XML 48 R32.htm IDEA: XBRL DOCUMENT
v3.25.4

EMPLOYEE BENEFITS | 12 Months Ended
--- | ---
Dec. 31, 2025
Notes and other explanatory information [abstract] |
EMPLOYEE BENEFITS |
| 24. | EMPLOYEE BENEFITS
The Company sponsors post-employment benefits, such as retirement plans, medical and dental care, among others for employees in Brazil and subsidiaries located in the Dominican Republic, Panama, Uruguay, Bolivia, Argentina and Canada based on employees' salaries and length of service. The entities are governed by the local regulations and practices of each individual country as well as the relationship with the Company’s pension funds and their composition. Post-employment benefits of retirement are managed through pension funds and are classified as either defined contribution or defined benefit plans. Defined benefit plans and the other post-employment benefits are not granted to new retirees. 24.1 Defined contribution plans These plans are funded by the participants and the sponsor and are managed by administered pension funds. During 2025, the Company contributed R$104.0 (R$99.2 and R$91.3 during 2024 and 2023) to these funds, which was recorded in expenses. Under this plan, the Company may no longer have obligations to grant additional rights to beneficiaries, such as disability retirement, death pension, funeral assistance, among others. 24.2 Defined benefit plans As at December 31, 2025, 2024 and 2023 the net liability for defined benefit plans consists of the following:
Schedule of net defined benefit plans |  |  |
| 2025 | 2024 | 2023
Present value of funded obligations | (5,241.4) | (5,630.2) | (5,365.5)
Fair value of plan assets | 4,733.8 | 4,943.5 | 4,604.6
Present value of net obligations | (507.6) | (686.7) | (760.9)
Present value of unfunded obligations | (932.8) | (961.1) | (917.2)
Present value of net obligations | (1,440.4) | (1,647.8) | (1,678.1)
Asset ceiling | (397.6) | (367.6) | (182.6)
Net liabilities | (1,838.0) | (2,015.4) | (1,860.7)
Other long term employee benefits | (144.8) | (150.8) | (93.9)
Total employee benefits | (1,982.8) | (2,166.2) | (1,954.6)
Employee benefits amount in the balance sheet |  |  |
Liabilities | (2,012.7) | (2,236.7) | (2,011.9)
Assets | 29.9 | 70.5 | 57.3
Net liabilities | (1,982.8) | (2,166.2) | (1,954.6)
The changes in the present value of the defined benefit obligations and in the fair value of plan assets are as follow:
Schedule of present value of the defined benefit obligations and fair value of plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Present value of net obligations |  | Fair value of plan assets |  | Asset ceiling |  | Total liabilities
| 2025 | 2024 | 2023 |  | 2025 | 2024 | 2023 |  | 2025 | 2024 | 2023 |  | 2025 | 2024 | 2023
Defined benefit obligation at January 1 | (6,591.3) | (6,282.7) | (6,397.5) |  | 4,943.5 | 4,604.6 | 4,543.3 |  | (367.6) | (182.6) | (163.3) |  | (2,015.4) | (1,860.7) | (2,017.5)
Recognized in the income statement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service costs | (37.8) | (43.3) | (24.1) |  | - | - | - |  | - | - | - |  | (37.8) | (43.3) | (24.1)
Interest costs | (383.7) | (382.1) | (413.4) |  | - | - | - |  | (40.5) | (16.8) | (16.2) |  | (424.2) | (398.9) | (429.6)
Interest income | - | - | - |  | 316.6 | 281.3 | 318.1 |  | - | - | - |  | 316.6 | 281.3 | 318.1
Administrative costs | - | - | - |  | (9.2) | (8.3) | (5.2) |  | - | - | - |  | (9.2) | (8.3) | (5.2)
