.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;280.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;254.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">20.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;614.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;581.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-1.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;231.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;227.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">6.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(126.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(130.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">3.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(62.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(62.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-0.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(109.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(112.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">2.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(183.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(160.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-5.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(125.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(129.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">19.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(477.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(443.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">-2.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(132.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(131.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">3.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;15.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;20.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">24.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;12.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;13.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">4.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;14.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;18.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">20.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;4.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;1.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;1.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;(1.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;3.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;4.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">29.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;10.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;13.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">23.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">Normalized Operating Profit</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;91.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;102.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">10.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;44.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;52.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">17.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;78.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;88.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">11.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;252.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;265.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">15.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;157.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;123.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">21.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;140.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;142.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">5.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;109.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;109.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">12.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 6pt">Normalized EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;128.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;141.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">9.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;60.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;66.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">10.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;109.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;121.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">9.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;310.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;324.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">14.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;187.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;159.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">24.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;207.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;213.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">7.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;143.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">&nbsp;145.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 6pt">12.2%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 71%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>CONSOLIDATED BALANCE SHEET</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: white 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-top: white 1pt solid; border-left: white 1pt solid; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>December 31, 2023</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>March 31, 2024</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">16,059.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">12,844.5&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Investment securities</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">277.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,077.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Trade receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">5,741.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">5,260.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">378.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">282.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">9,619.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">10,698.4&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Recoverable indirect taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,435.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,161.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,052.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,351.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt; color: white"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>36,563.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>34,675.0&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Investment securities&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">242.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">244.8&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Derivative financial instruments&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Recoverable indirect taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">11,325.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">11,458.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Deferred tax assets</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">7,969.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">8,206.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Other assets&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,520.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,183.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">57.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">59.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Long term assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>21,116.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>21,151.6&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Investments in joint ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>289.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>296.0&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Property, plant and equipment</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>26,630.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>27,626.1&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Intangible</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10,041.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10,699.9&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Goodwill</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>38,003.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>39,368.2&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>96,081.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>99,141.8&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>132,644.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>133,816.8</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Equity and liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">23,195.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">21,848.4&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">751.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">408.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Interest-bearing loans and borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,298.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,646.8&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Payroll and social security payables</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,128.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,678.9&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Dividends and interest on shareholder&acute;s equity payable</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,526.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,523.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Income tax and social contribution payable</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,340.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,311.5&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Taxes and contributions payable</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6,236.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,856.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Put option granted on subsidiaries and other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,110.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,126.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">418.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">512.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>41,004.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>34,911.8&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Trade payables&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">307.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">319.5&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Derivative financial instruments&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">11.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Interest-bearing loans and borrowings&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,203.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,170.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Deferred tax liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,318.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3,718.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Income tax and social contribution payable&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,487.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,443.7&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Taxes and contributions payable&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">513.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">536.8&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Put option granted on subsidiary and other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,083.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">834.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Provisions&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">559.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">485.4&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,011.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">2,019.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>11,495.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>11,528.3&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>52,500.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>46,440.1</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Issued capital</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">58,177.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">58,226.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Reserves</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">98,669.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">98,694.7&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Comprehensive income</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(77,878.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(76,859.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Retained earnings</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6,532.8 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Equity attributable to equity holders of Ambev</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>78,969.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>86,594.3&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,174.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">782.4&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Total Equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>80,143.