Curtailments, settlements and other | - | - | - |  | 4.0 | 3.5 | (4.8) |  | - | - | - |  | 4.0 | 3.5 | (4.8)
Subtotal | (421.5) | (425.4) | (437.5) |  | 311.4 | 276.5 | 308.1 |  | (40.5) | (16.8) | (16.2) |  | (150.6) | (165.7) | (145.6)
Included in the comprehensive income for the period. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains/(losses) on settlements or reductions in benefits | 3.9 | 3.7 | 2.5 |  | - | - | - |  | - | - | - |  | 3.9 | 3.7 | 2.5
Actuarial gains/(losses) - demographic assumptions | - | - | 11.5 |  | - | - | - |  | - | - | - |  | - | - | 11.5
Actuarial gains/(losses) - financial assumptions | 32.3 | 253.1 | (297.0) |  | - | - | - |  | 10.5 | (168.2) | (3.1) |  | 42.8 | 84.9 | (300.1)
Experience adjustments | (147.0) | 85.7 | 91.2 |  | - | - | - |  | - | - | - |  | (147.0) | 85.7 | 91.2
Effects of exchange differences | 387.7 | (750.7) | 216.7 |  | (250.8) | 450.9 | (102.0) |  | - | - | - |  | 136.9 | (299.8) | 114.7
Expected return, excluding interest income | - | - | - |  | 86.5 | (103.6) | 101.7 |  | - | - | - |  | 86.5 | (103.6) | 101.7
Subtotal | 276.9 | (408.2) | 24.9 |  | (164.3) | 347.3 | (0.3) |  | 10.5 | (168.2) | (3.1) |  | 123.1 | (229.1) | 21.5
Others |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contributions by plan participants | (4.4) | (4.8) | (4.2) |  | 4.4 | 4.6 | 4.6 |  | - | - | - |  | - | (0.2) | 0.4
Reclassifications | 9.9 | 0.3 | - |  | - | - | - |  | - | - | - |  | 9.9 | 0.3 | -
Contributions by employer | - | - | - |  | 236.5 | 240.3 | 280.5 |  | - | - | - |  | 236.5 | 240.3 | 280.5
Transfers | - | - | - |  | (42.4) | - | - |  | - | - | - |  | (42.4) | - | -
Benefits paid, excluding administrative costs | 556.2 | 529.5 | 531.6 |  | (555.3) | (529.8) | (531.6) |  | - | - | - |  | 0.9 | (0.3) | -
Subtotal | 561.7 | 525.0 | 527.4 |  | (356.8) | (284.9) | (246.5) |  | - | - | - |  | 204.9 | 240.1 | 280.9
Total | (6,174.2) | (6,591.3) | (6,282.7) |  | 4,733.8 | 4,943.5 | 4,604.6 |  | (397.6) | (367.6) | (182.6) |  | (1,838.0) | (2,015.4) | (1,860.7)
The employee benefit revenue/(expenses) is included in the following line items in the income statement:
Schedule of employee benefit revenue expenses |  |  |
| 2025 | 2024 | 2023
Cost of sales | (21.3) | (32.1) | (15.1)
Commercial expenses | (9.4) | (11.8) | (7.3)
Administrative income/(expenses) | (12.2) | (9.2) | (8.9)
Financial expenses | (107.7) | (112.6) | (114.3)
| (150.6) | (165.7) | (145.6)
24.3 Plans assets The real return on plan assets generated as at December 31, 2025 was a gain of R$403.0 (a loss of R$177.7 as at December 31, 2024 and a gain of R$419.7 as at December 31, 2023). As at December 31, 2025, the Company recorded R$30.0 (R$70.5 as at December 31, 2024 and R$57.3 as at December 31, 2023) up to the asset ceiling not exceeding the present value of future benefits. The changes in the asset ceiling not exceeding the present value of future benefits are as follow:
Schedule of asset ceiling |  |  |
| 2025 | 2024 | 2023
Position of plan assets as of January 1st | 70.5 | 57.3 | 56.6
Effect of subsidiary sale (i) | (36.0) | - | -
Interest income/(expenses) | 3.6 | 4.2 | 4.9
Change in asset ceiling excluding amounts included in interest income/(expenses) | 5.6 | (6.3) | (0.1)
Effects of exchange differences | (7.3) | 15.3 | (4.1)
Other | (6.4) | - | -
Position of plan assets as of December 31 | 30.0 | 70.5 | 57.3
(i) |  | As disclosed in note 1 - Corporate Information, item 1.3.3 – Sale of subsidiary.