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>87,376.7&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(21,85,229) 1pt dashed; white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Total equity and liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>132,644.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>133,816.8</B></FONT></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 71%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>CONSOLIDATED INCOME STATEMENT</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 14%; border-top: white 1pt solid; border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q23</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 15%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q24</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">20,531.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">20,276.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Cost of goods sold&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(10,131.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(10,059.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10,400.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>10,217.3&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Distribution expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,916.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,691.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Sales and marketing expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,741.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,884.5)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,305.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,332.4)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">481.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">593.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,917.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4,902.4&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Exceptional items</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(27.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(17.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Income from operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,889.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,884.9&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Net finance results</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(997.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(405.9)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Share of results of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(14.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Profit before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,877.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>4,475.3&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(58.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(671.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 1pt dashed">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,819.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,804.2&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Equity holders of Ambev</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,699.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,700.3&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Non-controlling interest</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>119.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>103.9&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Basic earnings per share (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.23&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.23&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Diluted earnings per share (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.23&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.23&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Normalized Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,839.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #1555E5 1pt dashed; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,817.2&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Normalized basic earnings per share (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.24&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.24&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Normalized diluted earnings per share (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.23&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">0.23&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">N&ordm; of basic shares outstanding (million of shares)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">15,743.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">15,748.8&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">N&ordm; of diluted shares outstanding (million if shares)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">15,842.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">15,842.7&nbsp;</FONT></TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 80%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #1555E5"><B>CONSOLIDATED STATEMENT OF CASH FLOWS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #1555E5 1.5pt solid; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q23</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #1555E5 1.5pt solid; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1Q24</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #1555E5 1.5pt solid"><FONT STYLE="font-family: Avantt; font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,819.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>3,804.2&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Depreciation, amortization and impairment</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,526.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">1,632.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Impairment losses on receivables and inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">109.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">95.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Additions/(reversals) in provisions and employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">24.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">55.8&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Net finance cost</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">997.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">405.9&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Loss/(gain) on sale of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(28.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(20.7)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Equity-settled share-based payment expense</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">77.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">101.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">58.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">671.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Share of result of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">14.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">3.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Hedge operations results</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(104.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">107.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Cash flow from operating activities before changes in working capital and provisions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,494.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>6,855.5&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">(Increase)/decrease in trade and other receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(256.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">86.8&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">(Increase)/decrease in inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(496.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(991.5)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Increase/(decrease) in trade and other payables</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4,092.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(3,064.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Cash generated from operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>1,649.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>2,886.0&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Interest paid</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(140.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(143.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Interest received</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">163.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">390.8&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Dividends received</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">4.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">6.7&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Income tax and social contributions paid</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,253.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(2,421.5)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Cash flow from operating activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(576.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>718.2&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Proceeds from sale of property, plant, equipment and intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">23.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">36.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Acquisition of property, plant, equipment and intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,153.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,015.9)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Acquisition of subsidiaries, net of cash acquired</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(0.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Capital contributions to affiliates and subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(6.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">(Investments)/net proceeds of debt securities</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">54.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(799.7)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Cash flow used in investing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(1,080.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(1,779.6)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Capital increase</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">14.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">17.5&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Proceeds/(repurchase) of shares</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(4.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(76.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Acquisition of non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(1,714.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Proceeds from borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">45.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">412.9&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Repayment of borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(77.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(63.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Cash net finance costs other than interests</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(727.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(546.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Payment of lease liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(228.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(321.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt">Dividends and interest on shareholders&#8217; equity paid</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(38.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt">(11.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Cash flow from financing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(1,016.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(2,302.1)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 1pt dashed; background-color: #F2F2F2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Net increase/(decrease) in Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(2,673.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(3,363.5)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Cash and cash equivalents less bank overdrafts at the beginning of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>14,852.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>16,059.0&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Effect of exchange rate fluctuations&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>(121.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>149.1&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #1555E5 2.25pt double"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>Cash and cash equivalents less bank overdrafts at the end of the period</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>12,057.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #1555E5 2.25pt double; background-color: #F2F2F2; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 7pt"><B>12,844.5&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0">&nbsp;</P>





















<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Page; Sequence: 22; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>



<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0"><BR>
<BR>
</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 13.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Date:&nbsp;May 8, 2024</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">AMBEV S.A.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">/s/&nbsp;Lucas Machado Lira</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Lucas Machado Lira</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Chief Financial and Investor Relations Officer</P></TD></TR>
</TABLE>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