The plans assets as at December 31, 2025, 2024 and 2023 consist of the following:
Schedule of plans assets |  |  |  |  |  |  |  |  |  |  |
| 2025 |  | 2024 |  | 2023
| Rated | Unrated | Total |  | Rated | Unrated | Total |  | Rated | Unrated | Total
Government bonds | 34% | - | 34% |  | 35% | - | 35% |  | 43% | - | 43%
Corporate bonds | 12% | - | 12% |  | 9% | - | 9% |  | 10% | - | 10%
Equity instruments | 31% | - | 31% |  | 27% | - | 27% |  | 15% | - | 15%
Cash | 21% | - | 21% |  | 16% | - | 16% |  | 6% | - | 6%
Others | 2% | - | 2% |  | 13% | - | 13% |  | 26% | - | 26%
The overall expected rate of return is calculated by weighting the individual rates in accordance with Ambev’s expected share of the total investment portfolio. Ambev expects to contribute approximately R$213.1 to its defined benefit plans in 2026. 24.4 Assumptions The assumptions used in the calculation of the obligations are as follows:
Schedule of assumptions |  |  |
| 2025 (i) | 2024 (i) | 2023 (i)
Discount rate | 4,7% to 22,6% | 4,6% to 11,6% | 4,6% to 11,7%
Inflation | 2,0% to 18,5% | 2,0% to 5,0% | 2,0% to 3,5%
Future salary increases | 1,0% to 19,7% | 1,0% to 8,7% | 1,0% to 7,1%
Future pension increases | 2,7% to 4,0% | 2,7% to 4,0% | 2,7% to 3,8%
Medical costs trend rate | 6,3% to 7,1% | 6,3% to 7,1% | 6,4% to 7,1%
Dental claims trend rate | 3,5% | 3,5% | 3.5%
Life expectancy for a male over 65 years old | 84 to 87 | 84 to 87 | 84 to 87
Life expectancy for a female over 65 years old | 86 to 89 | 86 to 89 | 86 to 89
(i) |  | Includes assumptions in Brazil, Central America and Caribbean, Latin America - South and Canada.
24.5 Risk Through its defined benefit pension plans and post-employment medical plans, the Company is exposed to several risks, the most significant of which are detailed below:
Risk | Description
Asset volatility | The plan liabilities are calculated using a discount rate pegged to high-quality private securities; If plan assets underperform this yield, the Company’s net defined benefit obligation may increase. Most of the Company’s funded plans hold a significant proportion of equities, which are expected to outperform corporate bonds in the long-term while providing volatility and risk in the short-term. As the plans mature, the Company usually reduces the level of investment risk by investing more in assets that better match the liabilities.
Changes in bond yields | A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plans’ bond holdings.
Inflation | Some of the Company’s pension obligations are linked to inflation, and higher inflation will lead to higher liabilities. The majority of the plan’s assets are either unaffected by or only loosely correlated with inflation, meaning that an increase in inflation could potentially increase the Company’s net benefit obligation.
Life expectancy | Most of the plans’ obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the plans’ liabilities.
Investment strategy | In the case of funded plans, the Company ensures that the investment positions are managed within an asset-liability matching (“ALM”) framework to ensure long-term investments that are in line with the Company’s obligations under the pension schemes. Within this framework, the Company’s ALM objective is to match the assets to the pension obligations by investing in long-term fixed interest securities with maturities that match the benefit payments as they fall due and in the appropriate currency.
24.6 Sensitivity The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions is as follows:
Schedule of sensitivity of the defined benefit obligation |  |  |  |  |  |  |  |  |
In millions of Brazilian Reais |  | 2025 |  | 2024 |  | 2023
| Change in assumption | Increase in assumption | Decrease in assumption |  | Increase in assumption | Decrease in assumption |  | Increase in assumption | Decrease in assumption
Medical cost trend rate | 100 bases points | (83.7) | 73.4 |  | (80.1) | 69.4 |  | (95.2) | 82.2
Discount rate | 50 bases points | 256.0 | (271.6) |  | 315.1 | (236.7) |  | 284.8 | (302.4)
Future salary increases | 50 bases points | (14.5) | 12.5 |  | (4.6) | 25.9 |  | (17.3) | 14.7
Longevity | One year | (180.9) | 177.5 |  | (150.2) | 241.4 |  | (201.0) | 196.1
The data presented in these tables are purely hypothetical and are based on changes in individual assumptions holding all other assumptions constant: economic conditions and changes therein always affect the other assumptions at the same time and their effects are not linear. Therefore, the above information is not necessarily a reasonable representation of future results. 24.7 Fundação Zerrenner Fundação Zerrenner is a legally distinct entity whose main goal is to provide the Company’s current and retired employees and managers with health care and dental assistance, technical and higher education courses, and to maintain facilities for assisting and helping elderly people, among other matters, either through direct initiatives or through financial assistance agreements with other entities. The present value of funded obligations includes R$698 on December 31, 2025 (R$555.1 as at December 31, 2024 and R$633.3 as at December 31, 2023) of two health care plans for which the benefits were provided directly by Fundação Zerrenner. Accounting policies Post-employment benefits Post-employment benefits include pensions managed in Brazil by Instituto Ambev de Previdência Privada (“IAPP”), post-employment dental benefits and post-employment medical benefits managed by Fundação Zerrenner. Usually, pension plans are funded by payments made by both the Company and its participants, considering the recommendations of independent actuaries. Post-employment dental benefits and post-employment medical benefit obligations are funded using the returns on the assets of the Fundação Zerrenner plan. If necessary, the Company may contribute some of its profits to Fundação Zerrenner. The Company maintains both funded and unfunded plans. Defined contribution plans A defined contribution plan is a pension plan under which the Company pays fixed contributions into a fund. The Company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees for the benefits relating to their service in the current and prior periods. The contributions to these plans are recognized as expenses in the period during which they are incurred. Defined benefit plans Typically, defined benefit plans define an amount of pension benefit that an employee will receive upon retirement, usually dependent on one or more factors such as age, years of service and compensation level. For defined benefit plans, expenses are assessed separately for each plan using the projected credit unit method. The projected credit unit method considers that each period of service gives rise to an additional unit of benefit and measures each such unit separately. Based on this method, the cost of providing pensions is charged to the income statement over the period of service of the employee and consist of current service costs, interest costs, past service costs and the effect of any agreements and settlements. The obligations of the plan recognized in the balance sheet are measured at the present value of the estimated future cash outflows using a discount rate equivalent to the government´s bond rates with maturity terms similar to those of the respective obligation and the fair values of the plan assets. Past service costs arise from the introduction of a new plan or changes to an existing plan. They are recognized immediately in the income statement, at the earlier of: (i) when the settlement/curtailment occurs; or (ii) when the Company recognizes the related restructuring or termination costs, unless those changes are conditional upon the employee’s continued employment, for a specific period of time (the period in which the rights are acquired). In such cases, past services costs are amortized using the straight-line method over the period during which the rights were acquired. Actuarial assumptions are established to anticipate future events and are used in the calculation of pensions and other long-term employee benefit expenses. These factors include assumptions regarding interest rates, health plan costs, discount rate, future salary increases and pensions, as well as life expectancy. Such estimates are reviewed annually by independent actuaries. Actuarial gains and losses consist of the effects of differences between the previous actuarial assumptions and the actual results, and the effects of changes in actuarial assumptions. Actuarial gains and losses are fully recognized in Carrying value adjustments. Remeasurements, representing actuarial gains and losses, the effect of the asset ceiling and the return on plan assets, both excluding net interest, are recognized in full in the period in which they occur in the statement of comprehensive income. Remeasurements are not reclassified to profit or loss in subsequent periods. When the amount of the defined benefit obligation is negative (an asset), the Company recognizes those assets (prepaid expenses), to the extent of the value of the economic benefit available to the Company either from refunds or reductions in future contributions. Other post-employment obligations The Company and some of its subsidiaries provide post-employment medical benefits, the reimbursement of medication expenses and other benefits to certain retirees. These benefits are not granted to new retirees. The expected costs of these benefits are recognized over the period of employment, using an accounting methodology like that for defined benefit plans, including actuarial gains and losses. Termination benefits Termination benefits are recognized as expenses at the earlier of: (i) when the Company is demonstrably committed, without a realistic possibility of withdrawal, to a formal detailed plan to terminate employment before the normal retirement date; and (ii) when the Company recognizes costs related to restructuring. Bonuses Bonuses granted to employees and managers are based on pre-defined company and individual target achievement. The estimated amount of the bonus is recognized as an expense in the period during which the bonus is earned.

X
- Definition The entire disclosure for employee benefits. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2024-01-01 -Section Scope -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=19&code=ifrs-tx-2024-en-r&doctype=Standard&dita_xref=IAS19_g2-7_TI -URIDate 2024-03-27 + Details
Name: | ifrs-full_DisclosureOfEmployeeBenefitsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ifrs-full_NotesAndOtherExplanatoryInformationAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration